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Two Harbors Investment Executive Compensation (FY24)

TWO · St. Louis Park, MN · Executive and director compensation, fiscal 2022 to 2024
Data as of September 7, 2026Latest filing (8-K): May 15, 2025
243 figures on this page: 234 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
William Greenberg, President and Chief Executive Officer, received $5,785,279 in total compensation for fiscal 2024, and Greenberg's total moved 5.1% lower from the $6,098,678 reported for fiscal 2023. Meanwhile, the disclosed chief executive pay ratio for fiscal 2024 is 90.2:1, against median employee compensation of $64,142. Separately, the say-on-pay proposal drew 96.6% of votes cast for or against in favor at the meeting held May 14, 2025 for fiscal 2024. Companies named in the disclosed peer group include AGNC Investment Corp., BrightSpire Capital, Inc, Chimera Investment Corporation, Dynex Capital, Inc. and HA Sustainable Infra. Cap., Inc, among others.
Chief executive, fiscal 2024
◇
William Greenberg
Median of the other named officers
$1,378,529
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 14, 2025
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2023 to fiscal 2024
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — William Greenberg: $6,098,678 → $5,785,279 (5.1% lower)
Say-on-pay support: 95.6% → 96.6% (1.0 points higher)
CEO pay ratio: 31.5:1 → 90.2:1 (186.3% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Two Harbors Investment's chief executive and what were they paid?
William Greenberg, President and Chief Executive Officer, received $5,785,279 in total compensation for fiscal 2024. Greenberg's total moved 5.1% lower from the $6,098,678 reported for fiscal 2023.
What was Two Harbors Investment's say-on-pay result?
The say-on-pay proposal drew 96.6% of votes cast for or against in favor at the meeting held May 14, 2025 for fiscal 2024.
Which companies are in Two Harbors Investment's peer group?
Companies named in the disclosed peer group include AGNC Investment Corp., BrightSpire Capital, Inc, Chimera Investment Corporation, Dynex Capital, Inc. and HA Sustainable Infra. Cap., Inc, among others. Companies named in the Performance Peer Group include Annaly Capital Management, Inc, Cherry Hill Mortgage Investment Corp, Ellington Residential, Invesco Mortgage Capital Inc and Orchid Island Capital Inc, among others.
What is Two Harbors Investment's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2024 is 90.2:1, against median employee compensation of $64,142.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Greenberg
President and Chief Executive Officer
◇—◇—◇—◇◇
Nicholas Letica
Chief Investment Officer
◇—◇—◇—◇◇
Rebecca Sandberg
Chief Legal Officer, Secretary and Chief Compliance Officer
◇—◇—◇—◇◇
Robert Rush
Chief Risk Officer
◇—◇—◇—◇◇
Mary Riskey
Former Vice President and Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
William Dellal
Chief Financial Officer
———————— not reported
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Greenberg
President and Chief Executive Officer
◇—◇—◇—◇◇
Nicholas Letica
Chief Investment Officer
◇—◇—◇—◇◇
Rebecca Sandberg
Chief Legal Officer, Secretary and Chief Compliance Officer
◇—◇—◇—◇◇
Mary Riskey
Former Vice President and Chief Financial Officer
Departed during or after this year
◇—◇—◇—◇◇
Robert Rush
Chief Risk Officer
◇—◇—◇—◇◇
William Dellal
Chief Financial Officer
———————— not reported
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Greenberg
President and Chief Executive Officer
◇—◇—◇——◇
Nicholas Letica
Vice President and Chief Investment Officer
◇—◇—◇——◇
Rebecca Sandberg
Vice President, Chief Legal Officer and Secretary
◇—◇—◇——◇
Robert Rush
Vice President and Chief Risk Officer
◇—◇—◇——◇
Mary Riskey
Former Vice President and Chief Financial Officer
Departed during or after this year
◇—◇—◇——◇
William Dellal
Vice President and Interim Chief Financial Officer
Served on an interim basis
◇◇—————◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2024
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Mary RiskeyPSU◇◇◇—◇—◇
Mary RiskeyPSU◇—— withheld—◇—◇
Nicholas LeticaPSU◇◇◇—◇—◇
Nicholas LeticaPSU◇—— withheld—◇—◇
Rebecca B. SandbergPSU◇—— withheld—◇—◇
Rebecca B. SandbergPSU◇◇◇—◇—◇
Robert RushPSU◇◇◇—◇—◇
Robert RushPSU◇—— withheld—◇—◇
William GreenbergPSU◇—— withheld—◇—◇
William GreenbergPSU◇◇◇—◇—◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2024 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Nicholas LeticaRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Mary RiskeyRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Robert RushRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Rebecca SandbergRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
William GreenbergRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2024
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Stephen G. Kasnet
Board chair
◇◇————◇
Hope B. Woodhouse
◇◇————◇
James J. Bender
◇◇————◇
E. Spencer Abraham
◇◇————◇
Karen Hammond
◇◇————◇
James A. Stern
◇◇————◇
W. Reid Sanders
◇◇————◇
Sanjiv Das
◇◇————◇
William Greenberg served on the board in fiscal 2024 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2024
  • AGNC Investment Corp. AGNC
  • BrightSpire Capital, Inc BRSP
  • Chimera Investment Corporation CIM
  • Dynex Capital, Inc. DX
  • HA Sustainable Infra. Cap., Inc HASI
  • Ladder Capital Corp LADR
  • MFA Financial, Inc. MFA
  • Mr. Cooper Group Inc. symbol not shown
  • New York Mortgage Trust, Inc. ADAM
  • PennyMac Financial Services, Inc PFSI
  • Redwood Trust, Inc. RWT
  • Rithm Capital Corp. RITM
Performance Peer Group
  • Annaly Capital Management, Inc NLY
  • Cherry Hill Mortgage Investment Corp CHMI
  • Ellington Residential EARN
  • Invesco Mortgage Capital Inc IVR
  • Orchid Island Capital Inc ORC
  • PennyMac Mortgage Investment Trust PMT

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2024May 14, 2025=◇◇◇
2023May 15, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 21, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2016May 17, 2017=◇◇◇
2015May 19, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Two Harbors Investment disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Two Harbors Investment sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Whether Two Harbors Investment's disclosed peer group is defensible, who names Two Harbors Investment back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
243 figures on this page: 234 cited to the filing that reported them, 9 calculated from figures it prints.
234 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001465740-25-000113
  2. 0001465740-25-000090
    Director Compensation · Grants of Plan-Based Awards for Fiscal Year · Outstanding Equity Awards at Fiscal Year-End for 2024 · Pay Ratio · and 2 more sections
  3. 0001465740-24-000118
  4. 0001465740-24-000103
    Summary Compensation Table
  5. 0001104659-23-061836
  6. 0001465740-23-000075
    Summary Compensation Table
  7. 0001104659-22-062450
  8. 0001104659-21-069352
  9. 0001465740-20-000073
  10. 0001465740-19-000055
  11. 0001465740-17-000055
  12. 0001104659-16-122362
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Velarion, “Two Harbors Investment executive compensation, FY2022–FY2024.” https://intel.velarion.ai/comp/TWO (accessed 2026).
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Two Harbors Investment discloses

The companies named in TWO's own disclosed peer group.

AGNC Investment Corp.BrightSpire Capital, IncChimera Investment CorporationDynex Capital, Inc.Ladder Capital CorpMFA Financial, Inc.New York Mortgage Trust, Inc.Redwood Trust, Inc.Rithm Capital Corp.Annaly Capital Management, IncCherry Hill Mortgage Investment CorpPennyMac Mortgage Investment Trust

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy