Our Team

Ivy Zelman, Executive Vice President and Co-Founder of Zelman & Associates is a highly respected thought leader for housing and housing related industries, has been guiding investors and corporate executives toward business success for roughly 30 years. In 2007, Ivy co-founded Zelman & Associates which is the leading housing research firm nationwide, serving institutional and private equity investors, and corporate executives from the homebuilding, building products, real estate, mortgage finance and rental sectors, and more. Her firm provides unequalled in-depth analyses across all aspects of the housing spectrum. Ivy’s methodology, which puts Zelman & Associates in its own league, remains strongly rooted in the ability to perform thematic research overlaid with proprietary surveys to produce unparalleled, differentiated, value-added research.  

Ivy is widely known and respected for her bold thinking and accurate assessments where others failed, helping industry players avoid costly mistakes and capture game-changing opportunities. In 2005, she alone called the top of the housing market. From there, Ivy called the bottom of the housing market in January 2012, thus reinforcing her dominant reputation within the industry. Her analytical ability and strong conviction has made her the expert experts turn to and follow.

Ivy’s role as the leading expert in her field further took off when she famously asked Toll Brothers CEO, Bob Toll, on the Q4 2006 Toll Brothers conference call “Which Kool-Aid Are You Drinking?” She helped best-selling writer, Michael Lewis, with research related to the mortgage crash which became a part of his best-selling book turned movie, "The Big Short." Michael wrote in the book “all roads led to Ivy.” 

Most notably, Ivy was inducted into the Institutional Investors - America Research Team’s inaugural Hall of Fame in 2012 as a result of Ivy and her team earning eleven 1st place rankings (1999 – 2004, 2006 – 2007 and 2010 – 2013).  Additionally, Hanley Wood, a leading real estate media firm, ranked Ivy as 14th of the Top 50 most influential persons in housing. In 2020, Ivy was included in Barron's Top 100 Women in U.S. Finance.

As one of the most powerful women on Wall Street, Ivy Zelman is a sought-after expert on the housing sector, and what the overall housing market means for investors, homebuilders, industry executives and the economy at large. She frequently appears on television shows such as CNBC, in major publications including "The Wall Street Journal," and has acted as a key witness in a congressional hearing. 

Jim Cramer, host of the CNBC’s show "Mad Money," said “Ivy is the Ax of the homebuilders – the analyst who understands the group better than anyone else on Wall Street.”  

Ivy’s speaking engagements include industry conferences, board meetings, podcasts or special events for organizations such as: Bloomberg, CNBC, TD Ameritrade Network, Bloomberg’s Masters in Business, RealCrowd, International Builder Show, MBS Highway, National Association of Homebuilders, NFX, National Association of Realtors, National Organization of Investment Professionals, Mortgage Banking Association, Moody’s, AmeriCatalyst, PropTechCEO Summit, Realty Alliance, Arch  | MI and more. She received a Bachelor's of Science from George Mason University. Ivy is a special advisor to the Cleveland-based Laurel School Investment Club, BBYO, as well as a mentor to high school and college students.

Dennis McGill, Co-Founder of Zelman & Associates has served as the firm’s Director of Research since inception. In this role, Dennis is responsible for the development and oversight of all macro and company-specific research, working closely with the research team members to coordinate proprietary analyses, cohesive opinions and constant creativity. Over time, he has also served as the primary author behind most of the firm’s macro, demographic and homecenter research. 

Prior to Zelman, Dennis was employed by Credit Suisse Group in New York as a Senior Associate Analyst responsible for the coverage of homebuilders and building products companies. Dennis earned a Bachelor's of Arts degree with a concentration in Economics and a Master's of Accounting degree from the University of Michigan. 

Dennis holds the Chartered Financial Analyst (CFA) designation, is a member of the New York Society of Security Analysts and is certified with the Series 7, 24, 63, 86 and 87 licenses. He lives in New York with his wife and four children but still believes the friendliest people are from the Midwest.

