TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) Institutional Ownership

13F Institutional Holders and Ownership History from Q1 2014 to Q4 2025

Type / Class: Equity / Common Shares ($0.01 par value)
Symbol: TDS on NYSE
Shares outstanding: 115,489,855
Price per share: $41.00
All holders as of 30 Sep 2025: Q3 2025
Total 13F shares: 104,745,400
Total reported value: $4,110,064,212
% of total 13F portfolios: 0.01%
Share change: +3,226,403
Value change: +$133,948,585
Number of holders: 318
Price from insider filings: $41.00

Reported Shares, Excluding Options vs Price

Reported Value, Excluding Options

Total Investors

Significant Owners of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) based on Schedule 13D/G filings

Filer	Ownership	Holdings Value	Nb Shares	Reporting Name	Report Period
BlackRock, Inc.	14%	$541,200,874	14,766,736	BlackRock, Inc.	31 Mar 2025
TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989	12%	$533,060,748	13,512,313	TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989	01 Aug 2025
Third Point LLC	5.7%	$219,900,000	6,000,000	Third Point LLC	17 Dec 2024

As of 30 Sep 2025, 318 institutional investors reported holding 104,745,400 shares of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS). This represents 91% of the company’s total 115,489,855 outstanding shares.

Top 25 Institutional Shareholders

The largest institutional shareholders of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) together control 69% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.

Institution	Ownership %	Shares Held	Share Change %	Portfolio %	Holdings Value
BlackRock, Inc.	13%	14,865,861	-3.5%	0.01%	$583,336,371
VANGUARD GROUP INC	10%	11,496,893	+0.18%	0.01%	$451,138,082
Third Point LLC	5.8%	6,707,274	-0.26%	3.1%	$263,193,432
DIMENSIONAL FUND ADVISORS LP	5.4%	6,290,568	-0.11%	0.05%	$246,836,059
STATE STREET CORP	3.5%	3,990,946	+0.44%	0.01%	$156,604,721
OAKTREE CAPITAL MANAGEMENT LP	3.2%	3,688,386		2.4%	$144,732,266
CARRONADE CAPITAL MANAGEMENT, LP	3.2%	3,680,500	+8.5%	14%	$144,423,000
AMERICAN CENTURY COMPANIES INC	3.1%	3,611,046	+0.09%	0.07%	$141,697,495
GOLDMAN SACHS GROUP INC	2.5%	2,866,457	-6%	0.02%	$112,479,774
GEODE CAPITAL MANAGEMENT, LLC	2%	2,348,739	+1.1%	0.01%	$92,177,051
MORGAN STANLEY	1.8%	2,071,654	+7.1%	0%	$81,291,768
GAMCO INVESTORS, INC. ET AL	1.4%	1,650,970	-12%	0.63%	$64,784,063
Rubric Capital Management LP	1.4%	1,600,000		0.84%	$62,784,000
GABELLI FUNDS LLC	1.4%	1,565,670	-16%	0.42%	$61,436,891
UBS Group AG	1.3%	1,476,373	+65%	0.01%	$57,932,876
Davidson Kempner Capital Management LP	1.2%	1,411,700		1%	$55,395,108
FOURSIXTHREE CAPITAL LP	1.2%	1,383,499	-15%	19%	$54,288,501
DEUTSCHE BANK AG\	1.1%	1,258,646	+156%	0.02%	$49,389,269
140 Summer Partners LP	1.1%	1,249,158	-24%	4.3%	$49,016,960
AMERIPRISE FINANCIAL INC	1%	1,194,623	-11%	0.01%	$46,877,007
Invesco Ltd.	1%	1,186,656	+26%	0.01%	$46,564,382
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.99%	1,145,603	-2.8%	0.01%	$44,953,462
Qube Research & Technologies Ltd	0.97%	1,121,227	-5.8%	0.06%	$43,996,947
NORTHERN TRUST CORP	0.92%	1,058,966	+0.54%	0.01%	$41,553,826
Diameter Capital Partners LP	0.89%	1,025,000	+133%	4.2%	$40,221,000

Institutional Holders of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) across Reporting Periods

