Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-04-28

Redfin (RDFN)

Fiscal year 2023 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.

$2,546,278
Adam Wiener total, FY2023
Former President of Real Estate Operationshighest-paid officer; CEO Glenn Kelman: $300,000
CEO (Glenn Kelman) pay percentile vs peers
CEO-to-median pay ratio
98.1%
Say-on-pay support, latest vote
Companies that benchmark against RDFN
10 companies name RDFN as a compensation peer

Each company listed discloses RDFN 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 RDFN 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 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Adam Wiener$296,346$0$1,653,800$0$0$0$596,132$2,546,278
Former President of Real Estate Operations
Chris Nielsen500,00001,323,027037,500001,860,527
Chief Financial Officer
Bridget Frey450,00001,323,027027,000001,800,027
Chief Technology Officer
Anna Stevens425,000550,000661,502025,500001,662,002
Chief Human Resources Officer
Anthony Kappus400,00060,0001,058,413026,400001,544,813
Chief of Legal Affairs and Digital Revenue
Glenn Kelman300,000000000300,000
Chief Executive Officer

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 officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Adam Wiener$2,546,278
Chris Nielsen1,860,527
Bridget Frey1,800,027
Anna Stevens1,662,002
Anthony Kappus1,544,813
Glenn Kelman300,000

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

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Chris NielsenPSU2023-05-3015,21260,849121,698$717,773
Anna StevensRSU2023-05-3032,858302,622
Anthony KappusPSU2023-05-3012,16948,67997,358574,216
Adam WienerPSU2023-05-3019,01576,063152,126897,236
Bridget FreyRSU2023-05-3065,717605,254
Bridget FreyPSU2023-05-3015,21260,849121,698717,773
Adam WienerRSU2023-05-3082,146756,565
Anna StevensPSU2023-05-307,60630,42460,848358,880
Chris NielsenRSU2023-05-3065,717605,254
Anthony KappusRSU2023-05-3052,573484,197
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Chris Nielsen$605,254$717,773$054.3%
Anna Stevens302,622358,880054.3%
Anthony Kappus484,197574,216054.3%
Adam Wiener756,565897,236054.3%
Bridget Frey605,254717,773054.3%

% 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 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Adam WienerRSU61,610$635,815
Bridget FreyOption010.8
Glenn KelmanOption027.5
Bridget FreyOption08.61
Anthony KappusRSU3,54936,626
Bridget FreyRSU5,04852,095
Adam WienerRSU6,62568,370
Adam WienerRSU2,03521,001
Anna StevensRSU87,306900,998
Anna StevensRSU24,644254,326
Anthony KappusOption08.61
Chris NielsenOption09.15
Chris NielsenRSU54,860566,155
Bridget FreyRSU37,013381,974
Bridget FreyRSU46,268477,486
Adam WienerOption08.1
Adam WienerOption09.15
Chris NielsenRSU1,75418,101
Anthony KappusRSU39,658409,271
Bridget FreyRSU1,96520,279
Anthony KappusRSU39,430406,918
Chris NielsenPSU85,189879,150
Bridget FreyPSU85,189879,150
Chris NielsenRSU49,288508,652
Chris NielsenRSU13,752141,921
Adam WienerOption08.61
Adam WienerRSU66,095682,100
Chris NielsenRSU43,887452,914
Anna StevensRSU6,87670,960
Anthony KappusRSU1,05310,867
Chris NielsenRSU4,95351,115
Glenn KelmanOption08.97
Glenn KelmanOption010.8
Bridget FreyOption06.39
Chris NielsenOption010.8
Bridget FreyOption09.15
Anthony KappusOption09.15
Adam WienerOption010.8
Anna StevensRSU83,148858,087
Anna StevensPSU42,594439,570
Glenn KelmanOption08.61
Anthony KappusRSU11,001113,530
Glenn KelmanOption08.1
Bridget FreyOption06.42
Bridget FreyOption07.38
Anthony KappusOption010.8
Anthony KappusPSU68,151703,318
Anthony KappusRSU31,725337,402
Bridget FreyRSU49,288508,652
Bridget FreyRSU13,752141,921
05

