Vault-13

TWO HBRS INVT CORP

COM · REIT · CUSIP 90187B804 · ISIN US90187B8046

228 institutional holders +14 vs Q4 2025
79,944,65979.9m shares reported held*
$911.0mreported value*
50 new 65 added 71 reduced 36 sold out net bought ≈ $58.6m (+5.1m 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 ($27.2k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.40. Options: 11 managers hold calls ($17.9m notional), 9 hold puts ($17.7m).

Trends to Q1 2026

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: 203Q3 25: 212Q4 25: 214Q1 26: 228228Q3 22Q3 23Q3 24Q3 25Q1 26
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
Q3 2025212
Q4 2025214
Q1 2026228

Buyers vs sellers

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

Bought or addedCut or sold out
2000200Q2 24: 114 bought or addedQ2 24: 80 cut or sold outQ3 24: 99 bought or addedQ3 24: 98 cut or sold outQ3 24Q4 24: 85 bought or addedQ4 24: 107 cut or sold outQ1 25: 108 bought or addedQ1 25: 92 cut or sold outQ1 25Q2 25: 94 bought or addedQ2 25: 104 cut or sold outQ3 25: 102 bought or addedQ3 25: 92 cut or sold outQ3 25Q4 25: 108 bought or addedQ4 25: 119 cut or sold outQ1 26: 115 bought or addedQ1 26: 107 cut or sold outQ1 26
Numbers
QuarterBought or addedCut or sold out
Q2 202411480
Q3 20249998
Q4 202485107
Q1 202510892
Q2 202594104
Q3 202510292
Q4 2025108119
Q1 2026115107

Calls vs puts

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

CallsPuts
$0$5m$10m$15m$20mQ2 25 calls: $6.0mQ2 25 puts: $3.4mQ2 25P/C 0.57Q3 25 calls: $5.4mQ3 25 puts: $8.3mQ3 25P/C 1.55Q4 25 calls: $11.8mQ4 25 puts: $4.4mQ4 25P/C 0.37Q1 26 calls: $17.9mQ1 26 puts: $17.7mQ1 26P/C 0.99
Numbers
QuarterCallsPutsP/C
Q2 2025$6.0m$3.4m0.57
Q3 2025$5.4m$8.3m1.55
Q4 2025$11.8m$4.4m0.37
Q1 2026$17.9m$17.7m0.99

Biggest buyers

Sand Grove Capital Management LLP New +3,094,787+3.1m
Balyasny Asset Management L.P. Added +2,754,851+2.8m
TIG Advisors, LLC New +1,374,084+1.4m
NEXPOINT ASSET MANAGEMENT, L.P. New +1,043,637+1.0m
First Trust Capital Management L.P. Added +977,012+977.0k
AQR Arbitrage LLC Added +932,441+932.4k
ALLIANCEBERNSTEIN L.P. Added +822,704+822.7k
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Added +717,023+717.0k
MILLENNIUM MANAGEMENT LLC Added +610,597+610.6k
BARCLAYS PLC Added +495,634+495.6k

Biggest sellers

MARSHALL WACE, LLP Reduced -2,228,017-2.2m
Allspring Global Investments Holdings, LLC Sold out -1,761,802-1.8m
Schonfeld Strategic Advisors LLC Reduced -1,561,765-1.6m
AMERIPRISE FINANCIAL INC Reduced -1,200,720-1.2m
Qube Research & Technologies Ltd Sold out -1,199,719-1.2m
Karl Kapital LLC Sold out -579,667-579.7k
Invesco Ltd. Reduced -567,342-567.3k
BANK OF AMERICA CORP /DE/ Reduced -458,844-458.8k
Verition Fund Management LLC Reduced -418,529-418.5k
CITIGROUP INC Reduced -365,190-365.2k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $6.8m593.7k shares
Walleye Trading LLC Added $3.8m330.8k shares
CITADEL ADVISORS LLC Added $1.9m162.8k shares
Centiva Capital, LP New $1.7m150.2k shares
GROUP ONE TRADING LLC Reduced $1.1m92.0k shares
JANE STREET GROUP, LLC Added $925.0k81.0k shares
Caption Management, LLC Unchanged $913.6k80.0k shares
IMC-Chicago, LLC New $266.1k23.3k shares
Jefferies Financial Group Inc. New $256.9k22.5k shares
SUMMIT SECURITIES GROUP LLC New $256.9k22.5k shares

