Vault-13

TWO HARBORS INVENTMENT CORPO TWO 6.25 01.15.26

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

42 institutional holders -1 vs Q1 2025
10,251,67010.3m shares reported held*
$157.6mreported value*
4 new 5 added 7 reduced 6 sold out net sold ≈ $1.4m (-17.1k 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 ($1.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $15.53.

Trends to Q2 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: 43Q2 25: 4242Q3 22Q2 23Q1 24Q4 24Q2 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
Q2 202542

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q3 23: 10 bought or addedQ3 23: 10 cut or sold outQ4 23: 13 bought or addedQ4 23: 4 cut or sold outQ4 23Q1 24: 11 bought or addedQ1 24: 11 cut or sold outQ2 24: 12 bought or addedQ2 24: 13 cut or sold outQ2 24Q3 24: 11 bought or addedQ3 24: 10 cut or sold outQ4 24: 8 bought or addedQ4 24: 15 cut or sold outQ4 24Q1 25: 13 bought or addedQ1 25: 10 cut or sold outQ2 25: 9 bought or addedQ2 25: 13 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231010
Q4 2023134
Q1 20241111
Q2 20241213
Q3 20241110
Q4 2024815
Q1 20251310
Q2 2025913

Biggest buyers

HBK INVESTMENTS L P Added +3,955,000+4.0m
PIPER SANDLER & CO. Added +2,223,000+2.2m
ROYAL BANK OF CANADA Added +350,000+350.0k
BlackRock, Inc. Added +50,000+50.0k
AVANTAX ADVISORY SERVICES, INC. New +40,000+40.0k
Mariner, LLC New +40,000+40.0k
First Horizon Advisors, Inc. New +30,000+30.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC New +14,000+14.0k
MORGAN STANLEY Added +6,000+6.0k

Biggest sellers

MILLENNIUM MANAGEMENT LLC Sold out -2,692,000-2.7m
LORD, ABBETT & CO. LLC Sold out -2,199,000-2.2m
OAKTREE CAPITAL MANAGEMENT LP Reduced -1,701,000-1.7m
Russell Investments Group, Ltd. Reduced -1,151,000-1.2m
SSI INVESTMENT MANAGEMENT LLC Reduced -154,000-154.0k
Central Pacific Bank - Trust Division Reduced -115,000-115.0k
LaSalle St. Investment Advisors, LLC Sold out -45,000-45.0k
LANARK FINANCIAL, INC. Sold out -18,000-18.0k
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO Sold out -15,000-15.0k
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC Sold out -14,000-14.0k

