SCHEDULE 13G/A: Fund 1 Investments Maintains Significant Stake in Tile Shop Holdings, Inc. with 28.47% Ownership

Fund 1 Investments, LLC has filed an Amendment No. 6 to Schedule 13G, disclosing a continued beneficial ownership of 12,712,561 shares, representing 28.47% of Tile Shop Holdings, Inc.'s common stock.

Summary

• Fund 1 Investments, LLC, a Delaware-based entity, beneficially owns 12,712,561 shares of Common Stock in TILE SHOP HOLDINGS, INC.
• This ownership represents 28.47% of the Issuer's outstanding Common Stock.
• The shares are held with shared voting power and shared dispositive power, both amounting to 12,712,561 shares.
• Pleasant Lake Partners LLC serves as the investment adviser for the private investment vehicles for which these shares are held.
• Fund 1 Investments, LLC serves as the managing member of Pleasant Lake Partners LLC.
• Jonathan Lennon serves as the managing member of Fund 1 Investments, LLC.
• Pleasant Lake Onshore Feeder Fund, LP, a private investment vehicle advised by Pleasant Lake Partners LLC, has the right to receive dividends or proceeds from the sale of more than 5% of the Issuer's Common Stock.
• The percentage of class is calculated based on 44,657,898 shares of Common Stock outstanding as of February 24, 2025, as reported in the Issuer's Annual Report on Form 10-K filed on February 27, 2025.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of an ownership stake and does not contain information that would inherently convey positive or negative sentiment about the company's performance or future prospects.

Positives

• The significant ownership stake (28.47%) by Fund 1 Investments, LLC, an institutional investor, may signal confidence in Tile Shop Holdings, Inc.'s long-term prospects.

Future Outlook

This document does not contain any forward-looking statements or guidance regarding the Issuer's future outlook.

Industry Context

This filing is a routine disclosure of a significant passive ownership stake in a publicly traded company within the retail or home improvement sector (Tile Shop Holdings, Inc.). It reflects an institutional investor's position rather than broader industry trends.

Related Party Transactions

• Fund 1 Investments, LLC serves as the managing member of Pleasant Lake Partners LLC, which in turn serves as the investment adviser for private investment vehicles, including Pleasant Lake Onshore Feeder Fund, LP, that hold the reported shares. This establishes a clear related-party structure for the beneficial ownership.

Stakeholder Impact

• Shareholders: The continued significant stake by an institutional investor like Fund 1 Investments, LLC, may be viewed as a sign of confidence in the company's value, potentially reassuring existing shareholders.

Key Dates

Keywords

Tile Shop Holdings Inc., Fund 1 Investments LLC, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, SEC Filing, Equity Stake, Investment Management, Pleasant Lake Partners LLC