Target Hospitality Corp. filings document the public-company record for a Nasdaq-listed provider of modular accommodations and hospitality services. Its 8-K reports disclose operating results, investor presentations, Regulation FD business updates, contract announcements and material corporate events connected to its workforce communities and service offerings.
TH filings also cover common stock registration and capital-structure matters, including prospectus supplements and underwriting agreements for secondary offerings by selling stockholders. Proxy materials describe annual meeting proposals, board composition, committee service, executive compensation and equity incentive matters, while governance-related 8-K filings record director appointments and amendments to performance stock unit arrangements under the company incentive plan.
Target Hospitality reported a sharp downturn for 2025 as it pivots from a major government contract to growth in workforce hospitality. Full-year revenue fell to $320.6 million from $386.3 million, and the company swung to a net loss of $37.1 million from prior net income of $71.4 million. Adjusted EBITDA dropped to $53.2 million from $196.7 million, largely due to termination of the high-margin Pecos Children’s Center contract.
Fourth-quarter revenue rose modestly to $89.8 million, but Target posted a $14.9 million net loss and much lower Adjusted EBITDA of $6.5 million. Despite weaker earnings and cash declining to $8.3 million, the company ended 2025 with zero net debt and $183 million of liquidity. Management highlights over $740 million of new multi-year contracts since February 2025, including large West Texas power and data-center related projects that reactivate more than 2,850 beds and are expected to support margin improvement through 2026.
Target Hospitality Corp. executive Brendan Dowhaniuk reported exercising restricted stock units into common shares. On February 27, 2026, 7,813 RSUs were converted, resulting in the direct acquisition of 7,813 shares of common stock at a price of $0.0000 per share, bringing his direct common stock holdings to 25,523 shares.
Target Hospitality Corp. SVP, Finance & IR Mark Schuck reported RSU vesting-related transactions. On February 27, 2026 and March 1, 2026, restricted stock units converted into common stock at no cost, reflecting routine equity compensation vesting under the company’s incentive plan.
In connection with these vestings, shares of common stock were also disposed of through tax-withholding transactions at a price of $7.79 per share to cover associated tax liabilities. All transactions are reported as direct ownership and include both newly acquired common shares from RSUs and shares withheld for taxes.
Target Hospitality Corp. CFO Jason Paul Vlacich reported RSU vesting and related share settlements. On February 27 and March 1, 2026, he exercised multiple Restricted Stock Units into common stock at a price of $0.0000 per share, increasing his direct holdings.
To cover tax liabilities on these vestings, the company withheld shares of common stock at a price of $7.79 per share, which is described as the closing price on February 27, 2026. Footnotes show he continues to hold substantial unvested RSU awards that vest in four annual installments from March 1, 2024 through future anniversaries.
Target Hospitality Corp. Senior Executive Vice President of Operations & CCO Troy C. Schrenk reported multiple equity transactions involving Restricted Stock Units (RSUs) and common stock. On February 27 and March 1, 2026, he exercised RSUs, each representing a right to receive one share of common stock or its cash equivalent, resulting in new common shares at a stated price of $0.0000 per share.
In connection with these vestings, shares of common stock were automatically withheld at $7.79 per share to cover tax liabilities, rather than being sold in an open-market transaction. After these transactions, Schrenk directly held 211,088 shares of common stock and 106,018 RSUs, which include unvested awards from prior grants that vest in four annual installments beginning between March 1, 2024 and February 25, 2027.
Target Hospitality Corp. executive Heidi Diane Lewis, EVP, General Counsel & Secretary, reported multiple equity award transactions. On February 27 and March 1, 2026, restricted stock units vested and were converted into common stock at no cost, increasing her direct holdings. A portion of the resulting shares was automatically withheld and disposed of at $7.79 per share to cover tax liabilities tied to these vesting events, rather than open-market sales.
Target Hospitality Corp. updated its long-term incentive framework for senior leaders. On February 25, 2026, the board’s Compensation Committee approved new standard forms of executive restricted stock unit (RSU) and performance stock unit (PSU) agreements under the company’s 2019 Incentive Plan.
The PSUs now vest based on two metrics, each weighted equally over a defined performance period: the company’s Total Shareholder Return and its Adjusted EBITDA. Depending on performance, vesting can range from 0% to 200% of the target PSU level.
On the same date, the committee granted PSUs to three executives: 400,000 PSUs to Executive Vice President Operations and Chief Commercial Officer Troy Schrenk, 300,000 to Executive Vice President, Strategy & Corporate Development Brendan Dowhaniuk, and 175,000 to Executive Vice President, General Counsel and Secretary Heidi Lewis. The company states these awards are intended to motivate, incentivize and retain these leaders.
Target Hospitality Corp. director, CEO and president James Bradley Archer reported multiple equity compensation transactions involving restricted stock units (RSUs) and common stock. On February 27, 2026 and March 1, 2026, RSUs vested and were converted into common shares at no exercise price, increasing his direct holdings. The filing shows RSUs representing one share of common stock or its cash equivalent upon vesting. Some of the newly issued common shares were simultaneously withheld to cover tax liabilities, recorded as code "F" transactions at a price of $7.79 per share, consistent with the stated closing stock price on February 27, 2026. After these transactions, Archer directly owned 1,808,113–1,832,056 shares of common stock across the reported events, along with a substantial balance of unvested RSUs subject to multi-year vesting schedules under the company’s 2019 Incentive Award Plan.
Hahamski Cyril Jordanov reported acquisition or exercise transactions in this Form 4 filing.
Target Hospitality Corp. granted its Chief Accounting Officer, Hahamski Cyril Jordanov, 10,838 Restricted Stock Units (RSUs) on February 25, 2026. Each RSU represents a contingent right to receive one share of common stock or its cash equivalent upon vesting.
The award vests in four equal annual installments on each of the first four anniversaries of the grant date, beginning February 25, 2027. The grant was made under the company’s 2019 Incentive Award Plan and a related RSU agreement.
Dowhaniuk Brendan reported acquisition or exercise transactions in this Form 4 filing.
Target Hospitality Corp. executive Brendan Dowhaniuk, EVP of Strategy & Corporate Development, received equity awards in the form of restricted and performance stock units. He was granted 25,289 Restricted Stock Units (RSUs), each representing a right to one share of common stock or its cash equivalent upon vesting.
These RSUs vest in four equal annual installments starting on February 25, 2027 under the company’s 2019 Incentive Award Plan. Dowhaniuk was also granted a maximum of 300,000 Performance Stock Units (PSUs). The actual PSUs earned can range from 0 to 300,000, depending on the stock achieving volume-weighted average price targets between $20.00 and $30.00 during defined 60-day measurement periods, with cumulative earned PSUs vesting on June 30, 2028 or upon certain other events.