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK INVESTMENTS L P 1.10% of their portfolio DALLAS, TX 62,077,00062.1m $61.7m $61.7m 1.10% Added +4.0m +3,955,000
2 Western Asset Management Company, LLC 20.88% of their portfolio Pasadena, CA 16,055,00016.1m $15.9m $15.9m 20.88% Unchanged
3 SSI INVESTMENT MANAGEMENT LLC 0.68% of their portfolio Los Angeles, CA 9,784,0009.8m $9.6m $9.6m 0.68% Reduced -154.0k -154,000
4 WHITEBOX ADVISORS LLC 0.25% of their portfolio MINNEAPOLIS, MN 9,279,0009.3m $9.1m $9.1m 0.25% Unchanged
5 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,377,0008.4m $8.3m $8.3m 0.00% Unchanged
6 Catalyst Capital Advisors LLC 0.14% of their portfolio San Juan, PR 7,225,0007.2m $7.1m $7.1m 0.14% Unchanged
7 PIPER SANDLER & CO. 5.52% of their portfolio MINNEAPOLIS, MN 7,223,0007.2m $7.2m $7.2m 5.52% Added +2.2m +2,223,000
8 AMERICAN FINANCIAL GROUP INC 2.22% of their portfolio CINCINNATI, OH 6,000,0006.0m $5.9m $5.9m 2.22% Unchanged
9 FMR LLC 0.00% of their portfolio BOSTON, MA 5,800,0005.8m $5.7m $5.7m 0.00% Unchanged
10 OAKTREE CAPITAL MANAGEMENT LP 0.09% of their portfolio LOS ANGELES, CA 4,765,0004.8m $4.7m $4.7m 0.09% Reduced -1.7m -1,701,000
11 TENOR CAPITAL MANAGEMENT Co., L.P. 0.06% of their portfolio NEW YORK, NY 4,245,0004.2m $4.4m $4.4m 0.06% Unchanged
12 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 3,730,0003.7m $3.8m $3.8m 0.00% Reduced -1.2m -1,151,000
13 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,000,0003.0m $2.9m $2.9m 0.00% Unchanged
14 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,575,0002.6m $2.5m $2.5m 0.00% Added +50.0k +50,000
15 Almitas Capital LLC 0.40% of their portfolio SANTA MONICA, CA 1,613,0001.6m $1.6m $1.6m 0.40% Unchanged
16 Delphi Financial Group, Inc. 1.05% of their portfolio Wilmington, DE 1,509,0001.5m $1.5m $1.5m 1.05% Unchanged
17 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 1,010,0001.0m $990.3k $990.3k 0.00% Unchanged
18 CHAPMAN FINANCIAL GROUP, LLC 0.85% of their portfolio KAILUA, HI 990,000990.0k $1.0m $1.0m 0.85% First filing
19 Seelaus Asset Management LLC 0.77% of their portfolio CHATHAM, NJ 884,000884.0k $873.4k $873.4k 0.77% Unchanged
20 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 450,000450.0k $446.0k $446.0k 0.00% Added +350.0k +350,000
21 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 172,000172.0k $168.7k $168.7k 0.00% Reduced -5.0k -5,000
22 Savant Capital, LLC 0.00% of their portfolio ROCKFORD, IL 125,000125.0k $127.1k $127.1k 0.00% Unchanged
23 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 63,76563.8k $63.8k $63.8k 0.00% Reduced -585 -585
24 Central Pacific Bank - Trust Division 0.01% of their portfolio HONOLULU, HI 52,00052.0k $51.0k $51.0k 0.01% Reduced -115.0k -115,000
25 D.A. DAVIDSON & CO. 0.00% of their portfolio GREAT FALLS, MT 50,00050.0k $49.0k $49.0k 0.00% Unchanged
26 AVANTAX ADVISORY SERVICES, INC. 0.00% of their portfolio DALLAS, TX 40,00040.0k $39.2k $39.2k 0.00% New
27 Mariner, LLC 0.00% of their portfolio Overland Park, KS 40,00040.0k $39.5k $39.5k 0.00% New
28 First Horizon Advisors, Inc. 0.00% of their portfolio MEMPHIS, TN 30,00030.0k $29.4k $29.4k 0.00% New
29 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 25,00025.0k $24.7k $24.7k 0.00% Unchanged
30 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 19,00019.0k $18.6k $18.6k 0.00% Added +6.0k +6,000
31 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 17,00017.0k $16.8k $16.8k 0.00% Unchanged
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,00015.0k $14.8k $14.8k 0.00% Unchanged
33 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 14,00014.0k $14.1k $14.1k 0.00% Unchanged
34 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 14,00014.0k $13.8k $13.8k 0.00% New
35 Integrated Advisors Network LLC 0.00% of their portfolio DALLAS, TX 10,00010.0k $10.2k $10.2k 0.00% Unchanged
36 Arkadios Wealth Advisors 0.00% of their portfolio ATLANTA, GA 10,00010.0k $9.8k $9.8k 0.00% Unchanged
37 Left Brain Wealth Management, LLC 0.00% of their portfolio NAPERVILLE, IL 10,00010.0k $10.2k $10.2k 0.00% Unchanged
38 LAFFER TENGLER INVESTMENTS, INC. 0.50% of their portfolio Scottsdale, AZ 2,6702.7k $2.8m $2.8m 0.50% Reduced -82 -82
39 Context Capital Management, LLC 0.02% of their portfolio LAJOLLA, CA 486486 $478.0k $478.0k 0.02% Unchanged
40 MONETA GROUP INVESTMENT ADVISORS LLC 0.00% of their portfolio ST LOUIS, MO 100100 $9.9k $9.9k 0.00% Unchanged
41 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 88 $7.8k $7.8k 0.00% Unchanged
42 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged