My method of keeping two (or three) horses in shape is I
rarely ride just one. I ride one and pony one. Usually one is better at
leading and one at being ponied, so I occasionally get on the horse that is
usually ponied so that he has weight on his back once in awhile. I even
conditioned a horse for Tevis this way a few years ago. It sure makes only
riding one at a ride seem like a piece of cake!