Incentive-plan design — the Compensation Discussion & Analysis

We strive to provide competitive total pay packages that allow us to attract and retain the most qualified individuals to lead our business and to reward them largely based on our short-term and long-term financial performance and the value we create for our stockholders.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantCompensia
Clawback policytrue
Anti-hedging
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-06-0643,438,599843,452166,24398.1%Passed
20232023-06-1361,917,146569,331103,63299.09%Passed
20222022-06-1477,103,109534,287295,01299.31%Passed
20212021-06-0970,215,862447,14099,55499.37%Passed
20202020-06-1065,326,1731,135,039277,75998.29%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
20242024-06-0698.1%a
20232023-06-1399.09%b
20222022-06-1499.31%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

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 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David LissyIndependent · Board Chair · Board Chair$82,500$206,452$0$0$0$288,952
Robert BassIndependent · Audit (Chair) · Nominating and Corporate Governance87,500179,291000266,791
James SlavetIndependent · Compensation (Chair)70,000179,291000249,291
Austin LigonIndependent · Audit67,500179,291000246,791
Brad SingerIndependent · Audit67,500179,291000246,791
Julie BornsteinIndependent · Nominating and Corporate Governance (Chair)62,500179,291000241,791
Kerry D. ChandlerIndependent · Compensation60,000179,291000239,291
Selina TobaccowalaIndependent · Compensation60,000179,291000239,291
Glenn KelmanEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$55,000
Annual equity retainer$165,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)165,000 / 85,000 / 165,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$557,500
Equity awards (grant-date value)$1,461,489
All other compensation$0
Total cost of the board$2,018,989

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

10

Disclosed peer group — fiscal year 2023

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

EXPI eXp World HoldingsCHGG CheggGWRE Guidewire SoftwareBFAM Bright Horizons Family SolutionsMMI Marcus & MillichapOPEN Opendoor TechnologiesOPAD Offerpad Solutions The RealRealENV EnvestnetCOMP CompassCARG CarGurusFTDR frontdoorAPPF AppFolioZ Zillow GroupRMAX RE/MAXSSTK ShutterstockBYON Overstock.com
10a

Peer reciprocity

Of the companies Redfin 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.

eXp World Holdings (EXPI) Chegg (CHGG)42 Guidewire Software (GWRE)43 Bright Horizons Family Solutions (BFAM) Marcus & Millichap (MMI)44 Opendoor Technologies (OPEN)45 Offerpad Solutions (OPAD) Envestnet (ENV)46 Compass (COMP)47 CarGurus (CARG) frontdoor (FTDR) AppFolio (APPF) Zillow Group (Z) RE/MAX (RMAX)48 Shutterstock (SSTK)49 Overstock.com (BYON)

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 Redfin.

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
1Opendoor Technologies2025Kaz Nejatian$0$741,137,105$0$0$741,137,105
2Guidewire Software2025Mike Rosenbaum750,00012,280,2030975,00014,012,061
3CarGurus2025Jason Trevisan647,5006,499,9750709,3257,889,260
4Shutterstock2024Paul Hennessy700,0005,871,6700583,8007,176,468
5Zillow Group2025Jeremy Wacksman850,2664,006,8002,249,53607,138,557
6Marcus & Millichap2025Hessam Nadji700,0003,495,95401,749,3106,273,083
7AppFolio2025Shane Trigg550,0004,000,3070814,0005,438,904
8Chegg2025Dan Rosensweig850,0004,070,000004,934,000
9Envestnet2023William Crager650,0003,520,568004,880,843
10RE/MAX2024Erik Carlson825,00000972,1021,812,352
11Redfin2023Glenn Kelman300,000000300,000
eXp World Holdingsnot in coverage universe
Bright Horizons Family Solutionsnot in coverage universe
Offerpad Solutionsnot in coverage universe
Compassnot in coverage universe
frontdoornot in coverage universe
Overstock.comnot in coverage universe

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
Redfin10%PSU 62.5 · RSU 37.5NoCompensia
AppFolio148%PSU 60 · RSU 40Nonot disclosed
Bright Horizons Family Solutionsnot disclosednot disclosednot disclosednot disclosed
CarGurus108.29%RSU 100not disclosedCompensia, Inc.
Cheggnot disclosedPSU 70 · RSU 30NoAon
Compass200%RSU 100NoSemler Brossy Consulting Group, LLC
Envestnet100%PSU 50 · RSU 50Yes — Relative TSR vs. Russell 2000 Index constituentsWillis Towers Watson US LLC
eXp World Holdingsnot disclosednot disclosednot disclosednot disclosed
frontdoornot disclosednot disclosednot disclosednot disclosed
Guidewire Software130%PSU 50 · RSU 50NoSemler Brossy
Marcus & Millichapnot disclosednot disclosednot disclosednot disclosed
Offerpad Solutionsnot disclosednot disclosednot disclosednot disclosed
Opendoor Technologiesnot disclosedPSU 97 · RSU 3NoCompensia, Inc.
Overstock.comnot disclosednot disclosednot disclosednot disclosed
RE/MAXnot disclosedPSU 60 · RSU 40NoMeridian Compensation Partners, LLC
Shutterstock83.4%not disclosedNoPearl Meyer
Zillow Groupnot disclosednot disclosednot disclosedEquilar

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.

