Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-22

NETSTREIT Corp. (NTST)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$5,165,527
Mark Manheimer total, FY2025
33rd
CEO pay percentile vs peers
41:1
CEO-to-median pay ratio
96.92%
Say-on-pay support, latest vote
Companies that benchmark against NTST
17 companies name NTST as a compensation peer

Each company listed discloses NTST in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named NTST in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Mark Manheimer$700,000$0$3,194,416$0$1,253,175$0$17,936$5,165,527
President, Chief Executive Officer and Secretary
Daniel Donlan400,0000822,7340760,856011,4891,995,079
Chief Financial Officer and Treasurer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Mark Manheimer$5,165,527$4,920,747$4,078,215+244,780
Daniel Donlan1,995,0791,593,3121,502,333+401,767

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Daniel DonlanCFO and Treasurer2026-04-10D4,597$20$93,135CommonForm 4 ↗
Daniel DonlanCFO and Treasurer2026-04-10A11,681CommonForm 4 ↗
Daniel DonlanCFO and Treasurer2026-04-10D11,68100Derivative, Class A CommonForm 4 ↗
Robin ZeiglerDirector2026-04-23D7,19221149,958CommonForm 4 ↗
Mark ManheimerDirector2026-06-18A5,0001995,950CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Daniel DonlanRSU2025-02-264,323$63,116
Daniel DonlanPSU2025-02-2615,41130,822
Mark ManheimerPSU2025-02-2661,644123,287
Mark ManheimerRSU2025-02-2610,682155,957
Daniel DonlanRSU2025-02-2620,548300,000
Mark ManheimerRSU2025-02-2682,1921,200,003
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Daniel Donlan$363,116$30,822$07.8%
Mark Manheimer1,355,960123,28708.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Mark ManheimerRSU1,419$25,031
Mark ManheimerRSU18,820331,985
Mark ManheimerPSU82,1921,449,867
Daniel DonlanRSU11,681206,053
Daniel DonlanRSU10,772190,018
Daniel DonlanPSU20,548362,467
Mark ManheimerPSU63,9681,128,396
Mark ManheimerRSU15,190267,952
Mark ManheimerRSU4,70582,996
Daniel DonlanPSU61,6441,087,400
Mark ManheimerPSU246,5744,349,565
Mark ManheimerRSU46,163814,315
Daniel DonlanPSU26,626469,683
Daniel DonlanRSU4,32376,258
Mark ManheimerPSU114,1092,012,883
Mark ManheimerRSU42,728753,722
Daniel DonlanRSU17,294305,066
Mark ManheimerRSU10,682188,430
Mark ManheimerRSU9,684170,826
Mark ManheimerRSU5,674100,089
05

Incentive-plan design — the Compensation Discussion & Analysis

The Committee believes that the most effective executive compensation program is one that is designed to reward the achievement of our specific annual, long-term and strategic goals, and which aligns executives interests with those of our stockholders by rewarding performance above pre-established goals, with the ultimate objective of improving stockholder value.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantFPC and Farient
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1476,538,3762,430,49822,45096.92%Passed
20252025-05-1563,891,9095,362,26733,75692.26%Passed
20242024-05-1657,201,9906,035,18016,05090.46%Passed
20232023-05-1831,897,63218,997,58615,40462.67%Passed
20222022-05-1933,880,7791,937,44816,28394.59%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1496.92%a
20252025-05-1592.26%b
20242024-05-1690.46%c

a. Approved under the standard stated in the filing — “An abstention does not count as a vote cast.”.

b. Approved under the standard stated in the filing — “An abstention does not count as a vote cast.”.