Biggest puts

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $8.9m779.3k shares
JANE STREET GROUP, LLC Added $3.2m279.7k shares
Walleye Trading LLC Added $3.0m263.9k shares
Caption Management, LLC New $856.5k75.0k shares
GROUP ONE TRADING LLC Added $706.9k61.9k shares
SIMPLEX TRADING, LLC Reduced $439.7k38.5k shares
CSS LLC/IL New $229.5k20.1k shares
IMC-Chicago, LLC New $165.6k14.5k shares
CITADEL ADVISORS LLC Reduced $150.7k13.2k 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, Q1 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 BlackRock, Inc. 0.00% of their portfolio New York, NY 16,566,64016.6m $189.2m $189.2m 0.00% Reduced -243.1k -243,148
2 VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 6,119,8946.1m $69.9m $69.9m 0.00% First filing
3 Balyasny Asset Management L.P. 0.11% of their portfolio Chicago, IL 4,929,4214.9m $56.3m $56.3m 0.11% Added +2.8m +2,754,851
4 VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio MALVERN, PA 4,651,2804.7m $53.1m $53.1m 0.00% First filing
5 STATE STREET CORP 0.00% of their portfolio BOSTON, MA 3,934,5293.9m $44.9m $44.9m 0.00% Added +19.0k +18,965
6 Sand Grove Capital Management LLP 8.27% of their portfolio LONDON, X0 3,094,7873.1m $35.3m $35.3m 8.27% New
7 GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BOSTON, MA 2,479,1292.5m $28.3m $28.3m 0.00% Reduced -5.9k -5,919
8 MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio NEW YORK, NY 2,125,3372.1m $24.3m $24.3m 0.02% Added +610.6k +610,597
9 ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio NASHVILLE, TN 2,109,4992.1m $22.1m $22.1m 0.01% Added +822.7k +822,704
10 AQR Arbitrage LLC 0.38% of their portfolio Greenwich, CT 2,021,0842.0m $23.1m $23.1m 0.38% Added +932.4k +932,441
11 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 1,955,8202.0m $22.3m $22.3m 0.00% Reduced -567.3k -567,342
12 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio CAUSEWAY BAY, K3 1,841,3761.8m $21.0m $21.0m 0.03% Added +717.0k +717,023
13 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 1,497,4531.5m $17.1m $17.1m 0.00% Added +360.8k +360,840
14 UBS Group AG 0.00% of their portfolio ZURICH, V8 1,467,7731.5m $16.8m $16.8m 0.00% Reduced -96.6k -96,645
15 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 1,378,6051.4m $15.7m $15.7m 0.00% Reduced -25.7k -25,748
16 TIG Advisors, LLC 0.75% of their portfolio New York, NY 1,374,0841.4m $15.7m $15.7m 0.75% New
17 NORTHERN TRUST CORP 0.00% of their portfolio CHICAGO, IL 1,222,7911.2m $14.0m $14.0m 0.00% Added +49.1k +49,076
18 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,175,8011.2m $13.4m $13.4m 0.00% Added +226.8k +226,834
19 VAN ECK ASSOCIATES CORP 0.01% of their portfolio NEW YORK, NY 1,098,7791.1m $12.5m $12.5m 0.01% Added +124.4k +124,351
20 First Trust Capital Management L.P. 0.65% of their portfolio CHICAGO, IL 1,082,6501.1m $12.4m $12.4m 0.65% Added +977.0k +977,012
21 NEXPOINT ASSET MANAGEMENT, L.P. 0.83% of their portfolio Dallas, TX 1,043,6371.0m $11.9m $11.9m 0.83% New
