Vault-13

TWO HARBORS INVENTMENT CORPO TWO 6.25 01.15.26

NOTE 6.250% 1/1 · US DOMESTIC · CUSIP 90187BAB7

43 institutional holders -2 vs Q4 2024
9,278,7529.3m shares reported held*
$158.2mreported value*
5 new 8 added 4 reduced 6 sold out net bought ≈ $5.5m (+1.7m 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 ($2.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $17.28.

Trends to Q1 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 29Q4 22: 28Q1 23: 28Q2 23: 32Q3 23: 34Q4 23: 36Q1 24: 40Q2 24: 43Q3 24: 42Q4 24: 45Q1 25: 4343Q3 22Q1 23Q3 23Q1 24Q3 24Q1 25
Numbers
QuarterHolders
Q3 202229
Q4 202228
Q1 202328
Q2 202332
Q3 202334
Q4 202336
Q1 202440
Q2 202443
Q3 202442
Q4 202445
Q1 202543

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q2 23: 10 bought or addedQ2 23: 7 cut or sold outQ3 23: 10 bought or addedQ3 23: 10 cut or sold outQ3 23Q4 23: 13 bought or addedQ4 23: 4 cut or sold outQ1 24: 11 bought or addedQ1 24: 11 cut or sold outQ1 24Q2 24: 12 bought or addedQ2 24: 13 cut or sold outQ3 24: 11 bought or addedQ3 24: 10 cut or sold outQ3 24Q4 24: 8 bought or addedQ4 24: 15 cut or sold outQ1 25: 13 bought or addedQ1 25: 10 cut or sold outQ1 25
Numbers
QuarterBought or addedCut or sold out
Q2 2023107
Q3 20231010
Q4 2023134
Q1 20241111
Q2 20241213
Q3 20241110
Q4 2024815
Q1 20251310

Biggest buyers

PIPER SANDLER & CO. New +5,000,000+5.0m
OAKTREE CAPITAL MANAGEMENT LP Added +3,806,000+3.8m
Russell Investments Group, Ltd. Added +3,041,000+3.0m
BANK OF AMERICA CORP /DE/ New +3,000,000+3.0m
Western Asset Management Company, LLC Added +2,000,000+2.0m
Almitas Capital LLC New +1,613,000+1.6m
SSI INVESTMENT MANAGEMENT LLC Added +492,000+492.0k
SCHRODER INVESTMENT MANAGEMENT GROUP Added +360,000+360.0k
LANARK FINANCIAL, INC. Added +17,982+18.0k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO New +15,000+15.0k

Biggest sellers

MILLENNIUM MANAGEMENT LLC Reduced -5,000,000-5.0m
LORD, ABBETT & CO. LLC Reduced -4,801,000-4.8m
Walleye Capital LLC Sold out -2,118,000-2.1m
Almitas Capital LLC Sold out -1,613,000-1.6m
ROYAL BANK OF CANADA Reduced -170,000-170.0k
FIRST HAWAIIAN BANK Sold out -54,000-54.0k
Pallas Capital Advisors LLC Sold out -22,000-22.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Sold out -14,000-14.0k
&PARTNERS Reduced -8,000-8.0k
Centiva Capital, LP Sold out -1,500-1.5k

