TILE SHOP HOLDINGS, INC.
28.80%
12,859,012
1552800
88677Q109
Oct 6, 2025
Oct 7, 2025, 05:06 PM
Reporting Persons (1)
| Name | Type | % of Class | Aggregate | Sole Voting | Shared Voting |
|---|---|---|---|---|---|
| Fund 1 Investments, LLC | Holding Company | 28.80% | 12,859,012 | 12,859,012 | 0 |
Disclosure Items (6)
Common Stock, $0.0001 par value
TILE SHOP HOLDINGS, INC.
14000 CARLSON PARKWAY, PLYMOUTH, MN, 55441
This Schedule 13D is filed by Fund 1 Investments, LLC ("Fund 1 Investments" or the "Reporting Person"), with respect to the shares of Common Stock, $0.0001 par value (the "Shares"), of the Issuer beneficially owned by it. The securities reported herein are held for the benefit of PLP Funds Master Fund LP (the "PL Fund") and an additional private investment vehicle (collectively with the PL Fund, the "Funds"), for which Pleasant Lake Partners LLC ("PLP") serves as investment adviser. Fund 1 Investments serves as managing member of PLP, and Jonathan Lennon serves as managing member of Fund 1 Investments.
The principal business address of the Reporting Person is 100 Carr 115, Unit 1900, Rincon, Puerto Rico 00677.
The principal business of the Reporting Person is serving as managing member of PLP.
The Reporting Person has not, during the last five years, been party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
The Reporting Person is organized under the laws of the State of Delaware.
The Shares beneficially owned by the Reporting Person were purchased with working capital of the Funds (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 12,859,012 Shares beneficially owned by the Reporting Person is approximately $76,358,266, including brokerage commissions.
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.
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.
The Reporting Person has not entered into any transactions in the Shares during the past sixty days.
The Funds have the right to receive, or the power to direct the receipt of dividends from, or the proceeds from the sale of, the reported securities.
Not applicable.
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.