TDR Capital LLP and affiliated reporting persons filed Amendment No. 11 to Schedule 13D with the SEC on October 26, 2026, disclosing their beneficial ownership in Target Hospitality Corp. as of the triggering event date of October 22, 2026.

Key Highlights

  • Triggering event date: The event requiring this filing occurred on October 22, 2026, according to the disclosure.
  • Top-level beneficial ownership: TDR Capital LLP, TDR Capital II Investments L.P., and individual reporting persons Manjit Dale, Gary Lindsay, and Thomas Mitchell each report shared beneficial ownership of 14,303,619 shares, representing 14.6% of the class.
  • Sapphire Holding and Arrow Holdings: Each reports shared beneficial ownership of 10,873,130 shares, representing 11.1% of the class.
  • MFA entities: MFA Holding S.a.r.l., MFA Limited Partnership SLP, and MFA Global S.a r.l. (in liquidation) each report shared beneficial ownership of 3,430,489 shares, representing 3.5% of the class.
  • Voting and dispositive power: All reporting persons report zero sole voting power and zero sole dispositive power; all power is shared.
  • Source of funds: All reporting persons list "WC" (working capital) as the source of funds.

TDR Capital and Affiliates Report 14.6% Stake in Target Hospitality Corp.

Amendment No. 11 to Schedule 13D covers the common stock of Target Hospitality Corp. (NASDAQ:TH), par value $0.0001 per share, CUSIP 87615L107. The filing lists ten reporting persons organized across the United Kingdom and Luxembourg. The three individual reporting persons, Manjit Dale, Gary Lindsay, and Thomas Mitchell, are each identified as citizens of the United Kingdom. The two primary entities, TDR Capital LLP and TDR Capital II Investments L.P., are also organized in the United Kingdom.

According to the filing, TDR Capital LLP, TDR Capital II Investments L.P., and the three named individuals each report aggregate beneficial ownership of 14,303,619 shares of Target Hospitality common stock, equal to 14.6% of the class. All of that ownership is attributed to shared voting power and shared dispositive power, with no sole power reported for any of these persons. Two Luxembourg-organized entities, Sapphire Holding S.a r.l. and Arrow Holdings S.a.r.l., each report shared beneficial ownership of 10,873,130 shares, or 11.1% of the class.

Three additional Luxembourg entities, MFA Holding S.a.r.l., MFA Limited Partnership SLP, and MFA Global S.a r.l. (described in the filing as "in liquidation"), each report shared beneficial ownership of 3,430,489 shares, representing 3.5% of the class. No legal proceedings disclosure under Items 2(d) or 2(e) is indicated for any reporting person. The filing does not disclose the nature of the October 22, 2026 triggering event in the extracted text provided. Contact for notices and communications is listed as Christopher J. Cummings at Paul, Weiss, Rifkind, Wharton and Garrison, 1285 Avenue of the Americas, New York, NY 10019.

What Was Disclosed

The filing is Amendment No. 11 to Schedule 13D for Target Hospitality Corp. common stock, reporting shared beneficial ownership positions for ten reporting persons affiliated with TDR Capital, with the largest positions at 14,303,619 shares (14.6%) as of October 22, 2026.