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Filing Details

Accession Number:: 0000929638-25-001570
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2025-04-17 17:50:47
Reporting Period:: 2025-04-15

Filing Date:: 2025-04-17
Accepted Time:: 2025-04-17 17:50:47
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1552800	Tile Shop Holdings Inc.	TTSH	Retail-Home Furniture, Furnishings & Equipment Stores (5700)	455538095

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1580144	Pleasant Lake Partners Llc	100 Carr 115 Unit 1900 Rincon PR 00677	No	No	No	No
1959730	Fund 1 Investments, Llc	100 Carr 115 Unit 1900 Rincon PR 00677	No	No	No	No
2052009	Plp Funds Master Fund Lp	100 Carr 115 Unit 1900 Rincon PR 00677	No	No	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2025-04-16	2,500	$5.39	11,769,326	No	4	P	Indirect	See Footnotes
Common Stock	Acquisiton	2025-04-17	3,000	$5.41	11,772,326	No	4	P	Indirect	See Footnotes
Common Stock	Acquisiton	2025-04-17	9,500	$5.36	11,781,826	No	4	P	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See Footnotes
No	4	P	Indirect	See Footnotes
No	4	P	Indirect	See Footnotes

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Cash-Settled Total Return Swap	Acquisiton	2025-04-15	20,000	$5.65	20,000	$0.00
Common Stock	Cash-Settled Total Return Swap	Acquisiton	2025-04-16	20,000	$5.40	20,000	$0.00
Common Stock	Cash-Settled Total Return Swap	Acquisiton	2025-04-17	35,000	$5.41	35,000	$0.00

Remaning Holdings	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
252,500	2028-04-07	Yes	4	P	Indirect
272,500	2028-04-07	Yes	4	P	Indirect
307,500	2028-04-07	Yes	4	P	Indirect

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	1,002,207	Indirect	See Footnotes

Footnotes

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.
Securities held for the account of the PL Fund.
Shares held for the account of an unaffiliated private fund for which PLP serves as investment adviser.
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 $5.6546 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.
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.
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 $5.4015 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.
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 35,000 notional shares of common stock for a price of $5.4057 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.