Alan is a Managing Director at Zelman & Associates. He and his team are responsible for producing all research and financial models for the publicly traded homebuilding and land development companies under coverage, thematic reports covering the single-family for-sale market, as well as the firm’s proprietary homebuilding and land development surveys. He is a CFA charter holder, a member of the New York Society of Security Analysts, and is certified with the Series 7, 24, 63, 86 and 87 licenses.
 
Prior to the founding of Zelman & Associates, Alan was an associate analyst from 2005 to 2007 at Credit Suisse Group, serving as part of Ivy Zelman’s Equity Research team which has consistently been recognized by Institutional Investor, Greenwich Associates, StarMine and The Wall Street Journal for their industry-leading analysis. 

In 2015, Alan became Ivy’s favorite anecdote when he outgrew his 900 square-foot Manhattan apartment and packed up with his family and headed to the suburbs in Westchester. He lives there today with his wife, Jen, and sons, Henry and Max. When he’s not producing high-quality, thought-provoking housing research, you can most likely find him coaching his boys’ little league baseball teams or suffering through another frustrating Mets season. 

Alan is a proud graduate of the Stephen M. Ross School of Business at the University of Michigan and has recently come to grips with working for a Buckeye.  

Kevin, Managing Director and Head of Data and Analytics, joined Zelman & Associates in 2013. Prior to his current role, he led the firm’s mortgage research effort, including covering equities within the title insurance and mortgage technology spaces. Before joining the Zelman team, he spent four years in Equity Research at Morgan Stanley covering the Diversified Financials sector, and he also worked as an investment banker for five years, primarily at Bear Stearns. 
 
He holds the Chartered Financial Analyst designation, has a Bachelor's of Art from Colgate University and a Master's of Science in Physics from the University of Pennsylvania. He lives with his wife and two boys in a fourth floor walkup in Manhattan. 

In his free time, he enjoys biking, skiing, has plans to become a much better surfer and does his best to keep up with his kids. 

Ryan leads Zelman & Associates’ research efforts covering the Mortgage & Real Estate Services sectors.  His work caters to institutional investors, real estate services executives and other industry participants. Before assuming his current role on the Zelman research team, he was involved with the firm’s efforts covering the homebuilding and mortgage finance sectors.  
 
He joined the Zelman team shortly after graduating summa cum laude from Villanova University in 2009, with degrees in Economics and Finance. He is a Chartered Financial Analyst (CFA) charter holder. 

A resident of Chicago and an avid sports fan, especially when it comes to his Alma Mater. He is always ready for a 5 AM game of pick-up basketball with the rest of the Zelman team and anyone else crazy enough to show up. 

Adam leads Zelman & Associates’ research effort covering the Building Products sector. Before joining Zelman in 2021, Adam spent two years at Credit Suisse covering the Homebuilding & Building Products space. Prior to Credit Suisse, he spent eight years at Macquarie Capital.

Adam is a graduate of the Kelley School of Business at Indiana University – Bloomington.
 
Adam lives in Connecticut with his wife, Libbey, sons, Bear and Bodie, daughter, Beatrice, and dog, Sophie.
 

McClaran is a Associate Director at Zelman & Associates, covering the Building Products sector. He joined the firm out of college in 2016 as an Equity Research Associate. 
 
He earned a Bachelor’s Degree in Financial Economics from the University of Maine.

Located in Zelman’s NYC Office, McClaran currently lives in Manhattan, but enjoys getting back home to Maine to enjoy the ocean and skiing. 

Joining Zelman & Associates in 2020, Jesse is a Senior Associate covering the Homebuilding and Land Development sectors along with Alan Ratner. Prior to joining Zelman, Jesse was an Associate at Blue Line Advisors, a small private equity fund focused on the transportation & logistics sector.
 
Jesse earned a Bachelor’s degree in Finance from Binghamton University’s School of Management, where he graduated Magna Cum Laude. He is also a CFA charterholder.

