Institutional HoldersBeta

Who holds a company, from every 13F filed for the quarter, one row per filer exactly as filed, against the latest share count the company reported.

TWO HARBORS INVESTMENT CORP.

CIK 0001465740TWODTWO-PATWO-PBTWO-PC· quarter ending 2026-06-30
Shares outstanding
105,134,760
Held by 13F filers
82,141,793
78.1% of shares outstanding
Holders
233
+5 vs 2026-03-31 · 40 new, 35 exited
Value
$1.0B
shares +2.7% vs prior quarter

Share classes (cover page of the 10-Q filed 2026-07-29, as of 2026-07-23)

ClassListedShares outstandingHeld by 13F filers% of classHoldersCUSIP
Common stockTWO · NYSE105,134,76082,141,79378.1%23390187B804

Each class is compared with its own share count; classes are not added together. A class that is not exchange-listed cannot be held by 13F filers.

Securities (CUSIPs held in 13F this quarter)

tick to combine
CountCUSIPClass (as filers write it)HoldersShares heldClass shares% of classValueOptionsMapped via
90187B804COM23382,141,793105,134,76078.1%$1.0B5 call / 7 put13DGholders →
90187B408COM NEWnot common157——$707—prefixholders →
90187B101COMMON STOCKnot common11——$10—prefixholders →

Totals combine the ticked CUSIPs and update as you tick: common-stock classes by default; preferreds, notes, warrants and depositary shares are listed but not counted. "holders →" shows a single CUSIP on its own. Bonds are held as a principal amount, not shares. Options positions are never counted as holdings. 5 further CUSIPs map to this company (mostly bonds) but no 13F filer held them this quarter.

Top holders (233 of 233 · 90187B804)

