Two Harbors Investment Corporation

TWO • NYSE

Two Harbors Investment Corporation is a reit - mortgage company in the real estate sector on NYSE, led by William Greenberg, with a market cap of $1.0B. As of Q3 2025, 67% of shares are held by 210 institutional investors, with BlackRock, Inc. as the largest holder at 15.78%.

President and Chief Executive OfficerWilliam Greenberg

Market Cap$1.0B

REIT - Mortgage

Real Estate

Employees466.0

Websitetwoharborsinvestment.com

Country

United States of America

Overview

Overview of institutional ownership in TWO as of Q3 2025 with a market cap of $1.0B

All Institutions

Institutions: 210
Value Held: $686.9M
Shares Held: 69.5M
Avg Position: $3.3M
Median Position: $193.1K

Hedge Funds

Hedge Funds: 21
Value Held: $78.1M
Shares Held: 7.9M
Avg Position: $3.7M
Median Position: $527.0K

Ownership Breakdown

Institutional (non-HF)

59.22%

$608.8M

Hedge Funds

7.6%

$78.1M

Retail & Other

33.18%

$341.1M

Based on market cap of $1.0B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in TWO as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$162.2M 0.00% of portfolio	15.78% 16.4M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$108.5M 0.00% of portfolio	10.55% 11.0M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$44.8M 0.04% of portfolio	4.35% 4.5M shares	≤ Q2 2013 Held for 12y 5m+	$121.98B
Allspring Global Investments Holdings, LLC Long Only Manager	Francis Jon Baranko President	$42.7M 0.07% of portfolio	4.04% 4.2M shares	Q4 2021 Held for 3y 11m	$61.5B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$38.7M 0.00% of portfolio	3.77% 3.9M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$26.0M 0.00% of portfolio	2.53% 2.6M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$24.3M 0.00% of portfolio	2.37% 2.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dmitry Balyasny CIO	$18.8M 0.04% of portfolio	1.83% 1.9M shares	Q3 2022 Held for 3y 2m	$48.1B
A Algebris Ltd Institution	-	$17.6M 2.20% of portfolio	1.71% 1.8M shares	Q3 2025 Held for 2 months	$799.8M
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$13.8M 0.00% of portfolio	1.34% 1.4M shares	≤ Q2 2013 Held for 12y 5m+	$620.51B

Net Capital Flow

Institutional buying and selling activity for TWO in Q3 2025

Traded: −$28.4M
Buyers: 102
Sellers: 88
Total Bought: +$64.7M
Total Sold: −$93.1M
Avg Position: $2.9M

Biggest Buyers

Institution	Net Bought	Current Position
A Algebris Ltd Institution	+$17.6M +1.8M shares	$17.6M 1.8M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$14.0M +1.4M shares	$44.8M 4.5M shares
PEKIN SINGER STRAUSS ASSET MANAGEMENT /IL RIA/Wealth	+$5.3M +539.5K shares	$5.3M 539.5K shares
J JANE STREET GROUP, LLC Institution	+$2.5M +257.8K shares	$2.5M 257.8K shares
D D. E. Shaw & Co., Inc. Institution	+$2.4M +240.9K shares	$2.4M 240.9K shares
BANK OF AMERICA CORP /DE/ Institution	+$1.7M +172.2K shares	$7.8M 785.6K shares
R ROYAL BANK OF CANADA Institution	+$1.5M +147.6K shares	$2.0M 204.0K shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$1.4M +146.7K shares	$3.8M 388.2K shares
BARCLAYS PLC Institution	+$1.4M +138.4K shares	$3.3M 338.6K shares
Clayton Partners LLC Hedge Fund•Long/Short	+$1.2M +125.0K shares	$1.2M 125.0K shares

Biggest Sellers

Institution	Net Sold	Current Position
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	−$21.2M −2.0M shares	Sold Off 0 shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$16.5M −1.7M shares	$18.8M 1.9M shares
Allspring Global Investments Holdings, LLC Long Only Manager	−$10.5M −1.0M shares	$42.7M 4.2M shares
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$5.0M −508.1K shares	$2.3M 235.9K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$4.5M −414.0K shares	Sold Off 0 shares
FIRST TRUST ADVISORS LP ETF Provider	−$4.4M −405.9K shares	Sold Off 0 shares
VANGUARD GROUP INC Institution	−$2.9M −294.2K shares	$108.5M 11.0M shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$2.8M −285.4K shares	$8.6M 867.3K shares
Phocas Financial Corp. Long Only Manager	−$2.6M −237.2K shares	Sold Off 0 shares
B BlackRock, Inc. Institution	−$2.1M −208.9K shares	$162.2M 16.4M shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited TWO in Q3 2025

