4/A: Fund 1 Investments, LLC Amends Filing on Tile Shop Holdings, Inc. (TTSH) Ownership

Fund 1 Investments, LLC files an amended statement detailing changes in beneficial ownership of Tile Shop Holdings, Inc. (TTSH) stock and related derivative securities.

Summary

• Fund 1 Investments, LLC, along with Pleasant Lake Partners LLC and PLP Funds Master Fund LP, filed an amended Form 4 with the SEC regarding their holdings in Tile Shop Holdings, Inc. (TTSH).
• The amendment corrects an omission in a previously filed Form 4 regarding common stock transactions.
• On April 7, 2025, 1,000 shares of common stock were purchased at $5.90 and 6,000 shares were purchased at $5.9219.
• On April 9, 2025, 20,000 shares of common stock were purchased at $5.94.
• The reporting persons also hold cash-settled total return swaps, providing economic exposure to TTSH common stock without direct ownership.
• As of the latest transactions, the reporting persons beneficially own 11,766,826 shares of common stock indirectly.
• They also hold derivative securities in the form of cash-settled total return swaps for 112,500 shares.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral. It simply reports transactions and holdings.

Future Outlook

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.

Management Comments

• Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
• 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.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and significant shareholders, providing transparency to the market.

Comparison to Industry Standards

• Similar filings are common among institutional investors and company insiders across various industries.
• The use of cash-settled total return swaps is a relatively common strategy for gaining economic exposure to a stock without direct ownership, employed by various hedge funds and investment firms.

Stakeholder Impact

• The filing provides transparency to shareholders regarding the ownership stake of Fund 1 Investments, LLC and related entities.
• The transactions may influence investor perception of the company's stock.

Key Dates

Keywords

Form 4, Beneficial Ownership, Tile Shop Holdings, TTSH, Fund 1 Investments, Pleasant Lake Partners, PLP Funds Master Fund, Cash-Settled Total Return Swap, SEC Filing, Amendment