<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2020-07-21</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001552800</issuerCik>
        <issuerName>TILE SHOP HOLDINGS, INC.</issuerName>
        <issuerTradingSymbol>TTSH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001232607</rptOwnerCik>
            <rptOwnerName>BONNEY MARK J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TILE SHOP HOLDINGS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>14000 CARLSON PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>PLYMOUTH</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55441</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>No securities are beneficially owned.</remarks>

    <ownerSignature>
        <signatureName>/s/ Mark J. Bonney</signatureName>
        <signatureDate>2020-07-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
