Target Hospitality Corp.

Target Hospitality Corp. is one of the largest vertically integrated specialty rental and hospitality services companies in North America. The company operates an extensive network of geographically relocatable specialty rental accommodation units, totaling 16,991 beds across 29 communities. Additionally, Target Hospitality operates 2 communities not owned or leased by the company. A significant portion of its specialty rental asset base consists of modular units that can be interchanged across different business segments and geographic locations. A portion of Target Hospitality's revenues is generated under contracts that include minimum revenue commitments, and nearly all revenues are earned through fully executed customer contracts. The company provides premier accommodations and in-house culinary and hospitality services. For the year ended December 31, 2025, Target Hospitality generated approximately $321 million in revenues. Of this, 58.5% was earned from specialty rental with vertically integrated hospitality, specifically lodging and related ancillary services. The remaining revenues were comprised of 14.3% from leasing of lodging facilities and 27.2% from construction fee income for the year ended December 31, 2025. Target Hospitality began operating as a specialty rental and hospitality services company in 2006, though it was founded in 1978. The company operates across the U.S. and Canada, with primary operations in the Southwest, Nevada, and the Midwest U.S.