SCHEDULE 13D

CUSIP No.

88677Q109

Name of reporting person

Fund 1 Investments, LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 12,859,012.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 12,859,012.00
10	Shared Dispositive Power 0.00

Aggregate amount beneficially owned by each reporting person

12,859,012.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

28.8 %

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock, $0.0001 par value

(b)

Name of Issuer:

TILE SHOP HOLDINGS, INC.

(c)

Address of Issuer's Principal Executive Offices:

14000 CARLSON PARKWAY, PLYMOUTH, MINNESOTA , 55441.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6 is hereby amended to add the following: The Reporting Person previously entered into certain cash-settled total return swap agreements (the "Cash-Settled Swaps") with an unaffiliated third-party financial institution, which provided the Reporting Person with economic exposure to an aggregate of 902,113 notional Shares, representing approximately 2.0% of the outstanding Shares. The Reporting Person exercised all of such Cash-Settled Swaps in exchange for cash in accordance with the terms of the Cash-Settled Swaps. The Reporting Person no longer holds Cash-Settled Swaps.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Fund 1 Investments, LLC

Signature:	/s/ Benjamin C. Cable
Name/Title:	Benjamin C. Cable, Chief Operating Officer
Date:	12/16/2025