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, Adam WienerDEF 14A2024-04-250001382821-24-000045Section “Summary Compensation Table”. As printed: 2,546,278. Filing ↗machine: t26 · r14 · c15 · span 469444–469453
2Section 01, Chris NielsenDEF 14A2024-04-250001382821-24-000045Section “Summary Compensation Table”. As printed: 1,860,527. Filing ↗machine: t26 · r5 · c18 · span 445211–445220
3Section 01, Bridget FreyDEF 14A2024-04-250001382821-24-000045Section “Summary Compensation Table”. As printed: 1,800,027. Filing ↗machine: t26 · r8 · c18 · span 452422–452431
4Section 01, Anna StevensDEF 14A2024-04-250001382821-24-000045Section “Summary Compensation Table”. As printed: 1,662,002. Filing ↗machine: t26 · r11 · c18 · span 460861–460870
5Section 01, Anthony KappusDEF 14A2024-04-250001382821-24-000045Section “Summary Compensation Table”. As printed: 1,544,813. Filing ↗machine: t26 · r13 · c18 · span 466510–466519
6Section 01, Glenn KelmanDEF 14A2024-04-250001382821-24-000045Section “Executive Compensation Tables” · page 27. As printed: 300,000. Filing ↗machine: t17 · r2 · c3 · span 301713–301720
7Section 03, Chris Nielsen PSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r5 · c21 · span 493808–493815
8Section 03, Anna Stevens RSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r10 · c19 · span 502996–503003
9Section 03, Anthony Kappus PSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r14 · c21 · span 512162–512169
10Section 03, Adam Wiener PSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r17 · c21 · span 518822–518829
11Section 03, Bridget Frey RSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r7 · c19 · span 496924–496931
12Section 03, Bridget Frey PSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r8 · c21 · span 498844–498851
13Section 03, Adam Wiener RSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r16 · c19 · span 516327–516334
14Section 03, Anna Stevens PSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r11 · c21 · span 505489–505496
15Section 03, Chris Nielsen RSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r4 · c19 · span 491313–491320
16Section 03, Anthony Kappus RSUDEF 14A2024-04-250001382821-24-000045Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t27 · r13 · c19 · span 509668–509675
17Section 08, David LissyDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 288,952. Filing ↗machine: t12 · r6 · c8 · span 235721–235728
18Section 08, Robert BassDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 266,791. Filing ↗machine: t12 · r2 · c8 · span 230027–230034
19Section 08, James SlavetDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 249,291. Filing ↗machine: t12 · r8 · c8 · span 238554–238561
20Section 08, Austin LigonDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 246,791. Filing ↗machine: t12 · r5 · c8 · span 234305–234312
21Section 08, Brad SingerDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 246,791. Filing ↗machine: t12 · r7 · c8 · span 237137–237144
22Section 08, Julie BornsteinDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 241,791. Filing ↗machine: t12 · r3 · c8 · span 231447–231454
23Section 08, Kerry D. ChandlerDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 239,291. Filing ↗machine: t12 · r4 · c8 · span 232869–232876
24Section 08, Selina TobaccowalaDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 239,291. Filing ↗machine: t12 · r9 · c8 · span 239977–239984
25Section 08, Glenn KelmanDEF 14A2024-04-250001382821-24-000045Section “Director Compensation”. As printed: 0. Filing ↗
26Section 06, 2024 voteForm 8-K2024-06-070001382821-24-000101Item 5.07 · say-on-pay result. As reported: 98.1% (votes for as printed: 43,438,599). Filing ↗
27Section 06, 2023 voteForm 8-K2023-06-150001382821-23-000105Item 5.07 · say-on-pay result. As reported: 99.09% (votes for as printed: 61,917,146). Filing ↗
