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.
This is the complete answer, not a partial one — the list is never padded.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Matt McGraner | $0 | $0 | $3,329,980 | $0 | $0 | $0 | $0 | $3,329,980 |
| Executive VP and Chief Investment Officer | ||||||||
| James Dondero | 0 | 0 | 3,329,980 | 0 | 0 | 0 | 0 | 3,329,980 |
| President and Chairman | ||||||||
| Paul Richards | 0 | 0 | 364,524 | 0 | 0 | 0 | 0 | 364,524 |
| Chief Financial Officer, Executive VP-Finance, Treasurer and Assistant Secretary | ||||||||
| Dennis Charles Sauter | 0 | 0 | 364,524 | 0 | 0 | 0 | 0 | 364,524 |
| General Counsel and Secretary | ||||||||
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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Matt McGraner | $3,329,980 | $3,452,019 | $3,145,434 | −122,039 |
| James Dondero | 3,329,980 | 3,452,019 | 3,271,489 | −122,039 |
| Paul Richards | 364,524 | — | — | — |
| Dennis Charles Sauter | 364,524 | — | — | — |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Dr. Arthur Laffer | Director | 2026-05-22 | D | 3,429 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Edward Constantino | Director | 2026-05-22 | A | 3,429 | — | — | Common | Form 4 ↗ |
| Brian Mitts | Director | 2026-05-22 | D | 3,429 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| James Dondero | Director | 2026-05-22 | D | 19,577 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Dr. Carol Swain | Director | 2026-05-22 | A | 3,429 | — | — | Common | Form 4 ↗ |
| Scott Kavanaugh | Director | 2026-05-22 | A | 3,429 | — | — | Common | Form 4 ↗ |
| Brian Mitts | Director | 2026-05-22 | A | 3,429 | — | — | Common | Form 4 ↗ |
| Dennis Charles Sauter | See Remarks | 2026-05-22 | A | 2,143 | — | — | Common | Form 4 ↗ |
| Dr. Carol Swain | Director | 2026-05-22 | D | 1,714 | — | — | Common | Form 4 ↗ |
| Catherine Wood | Director | 2026-05-22 | D | 3,429 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Edward Constantino | Director | 2026-05-22 | D | 1,714 | — | — | Common | Form 4 ↗ |
| Edward Constantino | Director | 2026-05-22 | D | 3,429 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Paul Richards | See Remarks | 2026-05-22 | D | 2,143 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Matt McGraner | See Remarks | 2026-05-22 | D | 19,577 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Paul Richards | See Remarks | 2026-05-22 | D | 1,024 | 30 | 30,454 | Common | Form 4 ↗ |
| Scott Kavanaugh | Director | 2026-05-22 | D | 3,429 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Dr. Carol Swain | Director | 2026-05-22 | D | 3,429 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Catherine Wood | Director | 2026-05-22 | A | 3,429 | — | — | Common | Form 4 ↗ |
| Brian Mitts | Director | 2026-05-22 | D | 1,714 | — | — | Common | Form 4 ↗ |
| Dennis Charles Sauter | See Remarks | 2026-05-22 | D | 558 | 30 | 16,595 | Common | Form 4 ↗ |
| Dennis Charles Sauter | See Remarks | 2026-05-22 | D | 2,143 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| James Dondero | Director | 2026-05-22 | A | 19,577 | — | — | Common | Form 4 ↗ |
| Dr. Arthur Laffer | Director | 2026-05-22 | A | 3,429 | — | — | Common | Form 4 ↗ |
| Matt McGraner | See Remarks | 2026-05-22 | A | 19,577 | — | — | Common | Form 4 ↗ |
| Paul Richards | See Remarks | 2026-05-22 | A | 2,143 | — | — | Common | Form 4 ↗ |
| Matt McGraner | See Remarks | 2026-05-22 | D | 8,242 | 30 | 245,117 | Common | Form 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.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Paul Richards | RSU | 2025-05-22 | — | — | 10,715 | — | $364,524 |