Period	Reported Shares, Excl. Options	Value, Excl. Options	Value Change	Puts Notional Value	Calls Notional Value	Price (Median)	Investors
2025 Q4	799,642	$32,848,532	+$10,378,045			$41.00	37
2025 Q3	104,745,400	$4,110,064,212	+$133,948,585	$32,545,656	$52,611,521	$39.24	318
2025 Q2	101,318,395	$3,604,887,624	+$50,815,497	$98,531,694	$87,428,271	$35.58	311
2025 Q1	97,076,850	$3,760,423,439	+$93,760,365	$109,472,616	$67,777,964	$38.74	304
2024 Q4	97,099,624	$3,311,903,432	+$80,628,979	$59,981,295	$57,587,514	$34.11	300
2024 Q3	94,324,209	$2,190,929,114	+$59,467,910	$14,017,900	$75,388,118	$23.25	274
2024 Q2	92,073,462	$1,908,681,031	+$28,364,139	$13,420,602	$52,088,271	$20.73	255
2024 Q1	90,859,256	$1,455,326,252	+$16,769,606	$16,965,180	$50,387,706	$16.02	252
2023 Q4	90,236,900	$1,655,803,525	-$28,148,782	$10,863,200	$41,597,615	$18.35	261
2023 Q3	91,265,486	$1,670,970,980	-$20,352,859	$7,463,156	$60,770,890	$18.31	255
2023 Q2	92,742,301	$763,250,188	+$12,990,828	$286,404	$534,950	$8.23	226
2023 Q1	91,917,546	$965,985,133	-$136,301,212	$51,499	$617,988	$10.51	233
2022 Q4	104,909,929	$1,100,627,210	+$90,274,130	$383,934	$456,315	$10.49	240
2022 Q3	95,873,712	$1,332,800,432	+$11,845,277	$218,000	$2,081,000	$13.90	218
2022 Q2	94,751,082	$1,496,768,169	-$36,994,463	$0	$1,198,000	$15.79	222
2022 Q1	97,043,576	$1,831,641,947	+$27,923,195	$442,000	$3,349,000	$18.88	201
2021 Q4	95,397,069	$1,922,118,610	+$35,916,743	$1,636,000	$2,304,000	$20.15	216
2021 Q3	93,243,864	$1,818,465,574	+$11,179,850	$2,654,000	$2,157,000	$19.50	209
2021 Q2	94,432,472	$2,139,513,488	+$83,501,267	$2,710,000	$3,406,000	$22.66	220
2021 Q1	90,998,312	$2,088,952,373	+$19,479,157	$1,844,000	$6,404,000	$22.96	237
2020 Q4	90,765,846	$1,685,295,034	-$52,359,559	$1,380,000	$2,100,000	$18.57	236
2020 Q3	93,689,861	$1,727,661,007	-$10,533,528	$2,013,000	$2,988,000	$18.44	242
2020 Q2	94,035,255	$1,869,381,346	-$19,052,900	$1,875,000	$1,278,000	$19.88	227
2020 Q1	95,157,404	$1,595,026,068	-$32,640,634	$112,000	$1,009,000	$16.76	220
2019 Q4	96,137,518	$2,444,135,393	+$17,904,855	$2,384,000	$3,607,000	$25.43	240
2019 Q3	95,360,186	$2,459,757,398	-$8,422,115	$2,572,000	$2,800,000	$25.80	272
2019 Q2	95,458,595	$2,901,845,772	+$103,378,547	$2,365,000	$1,638,000	$30.40	292
2019 Q1	93,931,947	$2,886,267,958	-$10,043,586	$6,640,000	$7,726,000	$30.73	296
2018 Q4	94,193,823	$3,064,866,125	+$19,497,779	$4,143,000	$7,307,000	$32.54	290
2018 Q3	93,657,208	$2,850,032,747	+$26,409,840	$2,954,000	$4,202,000	$30.43	260
2018 Q2	92,921,163	$2,547,694,188	-$11,098,499	$1,062,000	$1,610,000	$27.42	256
2018 Q1	93,086,270	$2,609,356,004	+$16,019,951	$1,185,000	$9,837,000	$28.03	252
2017 Q4	91,516,048	$2,544,123,758	-$67,025,272	$534,000	$2,886,000	$27.80	246
2017 Q3	93,826,823	$2,616,827,881	+$48,645,189	$647,000	$775,000	$27.89	223
2017 Q2	92,118,764	$2,556,223,295	+$50,700,641	$932,000	$1,871,000	$27.75	227
2017 Q1	90,347,709	$2,395,218,736	+$433,261,180	$1,190,000	$1,850,000	$26.51	238
2016 Q4	89,249,262	$2,576,957,066	+$21,412,564	$173,000	$967,000	$28.87	247
2016 Q3	88,480,070	$2,403,939,507	-$1,948,783	$27,000	$4,703,000	$27.18	237
2016 Q2	88,503,811	$2,625,002,012	-$13,940,960	$137,000	$5,947,000	$29.66	243
2016 Q1	89,004,717	$2,677,866,150	+$12,841,537	$863,000	$5,772,000	$30.09	242
2015 Q4	88,411,333	$2,288,946,383	-$19,695,242	$254,000	$91,000	$25.89	248
2015 Q3	89,220,523	$2,226,988,176	+$12,251,454	$841,000	$328,000	$24.96	243
2015 Q2	88,441,217	$2,600,158,414	+$19,934,709	$35,000	$2,202,000	$29.40	242
2015 Q1	85,703,146	$2,133,577,968	-$28,417,778	$314,000	$1,420,000	$24.90	211
2014 Q4	86,651,288	$2,187,344,489	+$3,739,145	$302,000	$2,847,000	$25.25	210
2014 Q3	85,922,147	$2,058,629,817	+$7,568,865	$422,000	$4,028,000	$23.96	206
2014 Q2	85,421,169	$2,230,197,108	-$26,092,999	$869,000	$1,648,000	$26.11	216
2014 Q1	85,708,418	$2,246,457,973	+$77,639,089	$2,708,000	$3,729,000	$26.21	214