SCHEDULE: Picton Mahoney Reports Stake in TDS Preferred Stock

Picton Mahoney Asset Management has updated its beneficial ownership filing for Telephone & Data Systems Inc.'s Series UU Preferred Stock, now holding 11.2% as of June 30, 2026.

Summary

• Picton Mahoney Asset Management has filed an amendment to its Schedule 13G, reporting its beneficial ownership of Telephone & Data Systems Inc.'s 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock.
• As of June 30, 2026, the firm beneficially owns 1,880,616 shares, representing 11.2% of the class of securities.
• This filing indicates a change in the aggregate amount beneficially owned and the percentage of the class represented by this amount.
• The filing is made under Rule 13d-1(b) by an investment adviser.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing as neutral to slightly negative, as it primarily reports a change in beneficial ownership without new strategic information or financial performance updates.

Positives

• Picton Mahoney Asset Management's updated filing provides transparency regarding its investment in Telephone & Data Systems Inc.'s preferred stock.
• The firm holds a significant stake of 11.2% in the Series UU Cumulative Redeemable Perpetual Preferred Stock.

Negatives

• The filing does not provide any new financial performance data or strategic updates for Telephone & Data Systems Inc.
• The filing is a routine disclosure of beneficial ownership, not an indicator of new investment strategy or company performance.

Risks

• The filing does not explicitly mention any new risks or changes to existing risk factors for Telephone & Data Systems Inc.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Telephone & Data Systems Inc.'s future performance or operations.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Fund Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s)."
• "I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D."
• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

Industry Context

StockSavvy.ai notes that this filing is a standard Schedule 13G amendment, indicating a change in the beneficial ownership of a specific class of preferred stock by an institutional investor. It does not reflect new operational or financial developments of the issuer, Telephone & Data Systems Inc., but rather the investment activity of Picton Mahoney Asset Management.

Stakeholder Impact

• Shareholders of Telephone & Data Systems Inc. are informed of significant institutional ownership changes.
• Creditors and bondholders may note the increased concentration of preferred stock ownership by an asset management firm.

Next Steps

• Picton Mahoney Asset Management will continue to monitor its investment in Telephone & Data Systems Inc.'s preferred stock.
• The company will provide further updates as required by regulatory filings.

Key Dates

Keywords

Preferred Stock, Beneficial Ownership, Schedule 13G, Investment Management, Telephone & Data Systems