| Matt McGraner | RSU | 2025-05-22 | — | — | 97,883 | — | 3,329,980 |
| James Dondero | RSU | 2025-05-22 | — | — | 97,883 | — | 3,329,980 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Paul Richards | $364,524 | $0 | $0 | 0.0% |
| Matt McGraner | 3,329,980 | 0 | 0 | 0.0% |
| James Dondero | 3,329,980 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| James Dondero | RSU | 266,360 | — | $8,017,436 |
| Paul Richards | RSU | 20,822 | — | 626,742 |
| Matt McGraner | RSU | 267,695 | — | 8,057,620 |
| Dennis Charles Sauter | RSU | 30,268 | — | 911,067 |
We are externally managed by our Adviser through the Advisory Agreement. Our Adviser conducts substantially all of our operations and provides asset management services for our real estate investments. Because our Advisory Agreement provides that our Adviser is responsible for managing our affairs, our named executive officers, who are employees of our Adviser, have not received, nor do we expect they will in the future receive, any cash compensation from us for their services as our named executive officers.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | not disclosed |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-02 | 18,805,362 | 904,023 | 1,017,415 | 95.41% | Passed |
| 2025 | 2025-05-20 | 18,595,235 | 1,179,986 | 44,980 | 94.03% | Passed |
| 2024 | 2024-05-07 | 18,585,808 | 750,059 | 54,140 | 96.12% | Passed |
| 2023 | 2023-05-09 | 19,554,372 | 973,642 | 55,854 | 95.26% | Passed |
| 2022 | 2022-05-10 | 14,560,063 | 6,128,915 | 51,697 | 70.38% | Passed |
| 2021 | 2021-05-11 | 13,478,416 | 6,548,854 | 55,349 | 67.3% | 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.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-02 | 95.41%a |
| 2025 | 2025-05-20 | 94.03%b |
| 2024 | 2024-05-07 | 96.12%c |
a. Voting standard not stated in the filing.
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 votes cast No Abstentions and broker non-votes are not considered votes cast 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 votes cast No Abstentions and broker non-votes are not considered votes cast 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.
| Ratio (CEO : median employee) | 11 : 1 |
|---|---|
| CEO total compensation | $3,329,980 |
| Median employee compensation | $303,338 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Scott KavanaughIndependent · Lead Independent Director · Audit · Compensation · Nominating and Corporate Governance (Chair) | $37,500 | $116,655 | $0 | $0 | $0 | $154,155 |
| Edward ConstantinoIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance | 35,000 | 116,655 | 0 | 0 | 0 | 151,655 |
| Dr. Arthur LafferIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance | 27,500 | 116,655 | 0 | 0 | 0 | 144,155 |
| Dr. Carol SwainIndependent · Audit · Compensation · Nominating and Corporate Governance | 20,000 | 116,655 | 0 | 0 | 0 | 136,655 |
| Brian MittsNot independent | 20,000 | 116,655 | 0 | 0 | 0 | 136,655 |
| Catherine WoodIndependent · Audit · Compensation · Nominating and Corporate Governance | 20,000 | 116,655 | 0 | 0 | 0 | 136,655 |
| James DonderoEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $20,000 |
|---|---|
| Annual equity retainer | $127,174 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 7,500 / 7,500 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $160,000 |
| Equity awards (grant-date value) | $699,930 |
| All other compensation | $0 |
| Total cost of the board | $859,930 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | NexPoint Residential Trust, Inc. | 2025 | James Dondero | $0 | $3,329,980 | $0 | $0 | $3,329,980 |
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.
