Vault-13

TWO HARBORS INVENTMENT CORPO TWO 6.25 01.15.26

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

45 institutional holders +5 vs Q3 2025
8,752,6238.8m shares reported held*
$155.3mreported value*
9 new 5 added 7 reduced 4 sold out net bought ≈ $3.2m (-3.1m 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 ($903.0k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $17.85.

Trends to Q4 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: 40Q4 25: 4545Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 202545

Buyers vs sellers

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

Bought or addedCut or sold out
20020Q1 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 25Q3 25: 9 bought or addedQ3 25: 8 cut or sold outQ4 25: 14 bought or addedQ4 25: 11 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241111
Q2 20241213
Q3 20241110
Q4 2024815
Q1 20251310
Q2 2025913
Q3 202598
Q4 20251411

Biggest buyers

FRANKLIN RESOURCES INC New +12,970,000+13.0m
PIPER SANDLER & CO. Added +5,150,000+5.2m
TORONTO DOMINION BANK New +2,575,000+2.6m
Almitas Capital LLC New +1,613,000+1.6m
GLAZER CAPITAL, LLC New +1,000,000+1.0m
Context Capital Management, LLC Added +485,514+485.5k
Advisory Services Network, LLC New +85,000+85.0k
COMMONWEALTH EQUITY SERVICES, LLC New +50,000+50.0k
Joel Isaacson & Co., LLC New +40,000+40.0k
STIFEL FINANCIAL CORP Added +35,519+35.5k

Biggest sellers

JPMORGAN CHASE & CO Reduced -8,377,000-8.4m
TENOR CAPITAL MANAGEMENT Co., L.P. Sold out -4,245,000-4.2m
Almitas Capital LLC Sold out -3,226,000-3.2m
BlackRock, Inc. Sold out -2,575,000-2.6m
Russell Investments Group, Ltd. Reduced -1,445,000-1.4m
OAKTREE CAPITAL MANAGEMENT LP Reduced -426,000-426.0k
CHAPMAN FINANCIAL GROUP, LLC Reduced -40,000-40.0k
LAFFER TENGLER INVESTMENTS, INC. Sold out -26,530-26.5k
MORGAN STANLEY Reduced -20,000-20.0k
&PARTNERS Reduced -2,000-2.0k

