<SEC-DOCUMENT>0000929638-25-000787.txt : 20250214
<SEC-HEADER>0000929638-25-000787.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214162214
ACCESSION NUMBER:		0000929638-25-000787
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

SUBJECT COMPANY:	

	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
		IRS NUMBER:				455538095
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86966
		FILM NUMBER:		25629323

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fund 1 Investments, LLC
		CENTRAL INDEX KEY:			0001959730
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<previousAccessionNumber>0000929638-23-000058</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001959730</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>5</amendmentNo>
<securitiesClassTitle>Common Stock</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001552800</issuerCik>
<issuerName>TILE SHOP HOLDINGS, INC.</issuerName>
<issuerCusip>88677Q109</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>14000 Carlson Parkway</com:street1>
<com:city>Plymouth</com:city>
<com:stateOrCountry>MN</com:stateOrCountry>
<com:zipCode>55441</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Fund 1 Investments, LLC</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>11227208</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>11227208</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>11227208</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>25.14</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
<comments>(Limited Liability Company)</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>TILE SHOP HOLDINGS, INC.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>14000 Carlson Parkway, Plymouth, Minnesota, 55441</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>Fund 1 Investments, LLC</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>100 Carr 115 Unit 1900&#13;
Rincon, Puerto Rico 00677</principalBusinessOfficeOrResidenceAddress>
<citizenship>Delaware</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>HC</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>11,227,208</amountBeneficiallyOwned>
<classPercent>25.14</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>0</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>11,227,208</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>0</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>11,227,208&#13;
&#13;
Shares reported herein for Fund 1 Investments, LLC are held for the benefit of private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser.  Fund 1 Investments, LLC serves as managing member of Pleasant Lake Partners LLC.  Jonathan Lennon serves as managing member of Fund 1 Investments, LLC.  Each of Fund 1 Investments, LLC, Pleasant Lake Partners LLC and Mr. Lennon disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.&#13;
 &#13;
All percentages reported herein with respect to the Reporting Person's holdings are calculated based upon a statement in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the Securities and Exchange Commission on November 7, 2024, that there were 44,658,610 shares of Common Stock of the Issuer outstanding as of November 4, 2024.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 4.&#13;
 &#13;
In addition, Pleasant Lake Onshore Feeder Fund, LP, a private investment vehicle for which Pleasant Lake Partners LLC serves as investment adviser, has the right to receive and/or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than five percent of the Common Stock of the Issuer.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>N</notApplicableFlag>
<subsidiaryIdentificationAndClassification>See Item 4.</subsidiaryIdentificationAndClassification>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<signatureInformation>
<reportingPersonName>Fund 1 Investments, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Benjamin C. Cable</signature>
<title>Benjamin C. Cable/Chief Operating Officer</title>
<date>02/14/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
