TDR Capital Affiliates Price 14M-Share Secondary at $18.50; Company Repurchases 1.69M Shares Concurrently
TH has more than doubled off its 52-week low of $5.97 on elevated volume (7.8× avg).
Summary
TDR Capital affiliates priced a 14 million share secondary offering at $18.50 per share, with Target Hospitality concurrently repurchasing 1.69 million shares. The offering reduces TDR's stake from 46.2% to 32.7%.
Key Events · Ownership and Investor Activity · TH
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14M Share Secondary Priced at $18.50
TDR Capital affiliates (Arrow Holdings and MFA Global) are selling 14 million shares at $18.50 per share, raising approximately $248 million before expenses. Underwriters have a 30-day option for 2.1 million additional shares.
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Concurrent Company Repurchase of 1.69M Shares
Target Hospitality will repurchase 1,693,599 shares from the underwriters at $17.71375 per share, funded with cash on hand and borrowings under the $660 million New ABL Facility. Post-transaction share count will be 97,929,824.
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TDR Stake Drops from 46.2% to 32.7%
After the offering and repurchase, TDR Capital affiliates will own approximately 32.7% of outstanding shares (30.5% if the underwriters' option is fully exercised), down from 46.2% prior to the offering.
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Third Secondary Offering in Five Months
This follows secondary offerings of 8.05 million shares at $14.00 on April 23, 2026 and 8.05 million shares at $17.00 on May 29, 2026, both by TDR affiliates. The company received no proceeds from any of these offerings.
Analysis · TH · Real Estate & Construction
TDR Capital affiliates are selling 14 million shares at $18.50, raising approximately $248 million before expenses. The company is simultaneously repurchasing 1.69 million shares from the underwriters at the same net price, partially offsetting the dilution and signaling management's willingness to deploy capital. This is the third secondary offering by TDR affiliates in five months, reducing their combined stake from 46.2% to approximately 32.7%.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 29.9% of the 1988 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, TH was trading at $19.20 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $5.97 to $20.85. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.