# EDGAR Filing Document

**Accession Number:** 0001959730
**File Stem:** 0000921895-25-002706
**Filing Date:** 2025-10
**Character Count:** 10122
**Document Hash:** 1553535dce4f94c0c264b7e8b20b11ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-25-002706.hdr.sgml**: 20251007

**ACCESSION NUMBER**: 0000921895-25-002706

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251007

**DATE AS OF CHANGE**: 20251007

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TILE SHOP HOLDINGS, INC.
- **CENTRAL INDEX KEY:** 0001552800
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES [5700]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 455538095
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86966
- **FILM NUMBER:** 251380525

**BUSINESS ADDRESS:**
- **STREET 1:** 14000 CARLSON PARKWAY
- **CITY:** PLYMOUTH
- **STATE:** MN
- **ZIP:** 55441
- **BUSINESS PHONE:** 763-852-2950

**MAIL ADDRESS:**
- **STREET 1:** 14000 CARLSON PARKWAY
- **CITY:** PLYMOUTH
- **STATE:** MN
- **ZIP:** 55441
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fund 1 Investments, LLC
- **CENTRAL INDEX KEY:** 0001959730

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 100 CARR 115
- **STREET 2:** UNIT 1900
- **CITY:** RINCON
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00677
- **BUSINESS PHONE:** 804-363-4458

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 100 CARR 115
- **STREET 2:** UNIT 1900
- **CITY:** RINCON
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00677

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**TILE SHOP HOLDINGS, INC.**

*(Name of Issuer)*

**Common Stock, $0.0001 par value**

*(Title of Class of Securities)*

**88677Q109**

*(CUSIP Number)*

**Kenneth Mantel, Esq.**<br>Olshan Frome Wolosky LLP<br>1325 Avenue of the Americas<br>New York NY 10019<br>212-451-2300

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**10/07/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **88677Q109** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Fund 1 Investments, LLC** | Name of reporting person<br>**Fund 1 Investments, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**12859012.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**12859012.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12859012.00** | Aggregate amount beneficially owned by each reporting person<br>**12859012.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**28.8%** | Percent of class represented by amount in Row (11)<br>**28.8%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.0001 par value

**(b) Name of Issuer:**
TILE SHOP HOLDINGS, INC.

**(c) Address of Issuer's Principal Executive Offices:**
14000 CARLSON PARKWAY, PLYMOUTH, MN, 55441

**Item 4. Purpose of Transaction**

The Reporting Person purchased the Shares based on the Reporting Person's belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Person, and the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Person may endeavor to increase or decrease its position in the Issuer through, among other things, the purchase or sale of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Person may deem advisable.

On October 6, 2025, the Issuer announced that a committee of independent directors has recommended, and the Issuer's Board of Directors (the "Board") has approved, a plan to delist the Shares from trading on the Nasdaq Capital Market, suspend the Issuer's duty to file periodic reports and other information with the U.S. Securities and Exchange Commission, and to terminate the registration of the Shares under the federal securities laws following the completion of a proposed reverse stock split, assuming receipt of stockholder approval at special meeting of the Company's stockholders expected to be held in December 2025 (the "Deregistration Plan"). The Reporting Person intends to engage in discussions with the Board and the Issuer's management team regarding the Deregistration Plan, the Issuer's corporate governance and stockholder rights, and operational and strategic opportunities for the Issuer to enhance stockholder value (including following implementation of the Deregistration Plan, if approved by stockholders), among other matters.

The Reporting Person does not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed herein. The Reporting Person intends to review its investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position, results and strategic direction, actions taken by the Issuer's management team and the Board, price levels of the Shares, conditions in the securities markets, general economic and industry conditions, and other investment opportunities available to the Reporting Person, the Reporting Person may in the future take such actions with respect to its investment in the Issuer as it deems appropriate including, without limitation, engaging in additional communications with management and the Board, engaging in discussions with the Issuer, stockholders of the Issuer or other third parties about the Issuer and the Reporting Person's investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses or assets, including transactions in which the Reporting Person may seek to participate and potentially engage in, making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, Board structure (including Board composition), or suggestions for improving the Issuer's financial and/or operational performance, purchasing additional Shares, selling some or all of its Shares, engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative transactions, or changing its intention with respect to any and all matters referred to in Item 4.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate percentage of Shares reported beneficially owned by the Reporting Person is based on 44,715,001 Shares outstanding as of September 25, 2025, which is the total number of Shares outstanding as reported in the Issuer's preliminary proxy statement on Schedule 14A filed with the Securities and Exchange Commission on October 6, 2025.

As of the date hereof, the Reporting Person beneficially owned 12,859,012 Shares, constituting approximately 28.8% of the outstanding Shares.

**(b)**
The Reporting Person has sole power (i) to vote or direct the vote of, and (ii) to dispose or direct the disposition of, the 12,859,012 Shares held by the Funds.

**(c)**
The Reporting Person has not entered into any transactions in the Shares during the past sixty days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Reporting Person has entered into certain cash-settled total return swap agreements (the "Cash-Settled Swaps") with an unaffiliated third-party financial institution, which provide the Reporting Person with economic exposure to an aggregate of 902,113 notional Shares, representing approximately 2.0% of the outstanding Shares. The Cash-Settled Swaps provide the Reporting Person with economic results that are comparable to the economic results of ownership, but do not provide the Reporting Person with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Cash-Settled Swaps.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Fund 1 Investments, LLC

**Signature:** /s/ Benjamin C. Cable

**Name/Title:** Benjamin C. Cable, Chief Operating Officer

**Date:** 10/07/2025