Tilly's 10% owner sells 2.26M shares

Rhea-AI Filing Summary

TILLY'S, INC. (TLYS) reported that Fund 1 Investments, LLC, a ten percent owner, executed a series of open-market sales totaling 2,256,335 shares of Class A common stock from September 3 to September 8, 2026, at prices between approximately $4.14 and $4.67 per share, all reported as indirectly owned.

The shares are held by private investment vehicles for which Pleasant Lake Partners LLC is investment adviser; Fund 1 Investments, LLC is managing member of Pleasant Lake Partners LLC, and Jonathan Lennon is managing member of Fund 1 Investments, LLC. Fund 1 Investments, LLC disclaims beneficial ownership of the securities except to the extent of its pecuniary interest. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Seller: 2,256,335 shares

Net Sell 10 txns

Insider Fund 1 Investments, LLC

Role 10% Owner

Sold 2,256,335 shs ($10.07M)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock, $0.001 par value per share F1	174,870	$4.1717	$730K
Sale	Class A Common Stock, $0.001 par value per share F1	5,100	$4.2449	$22K
Sale	Class A Common Stock, $0.001 par value per share F1	377,129	$4.4955	$1.70M
Sale	Class A Common Stock, $0.001 par value per share F1	19,764	$4.3667	$86K
Sale	Class A Common Stock, $0.001 par value per share F1	34,115	$4.5206	$154K
Sale	Class A Common Stock, $0.001 par value per share F1	1,102	$4.5036	$5K
Sale	Class A Common Stock, $0.001 par value per share F1	863,726	$4.6686	$4.03M
Sale	Class A Common Stock, $0.001 par value per share F1	526,474	$4.1436	$2.18M
Sale	Class A Common Stock, $0.001 par value per share F1	252,725	$4.5893	$1.16M
Sale	Class A Common Stock, $0.001 par value per share F1	1,330	$4.3591	$6K

Holdings After Transaction: Class A Common Stock, $0.001 par value per share — 5,801,933 shares (Indirect, See Footnote)

Footnotes (1)

1. F1. Securities reported herein for Fund 1 Investments, LLC are held by 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. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

Key Figures

Total shares sold: 2,256,335 shares Sale period: September 3–8, 2026 Representative sale price: $4.6686 per share +3 more

6 metrics

Total shares sold 2,256,335 shares Aggregate open-market sales of Class A common stock reported in this Form 4

Sale period September 3–8, 2026 Dates over which Fund 1 Investments, LLC reported the sales

Representative sale price $4.6686 per share Per-share price on a September 3, 2026 sale of 863,726 shares

Additional sale price $4.1436 per share Per-share price on a September 3, 2026 sale of 526,474 shares

Additional sale price $4.4955 per share Per-share price on a September 4, 2026 sale of 377,129 shares

Additional sale price $4.1717 per share Per-share price on a September 8, 2026 sale of 174,870 shares

Key Terms

ten percent owner, indirect ownership, investment adviser, pecuniary interest, +1 more

5 terms

ten percent owner regulatory

"Fund 1 Investments, LLC is identified as a ten percent owner of the issuer"

indirect ownership regulatory

"All reported positions are marked as indirect ownership with a footnote"

investment adviser financial

"private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

pecuniary interest financial

"disclaims beneficial ownership of the securities except to the extent of its pecuniary interest"

Rule 10b5-1 regulatory

"No Rule 10b5-1 trading plan is reported for these transactions"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Fund 1 Investments, LLC report in this Form 4 for TLYS?

Fund 1 Investments, LLC reported indirect open-market sales of 2,256,335 shares of Tilly’s Class A common stock between September 3 and September 8, 2026, at per-share prices generally ranging from about $4.14 to $4.67.

Who actually holds the TLYS shares reported by Fund 1 Investments, LLC?

The filing states the securities are held by private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund 1 Investments, LLC is the managing member of Pleasant Lake Partners LLC, and Jonathan Lennon is the managing member of Fund 1 Investments, LLC.

Are the TLYS transactions by Fund 1 Investments, LLC under a Rule 10b5-1 plan?

No. The Form 4 indicates no Rule 10b5-1 trading plan for these transactions, meaning the document-level Rule 10b5-1 checkbox is not affirmed for this series of sales.

How are the TLYS shares characterized in terms of ownership for Fund 1 Investments, LLC?

All reported positions are marked as indirect ownership with a footnote. Fund 1 Investments, LLC disclaims beneficial ownership of the securities except to the extent of its pecuniary interest in them.

Over what dates did Fund 1 Investments, LLC sell TLYS shares and at what prices?

Sales occurred on September 3, 4, and 8, 2026. Reported per-share prices include $4.1436, $4.3667, $4.4955, $4.5206, $4.5893 on September 3–4, and about $4.1717 and $4.2449 on September 8.

What is Fund 1 Investments, LLC’s relationship to TILLY'S, INC. (TLYS)?

Fund 1 Investments, LLC is identified as a ten percent owner of TILLY'S, INC. in the Form 4. It reports transactions in the company’s Class A common stock held indirectly through investment vehicles.

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Available on EDGAR 09/08/2026 - 06:41 PM Accepted by SEC EDGAR 09/08/2026 - 06:41 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fund 1 Investments, LLC

(Last) (First) (Middle)

100 CARR 115

UNIT 1900

(Street)

RINCON PUERTO RICO 00677

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
TILLY'S, INC. [ TLYS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock, $0.001 par value per share	09/03/2026		S		863,726	D	$4.6686	7,194,542	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/03/2026		S		526,474	D	$4.1436	6,668,068	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/03/2026		S		252,725	D	$4.5893	6,415,343	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/03/2026		S		1,330	D	$4.3591	6,414,013	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/04/2026		S		377,129	D	$4.4955	6,036,884	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/04/2026		S		19,764	D	$4.3667	6,017,120	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/04/2026		S		34,115	D	$4.5206	5,983,005	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/04/2026		S		1,102	D	$4.5036	5,981,903	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/08/2026		S		174,870	D	$4.1717	5,807,033	I	See Footnote(1)
Class A Common Stock, $0.001 par value per share	09/08/2026		S		5,100	D	$4.2449	5,801,933	I	See Footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Securities reported herein for Fund 1 Investments, LLC are held by 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. The Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

	/s/ Fund 1 Investments, LLC By: Benjamin C. Cable, Chief Compliance Officer	09/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)