Fund 1 Investments, LLC - 12 Dec 2025 Form 4 Insider Report for TILE SHOP HOLDINGS, INC. (TTSH)

Reporting relationship: 10%+ Owner
Issuer ticker: TTSH
Reported as of: 12 Dec 2025
Net transaction value: -$3,131,439
SEC form: 4
Accepted by SEC: 16 Dec 2025, 16:15:26 UTC
Prior SEC filing: 11 Dec 2025
Next SEC filing: 22 Apr 2026
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 16 Dec 2025.

Key facts

This page summarizes Fund 1 Investments, LLC's Form 4 filing for TILE SHOP HOLDINGS, INC. (TTSH).
1 reported transaction and 1 derivative row are listed below.
Accepted by SEC: 16 Dec 2025, 16:15.

Change

Previous filing in this sequence was filed on 11 Dec 2025.
Current net transaction value: -$3,131,439.

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 (1)

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: 16 Dec 2025

Reported derivative securities

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

TTSH transaction Derivative

Cash-Settled Total Return Swap

Exercise of in-the-money or at-the-money derivative security

Transaction value: $3,131,439
Shares: -482,703
Change %: -100%
Price: $6.49
Shares after: 0
Date: 12 Dec 2025
Ownership: See Footnote
Underlying class: Common Stock
Underlying amount: 482,703
Exercise price
Footnotes: F1, F2, F3

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

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 3 footnotes

Footnote 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.

Footnote 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.

Footnote 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.