change vs 2026-03-31
#FilerShares% of classValueChange
1BlackRock, Inc.17,057,60016.22%$211.7M+490,960 (+3.0%)
2VANGUARD PORTFOLIO MANAGEMENT LLC6,186,1025.88%$76.8M+66,208 (+1.1%)
3VANGUARD CAPITAL MANAGEMENT LLC4,656,9084.43%$57.8M+5,628 (+0.1%)
4Sand Grove Capital Management LLP4,494,9704.28%$55.8M+1,400,183 (+45.2%)
5STATE STREET CORP4,168,9263.97%$51.7M+234,397 (+6.0%)
6AQR Arbitrage LLC3,094,5182.94%$38.4M+1,073,434 (+53.1%)
7GEODE CAPITAL MANAGEMENT, LLC2,733,9572.60%$33.9M+254,828 (+10.3%)
8BANK OF AMERICA CORP /DE/2,014,2421.92%$25.0M+1,344,090 (+200.6%)
9MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,894,0451.80%$23.5M+52,669 (+2.9%)
10GOLDMAN SACHS GROUP INC1,792,7651.71%$22.2M+295,312 (+19.7%)
11Squarepoint Ops LLC1,748,8771.66%$21.7M+1,322,962 (+310.6%)
12ALLIANCEBERNSTEIN L.P.1,576,8081.50%$18.0M-532,691 (-25.3%)
13MILLENNIUM MANAGEMENT LLC1,564,6541.49%$19.4M-560,683 (-26.4%)
14Invesco Ltd.1,512,1631.44%$18.8M-443,657 (-22.7%)
15NORTHERN TRUST CORP1,287,2821.22%$16.0M+64,491 (+5.3%)
16CHARLES SCHWAB INVESTMENT MANAGEMENT INC1,263,9891.20%$15.7M-114,616 (-8.3%)
17Melqart Asset Management (UK) Ltd1,201,2621.14%$14.9M+824,292 (+218.7%)
18Qube Research & Technologies Ltd1,146,4341.09%$14.2MNEW
19Governors Lane LP1,072,1231.02%$13.3M+742,623 (+225.4%)
20VICTORY CAPITAL MANAGEMENT INC1,040,4870.99%$12.9M+176,584 (+20.4%)
21VAN ECK ASSOCIATES CORP976,8990.93%$12.1M-121,880 (-11.1%)
22UBS Group AG964,7440.92%$12.0M-503,029 (-34.3%)
23GLAZER CAPITAL, LLC963,7450.92%$12.0M+838,745 (+671.0%)
24BOOTHBAY FUND MANAGEMENT, LLC888,4240.85%$11.0M+515,946 (+138.5%)
25MORGAN STANLEY863,5680.82%$10.7M-312,233 (-26.6%)
26Man Group plc831,4500.79%$10.3M+731,450 (+731.4%)
27ADAGE CAPITAL PARTNERS GP, L.L.C.803,8970.76%$10.0M+103,897 (+14.8%)
28PRELUDE CAPITAL MANAGEMENT, LLC694,6570.66%$8.6M+271,554 (+64.2%)
29VANGUARD FIDUCIARY TRUST CO694,2120.66%$8.6M-7,971 (-1.1%)
30GABELLI FUNDS LLC675,0850.64%$8.4M+525,085 (+350.1%)
31ALPINE ASSOCIATES MANAGEMENT INC.661,2340.63%$8.2M-3,017 (-0.5%)
32Bank of New York Mellon Corp612,4320.58%$7.6M+59,607 (+10.8%)
33CREDIT INDUSTRIEL ET COMMERCIAL602,2570.57%$7.5M+509,257 (+547.6%)
34Advisors Asset Management, Inc.593,4020.56%$7.4M-176,806 (-23.0%)
35Balyasny Asset Management L.P.568,6930.54%$7.1M-4,360,728 (-88.5%)
36GABELLI & Co INVESTMENT ADVISERS, INC.518,2370.49%$6.4M+398,852 (+334.1%)
37PRINCIPAL FINANCIAL GROUP INC507,7170.48%$6.3M-3,379 (-0.7%)
38Verition Fund Management LLC465,5120.44%$5.8M+50,139 (+12.1%)
39Fort Baker Capital Management LP386,9710.37%$4.8MNEW
40Public Sector Pension Investment Board363,6880.35%$4.5M-11,857 (-3.2%)
41Polar Asset Management Partners Inc.333,0600.32%$4.1M+155,060 (+87.1%)
42Nuveen, LLC301,6970.29%$3.7M+94,185 (+45.4%)
43Centiva Capital, LP300,0000.29%$3.7M+98,991 (+49.2%)
44RHUMBLINE ADVISERS268,8650.26%$3.3M-34,047 (-11.2%)
45UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC265,2290.25%$3.3M-30,274 (-10.2%)
46GraniteShares Advisors LLC264,2650.25%$3.3M+34,600 (+15.1%)
47Legal & General Group Plc249,8370.24%$3.1M+9,190 (+3.8%)
48Swiss National Bank210,7880.20%$2.6M+5,500 (+2.7%)
49Quantinno Capital Management LP195,9400.19%$2.4M+56,223 (+40.2%)
50SUSQUEHANNA INTERNATIONAL GROUP, LLP187,5920.18%$2.3M+88,266 (+88.9%)
51AMERIPRISE FINANCIAL INC173,9840.17%$2.2M-3,620 (-2.0%)
52HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND158,6760.15%$2.0MNEW
53HARVEST MANAGEMENT LLC141,5730.13%$1.8M-58,427 (-29.2%)
54PRICE T ROWE ASSOCIATES INC /MD/138,5890.13%$1.7M+24,883 (+21.9%)
