Cathleen M. Hrtanek
About Cathleen M. Hrtanek
Cathleen “Cassie” M. Hrtanek, age 48, serves as Corporate Secretary of Inland Real Estate Income Trust, Inc. (INRE) and has held this officer position since August 2011; she is also Chief Operating Officer of The Inland Real Estate Group, LLC as of May 2024, overseeing HR, IT, risk management, communications, marketing, and purchasing . She holds a B.A. in Political Science and French from the University of Notre Dame and a J.D. from Loyola University Chicago School of Law, and is admitted to practice law in Illinois . INRE operates as an externally managed non-listed REIT, with FY2024 rental income of ~$149.8M and FFO/MFFO of ~$45.8M/$45.5M, providing portfolio-level performance context during her tenure as Corporate Secretary .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Inland Real Estate Income Trust, Inc. | Corporate Secretary | Aug 2011–present | Corporate governance, board/stockholder meeting documentation, proxy administration |
| IREIT Business Manager & Advisor, Inc. (Business Manager) | Secretary | Aug 2011–Dec 2024 | Governance support across external manager; aligns INRE with sponsor processes |
| InPoint Commercial Real Estate Income, Inc. | Assistant Secretary; Secretary | Aug 2016–Mar 2022; Mar 2022–present | Governance for another Inland-affiliated REIT, continuity in sponsor-aligned programs |
| Inland Diversified Real Estate Trust, Inc. | Secretary | Sep 2008–Jul 2014 | Governance during lifecycle of prior Inland-sponsored REIT |
| Inland Diversified Business Manager | Secretary | Sep 2008–Mar 2016 | Oversight of manager governance and filings |
| Inland Securities Corporation | Secretary (historical); Director (later) | Aug 2009–May 2017; Director since Feb 2024 | Capital markets governance and later board oversight |
| Inland Venture Partners, LLC and sponsored funds | Secretary | Through Dec 2024 | Governance for private fund platform |
| Wildman Harrold Allen & Dixon LLP | Attorney | 2001–2005 | Commercial real estate transactions, legal foundation for governance roles |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Inland Real Estate Group, LLC | Chief Operating Officer | May 2024–present | Operational leadership across HR/IT/risk/comms/marketing/purchasing; broad influence over sponsor enterprise |
| Inland Securities Corporation | Director | Since Feb 2024 | Oversight of broker-dealer affiliate |
| Inland Private Capital Corporation (IPC) | Director | Since Feb 2024 | Oversight of private real estate investment programs |
| IPC Alternative Real Estate Advisor, LLC | Director | Since Feb 2024 | Strategy/governance for alternative advisory arm |
| Inland Commercial Real Estate Services LLC (INRE Real Estate Manager) | Manager | Since May 2024 | Oversight of property management/leasing operations impacting INRE portfolio |
Fixed Compensation
- INRE is externally managed and does not pay or reimburse compensation for executive officers other than its President/CEO; officers (including Corporate Secretary) are compensated by Inland affiliates, not by INRE .
- INRE paid its President/CEO (not Ms. Hrtanek) under a third‑party agreement, offset dollar‑for‑dollar against Business Manager fees; no Company salary/bonus/equity was paid to other executive officers in 2024 .
Performance Compensation
- No Company equity awards or performance-based compensation are disclosed for Ms. Hrtanek; INRE did not grant equity awards to named executive officers in FY2024, and none were outstanding at FY2024 year end .
- Compensation for executives other than the President/CEO is set and paid by Inland affiliates; INRE’s compensation committee reviews CEO pay and director equity only .
Equity Ownership & Alignment
| Metric | Value | Notes |
|---|---|---|
| Common shares beneficially owned | 222 | Sole voting and investment power |
| Shares outstanding (record date for 2025 meeting) | 36,117,282 | As of Sep 23, 2025 |
| Ownership as % of shares outstanding | ≈0.0006% | 222 / 36,117,282, derived from cited figures |
| Vested vs. unvested shares | Not disclosed | No specific breakdown for Ms. Hrtanek |
| Options (exercisable/unexercisable) | Not disclosed | No Company option awards disclosed for NEOs |
| Pledging/hypothecation | Not disclosed; anti‑hedging policy in place | Hedging/monetization transactions require prior written consent per insider trading policy |
Additional alignment policies:
- Anti‑hedging policy restricts hedging or monetization transactions (e.g., zero‑cost collars, forward sales) without prior written consent; applies across Inland-affiliated entities including INRE .
- Insider trading policy governs officer transactions and is appended to INRE’s Annual Report (Exhibit 19.1) .
Employment Terms
- Officers are elected annually by the board and may be terminated at any time; biographies and roles are disclosed annually .
- Change‑in‑control/severance: INRE discloses no obligation to pay cash severance or other change‑in‑control benefits; no equity grants with acceleration are outstanding for NEOs as of FY2024 .
- Compliance/whistleblower: Ms. Hrtanek is listed as the compliance officer contact for whistleblower matters, reflecting oversight responsibility in governance processes .
- Contract context: INRE operates under a Business Management Agreement (BMA) with fees tied to average invested assets, and future subordinated incentive fees only upon “triggering events”; internalization framework and related-party approvals are detailed—these governance structures influence executive retention/compensation levers indirectly .
Investment Implications
- Compensation alignment: Ms. Hrtanek’s Company-level compensation is not paid by INRE; her incentives are primarily tied to Inland Group roles, with INRE governance responsibilities. This limits direct pay-for-performance linkage at the issuer level and shifts alignment to sponsor-level performance and responsibilities .
- Selling pressure/insider signals: Minimal—INRE is non‑listed with no exchange registration; Ms. Hrtanek’s beneficial holding is de minimis (222 shares), anti‑hedging policy restricts monetization, and no Company option grants exist, reducing near‑term selling pressure signals .
- Retention risk: As COO of The Inland Real Estate Group and longstanding Corporate Secretary of INRE, her influence and responsibilities are sponsor-wide; retention risk is more a sponsor enterprise consideration than issuer-specific, with governance continuity benefits for INRE .
- Governance/related-party oversight: Significant related-party fee structures (Business Manager and Real Estate Manager) require independent director approval and are material to INRE economics; Ms. Hrtanek’s compliance and secretary roles suggest central involvement in process integrity—an important qualitative mitigant to conflict risk .
- Board/compensation processes: Compensation committee met one time in 2024 and oversees CEO pay and director compensation; Say‑on‑Pay advisory vote is held annually per board recommendation, offering shareholder feedback channels despite limited executive pay disclosure .
Note: Items such as base salary, target bonus %, option grants/vesting, ownership guidelines, clawbacks, and non‑compete for Ms. Hrtanek are not disclosed by INRE and are managed at Inland sponsor entities; INRE does not compensate or reimburse affiliates for executive pay other than its President/CEO arrangement offset against BMA fees .