SCHEDULE 13G/A: Tontine Group Boosts Smart Sand Stake to 6.2%

Tontine Asset Associates, Tontine Capital Overseas Master Fund II, and Jeffrey L. Gendell collectively reported beneficial ownership of 6.2% of Smart Sand, Inc.'s common stock.

Summary

• Tontine Asset Associates, LLC, Tontine Capital Overseas Master Fund II, L.P., and Jeffrey L. Gendell (collectively, "Reporting Persons") filed an Amendment No. 1 to Schedule 13G.
• The filing reports beneficial ownership of Smart Sand, Inc. (NASDAQ: SND) Common Stock.
• Jeffrey L. Gendell beneficially owns 2,696,408 shares, representing 6.2% of the outstanding Common Stock.
• Tontine Asset Associates, LLC and Tontine Capital Overseas Master Fund II, L.P. each beneficially own 2,668,908 shares, representing 6.1% of the outstanding Common Stock.
• All reported shares are held with shared voting and shared dispositive power.
• The percentages are calculated based on 43,543,792 shares of Common Stock outstanding as of November 4, 2025, as reported in Smart Sand's Form 10-Q filed on November 12, 2025.
• The Reporting Persons certified that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of a significant passive ownership stake, which is generally a neutral to slightly positive signal as it indicates institutional interest without any negative implications.

Positives

• A significant institutional investor group, led by Jeffrey L. Gendell, holds a substantial 6.2% stake in Smart Sand, Inc., indicating confidence in the company's prospects.
• The filing is a passive investment, with the Reporting Persons certifying no intent to change or influence control, suggesting a long-term investment horizon.

Negatives

• No specific negative information is disclosed in this beneficial ownership report.

Risks

• No specific risks related to Smart Sand, Inc.'s operations or financial health are disclosed in this beneficial ownership report, as it focuses solely on ownership.

Future Outlook

This filing is a disclosure of current ownership and does not contain forward-looking statements or guidance from Smart Sand, Inc. or the reporting entities regarding future performance or outlook.

Management Comments

• Jeffrey L. Gendell, Managing Member of Tontine Asset Associates, LLC, certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Smart Sand, Inc.

Industry Context

This filing indicates continued institutional interest in Smart Sand, Inc., a company operating in the industrial sand (frac sand) sector, which is tied to the oil and gas industry's drilling and completion activities. A significant passive stake by an investment group suggests a belief in the long-term value of the company within its industry.

Comparison to Industry Standards

• A 6.2% beneficial ownership stake by an institutional investor group is a significant position, often considered a substantial vote of confidence in a company's prospects.
• Compared to typical institutional holdings, this level of ownership places the Tontine group among the larger shareholders, though still below activist thresholds (which typically involve intent to influence management).
• The passive nature of the investment, as certified, aligns with standard investment fund strategies focused on long-term value appreciation rather than corporate control, differentiating it from activist funds like Elliott Management or Starboard Value.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially signaling confidence in the company's value and prospects.
• Management: The certification of a passive investment intent suggests no immediate pressure or challenge to current management or strategy from this shareholder group.

Next Steps

• No specific future actions, events, or milestones are mentioned in this ownership disclosure.

Key Dates

Keywords

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