55CITIGROUP INC128,5230.12%$1.6M+36,971 (+40.4%)
56CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM119,9690.11%$1.5M-21,317 (-15.1%)
57Groupe la Francaise116,2570.11%$1.4MNEW
58DLD Asset Management, LP114,9030.11%$1.4MNEW
59DEUTSCHE BANK AG\113,4550.11%$1.4M+16,042 (+16.5%)
60PRUDENTIAL FINANCIAL INC109,0560.10%$1.4M+1,490 (+1.4%)
61WELLS FARGO & COMPANY/MN102,5780.10%$1.3M+49,480 (+93.2%)
62Penserra Capital Management LLC98,4290.09%$1.2M-46,879 (-32.3%)
63CAXTON ASSOCIATES LLP97,8990.09%$1.2M+6,196 (+6.8%)
64NINE MASTS CAPITAL Ltd90,6000.09%$1.1MNEW
65AQR CAPITAL MANAGEMENT LLC87,6610.08%$1.1M-36,992 (-29.7%)
66CSS LLC/IL78,1750.07%$970K+53,742 (+220.0%)
67JPMORGAN CHASE & CO76,2880.07%$1.0M-64,934 (-46.0%)
68Zurcher Kantonalbank (Zurich Cantonalbank)71,5160.07%$888K—
69INTECH INVESTMENT MANAGEMENT LLC71,4860.07%$887K+47,854 (+202.5%)
70ABC ARBITRAGE SA69,3740.07%$861K+17,920 (+34.8%)
71Thrivent Financial for Lutherans68,9800.07%$856K-976 (-1.4%)
72VANGUARD ASSET MANAGEMENT, Ltd68,8470.07%$854K—
73MetLife Investment Management, LLC62,1620.06%$771K+9,120 (+17.2%)
74TIG Advisors, LLC61,6800.06%$765K-1,312,404 (-95.5%)
75BNP PARIBAS FINANCIAL MARKETS61,5600.06%$764K+38,513 (+167.1%)
76STATE OF WISCONSIN INVESTMENT BOARD58,2650.06%$723K+10,853 (+22.9%)
77TWO SIGMA INVESTMENTS, LP57,6050.05%$715K+35,005 (+154.9%)
78GUGGENHEIM CAPITAL LLC56,0220.05%$695K-26,421 (-32.0%)
79Russell Investments Group, Ltd.55,5030.05%$689K+38,261 (+221.9%)
80Blackstone Inc.53,6770.05%$666K—
81Jupiter Topco LLC53,0400.05%$658KNEW
82TUDOR INVESTMENT CORP ET AL50,0000.05%$621KNEW
83Louisiana State Employees Retirement System46,0000.04%$571K-500 (-1.1%)
84LPL Financial LLC42,8330.04%$532K+2,004 (+4.9%)
85Simplicity Wealth,LLC42,7910.04%$531K-69,174 (-61.8%)
86Vanguard Global Advisers, LLC40,6410.04%$504K-2,882 (-6.6%)
87BARCLAYS PLC40,0770.04%$497K-722,977 (-94.7%)
88MARSHALL WACE, LLP35,4430.03%$440K-11,400 (-24.3%)
89Cambridge Investment Research Advisors, Inc.35,2460.03%$438K+16,822 (+91.3%)
90State of Alaska, Department of Revenue34,5940.03%$429K-17,029 (-33.0%)
91NEW YORK STATE COMMON RETIREMENT FUND32,9760.03%$409K—
92MARINER INVESTMENT GROUP LLC32,7760.03%$407K—
93State of Tennessee, Department of Treasury32,1970.03%$400K+10,225 (+46.5%)
94Police & Firemen's Retirement System of New Jersey31,4340.03%$390K+3,689 (+13.3%)
95ARIZONA STATE RETIREMENT SYSTEM28,9850.03%$360K+347 (+1.2%)
96APS Management Group, Inc.28,2650.03%$351K-2,517 (-8.2%)
97AMALGAMATED BANK28,2590.03%$351K-1,901 (-6.3%)
98AlphaGrep UK Ltd28,1000.03%$349KNEW
99MANUFACTURERS LIFE INSURANCE COMPANY, THE27,8310.03%$345K-167 (-0.6%)
100YOUSIF CAPITAL MANAGEMENT, LLC27,7890.03%$345K-51 (-0.2%)
101STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM27,7730.03%$345K—
102SIMPLEX TRADING, LLC26,3090.03%$326K+1,843 (+7.5%)
103FIFTH THIRD BANCORP25,7280.02%$319K-133 (-0.5%)
104TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY25,5180.02%$317K—
105COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS24,9100.02%$309K-1,008 (-3.9%)
106Amundi24,5290.02%$304K+5,109 (+26.3%)
107Cetera Investment Advisers24,4630.02%$304K-8,906 (-26.7%)
108OREGON PUBLIC EMPLOYEES RETIREMENT FUND23,9000.02%$297K-104 (-0.4%)
109NEW YORK STATE TEACHERS RETIREMENT SYSTEM23,4170.02%$291K+3,476 (+17.4%)
110Vanguard Investments Australia, Ltd.23,3220.02%$289K—
111ROYAL BANK OF CANADA23,1410.02%$287K+7,426 (+47.3%)
112KLP KAPITALFORVALTNING AS22,1140.02%$274K—
113Walleye Trading LLC21,9000.02%$272K+21,746 (+14120.8%)
