Vault-13

TWO HBRS INVT CORP

COM · REIT · CUSIP 90187B804 · ISIN US90187B8046

203 institutional holders -17 vs Q1 2025
72,132,76572.1m shares reported held*
$777.6mreported value*
20 new 74 added 65 reduced 39 sold out net bought ≈ $38.4m (+3.6m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($246.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $10.78. Options: 8 managers hold calls ($6.0m notional), 6 hold puts ($3.4m).

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0100200300Q3 22: 10Q4 22: 189Q1 23: 206Q2 23: 190Q3 23: 199Q4 23: 218Q1 24: 190Q2 24: 206Q3 24: 216Q4 24: 203Q1 25: 220Q2 25: 203203Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202210
Q4 2022189
Q1 2023206
Q2 2023190
Q3 2023199
Q4 2023218
Q1 2024190
Q2 2024206
Q3 2024216
Q4 2024203
Q1 2025220
Q2 2025203

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2000200Q3 23: 92 bought or addedQ3 23: 82 cut or sold outQ4 23: 119 bought or addedQ4 23: 87 cut or sold outQ4 23Q1 24: 96 bought or addedQ1 24: 103 cut or sold outQ2 24: 114 bought or addedQ2 24: 80 cut or sold outQ2 24Q3 24: 99 bought or addedQ3 24: 98 cut or sold outQ4 24: 85 bought or addedQ4 24: 107 cut or sold outQ4 24Q1 25: 108 bought or addedQ1 25: 92 cut or sold outQ2 25: 94 bought or addedQ2 25: 104 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20239282
Q4 202311987
Q1 202496103
Q2 202411480
Q3 20249998
Q4 202485107
Q1 202510892
Q2 202594104

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$5m$10m$15mQ3 24 calls: $3.3mQ3 24 puts: $5.1mQ3 24P/C 1.54Q4 24 calls: $4.3mQ4 24 puts: $1.5mQ4 24P/C 0.36Q1 25 calls: $12.7mQ1 25 puts: $2.5mQ1 25P/C 0.20Q2 25 calls: $6.0mQ2 25 puts: $3.4mQ2 25P/C 0.57
Numbers
QuarterCallsPutsP/C
Q3 2024$3.3m$5.1m1.54
Q4 2024$4.3m$1.5m0.36
Q1 2025$12.7m$2.5m0.20
Q2 2025$6.0m$3.4m0.57

Biggest buyers

Balyasny Asset Management L.P. Added +2,977,196+3.0m
MILLENNIUM MANAGEMENT LLC Added +1,913,923+1.9m
VICTORY CAPITAL MANAGEMENT INC Added +1,130,115+1.1m
Invesco Ltd. Added +815,931+815.9k
WOLVERINE ASSET MANAGEMENT LLC Added +466,957+467.0k
FIRST TRUST ADVISORS LP New +405,863+405.9k
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Added +269,285+269.3k
Qube Research & Technologies Ltd New +172,784+172.8k
RAYMOND JAMES FINANCIAL INC Added +155,439+155.4k
Y-Intercept (Hong Kong) Ltd Added +117,825+117.8k

Biggest sellers

Amundi Reduced -749,652-749.7k
BlackRock, Inc. Reduced -744,542-744.5k
AMERIPRISE FINANCIAL INC Reduced -683,682-683.7k
TWO SIGMA INVESTMENTS, LP Sold out -458,524-458.5k
TWO SIGMA ADVISERS, LP Sold out -345,825-345.8k
RENAISSANCE TECHNOLOGIES LLC Sold out -263,265-263.3k
BANK OF AMERICA CORP /DE/ Reduced -222,741-222.7k
ZACKS INVESTMENT MANAGEMENT Reduced -201,817-201.8k
GOLDMAN SACHS GROUP INC Reduced -201,419-201.4k
PRUDENTIAL FINANCIAL INC Reduced -184,245-184.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced $1.7m154.5k shares
CITADEL ADVISORS LLC Added $1.6m151.9k shares
SIMPLEX TRADING, LLC Added $1.2m114.7k shares
WOLVERINE TRADING, LLC Added $580.9k54.7k shares
IMC-Chicago, LLC Added $439.4k40.8k shares
GROUP ONE TRADING LLC Added $380.2k35.3k shares
JANE STREET GROUP, LLC Reduced $110.9k10.3k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $2.5m233.7k shares
CITADEL ADVISORS LLC Reduced $484.6k45.0k shares
IMC-Chicago, LLC New $204.6k19.0k shares
GROUP ONE TRADING LLC Added $200.3k18.6k shares
SIMPLEX TRADING, LLC Added $31.0k2.9k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
BlackRock, Inc. 13G · institution filed 2025-07-18 16.0% 16.6m≈ $206.0m 2025-07-18
GLAZER CAPITAL, LLC 13G · passive investor no change · filed 2026-08-11 7.5% no change 7.9m≈ $97.7m 2026-08-11
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 5.9% new 6.2m≈ $76.8m 2026-04-29
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 5.2% new 5.4m≈ $67.3m 2026-04-30

