SCHEDULE: Picton Mahoney Boosts Stake in TDS Preferred Stock

Picton Mahoney Asset Management has disclosed a 7.1% beneficial ownership stake in Telephone and Data Systems, Inc.'s Series UU Preferred Stock.

Summary

• Picton Mahoney Asset Management reported beneficial ownership of Depository Shares in Telephone and Data Systems, Inc. (TDS).
• The securities are Depository Shares, each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value.
• Picton Mahoney Asset Management beneficially owns 1,193,088 shares.
• This ownership represents 7.1% of the total class of securities.
• The event requiring this filing occurred on July 31, 2025.
• The total outstanding shares of this preferred stock class are approximately 16.8 million as of July 31, 2025, based on Bloomberg data.
• Picton Mahoney Asset Management is classified as an Investment Fund Manager and a non-U.S. institution from Canada.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of a significant passive ownership stake by an institutional investor, indicating confidence in the preferred stock without implying operational changes or financial performance.

Positives

• A major institutional investor, Picton Mahoney Asset Management, has taken a significant 7.1% stake in the company's preferred stock.
• This indicates confidence from a large investment fund manager in the preferred stock's value proposition and income-generating potential.

Negatives

• No specific negatives regarding the issuer's operational performance or financial outlook are disclosed in this ownership filing.

Risks

• No specific risks related to the issuer's operations or financial health are disclosed in this ownership filing, as it pertains solely to beneficial ownership.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future outlook.

Management Comments

• The securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing reflects an institutional investment in the preferred stock of a telecommunications and data services company, a sector that often attracts income-focused investors due to the potential for stable cash flows and dividend-paying securities.

Comparison to Industry Standards

• This filing is an ownership disclosure and does not provide performance metrics for comparison to industry standards or specific comparable companies.

Management Changes

Corporate Governance

Legal Proceedings

• No legal proceedings or regulatory matters are disclosed in this filing.

Related Party Transactions

• No related party transactions are disclosed in this filing.

Stakeholder Impact

• Shareholders (Preferred): Increased institutional ownership may provide some stability or liquidity for the preferred stock.
• Shareholders (Common): No direct impact on common shareholders, as this filing relates specifically to preferred stock ownership.
• Company Management: Awareness of a significant institutional holder in their preferred stock.

Next Steps

• No specific future actions, events, or milestones for the issuer are mentioned in this ownership disclosure.

Key Dates

Keywords

Telephone and Data Systems, TDS, Picton Mahoney Asset Management, Preferred Stock, Schedule 13G, Beneficial Ownership, Investment, Telecommunications, Data Services, Institutional Investor