Fund 1 Investments, LLC - 18 Jul 2025 Form 4 Insider Report for TILE SHOP HOLDINGS, INC. (TTSH)

Reporting relationship: 10%+ Owner
Issuer ticker: TTSH
Reported as of: 18 Jul 2025
Net transaction value: +$238,954
SEC form: 4
Accepted by SEC: 22 Jul 2025, 16:52:37 UTC
Prior SEC filing: 16 Jul 2025
Next SEC filing: 07 Oct 2025
Source filing: View source filing
Reporting owner signature: /s/ Fund 1 Investments, LLC by: Benjamin C. Cable, Chief Operating Officer

Key filing fact

Fund 1 Investments, LLC filed Form 4 for TILE SHOP HOLDINGS, INC. (TTSH) on 22 Jul 2025.

Key facts

This page summarizes Fund 1 Investments, LLC's Form 4 filing for TILE SHOP HOLDINGS, INC. (TTSH).
2 reported transactions and 2 derivative rows are listed below.
Accepted by SEC: 22 Jul 2025, 16:52.

Change

Previous filing in this sequence was filed on 16 Jul 2025.
Current net transaction value: +$238,954.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (3)

CIK 0001959730 Primary reporting owner

Fund 1 Investments, LLC

Relationship: 10%+ Owner
Address: 100 CARR 115, UNIT 1900, RINCON, PUERTO RICO
Signature: /s/ Fund 1 Investments, LLC by: Benjamin C. Cable, Chief Operating Officer
Signature date: 22 Jul 2025

CIK 0001580144

Pleasant Lake Partners LLC

Relationship: 10%+ Owner
Address: 100 CARR 115 UNIT 1900, RINCON, PUERTO RICO
Signature: /s/ Pleasant Lake Partners LLC by: Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer
Signature date: 22 Jul 2025

CIK 0002052009

PLP Funds Master Fund LP

Relationship: 10%+ Owner
Address: 100 CARR 115 UNIT 1900, RINCON, PUERTO RICO
Signature: /s/ PLP Funds Master Fund LP, by Pleasant Lake Partners LLC, its Investment Adviser, by Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer
Signature date: 22 Jul 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

TTSH holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 11,856,805
Date: 18 Jul 2025
Ownership: See Footnotes
Footnotes: F1, F2

TTSH holding

Common Stock

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 1,002,207
Date: 18 Jul 2025
Ownership: See Footnotes
Footnotes: F1, F3

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

TTSH transaction Derivative

Cash-Settled Total Return Swap

Purchase

Transaction value: $138,450
Shares: +20,000
Change %: +2.3%
Price: $6.92
Shares after: 887,113
Date: 18 Jul 2025
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 20,000
Exercise price
Footnotes: F1, F2, F4, F5

TTSH transaction Derivative

Cash-Settled Total Return Swap

Purchase

Transaction value: $100,504
Shares: +15,000
Change %: +1.7%
Price: $6.70
Shares after: 902,113
Date: 21 Jul 2025
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 15,000
Exercise price
Footnotes: F1, F2, F5, F6

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 6 footnotes

Footnote F1

Securities reported herein are held for the benefit of PLP Funds Master Fund LP (the "PL Fund") and an additional private investment vehicle for which Pleasant Lake Partners LLC ("PLP") serves as investment adviser. Fund 1 Investments, LLC serves as managing member of PLP. Jonathan Lennon serves as managing member of Fund 1 Investments, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.

Footnote F2

Securities held for the account of the PL Fund.

Footnote F3

Shares held for the account of an unaffiliated private fund for which PLP serves as investment adviser.

Footnote F4

The Reporting Persons have entered into certain cash-settled total return swap arrangements with an unaffiliated third party financial institution, which provide the Reporting Persons with economic exposure to 20,000 notional shares of common stock for a price of $6.9225 per share. The swap agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do provide the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares of common stock that are the subject of the swap agreements (the "Subject Shares"). Each of the Reporting Persons disclaims beneficial ownership of the Subject Shares except to the extent of its or his pecuniary interest therein.

Footnote F5

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.

Footnote F6

The Reporting Persons have entered into certain cash-settled total return swap arrangements with an unaffiliated third party financial institution, which provide the Reporting Persons with economic exposure to 15,000 notional shares of common stock for a price of $6.7003 per share. The swap agreements provide the Reporting Persons with economic results that are comparable to the economic results of ownership but do provide the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares of common stock that are the Subject Shares. Each of the Reporting Persons disclaims beneficial ownership of the Subject Shares except to the extent of its or his pecuniary interest therein.