Forager Fund, L.P.

Forager Fund (10% owner) sold 27,961 shares in 3 transactions for $1,104,352.72 at blended avg $39.50

Forager Fund executed three separate sales totaling 27,961 shares (28.0K shares) for $1,104,352.72 ($1.1M) between April 17–21, 2026, at prices ranging from $38.56 to $40.18, reducing holdings by 2.8% to 953,475 shares. The sales occurred while the stock traded near its 52-week high of $45.54 and currently sits at $38.27, down 16.0% from that peak. The insider's cross-ticker track record shows 12 prior sells with a 90-day well-timed rate of 66.67% and an average 90-day return of +1.8%, indicating modest timing accuracy historically; at this specific ticker (RM), the 2 measurable prior sells in January 2026 both posted negative 90-day returns (-7.8% and -6.2%), consistent with well-timed exits before declines. The current sale comes as the 30-day price momentum has been strong (+21.8%) but the 90-day trend is modest (+2.1%), and the company trades at a P/E of 8.06 with recent quarterly revenue of $165.5M and net income of $14.4M. The sequence of recent sells (three distinct transactions within days, plus two more in the preceding days on April 14–16) signals persistent liquidation by a major shareholder, warranting attention to any underlying catalysts or conviction changes.

Forager Fund (10% holder) sold 37,827 shares at $38.19 avg over 3 days; perfect prior trade timing at this ticker supports watchlist inclusion.

Forager Fund, L.P., a 10% owner of Regional Management Corp., executed 3 separate sales totaling 37,827 shares for $1,444,787.04 over April 14–16, 2026, reducing holdings by 3.7% to 981,436 shares. The transaction occurred near recent highs (current price $38.54 vs 52-week peak $45.54), in the context of a +22.5% 30-day price surge. Most notably, Forager Fund's prior 5 trades at RM achieved perfect 90-day timing (5 of 5 well-timed): 4 prior sells generated negative 90-day returns (-10.3%, -8.7%, -8.4%, -9.0%) and 1 prior buy generated a strong +51.2% 90-day return, demonstrating precise entry and exit execution at this specific ticker. The current sale occurred after the stock's +22.5% monthly rally and against a backdrop of solid fundamentals (P/E 8.11, +9.7% annual revenue growth), suggesting the insider perceived favorable valuation conditions for a disciplined partial exit.

10% owner Forager Fund accumulates 913,711 shares across 3 purchases (Apr 7–9) for $2,304,426.28; stock down 52.0% from 52-week high.

Forager Fund, a 10% owner, executed 3 separate purchases totaling 913,711 shares (913.7K shares) for $2,304,426.28 at a blended average price of $2.52 per share over three consecutive trading days. This represents a 9.0% increase in the fund's holdings at RPAY. The company is unprofitable (net income of $-6,414,000.00 over the latest quarter) with negative annual revenue growth of -1.2%, and the stock trades at $2.86, down 52.0% from its 52-week high of $5.96 and down 24.7% over the 90-day period. While Forager's cross-ticker track record shows a 100% win rate on 10 prior buys with an average 90-day return of +47.4%, the fund's 5 prior purchases at RPAY itself lack measurable outcomes. The rapid succession of accumulation at depressed prices against a backdrop of operational losses and share price deterioration warrants close monitoring of the fund's thesis and subsequent positioning.

Forager Fund bought 950,000 shares in 2 transactions at $2.54 avg (Apr 1-2), expanding stake by 10.3% to 10.19M shares

Forager Fund, a 10% owner, made two separate purchases totaling 950,000 shares for $2,408,383.91 at a blended average price of $2.54, increasing its holdings from 9,242,937 shares to 10,192,937 shares. The timing of these April 1–2 purchases coincides with recent stock weakness: RPAY trades at $2.58 currently, down 56.7% from its 52-week high of $5.96 and down 14.0% over the past 30 days. The company is unprofitable (net income of $-6,414,000.00 in the latest quarter) with minimal revenue growth (-1.2% annually), and market cap stands at only $16,689,375.00. While Forager's cross-ticker buy track record shows strong 90-day returns (avg +49.4%, 100% win rate), its three prior purchases at RPAY itself (March 25–27, 2026) are too recent to show measurable outcomes, and the broader deterioration in stock price and company fundamentals presents a distinct risk profile from the insider's historical success pattern.

10% owner Forager Fund buys 642,837 shares over 3 days for $1,935,059.58, raising stake to 9.24M shares.

Forager Fund, a 10% owner, executed three separate purchases totaling 642,837 shares for $1,935,059.58 between March 25–27, 2026, at prices ranging from $2.92 to $3.05, with a blended average of $3.01. The purchases increased the fund's position by 7.5% to 9,242,937 shares. The timing occurs as the stock trades near the lower end of its 52-week range ($2.59–$5.96), currently at $3.06 and down 48.7% from its 52-week high. Repay Holdings remains unprofitable with negative net income of $-6,414,000.00 in the latest quarter and annual revenue declined 1.2% year-over-year. The fund's historical cross-ticker track record shows 10 prior buys with an average 30-day return of +10.9% and 90-day return of +41.2%, though this prior success provides limited predictive value at this specific ticker where no same-ticker historical track record is disclosed.

