Fund 1 Investments, LLC - May 1, 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
May 1, 2025
Transactions value $
$197,912
Form type
4
Date filed
5/5/2025, 05:19 PM
Previous filing
Apr 28, 2025
Next filing
May 8, 2025
SEC
View on sec.gov

Reporting Owners (3)

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 2025-05-05 0001959730
Pleasant Lake Partners LLC 10%+ Owner 100 CARR 115 UNIT 1900, RINCON, PUERTO RICO /s/ Pleasant Lake Partners LLC by: Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer 2025-05-05 0001580144
PLP Funds Master Fund LP 10%+ Owner 100 CARR 115 UNIT 1900, RINCON, PUERTO RICO /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 2025-05-05 0002052009

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding TTSH Common Stock 11.8M May 1, 2025 See Footnotes F1, F2
holding TTSH Common Stock 1M May 1, 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 $113K +20K +5.06% $5.65 415K May 1, 2025 Common Stock 20K See Footnotes F1, F2, F4, F5
transaction TTSH Cash-Settled Total Return Swap Purchase $85K +15K +3.62% $5.66 430K May 5, 2025 Common Stock 15K See Footnotes F1, F2, F5, 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 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 20,000 notional shares of common stock for a price of $5.6473 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 15,000 notional shares of common stock for a price of $5.6644 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.