Fund 1 Investments, LLC - 09 Dec 2025 Form 4 Insider Report for TILE SHOP HOLDINGS, INC. (TTSH)

Role: 10%+ Owner
Signature: /s/ Fund 1 Investments, LLC By: Benjamin C. Cable, Chief Operating Officer
Issuer symbol: TTSH
Transactions as of: 09 Dec 2025
Net transactions value: -$2,700,795
Form type: 4
Filing time: 11 Dec 2025, 19:39:10 UTC
Previous filing: 05 Dec 2025
Next filing: 16 Dec 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Fund 1 Investments, LLC	10%+ Owner	100 CARR 115, UNIT 1900, RINCON, PUERTO RICO	/s/ Fund 1 Investments, LLC By: Benjamin C. Cable, Chief Operating Officer	11 Dec 2025	0001959730

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	TTSH	Cash-Settled Total Return Swap	Exercise of in-the-money or at-the-money derivative security	$390,530	-60,888	-6.7%	$6.41	841,225	09 Dec 2025	Common Stock	60,888		See Footnote	F1, F2, F3
transaction	TTSH	Cash-Settled Total Return Swap	Exercise of in-the-money or at-the-money derivative security	$1,518,268	-235,478	-28%	$6.45	605,747	10 Dec 2025	Common Stock	235,478		See Footnote	F1, F3, F4
transaction	TTSH	Cash-Settled Total Return Swap	Exercise of in-the-money or at-the-money derivative security	$791,997	-123,044	-20%	$6.44	482,703	11 Dec 2025	Common Stock	123,044		See Footnote	F1, F3, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Securities reported herein for Fund 1 Investments, LLC are held by private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
F2	The Reporting Person previously entered into certain cash-settled total return swap arrangements with an unaffiliated third party financial institution. On December 9, 2025, the Reporting Person exercised 60,888 of such cash-settled total return swap agreements in exchange for $6.4139 per swap agreement in accordance with the terms of such swap agreements.
F3	The expiration date of the swap agreements will be automatically extended for successive 12 month periods unless one party provides written notice to the other party, at least 30 calendar days prior to the first extension and at least 15 days prior to any subsequent extension, not to so extend the expiration date.
F4	The Reporting Person previously entered into certain cash-settled total return swap arrangements with an unaffiliated third party financial institution. On December 10, 2025, the Reporting Person exercised 235,478 of such cash-settled total return swap agreements in exchange for $6.4476 per swap agreement in accordance with the terms of such swap agreements.
F5	The Reporting Person previously entered into certain cash-settled total return swap arrangements with an unaffiliated third party financial institution. On December 11, 2025, the Reporting Person exercised 123,044 of such cash-settled total return swap agreements in exchange for $6.4367 per swap agreement in accordance with the terms of such swap agreements.