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 HBK INVESTMENTS L P 0.67% of their portfolio DALLAS, TX 62,077,00062.1m $62.2m $62.2m 0.67% Unchanged
2 FRANKLIN RESOURCES INC 0.00% of their portfolio San Mateo, CA 12,970,00013.0m $13.0m $13.0m 0.00% New
3 PIPER SANDLER & CO. 8.90% of their portfolio MINNEAPOLIS, MN 12,687,00012.7m $12.6m $12.6m 8.90% Added +5.2m +5,150,000
4 SSI INVESTMENT MANAGEMENT LLC 0.64% of their portfolio Los Angeles, CA 9,497,0009.5m $9.5m $9.5m 0.64% Unchanged
5 WHITEBOX ADVISORS LLC 0.15% of their portfolio MINNEAPOLIS, MN 9,279,0009.3m $9.2m $9.2m 0.15% Unchanged
6 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 8,377,0008.4m $8.4m $8.4m 0.00% Reduced -8.4m -8,377,000
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 2.17% of their portfolio CINCINNATI, OH 6,000,0006.0m $6.0m $6.0m 2.17% Unchanged
9 FMR LLC 0.00% of their portfolio BOSTON, MA 5,800,0005.8m $5.8m $5.8m 0.00% Unchanged
10 OAKTREE CAPITAL MANAGEMENT LP 0.05% of their portfolio LOS ANGELES, CA 3,298,0003.3m $3.3m $3.3m 0.05% Reduced -426.0k -426,000
11 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 3,000,0003.0m $3.0m $3.0m 0.00% Unchanged
12 TORONTO DOMINION BANK 0.00% of their portfolio TORONTO, ONTARIO, A6 2,575,0002.6m $2.6m $2.6m 0.00% New
13 Almitas Capital LLC 0.36% of their portfolio SANTA MONICA, CA 1,613,0001.6m $1.6m $1.6m 0.36% New
14 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,520,0001.5m $1.6m $1.6m 0.00% Reduced -1.4m -1,445,000
15 Delphi Financial Group, Inc. 0.75% of their portfolio Wilmington, DE 1,509,0001.5m $1.5m $1.5m 0.75% Unchanged
16 SCHRODER INVESTMENT MANAGEMENT GROUP 0.00% of their portfolio London, X0 1,010,0001.0m $1.0m $1.0m 0.00% Unchanged
17 GLAZER CAPITAL, LLC 0.03% of their portfolio New York, NY 1,000,0001.0m $1.0m $1.0m 0.03% New
18 CHAPMAN FINANCIAL GROUP, LLC 0.67% of their portfolio KAILUA, HI 950,000950.0k $977.1k $977.1k 0.67% Reduced -40.0k -40,000
19 Seelaus Asset Management LLC 0.70% of their portfolio CHATHAM, NJ 884,000884.0k $883.8k $883.8k 0.70% Unchanged
20 Meadowbrook Advisors Group, LLC 0.31% of their portfolio BEDMINSTER, NJ 556,000556.0k $553.2k $553.2k 0.31% First filing
21 Context Capital Management, LLC 0.01% of their portfolio LAJOLLA, CA 486,000486.0k $484.8k $484.8k 0.01% Added +485.5k +485,514
22 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 156,000156.0k $155.2k $155.2k 0.00% Reduced -2.0k -2,000
23 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 155,220155.2k $155.2k $155.2k 0.00% Added +35.5k +35,519
24 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 145,000145.0k $145.0k $145.0k 0.00% Added +11.0k +11,000
25 Savant Capital, LLC 0.00% of their portfolio ROCKFORD, IL 125,000125.0k $128.6k $128.6k 0.00% Unchanged
26 Advisory Services Network, LLC 0.00% of their portfolio ATLANTA, GA 85,00085.0k $84.6k $84.6k 0.00% New
27 Central Pacific Bank - Trust Division 0.01% of their portfolio HONOLULU, HI 52,00052.0k $51.7k $51.7k 0.01% Unchanged
28 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 50,00050.0k $49.8k $49.8k 0.00% New
29 D.A. DAVIDSON & CO. 0.00% of their portfolio GREAT FALLS, MT 50,00050.0k $49.8k $49.8k 0.00% Unchanged
30 LaSalle St. Investment Advisors, LLC 0.01% of their portfolio ELMHURST, IL 45,00045.0k $44.0k $44.0k 0.01% Unchanged
31 Joel Isaacson & Co., LLC 0.00% of their portfolio NEW YORK, NY 40,00040.0k $40.0k $40.0k 0.00% New
32 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 40,00040.0k $39.8k $39.8k 0.00% Unchanged
33 FIRST HORIZON CORP 0.00% of their portfolio MEMPHIS, TN 30,00030.0k $29.9k $29.9k 0.00% Unchanged
34 Creative Planning 0.00% of their portfolio OVERLAND PARK, KS 25,00025.0k $25.0k $25.0k 0.00% Unchanged
35 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 19,00019.0k $18.9k $18.9k 0.00% Reduced -20.0k -20,000
36 Goldstein Advisors, LLC 0.00% of their portfolio Madison, WI 17,00017.0k $17.0k $17.0k 0.00% New
37 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 15,00015.0k $15.0k $15.0k 0.00% Unchanged
38 Parkside Financial Bank & Trust 0.00% of their portfolio SAINT LOUIS, MO 14,00014.0k $14.3k $14.3k 0.00% Unchanged
39 WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio PLYMOUTH, MN 14,00014.0k $14.0k $14.0k 0.00% Unchanged
40 Integrated Advisors Network LLC 0.00% of their portfolio DALLAS, TX 10,00010.0k $10.3k $10.3k 0.00% Unchanged
41 Arkadios Wealth Advisors 0.00% of their portfolio ATLANTA, GA 10,00010.0k $9.9k $9.9k 0.00% Unchanged
42 Left Brain Wealth Management, LLC 0.00% of their portfolio NAPERVILLE, IL 10,00010.0k $10.3k $10.3k 0.00% Unchanged
43 LAFFER TENGLER INVESTMENTS, INC. 0.42% of their portfolio Scottsdale, AZ 2,6232.6k $2.8m $2.8m 0.42% New
44 MONETA GROUP INVESTMENT ADVISORS LLC 0.00% of their portfolio ST LOUIS, MO 100100 $10.0k $10.0k 0.00% Reduced -901 -901
45 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1818 $17.9k $17.9k 0.00% Added +10 +10