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Recent earnings and 2026 outlook reinforce thesis of improving fiber execution and tower stability. TDS's next value catalysts include C-Band spectrum monetization, consolidation of Array Digital, and potential REIT formations, adding ~$23/share upside to $68 base case. Monetization of Array's C-Band spectrum, likely between late 2026 and early 2027, is a pivotal step enabling further structural simplification and value unlock.

Stonehill Capital sold its entire holding of 320,194 shares in Telephone and Data Systems during the fourth quarter. The quarter-end position value decreased by $12.56 million as a result of the exit.

Kerrisdale Advisers bought 506,067 shares of TDS in the fourth quarter. The fund's quarter-end stake in TDS increased by $20.75 million as a result of the new purchase.

Telephone & Data Systems, VV series preference shares offer a 7.41% yield, trading at a 20% discount to par, with an improved risk profile post-asset sale. TDS preferreds remain attractive for fixed-income portfolios, particularly as a duration play if interest rates decline or credit spreads compress further. Potential for capital gains exists if TDS redeems the preferreds or if market reprices risk, but upside is capped near the $25 call price.

Preferred shares and baby bonds deliver "contractual" income, providing excellent defense against volatility. Fixed-Income forms the cornerstone of our Income Method. We have seen some full redemptions and are eagerly buying into new opportunities. Here are our top picks.

VR Advisory Services Ltd initiated a new position in Telephone and Data Systems (TDS), adding 573,005 shares for an estimated $23.49 million based on quarterly average prices. The quarter-end value of the stake increased by $23.49 million due entirely to new share purchases.

Silver Point Capital sold 857,000 shares of TDS in the fourth quarter. The quarter-end position value decreased by $33.63 million, reflecting the liquidation of the position.