Vault-13

TWO HARBORS INVENTMENT CORPO TWO 6.25 01.15.26

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

40 institutional holders -2 vs Q2 2025
11,883,00011.9m shares reported held*
$166.2mreported value*
3 new 6 added 5 reduced 3 sold out net bought ≈ $8.0m (+1.6m 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 ($1.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $14.10.

Trends to Q3 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: 42Q3 25: 4040Q3 22Q2 23Q1 24Q4 24Q3 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
Q3 202540

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q4 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 25Q2 25: 9 bought or addedQ2 25: 13 cut or sold outQ3 25: 9 bought or addedQ3 25: 8 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023134
Q1 20241111
Q2 20241213
Q3 20241110
Q4 2024815
Q1 20251310
Q2 2025913
Q3 202598

Biggest buyers

JPMORGAN CHASE & CO Added +8,377,000+8.4m
Almitas Capital LLC Added +1,613,000+1.6m
PIPER SANDLER & CO. Added +314,000+314.0k
STIFEL FINANCIAL CORP Added +55,936+55.9k
LaSalle St. Investment Advisors, LLC New +45,000+45.0k
Cetera Investment Advisers New +40,000+40.0k
LAFFER TENGLER INVESTMENTS, INC. New +26,530+26.5k
MORGAN STANLEY Added +20,000+20.0k
MONETA GROUP INVESTMENT ADVISORS LLC Added +901+901

Biggest sellers

OAKTREE CAPITAL MANAGEMENT LP Reduced -1,041,000-1.0m
Russell Investments Group, Ltd. Reduced -765,000-765.0k
ROYAL BANK OF CANADA Reduced -316,000-316.0k
SSI INVESTMENT MANAGEMENT LLC Reduced -287,000-287.0k
Mariner, LLC Sold out -40,000-40.0k
Goldstein Advisors, LLC Sold out -17,000-17.0k
&PARTNERS Reduced -14,000-14.0k
LAFFER TENGLER INVESTMENTS, INC. Sold out -2,670-2.7k

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK INVESTMENTS L P 0.91% of their portfolio DALLAS, TX 62,077,00062.1m $61.4m $61.4m 0.91% Unchanged
2 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 16,754,00016.8m $16.9m $16.9m 0.00% Added +8.4m +8,377,000
3 Western Asset Management Company, LLC 35.35% of their portfolio Pasadena, CA 16,055,00016.1m $16.0m $16.0m 35.35% Unchanged
4 SSI INVESTMENT MANAGEMENT LLC 0.65% of their portfolio Los Angeles, CA 9,497,0009.5m $9.5m $9.5m 0.65% Reduced -287.0k -287,000
5 WHITEBOX ADVISORS LLC 0.17% of their portfolio MINNEAPOLIS, MN 9,279,0009.3m $9.3m $9.3m 0.17% Unchanged
6 PIPER SANDLER & CO. 5.36% of their portfolio MINNEAPOLIS, MN 7,537,0007.5m $7.5m $7.5m 5.36% Added +314.0k +314,000
7 Catalyst Capital Advisors LLC 0.15% of their portfolio San Juan, PR 7,225,0007.2m $7.2m $7.2m 0.15% Unchanged
8 AMERICAN FINANCIAL GROUP INC 2.28% of their portfolio CINCINNATI, OH 6,000,0006.0m $5.9m $5.9m 2.28% Unchanged
9 FMR LLC 0.00% of their portfolio BOSTON, MA 5,800,0005.8m $5.8m $5.8m 0.00% Unchanged
10 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
11 OAKTREE CAPITAL MANAGEMENT LP 0.06% of their portfolio LOS ANGELES, CA 3,724,0003.7m $3.7m $3.7m 0.06% Reduced -1.0m -1,041,000
12 Almitas Capital LLC 0.37% of their portfolio SANTA MONICA, CA 3,226,0003.2m $3.2m $3.2m 0.37% Added +1.6m +1,613,000
13 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
14 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 2,965,0003.0m $3.0m $3.0m 0.00% Reduced -765.0k -765,000
15 BlackRock, Inc. 0.00% of their portfolio New York, NY 2,575,0002.6m $2.6m $2.6m 0.00% Unchanged
16 Delphi Financial Group, Inc. 0.84% of their portfolio Wilmington, DE 1,509,0001.5m $1.5m $1.5m 0.84% Unchanged
17 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 1,010,0001.0m $1.0m $1.0m 0.00% Unchanged
18 CHAPMAN FINANCIAL GROUP, LLC 0.68% of their portfolio KAILUA, HI 990,000990.0k $990.8k $990.8k 0.68% Unchanged
19 Seelaus Asset Management LLC 0.69% of their portfolio CHATHAM, NJ 884,000884.0k $873.1k $873.1k 0.69% Unchanged
20 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 158,000158.0k $157.6k $157.6k 0.00% Reduced -14.0k -14,000
21 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 134,000134.0k $135.0k $135.0k 0.00% Reduced -316.0k -316,000
22 Savant Capital, LLC 0.00% of their portfolio ROCKFORD, IL 125,000125.0k $125.1k $125.1k 0.00% Unchanged
23 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 119,701119.7k $119.7k $119.7k 0.00% Added +55.9k +55,936
24 Central Pacific Bank - Trust Division 0.01% of their portfolio HONOLULU, HI 52,00052.0k $51.9k $51.9k 0.01% Unchanged
25 D.A. DAVIDSON & CO. 0.00% of their portfolio GREAT FALLS, MT 50,00050.0k $49.9k $49.9k 0.00% Unchanged
26 LaSalle St. Investment Advisors, LLC 0.01% of their portfolio ELMHURST, IL 45,00045.0k $44.0k $44.0k 0.01% New
27 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 40,00040.0k $39.9k $39.9k 0.00% New
28 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 39,00039.0k $38.9k $38.9k 0.00% Added +20.0k +20,000
29 FIRST HORIZON CORP 0.00% of their portfolio MEMPHIS, TN 30,00030.0k $29.9k $29.9k 0.00% First filing
30 LAFFER TENGLER INVESTMENTS, INC. 0.43% of their portfolio Scottsdale, AZ 26,53026.5k $2.7m $2.7m 0.43% New
31 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 25,00025.0k $24.7k $24.7k 0.00% Unchanged
32 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,00015.0k $15.1k $15.1k 0.00% Unchanged
33 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 14,00014.0k $14.2k $14.2k 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% Unchanged
35 Integrated Advisors Network LLC 0.00% of their portfolio DALLAS, TX 10,00010.0k $10.0k $10.0k 0.00% Unchanged
36 Arkadios Wealth Advisors 0.00% of their portfolio ATLANTA, GA 10,00010.0k $10.0k $10.0k 0.00% Unchanged
37 Left Brain Wealth Management, LLC 0.00% of their portfolio NAPERVILLE, IL 10,00010.0k $10.0k $10.0k 0.00% Unchanged
38 MONETA GROUP INVESTMENT ADVISORS LLC 0.00% of their portfolio ST LOUIS, MO 1,0011.0k $9.9k $9.9k 0.00% Added +901 +901
39 Context Capital Management, LLC 0.01% of their portfolio LAJOLLA, CA 486486 $486.0k $486.0k 0.01% Unchanged
40 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 88 $8.0k $8.0k 0.00% Unchanged