0000929638-25-001546.txt : 20250414 0000929638-25-001546.hdr.sgml : 20250414 20250414171719 ACCESSION NUMBER: 0000929638-25-001546 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20250410 FILED AS OF DATE: 20250414 DATE AS OF CHANGE: 20250414 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Pleasant Lake Partners LLC CENTRAL INDEX KEY: 0001580144 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-35629 FILM NUMBER: 25836787 BUSINESS ADDRESS: STREET 1: 100 CARR 115 UNIT 1900 CITY: RINCON STATE: PR ZIP: 00677 BUSINESS PHONE: 212-554-0680 MAIL ADDRESS: STREET 1: 100 CARR 115 UNIT 1900 CITY: RINCON STATE: PR ZIP: 00677 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: PLP Funds Master Fund LP CENTRAL INDEX KEY: 0002052009 ORGANIZATION NAME: STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-35629 FILM NUMBER: 25836786 BUSINESS ADDRESS: STREET 1: 100 CARR 115 UNIT 1900 CITY: RINCON STATE: PR ZIP: 00677 BUSINESS PHONE: 804-363-4458 MAIL ADDRESS: STREET 1: 100 CARR 115 UNIT 1900 CITY: RINCON STATE: PR ZIP: 00677 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Fund 1 Investments, LLC CENTRAL INDEX KEY: 0001959730 ORGANIZATION NAME: STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-35629 FILM NUMBER: 25836788 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 ISSUER: 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 EIN: 455538095 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 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 4 1 form4.xml X0508 4 2025-04-10 0001552800 TILE SHOP HOLDINGS, INC. TTSH 0001959730 Fund 1 Investments, LLC 100 CARR 115 UNIT 1900 RINCON PR 00677 PUERTO RICO true 0001580144 Pleasant Lake Partners LLC 100 CARR 115 UNIT 1900 RINCON PR 00677 PUERTO RICO true 0002052009 PLP Funds Master Fund LP 100 CARR 115 UNIT 1900 RINCON PR 00677 PUERTO RICO true false Cash-Settled Total Return Swap 2025-04-10 4 P 1 40000 5.8945 A 2028-04-07 Common Stock 40000 152500 I See Footnotes Cash-Settled Total Return Swap 2025-04-11 4 P 1 55000 5.628 A 2028-04-07 Common Stock 55000 207500 I See Footnotes Cash-Settled Total Return Swap 2025-04-14 4 P 1 25000 5.703 A 2028-04-07 Common Stock 25000 232500 I See 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. 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 40,000 notional shares of common stock for a price of $5.8945 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 55,000 notional shares of common stock for a price of $5.628 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 25,000 notional shares of common stock for a price of $5.703 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. /s/ Fund 1 Investments, LLC by: Benjamin C. Cable, Chief Operating Officer 2025-04-14 /s/ Pleasant Lake Partners LLC by: Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer 2025-04-14 /s/ PLP Funds Master Fund LP, by Pleasant Lake Partners LLC, its Investment Adviser, by Fund 1 Investments, LLC, its Managing Member, by Benjamin C. Cable, Chief Operating Officer 2025-04-14