Vanguard reports 5.42M Two Harbors stake (NYSE: TWO)

Rhea-AI Filing Summary

Two Harbors Investment Corp beneficial ownership disclosure: Vanguard Capital Management reports beneficial ownership of 5,422,979 shares of Common Stock, representing 5.16% of the class as of 03/31/2026. The filing states Vanguard has sole dispositive power over 5,422,979 shares and sole voting power over 771,699 shares, and that the total reflects holdings across Vanguard affiliates and managed funds.

Insights

Institutional Ownership Analyst

Vanguard holds a passive, just-above-5% stake across managed vehicles.

Vanguard Capital Management reports beneficial ownership of 5,422,979 shares (5.16%) as of 03/31/2026, using dispositive authority across multiple affiliated investment vehicles. The disclosure follows Schedule 13G reporting conventions for institutional investors.

The filing notes voting and dispositive splits—771,699 shares with sole voting power versus 5,422,979 with sole dispositive power—and a signature dated 04/30/2026. Subsequent filings could show changes if Vanguard rebalances holdings.

Key Figures

Beneficial ownership: 5,422,979 shares Percent of class: 5.16% Sole voting power: 771,699 shares +1 more

4 metrics

Beneficial ownership 5,422,979 shares Two Harbors Common Stock as of 03/31/2026

Percent of class 5.16% Percent of outstanding shares reported

Sole voting power 771,699 shares Shares with sole power to vote reported by Vanguard

Sole dispositive power 5,422,979 shares Shares with sole power to dispose reported by Vanguard

Key Terms

beneficially owned, Investment Company Act of 1940, dispositive power, CUSIP

4 terms

beneficially owned regulatory

"reflects the securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Investment Company Act of 1940 regulatory

"investment companies registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

dispositive power financial

"Sole Dispositive Power 5,422,979.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

CUSIP technical

"CUSIP Number(s): 90187B804"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/30/2026 - 02:04 PM Learn about SEC filing dates

FAQ

What stake does Vanguard Capital Management report in Two Harbors (TWO)?

Vanguard reports beneficial ownership of 5,422,979 shares, or 5.16%. The filing states this position is held across Vanguard affiliates and managed funds, with dispositive power exercised by Vanguard Capital Management as reported.

Does Vanguard have voting power over the Two Harbors shares reported?

Yes—Vanguard reports sole voting power over 771,699 shares. The filing distinguishes voting power (771,699 shares) from dispositive power (5,422,979 shares) held across affiliated accounts.

What date does the Schedule 13G position reference for Two Harbors holdings?

The ownership is reported as of 03/31/2026. The form is signed and dated by an authorized Vanguard representative on 04/30/2026, which is the filing signature date.

Are the Two Harbors shares held directly by Vanguard or its affiliates?

The filing states holdings are reported for Vanguard Capital Management and affiliates. It explains the total includes securities held by Vanguard funds and accounts over which affiliates exercise voting or dispositive power.

Does any single person other than Vanguard hold more than 5% of Two Harbors per this filing?

No single other person's interest over 5% is identified. The filing explicitly states no other person known to Vanguard has an interest exceeding 5% of the class.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Two Harbors Investment Corp

(Name of Issuer)

Common Stock

(Title of Class of Securities)

90187B804

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 90187B804

1

Names of Reporting Persons

Vanguard Capital Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 771,699.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,422,979.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,422,979.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.16 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Capital Management LLC and the following affiliates of Vanguard Capital Management LLC or business divisions of such affiliates: Vanguard Asset Management Limited, Vanguard Fiduciary Trust Company, Vanguard Global Advisers, LLC and Vanguard Investments Australia Ltd. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Capital Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Capital Management LLC, or business divisions of such subsidiaries, whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Two Harbors Investment Corp
(b)	Address of issuer's principal executive offices: 1601 Utica Ave S, Suite 900, Minneapolis, MN, 55416
Item 2.
(a)	Name of person filing: Vanguard Capital Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 90187B804
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5422979
(b)	Percent of class: 5.16 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 771699
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5422979
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Capital Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Capital Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/30/2026