c. Approved under the standard stated in the filing — “An abstention does not count as a vote cast.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)41 : 1
CEO total compensation$5,165,527
Median employee compensation$126,500
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Lori WittmanIndependent · Board Chair · Audit · Compensation$137,500$105,000$0$0$0$242,500
Michael ChristodolouIndependent · Audit (Chair) · Investment97,500105,000000202,500
Matthew TroxellIndependent · Audit · Compensation (Chair)95,000105,000000200,000
Robin ZeiglerIndependent · Nominating (Chair) · Investment92,500105,000000197,500
Todd MinnisIndependent · Nominating · Investment (Chair)92,500105,000000197,500
Heidi EverettIndependent · Compensation · Nominating85,000105,000000190,000
Mark ManheimerEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$70,000
Annual equity retainer$105,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 50,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$600,000
Equity awards (grant-date value)$630,000
All other compensation$0
Total cost of the board$1,230,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies NETSTREIT Corp. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including NETSTREIT Corp..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Agree Realty Corporation2025Joel Agree$921,808$6,923,608$0$3,053,253$10,957,876
2Essential Properties Realty Trust, Inc.2025Peter Mavoides800,0006,853,00001,950,0009,634,000
3Urban Edge Properties2025Jeffrey Olson1,100,0004,892,46502,091,2438,106,208
4Peakstone Realty Trust2024Michael Escalante925,0003,500,00002,312,5007,162,931
5Retail Opportunity Investments Corp.2023Stuart Tanz900,0004,096,63801,575,0006,626,718
6Four Corners Property Trust, Inc.2025William Lenehan724,6053,705,794005,701,486
7Sila Realty Trust, Inc.2024Michael Seton825,0002,275,00001,949,0635,510,455
8Chatham Lodging Trust2025Jeffrey Fisher670,0002,854,16801,082,0005,222,872
9NETSTREIT Corp.2025Mark Manheimer700,0003,194,41601,253,1755,165,527
10FrontView REIT, Inc.2025Stephen Preston750,0001,907,5263,439,540
11Getty Realty Corp.2025Christopher Constant643,1251,875,808003,163,755
12Plymouth Industrial REIT, Inc.2024Jeffrey Witherell643,7501,799,9800620,0003,108,503
13Community Healthcare Trust, Inc.2025David Dupuy666,6681,147,5020620,0012,448,171

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
NETSTREIT Corp.179.0%PSU 60 · RSU 40Yes — Absolute TSRFPC and Farient
Agree Realty Corporation329%PSU 70 · RSU 30NoMeridian
Chatham Lodging Trust92%LTIP Units 100Yes — Relative TSR vs. Lodging/Resort REIT constituents of the FTSE Nareit All REITs IndexFerguson Partners Consulting L.P.
Community Healthcare Trust, Inc.62%PSU 65 · RSU 35Yes — Relative TSR vs. Peer GroupFerguson Partners Consulting
Essential Properties Realty Trust, Inc.163%LTIP Units 100Yes — Relative TSRFerguson Partners Consulting L.P.
Four Corners Property Trust, Inc.125%PSU 50 · RSU 50Yes — Absolute Total Stockholder Return (TSR)Semler Brossy
FrontView REIT, Inc.52%RSU 100not disclosedFerguson Partners
Getty Realty Corp.not disclosedRSU 100not disclosednot disclosed
Peakstone Realty Trust250%RSU 100not disclosedFerguson Partners
Plymouth Industrial REIT, Inc.77.5%RSU 50 · PSU 50Yes — 3-Year Relative TSR vs. MSCI US REIT IndexFerguson Partners Consulting L.P.
Retail Opportunity Investments Corp.not disclosednot disclosednot disclosedFTI Consulting Inc.
Sila Realty Trust, Inc.175%PSU 50 · RSU 50NoFPC
Urban Edge Properties190%LTIP Units 100Yes — Absolute TSRFarient Advisors