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.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Matt McGraner | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Summary Compensation Table” · page 36. As printed: 3,329,980. Filing ↗machine: t84 · r5 · c5 · span 355660–355669 |
| 2 | Section 01, James Dondero | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Summary Compensation Table” · page 36. As printed: 3,329,980. Filing ↗machine: t84 · r1 · c5 · span 347846–347855 |
| 3 | Section 01, Paul Richards | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Summary Compensation Table” · page 36. As printed: 364,524. Filing ↗machine: t84 · r4 · c5 · span 353723–353730 |
| 4 | Section 01, Dennis Charles Sauter | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Summary Compensation Table” · page 36. As printed: 364,524. Filing ↗machine: t84 · r8 · c5 · span 360935–360942 |
| 5 | Section 03, Paul Richards RSU | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Grants of Plan Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t87 · r2 · c5 · span 374928–374934 |
| 6 | Section 03, Matt McGraner RSU | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Grants of Plan Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t84 · r5 · c5 · span 355660–355669 |
| 7 | Section 03, James Dondero RSU | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Grants of Plan Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t87 · r1 · c5 · span 373142–373148 |
| 8 | Section 07, pay ratio | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “CEO Pay Ratio”. As printed: 11 : 1. Filing ↗machine: span 444998–445000 |
| 9 | Section 08, Scott Kavanaugh | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 154,155. Filing ↗machine: t38 · r4 · c11 · span 226406–226413 |
| 10 | Section 08, Edward Constantino | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 151,655. Filing ↗machine: t38 · r3 · c11 · span 224467–224474 |
| 11 | Section 08, Dr. Arthur Laffer | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 144,155. Filing ↗machine: t38 · r5 · c11 · span 228347–228354 |
| 12 | Section 08, Dr. Carol Swain | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 136,655. Filing ↗machine: t38 · r6 · c11 · span 230286–230293 |
| 13 | Section 08, Brian Mitts | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 136,655. Filing ↗machine: t38 · r2 · c11 · span 222525–222532 |
| 14 | Section 08, Catherine Wood | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 136,655. Filing ↗machine: t38 · r7 · c11 · span 232664–232671 |
| 15 | Section 08, James Dondero | DEF 14A | 2026-04-10 | 0001437749-26-012026 | Section “Director Compensation”. As printed: 0. Filing ↗machine: t38 · r1 · c11 · span 220590–220597 |
| 16 | Section 02, Dr. Arthur Laffer 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018660 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 02, Edward Constantino 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018658 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Brian Mitts 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018657 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, James Dondero 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018654 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Dr. Carol Swain 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018661 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, Scott Kavanaugh 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018662 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Brian Mitts 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018657 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Dennis Charles Sauter 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018656 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, Dr. Carol Swain 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018661 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, Catherine Wood 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018659 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Edward Constantino 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018658 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Edward Constantino 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018658 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 02, Paul Richards 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018655 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 29 | Section 02, Matt McGraner 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018653 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, Paul Richards 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018655 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 02, Scott Kavanaugh 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018662 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 32 | Section 02, Dr. Carol Swain 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018661 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 33 | Section 02, Catherine Wood 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018659 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 34 | Section 02, Brian Mitts 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018657 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 35 | Section 02, Dennis Charles Sauter 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018656 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 36 | Section 02, Dennis Charles Sauter 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018656 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 37 | Section 02, James Dondero 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018654 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 38 | Section 02, Dr. Arthur Laffer 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018660 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 39 | Section 02, Matt McGraner 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018653 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 40 | Section 02, Paul Richards 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018655 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 41 | Section 02, Matt McGraner 2026-05-22 | Form 4 | 2026-05-27 | 0001437749-26-018653 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 42 | Section 06, 2026 vote | Form 8-K | 2026-06-02 | 0001437749-26-019168 | Item 5.07 · say-on-pay result. As reported: 95.41% (votes for as printed: 18,805,362). Filing ↗ |
| 43 | Section 06, 2025 vote | Form 8-K | 2025-05-20 | 0001437749-25-017826 | Item 5.07 · say-on-pay result. As reported: 94.03% (votes for as printed: 18,595,235). Filing ↗ |
| 44 | Section 06, 2024 vote | Form 8-K | 2024-05-10 | 0001437749-24-016035 | Item 5.07 · say-on-pay result. As reported: 96.12% (votes for as printed: 18,585,808). Filing ↗ |
| 45 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 46 | Section 03b vehicle mix (computed) | 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 |
| 47 | Section 09b board cost (computed) | Computed | — | computed | Cash 160,000 + equity 699,930 + all other 0 = 859,930, summed across the director compensation table rows.machine: formula: Σ = 859,930 |
| 48 | NexPoint Residential Trust, Inc. (subject), Section 10b CEO total | DEF 14A | 2026-04-10 | 0001437749-26-012026 | CEO total compensation as printed in NexPoint Residential Trust, Inc.'s own proxy. As printed: 3,329,980. Filing ↗machine: t84 · r1 · c5 · span 347846–347855 |