Fund 1 Investments, LLC - 12 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
12 Dec 2025
Net transactions value
-$3,131,439
Form type
4
Filing time
16 Dec 2025, 16:15:26 UTC
Previous filing
11 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 16 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 $3,131,439 -482,703 -100% $6.49 0 12 Dec 2025 Common Stock 482,703 See Footnote F1, F2, F3
* 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 12, 2025, the Reporting Person exercised 482,703 of such cash-settled total return swap agreements in exchange for $6.4873 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.