# EDGAR Filing Document

**Accession Number:** 0001771172
**File Stem:** 0000950142-26-001174
**Filing Date:** 2026-4
**Character Count:** 34007
**Document Hash:** ea6e9d9303718939721bbc005bc3ffdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950142-26-001174.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000950142-26-001174

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Target Hospitality Corp.
- **CENTRAL INDEX KEY:** 0001712189
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90263
- **FILM NUMBER:** 26889708

**BUSINESS ADDRESS:**
- **STREET 1:** 9320 LAKESIDE BLVD.
- **STREET 2:** SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77381
- **BUSINESS PHONE:** 832 709-2563

**MAIL ADDRESS:**
- **STREET 1:** 9320 LAKESIDE BLVD.
- **STREET 2:** SUITE 300
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77381

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Platinum Eagle Acquisition Corp.
- **DATE OF NAME CHANGE:** 20170718
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TDR Capital II Investments LP
- **CENTRAL INDEX KEY:** 0001771172

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 20 BENTINCK STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **BUSINESS PHONE:** 442073994200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 20 BENTINCK STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0

## Ex-99

**SCHEDULE A**

Item 5. Interest in Securities of the Issuer

The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Common Stock and percentage of shares of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose of or to direct the disposition of, or shared power to dispose of or direct the disposition of. All percentages specified in this Item 5 are based on an aggregate of 99,560,575 shares of Common Stock outstanding as of April 20, 2026, as reported in the prospectus supplement filed by the Issuer with the SEC on April 22, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reporting Person** | **Amount<br> beneficially<br> owned** | **Percent<br> of class** | **Sole<br> power<br> to vote<br> or to<br> direct<br> the<br> vote** | **Shared<br> power to<br> vote or to<br> direct the<br> vote** | **Sole<br> power<br> to<br> dispose<br> or to<br> direct<br> the<br> disposition** | **Shared<br> power to<br> dispose or<br> to<br> direct the<br> disposition** |
| Manjit Dale | 56576003 <sup>(i)</sup> | 56.8% | 0 | 56576003 | 0 | 56576003 |
| Gary Lindsay | 56576003 <sup>(i)</sup> | 56.8% | 0 | 56576003 | 0 | 56576003 |
| Thomas Mitchell | 56576003 <sup>(i)</sup> | 56.8% | 0 | 56576003 | 0 | 56576003 |
| TDR Capital LLP | 56576003 <sup>(i)</sup> | 56.8% | 0 | 56576003 | 0 | 56576003 |
| TDR Capital II Investments L.P. | 56576003 <sup>(i)</sup> | 56.8% | 0 | 56576003 | 0 | 56576003 |
| Sapphire Holding S.à r.l. | 43007172 | 43.2% | 0 | 43007172 | 0 | 43007172 |
| Arrow Holdings S.à r.l. | 43007172 | 43.2% | 0 | 43007172 | 0 | 43007172 |
| MFA Holding S.à r.l. | 13568831 | 13.6% | 0 | 13568831 | 0 | 13568831 |
| MFA Limited Partnership SLP | 13568831 | 13.6% | 0 | 13568831 | 0 | 13568831 |
| MFA Global S.à r.l. | 13568831 | 13.6% | 0 | 13568831 | 0 | 13568831 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Includes (a) 13,568,831 shares of Common Stock held by MFA Global
and (b) 43,007,172 shares of Common Stock held by Arrow Holdings.

Manjit Dale is a founding partner of TDR Capital. Gary Lindsay and Thomas Mitchell are the managing partners of TDR Capital. TDR Capital is the manager of TDR Capital II.

TDR Capital II, acting by TDR Capital, is the controlling shareholder of Sapphire Holding, which is the controlling shareholder of Arrow Holdings.

TDR Capital II, acting by TDR Capital, is the controlling shareholder of MFA Holding, which is the controlling shareholder of MFA SLP, which is the controlling shareholder of MFA Global.

## Exhibit 99.1

**EXHIBIT 1** 

**<u>Joint Filing Agreement</u>**

In accordance with Rule 13(d)-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other of the attached statement on Schedule 13D and to all amendments to such statement.

This statement on Schedule 13D is filed by TDR Capital LLP, TDR Capital II Investments L.P., Arrow Holdings S.à r.l., MFA Holding S.à r.l. (fka Algeco Holding S.à r.l.), MFA Limited Partnership SLP (fka Algeco Limited Partnership SLP), MFA Global S.à r.l. (in liquidation) (fka Algeco Global S.à r.l.), Sapphire Holding S.à r.l., Manjit Dale, Gary Lindsay and Thomas Mitchell.

