Tile Shop Holdings (TTSH) director details indirect share holdings

Rhea-AI Filing Summary

Tile Shop Holdings director Jonathan Lennon filed an initial Form 3 disclosing his beneficial holdings of company stock. The filing reports that he holds 0 shares of common stock directly and has indirect beneficial ownership of 12,859,012 shares of common stock through Fund I Investments, LLC. These shares are held by private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser, and Fund I Investments, LLC is the managing member of Pleasant Lake Partners LLC.

Jonathan Lennon serves as managing member of Fund I Investments, LLC and disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest in them.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Lennon Jonathan

Role Director

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 0 shares (Direct); Common Stock — 12,859,012 shares (Indirect, By: Fund I Investments, LLC)

Footnotes (1)

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Lennon Jonathan

(Last) (First) (Middle)

100 CARR 115

UNIT 1900

(Street)

RINCON PR 00677

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/07/2026

3. Issuer Name and Ticker or Trading Symbol
TILE SHOP HOLDINGS, INC. [ TTSH ]

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	0	D
Common Stock	12,859,012	I	By: Fund I Investments, LLC(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	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 his pecuniary interest therein, and this report shall not be deemed to be an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

	/s/ Jonathan Lennon	01/15/2026
	** 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 5 (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.

FAQ

What does Tile Shop Holdings (TTSH) Form 3 filed by Jonathan Lennon show?

It shows that director Jonathan Lennon holds 0 shares of Tile Shop Holdings common stock directly and has indirect beneficial ownership of 12,859,012 shares through Fund I Investments, LLC.

How many Tile Shop Holdings (TTSH) shares are indirectly attributed to Jonathan Lennon?

The Form 3 reports indirect beneficial ownership of 12,859,012 shares of common stock, held through Fund I Investments, LLC.

Does Jonathan Lennon directly own any Tile Shop Holdings (TTSH) common stock?

No. The Form 3 lists 0 shares of common stock under direct ownership for Jonathan Lennon and all reported shares as indirectly owned.

Who actually holds the Tile Shop Holdings (TTSH) shares reported on Jonathan Lennon’s Form 3?

The shares are held by private investment vehicles for which Pleasant Lake Partners LLC serves as investment adviser. Fund I Investments, LLC is managing member of Pleasant Lake Partners LLC.

What ownership disclaimer does Jonathan Lennon make in the Tile Shop (TTSH) Form 3?

He disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest, stating the filing should not be deemed an admission of beneficial ownership for Section 16 or other purposes.

What is Jonathan Lennon’s relationship to Tile Shop Holdings (TTSH)?

The Form 3 identifies Jonathan Lennon as a director of Tile Shop Holdings, Inc., and the filing is an initial statement of his beneficial ownership of company securities.