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.00% of their portfolio New York, NY 16,640,70816.6m $179.2m $179.2m 0.00% Reduced -744.5k -744,542
2 VANGUARD GROUP INC 0.00% of their portfolio Valley Forge, PA 11,282,18411.3m $121.5m $121.5m 0.00% Reduced -68.7k -68,741
3 Allspring Global Investments Holdings, LLC 0.10% of their portfolio CHARLOTTE, NC 5,240,9835.2m $57.1m $57.1m 0.10% Added +88.5k +88,518
4 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 4,034,4804.0m $43.5m $43.5m 0.00% Added +65.8k +65,800
5 Balyasny Asset Management L.P. 0.09% of their portfolio Chicago, IL 3,583,9393.6m $38.6m $38.6m 0.09% Added +3.0m +2,977,196
6 MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio NEW YORK, NY 3,120,4723.1m $33.6m $33.6m 0.03% Added +1.9m +1,913,923
7 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 2,649,9772.6m $28.5m $28.5m 0.00% Added +815.9k +815,931
8 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,482,8052.5m $26.7m $26.7m 0.00% Reduced -12.8k -12,773
9 MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio Boston, MA 1,971,7592.0m $21.2m $21.2m 0.01% Reduced -98.5k -98,526
10 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 1,458,7231.5m $15.7m $15.7m 0.00% Reduced -62.8k -62,825
11 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,299,3761.3m $14.0m $14.0m 0.00% Added +47.3k +47,322
12 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,216,0481.2m $13.1m $13.1m 0.00% Added +32.1k +32,117
13 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 1,152,7291.2m $12.5m $12.5m 0.01% Added +1.1m +1,130,115
14 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 1,138,6381.1m $12.3m $12.3m 0.00% Reduced -683.7k -683,682
15 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio CAUSEWAY BAY, K3 959,992960.0k $10.3m $10.3m 0.02% Added +69.4k +69,365
16 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 855,485855.5k $9.2m $9.2m 0.00% Reduced -104.9k -104,943
17 VAN ECK ASSOCIATES CORP 0.01% of their portfolio NEW YORK, NY 829,844829.8k $8.9m $8.9m 0.01% Added +865 +865
18 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 754,117754.1k $8.1m $8.1m 0.00% Added +9.3k +9,297
19 WOLVERINE ASSET MANAGEMENT LLC 0.13% of their portfolio CHICAGO, IL 744,028744.0k $8.0m $8.0m 0.13% Added +467.0k +466,957
20 Advisors Asset Management, Inc. 0.14% of their portfolio Monument, CO 731,060731.1k $7.9m $7.9m 0.14% Reduced -23.3k -23,340
21 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 613,472613.5k $6.6m $6.6m 0.00% Reduced -222.7k -222,741
22 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 515,964516.0k $5.6m $5.6m 0.00% Reduced -380 -380
23 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 413,955414.0k $4.5m $4.5m 0.00% Added +269.3k +269,285
24 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 405,863405.9k $4.4m $4.4m 0.00% New
25 Public Sector Pension Investment Board 0.02% of their portfolio MONTREAL, A8 354,682354.7k $3.8m $3.8m 0.02% Added +25.9k +25,868
26 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 331,077331.1k $3.6m $3.6m 0.00% Reduced -130.9k -130,942
27 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 305,088305.1k $3.3m $3.3m 0.00% Added +6.8k +6,767
28 Legal & General Group Plc 0.00% of their portfolio London, X0 282,488282.5k $3.0m $3.0m 0.00% Added +2.5k +2,471
29 PINEBRIDGE INVESTMENTS, L.P. 0.02% of their portfolio NEW YORK, NY 260,607260.6k $2.8m $2.8m 0.02% Unchanged
30 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 241,494241.5k $2.6m $2.6m 0.00% Reduced -55.6k -55,595
31 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 239,469239.5k $2.6m $2.6m 0.00% Added +99.9k +99,939
32 GraniteShares Advisors LLC 1.57% of their portfolio NEW YORK, NY 237,660237.7k $2.6m $2.6m 1.57% Added +14.8k +14,850
33 Phocas Financial Corp. 0.37% of their portfolio ALAMEDA, CA 237,159237.2k $2.6m $2.6m 0.37% Added +35 +35