22 VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio San Antonio, TX 863,903863.9k $9.9m $9.9m 0.01% Reduced -333.6k -333,574
23 Advisors Asset Management, Inc. 0.15% of their portfolio Monument, CO 770,208770.2k $8.8m $8.8m 0.15% Reduced -150.6k -150,612
24 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 763,054763.1k $8.7m $8.7m 0.00% Added +495.6k +495,634
25 VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio MALVERN, PA 702,183702.2k $8.0m $8.0m 0.00% First filing
26 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio Boston, MA 700,000700.0k $8.0m $8.0m 0.01% Added +450.0k +450,000
27 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 670,152670.2k $7.7m $7.7m 0.00% Reduced -458.8k -458,844
28 ALPINE ASSOCIATES MANAGEMENT INC. 0.45% of their portfolio PALM BEACH, FL 664,251664.3k $7.6m $7.6m 0.45% Added +189.7k +189,651
29 Bank of New York Mellon Corp 0.00% of their portfolio NEW YORK, NY 552,825552.8k $6.3m $6.3m 0.00% Reduced -27.1k -27,147
30 PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio DES MOINES, IA 511,096511.1k $5.8m $5.8m 0.00% Added +13.7k +13,746
31 Pekin Hardy Strauss, Inc. 0.54% of their portfolio CHICAGO, IL 452,791452.8k $5.2m $5.2m 0.54% Reduced -80.2k -80,212
32 Squarepoint Ops LLC 0.01% of their portfolio NEW YORK, NY 425,915425.9k $4.9m $4.9m 0.01% New
33 PRELUDE CAPITAL MANAGEMENT, LLC 0.37% of their portfolio NEW YORK, NY 423,103423.1k $4.8m $4.8m 0.37% New
34 Verition Fund Management LLC 0.05% of their portfolio GREENWICH, CT 415,373415.4k $4.7m $4.7m 0.05% Reduced -418.5k -418,529
35 Melqart Asset Management (UK) Ltd 0.42% of their portfolio London, X0 376,970377.0k $4.3m $4.3m 0.42% New
36 Public Sector Pension Investment Board 0.01% of their portfolio MONTREAL, A8 375,545375.5k $4.3m $4.3m 0.01% Added +14.6k +14,629
37 BOOTHBAY FUND MANAGEMENT, LLC 0.10% of their portfolio NEW YORK, NY 372,478372.5k $4.3m $4.3m 0.10% New
38 Governors Lane LP 0.47% of their portfolio NEW YORK, NY 329,500329.5k $3.8m $3.8m 0.47% New
39 Slotnik Capital, LLC 1.10% of their portfolio DALLAS, TX 325,000325.0k $3.7m $3.7m 1.10% New
40 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 302,912302.9k $3.5m $3.5m 0.00% Added +9.4k +9,411
41 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio NEW YORK, NY 295,503295.5k $3.4m $3.4m 0.00% Added +295.2k +295,224
42 Legal & General Group Plc 0.00% of their portfolio London, X0 240,647240.6k $2.7m $2.7m 0.00% Reduced -14.2k -14,250
43 GraniteShares Advisors LLC 1.89% of their portfolio NEW YORK, NY 229,665229.7k $2.6m $2.6m 1.89% Reduced -26.3k -26,296
44 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 207,512207.5k $2.4m $2.4m 0.00% Added +1.0k +1,023
45 Swiss National Bank 0.00% of their portfolio ZURICH, V8 205,288205.3k $2.3m $2.3m 0.00% Unchanged
46 Centiva Capital, LP 0.11% of their portfolio New York, NY 201,009201.0k $2.3m $2.3m 0.11% New
47 HARVEST MANAGEMENT LLC 1.22% of their portfolio New York, NY 200,000200.0k $2.3m $2.3m 1.22% New
48 Polar Asset Management Partners Inc. 0.05% of their portfolio TORONTO, A6 178,000178.0k $2.0m $2.0m 0.05% Reduced -66.1k -66,051
