BAIN CAPITAL INVESTORS LLC - 12 Sep 2025 Form 4 Insider Report for Waystar Holding Corp. (WAY)

Role
10%+ Owner
Signature
Bain Capital Investors, LLC, By: /s/ Paul Moskowitz, Title: Authorized Signatory
Issuer symbol
WAY
Transactions as of
12 Sep 2025
Net transactions value
-$168,412,400
Form type
4
Filing time
16 Sep 2025, 16:30:08 UTC
Previous filing
20 May 2025
Next filing
12 Nov 2025

Reporting Owners (7)

Name Relationship Address Signature Signature date CIK
BAIN CAPITAL INVESTORS LLC 10%+ Owner 200 CLARENDON STREET, BOSTON Bain Capital Investors, LLC, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0001040508
BCPE Derby Investor, LP 10%+ Owner 200 CLARENDON STREET, BOSTON BCPE Derby Investor, LP, By: BCPE Derby GP, LLC, its GP, By: Bain Capital Fund XI, L.P., its member, By: Bain Capital Partners XI, L.P., its GP, By: Bain Capital Investors, LLC, its GP, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0002025342
BCPE Derby GP, LLC 10%+ Owner 200 CLARENDON STREET, BOSTON BCPE Derby GP, LLC, By: Bain Capital Fund XI, L.P., its member, By: Bain Capital Partners XI, L.P., its general partner, By: Bain Capital Investors, LLC, its general partner, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0002025234
Bain Capital Fund XI, L.P. 10%+ Owner 200 CLARENDON STREET, BOSTON Bain Capital Fund XI, L.P., By: Bain Capital Partners XI, L.P., its general partner, By: Bain Capital Investors, LLC, its general partner, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0001568889
Bain Capital Partners XI, L.P. 10%+ Owner 200 CLARENDON STREET, BOSTON Bain Capital Partners XI, L.P., By: Bain Capital Investors, LLC, its general partner, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0001851748
BCPE Derby (DE) SPV, LP 10%+ Owner C/O BAIN CAPITAL PRIVATE EQUITY, LP, 200 CLARENDON STREET, BOSTON BCPE Derby (DE) SPV, LP, By: BCPE Derby (DE) SPV (GP), LLC, its GP, By: Bain Capital Fund XI, L.P., its member, By: Bain Capital Partners XI, L.P., its GP, By: Bain Capital Investors, LLC, its GP, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0002048434
BCPE Derby (DE) SPV (GP), LLC 10%+ Owner 200 CLARENDON STREET, BOSTON BCPE Derby (DE) SPV (GP), LLC, By: Bain Capital Fund XI, L.P., its member, By: Bain Capital Partners XI, L.P., its general partner, By: Bain Capital Investors, LLC, its general partner, By: /s/ Paul Moskowitz, Title: Authorized Signatory 16 Sep 2025 0002048242

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WAY Common Stock, par value $0.01 per share Sale $168,412,400 -4,295,139 -24% $39.21 13,759,910 12 Sep 2025 See Footnote F1, F2, F3
transaction WAY Common Stock, par value $0.01 per share Other -516,371 -3.8% 13,243,539 12 Sep 2025 See Footnote F1, F2, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

BAIN CAPITAL INVESTORS LLC is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Bain Capital Investors, LLC ("BCI") is the manager of Bain Capital Partners XI, L.P. ("Partners XI"), which is the general partner of Bain Capital Fund XI, L.P. ("Fund XI"). Fund XI is the (i) sole member of BCPE Derby GP, LLC ("Derby GP"), which is the general partner of BCPE Derby Investor, LP ("Derby Investor") and (ii) sole member of BCPE Derby (DE) SPV, LLC ("Derby SPV GP"), which is the general partner of BCPE Derby (DE) SPV, LP ("Derby SPV Investor" and, together with BCI, Partners XI, Fund XI, Derby GP, Derby Investor and Derby SPV GP, the "Bain Capital Entities").
F2 (Continued from footnote 1) As a result, the Bain Capital Entities may be deemed to share voting and dispositive power with respect to the shares of the Issuer's common stock, par value $0.01 per share (the "Common Stock"), held by Derby Investor and Derby SPV Investor. The Bain Capital Entities disclaim beneficial ownership of such securities except to the extent of their pecuniary interest therein.
F3 Pursuant to a registered public offering that closed on September 12, 2025, 298,303 shares of Common Stock were sold by Derby Investor and 3,996,836 shares of Common Stock were sold by Derby SPV Investor at a price of $39.21 (net of underwriting discount).
F4 On September 12, 2025, Derby Investor distributed 397,013 shares of Common Stock and Derby SPV Investor distributed 119,358 shares of Common Stock to one or more of their respective members or partners in connection with certain charitable gifts made by such members or partners or their direct or indirect owners. Such shares of Common Stock are subject to lock-up agreements that, subject to certain exceptions, restrict the sale of such shares until November 11, 2025 except with the prior written consent of J.P. Morgan Securities LLC.