114Pictet Asset Management Holding SA21,8230.02%$271K—
115EQUITEC PROPRIETARY MARKETS, LLC21,6000.02%$268KNEW
116Aprio Wealth Management, LLC21,2240.02%$263K+5,914 (+38.6%)
117STRS OHIO20,9000.02%$259K+1,800 (+9.4%)
118VOYA INVESTMENT MANAGEMENT LLC20,7890.02%$258K+1,228 (+6.3%)
119COMMONWEALTH EQUITY SERVICES, LLC19,2150.02%$238K+5,694 (+42.1%)
120NISA INVESTMENT ADVISORS, LLC18,9900.02%$236K+10,855 (+133.4%)
121Pekin Hardy Strauss, Inc.18,5000.02%$230K-434,291 (-95.9%)
122SG Americas Securities, LLC17,1660.02%$213KNEW
123Murchinson Ltd.17,0000.02%$211K—
124Mariner, LLC16,7690.02%$208KNEW
125COMMONS CAPITAL, LLC16,2650.02%$202K+482 (+3.1%)
126MAI Capital Management15,6350.01%$194K+3,185 (+25.6%)
127ProShare Advisors LLC15,1810.01%$188K-1,076 (-6.6%)
128Maryland State Retirement & Pension System15,1570.01%$188K—
129MERCER GLOBAL ADVISORS INC /ADV15,1180.01%$188K+4,413 (+41.2%)
130Legacy Financial Strategies, LLC15,0500.01%$187K—
131STIFEL FINANCIAL CORP14,8760.01%$185K-782 (-5.0%)
132AE Wealth Management LLC14,7540.01%$183K+3,035 (+25.9%)
133Rockefeller Capital Management L.P.14,6070.01%$181K+23 (+0.2%)
134SEI INVESTMENTS CO14,4760.01%$180K—
135Janney Montgomery Scott LLC14,4410.01%$179K+24 (+0.2%)
136AMERICAN FINANCIAL GROUP INC13,8970.01%$172K—
137Universal- Beteiligungs- und Servicegesellschaft mbH12,8680.01%$160KNEW
138RAYMOND JAMES FINANCIAL INC12,3450.01%$153K+227 (+1.9%)
139IEQ CAPITAL, LLC12,3100.01%$153KNEW
140TEACHER RETIREMENT SYSTEM OF TEXAS12,2650.01%$152K-1,243 (-9.2%)
141MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC12,0310.01%$149K+37 (+0.3%)
142PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF COLORADO10,8930.01%$135K—
143INTERNATIONAL ASSETS INVESTMENT MANAGEMENT, LLC10,6760.01%$132K+64 (+0.6%)
144XPONANCE LLC10,2320.01%$127KNEW
145Rangeley Capital, LLC10,0000.01%$124K—
146Ameritas Investment Partners, Inc.9,6730.01%$120K+947 (+10.9%)
147OSAIC HOLDINGS, INC.9,6140.01%$119K-3,564 (-27.0%)
148GROUP ONE TRADING LLC9,3900.01%$117KNEW
149PNC Financial Services Group, Inc.9,1180.01%$113K+155 (+1.7%)
150Tower Research Capital LLC (TRC)8,9850.01%$112K+172 (+2.0%)
151GAMMA Investing LLC7,1620.01%$89K+1,964 (+37.8%)
152JONES FINANCIAL COMPANIES LLLP6,1300.01%$76K-12 (-0.2%)
153Bayforest Capital Ltd5,8070.01%$72KNEW
154FMR LLC4,9950.00%$62K+1,115 (+28.7%)
155KBC Group NV4,5360.00%$56K-3,258 (-41.8%)
156Versant Capital Management, Inc3,3830.00%$42K-506 (-13.0%)
157Global Retirement Partners, LLC2,8890.00%$36KNEW
158Quantum Portfolio Management LLC2,8580.00%$35KNEW
159SIGNATUREFD, LLC2,4000.00%$30K+306 (+14.6%)
160Nykredit A/S2,3940.00%$30KNEW
161Triumph Capital Management2,3790.00%$30K-7 (-0.3%)
162Parallel Advisors, LLC2,3590.00%$29K+1,133 (+92.4%)
163Sterling Capital Management LLC2,1480.00%$27K+108 (+5.3%)
164Pinnacle Wealth Planning Services, Inc.2,0210.00%$25K+556 (+38.0%)
165WOLFF WIESE MAGANA LLC2,0000.00%$25KNEW
166HARBOUR INVESTMENTS, INC.1,9940.00%$25K-342 (-14.6%)
167Arax Advisory Partners1,9150.00%$24KNEW
168JNBA Financial Advisors1,8960.00%$24K—
169BNP PARIBAS ASSET MANAGEMENT Holding S.A.1,5970.00%$20K+575 (+56.3%)
170Smartleaf Asset Management LLC1,4810.00%$18K—
171HIGHLINE WEALTH PARTNERS LLC1,1500.00%$14KNEW
172HighMark Wealth Management LLC9190.00%$11K+27 (+3.0%)
173Aventura Private Wealth, LLC7970.00%$10K—
174Salomon & Ludwin, LLC7390.00%$9K-12 (-1.6%)
175US BANCORP \DE\7170.00%$9K+260 (+56.9%)
176Optiver Holding B.V.7130.00%$9KNEW
177Farther Finance Advisors, LLC5840.00%$7K+171 (+41.4%)
178Keating Financial Advisory Services, Inc.5820.00%$7K—