10% owner Forager Fund sells 61,344 shares ($1.4M) across 3 days at $23.58–$23.74; remains 1,637,774-share holder.

Forager Fund, L.P. executed 3 separate sales totaling 61,344 shares for $1,446,584.95 over three consecutive trading days (Feb 17–19, 2026) at prices ranging from $23.43 to $23.74, reducing holdings by 3.6%. The stock is currently at $23.63, near the transaction prices and 6.1% below its 52-week high of $25.17. Prior transactions at MCFT show 5 trades over the past year with mixed outcomes: the 3 most recent sells in November 2025 had negative 30-day returns (-6.6% to -11.6%) but positive 90-day returns (+12.8% to +23.8%), suggesting the fund's prior exit points at this ticker did not precede immediate declines. The company's annual revenue has contracted 22.5% year-over-year, and the P/E stands at 24.61 against a net income of $2.5M on $71.8M revenue. The fund retains 1,637,774 shares post-transaction, indicating a maintained ownership stake despite the sale.

Forager Fund sells 40,155 shares (40.2K) of RM at blended avg $38.89, reducing 10% stake by 3.8%

Forager Fund, a 10% owner of Regional Management Corp., executed 4 separate sales totaling 40,155 shares for $1,561,431.40 between January 7–9, 2026, at prices ranging from $38.79 to $39.64. The filing shows deliberate execution across multiple days, reducing holdings from 1,060,727 to 1,020,572 shares. This contrasts sharply with the insider's prior activity at RM: all 5 prior trades from June 2025 were buys, each achieving strong 90-day returns (44.4%–51.2%), establishing a 100% well-timed buying pattern at this ticker. Notably, Forager Fund's cross-ticker sell history shows a 100% well-timed rate (avg 90d return -8.4% after sells), and the stock has declined 14.2% from its 52-week high of $45.54, positioning this sale within the insider's established pattern of selling into weakness. The shift from concentrated buying just months prior to multi-tranche selling at lower price levels merits close observation of what triggered the strategic shift.

Forager Fund, L.P. (10% owner) sells 103,857 shares over 3 days at $20.43 avg for $2.1M; stock now $19.39

Forager Fund, L.P., a 10% holder in MasterCraft Boat Holdings, executed 3 separate sales totaling 103,857 shares for $2,121,382.22 at a blended average price of $20.43 between November 6–10, 2025, reducing holdings by 5.8% from 1.80M to 1.70M shares. The timing is notable given the company's fundamentals: revenue declined 22.5% year-over-year in the latest period, and at the current price of $19.39, the stock trades 18.5% below its 52-week high and has fallen 3.9% over 90 days. While Forager's prior buys at this ticker (5 trades in April–May 2025) were all well-timed at the 90-day mark, and the insider's cross-ticker sell track record shows a 100% well-timed rate with negative 90-day average returns, the relevance of those sell patterns to this specific transaction cannot be assessed without Flag data on whether this sale follows a 10b5-1 plan. The sale occurred near the 52-week high relative to current price, and coincides with a period of operational contraction, warranting investor attention to the timing and composition of the Fund's position change.

Forager Fund (10% owner) purchased 32,383 shares at $28.56 average across 3 transactions; holdings now 1,085,098 shares (+3.1%)

Forager Fund executed 3 separate purchases totaling 32,383 shares for $924,841.47 between June 9-16, 2025, at prices ranging from $28.20 to $29.13, accumulating to a blended average of $28.56. The current price of $27.24 is down 4.6% over 30 days and 11.3% over 90 days, trading 26.3% below the 52-week high of $36.94. The fund's holdings have grown to 1,085,098 shares (+3.1%), maintaining its 10% ownership position in a company trading at a P/E of 8.18 with recent quarterly revenue of $153.0M and positive 6.7% annual growth. The timing of these purchases coincides with a period of notable price weakness, and follow 4 prior buys at RM within the immediately preceding days (June 9-12), suggesting sustained interest despite recent downward momentum.

Forager Fund bought 12,246 shares of RM at $29.05 on 2025-06-12; now trading -23.8% from 52-week high.

Forager Fund, a 10% owner, purchased 12,246 shares at $29.05, expanding its position by 1.2% to 1,052,715 shares total. The stock currently trades at $28.16, down 1.4% over 30 days and 5.1% over 90 days, and sits 23.8% below its 52-week high of $36.94, suggesting the transaction occurred in a period of price weakness. At a P/E of 8.46 with recent quarterly revenue of $152,967,000.00 and net income of $7,007,000.00, the company shows modest fundamentals with annual revenue growth of 6.7%. The insider's cross-ticker track record shows 15 prior buys averaging a 30-day return of 4.9%, though this is measured across different securities; at RM specifically, all 5 prior trades (4 buys plus the current purchase) remain too recent to evaluate outcome, leaving no measurable pattern to assess timing accuracy at this ticker.