Target Hospitality builds, owns, and operates remote workforce housing communities across the U.S. and Canada. The company's core product is a turnkey, modular lodging community bundled with on-site hospitality services — catering, housekeeping, security, laundry, and facility management — all delivered as a single integrated offering. Target Hospitality sells to the companies that employ remote workers, not to the workers directly, allowing oil producers, mining companies, data center developers, and government contractors to outsource workforce housing entirely. The company operates roughly 320 customer relationships under long-term contracts averaging approximately 60 months, with renewal rates consistently above 90%. Target Hospitality runs three segments: HFS – South, serving oil and gas workers in the Permian Basin; Workforce Hospitality Solutions (WHS), the fastest-growing segment, serving critical mineral development, data center construction, and power generation projects; and Government, primarily the Dilley Immigration Processing Center in Texas under a contract with ICE. Revenue comes from specialty rental with hospitality services, take-or-pay facility leases, and construction fee income earned when building new communities. Construction revenue carries lower margins than services revenue, so margins are expected to expand as recent WHS construction activity transitions to operations. The modular asset base requires minimal maintenance capital and can be redeployed across geographies, supporting free cash flow generation. Target Hospitality's near-term growth focus is the WHS segment, targeting the wave of AI data center, power generation, and critical mineral projects requiring remote workforce housing.