179HANTZ FINANCIAL SERVICES, INC.5810.00%$7K+20 (+3.6%)
180EverSource Wealth Advisors, LLC5760.00%$7K-399 (-40.9%)
181TRUST CO OF VERMONT5060.00%$6KNEW
182Coston, McIsaac & Partners5000.00%$6K—
183Larson Financial Group LLC4800.00%$6K+11 (+2.3%)
184GILL CAPITAL PARTNERS, LLC4540.00%$6K—
185CoreCap Advisors, LLC3870.00%$5K—
186MARK SHEPTOFF FINANCIAL PLANNING, LLC3750.00%$5K—
187UMB Bank, n.a.3230.00%$4K+44 (+15.8%)
188LOS ANGELES CAPITAL MANAGEMENT LLC2820.00%$4K—
189Steward Partners Investment Advisory, LLC2660.00%$3K-1,037 (-79.6%)
190NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO2630.00%$3K—
191Allworth Financial LP2320.00%$3K-7,258 (-96.9%)
192MassMutual Private Wealth & Trust, FSB2280.00%$3K—
193Mitsubishi UFJ Asset Management Co., Ltd.2170.00%$3K—
194LRI Investments, LLC2070.00%$3K—
195ASSETMARK, INC1600.00%$2K+43 (+36.8%)
196BESSEMER GROUP INC1370.00%$2K—
197LifeSteps Financial, Inc.1290.00%$2KNEW
198Markowski Investments1250.00%$2KNEW
199CREATIVE FINANCIAL DESIGNS INC /ADV1250.00%$2KNEW
200GABLES CAPITAL MANAGEMENT INC.1250.00%$2K—
201HUNTINGTON NATIONAL BANK1000.00%$1KNEW
202City State Bank1000.00%$1K—
203Atlantic Union Bankshares Corp810.00%$1K-93 (-53.4%)
204FARMERS & MERCHANTS INVESTMENTS INC750.00%$931—
205ROTHSCHILD INVESTMENT LLC690.00%$856-3 (-4.2%)
206Quarry LP630.00%$782-59 (-48.4%)
207SHP Wealth Management500.00%$621NEW
208Community Financial Services Group, LLC470.00%$580—
209Covestor Ltd370.00%$0+7 (+23.3%)
210Essential Partners LLC350.00%$434-642 (-94.8%)
211Federation des caisses Desjardins du Quebec350.00%$434NEW
212Parkside Financial Bank & Trust260.00%$323—
213Investors Portfolio Services LLC260.00%$323-27 (-50.9%)
214FINANCIAL CONSULATE, INC250.00%$311—
215Ankerstar Wealth, LLC230.00%$285-20 (-46.5%)
216IFP Advisors, Inc190.00%$236+10 (+111.1%)
217NATIONAL BANK OF CANADA /FI/170.00%$211-1,624 (-99.0%)
218JFS WEALTH ADVISORS, LLC160.00%$199NEW
219Plante Moran Financial Advisors, LLC150.00%$186NEW
220GILPIN WEALTH MANAGEMENT, LLC130.00%$162+11 (+550.0%)
221Abound Wealth Management120.00%$149—
222Clearstead Advisors, LLC90.00%$113NEW
223Evolution Advisers, Inc.90.00%$0NEW
224Crewe Advisors LLC80.00%$100NEW
225Davis Capital Management60.00%$74NEW
226Quest 10 Wealth Builders, Inc.50.00%$62—
227Hughes Financial Services, LLC40.00%$50-1 (-20.0%)
228Fortitude Family Office, LLC40.00%$50NEW
229Wealth Enhancement Trust Services, Inc.30.00%$37NEW
230Dunhill Financial, LLC20.00%$27—
231Lloyd Advisory Services, LLC.10.00%$13NEW
232TD Waterhouse Canada Inc.00.00%$3-821 (-100.0%)
233Cullen/Frost Bankers, Inc.00.00%$0—
Exited since 2026-03-31 (35 filers; largest 25 shown)
First Trust Capital Management L.P.−1,082,650
NEXPOINT ASSET MANAGEMENT, L.P.−1,043,637
Slotnik Capital, LLC−325,000
CITADEL ADVISORS LLC−167,034
ExodusPoint Capital Management, LP−154,909
Ascentis Independent Advisors−121,583
MOORE CAPITAL MANAGEMENT, LP−95,353
JANUS HENDERSON GROUP PLC−53,040
GARDNER LEWIS ASSET MANAGEMENT L P−52,500
SummitTX Capital, L.P.−50,100
XTX Topco Ltd−31,403
TORONTO DOMINION BANK−29,566
TWO SIGMA SECURITIES, LLC−24,415
IMC-Chicago, LLC−18,377
Shay Capital LLC−15,000
MONTAG A & ASSOCIATES INC−13,015
Odyssean, LLC−12,960
Schonfeld Strategic Advisors LLC−11,845
DRW Securities, LLC−11,375
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC−11,169
WINTON GROUP Ltd−10,528
CHICAGO TRUST Co NA−10,335
Secure Asset Management, LLC−10,334
LEVIN CAPITAL STRATEGIES, L.P.−10,000
Caitong International Asset Management Co., Ltd−6,636

