Picton Mahoney (TDS) reports 11.2% stake in TDS Series UU preferred

Rhea-AI Filing Summary

Picton Mahoney Asset Management filed an amended Schedule 13G reporting a significant passive ownership position in Telephone and Data Systems, Inc.'s 6.625% Series UU preferred stock depository shares. Picton Mahoney reports beneficial ownership of 1,880,616 depository shares, representing 11.19% of the class.

The firm has sole voting and sole dispositive power over all 1,880,616 shares, with no shared voting or dispositive power. The percentage is based on 16,800,000 depository shares outstanding as of June 30, 2026. The filer certifies that it is an Investment Fund Manager regulated under a foreign regime comparable to that of a functionally equivalent U.S. institution.

Key Figures

Beneficial ownership: 1,880,616 depository shares Percent of class: 11.19% Shares outstanding: 16,800,000 depository shares +2 more

5 metrics

Beneficial ownership 1,880,616 depository shares Depository Shares of 6.625% Series UU preferred stock beneficially owned by Picton Mahoney

Percent of class 11.19% Percentage of the depository share class reported as owned by Picton Mahoney

Shares outstanding 16,800,000 depository shares Outstanding Depository Shares as of June 30, 2026 used to compute ownership percentage

Sole voting power 1,880,616 shares Shares over which Picton Mahoney has sole power to vote or direct the vote

Sole dispositive power 1,880,616 shares Shares over which Picton Mahoney has sole power to dispose or direct disposition

Key Terms

Depository Shares, Cumulative Redeemable Perpetual Preferred Stock, beneficially owned, sole voting power, +2 more

6 terms

Depository Shares financial

"Title of class of securities: Depository Shares each representing a 1/1000th interest"

Cumulative Redeemable Perpetual Preferred Stock financial

"6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value"

A cumulative redeemable perpetual preferred stock is a type of ownership share that pays fixed dividends forever unless the company stops them, and any missed dividends accumulate and must be paid later. It can be redeemed (bought back) by the issuer at specified times or prices, so it behaves partly like a long-term loan; investors care because it sits ahead of common shares for payments and can affect a company’s cash needs and perceived credit risk.

beneficially owned financial

"Ownership (a) | Amount beneficially owned: 1880616"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Sole Voting Power 1,880,616.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

dispositive power financial

"Sole Dispositive Power 1,880,616.00 8 | Shared Dispositive Power 0.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Investment Fund Manager financial

"CUSIP No.: 879433787 | Investment Fund Manager"

An investment fund manager is a professional or firm responsible for making decisions about which assets a pooled collection of investor money will buy, sell, or hold to reach a stated goal. Investors care because the manager’s choices, skill, and fees determine how much return the fund may produce and how much risk it carries—similar to a driver choosing the route and speed that affect how fast and safely a group reaches a destination.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/11/2026 - 09:47 AM Accepted by SEC EDGAR 08/11/2026 - 09:46 AM Learn about SEC filing dates

FAQ

What stake in TDS (TDS) does Picton Mahoney report in this Schedule 13G/A?

Picton Mahoney reports beneficial ownership of 1,880,616 depository shares of Telephone and Data Systems’ 6.625% Series UU preferred, representing 11.19% of the class, with sole voting and dispositive power over all reported shares.

Which TDS (TDS) securities are covered by Picton Mahoney’s 13G/A filing?

The filing covers Depository Shares, each representing a 1/1000th interest in a share of TDS’s 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share.

How was Picton Mahoney’s ownership percentage in TDS (TDS) calculated?

The reported 11.19% ownership is based on 1,880,616 depository shares held by Picton Mahoney and an outstanding total of 16,800,000 depository shares as of June 30, 2026.

Does Picton Mahoney share voting or dispositive power over TDS (TDS) preferred shares?

No. Picton Mahoney reports sole voting power and sole dispositive power over all 1,880,616 depository shares, with zero shared voting or dispositive power in this Schedule 13G/A.

What is Picton Mahoney’s regulatory status in the TDS (TDS) 13G/A filing?

Picton Mahoney identifies itself as an Investment Fund Manager organized under Canada (federal level) and certifies that its foreign regulatory regime is substantially comparable to that of equivalent U.S. institutions.

Who signed the TDS (TDS) Schedule 13G/A on behalf of Picton Mahoney?

The filing is signed by Ahsan Ahmed, Chief Compliance Officer of Picton Mahoney Asset Management, dated August 11, 2026, certifying the accuracy of the information and the regulatory comparability statement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

TELEPHONE & DATA SYSTEMS INC /DE/

(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)

06/30/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 1,880,616.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,880,616.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,880,616.00

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)

11.2 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based upon Bloomberg 16,800,000 Outstanding Shares as of June 30, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TELEPHONE & DATA SYSTEMS INC /DE/
(b)	Address of issuer's principal executive offices: 30 NORTH LASALLE STREET, STE 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
(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: 1880616
(b)	Percent of class: 11.19 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1880616
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1880616
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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 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.

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:	Ahsan Ahmed
Name/Title:	Chief Compliance Officer
Date:	08/11/2026