Fund 1 Investments, LLC - Apr 22, 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 22, 2025
Transactions value $: $228,796
Form type: 4
Date filed: 4/24/2025, 05:24 PM
Previous filing: Apr 23, 2025
Next filing: Apr 28, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	TTSH	Common Stock						11.8M	Apr 22, 2025	See Footnotes	F1, F2
holding	TTSH	Common Stock						1M	Apr 22, 2025	See Footnotes	F1, F3

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	$56K	+10K	+3.25%	$5.60	318K	Apr 22, 2025	Common Stock	10K		See Footnotes	F1, F2, F4, F5
transaction	TTSH	Cash-Settled Total Return Swap	Purchase	$57.4K	+10K	+3.15%	$5.74	328K	Apr 23, 2025	Common Stock	10K		See Footnotes	F1, F2, F5, F6
transaction	TTSH	Cash-Settled Total Return Swap	Purchase	$115K	+20K	+6.11%	$5.77	348K	Apr 24, 2025	Common Stock	20K		See Footnotes	F1, F2, F5, F7

* 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	Shares held for the account of an unaffiliated private fund for which PLP serves as investment adviser.
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 10,000 notional shares of common stock for a price of $5.5983 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.
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.
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 10,000 notional shares of common stock for a price of $5.7365 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.
F7	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 $5.7724 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.