# EDGAR Filing Document

**Accession Number:** 0001552800
**File Stem:** 0000929638-25-002189
**Filing Date:** 2025-6
**Character Count:** 13013
**Document Hash:** 9a22927039c76ccd30b8852925fb6cfd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000929638-25-002189.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0000929638-25-002189

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250604

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Pleasant Lake Partners LLC
- **CENTRAL INDEX KEY:** 0001580144

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35629
- **FILM NUMBER:** 251032189

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CARR 115 UNIT 1900
- **CITY:** RINCON
- **STATE:** PR
- **ZIP:** 00677
- **BUSINESS PHONE:** 212-554-0680

**MAIL ADDRESS:**
- **STREET 1:** 100 CARR 115 UNIT 1900
- **CITY:** RINCON
- **STATE:** PR
- **ZIP:** 00677
**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** PLP Funds Master Fund LP
- **CENTRAL INDEX KEY:** 0002052009

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35629
- **FILM NUMBER:** 251032188

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CARR 115 UNIT 1900
- **CITY:** RINCON
- **STATE:** PR
- **ZIP:** 00677
- **BUSINESS PHONE:** 804-363-4458

**MAIL ADDRESS:**
- **STREET 1:** 100 CARR 115 UNIT 1900
- **CITY:** RINCON
- **STATE:** PR
- **ZIP:** 00677
**REPORTING-OWNER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35629
- **FILM NUMBER:** 251032190

**BUSINESS ADDRESS:**
- **STREET 1:** 100 CARR 115
- **STREET 2:** UNIT 1900
- **CITY:** RINCON
- **STATE:** PR
- **ZIP:** 00677
- **BUSINESS PHONE:** 804-363-4458

**MAIL ADDRESS:**
- **STREET 1:** 100 CARR 115
- **STREET 2:** UNIT 1900
- **CITY:** RINCON
- **STATE:** PR
- **ZIP:** 00677
**ISSUER**: 

**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

**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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Fund 1 Investments, LLC<br><sub>(Last) (First) (Middle)</sub><br>100 CARR 115<br>UNIT 1900<br><sub>(Street)</sub><br>RINCON, PR 00677<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TILE SHOP HOLDINGS, INC. [ TTSH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Pleasant Lake Partners LLC<br><sub>(Last) (First) (Middle)</sub><br>100 CARR 115 UNIT 1900<br><sub>(Street)</sub><br>RINCON, PR 00677<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TILE SHOP HOLDINGS, INC. [ TTSH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>PLP Funds Master Fund LP<br><sub>(Last) (First) (Middle)</sub><br>100 CARR 115 UNIT 1900<br><sub>(Street)</sub><br>RINCON, PR 00677<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>TILE SHOP HOLDINGS, INC. [ TTSH ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[ ] Form filed by One Reporting Person<br>[X] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Stock |  |  |  |  |  |  |  | 11855745 | I | See Footnotes<sup>(1)(2)</sup> |
| Common Stock |  |  |  |  |  |  |  | 1002207 | I | See Footnotes<sup>(1)(3)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Cash-Settled Total Return Swap<sup>(4)</sup> | <sup>(4)</sup> | 2025-06-04 |  | P |  | 20000 |  | <sup>(4)</sup> | 2028-04-07<sup>(5)</sup> | Common Stock | 20000 | $6.3773 | 752690 | I | See Footnotes<sup>(1)(2)</sup> |
| Cash-Settled Total Return Swap<sup>(4)</sup> | <sup>(6)</sup> | 2025-06-05 |  | P |  | 10000 |  | <sup>(6)</sup> | 2028-04-07<sup>(5)</sup> | Common Stock | 10000 | $6.4035 | 762690 | I | See Footnotes<sup>(1)(2)</sup> |
| Cash-Settled Total Return Swap<sup>(4)</sup> | <sup>(7)</sup> | 2025-06-06 |  | P |  | 10000 |  | <sup>(7)</sup> | 2028-04-07<sup>(5)</sup> | Common Stock | 10000 | $6.407 | 772690 | I | See Footnotes<sup>(1)(2)</sup> |

---

### Footnotes:

(1) 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.

(2) Securities held for the account of the PL Fund.

(3) Shares held for the account of an unaffiliated private fund for which PLP serves as investment adviser.

(4) 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 $6.3773 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.

(5) 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.

(6) 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 $6.4035 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.

(7) 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 $6.4070 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.

**Signature:** /s/ Fund 1 Investments, LLC by: Benjamin C. Cable, Chief Operating Officer  
**Date:** 2025-06-06

**Signature:** /s/ Pleasant Lake Partners LLC by: Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer  
**Date:** 2025-06-06

**Signature:** /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  
**Date:** 2025-06-06

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**