28Section 06, 2022 voteForm 8-K2022-06-150001382821-22-000173Item 5.07 · say-on-pay result. As reported: 99.31%. Filing ↗
29Section 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
30Section 09b board cost (computed)ComputedcomputedCash 557,500 + equity 1,461,489 + all other 0 = 2,018,989, summed across the director compensation table rows.machine: formula: Σ = 2,018,989
31Opendoor Technologies, Section 10b CEO totalDEF 14A2026-04-280001140361-26-017460CEO total compensation as printed in Opendoor Technologies's own proxy. As printed: 741,137,105. Filing ↗machine: r2 · c19 · span 1020141–1020152
32Guidewire Software, Section 10b CEO totalDEF 14A2025-10-300001528396-25-000233CEO total compensation as printed in Guidewire Software's own proxy. As printed: 14,012,061. Filing ↗machine: r3 · c21 · span 777771–777781
33CarGurus, Section 10b CEO totalDEF 14A2026-04-220001193125-26-170400CEO total compensation as printed in CarGurus's own proxy. As printed: 7,889,260. Filing ↗machine: r2 · c7 · span 953842–953851
34Shutterstock, Section 10b CEO totalDEF 14A2025-11-200001549346-25-000050CEO total compensation as printed in Shutterstock's own proxy. As printed: 7,176,468. Filing ↗machine: r5 · c24 · span 438445–438454
35Zillow Group, Section 10b CEO totalDEF 14A2026-04-150001617640-26-000031CEO total compensation as printed in Zillow Group's own proxy. As printed: 7,138,557. Filing ↗machine: r2 · c39 · span 618709–618718
36Marcus & Millichap, Section 10b CEO totalDEF 14A2026-03-180001193125-26-113930CEO total compensation as printed in Marcus & Millichap's own proxy. As printed: 6,273,083. Filing ↗
37AppFolio, Section 10b CEO totalDEF 14A2026-04-280001433195-26-000031CEO total compensation as printed in AppFolio's own proxy. As printed: 5,438,904. Filing ↗machine: r3 · c51 · span 627702–627711
38Chegg, Section 10b CEO totalDEF 14A2026-04-280001364954-26-000040CEO total compensation as printed in Chegg's own proxy. As printed: 4,934,000. Filing ↗machine: t129 · r3 · c15 · span 719980–719989
39Envestnet, Section 10b CEO totalDEF 14A2024-04-050001104659-24-044267CEO total compensation as printed in Envestnet's own proxy. As printed: 4,880,843. Filing ↗machine: r1 · c48 · span 863945–863954
40RE/MAX, Section 10b CEO totalDEF 14A2025-04-030001558370-25-004353CEO total compensation as printed in RE/MAX's own proxy. As printed: 1,812,352. Filing ↗machine: t144 · r6 · c14 · span 884831–884840
41Redfin (subject), Section 10b CEO totalDEF 14A2024-04-250001382821-24-000045CEO total compensation as printed in Redfin's own proxy. As printed: 300,000. Filing ↗machine: t17 · r2 · c3 · span 301713–301720
42Section 10a, Chegg reciprocityDEF 14A0001364954-26-000040Chegg's most recent proxy was read; its disclosed peer group does not include Redfin. Filing ↗
43Section 10a, Guidewire Software reciprocityDEF 14A0001528396-25-000233Guidewire Software's most recent proxy was read; its disclosed peer group does not include Redfin. Filing ↗
44Section 10a, Marcus & Millichap reciprocityDEF 14A0001193125-26-113930Marcus & Millichap's most recent proxy was read; its disclosed peer group does not include Redfin. Filing ↗
45Section 10a, Opendoor Technologies reciprocityDEF 14A0001140361-26-017460Opendoor Technologies's most recent proxy was read; its disclosed peer group does not include Redfin. Filing ↗
46Section 10a, Envestnet reciprocityDEF 14A0001104659-24-044267Envestnet's most recent proxy was read; its disclosed peer group does not include Redfin. Filing ↗
47Section 10a, Compass reciprocityDEF 14A0001563190-26-000084Compass names Redfin in its own disclosed peer group (read from its most recent proxy). Filing ↗
48Section 10a, RE/MAX reciprocityDEF 14A0001558370-25-004353RE/MAX names Redfin in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Shutterstock reciprocityDEF 14A0001549346-25-000050Shutterstock's most recent proxy was read; its disclosed peer group does not include Redfin. Filing ↗