Jed Dolson
Green Brick PartnersAbout Jed Dolson
Jed Dolson (age 47) is President and Chief Operating Officer of Green Brick Partners, serving as President & COO since October 2023; previously EVP & COO from September 2020, Texas Region President from October 2017, and Head of Land Acquisition & Development since September 2013. He holds a B.S. in Civil Engineering from Texas A&M and an M.S. in Civil Engineering from Stanford, with early career roles at Jones & Boyd Engineering and as Director of Development for a private residential developer . Under his and management’s tenure, GRBK delivered 492.1% total shareholder return over the five years ended December 31, 2024 (37.5% CAGR), with strong operational metrics: 2024 Home Closings Revenue Growth 17.1%, Homebuilding Gross Margin 33.8%, and ROA 18.2% relative to peers; EPS was $8.45 in 2024 and TSR ranked at the 78–89th percentile over 1–5 year windows .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Green Brick Partners | President & COO | Oct 2023–present | Company-wide operations; expanded Trophy division into Austin and Houston; recruited senior management; enhanced trade/supplier base and costs |
| Green Brick Partners | EVP & COO | Sep 2020–Oct 2023 | Operational leadership; progressed growth initiatives |
| Green Brick Partners | President, Texas Region | Oct 2017–Sep 2020 | Led regional growth and operations |
| Green Brick Partners | Head of Land Acquisition & Development | Sep 2013–Oct 2017 | Land strategy and development execution |
| Pecos One LLC (consulting to JBGL) | Managing Member | Mar 2010–Sep 2013 | Advisory to JBGL on development/acquisition |
| Jones & Boyd Engineering; Private Residential Developer | Engineer; Director of Development | Prior to 2010 | Technical execution; development leadership |
External Roles
No external public company directorships or committee roles disclosed for Dolson in the latest proxy .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 600,000 | 638,333 | 800,000 |
| Target Annual Incentive Opportunity ($) | 1,700,000 (per 2021 agreement for 2022) | 1,800,000 (per 2021 agreement for 2023) | 2,624,625 |
| All Other Compensation ($) | 20,550 | 17,355 | 14,620 (401k match/HSA/cell allowance) |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Settlement |
|---|---|---|---|---|---|
| Operational & Financial vs Peers (Revenue Growth, Gross Margin, ROA) | 25% | Cell-based thresholds | Met/exceeded 21 of 24 peer cells | 200% of component | Up to 50% paid in equity at committee’s option |
| EPS | 25% | $6.68 target; $7.20 max | $8.45 | 200% of component | Up to 50% paid in equity |
| Relative TSR (1-, 3-, 5-year vs TSR Peer Group & S&P 500) | 20% | 50th percentile target; 70th max | 78% (1Y), 78% (3Y), 89% (5Y) | 200% of each sub-component | Up to 50% paid in equity |
| Strategic Objectives | 30% | Committee-approved goals | Executed expansions, talent build, supplier base improvements | 200% of component | Up to 50% paid in equity |
2024 Annual Incentive payout: $2,624,625 cash + $2,624,625 stock = $5,249,251 total; committee paid 50% in fully vested shares of common stock . Grant detail (Mar 5, 2024 for 2023 AIP stock portion): 33,095 shares, grant-date fair value $1,716,000 .
Multi-Year Compensation Summary
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 600,000 | 638,333 | 800,000 |
| Stock Awards ($) | 1,152,997 | 1,558,468 | 1,716,000 |
| Non-Equity Incentive Plan ($) | 1,558,500 | 1,716,000 | 2,624,625 |
| All Other ($) | 20,550 | 17,355 | 14,620 |
| Total ($) | 3,332,047 | 3,930,156 | 5,155,245 |
Equity Ownership & Alignment
| Item | Value |
|---|---|
| Beneficial Ownership (Apr 14, 2025) | 297,661 shares (<1%) |
| Shares Outstanding | 44,112,612 |
| Ownership as % Outstanding | ~0.68% (297,661 / 44,112,612) |
| Vested vs Unvested | Unvested RSAs/units: 0 as of Dec 31, 2024 |
| Options (Exercisable/Unexercisable) | None; no options outstanding or exercised in 2024 |
| 2024 AIP Equity Settlement | 50% of payout in fully vested shares |
| Stock Ownership Guidelines | 2x base salary for NEOs; retain 100% of net shares until compliant; 5-year window |
| Anti-Hedging/Pledging Policy | Hedging and pledging prohibited for officers/directors; exceptions only for 10%+ entities with Board approval |
| Indicative Holdings Value | ≈ $16.8M at $56.49 closing price on Dec 31, 2024 (297,661 × $56.49) |
Notes:
- Award structures favor fully vested stock payments for annual incentives, reducing scheduled vesting overhang; retention requirement applies until ownership guideline met .