Large holders from 13D/13G (latest per reporting person, last 2 years)

Filed when a holder crosses 5% or changes materially, so often more current than the quarter-end 13F. Percentages are the filer's own, against the share count they used.

Reporting personFormFiledEventShares% of class
Glazer Capital, LLCSCHEDULE 13G/A2026-08-112026-08-037,871,9457.49%
Paul J. GlazerSCHEDULE 13G/A2026-08-112026-08-037,871,9457.49%
Vanguard Capital ManagementSCHEDULE 13G2026-04-302026-03-315,422,9795.16%
Vanguard Portfolio ManagementSCHEDULE 13G2026-04-292026-03-316,186,0705.88%
The Vanguard GroupSCHEDULE 13G/A2026-03-272026-03-1300%
Allspring Global Investments Holdings, LLCSCHEDULE 13G/A2025-10-102025-09-304,203,3774%
BlackRock, Inc.SCHEDULE 13G/A2025-07-182025-06-3016,598,51216%

Source: SEC Form 13F-HR information tables for the quarter ending 2026-06-30 (filed within 45 days of quarter end; amendments applied; values normalised to dollars), the share count from the company's latest 10-K/10-Q XBRL cover page, and Schedule 13D/13G filings. Each row is a legal 13F filer as filed — related entities (e.g. Vanguard's advisers) are not merged. Retail brokerage accounts are not reported on 13F, so the remainder is mostly retail and insiders.