SCHEDULE: Picton Mahoney Discloses 8.1% Stake in TDS Preferred Stock

Picton Mahoney Asset Management has reported an 8.1% beneficial ownership in Telephone and Data Systems, Inc.'s 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock.

Summary

• Picton Mahoney Asset Management, a Canadian investment fund manager, has filed an Amendment No. 2 to Schedule 13G regarding its beneficial ownership in Telephone and Data Systems, Inc.
• The filing indicates beneficial ownership of 1,360,000 Depository Shares, each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value.
• This ownership represents 8.1% of the class of securities, based on 16.8 million outstanding shares as of July 31, 2025.
• Picton Mahoney Asset Management holds sole voting power and sole dispositive power over all 1,360,000 shares.
• The acquisition of these securities was made in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not contain information that would significantly alter the sentiment towards the issuer's operational or financial performance. It is a neutral, compliance-driven report.

Positives

• Increased institutional ownership by Picton Mahoney Asset Management in the preferred stock may signal confidence in Telephone and Data Systems, Inc.'s ability to meet its preferred dividend obligations.
• The filing explicitly states the investment is for ordinary course of business and not for control, indicating a passive, long-term investment perspective from the reporting entity.

Future Outlook

This filing is a historical disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from Telephone and Data Systems, Inc. or Picton Mahoney Asset Management regarding future performance or strategic plans.

Management Comments

• Picton Mahoney Asset Management certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing, a routine disclosure of passive institutional ownership in preferred stock, does not provide sufficient information to analyze broader industry trends or competitive positioning for Telephone and Data Systems, Inc. It primarily reflects an investment decision by Picton Mahoney Asset Management.

Stakeholder Impact

• Shareholders of the preferred stock may view the increased institutional ownership as a positive indicator of the company's stability and ability to maintain preferred dividend payments.
• Common shareholders are unlikely to be significantly impacted by this passive ownership disclosure of preferred stock.

Key Dates

Recommendation

This Schedule 13G filing is a passive disclosure of beneficial ownership by an investment fund in preferred stock. It does not provide operational, financial performance, or strategic updates for Telephone and Data Systems, Inc. that would warrant a 'buy' or 'sell' recommendation. The investment is stated to be for ordinary business purposes and not for control. Therefore, a 'hold' recommendation is appropriate as the filing itself does not present new information to change an existing investment thesis.

Keywords

Telephone and Data Systems, TDS, Picton Mahoney Asset Management, Preferred Stock, Schedule 13G, Beneficial Ownership, Investment Fund, 8.1% Stake, 879433787