49 AMERIPRISE FINANCIAL INC 0.00% of their portfolio MINNEAPOLIS, MN 177,604177.6k $2.0m $2.0m 0.00% Reduced -1.2m -1,200,720
50 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 167,034167.0k $1.9m $1.9m 0.00% Added +150.1k +150,115
51 ExodusPoint Capital Management, LP 0.02% of their portfolio NEW YORK, NY 154,909154.9k $1.8m $1.8m 0.02% New
52 GABELLI FUNDS LLC 0.01% of their portfolio Rye, NY 150,000150.0k $1.7m $1.7m 0.01% Added +100.0k +100,000
53 Penserra Capital Management LLC 0.02% of their portfolio ORINDA, CA 145,308145.3k $1.7m $1.7m 0.02% Added +3.9k +3,874
54 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio WEST SACRAMENTO, CA 141,286141.3k $1.6m $1.6m 0.00% Added +45.6k +45,602
55 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 141,222141.2k $1.6m $1.6m 0.00% Added +55.6k +55,598
56 Quantinno Capital Management LP 0.00% of their portfolio NEW YORK, NY 139,717139.7k $1.6m $1.6m 0.00% Added +99.0k +98,987
57 GLAZER CAPITAL, LLC 0.03% of their portfolio New York, NY 125,000125.0k $1.4m $1.4m 0.03% New
58 AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio Greenwich, CT 124,653124.7k $1.4m $1.4m 0.00% Reduced -18.4k -18,373
59 Ascentis Independent Advisors 0.11% of their portfolio DALLAS, TX 121,583121.6k $1.4m $1.4m 0.11% Added +48.7k +48,708
60 GABELLI & Co INVESTMENT ADVISERS, INC. 0.20% of their portfolio Rye, NY 119,385119.4k $1.4m $1.4m 0.20% Added +68.1k +68,110
61 PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio BALTIMORE, MD 113,706113.7k $1.3m $1.3m 0.00% Added +23.1k +23,059
62 Simplicity Wealth,LLC 0.07% of their portfolio SUMMIT, NJ 111,965112.0k $1.3m $1.3m 0.07% Reduced -560 -560
63 PRUDENTIAL FINANCIAL INC 0.00% of their portfolio NEWARK, NJ 107,566107.6k $1.2m $1.2m 0.00% Reduced -3.1k -3,140
64 Man Group plc 0.00% of their portfolio LONDON, X0 100,000100.0k $1.1m $1.1m 0.00% Reduced -82.5k -82,503
65 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 99,32699.3k $1.1m $1.1m 0.00% Added +74.4k +74,416
66 DEUTSCHE BANK AG\ 0.00% of their portfolio FRANKFURT AM MAIN, 2M 97,41397.4k $1.1m $1.1m 0.00% Added +11.6k +11,598
67 MOORE CAPITAL MANAGEMENT, LP 0.04% of their portfolio NEW YORK, NY 95,35395.4k $1.1m $1.1m 0.04% New
68 CREDIT INDUSTRIEL ET COMMERCIAL 0.17% of their portfolio PARIS FRANCE, I0 93,00093.0k $1.1m $1.1m 0.17% New
69 CAXTON ASSOCIATES LLP 0.02% of their portfolio LONDON, X0 91,70391.7k $1.0m $1.0m 0.02% Reduced -70.9k -70,949
70 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 91,55291.6k $1.0m $1.0m 0.00% Reduced -365.2k -365,190
71 GUGGENHEIM CAPITAL LLC 0.01% of their portfolio CHICAGO, IL 82,44382.4k $941.5k $941.5k 0.01% Reduced -21.9k -21,880
72 Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio ZURICH, V8 71,51671.5k $816.7k $816.7k 0.00% Added +46.4k +46,443
73 Thrivent Financial for Lutherans 0.00% of their portfolio Minneapolis, MN 69,95670.0k $799.0k $799.0k 0.00% Reduced -1.6k -1,612
74 VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio London, EC4N 8AF, X0 68,84768.8k $786.2k $786.2k 0.00% First filing
