Picton Mahoney holds 10.06% of TDS depository shares (TDS)

Rhea-AI Filing Summary

Telephone and Data Systems, Inc. Schedule 13G/A reports that Picton Mahoney Asset Management beneficially owns 1,690,616 depository shares, representing 10.06% of the class. The filing cites 16.8 Million outstanding shares as of March 31, 2026.

The holder is identified as an investment fund manager organized in Canada and certifies compliance with a foreign regulatory scheme comparable to U.S. institutional rules.

Insights

Institutional Ownership Analyst

Large passive stake reported by a Canadian investment manager.

The filing shows a 10.06% beneficial stake in the depository share class (1,690,616 shares). This exceeds typical passive thresholds that trigger public disclosure and may affect voting aggregation in proxy matters.

Holder status is listed as Investment Fund Manager; cash-flow treatment and intent are not stated, so future activity will depend on the manager's portfolio decisions and disclosures in subsequent filings.

Corporate Governance Specialist

Disclosure clarifies voting and dispositive power.

The filer reports sole voting and sole dispositive power for all 1,690,616 shares, per the ownership table. That concentration means the manager can exercise votes without shared control as reported.

Certifications reference comparability of the foreign regulatory scheme; stakeholders seeking more detail should watch for any Schedule 13D/A or Form 4-style amendments if activist intent emerges.

Key Figures

Beneficial ownership: 1,690,616 shares Percent of class: 10.06% Shares outstanding: 16.8 Million shares +1 more

4 metrics

Beneficial ownership 1,690,616 shares Depository shares representing 1/1000th interest in Series UU preferred

Percent of class 10.06% Ownership percentage reported on Schedule 13G/A

Shares outstanding 16.8 Million shares Outstanding shares as of March 31, 2026 (source cited in filing)

CUSIP 879433787 CUSIP for the depository share class

Key Terms

Schedule 13G/A, Depository Shares, Beneficially owned, Dispositive power

4 terms

Schedule 13G/A regulatory

"Schedule 13G/A reports beneficial ownership and is used by certain large holders"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Depository Shares financial

"Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU"

Beneficially owned regulatory

"Amount beneficially owned: 1690616 (percent of class: 10.06%)"

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.

Dispositive power financial

"Sole power to dispose or to direct the disposition of: 1690616"

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.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

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)

03/31/2026

(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 1,690,616.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,690,616.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,690,616.00

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)

10.06 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Based upon Bloomberg 16.8 Million Outstanding Shares as of March 31, 2026.

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: 1690616
(b)	Percent of class: 10.06 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1690616
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1690616
	(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 [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:	04/27/2026

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 stake does Picton Mahoney hold in TDS depository shares?

Picton Mahoney beneficially owns 1,690,616 depository shares, equal to 10.06% of the class. The filing lists sole voting and dispositive power over those shares.

How many TDS depository shares were outstanding as of the filing?

The filing cites 16.8 Million outstanding depository shares as of March 31, 2026. That figure is used in the ownership percentage calculation disclosed in the statement.

What type of filer is Picton Mahoney on the TDS Schedule 13G/A?

Picton Mahoney is listed as an Investment Fund Manager organized in Canada. The filing includes a certification comparing its foreign regulatory scheme to the U.S. institutional framework.

Does the Schedule 13G/A indicate activist intent for TDS (TDS)?

No activist intent is stated. The form reports beneficial ownership and voting/dispositive power; it does not describe plans or proposals. Any change in intent would typically appear in an amended filing.

Who signed the TDS Schedule 13G/A for Picton Mahoney?

The form is signed by Catrina Duong, Chief Compliance Officer, with a signature date of 04/27/2026, certifying the accuracy of the statement to the filer’s knowledge.