Fund 1 Investments, LLC - Apr 10, 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
Stock symbol: TTSH
Transactions as of: Apr 10, 2025
Transactions value $: $687,895
Form type: 4
Date filed: 4/14/2025, 05:17 PM
Previous filing: Apr 17, 2025
Next filing: Apr 15, 2025
SEC: View on sec.gov

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	Purchase	$236K	+40K	+35.56%	$5.89	153K	Apr 10, 2025	Common Stock	40K		See Footnotes	F1, F2, F3, F4
transaction	TTSH	Cash-Settled Total Return Swap	Purchase	$310K	+55K	+36.07%	$5.63	208K	Apr 11, 2025	Common Stock	55K		See Footnotes	F1, F2, F4, F5
transaction	TTSH	Cash-Settled Total Return Swap	Purchase	$143K	+25K	+12.05%	$5.70	233K	Apr 14, 2025	Common Stock	25K		See Footnotes	F1, F2, F4, F6

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

Explanation of Responses:

Id	Content
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.
F2	Securities held for the account of the PL Fund.
F3	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 40,000 notional shares of common stock for a price of $5.8945 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.
F4	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.
F5	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 55,000 notional shares of common stock for a price of $5.628 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.
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 25,000 notional shares of common stock for a price of $5.703 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.