Target Hospitality Corp.: 10% owner TDR Capital II Investments LP sold 11,000,000 shares

What happened TDR Capital II Investments LP, a 10% owner, sold 11,000,000 shares of Target Hospitality Corp. in an open market sale at $18.40 per share on Oct 1, 2026, for $202,400,000. The filing says the shares were sold by MFA Global S.a r.l. (in liquidation) and Arrow Holdings S.a r.l. in an aggregate open market sale.

Key details

• Transaction date and price: Oct 1, 2026 — sale of 11,000,000 shares at $18.40 per share (transaction code S) for $202,400,000; open market sale (footnote F1).
• Shares owned after the transaction: the filing notes beneficial holdings include 12,334,735 shares held by Arrow and 3,891,628 shares held by MFA Global (footnote F2).
• Beneficial ownership notes: as controlling shareholder of Arrow and MFA Holding, TDR Capital II Investments LP and related TDR persons (including TDR Capital LLP, Manjit Dale, Gary Lindsay and Thomas Mitchell) may be deemed beneficial owners of the securities held by Arrow and MFA Global (footnotes F3–F4). Those TDR persons disclaim beneficial ownership except for their pecuniary interest (footnote F5).
• Filing: report filed with the SEC on Oct 5, 2026 (period of report Oct 1, 2026).

Why it may matter TDR Capital II Investments LP is reported as a 10% owner, i.e., a large holder rather than an executive. The filing does not show why the insider traded or why the company acted.