- Company policy prohibits hedging/pledging, lowering misalignment risk .
Employment Terms
| Provision | Jed Dolson Term |
|---|---|
| Current Role & Effective Date | President & COO since Oct 2023; EVP & COO since Sep 2020 |
| Base Salary (2024) | $800,000; increased with renewed agreement effective Oct 27, 2023 |
| Annual Incentive Target (2024) | $2,624,625 |
| Severance (No CIC) | 1.5× (base salary + prior-year bonus); example amount $6,348,000 as of 12/31/24 |
| Severance (Following CIC) | No additional multiplier vs standard terms (same as above) |
| Clawback | Bonus and equity subject to clawback upon restatement for material non-compliance |
| Non-Compete / Non-Solicit | 12 months post-termination; perpetual confidentiality/non-disparagement |
| Section 280G/4999 | Agreements provide excise tax mitigation via cutback (no gross-up noted) |
Compensation Structure Analysis
- High at-risk pay: In 2024, GRBK reports 78% average performance-based compensation for non-CEO NEOs, consistent with Dolson’s significant variable pay tied to EPS, TSR, margin, ROA, and strategic objectives .
- Shift toward equity-linked incentives: Annual incentives continue to be 50% settled in fully vested stock, increasing market-linked exposure but minimizing vesting overhang and complex PSU structures; GRBK expects a new LTIP in 2025 for broader equity design, though Dolson’s 2024 had no unvested awards outstanding .
- Strong pay-for-performance outcomes: 2024 payouts reached maximums across EPS, peer-relative operating metrics, TSR, and strategic objectives, reflecting top-quartile execution vs peers and supporting the committee’s philosophy .
Say-on-Pay & Peer Benchmarking
- Say-on-Pay: 98% approval at the 2023 annual meeting; committee reviews feedback in setting pay .
- Peer Groups: 2024 peer group used for NEO benchmarking (seven builders); GRBK ranked highest on ROA and 89th percentile 5-year TSR. 2025 peer group expanded to nine, with “below-the-line” reference to larger builders for design insight .
Performance & Track Record
- 2024 Achievements (Dolson): Led Trophy division expansion into Austin/Houston; recruited/developed senior management; improved supplier base and costs; fostered positive culture .
- Company metrics: 2024 EPS $8.45 (above max target); peer-relative outperformance in 21/24 cells; TSR at 78–89th percentile across horizons; Home Closings Revenue $2,069,756k and Net Income $417,155k underpin pay-versus-performance alignment .
Investment Implications
- Alignment: Dolson’s sizable ownership (~0.68% of shares; indicative value ≈ $16.8M at 12/31/24 prices) and annual stock settlements align incentives with TSR; anti-hedging/pledging policies further reduce misalignment risk .
- Limited vesting overhang: No unvested RSAs/units as of 12/31/24 and no options reduce forced-selling/vesting pressure; however, fully vested annual stock grants can introduce discretionary selling risk, partially tempered by ownership guidelines (which he likely exceeds) .
- Retention economics: Severance of 1.5× (salary + prior-year bonus) and 12-month non-compete/non-solicit offer meaningful retention protection without CIC “ratchet,” suggesting balanced retention risk and shareholder-friendly CIC terms (no gross-up indicated) .
- Execution strength: Consistent max payouts on rigorous EPS/TSR/peer-relative metrics and strategic initiatives support confidence in operations; high performance-based mix and strong peer-relative results are positive signals for continued value creation .