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    Ivy ZelmanZelman & Associates

    Ivy Zelman is the Executive Vice President of Research and Securities at Zelman, a Walker & Dunlop Company, specializing in thematic research and proprietary analysis across the U.S. housing sector, including homebuilders, building products suppliers, multi-family developers, and mortgage finance providers. She has covered prominent companies such as Toll Brothers and is renowned for her timely and accurate market calls—having famously identified the top of the housing market in 2005 and the bottom in 2012, earning eleven 1st place Institutional Investor America Research Team rankings and being named among Barron's 100 Most Influential Women in U.S. Finance. Zelman began her career in 1990, held Managing Director roles at Credit Suisse First Boston from 1998 to 2007, and co-founded Zelman & Associates in 2007, which became part of Walker & Dunlop in 2021. She holds a bachelor’s degree in accounting from George Mason University and has been recognized with major industry awards, though specific FINRA registration and securities license details are not publicly disclosed.

    Ivy Zelman's questions to Pultegroup Inc (PHM) leadership

    Ivy Zelman's questions to Pultegroup Inc (PHM) leadership • Q2 2025

    Question

    Ivy Zelman of Zelman & Associates asked for the rationale behind preferring land options with underlying land sellers over land bankers. She also questioned if PulteGroup is successfully retrading existing land options for better terms and inquired about the potential cost impact from doubling Canadian lumber tariffs.

    Answer

    President & CEO Ryan Marshall explained that direct deals with land sellers offer a more diversified risk profile and better price execution, viewing land bankers as a tool to increase the overall option percentage from around 50% to their 70% target. He confirmed they are actively retrading deals where appropriate, seeking either better pricing or more time. EVP & CFO James Ossowski noted that 20-25% of their lumber is from Canada, implying a tariff increase would have a manageable, not catastrophic, impact.

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