In Roman Catholic universities with pontifical charters, the equivalent is the Licentiate in Sacred Theology (STL), the intermediate degree between the STB (bachelor's) and STD (doctorate).
Thus it is a "master's degree" in the most ancient sense and thus can be likened to an honorary doctorate conferred only upon Dominicans who are already scholars of theology.
The recipient must be a full-time professor for ten years and have published books and articles of international scholarly repute.
The initial nomination is made by the friar's own province (local district) and then must be approved by the intellectual commission of the Generalate in Rome.
The Dominican archbishop of Cincinnati, John T. McNicholas, was famous for refusing to use DD (Doctor of Divinity) after his name; he insisted on using STM because it was the more distinguished academic title.