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Truman Patterson

Director and Senior Research Analyst at Wolfe Research

Truman Patterson is a Director and Senior Research Analyst at Wolfe Research, specializing in homebuilders and building products sectors. He covered major housing-related companies, achieving a 59-60% success rate and average returns of 12.91% according to TipRanks and StockAnalysis, with top rankings including 3.95 stars on TipRanks and runner-up in Institutional Investor’s 2020 All-America Research Team. Patterson joined Wolfe Research in early 2022 after roles at Wells Fargo Securities, Evercore ISI, and Ticonderoga Securities starting from 2010, retiring in 2024 after nearly two decades on Wall Street while inheriting and leading a prominent housing conference. He holds the CFA designation, FINRA Series 7, 24, 63, 86, and 87 licenses, and was recognized as a financial expert under Sarbanes-Oxley.

Truman Patterson's questions to PULTEGROUP INC/MI/ (PHM) leadership

Question · Q4 2025

Truman Patterson asked if PulteGroup's 2025 absorption rate of 2.3 homes per month represents a floor and if the company expects to drive higher absorptions in 2026. He also sought an update on finished spec homes per community and expectations for starts relative to sales.

Answer

Ryan Marshall, President and CEO, stated that while the company would endeavor to sell more, it's hard to definitively call 2.3 a floor, though their minimum target is around two per store. He confirmed that starts have been matched to sales for the past 4-5 months, with total specs down year-over-year. Finished specs currently stand at 2,000, which is higher than ideal, as the company aims to revert to a predominantly built-to-order model for better returns.

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Question · Q4 2025

Truman Patterson asked about PulteGroup's Q4 2025 volume performance, specifically if the 2.3 absorption rate in 2025 represents a floor and if the company expects to drive absorptions at or above this level in 2026. He also inquired about current finished specs per community and expectations for starts relative to sales.

Answer

Jim Zeumer, Head of Investor Relations, stated that while they would endeavor to achieve more than 2.3 absorptions, a floor is difficult to predict, noting a minimum target of 2 absorptions per store. He mentioned that total specs are down by 1,500 year-over-year, with finished specs at 2,000, which is higher than ideal, and the company aims to revert to a predominantly build-to-order model.

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