SCHEDULE: Tontine Entities Disclose 5.1% Stake in Smart Sand

Tontine Asset Associates, LLC, Tontine Capital Overseas Master Fund II, L.P., and Jeffrey L. Gendell have reported a collective 5.1% beneficial ownership in Smart Sand, Inc.

Summary

• Tontine Asset Associates, LLC, Tontine Capital Overseas Master Fund II, L.P., and Jeffrey L. Gendell (collectively, the "Reporting Persons") have reported beneficial ownership of 2,212,223 shares of Smart Sand, Inc. Common Stock.
• This represents 5.1% of the company's outstanding Common Stock.
• The percentage is calculated based on 43,559,223 shares of Common Stock outstanding as of August 5, 2025, as reported in Smart Sand, Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2025.
• The Reporting Persons hold shared voting and shared dispositive power over these 2,212,223 shares.
• The shares were not acquired or held for the purpose of changing or influencing the control of Smart Sand, Inc.

Sentiment

Score: 7

Explanation: The filing indicates a new institutional investor, Tontine Asset Associates, LLC, and its affiliates, have acquired a 5.1% passive stake in Smart Sand, Inc., which can be viewed as a positive signal of confidence in the company's value.

Positives

• The acquisition of a 5.1% passive stake by Tontine Asset Associates, LLC, and its affiliates signals institutional confidence in Smart Sand, Inc.
• The investment by a reputable asset manager like Tontine could potentially attract further investor interest in the company.

Future Outlook

This filing, a Schedule 13G, is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Smart Sand, Inc. or the Reporting Persons regarding the company's future performance or strategic direction.

Industry Context

Smart Sand, Inc. operates in the industrial sand industry, primarily supplying frac sand for hydraulic fracturing operations. The acquisition of a significant passive stake by an investment group like Tontine could indicate a perceived value in the company or the broader energy services sector, potentially driven by expectations for future demand or operational improvements.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional investor may positively influence market sentiment and potentially the share price, signaling external validation of the company's prospects.

Next Steps

• The Reporting Persons will file amendments to this Schedule 13G if their beneficial ownership materially changes (e.g., increases or decreases by more than 1% of the class).

Key Dates

Recommendation

The disclosure of a new 5.1% passive stake by Tontine Asset Associates and its affiliates in Smart Sand, Inc. suggests institutional confidence. However, as a Schedule 13G filing, it does not provide operational or financial performance details to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and monitor future company performance and Tontine's intentions.

Keywords

Smart Sand, Tontine Asset Associates, Tontine Capital Overseas Master Fund II, Jeffrey L. Gendell, beneficial ownership, common stock, institutional investment, Schedule 13G