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at NETSTREIT Corp. in fiscal 2025?
Mark Manheimer, serving as President, Chief Executive Officer and Secretary, was the highest-paid executive at NETSTREIT Corp. in fiscal 2025.
How does NETSTREIT Corp.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay was at the 33rd percentile of disclosed peers.
What is NETSTREIT Corp.'s CEO-to-median employee pay ratio?
The CEO-to-median employee pay ratio was 41:1.
How did shareholders vote on NETSTREIT Corp.'s executive compensation?
Shareholders approved the executive compensation plan with 96.92% support in the latest vote.
How much does NETSTREIT Corp. spend in total on board compensation for fiscal 2025?
Total board compensation for fiscal 2025 was $1,230,000.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Mark ManheimerDEF 14A2026-04-010001628280-26-022557Section “Summary Compensation Table”. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
2Section 01, Daniel DonlanDEF 14A2026-04-010001628280-26-022557Section “Summary Compensation Table”. As printed: 1,995,079. Filing ↗machine: r5 · c13 · span 1473686–1473695
3Section 03, Daniel Donlan RSUDEF 14A2026-04-010001628280-26-022557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t64 · r16 · c3 · span 1720687–1720692
4Section 03, Daniel Donlan PSUDEF 14A2026-04-010001628280-26-022557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t61 · r8 · c13 · span 1599651–1599657
5Section 03, Mark Manheimer PSUDEF 14A2026-04-010001628280-26-022557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t61 · r4 · c13 · span 1578260–1578266
6Section 03, Mark Manheimer RSUDEF 14A2026-04-010001628280-26-022557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t64 · r7 · c3 · span 1688714–1688720
7Section 03, Daniel Donlan RSUDEF 14A2026-04-010001628280-26-022557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t48 · r3 · c3 · span 1293462–1293468
8Section 03, Mark Manheimer RSUDEF 14A2026-04-010001628280-26-022557Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t48 · r2 · c3 · span 1290983–1290989
9Section 07, pay ratioDEF 14A2026-04-010001628280-26-022557Section “CEO Pay Ratio”. As printed: 41 : 1. Filing ↗machine: span 336686–336688
10Section 08, Lori WittmanDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 242,500. Filing ↗machine: t31 · r2 · c7 · span 867726–867733
11Section 08, Michael ChristodolouDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 202,500. Filing ↗machine: t31 · r3 · c7 · span 870997–871004
12Section 08, Matthew TroxellDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 200,000. Filing ↗machine: t31 · r6 · c7 · span 880789–880796
13Section 08, Robin ZeiglerDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 197,500. Filing ↗machine: t31 · r7 · c7 · span 884057–884064
14Section 08, Todd MinnisDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 197,500. Filing ↗machine: t31 · r5 · c7 · span 877523–877530
15Section 08, Heidi EverettDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 190,000. Filing ↗machine: t31 · r4 · c7 · span 874261–874268
16Section 08, Mark ManheimerDEF 14A2026-04-010001628280-26-022557Section “Director Compensation”. As printed: 0. Filing ↗
17Section 02, Daniel Donlan 2026-04-10Form 42026-04-140001628280-26-025069Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Daniel Donlan 2026-04-10Form 42026-04-140001628280-26-025069Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Daniel Donlan 2026-04-10Form 42026-04-140001628280-26-025069Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Robin Zeigler 2026-04-23Form 42026-04-270001628280-26-027518Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Mark Manheimer 2026-06-18Form 42026-06-220001628280-26-044503Insider equity transaction reported since the proxy statement. Filing ↗
22Section 06, 2026 voteForm 8-K2026-05-150001628280-26-035678Item 5.07 · say-on-pay result. As reported: 96.92% (votes for as printed: 76,538,376). Filing ↗
23Section 06, 2025 voteForm 8-K2025-05-200001798100-25-000079Item 5.07 · say-on-pay result. As reported: 92.26% (votes for as printed: 63,891,909). Filing ↗
24Section 06, 2024 voteForm 8-K2024-05-170001104659-24-063056Item 5.07 · say-on-pay result. As reported: 90.46% (votes for as printed: 57,201,990). Filing ↗
25Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
26Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
27Section 09b board cost (computed)ComputedcomputedCash 600,000 + equity 630,000 + all other 0 = 1,230,000, summed across the director compensation table rows.machine: formula: Σ = 1,230,000
28Agree Realty Corporation, Section 10b CEO totalDEF 14A2026-04-020000917251-26-000031CEO total compensation as printed in Agree Realty Corporation's own proxy. As printed: 10,957,876. Filing ↗machine: t90 · r2 · c21 · span 720296–720306
