Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-18

Nexpoint Diversified Real Estate Trust (NXDT)

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.

$1,492,040
Matt McGraner total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
90.14%
Say-on-pay support, latest vote
Companies that benchmark against NXDT
No companies currently name NXDT as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matt McGraner$0$0$1,492,040$0$0$0$0$1,492,040
Executive VP, Chief Investment Officer and Former Secretary
James Dondero001,492,04000001,492,040
President
Dustin Norris00294,6040000294,604
Executive VP

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
Matt McGraner$1,492,040$1,866,204$1,866,204−374,164
James Dondero1,492,0401,961,0681,961,068−469,028
Dustin Norris294,604519,898519,898−225,294

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
Dustin NorrisSee Remarks2026-05-20A53,663$5$262,949CommonForm 4 ↗
Dr. Arthur LafferDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Catherine WoodDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
James DonderoDirector2026-06-02A245,41500Derivative, Class A CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-02A19,81700Derivative, Class A CommonForm 4 ↗
Edward ConstantinoDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Brian MittsDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-02A71,83700Derivative, Class A CommonForm 4 ↗
Scott KavanaughDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-02A245,41500Derivative, Class A CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-10A6,036CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-10D6,03600Derivative, Class A CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-10D6,03600Derivative, Class A CommonForm 4 ↗
Dustin NorrisSee Remarks2026-06-10D7,24500Derivative, Class A CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-10A36,692CommonForm 4 ↗
Dr. Arthur LafferDirector2026-06-10A4,830CommonForm 4 ↗
Dr. Arthur LafferDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
James DonderoDirector2026-06-10A36,692CommonForm 4 ↗
Edward ConstantinoDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Catherine WoodDirector2026-06-10A4,830CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-10A6,036CommonForm 4 ↗
Dustin NorrisSee Remarks2026-06-10D1,973510,003CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-10D15,849580,354CommonForm 4 ↗
James DonderoDirector2026-06-10D36,69200Derivative, Class A CommonForm 4 ↗
Edward ConstantinoDirector2026-06-10A4,830CommonForm 4 ↗
Dustin NorrisSee Remarks2026-06-10A7,245CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-10D3,014515,281CommonForm 4 ↗
Edward ConstantinoDirector2026-06-10D2,415CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-10D3,014515,281CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-10D6,03600Derivative, Class A CommonForm 4 ↗
Scott KavanaughDirector2026-06-10A4,830CommonForm 4 ↗
Brian MittsDirector2026-06-10A4,830CommonForm 4 ↗
Brian MittsDirector2026-06-10D2,415CommonForm 4 ↗
Brian MittsDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Scott KavanaughDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Catherine WoodDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-10A4,830CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-10D2,415CommonForm 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
James DonderoRSU$1,492,040
Matt McGranerRSU1,492,040
Dustin NorrisRSU294,604
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
James Dondero$1,492,040$0$00.0%
Matt McGraner1,492,040000.0%
Dustin Norris294,604000.0%

% 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
Dustin NorrisRSU154,310$591,007
James DonderoRSU697,4212,671,122
Matt McGranerRSU693,8392,657,403
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation paid by our Adviser and its affiliates to each of our named executive officers is based upon a robust review process (which includes self-evaluation and peer-review) that takes into consideration the named executive officer's projected goals for the given year and the named executive officer's performance relative to those goals.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0226,993,1802,516,601436,99190.14%Passed
20252025-06-1026,611,5182,841,378580,58388.61%Passed
20242024-06-1117,128,5363,148,354300,39083.24%Passed
20232023-06-1317,277,7763,769,671952,73478.53%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
20262026-06-0290.14%a
20252025-06-1088.61%b
20242024-06-1183.24%c

a. Approved under the standard stated in the filing — “2 Advisory Vote to Approve the Compensation of Our Named Executive Officers Affirmative vote of a majority of the Shares present or represented by proxy and entitled to vote on the matter No Abstentions will have the effect of a vote against the proposal, and broker non-votes are not considered entitled to vote on the matter and will have no effect No.”.

