Bradley J. Ehrman
About Bradley J. Ehrman
Bradley J. Ehrman (age 48) is Chief Executive Officer of Dorchester Minerals, L.P. (DMLP) since October 1, 2022; he previously served as COO from May 2015 to October 2022, and holds a B.S. in Petroleum Engineering (University of Alberta) and an MBA (Rice University, Jones Graduate School) . Under his tenure, 2024 net income was $92.449 million, with total 2024 unitholder distributions of $146.5 million; DMLP also completed multiple mineral/royalty acquisitions in 2024 paid in units . DMLP’s total unitholder return (value of $100 invested) was $300 in 2024 vs. $257 in 2023 and $215 in 2022, while the peer group was $180 in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Dorchester Minerals Operating LP | Engineering Manager | 2004–2011 | Led engineering for Partnership-operated properties |
| Dorchester Minerals Operating LP | Vice President of Operations | 2011–May 2015 | Oversaw operations across mineral and NPI interests |
| Dorchester Minerals Management GP LLC / LP; DMO GP LLC | Chief Operating Officer | May 2015–present | Long-standing leadership in managing Partnership properties |
| Dorchester Minerals, L.P. | Chief Operating Officer | May 2015–Oct 2022 | COO of public partnership before promotion to CEO |
| Dorchester Minerals, L.P. | Chief Executive Officer | Oct 2022–present | CEO of the Partnership |
External Roles
- No external directorships or other public company roles disclosed for Mr. Ehrman in the latest proxy .
Fixed Compensation
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $266,267 | $400,000 | $415,000 |
| Cash Bonus Paid | $200,000 | $245,000 | $282,000 |
| All Other Compensation (SEP-IRA) | $61,000 | $66,000 | $69,000 |
- Base salary increase: Effective January 1, 2025, Mr. Ehrman’s base salary increased to $445,000 .
Performance Compensation
Plan Design and Metrics
| Element | Details |
|---|---|
| Bonus plan | Discretionary; Board applies subjective assessment (no formulaic targets) |
| Equity instruments | Common units and “notional units” (time-vested over 3 years in ~equal tranches) |
| Pay-for-performance linkage | Company discloses it does not use financial or non-financial performance measures to link executive compensation actually paid to company performance for Item 402(v) |
Annual Equity Grants
| Grant Date | Award Type | Units Granted | Grant-Date Fair Value |
|---|---|---|---|
| 12/15/2023 | Common Units | 14,180 | $440,005 |
| 12/15/2023 | Notional Units | 14,180 | $440,005 |
| 12/03/2024 | Common Units | 14,430 | $496,536 |
| 12/03/2024 | Notional Units | 14,430 | $496,536 |
Unvested Notional Units and Vesting Schedule
| As of 12/31/2024 | Unvested Notional Units | Aggregate Market Value |
|---|---|---|
| Bradley J. Ehrman | 23,883 | $796,020 |
| Vesting Date | Notional Units to Vest |
|---|---|
| 12/03/2025 | 4,810 |
| 12/15/2025 | 4,727 |
| 12/03/2026 | 4,810 |
| 12/15/2026 | 4,726 |
| 12/03/2027 | 4,810 |
Units Vesting in 2024
| Executive | Units Acquired on Vesting | Value Realized on Vesting |
|---|---|---|
| Bradley J. Ehrman | 19,157 | $651,676 |
Equity Ownership & Alignment
| Ownership Snapshot (Record Date: March 6, 2025) | Amount |
|---|---|
| Beneficial Ownership (Units) | 132,902 |
| Percent of Outstanding | <1% (per proxy table) |
| Direct (individual/IRA/Keogh) | 15,192 |
| Through Quiscalus Ventures, LLC (sole member) | 117,710 |
| Excluded from 60-day count (notional units) | 9,453 (not scheduled to vest within 60 days) |
| Total units outstanding (for context) | 47,339,756 |
- Hedging/derivatives: Insider trading policy prohibits short sales and transactions in publicly traded options (puts/calls) on DMLP securities .
- Section 16(a): One late Form 4 for Mr. Ehrman (grant of notional units) noted by the company in 2024 .
Employment Terms
| Topic | Terms |
|---|---|
| Employment agreement | None; the Partnership has not entered into employment agreements with any NEOs |
| Severance | No contractual severance benefits |
| Change-of-control | No contractual payments/benefits upon change-of-control |
| Clawback | Not disclosed in proxy |
| Insider trading policy | Adopted; prohibits short sales and public options; filed as Exhibit 19.1 to 2024 Form 10-K |
| Non-compete / Non-solicit | Not disclosed in proxy |
Say-on-Pay, Peer Group, and Shareholder Feedback
- Say-on-pay: At the 2023 Annual Meeting, over 92% voted in favor of executive compensation; next triennial say-on-pay vote will be in 2026 .
- Peer group (for Pay vs Performance TSR comparison): Black Stone Minerals, L.P.; Viper Energy, Inc.; Sitio Royalties Corp.; Kimbell Royalty Partners, L.P. .
Performance Context (Selected Company Metrics)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Total Unitholder Return (Value of $100) | $63 | $125 | $215 | $257 | $300 |
| Peer Group TSR (Value of $100) | $52 | $93 | $149 | $150 | $180 |
| Net Income (USD) | $21,867,000 | $70,174,000 | $130,607,000 | $114,117,000 | $92,449,000 |
| Distributions to Unitholders (USD) | — | — | — | — | $146,500,000 |
Compensation Committee Analysis
- Structure: The Advisory Committee functions as both Audit Committee and Compensation Committee; in 2024 it comprised Messrs. Lassiter, Russell, and Trout (with Ms. Wariner designated for service following Mr. Trout’s term end) .
- Process: The Board/Advisory Committee uses a simple remuneration approach, does not delegate or use consultants, and maintains broad discretion over NEO compensation amounts and forms (except where noted) .
- Policy shift: Following strong 2023 say-on-pay support, the Board added time-vested notional unit awards for NEO retention and alignment beginning in 2023 .
Investment Implications
- Pay-for-performance alignment: Bonuses and equity mix are determined subjectively (no disclosed formulaic metrics), which can reduce transparency but gives flexibility; the addition of three-year time-vested notional units since 2023 improves retention alignment .
- Selling pressure/timing: Mr. Ehrman has scheduled notional unit vestings each December through 2027 (4,727–4,810 units per tranche), and vested 19,157 units in 2024—events that typically trigger Form 4s and potential liquidity windows .
- Ownership alignment vs. entrenchment: Beneficial ownership is under 1% (132,902 units), while no employment agreement, severance, or CoC protections suggest limited entrenchment risk, though also less downside protection for the executive .
- Governance and shareholder sentiment: Strong 2023 say-on-pay support (>92%) and clear insider trading restrictions (ban on short sales/option transactions) are constructive governance signals .
- Performance backdrop: While 2024 net income declined versus 2022–2023, TUR advanced to $300 in 2024 and distributions were $146.5 million, reflecting a supportive mineral/royalty backdrop and continued capital return to unitholders .