29Essential Properties Realty Trust, Inc., Section 10b CEO totalDEF 14A2026-03-310001193125-26-134683CEO total compensation as printed in Essential Properties Realty Trust, Inc.'s own proxy. As printed: 9,634,000. Filing ↗
30Urban Edge Properties, Section 10b CEO totalDEF 14A2026-03-240001140361-26-010899CEO total compensation as printed in Urban Edge Properties's own proxy. As printed: 8,106,208. Filing ↗machine: r2 · c21 · span 876925–876934
31Peakstone Realty Trust, Section 10b CEO totalDEF 14A2025-04-110001140361-25-013469CEO total compensation as printed in Peakstone Realty Trust's own proxy. As printed: 7,162,931. Filing ↗machine: r2 · c22 · span 698185–698195
32Retail Opportunity Investments Corp., Section 10b CEO totalDEF 14A2024-03-220001407623-24-000062CEO total compensation as printed in Retail Opportunity Investments Corp.'s own proxy. As printed: 6,626,718. Filing ↗machine: r2 · c42 · span 607173–607182
33Four Corners Property Trust, Inc., Section 10b CEO totalDEF 14A2026-04-160001140361-26-015137CEO total compensation as printed in Four Corners Property Trust, Inc.'s own proxy. As printed: 5,701,486. Filing ↗machine: r2 · c18 · span 641840–641849
34Sila Realty Trust, Inc., Section 10b CEO totalDEF 14A2025-04-040001567925-25-000036CEO total compensation as printed in Sila Realty Trust, Inc.'s own proxy. As printed: 5,510,455. Filing ↗machine: span 1479805–1479814
35Chatham Lodging Trust, Section 10b CEO totalDEF 14A2026-03-310001437749-26-010650CEO total compensation as printed in Chatham Lodging Trust's own proxy. As printed: 5,222,872. Filing ↗machine: span 588604–588614
36NETSTREIT Corp. (subject), Section 10b CEO totalDEF 14A2026-04-010001628280-26-022557CEO total compensation as printed in NETSTREIT Corp.'s own proxy. As printed: 5,165,527. Filing ↗machine: r2 · c13 · span 1458631–1458640
37FrontView REIT, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-161511CEO total compensation as printed in FrontView REIT, Inc.'s own proxy. As printed: 3,439,540. Filing ↗machine: r2 · c21 · span 472537–472546
38Getty Realty Corp., Section 10b CEO totalDEF 14A2026-03-120001140361-26-009218CEO total compensation as printed in Getty Realty Corp.'s own proxy. As printed: 3,163,755. Filing ↗machine: r2 · c28 · span 750236–750245
39Plymouth Industrial REIT, Inc., Section 10b CEO totalDEF 14A2025-04-280001171520-25-000158CEO total compensation as printed in Plymouth Industrial REIT, Inc.'s own proxy. As printed: 3,108,503. Filing ↗machine: r1 · c12 · span 469279–469288
40Community Healthcare Trust, Inc., Section 10b CEO totalDEF 14A2026-03-120001631569-26-000021CEO total compensation as printed in Community Healthcare Trust, Inc.'s own proxy. As printed: 2,448,171. Filing ↗machine: t78 · r5 · c14 · span 606124–606133
41Section 10a, Retail Opportunity Investments Corp. reciprocityDEF 14A0001407623-24-000062Retail Opportunity Investments Corp.'s most recent proxy was read; its disclosed peer group does not include NETSTREIT Corp.. Filing ↗
42Section 10a, Community Healthcare Trust, Inc. reciprocityDEF 14A0001631569-26-000021Community Healthcare Trust, Inc. names NETSTREIT Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
43Section 10a, Sila Realty Trust, Inc. reciprocityDEF 14A0001567925-25-000036Sila Realty Trust, Inc. names NETSTREIT Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Chatham Lodging Trust reciprocityDEF 14A0001437749-26-010650Chatham Lodging Trust's most recent proxy was read; its disclosed peer group does not include NETSTREIT Corp.. Filing ↗
45Section 10a, Plymouth Industrial REIT, Inc. reciprocityDEF 14A0001171520-25-000158Plymouth Industrial REIT, Inc. names NETSTREIT Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
46Section 10a, Essential Properties Realty Trust, Inc. reciprocityDEF 14A0001193125-26-134683Essential Properties Realty Trust, Inc.'s most recent proxy was read; its disclosed peer group does not include NETSTREIT Corp.. Filing ↗
47Section 10a, Getty Realty Corp. reciprocityDEF 14A0001140361-26-009218Getty Realty Corp. names NETSTREIT Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, Agree Realty Corporation reciprocityDEF 14A0000917251-26-000031Agree Realty Corporation's most recent proxy was read; its disclosed peer group does not include NETSTREIT Corp.. Filing ↗
49Section 10a, Peakstone Realty Trust reciprocityDEF 14A0001140361-25-013469Peakstone Realty Trust's most recent proxy was read; its disclosed peer group does not include NETSTREIT Corp.. Filing ↗
50Section 10a, Urban Edge Properties reciprocityDEF 14A0001140361-26-010899Urban Edge Properties's most recent proxy was read; its disclosed peer group does not include NETSTREIT Corp.. Filing ↗
51Section 10a, Four Corners Property Trust, Inc. reciprocityDEF 14A0001140361-26-015137Four Corners Property Trust, Inc. names NETSTREIT Corp. in its own disclosed peer group (read from its most recent proxy). Filing ↗