75 Blackstone Inc. 0.00% of their portfolio NEW YORK, NY 53,67753.7k $613.0k $613.0k 0.00% Not comparable
76 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 53,09853.1k $606.4k $606.4k 0.00% Reduced -84.9k -84,889
77 MetLife Investment Management, LLC 0.00% of their portfolio Whippany, NJ 53,04253.0k $605.7k $605.7k 0.00% Reduced -2.1k -2,073
78 JANUS HENDERSON GROUP PLC 0.00% of their portfolio LONDON, X0 53,04053.0k $605.5k $605.5k 0.00% Unchanged
79 GARDNER LEWIS ASSET MANAGEMENT L P 0.13% of their portfolio CHADDS FORD, PA 52,50052.5k $599.5k $599.5k 0.13% New
80 State of Alaska, Department of Revenue 0.01% of their portfolio JUNEAU, AK 51,62351.6k $589.0k $589.0k 0.01% Reduced -1.4k -1,364
81 ABC ARBITRAGE SA 0.08% of their portfolio PARIS, I0 51,45451.5k $587.6k $587.6k 0.08% Reduced -46.9k -46,944
82 SummitTX Capital, L.P. 0.02% of their portfolio FORT WORTH, TX 50,10050.1k $572.1k $572.1k 0.02% New
83 STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio MADISON, WI 47,41247.4k $541.4k $541.4k 0.00% Added +25.2k +25,198
84 MARSHALL WACE, LLP 0.00% of their portfolio LONDON, X0 46,84346.8k $534.9k $534.9k 0.00% Reduced -2.2m -2,228,017
85 Louisiana State Employees Retirement System 0.01% of their portfolio BATON ROUGE, LA 46,50046.5k $531.0k $531.0k 0.01% Reduced -1.2k -1,200
86 Vanguard Global Advisers, LLC 0.00% of their portfolio MALVERN, PA 43,52343.5k $497.0k $497.0k 0.00% First filing
87 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 40,82940.8k $466.3k $466.3k 0.00% Reduced -55.3k -55,253
88 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 33,36933.4k $381.1k $381.1k 0.00% Reduced -9.1k -9,093
89 NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio ALBANY, NY 32,97633.0k $376.6k $376.6k 0.00% Unchanged
90 MARINER INVESTMENT GROUP LLC 0.11% of their portfolio NEW YORK, NY 32,77632.8k $374.3k $374.3k 0.11% New
91 XTX Topco Ltd 0.01% of their portfolio LONDON, X0 31,40331.4k $358.6k $358.6k 0.01% Reduced -100.2k -100,215
92 APS Management Group, Inc. 0.30% of their portfolio TORRANCE, CA 30,78230.8k $351.5k $351.5k 0.30% Added +950 +950
93 AMALGAMATED BANK 0.00% of their portfolio NEW YORK, NY 30,16030.2k $344.0k $344.0k 0.00% Reduced -104 -104
94 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 29,56629.6k $337.6k $337.6k 0.00% Reduced -30.8k -30,836
95 ARIZONA STATE RETIREMENT SYSTEM 0.00% of their portfolio PHOENIX, AZ 28,63828.6k $327.0k $327.0k 0.00% Reduced -450 -450
96 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio Toronto, A6 27,99828.0k $319.7k $319.7k 0.00% Reduced -17.7k -17,688
97 YOUSIF CAPITAL MANAGEMENT, LLC 0.00% of their portfolio BLOOMFIELD HILLS, MI 27,84027.8k $317.9k $317.9k 0.00% Added +5 +5
98 STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio TALLAHASSEE, FL 27,77327.8k $317.2k $317.2k 0.00% Unchanged
99 Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio TRENTON, NJ 27,74527.7k $316.8k $316.8k 0.00% Unchanged
100 COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 0.00% of their portfolio HARRISBURG, PA 25,91825.9k $296.0k $296.0k 0.00% Added +132 +132