b. Approved under the standard stated in the filing — “2 Advisory Vote to Approve the Compensation of Our Named Executive Officers Affirmative vote of a majority of the Shares present or represented by proxy and entitled to vote on the matter No Abstentions will have the effect of a vote against the proposal, and broker non-votes are not considered entitled to vote on the matter and will have no effect No.”.

c. Approved under the standard stated in the filing — “2 Advisory Vote to Approve the Compensation of Our Named Executive Officers Affirmative vote of a majority of the Shares present or represented by proxy and entitled to vote on the matter No Abstentions will have the effect of a vote against the proposal, and broker non-votes are not considered entitled to vote on the matter and will have no effect No.”.

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.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Scott KavanaughIndependent · Lead Independent Director · Audit · Compensation · Nominating/Governance (Chair)$37,500$49,098$0$0$0$86,598
Edward ConstantinoIndependent · Audit (Chair) · Compensation · Nominating/Governance35,00049,09800084,098
Dr. Arthur LafferIndependent · Audit · Compensation (Chair) · Nominating/Governance27,50049,09800076,598
Brian MittsNot independent20,00049,09800069,098
Dr. Carol SwainIndependent · Audit · Compensation · Nominating/Governance20,00049,09800069,098
Catherine WoodIndependent · Audit · Compensation · Nominating/Governance49,09800049,098
James DonderoEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$20,000
Annual equity retainer$77,988
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)15,000 / 7,500 / 7,500
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$140,000
Equity awards (grant-date value)$294,588
All other compensation$0
Total cost of the board$434,588

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

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
1Nexpoint Diversified Real Estate Trust2025Matt McGraner$0$1,492,040$0$0$1,492,040

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.

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, Matt McGranerDEF 14A2026-04-200001437749-26-012769Section “Summary Compensation Table”. As printed: 1,492,040. Filing ↗machine: t80 · r3 · c5 · span 500613–500622
2Section 01, James DonderoDEF 14A2026-04-200001437749-26-012769Section “Summary Compensation Table”. As printed: 1,492,040. Filing ↗machine: t80 · r1 · c5 · span 497041–497050
3Section 01, Dustin NorrisDEF 14A2026-04-200001437749-26-012769Section “Summary Compensation Table”. As printed: 294,604. Filing ↗machine: t80 · r5 · c5 · span 504235–504242
4Section 03, James Dondero RSUDEF 14A0001437749-26-012769Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t80 · r1 · c5 · span 497041–497050
5Section 03, Matt McGraner RSUDEF 14A0001437749-26-012769Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t80 · r3 · c5 · span 500613–500622
6Section 03, Dustin Norris RSUDEF 14A2026-04-200001437749-26-012769Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t80 · r5 · c5 · span 504235–504242
7Section 08, Scott KavanaughDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 86,598. Filing ↗machine: t39 · r4 · c11 · span 392452–392458
8Section 08, Edward ConstantinoDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 84,098. Filing ↗machine: t39 · r3 · c11 · span 390515–390521
9Section 08, Dr. Arthur LafferDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 76,598. Filing ↗machine: t39 · r5 · c11 · span 394391–394397
10Section 08, Brian MittsDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 69,098. Filing ↗machine: t39 · r2 · c11 · span 388575–388581
11Section 08, Dr. Carol SwainDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 69,098. Filing ↗machine: t39 · r6 · c11 · span 396328–396334
12Section 08, Catherine WoodDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 49,098. Filing ↗
13Section 08, James DonderoDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 0. Filing ↗machine: t39 · r1 · c11 · span 386647–386648
14Section 02, Dustin Norris 2026-05-20Form 42026-05-220001437749-26-018308Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Dr. Arthur Laffer 2026-06-02Form 42026-06-040001437749-26-019590Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Catherine Wood 2026-06-02Form 42026-06-040001437749-26-019583Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, James Dondero 2026-06-02Form 42026-06-040001437749-26-019592Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Dennis Charles Sauter Jr 2026-06-02Form 42026-06-040001437749-26-019586Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Edward Constantino 2026-06-02Form 42026-06-040001437749-26-019593Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Brian Mitts 2026-06-02Form 42026-06-040001437749-26-019588Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Paul Richards 2026-06-02Form 42026-06-040001437749-26-019587Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Scott Kavanaugh 2026-06-02Form 42026-06-040001437749-26-019591Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Dr. Carol Swain 2026-06-02Form 42026-06-040001437749-26-019584Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Matt McGraner 2026-06-02Form 42026-06-040001437749-26-019589Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Dr. Carol Swain 2026-06-10Form 42026-06-120001437749-26-020554Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Dennis Charles Sauter Jr 2026-06-10Form 42026-06-120001437749-26-020553Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Dennis Charles Sauter Jr 2026-06-10Form 42026-06-120001437749-26-020553Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Paul Richards 2026-06-10Form 42026-06-120001437749-26-020552Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Dustin Norris 2026-06-10Form 42026-06-120001437749-26-020551Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Matt McGraner 2026-06-10Form 42026-06-120001437749-26-020550Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Dr. Arthur Laffer 2026-06-10Form 42026-06-120001437749-26-020549Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Dr. Arthur Laffer 2026-06-10Form 42026-06-120001437749-26-020549Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, James Dondero 2026-06-10Form 42026-06-120001437749-26-020548Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Edward Constantino 2026-06-10Form 42026-06-120001437749-26-020547Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Catherine Wood 2026-06-10Form 42026-06-120001437749-26-020555Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Paul Richards 2026-06-10Form 42026-06-120001437749-26-020552Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Dustin Norris 2026-06-10Form 42026-06-120001437749-26-020551Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Matt McGraner 2026-06-10Form 42026-06-120001437749-26-020550Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, James Dondero 2026-06-10Form 42026-06-120001437749-26-020548Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Edward Constantino 2026-06-10Form 42026-06-120001437749-26-020547Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Dustin Norris 2026-06-10Form 42026-06-120001437749-26-020551Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Paul Richards 2026-06-10Form 42026-06-120001437749-26-020552Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Edward Constantino 2026-06-10Form 42026-06-120001437749-26-020547Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Dennis Charles Sauter Jr 2026-06-10Form 42026-06-120001437749-26-020553Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Matt McGraner 2026-06-10Form 42026-06-120001437749-26-020550Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Scott Kavanaugh 2026-06-10Form 42026-06-160001437749-26-020831Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Brian Mitts 2026-06-10Form 42026-06-180001437749-26-021209Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Brian Mitts 2026-06-10Form 42026-06-180001437749-26-021209Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Brian Mitts 2026-06-10Form 42026-06-180001437749-26-021209Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Scott Kavanaugh 2026-06-10Form 42026-06-160001437749-26-020831Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Catherine Wood 2026-06-10Form 42026-06-120001437749-26-020555Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Dr. Carol Swain 2026-06-10Form 42026-06-120001437749-26-020554Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Dr. Carol Swain 2026-06-10Form 42026-06-120001437749-26-020554Insider equity transaction reported since the proxy statement. Filing ↗
54Section 06, 2026 voteForm 8-K2026-06-020001437749-26-019172Item 5.07 · say-on-pay result. As reported: 90.14% (votes for as printed: 26,993,180). Filing ↗
55Section 06, 2025 voteForm 8-K2025-06-100001437749-25-019985Item 5.07 · say-on-pay result. As reported: 88.61% (votes for as printed: 26,611,518). Filing ↗
56Section 06, 2024 voteForm 8-K2024-06-120001437749-24-020090Item 5.07 · say-on-pay result. As reported: 83.24% (votes for as printed: 17,128,536). Filing ↗
57Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
58Section 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
59Section 09b board cost (computed)ComputedcomputedCash 140,000 + equity 294,588 + all other 0 = 434,588, summed across the director compensation table rows.machine: formula: Σ = 434,588
60Nexpoint Diversified Real Estate Trust (subject), Section 10b CEO totalDEF 14A2026-04-200001437749-26-012769CEO total compensation as printed in Nexpoint Diversified Real Estate Trust's own proxy. As printed: 1,492,040. Filing ↗machine: t80 · r3 · c5 · span 500613–500622