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Large TDR Capital group holders update 46.2% stake in Target Hospitality (TH)

(Moderate)
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Target Hospitality Corp. received an updated Schedule 13D/A from a group led by TDR Capital regarding their large ownership stake. The reporting persons collectively beneficially own 45,978,409 shares of common stock, representing 46.2% of the company.

The amendment notes that on June 18, 2026, Arrow Holdings and MFA Global made a distribution in kind of 1,344,460 Target Hospitality common shares to certain of their limited partners, adjusting how part of the stake is held without changing overall control by the reporting group.

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Beneficial ownership 45,978,409 shares Common stock beneficially owned by each of Manjit Dale, Gary Lindsay, Thomas Mitchell, TDR Capital LLP, and TDR Capital II Investments L.P.
Ownership percentage 46.2% Percent of Target Hospitality common stock represented by 45,978,409 shares
Sapphire/Arrow holdings 34,951,238 shares Common stock beneficially owned by Sapphire Holding S.a r.l. and Arrow Holdings S.a r.l.
Sapphire/Arrow ownership 35.1% Percent of class represented by 34,951,238 shares
MFA entities holdings 11,027,171 shares Common stock beneficially owned by each MFA Holding S., MFA Limited Partnership SLP, and MFA Global S.a r.l.
MFA entities ownership 11.1% Percent of class represented by 11,027,171 shares
In-kind distribution 1,344,460 shares Common stock distributed in kind on June 18, 2026 by Arrow Holdings and MFA Global to certain limited partners
Date of event June 18, 2026 Date of event requiring filing of this Schedule 13D/A amendment
Schedule 13D regulatory
"This Amendment No. 7 (this "Amendment") amends and supplements the previously filed with the U.S. Securities and Exchange Commission ... related to the Common Stock of the Issuer."
A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.
beneficially owned financial
"11Aggregate amount beneficially owned by each reporting person 45,978,409.00"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
distribution in kind financial
"On June 18, 2026, Arrow Holdings and MFA Global ... effected a distribution in kind of an aggregate of 1,344,460 shares of common stock"
Registration Rights Agreement regulatory
"Amended and Restated Registration Rights Agreement dated March 15, 2019 by and among the Issuer, Arrow Holdings, Algeco Investments, and the other parties named therein"
A registration rights agreement is a contract that gives investors the option to have their ownership stakes officially registered with the government, making it easier to sell their shares later. This agreement matters because it provides investors with a clearer path to cash out their investments if they choose, offering more liquidity and confidence in their ability to sell their holdings when desired.
joint filing regulatory
"The agreement among the Reporting Persons relating to the joint filing of this is attached hereto as Exhibit 1"
societe a responsabilite limitee other
"each of which is a Luxembourg societe a responsabilite limitee"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How much of Target Hospitality Corp. (TH) do the reporting persons beneficially own?

The reporting persons beneficially own 45,978,409 Target Hospitality common shares, equal to 46.2% of the class. This reflects a very large ownership position and indicates significant influence over the company’s equity base, as disclosed in the amended Schedule 13D.

What transaction prompted this Schedule 13D/A amendment for Target Hospitality (TH)?

The amendment reflects a June 18, 2026 distribution in kind of 1,344,460 Target Hospitality common shares. Arrow Holdings and MFA Global distributed these shares to certain of their limited partners, changing the allocation of shares among investors while keeping the reporting group’s overall stake substantial.

Which entities hold major stakes in Target Hospitality (TH) according to this filing?

Sapphire Holding and Arrow Holdings each report shared beneficial ownership of 34,951,238 shares, or 35.1% of the common stock. MFA Holding, MFA Limited Partnership SLP, and MFA Global each report 11,027,171 shares, representing 11.1% of the class, through their structure.

Who are the individual reporting persons in the Target Hospitality (TH) Schedule 13D/A?

The individual reporting persons are Manjit Dale, Gary Lindsay, and Thomas Mitchell. They are partners of TDR Capital and are reporting persons because of their positions there, which manages the investment fund that indirectly owns Target Hospitality common stock through multiple holding entities.

What is meant by a ‘distribution in kind’ in the Target Hospitality (TH) filing?

A distribution in kind means investors received actual shares instead of cash. Arrow Holdings and MFA Global transferred 1,344,460 Target Hospitality common shares directly to certain limited partners, so those partners now hold shares rather than a purely fund-level interest in the position.

Does the Target Hospitality (TH) Schedule 13D/A mention any criminal or civil securities violations?

The filing states that during the last five years, none of the reporting persons, nor to their knowledge any related persons, has been convicted in a criminal proceeding or been subject to a judgment or order for violations of federal or state securities laws.





87615L107

(CUSIP Number)
Christopher J. Cummings
Paul, Weiss, Rifkind, Wharton & Garrison, 1285 Avenue of the Americas
New York, NY, 10019
(212) 373-3000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
06/18/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).




schemaVersion:


SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D






SCHEDULE 13D




Comment for Type of Reporting Person:
(Luxembourg societe a responsabilite limitee)


SCHEDULE 13D




Comment for Type of Reporting Person:
(Luxembourg societe a responsabilite limitee)


SCHEDULE 13D




Comment for Type of Reporting Person:
(Luxembourg societe a responsabilite limitee)


SCHEDULE 13D




Comment for Type of Reporting Person:
(Luxembourg societe a responsabilite limitee)


SCHEDULE 13D




Comment for Type of Reporting Person:
(Luxembourg societe a responsabilite limitee)


SCHEDULE 13D


Manjit Dale
Signature:/s/ Emma Gilks
Name/Title:Emma Gilks, as attorney-in-fact for Manjit Dale
Date:06/22/2026
Gary Lindsay
Signature:/s/ Gary Lindsay
Name/Title:Gary Lindsay
Date:06/22/2026
Thomas Mitchell
Signature:/s/ Thomas Mitchell
Name/Title:Thomas Mitchell
Date:06/22/2026
TDR Capital LLP
Signature:/s/ Blair Thompson
Name/Title:Blair Thompson/Partner
Date:06/22/2026
TDR Capital II Investments L.P.
Signature:/s/ Blair Thompson
Name/Title:Blair Thompson/Partner, TDR Capital LLP acting in its capacity as fund manager
Date:06/22/2026
Sapphire Holding S.a r.l.
Signature:/s/ Evelina Jakstas
Name/Title:Evelina Jakstas/Class A Manager
Date:06/22/2026
Arrow Holdings S.a.r.l.
Signature:/s/ Evelina Jakstas
Name/Title:Evelina Jakstas/Class A Manager
Date:06/22/2026
MFA Holding S.a.r.l.
Signature:/s/ Evelina Jakstas
Name/Title:Evelina Jakstas/Class A Manager
Date:06/22/2026
MFA Limited Partnership SLP
Signature:/s/ Evelina Jakstas
Name/Title:Evelina Jakstas/Manager, MFA G.P. S.a r.l.
Date:06/22/2026
MFA Global S.a r.l. (in liquidation)
Signature:/s/ Evelina Jakstas
Name/Title:Evelina Jakstas/Liquidator
Date:06/22/2026