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Form 4/A Target Hospitality Corp. For: May 28 Filed by: Robertson Stephen

September 29, 2026 4:21 PM
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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Robertson Stephen
(Last) (First) (Middle)
9320 LAKESIDE BLVD., STE 300
(Street)
THE WOODLANDS TX 77381
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Target Hospitality Corp. [ TH ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
06/01/2026		 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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 465,950 (1) D
Common Stock, par value $0.0001 per share 05/28/2026 J (2) 71,133 A (2) 71,133 I By Ball LP (3) (4)
Common Stock, par value $0.0001 per share 05/28/2026 J (2) 225,460 A (2) 296,593 I By Ball LP (3) (4)
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
Explanation of Responses:
1. The total number of shares of common stock of the Issuer, par value $0.0001 ("Common Stock") directly held by the Reporting Person was over-reported by 286,447 shares of Common Stock due to an inadvertent administrative error in the Reporting Person's Form 4 filed on May 26, 2026, and also were over-reported in subsequent Forms 4 filed by the Reporting Person. The Reporting Person's beneficial ownership has been corrected in this Form 4.
2. Represents an in-kind distribution of shares of Common Stock to partners or members of TDR Capital ("TDR"). The shares were acquired in connection with the election to receive Common Stock in lieu of cash proceeds, without additional consideration, following a secondary offering by MFA Global S.a r.l. ("MFA Global") and Arrow Holdings S.a r.l. ("Arrow"). TDR is the manager of the investment fund that is the ultimate beneficial owner of each of MFA Global and Arrow.
3. The Reporting Person is the director and controlling stockholder of Halkin Private Capital Limited ("Halkin") and is deemed the ultimate beneficial owner of the shares of Common Stock held by Halkin. Halkin is a director and shareholder of Ball GP, the general partner to Ball LP, in which the Reporting Person is a limited partner and holds a 35.6% ownership interest.
4. The Reporting Person may be deemed to beneficially own a certain number of the shares of Common Stock distributed to Ball LP in connection with the Offering. The Reporting Person disclaims beneficial ownership of the shares of Common Stock held by Ball LP, except to the extent of his pecuniary interest therein.
Remarks:
This Form 4/A amends the Form 4 filed by the Reporting Person on June 1, 2026 (the "Original Form 4") solely to correct the number of shares of Common Stock distributed to Ball LP that the Reporting Person may be deemed to beneficially own, as represented in Column 4 and Column 5 of Table I with respect to the transactions dated May 28, 2026. The Original Form 4 inadvertently over-reported the number of shares of Common Stock that the Reporting Person may be deemed to beneficially own in connection with the in-kind distribution to Ball LP by 10,621 shares of Common Stock, in the aggregate.
/s/ Heidi D. Lewis, as Attorney in Fact on behalf of Stephen Robertson 09/29/2026
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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