Dated: April 23, 2026

---

| | |
|:---|:---|
| MANJIT DALE | MANJIT DALE |
| By: | /s/ Emma Gilks |
|  | Emma Gilks, as attorney-in-fact for Manjit Dale |
| GARY LINDSAY | GARY LINDSAY |
| By: | /s/ Gary Lindsay |
|  | Gary Lindsay |
| THOMAS MITCHELL | THOMAS MITCHELL |
| By: | /s/ Thomas Mitchell |
|  | Thomas Mitchell |
| TDR CAPITAL LLP | TDR CAPITAL LLP |
| By: | /s/ Blair Thompson |
|  | Blair Thompson |
|  | Partner |
| TDR CAPITAL II INVESTMENTS L.P. | TDR CAPITAL II INVESTMENTS L.P. |
| By: | TDR Capital LLP |
| By: | /s/ Blair Thompson |
|  | Blair Thompson |
|  | Partner, TDR Capital LLP acting in its capacity as fund manager |
| SAPPHIRE HOLDING S.À R.L. | SAPPHIRE HOLDING S.À R.L. |
| By: | /s/ Evelina Jakstas |
|  | Evelina Jakstas |
|  | Class A Manager |
| ARROW HOLDINGS S.À R.L. | ARROW HOLDINGS S.À R.L. |
| By: | /s/ Evelina Jakstas |
|  | Evelina Jakstas |
|  | Class A Manager |
| MFA HOLDING S.À R.L. | MFA HOLDING S.À R.L. |
| By: | /s/ Evelina Jakstas |
|  | Evelina Jakstas |
|  | Class A Manager |
| MFA LIMITED PARTNERSHIP SLP | MFA LIMITED PARTNERSHIP SLP |
| By: | MFA G.P. S.a r.l. |
| By: | /s/ Evelina Jakstas |
|  | Evelina Jakstas |
|  | Manager, MFA G.P. S.a r.l. |
| MFA GLOBAL S.À R.L. (IN LIQUIDATION) | MFA GLOBAL S.À R.L. (IN LIQUIDATION) |
| By: | /s/ Evelina Jakstas |
|  | Evelina Jakstas |
|  | Liquidator |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Target Hospitality Corp.**

*(Name of Issuer)*

**Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

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

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**04/21/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Manjit Dale** | Name of reporting person<br>**Manjit Dale** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56576003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56576003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**56.8%** | Percent of class represented by amount in Row (11)<br>**56.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Gary Lindsay** | Name of reporting person<br>**Gary Lindsay** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56576003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56576003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**56.8%** | Percent of class represented by amount in Row (11)<br>**56.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Thomas Mitchell** | Name of reporting person<br>**Thomas Mitchell** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56576003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56576003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**56.8%** | Percent of class represented by amount in Row (11)<br>**56.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TDR Capital LLP** | Name of reporting person<br>**TDR Capital LLP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56576003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56576003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**56.8%** | Percent of class represented by amount in Row (11)<br>**56.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TDR Capital II Investments L.P.** | Name of reporting person<br>**TDR Capital II Investments L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**56576003.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**56576003.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | Aggregate amount beneficially owned by each reporting person<br>**56576003.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**56.8%** | Percent of class represented by amount in Row (11)<br>**56.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Sapphire Holding S.a r.l.** | Name of reporting person<br>**Sapphire Holding S.a r.l.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**43007172.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**43007172.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**43007172.00** | Aggregate amount beneficially owned by each reporting person<br>**43007172.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**43.2%** | Percent of class represented by amount in Row (11)<br>**43.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Arrow Holdings S.a.r.l.** | Name of reporting person<br>**Arrow Holdings S.a.r.l.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**43007172.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**43007172.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**43007172.00** | Aggregate amount beneficially owned by each reporting person<br>**43007172.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**43.2%** | Percent of class represented by amount in Row (11)<br>**43.2%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MFA Holding S.a.r.l.** | Name of reporting person<br>**MFA Holding S.a.r.l.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13568831.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13568831.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13568831.00** | Aggregate amount beneficially owned by each reporting person<br>**13568831.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.6%** | Percent of class represented by amount in Row (11)<br>**13.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MFA Limited Partnership SLP** | Name of reporting person<br>**MFA Limited Partnership SLP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13568831.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13568831.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13568831.00** | Aggregate amount beneficially owned by each reporting person<br>**13568831.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.6%** | Percent of class represented by amount in Row (11)<br>**13.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**MFA Global S.a r.l. (in liquidation)** | Name of reporting person<br>**MFA Global S.a r.l. (in liquidation)** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**N4** | Citizenship or place of organization<br>**N4** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13568831.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13568831.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13568831.00** | Aggregate amount beneficially owned by each reporting person<br>**13568831.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**13.6%** | Percent of class represented by amount in Row (11)<br>**13.6%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

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

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Target Hospitality Corp.

