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).

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 X0 W1U 2EU (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) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/12/2022
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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	12/12/2022		J		556,118	D	(1)	64,563,347(2)	I	By Arrow Holdings S.a r.l. and MFA Global S.a r.l.(3)(4)(5)(6)

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 X0 W1U 2EU (City) (State) (Zip) 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) 20 RUE EUGENE RUPPERT (Street) LUXEMBOURG N4 L-2453 (City) (State) (Zip) 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* Modulaire Holding S.a.r.l. (Last) (First) (Middle) 20 RUE EUGENE RUPPERT (Street) LUXEMBOURG CITY N4 L-2453 (City) (State) (Zip) 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) 20 RUE EUGENE RUPPERT (Street) LUXEMBOURG CITY N4 L-2453 (City) (State) (Zip) 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) 20 RUE EUGENE RUPPERT (Street) LUXEMBOURG CITY N4 L-2453 (City) (State) (Zip) 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) 20 BENTINCK STREET (Street) LONDON X0 W1U 2EU (City) (State) (Zip) 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 X0 W1U 2EU (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Represents an in-kind distribution by Arrow Holdings S.a r.l. ("Arrow") of common stock of the Issuer, par value $0.0001 per share ("Common Stock"), for no consideration. The in-kind distribution was made on behalf of a partnership managed by TDR Capital LLP to its underlying investor in connection with the planned winding-up of that partnership.

2. Includes (i) 15,628,865 shares of Common Stock held by MFA Global S.a r.l. ("MFA Global") and (ii) 48,934,482 shares of Common Stock held by Arrow.

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.

4. The securities of the Issuer held by Arrow and MFA Global are ultimately held on behalf of investment funds managed by TDR Capital LLP (the majority holding being through TDR Capital II Investments LP) and certain other minority investors. The investors in such funds are passive. In its capacity as an investment fund manager, TDR Capital LLP may be deemed the beneficial owner of such securities of the Issuer held by Arrow and MFA Global and, as Founding Partners of TDR Capital LLP, Stephen Robertson and Manjit Dale may be deemed the beneficial owners of such securities of the Issuer held by Arrow and MFA Global.

5. MFA Global is held by MFA Limited Partnership SLP which in turn is held by Modulaire Holding S.a r.l., MFA Limited Partnership, Modulaire Holdings and MFA Global (the "MFA Entities"). See footnote 4 above in relation to the ultimate holding structure.

6. Each of TDR Capital II Investments LP, TDR Capital LLP, Stephen Robertson and Manjit Dale (the "TDR Persons") may be deemed the beneficial owner of all or a portion of the securities reported herein as set out above. 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.

Remarks:

Stephen Robertson is filing a separate Form 4 disclosing his beneficial ownership interests in the securities of the Issuer held by Arrow and MFA Global, which was submitted on the Securities and Exchange Commission's EDGAR system on or about the date hereof.

	MFA Global S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Liquidator	12/16/2022
	MFA Limited Partnership SLP, By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager	12/16/2022
	Modulaire Holding S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager	12/16/2022
	Arrow Holdings S.a r.l., By: /s/ Evelina Jakstas, Name: Evelina Jakstas, Title: Class A Manager	12/16/2022
	TDR Capital II Investments LP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Authorised Signatory	12/16/2022
	TDR Capital LLP, By: /s/ Blair Thompson, Name: Blair Thompson, Title: Authorised Signatory	12/16/2022
	/s/ Manjit Dale	12/16/2022
	** Signature of Reporting Person	Date
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