Pleasant Lake Onshore Feeder Fund LP

Fund 1 Investments (10% owner) bought 91,359 shares across 4 trades for $616,599.28 at blended avg $6.75

Fund 1 Investments, a 10% shareholder, executed 4 separate purchases totaling 91,359 shares for $616,599.28 between January 2–10, 2025, at prices ranging from $6.66 to $6.78, just below the current market price of $6.66 and well within the 52-week range of $5.77–$7.24. The transactions increased holdings from 10,343,601 to 10,434,960 shares, a modest 0.9% net increase for an already large existing position. The timing of these purchases immediately precedes the current trading level (current price $6.66 matches the lowest transaction price on 2025-01-10), leaving little room to assess value capture. Prior trades at this ticker—5 separate buys all filed in early January 2025—have not yet reached measurable 30- or 90-day outcomes. The company's fundamentals show revenue of $84,505,000 with net income of only $41,000 (a margin of 0.05%), annual revenue decline of -4.4%, and a P/E ratio of 83.25, indicating modest profitability relative to equity valuation. Without timing pattern data for same-ticker trades or clarity on whether these purchases are routine portfolio rebalancing versus discretionary conviction, the transaction warrants investor attention as a signal of insider activity in a low-margin business.

10% Owner Fund 1 Investments purchases 118,600 shares (6 transactions) for $822,056.50 at blended avg $6.93/share during Jan 2–6, 2025

Fund 1 Investments, LLC, holding 10.34M shares post-transaction (10% of TTSH), executed 6 separate open-market purchases totaling 118,600 shares for $822,056.50 between January 2–6, 2025, at prices ranging from $6.89 to $7.01 per share. This represents a 1.2% increase to the insider's existing 10.23M-share position. The timing is noteworthy: these purchases occur within days of five prior buys at TTSH on December 30–31, 2024, suggesting sustained accumulation during early January as the stock traded near the lower half of its 52-week range ($5.77–$7.27), currently $6.94. However, the company's fundamentals present a mixed picture—Q3 2025 revenue was $84.5M but net income was only $41.0K, with full-year revenue down 4.4% year-over-year and a P/E of 86.75, indicating elevated valuation relative to profitability. The insider's prior trades at TTSH remain outcome-unmeasurable (all from late December), providing no track record of timing accuracy at this specific ticker to assess the strategic intent behind this week-long accumulation sequence.

Fund 1 Investments LLC (10% owner) buys 174,699 shares across 8 trades ($1,197,220.73) at $6.85 avg in late December 2024

Fund 1 Investments LLC, already the company's 10% owner with 10.05M shares pre-transaction, executed 8 separate purchases totaling 174,699 shares for $1,197,220.73 between December 23–31, 2024, at prices ranging from $6.73 to $6.91 (blended average $6.85). The current market price of $6.93 is -7.6% from the 52-week high of $7.50, yet the stock has recovered +4.5% over the past 30 days and +7.6% over 90 days. The company's latest-quarter revenue stood at $84,505,000.00 with net income of only $41,000.00, and annual revenue declined -4.4% year-over-year, suggesting weak fundamental momentum; the P/E of 86.62 reflects the thin earnings base. Fund 1's five most recent prior trades at TTSH (all buys on December 23–26) have insufficient measurement windows (outcomes not yet measurable at 30 and 90 days). The concentrated buying activity—a net 1.7% increase in already-substantial holdings—over a narrow end-of-year window warrants examination of whether it reflects conviction in near-term prospects or routine portfolio management against a compressed liquidity timeframe.

10% owner Fund 1 Investments buys 75,435 shares across 5 transactions for $503,533.05 at TTSH, averaging $6.68 vs $6.66 current.

Fund 1 Investments, a 10% owner of Tile Shop Holdings, purchased 75,435 shares in five separate open-market transactions between December 23–26, 2024, for a total of $503,533.05 at a blended average price of $6.68—slightly above the current price of $6.66. The purchases increased the fund's holdings from 9.97M to 10.05M shares, a modest +0.8% net increase. The stock is trading 11.2% below its 52-week high of $7.50 and near the lower end of its annual range, suggesting the accumulation occurred during a period of relative weakness. However, context matters: the company faces headwinds with -4.4% annual revenue growth, profitability compressed to just $41.0K net income on $84.5M revenue, and a notably elevated P/E of 83.25, which limits the bullish interpretation. This filing reflects continued accumulation by a major shareholder but does not clarify whether the purchases represent opportunistic buying or a scheduled plan, and the company's weak fundamentals suggest execution risk remains.

10% Owner Fund 1 Investments bought 666,226 shares ($4.5M) at $6.75 blended over Dec 18–20

Fund 1 Investments, LLC executed 9 separate purchases totaling 666,226 shares for $4,494,798.48 between 2024-12-18 and 2024-12-20, raising its stake from 9,278,738 to 9,944,964 shares (+7.2%). The blended average price of $6.75 sits just 0.3% below the current price of $6.77, and the transactions occurred within the 52-week range of $5.77–$7.50. This substantial capital commitment by a 10% owner appears part of a larger accumulation pattern: the insider executed at least 5 purchases at this ticker within the prior week (Dec 12–17), though outcomes on those earlier trades remain unmeasurable. Across the insider's broader cross-ticker history, 20 prior open-market buys have averaged a 30-day return of +8.2%, a track record that provides context for conviction in open-market accumulation. However, the company's P/E of 84.62, net income of $41.0K against revenue of $84.5M, and annual revenue decline of -4.4% indicate a business under structural pressure, warranting investor scrutiny of whether the insider's purchases reflect a contrarian thesis or merely reflect the 10% holder's obligation to provide capital in distress.

