[SCHEDULE 13G/A] Telephone and Data Systems Inc. SEC Filing

Rhea-AI Filing Summary

Picton Mahoney Asset Management filed a Schedule 13G/A reporting ownership of Depository Shares representing 6.625% Series UU preferred shares of Telephone and Data Systems, Inc. The filer beneficially owns 1,193,088 shares, equal to 7.1% of the class based on a stated 16.8 million outstanding shares as of July 31, 2025. The filing lists Picton Mahoney as a Canada-based investment fund manager with sole voting and dispositive power over the reported shares. The statement certifies the holdings were acquired in the ordinary course of business and not for the purpose of changing control.

Positive

• Transparent disclosure of beneficial ownership with full CUSIP and issuer details
• Clear certification that holdings were acquired in the ordinary course and not to influence control
• Material stake reported: 1,193,088 shares representing 7.1% of the class

Negative

• None.

Insights

Securities Analyst

TL;DR: Picton Mahoney reports a meaningful passive stake (7.1%) in TDS preferred depository shares, disclosed under Schedule 13G/A.

The filing indicates a non-control, passive ownership position consistent with Schedule 13G rules: sole voting and dispositive power are reported but the filer certifies the stake is not intended to influence control. A 7.1% holding in a single preferred share class is material for that class and must be monitored for potential voting influence on class-specific matters, though the filer disclaims control intent. The filing includes issuer and filer addresses, CUSIP, and the certifying officer's signature dated 08/18/2025.

Corporate Governance Expert

TL;DR: The disclosure is routine and compliant, showing significant but passive ownership in a preferred share series.

The statement is administrative and follows Schedule 13G format: it identifies the filer, quantifies the position at 1,193,088 depository shares (7.1%), and classifies the filer as an investment fund manager organized in Canada. The certification stresses ordinary-course acquisition and no intent to change control. From a governance perspective this is informational for the issuer but does not, by itself, signal a change in board control or corporate strategy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

TELEPHONE AND DATA SYSTEMS, INC.

(Name of Issuer)

Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value

(Title of Class of Securities)

879433787

(CUSIP Number)

07/31/2025

(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 13G

CUSIP No. 879433787

1

Names of Reporting Persons

Picton Mahoney Asset Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,193,088.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,193,088.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,193,088.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based upon Bloomberg 16.8 Million Outstanding Shares as of July 31,2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TELEPHONE AND DATA SYSTEMS, INC.
(b)	Address of issuer's principal executive offices: 30 North LaSalle Street, Suite 4000, Chicago, ILLINOIS, 60602
Item 2.
(a)	Name of person filing: Picton Mahoney Asset Management
(b)	Address or principal business office or, if none, residence: 33 Yonge Street, #320, Toronto, ON M5E 1G4
(c)	Citizenship: Canada
(d)	Title of class of securities: Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value
(e)	CUSIP No.: 879433787
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Investment Fund Manager
Item 4.	Ownership
(a)	Amount beneficially owned: 1193088
(b)	Percent of class: 7.10 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1193088
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1193088
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to [insert particular category of institutional investor] 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.

SIGNATURE

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.

Picton Mahoney Asset Management

Signature:	Catrina Duong
Name/Title:	Chief Compliance Officer
Date:	08/18/2025

Comments accompanying signature: 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.

FAQ

What position did Picton Mahoney report in TDS (symbol TDS)?

The filer reported beneficial ownership of 1,193,088 depository shares representing the 6.625% Series UU preferred, equal to 7.1% of the class.

Is Picton Mahoney claiming control of Telephone and Data Systems after this filing?

No. The filing certifies the position was acquired in the ordinary course of business and not for the purpose of changing or influencing control.

What type of filer is Picton Mahoney Asset Management?

Picton Mahoney is identified as an Investment Fund Manager organized in Canada.

What date is the event which required this Schedule 13G filing?

The date of the event requiring the filing is stated as 07/31/2025.

Who signed the Schedule 13G/A and when?

Catrina Duong, Chief Compliance Officer, signed the filing dated 08/18/2025.