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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0000921895-25-002706 0001959730 XXXXXXXX LIVE 2 Common Stock, $0.0001 par value 12/12/2025 true 0001552800 88677Q109 TILE SHOP HOLDINGS, INC. 14000 CARLSON PARKWAY PLYMOUTH MN 55441 Kenneth Mantel, Esq. 212-451-2300 Olshan Frome Wolosky LLP 1325 Avenue of the Americas New York NY 10019 0001959730 N Fund 1 Investments, LLC AF N DE 12859012.00 0.00 12859012.00 0.00 12859012.00 N 28.8 HC OO Common Stock, $0.0001 par value TILE SHOP HOLDINGS, INC. 14000 CARLSON PARKWAY PLYMOUTH MN 55441 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. Fund 1 Investments, LLC /s/ Benjamin C. Cable Benjamin C. Cable, Chief Operating Officer 12/16/2025