SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person* TDR Capital II Investments LP (Last) (First) (Middle) C/O TDR CAPITAL LLP 20 BENTINCK STREET (Street) LONDON W1U 2EU (City) (State) (Zip) UNITED KINGDOM (Country)	2. Issuer Name and Ticker or Trading Symbol Target Hospitality Corp. [ TH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	2a. Foreign Trading Symbol
	3. Date of Earliest Transaction (Month/Day/Year) 06/18/2026	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person
	4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001 per share	06/18/2026		J(1)		1,344,460	D	$0(1)	45,978,409(2)	I	See footnotes(3)(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* TDR Capital II Investments LP (Last) (First) (Middle) C/O TDR CAPITAL LLP 20 BENTINCK STREET (Street) LONDON W1U 2EU (City) (State) (Zip) UNITED KINGDOM (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Arrow Holdings S.a.r.l. (Last) (First) (Middle) 25C BOULEVARD ROYAL (Street) LUXEMBOURG L-2449 (City) (State) (Zip) LUXEMBOURG (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* MFA Holding S.a.r.l. (Last) (First) (Middle) 25C BOULEVARD ROYAL (Street) LUXEMBOURG L-2449 (City) (State) (Zip) LUXEMBOURG (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* MFA Limited Partnership SLP (Last) (First) (Middle) 25C BOULEVARD ROYAL (Street) LUXEMBOURG L-2449 (City) (State) (Zip) LUXEMBOURG (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* MFA Global S.a.r.l. (Last) (First) (Middle) 25C BOULEVARD ROYAL (Street) LUXEMBOURG L-2449 (City) (State) (Zip) LUXEMBOURG (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* TDR Capital LLP (Last) (First) (Middle) C/O TDR CAPITAL LLP 20 BENTINCK STREET (Street) LONDON W1U 2EU (City) (State) (Zip) UNITED KINGDOM (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Sapphire Holding S.a r.l. (Last) (First) (Middle) 25C BOULEVARD ROYAL (Street) LUXEMBOURG L-2449 (City) (State) (Zip) LUXEMBOURG (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Lindsay Gary (Last) (First) (Middle) C/O TDR CAPITAL LLP 20 BENTINCK STREET (Street) LONDON W1U 2EU (City) (State) (Zip) UNITED KINGDOM (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DALE MANJIT (Last) (First) (Middle) C/O TDR CAPITAL LLP 20 BENTINCK STREET (Street) LONDON W1U 2EU (City) (State) (Zip) UNITED KINGDOM (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Mitchell Thomas Andrew (Last) (First) (Middle) C/O TDR CAPITAL LLP 20 BENTINCK STREET (Street) LONDON W1U 2EU (City) (State) (Zip) UNITED KINGDOM (Country) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. On June 18, 2026, MFA Global S.a r.l. (in liquidation) ("MFA Global") and Arrow Holdings S.a r.l. ("Arrow") distributed an aggregate of 1,344,460 shares of common stock of the Issuer, par value $0.0001 per share (the "Common Stock") to certain limited partners of MFA Global and Arrow, respectively, for no consideration.

2. Includes (i) 34,951,238 shares of Common Stock held by Arrow and (ii) 11,027,171 shares of Common Stock held by MFA Global.

3. As the controlling shareholder of Arrow, TDR Capital II Investments LP may be deemed the beneficial owner of the securities of the Issuer held by Arrow. Sapphire Holding S.a r.l. is the direct shareholder of Arrow and wholly owned by TDR Capital II Investments LP.

4. MFA Holding S.a r.l. ("MFA Holding") is the controlling shareholder of MFA Limited Partnership SLP ("MFA SLP" and together with MFA Holdings and MFA Global, the "MFA Entities"), which is the controlling shareholder of MFA Global. TDR Capital II Investments LP, as the controlling shareholder of MFA Holding, may be deemed the beneficial owner of the securities of the Issuer held by MFA Global. As manager of TDR Capital II Investments LP, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and MFA Global. As a founding partner of TDR Capital LLP, Manjit Dale may be deemed the beneficial owner of such securities of the Issuer held by Arrow and MFA Holding. As managing partners of TDR Capital LLP, Gary Lindsay and Thomas Mitchell may be deemed the beneficial owners of such securities of the Issuer held by Arrow and MFA Holding.

5. Each of TDR Capital II Investments LP, TDR Capital LLP, Manjit Dale, Gary Lindsay and Thomas Mitchell (the "TDR Persons") may be deemed the beneficial owner of all or a portion of the securities reported herein. Each of the TDR Persons disclaims beneficial ownership of the securities of the Issuer, except to the extent of its or his pecuniary interest therein. The filing of this report shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended or otherwise, the TDR Persons are the beneficial owners of any of the securities reported herein.

	TDR Capital LLP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Partner	06/22/2026
	Arrow Holdings S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager	06/22/2026
	MFA Holding S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager	06/22/2026
	MFA Limited Partnership SLP, By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Manager, MFA G.P. S.a r.l.	06/22/2026
	MFA Global S.a r.l. (in liquidation), By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Liquidator	06/22/2026
	TDR Capital II Investments LP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Partner, TDR Capital LLP acting in its capacity as fund manager	06/22/2026
	Sapphire Holding S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager	06/22/2026
	/s/ Gary Lindsay	06/22/2026
	/s/ Emma Gilks, as attorney-in-fact for Manjit Dale	06/22/2026
	/s/ Thomas Mitchell	06/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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* Form 4: SEC 1474 (03-26)