Forager Fund, L.P. 4

What Happened
Forager Fund, L.P. (a reported 10% owner) purchased a total of 642,837 shares of Repay Holdings Corp (RPAY) in three open‑market/private transactions between March 25 and March 27, 2026. Breakdown by trade:

• 174,779 shares on 2026-03-25 at a weighted avg price of $2.92 (total ~$510,355)
• 287,200 shares on 2026-03-26 at a weighted avg price of $3.04 (total ~$873,088)
• 180,858 shares on 2026-03-27 at a weighted avg price of $3.05 (total ~$551,617)
  Combined value is about $1.94 million and the aggregate weighted average price is roughly $3.01 per share. These are purchases (P), which are generally considered a more informative signal than routine sales but do not by themselves indicate management intent.

Key Details

• Transaction dates and reported weighted average prices: 03/25 ($2.92), 03/26 ($3.04), 03/27 ($3.05). Each price reflects multiple executions at prices in the ranges noted in the filing (see footnotes).
• Total shares bought: 642,837; total reported value: ~$1,935,060; approximate weighted average price: ~$3.01/share.
• Shares owned after transaction: not specified in the information provided here (the filing excerpt did not include a post‑transaction holdings total).
• Footnotes of note: purchases were executed at multiple prices (ranges reported: 2.815–3.05; 3.005–3.05; 3.01–3.07) and the price columns show weighted averages (reporting persons will provide per‑price breakdown on request). Forager Capital Management, LLC is the general partner of the Fund; principals Kissel and MacArthur share voting and disposition authority and disclaim beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: Form 4 filed 2026-03-27 reporting trades dated 03/25–03/27; no late‑filing flag was indicated in the provided data.

Context

• These trades are by a 10% institutional holder (the Fund), not an executive or director trade; institutional purchases can reflect portfolio decisions rather than insider views of near‑term company prospects.
• Transaction code P = Purchase (open market or private purchase). No options exercises, awards, gifts, or tax‑withholding events are reported in this filing.
• Retail investors may view purchases by large holders as noteworthy, but should combine this with other research (company fundamentals, news, and broader insider activity) before drawing investment conclusions.