New Positions: 14
New Value: $8.2M
Exited Positions: 24
Exited Value: $38.9M

New Positions

Institution	Position Value
PEKIN SINGER STRAUSS ASSET MANAGEMENT /IL RIA/Wealth	$5.3M 539.5K shares
Clayton Partners LLC Hedge Fund•Long/Short	$1.2M 125.0K shares
CAPSTONE INVESTMENT ADVISORS, LLC Hedge Fund•Multi-Strategy	$527.0K 53.4K shares
Glenmede Investment Management, LP Long Only Manager	$278.7K 28.2K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$202.7K 20.5K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$201.5K 20.4K shares
FourThought Financial Partners, LLC RIA/Wealth	$174.1K 17.6K shares
Elevate Capital Advisors, LLC RIA/Wealth	$112.6K 11.4K shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC RIA/Wealth	$107.4K 11.1K shares
Mowery & Schoenfeld Wealth Management, LLC RIA/Wealth	$24.7K 2.5K shares

Exited Positions

Institution	Previous Position
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	$21.2M 2.0M shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$4.5M 414.0K shares
FIRST TRUST ADVISORS LP ETF Provider	$4.4M 405.9K shares
Phocas Financial Corp. Long Only Manager	$2.6M 237.2K shares
Private Advisor Group, LLC RIA/Wealth	$1.0M 95.8K shares
AXS Investments LLC Institution	$916.2K 85.1K shares
O'SHAUGHNESSY ASSET MANAGEMENT, LLC Long Only Manager	$851.2K 79.0K shares
E EXCHANGE TRADED CONCEPTS, LLC Institution	$626.8K 58.2K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$446.6K 41.5K shares
Kestra Advisory Services, LLC RIA/Wealth	$428.8K 39.8K shares

Options Activity

Institutions with the largest Call and Put options positions in TWO as of Q3 2025

Call Positions: 5
Call Value: $4.2M
Put Positions: 4
Put Value: $5.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4M 1.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$1.2M 1.2K contracts
Caption Management, LLC Hedge Fund•Long/Short	$696.8K 706.0 contracts
W WOLVERINE TRADING, LLC Institution	$592.4K 607.0 contracts
J JANE STREET GROUP, LLC Institution	$243.8K 247.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$3.5M 3.6K contracts
W WOLVERINE TRADING, LLC Institution	$900.8K 923.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$293.1K 297.0 contracts
J JANE STREET GROUP, LLC Institution	$264.5K 268.0 contracts

Most Committed Institutions

Institutions with TWO as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
A Algebris Ltd Institution	-	2.20% $17.6M	1.71% 1.8M shares	Q3 2025 Held for 2 months	$799.8M
G GraniteShares Advisors LLC Institution	William John Grant Rhind CEO	1.49% $2.6M	0.25% 260.6K shares	Q4 2024 Held for 11 months	$172.8M
Clayton Partners LLC Hedge Fund•Long/Short	Alex Gates CCO	0.94% $1.2M	0.12% 125.0K shares	Q3 2025 Held for 2 months	$131.9M
PEKIN SINGER STRAUSS ASSET MANAGEMENT /IL RIA/Wealth	Adam Savitz Strauss CEO	0.54% $5.3M	0.52% 539.5K shares	Q3 2025 Held for 2 months	$986.9M
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	Christopher Lazarus Gust CEO	0.16% $2.3M	0.23% 235.9K shares	Q4 2021 Held for 3y 11m	$1.5B
Golden State Equity Partners RIA/Wealth	John Emile Nahas Managing Partner	0.14% $828.2K	0.08% 83.9K shares	Q2 2024 Held for 1y 5m	$590.2M
Advisors Asset Management, Inc. ETF Provider	Scott Irvin Colyer CEO	0.13% $7.5M	0.72% 755.0K shares	≤ Q2 2013 Held for 12y 5m+	$5.9B
P PharVision Advisers, LLC Hedge Fund•Long/Short	Blagovest Dimitrov Baychev CEO	0.11% $202.7K	0.02% 20.5K shares	Q3 2025 Held for 2 months	$176.9M
M Motiv8 Investments LLC RIA/Wealth	Michael Gerald Terrio President	0.08% $155.9K	0.02% 15.8K shares	Q4 2024 Held for 11 months	$187.8M
Elevate Capital Advisors, LLC RIA/Wealth	Shane Rielly Fleury Managing Partner	0.08% $112.6K	0.01% 11.4K shares	Q3 2025 Held for 2 months	$143.4M

Hedge Fund Spotlight

Discover hedge funds investing in TWO

CITADEL ADVISORS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerKenneth Cordele Griffin

Portfolio Value: $122.08B
Positions: 5,531
Last Reported: Q3 2025

Sector Allocation

Position in Two Harbors Investment Corporation

Market Value: $3.8M
Shares Held: 388.2K
Portfolio Weight: 0.00%
Owned Since: 2013-Q2

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