TWO HARBORS INVENTMENT CORPO

CUSIP: 90187BAB7 Class: NOTE 6.250% 1/1

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (7)

FRANKLIN RESOURCES INC
Value ($000) $13,049 Shares 12,970,000
GLAZER CAPITAL, LLC
Value ($000) $1 Shares 1,000,000
TORONTO DOMINION BANK
Value ($000) $2,575 Shares 2,575,000
Advisory Services Network, LLC
Value ($000) $85 Shares 85,000
Joel Isaacson & Co., LLC
Value ($000) $40 Shares 40,000
Goldstein Advisors, LLC
Value ($000) $17 Shares 17,000
COMMONWEALTH EQUITY SERVICES, LLC
Value ($000) $50 Shares 50,000

Increased Positions (5)

PIPER SANDLER & CO.
Value ($000) $12,560 (+68.2%) Shares 12,687,000 (+68.3%)
Context Capital Management, LLC
Value ($000) $485 (-0.3%) Shares 486,000 (+99900.0%)
STIFEL FINANCIAL CORP
Value ($000) $155 (+29.7%) Shares 155,220 (+29.7%)
ROYAL BANK OF CANADA
Value ($000) $145 (+7.4%) Shares 145,000 (+8.2%)
OSAIC HOLDINGS, INC.
Value ($000) $18 (+124.4%) Shares 18 (+125.0%)

Decreased Positions (7)

Laffer Tengler Investments, Inc.
Value ($000) $2,777 (+2.6%) Shares 2,623 (-90.1%)
CHAPMAN FINANCIAL GROUP, LLC
Value ($000) $977 (-1.4%) Shares 950,000 (-4.0%)
OAKTREE CAPITAL MANAGEMENT LP
Value ($000) $3,290 (-11.7%) Shares 3,298,000 (-11.4%)
Russell Investments Group, Ltd.
Value ($000) $1,565 (-47.1%) Shares 1,520,000 (-48.7%)
MONETA GROUP INVESTMENT ADVISORS LLC
Value ($000) $10 (+1.2%) Shares 100 (-90.0%)
MORGAN STANLEY
Value ($000) $19 (-51.4%) Shares 19,000 (-51.3%)
&PARTNERS
Value ($000) $155 (-1.5%) Shares 156,000 (-1.3%)

Exited Positions (2)

TENOR CAPITAL MANAGEMENT Co., L.P.
Value ($000) $4,300 Shares 4,245,000
BlackRock, Inc.
Value ($000) $2,569 Shares 2,575,000