Fund 1 Investments (10% owner) bought 522,670 shares across 4 transactions for $3,585,571.70 at TTSH

Fund 1 Investments, LLC, a 10% owner of Tile Shop Holdings, executed 4 separate purchases totaling 522,670 shares for $3,585,571.70 with a blended average price of $6.86 between December 6 and December 17, 2024. This represents a 6.0% increase in the funder's position from 8,756,068 shares to 9,278,738 shares. The purchases occurred within the 52-week trading range ($5.77–$7.50) near recent price levels, with the current price at $6.85. Notably, this buying activity followed a cluster of 5 prior trades at this ticker within the preceding days (December 6, 9, 10, 11, and 12), reflecting sustained accumulation by a significant stakeholder. The company's fundamentals show compressed profitability—$84.5M quarterly revenue with only $41.0K net income and a P/E of 85.62—alongside annual revenue contraction of 4.4%, warranting close attention to whether this accumulation reflects recovery expectations or other strategic positioning.

Fund 1 Investments (10% owner) buys 49,000 TTSH shares across 3 tranches for $338,740.15 ($6.91 blended avg)

Fund 1 Investments, a 10% owner of Tile Shop Holdings, executed 3 separate purchases totaling 49,000 shares for $338,740.15 between December 10–12, 2024, at a blended average price of $6.91. This adds 0.6% to the insider's already substantial 8.76M share position. The purchases occurred near the stock's current $6.91 price point, within its 52-week range of $5.77–$7.50 and 7.9% below the 52-week high. The company's fundamentals show thin profitability—$41,000 in net income on $84.5M revenue (latest quarter)—with a P/E of 86.38 and negative annual revenue growth of -4.4%, creating a valuation context that warrants scrutiny. The insider's prior 5 trades at TTSH (all buys in early December) remain too recent for measurable outcomes, and cross-ticker track record shows no established pattern of well-timed entry execution.

Fund 1 Investments (10% owner) buys 74,500 shares across 3 purchases for $496,128.50 at blended avg $6.66

Fund 1 Investments executed 3 separate purchases totaling 74,500 shares for $496,128.50 on December 5–9, 2024, at prices ($6.57, $6.69, $6.84) close to the current $6.84 price. The stock is -8.8% from its 52-week high of $7.50 and the 10% owner increased holdings by 0.9% to 8,707,068 shares. The company faces modest fundamentals: annual revenue declined -4.4% year-over-year to $84,505,000 with net income of $41,000, and the stock trades at a P/E of 85.50. Notably, Fund 1 Investments has executed 5 prior buys at TTSH within the past two weeks (November 26 through December 3), all with outcomes not yet measurable at 90 days, and across all tickers this insider's 20 prior buys averaged a -3.0% 30-day return. The accumulation pattern during a period of soft fundamentals and elevated valuation warrants closer monitoring of the insider's thesis.

10% owner Fund 1 Investments bought 23,500 shares across 3 trades (avg $6.66) totaling $156,517.70

Fund 1 Investments, LLC, a 10% shareholder, executed 3 separate purchases between 2024-11-29 and 2024-12-03, acquiring 23,500 shares for $156,517.70 at a blended average price of $6.66. The current price of $6.61 sits 11.9% below the 52-week high of $7.50, and the stock has declined 2.9% over the last 30 days while gaining 13.4% over 90 days. The purchases occurred in rapid succession and represent a modest 0.3% increase to the fund's existing position of 8.63M shares post-transaction. TTSH's fundamentals show revenue of $84,505,000.00 with net income of only $41,000.00, a revenue decline of 4.4% year-over-year, and a notably elevated P/E of 82.62, indicating the market prices in considerable future growth expectations not yet reflected in current earnings.

Fund 1 Investments, LLC (10% Owner) purchased 28,000 shares across two transactions on 2024-11-26 and 2024-11-27 for blended average price of $6.55

Fund 1 Investments, LLC, a 10% shareholder, executed 2 separate purchases totaling 28,000 shares for $183,332.80 at an average price of $6.55, increasing holdings from 8,581,068 to 8,609,068 shares. The purchases occurred near the 52-week high of $7.50, with the current price at $6.54 representing a -12.8% decline from peak; the 30-day and 90-day price changes show +0.6% and +7.2% respectively. Tile Shop Holdings trades at a notably elevated P/E of 81.75 despite posting minimal profitability ($41,000 net income on $84.5M revenue) and a -4.4% annual revenue decline, raising questions about valuation sustainability. The insider's prior trades at this ticker (5 recent buys on 2024-11-20, 2024-11-21, 2024-11-22, and 2024-11-25) remain too recent to measure outcomes, limiting visibility into execution patterns at this specific holding.