William Dellal
About William Dellal
William Dellal, age 74, is Vice President and Interim Chief Financial Officer of Two Harbors Investment Corp. (TWO), appointed August 1, 2024; his interim tenure is scheduled to conclude May 5, 2025 with the CFO transition to Travis Swenson . He holds a B.A. (Economics) from Swarthmore College and a Ph.D. in Economics from MIT . TWO’s 2024 incentive framework emphasized total economic return (TER), with absolute TER at 8.9% (payout 99% of target) and relative TER at the 17.8th percentile (payout 0%), and the company reported a 7.0% total economic return on book value for 2024 including dividends; Dellal’s 2024 cash incentive was guaranteed and not tied to these metrics .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Pagaya Technologies Ltd. | Head of Monetization Strategy & Operations | Jan–Jul 2024 | Led monetization strategy and operations |
| Caliber Home Loans, Inc. | President | 2021–2022 | Oversaw Capital Markets and Treasury; worked on monetization and transition to Rithm/New Rez Mortgage |
| Caliber Home Loans, Inc. | Chief Financial Officer | 2016–2021 | Led Finance, Capital Markets, Treasury; negotiated debt and borrowing activities |
| CitiMortgage, Inc. | Managing Director & Head of Capital Markets | 2009–2016 | Led capital markets function |
External Roles
- No external public-company board roles for Dellal are mentioned in the August 1, 2024 Form 8-K or the 2025 proxy biography .
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base salary | $500,000 | Approved Aug 1, 2024 on appointment as Interim CFO |
| Salary paid (FY2024) | $201,923 | Partial-year service |
| Target bonus % | — | Not set; interim guaranteed cash incentive |
| Actual bonus paid | $213,115 | Guaranteed; paid Q1 2025 |
Performance Compensation
Annual Incentive Plan Framework (Company-level, FY2024)
| Metric | Weight | Threshold | Target | Maximum | 2024 Actual | Payout vs Target |
|---|---|---|---|---|---|---|
| Absolute TER | 50% | 1.0% | 9.0% | >15.0% | 8.9% | 99% |
| Relative TER (vs peer group) | 50% | 25th %ile | 50th %ile | 80th %ile | 17.8th %ile | 0% |
| Strategic & operational goals | 30% | — | — | — | Company- and individual goals | Framework established by Committee |
- Dellal’s 2024 annual cash incentive payout was $213,115 and was guaranteed due to his interim appointment; it was not contingent on performance metrics .
Long-Term Incentives
| Award Type | Grant Timing | Grant Value | Vesting | Performance Linkage |
|---|---|---|---|---|
| RSUs (time-based) | Q1 2025 | $500,000 | Ratable over 3 years (consistent with executives) | None (time-based RSUs) |
| PSUs (performance-based) | — | — | 3-year performance period | Absolute/Relative TSR; Dellal did not receive a 2024 LTI target |
- PSUs for other NEOs: 2022 PSU awards (performance period 2022–2024) paid out at 39.4% based on three-year absolute TSR of (24.2)% (0% payout) and relative TSR at the 39.4th percentile (78.9% payout) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/19/2025) | 84 shares; <1% of outstanding common stock |
| Stock ownership guideline | 3× base salary; requirement $1,500,000 value |
| Ownership vs guideline (12/31/2024) | Total value $991; below requirement; expected to reach within 5 years |
| Hedging/pledging | Prohibited for executive officers; no hedging or pledging allowed |
| Vested vs unvested | As of 12/31/2024, no unvested equity awards were outstanding for Dellal (pre-Q1’25 RSU grant) |
| Insider trading controls | Pre-clearance required; strict insider trading policy |
Employment Terms
- Appointment: Interim CFO effective August 1, 2024; interim tenure ends May 5, 2025 upon appointment of Travis Swenson as CFO .
- Employment agreement: None; not party to TWO’s Severance Benefits Plan due to interim nature .
- Cash compensation: Base salary $500,000; guaranteed 2024 cash incentive $213,115, paid Q1 2025 .
- Special termination payment: If removed without cause prior to August 1, 2025, entitled to $286,885 (payable Q1 2026) .
- RSU award: $500,000 in RSUs to be granted in Q1 2025 with terms consistent with other executive officers (time-based vesting over 3 years) .
- Restrictive covenants: Standard employee confidentiality agreement includes confidentiality, inventions assignment, non-disparagement, and non-solicitation provisions .
- Change-of-control economics: Dellal is not covered by the Severance Benefits Plan; for equity granted under the 2021 Plan, double-trigger acceleration applies—full vesting of RSUs and assumed PSUs upon qualifying termination within 24 months of change-of-control if the resulting entity does not assume awards or upon qualifying termination post-assumption . As of 12/31/2024, Dellal had no outstanding equity, so the potential payments table shows only the special $286,885 payment upon involuntary termination without cause (non-CoC) .
Investment Implications
- Alignment and retention: Dellal’s 2024 compensation was predominantly cash and guaranteed given interim status, limiting pay-for-performance linkage in that year; the Q1 2025 RSU grant begins to add equity alignment, with policies requiring retention of vested shares net of taxes until ownership guidelines are met (3× salary), which mitigates near-term selling pressure .
- Severance/CoC exposure: Not eligible for TWO’s Severance Benefits Plan; outside of standard 2021 Plan equity acceleration mechanics, Dellal’s change-of-control cash economics are minimal, reducing golden parachute risk for this role .
- Ownership posture: Beneficial ownership is de minimis (84 shares; $991 value vs $1.5m guideline), indicating low current “skin in the game” but policy-based accumulation expected within five years; hedging/pledging prohibitions further align interests .
- Execution risk: Dellal’s background spans CFO/President roles at Caliber and capital markets leadership at CitiMortgage, with recent monetization work at Pagaya—useful for mortgage/servicing and financing execution at TWO; interim term ending May 2025 limits long-term retention risk specific to Dellal while ensuring continuity into the Swenson transition .