Telephone and Data Systems, Inc. has significantly deleveraged by monetizing mobile assets, notably through US Cellular and spectrum sales. TDS.PR.U Preferred shares, yielding close to 8%, remain the most attractive income play versus the common stock's 0.35% yield. With net debt projected below $600 million by Q1 2026 and stable wireline/tower operations, TDS boasts a strong balance sheet and financial flexibility.