Holders, Q1 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK INVESTMENTS L P 1.01% of their portfolio DALLAS, TX 58,122,00058.1m $57.9m $57.9m 1.01% Unchanged
2 Western Asset Management Company, LLC 33.56% of their portfolio Pasadena, CA 16,055,00016.1m $16.0m $16.0m 33.56% Added +2.0m +2,000,000
3 SSI INVESTMENT MANAGEMENT LLC 0.77% of their portfolio Los Angeles, CA 9,938,0009.9m $9.8m $9.8m 0.77% Added +492.0k +492,000
4 WHITEBOX ADVISORS LLC 0.30% of their portfolio MINNEAPOLIS, MN 9,279,0009.3m $9.2m $9.2m 0.30% Unchanged
5 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,377,0008.4m $8.4m $8.4m 0.00% Unchanged
6 Catalyst Capital Advisors LLC 0.15% of their portfolio San Juan, PR 7,225,0007.2m $7.2m $7.2m 0.15% Unchanged
7 OAKTREE CAPITAL MANAGEMENT LP 0.13% of their portfolio LOS ANGELES, CA 6,466,0006.5m $6.4m $6.4m 0.13% Added +3.8m +3,806,000
8 AMERICAN FINANCIAL GROUP INC 2.55% of their portfolio CINCINNATI, OH 6,000,0006.0m $6.0m $6.0m 2.55% Unchanged
9 FMR LLC 0.00% of their portfolio BOSTON, MA 5,800,0005.8m $5.7m $5.7m 0.00% Unchanged
10 PIPER SANDLER & CO. 3.72% of their portfolio MINNEAPOLIS, MN 5,000,0005.0m $5.0m $5.0m 3.72% New
11 Russell Investments Group, Ltd. 0.01% of their portfolio Seattle, WA 4,881,0004.9m $4.9m $4.9m 0.01% Added +3.0m +3,041,000
12 TENOR CAPITAL MANAGEMENT Co., L.P. 0.06% of their portfolio NEW YORK, NY 4,245,0004.2m $4.3m $4.3m 0.06% Unchanged
13 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,000,0003.0m $3.0m $3.0m 0.00% New
14 MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio NEW YORK, NY 2,692,0002.7m $2.7m $2.7m 0.00% Reduced -5.0m -5,000,000
15 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,525,0002.5m $2.5m $2.5m 0.00% Unchanged
16 LORD, ABBETT & CO. LLC 0.01% of their portfolio JERSEY CITY, NJ 2,199,0002.2m $2.2m $2.2m 0.01% Reduced -4.8m -4,801,000
17 Almitas Capital LLC 0.53% of their portfolio SANTA MONICA, CA 1,613,0001.6m $1.6m $1.6m 0.53% New
18 Delphi Financial Group, Inc. 0.91% of their portfolio Wilmington, DE 1,509,0001.5m $1.5m $1.5m 0.91% Unchanged
19 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 1,010,0001.0m $999.4k $999.4k 0.00% Added +360.0k +360,000
20 Seelaus Asset Management LLC 0.84% of their portfolio CHATHAM, NJ 884,000884.0k $879.6k $879.6k 0.84% Unchanged
21 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 177,000177.0k $175.1k $175.1k 0.00% Reduced -8.0k -8,000
22 Central Pacific Bank - Trust Division 0.02% of their portfolio HONOLULU, HI 167,000167.0k $165.3k $165.3k 0.02% Unchanged
23 Savant Capital, LLC 0.00% of their portfolio ROCKFORD, IL 125,000125.0k $126.0k $126.0k 0.00% Unchanged
24 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 100,000100.0k $100.0k $100.0k 0.00% Reduced -170.0k -170,000
25 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 64,35064.3k $64.3k $64.3k 0.00% Added +422 +422
26 D.A. DAVIDSON & CO. 0.00% of their portfolio GREAT FALLS, MT 50,00050.0k $49.5k $49.5k 0.00% Unchanged
27 LaSalle St. Investment Advisors, LLC 0.01% of their portfolio ELMHURST, IL 45,00045.0k $44.0k $44.0k 0.01% Unchanged
28 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 25,00025.0k $24.9k $24.9k 0.00% Unchanged
29 LANARK FINANCIAL, INC. 0.00% of their portfolio BIRMINGHAM, AL 18,00018.0k $17.0k $17.0k 0.00% Added +18.0k +17,982
30 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 17,00017.0k $16.9k $16.9k 0.00% Unchanged
31 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,00015.0k $15.0k $15.0k 0.00% Unchanged
32 NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio MILWAUKEE, WI 15,00015.0k $14.8k $14.8k 0.00% New
33 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 14,00014.0k $14.0k $14.0k 0.00% Unchanged
34 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 14,00014.0k $13.9k $13.9k 0.00% New
35 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 13,00013.0k $12.9k $12.9k 0.00% Unchanged
36 Integrated Advisors Network LLC 0.00% of their portfolio DALLAS, TX 10,00010.0k $10.1k $10.1k 0.00% Unchanged
37 Arkadios Wealth Advisors 0.00% of their portfolio ATLANTA, GA 10,00010.0k $9.9k $9.9k 0.00% Unchanged
38 Left Brain Wealth Management, LLC 0.00% of their portfolio NAPERVILLE, IL 10,00010.0k $10.1k $10.1k 0.00% Unchanged
39 LAFFER TENGLER INVESTMENTS, INC. 0.60% of their portfolio Scottsdale, AZ 2,7522.8k $2.8m $2.8m 0.60% Added +3 +3
40 Context Capital Management, LLC 0.02% of their portfolio LAJOLLA, CA 486486 $482.4k $482.4k 0.02% Unchanged
41 MONETA GROUP INVESTMENT ADVISORS LLC 0.00% of their portfolio ST LOUIS, MO 100100 $9.9k $9.9k 0.00% Unchanged
42 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 88 $7.9k $7.9k 0.00% Unchanged
43 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged