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

Nexpoint Diversified Real Estate Trust (NXDT)

Nexpoint Diversified Real Estate Trust is externally managed by NexPoint Advisors; its named officers' pay is set and paid by the manager, not the company, and its highest-paid named officer, Executive VP, Chief Investment Officer and Former Secretary Matt McGraner, was paid $1,492,040 in fiscal year 2025 (SEC filing 0001437749-26-012769 ↗): 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

Track this company's pay every filing: join the Pro seat waitlist

Velarion Pro: every company page, peer tools and exports, one seat — $1,200/year

A confirmation now and one email when Pro opens, and nothing else. Privacy

NXDT's next annual pay disclosure, estimated April 17, 2028.est. Filing ↗

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 FY2024→2025
Matt McGraner$1,492,040$1,866,204$1,866,204↓ −374,164
James Dondero1,492,0401,784,2501,961,068↓ −292,210
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.

You have just read Nexpoint Diversified Real Estate Trust's Summary Compensation Table. The whole free brief as a PDF, emailed now, with every figure cited — then a few short notes on the deeper NXDT reports.

We send the PDF right away, then up to three short notes. Reply “unsubscribe” to any of them, any time.

How we handle your data → Privacy

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.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Brian MittsDirector$69,098
Catherine WoodIndependent Director$49,098
Dr. Arthur LafferIndependent Director$76,598
Dr. Carol SwainIndependent Director$69,098
Edward ConstantinoIndependent Director$84,098
Scott KavanaughIndependent Director$86,598
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 ↗
Catherine WoodDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-02A19,81700Derivative, Class A CommonForm 4 ↗
James DonderoDirector2026-06-02A245,41500Derivative, Class A CommonForm 4 ↗
Brian MittsDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Scott KavanaughDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-02A71,83700Derivative, Class A CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-02A245,41500Derivative, Class A CommonForm 4 ↗
Dr. Arthur LafferDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Edward ConstantinoDirector2026-06-02A7,07700Derivative, Class A CommonForm 4 ↗
Dustin NorrisSee Remarks2026-06-10D1,973510,003CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Edward ConstantinoDirector2026-06-10D2,415——CommonForm 4 ↗
Edward ConstantinoDirector2026-06-10A4,830——CommonForm 4 ↗
James DonderoDirector2026-06-10D36,69200Derivative, Class A CommonForm 4 ↗
James DonderoDirector2026-06-10A36,692——CommonForm 4 ↗
Dr. Arthur LafferDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-10A36,692——CommonForm 4 ↗
Dustin NorrisSee Remarks2026-06-10D7,24500Derivative, Class A CommonForm 4 ↗
Dustin NorrisSee Remarks2026-06-10A7,245——CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-10D6,03600Derivative, Class A CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-10D3,014515,281CommonForm 4 ↗
Paul RichardsSee Remarks2026-06-10A6,036——CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-10D6,03600Derivative, Class A CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-10A6,036——CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-10D2,415——CommonForm 4 ↗
Dr. Carol SwainDirector2026-06-10A4,830——CommonForm 4 ↗
Scott KavanaughDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Scott KavanaughDirector2026-06-10A4,830——CommonForm 4 ↗
Brian MittsDirector2026-06-10D2,415——CommonForm 4 ↗
Brian MittsDirector2026-06-10A4,830——CommonForm 4 ↗
Dr. Arthur LafferDirector2026-06-10A4,830——CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-10D15,849580,354CommonForm 4 ↗
Dennis Charles Sauter JrSee Remarks2026-06-10D3,014515,281CommonForm 4 ↗
Catherine WoodDirector2026-06-10A4,830——CommonForm 4 ↗
Brian MittsDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Edward ConstantinoDirector2026-06-10D4,83000Derivative, Class A CommonForm 4 ↗
Matt McGranerSee Remarks2026-06-10D6,03600Derivative, Class A CommonForm 4 ↗
Catherine WoodDirector2026-06-10D4,83000Derivative, Class A CommonForm 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 McGranerRSU—————1,492,040
Dustin NorrisRSU—————294,604
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
Matt McGranerRSU693,839—$2,657,403
Dustin NorrisRSU154,310—591,007
James DonderoRSU697,421—2,671,122
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company does not pay cash compensation to its named executive officers, who are employees of the Adviser; instead, the Adviser compensates them based on a robust review process considering projected goals, performance relative to those goals, and metrics such as asset growth, deal sourcing, and investment performance. The compensation committee may grant equity-based awards to align executive interests with shareholders, though it does not currently engage in benchmarking due to the lack of comparable data for externally-managed REITs.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
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 · Audit · Compensation · Nominating and Corporate Governance (Chair)$37,500$49,098$0$0$0$86,598
Edward ConstantinoIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance35,00049,09800084,098
Dr. Arthur LafferIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance27,50049,09800076,598
Dr. Carol SwainIndependent · Audit · Compensation · Nominating and Corporate Governance20,00049,09800069,098
Brian MittsNot independent20,00049,09800069,098
Catherine WoodIndependent · Audit · Compensation · Nominating and Corporate Governance049,09800049,098
James DonderoEmployee director · Board Chair000—00
09

Board fee structure and ownership guideline

Annual cash retainer$20,000
Annual equity retainer—
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.

10d

Frequently asked questions

Who was the highest-paid executive at Nexpoint Diversified Real Estate Trust in fiscal 2025?
As disclosed, Matt McGraner (Executive VP, Chief Investment Officer and Former Secretary) was the highest-paid executive at Nexpoint Diversified Real Estate Trust in fiscal 2025, with total compensation of $1,492,040.
How did shareholders vote on Nexpoint Diversified Real Estate Trust's executive compensation?
As disclosed, 90.14% of shareholders supported Nexpoint Diversified Real Estate Trust's executive compensation in the latest say-on-pay vote.
How much does Nexpoint Diversified Real Estate Trust spend in total on board compensation for fiscal 2025?
As disclosed, Nexpoint Diversified Real Estate Trust reported total board compensation of $434,588 for fiscal 2025.

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, 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 14A—0001437749-26-012769Section “EXECUTIVE COMPENSATION &” · grants of plan-based awards table. Filing ↗machine: t80 · r1 · c5 · span 497041–497050
5Section 03, Matt McGraner RSUDEF 14A—0001437749-26-012769Section “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: span 392452–392458
8Section 08, Edward ConstantinoDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 84,098. Filing ↗machine: span 390515–390521
9Section 08, Dr. Arthur LafferDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 76,598. Filing ↗machine: span 394391–394397
10Section 08, Dr. Carol SwainDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 69,098. Filing ↗machine: span 396328–396334
11Section 08, Brian MittsDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 69,098. Filing ↗machine: span 388575–388581
12Section 08, Catherine WoodDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 49,098. Filing ↗machine: span 397743–397749
13Section 08, James DonderoDEF 14A2026-04-200001437749-26-012769Section “Director Compensation”. As printed: 0. Filing ↗
14Section 02, Dustin Norris 2026-05-20Form 42026-05-220001437749-26-018308Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Catherine Wood 2026-06-02Form 42026-06-040001437749-26-019583Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Dr. Carol Swain 2026-06-02Form 42026-06-040001437749-26-019584Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Dennis Charles Sauter Jr 2026-06-02Form 42026-06-040001437749-26-019586Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, James Dondero 2026-06-02Form 42026-06-040001437749-26-019592Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Brian Mitts 2026-06-02Form 42026-06-040001437749-26-019588Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Scott Kavanaugh 2026-06-02Form 42026-06-040001437749-26-019591Insider 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, Matt McGraner 2026-06-02Form 42026-06-040001437749-26-019589Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Dr. Arthur Laffer 2026-06-02Form 42026-06-040001437749-26-019590Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Edward Constantino 2026-06-02Form 42026-06-040001437749-26-019593Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Dustin Norris 2026-06-10Form 42026-06-120001437749-26-020551Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Dr. Carol Swain 2026-06-10Form 42026-06-120001437749-26-020554Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Edward Constantino 2026-06-10Form 42026-06-120001437749-26-020547Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Edward Constantino 2026-06-10Form 42026-06-120001437749-26-020547Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, James Dondero 2026-06-10Form 42026-06-120001437749-26-020548Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, James Dondero 2026-06-10Form 42026-06-120001437749-26-020548Insider 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, Matt McGraner 2026-06-10Form 42026-06-120001437749-26-020550Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Dustin Norris 2026-06-10Form 42026-06-120001437749-26-020551Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Dustin Norris 2026-06-10Form 42026-06-120001437749-26-020551Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Paul Richards 2026-06-10Form 42026-06-120001437749-26-020552Insider 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, Paul Richards 2026-06-10Form 42026-06-120001437749-26-020552Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Dennis Charles Sauter Jr 2026-06-10Form 42026-06-120001437749-26-020553Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Dennis Charles Sauter Jr 2026-06-10Form 42026-06-120001437749-26-020553Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Dr. Carol Swain 2026-06-10Form 42026-06-120001437749-26-020554Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Dr. Carol Swain 2026-06-10Form 42026-06-120001437749-26-020554Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Scott Kavanaugh 2026-06-10Form 42026-06-160001437749-26-020831Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Scott Kavanaugh 2026-06-10Form 42026-06-160001437749-26-020831Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Brian Mitts 2026-06-10Form 42026-06-180001437749-26-021209Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Brian Mitts 2026-06-10Form 42026-06-180001437749-26-021209Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Dr. Arthur Laffer 2026-06-10Form 42026-06-120001437749-26-020549Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Matt McGraner 2026-06-10Form 42026-06-120001437749-26-020550Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Dennis Charles Sauter Jr 2026-06-10Form 42026-06-120001437749-26-020553Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Catherine Wood 2026-06-10Form 42026-06-120001437749-26-020555Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Brian Mitts 2026-06-10Form 42026-06-180001437749-26-021209Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Edward Constantino 2026-06-10Form 42026-06-120001437749-26-020547Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Matt McGraner 2026-06-10Form 42026-06-120001437749-26-020550Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Catherine Wood 2026-06-10Form 42026-06-120001437749-26-020555Insider 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)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
58Section 03b vehicle mix (computed)Computed——RSU / 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)Computed——Cash 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

The Pay Desk — the free weekly executive pay briefing, one company at a time, every number traceable to a public filing.

You'll confirm on The Pay Desk's sign-up page.