34 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 212,799212.8k $2.3m $2.3m 0.00% Reduced -37.5k -37,532
35 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 200,287200.3k $2.2m $2.2m 0.00% Added +69.0k +68,993
36 Swiss National Bank 0.00% of their portfolio ZURICH, V8 198,688198.7k $2.1m $2.1m 0.00% Reduced -2.1k -2,100
37 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 179,709179.7k $1.9m $1.9m 0.00% Reduced -201.4k -201,419
38 Qube Research & Technologies Ltd 0.00% of their portfolio LONDON, X0 172,784172.8k $1.9m $1.9m 0.00% New
39 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 170,331170.3k $1.8m $1.8m 0.00% Added +155.4k +155,439
40 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 167,441167.4k $1.8m $1.8m 0.00% Reduced -93.6k -93,551
41 VOYA INVESTMENT MANAGEMENT LLC 0.00% of their portfolio ATLANTA, GA 144,276144.3k $1.6m $1.6m 0.00% Added +86.1k +86,142
42 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 138,073138.1k $1.5m $1.5m 0.00% Added +9.8k +9,780
43 Y-Intercept (Hong Kong) Ltd 0.04% of their portfolio HONG KONG, K3 137,674137.7k $1.5m $1.5m 0.04% Added +117.8k +117,825
44 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 127,519127.5k $1.4m $1.4m 0.00% Reduced -33.7k -33,728
45 ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio NASHVILLE, TN 120,515120.5k $1.3m $1.3m 0.00% Unchanged
46 Penserra Capital Management LLC 0.02% of their portfolio ORINDA, CA 114,367114.4k $1.2m $1.2m 0.02% Reduced -3.6k -3,584
47 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 112,770112.8k $1.2m $1.2m 0.00% Added +88.9k +88,942
48 GUGGENHEIM CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 110,666110.7k $1.2m $1.2m 0.01% Added +364 +364
49 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 107,273107.3k $1.2m $1.2m 0.00% Reduced -184.2k -184,245
50 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 105,265105.3k $1.1m $1.1m 0.00% Added +12.9k +12,947
51 Private Advisor Group, LLC 0.01% of their portfolio MORRISTOWN, NJ 95,84695.8k $1.0m $1.0m 0.01% New
52 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 95,76895.8k $1.0m $1.0m 0.00% Reduced -1.1k -1,079
53 NORGES BANK 0.00% of their portfolio OSLO, Q8 88,70988.7k $955.4k $955.4k 0.00% Reduced -129.2k -129,210
54 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 88,18088.2k $949.7k $949.7k 0.00% Reduced -10.2k -10,194
55 ZACKS INVESTMENT MANAGEMENT 0.01% of their portfolio Chicago, IL 86,96587.0k $936.6k $936.6k 0.01% Reduced -201.8k -201,817
56 AXS Investments LLC 0.38% of their portfolio PORT CHESTER, NY 85,06885.1k $916.2k $916.2k 0.38% Reduced -29.0k -29,048
57 Ascentis Independent Advisors 0.17% of their portfolio DALLAS, TX 84,94184.9k $914.8k $914.8k 0.17% Added +1.7k +1,665
58 Freestone Grove Partners LP 0.01% of their portfolio San Francisco, CA 84,83984.8k $913.7k $913.7k 0.01% Added +38.1k +38,074
59 INTECH INVESTMENT MANAGEMENT LLC 0.01% of their portfolio WEST PALM BEACH, FL 84,78384.8k $913.1k $913.1k 0.01% Reduced -7.1k -7,064
60 O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio Stamford, CT 79,03379.0k $851.2k $851.2k 0.01% New
61 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 76,49176.5k $824.0k $824.0k 0.00% Added +336 +336
62 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 72,12172.1k $776.7k $776.7k 0.00% Reduced -10.8k -10,818
63 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 66,30066.3k $714.1k $714.1k 0.00% Unchanged
64 State of Alaska, Department of Revenue 0.01% of their portfolio JUNEAU, AK 61,85761.9k $666.0k $666.0k 0.01% Added +4.4k +4,409
65 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 61,22861.2k $659.4k $659.4k 0.00% Unchanged
66 EXCHANGE TRADED CONCEPTS, LLC 0.01% of their portfolio Oklahoma City, OK 58,19958.2k $626.8k $626.8k 0.01% Added +1.1k +1,116
67 Illinois Municipal Retirement Fund 0.01% of their portfolio OAK BROOK, IL 54,24454.2k $584.2k $584.2k 0.01% Reduced -221 -221