**(c) Address of Issuer's Principal Executive Offices:**
9320 LAKESIDE BLVD., SUITE 300, THE WOODLANDS, TX, 77381

This Amendment No. 5 (this "Amendment") amends and supplements the Schedule 13D previously filed with the U.S. Securities and Exchange Commission (the "SEC") by the Reporting Persons and last amended by Amendment No. 4 filed on March 24, 2024 (as so amended, the "Existing Schedule") related to the Common Stock of the Issuer. Information set forth in response to any item of the Existing Schedule, as amended and restated by this Amendment, shall be deemed to be responsive to all other items hereof to which such information is relevant.

Except as set forth herein, the Existing Schedule is unmodified. Capitalized terms used but not defined herein have the meanings given to such terms in the Existing Schedule.

**Item 4. Purpose of Transaction**

Item 4 of the Existing Schedule is hereby amended and supplemented by adding the following information at the end of such item:

The Reporting Persons intend to sell or dispose of some or substantially all of the shares of Common Stock beneficially owned by them from time to time as they determine appropriate. Sales or dispositions of shares of Common Stock may be made by the Reporting Persons, at any time and from time to time, without prior notice, in marketed offerings, open market transactions (including, without limitation, under Rule 144), in privately negotiated transactions, through distributions of stock to the respective holding companies of the Reporting Persons (including, without limitation, the limited partners of certain funds managed by TDR Capital LLP that directly or indirectly hold interests in the Reporting Persons) or otherwise. Subject to the foregoing, each Reporting Person expects to evaluate on an ongoing basis the Issuer's financial condition and prospects and its interest in, and intentions with respect to, the Issuer and its investment in the securities of the Issuer, which review may be based on various factors, including, without limitation, the Issuer's business and financial condition, results of operations and prospects, general economic and industry conditions, the price and availability of shares of Common Stock, the conditions of the securities markets in general and those for the Issuer's securities in particular, the relative attractiveness of alternative business and investment opportunities, and other future developments.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Please see Schedule A attached herein.

**(b)**
Please see Schedule A attached herein.

**(c)**
Item 5(c) of the Statement is hereby amended and supplemented as follows:

On April 21, 2026, Arrow Holdings and MFA Global (the "Selling Shareholders") and the Issuer entered into an underwriting agreement Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc., as representatives of the underwriters, providing for the offer and sale by the Selling Shareholders of 8,050,000 shares of Common Stock (including 1,050,000 shares of Common Stock pursuant to the full exercise of the underwriters' option to purchase additional shares) at a price of $13.265 per share. The offering closed on April 23, 2026.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The first sentence of Item 6 of the Existing Schedule is hereby amended and restated in its entirety as follows:

The information set forth or incorporated by reference in Items 3, 4, and 5 of this Schedule 13D and Exhibits 1 and 2 hereto, is incorporated by reference in its entirety into this Item 6.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Manjit Dale

**Signature:** /s/ Emma Gilks

**Name/Title:** Emma Gilks, as attorney-in-fact for Manjit Dale

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Gary Lindsay

**Signature:** /s/ Gary Lindsay

**Name/Title:** Gary Lindsay

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Thomas Mitchell

**Signature:** /s/ Thomas Mitchell

**Name/Title:** Thomas Mitchell

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TDR Capital LLP

**Signature:** /s/ Blair Thompson

**Name/Title:** Blair Thompson/Partner

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** 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:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Sapphire Holding S.a r.l.

**Signature:** /s/ Evelina Jakstas

**Name/Title:** Evelina Jakstas/Class A Manager

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Arrow Holdings S.a.r.l.

**Signature:** /s/ Evelina Jakstas

**Name/Title:** Evelina Jakstas/Class A Manager

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MFA Holding S.a.r.l.

**Signature:** /s/ Evelina Jakstas

**Name/Title:** Evelina Jakstas/Class A Manager

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MFA Limited Partnership SLP

**Signature:** /s/ Evelina Jakstas

**Name/Title:** Evelina Jakstas/Manager, MFA G.P. S.a r.l.

**Date:** 04/23/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** MFA Global S.a r.l. (in liquidation)

**Signature:** /s/ Evelina Jakstas

**Name/Title:** Evelina Jakstas/Liquidator

**Date:** 04/23/2026