Only delegators receive tokens as part of the payout.
What token-holders get is an increase in the token price.

The MAPR price started at 1 STEEM, it is now above 1.02 STEEM, so those people who are still holding tokens from when they were 1 steem now have tokens worth some 2% more.

So holding tokens is like compounding, whether those tokens are bought or received from being a delegator makes no difference.

It is an interesting way to pay ppeople in 2 different ways without having 2 different tokens :-)