68 Simplify Asset Management Inc. 0.03% of their portfolio Las Vegas, NV 53,25053.2k $573.5k $573.5k 0.03% Added +22.2k +22,250
69 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 53,04053.0k $571.5k $571.5k 0.00% Unchanged
70 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 50,83950.8k $547.5k $547.5k 0.00% Reduced -401 -401
71 Louisiana State Employees Retirement System 0.01% of their portfolio BATON ROUGE, LA 48,60048.6k $523.4k $523.4k 0.01% Reduced -200 -200
72 Squarepoint Ops LLC 0.00% of their portfolio NEW YORK, NY 45,17545.2k $486.5k $486.5k 0.00% New
73 State of Tennessee, Department of Treasury 0.00% of their portfolio NASHVILLE, TN 44,22144.2k $476.3k $476.3k 0.00% Reduced -174 -174
74 COMERICA BANK 0.00% of their portfolio DALLAS, TX 41,96142.0k $451.9k $451.9k 0.00% Added +90 +90
75 Schonfeld Strategic Advisors LLC 0.00% of their portfolio NEW YORK, NY 41,47041.5k $446.6k $446.6k 0.00% Added +26.7k +26,738
76 HighPoint Advisor Group LLC 0.02% of their portfolio DOWNERS GROVE, IL 39,96640.0k $430.4k $430.4k 0.02% Added +96 +96
77 Kestra Advisory Services, LLC 0.00% of their portfolio AUSTIN, TX 39,81539.8k $428.8k $428.8k 0.00% Added +2.4k +2,413
78 YOUSIF CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BLOOMFIELD HILLS, MI 38,69338.7k $416.7k $416.7k 0.00% Unchanged
79 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 38,61938.6k $415.9k $415.9k 0.00% Reduced -6.8k -6,796
80 Marex Group Ltd 0.01% of their portfolio London, X0 36,65136.7k $394.7k $394.7k 0.01% New
81 Handelsbanken Fonder AB 0.00% of their portfolio STOCKHOLM, V7 36,04936.0k $388.0k $388.0k 0.00% Unchanged
82 ARK & TLK INVESTMENTS, LLC 0.12% of their portfolio OKLAHOMA CITY, OK 35,86035.9k $386.2k $386.2k 0.12% Added +9.1k +9,104
83 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 34,91434.9k $376.0k $376.0k 0.00% Added +22.9k +22,933
84 CAXTON ASSOCIATES LLP 0.01% of their portfolio LONDON, X0 32,92932.9k $354.6k $354.6k 0.01% Reduced -88.9k -88,878
85 Graham Capital Management, L.P. 0.01% of their portfolio ROWAYTON, CT 30,60130.6k $329.6k $329.6k 0.01% New
86 ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio PHOENIX, AZ 30,35830.4k $327.0k $327.0k 0.00% Added +626 +626
87 Maryland State Retirement & Pension System 0.01% of their portfolio BALTIMORE, MD 30,24430.2k $325.7k $325.7k 0.01% Unchanged
88 Vestcor Inc 0.01% of their portfolio FREDERICTON, A3 30,03930.0k $324.0k $324.0k 0.01% New
89 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 29,44629.4k $317.0k $317.0k 0.00% Unchanged
90 Cambridge Investment Research Advisors, Inc. 0.00% of their portfolio FAIRFIELD, IA 29,30729.3k $316.0k $316.0k 0.00% Added +1.6k +1,601
91 MONTAG A & ASSOCIATES INC 0.02% of their portfolio ATLANTA, GA 28,95329.0k $311.8k $311.8k 0.02% Added +23.7k +23,668
92 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 28,64128.6k $308.5k $308.5k 0.00% Added +2.9k +2,906
93 TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY 0.00% of their portfolio FRANKFORT, KY 27,88527.9k $300.0k $300.0k 0.00% Unchanged
94 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio TALLAHASSEE, FL 27,77327.8k $299.1k $299.1k 0.00% Unchanged
95 Edgestream Partners, L.P. 0.01% of their portfolio Princeton, NJ 27,30527.3k $294.1k $294.1k 0.01% New
96 Triumph Capital Management 0.09% of their portfolio DENVER, CO 26,72526.7k $287.8k $287.8k 0.09% Added +1.5k +1,512
97 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 26,70726.7k $287.6k $287.6k 0.00% Added +1.9k +1,896
98 HOWARD FINANCIAL SERVICES, LTD. 0.04% of their portfolio DALLAS, TX 25,47725.5k $274.4k $274.4k 0.04% Added +9.0k +8,993
99 OREGON PUBLIC EMPLOYEES RETIREMENT FUND 0.00% of their portfolio TIGARD, OR 23,84323.8k $256.8k $256.8k 0.00% Added +100 +100
100 NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio ALBANY, NY 23,41723.4k $252.0k $252.0k 0.00% Reduced -10.4k -10,414