In his free time, Jesse enjoys spending time with family, working out and playing soccer and basketball.

Alex is an Associate at Zelman & Associates, assisting in the coverage of the REIT and Mortgage & Real Estate Services sectors. Originally from Houston, he graduated from New York University with degrees in Finance and Philosophy. In his free time, Alex enjoys playing basketball, cooking, and reading. He is passionate about data analytics, particularly in sports, and finding the best places to eat in the city.

Ted joined Zelman in April of 2017 as Director of Sales. Based in New York, Ted has 25 years of extensive experience with institutional research and investment banking.
 
Ted got his break in 1993 as an underwriter in the fledging Bear Stearns multifamily conduit where he learned how to underwrite loans for all commercial real estate asset classes. In 1996, he was offered a role on the Bears Stearns Institutional Equity sales desk where he found his career passion working with stocks, investors, and research. He later was assigned to cover SAC Capital and it was here he learned how to really mine research for relevance. In 1999, he was hired by Banc of America Securities to build their New York office. Eventually he joined Deutsche Bank to build out a new sales coverage model.  After one year at Deutsche Bank, Ted was asked by management to run the North American research product and eventually became a global head for this division. During this time, he worked with other desks at Deutsche Bank in particular with the ABS desk, which was made known by the book and movie, “The Big Short.”

His role as Director of Sales at Zelman & Associates is a culmination of all his prior work experience, enabling him to bring world class expertise to his clients every day in ways other firms cannot.
 
Ted finds balance in life through the relationships he has made over his career. Growing up in a suburb of Wilmington, Delaware, Ted attended the University of Delaware and graduate school at the University of San Diego.  He continually strives to find ways to give back to his community and mentors. He has one son, Maxwell, who is 20 years old; and enjoys tennis, the gym, and a good cup of coffee. 

As a Managing Director with more than 20 years of experience in financial services, and 10 plus in housing, Pam helps clients across all sectors better understand how to use and apply the insights of Zelman’s proprietary research. She manages the Boston office for Zelman & Associates and serves institutional investors across the U.S., Canada and the UK.  
 
In addition to guiding money managers to the best investment ideas and themes, she has held career positions where she lent money to Fortune 500 companies. Pam travelled internationally, auditing bank loan portfolios when serving as a banker prior to working for Zelman & Associates.  

Pam serves on the board of the Concord Museum and also enjoys mentoring young women interested in finance, volunteering at a local food pantry, and teaching Sunday school. She is an avid skier, reader, linguist, cook and lucky mother of two daughters.

Pete is a Managing Director on Zelman’s Research Sales Team, working with institutional investors in New York and the Midwest. He has been a part of the Zelman team since 2010 before which he worked in Institutional Sales at FTN Midwest Securities. He graduated from Cornell University and earned an MBA from Case Western Reserve University. Pete is also a member of the Board of Trustees at Saint Martin de Porres High School in Cleveland, Ohio. 

Pete is an avid pick-up basketball player, stand-up paddle boarder, and enjoys a good book. Pete and his wife Marsi live in the Cleveland area. He is based in Zelman’s Cleveland, Ohio office.

Jeff has been with Zelman since 2017, after starting his career in the finance industry in Equity Sales for AG Edwards in 2004. Following the sale of AG Edwards, he joined Merrill Lynch where he worked as a Senior Equity Sales executive in the company’s New York office, In this role, he served institutional asset managers for 9 years. He is a graduate of Hamilton College where he studied economics. 

Located in Zelman’s NYC office, he lives in Hoboken with his wife Stefanie, and two boys, Jackson and Gavin. He is a fantasy golfer by the mere fact that his work and family have made golfing a dream vs. a reality for the time being but plans to come back strong in the near future. 

Terry Walsh has joined Zelman & Associates as a Managing Director of Research Sales.  Most recently, Terry spent 7 years as a Managing Director for Rosenblatt Securities selling technology and fintech research.  Prior to Rosenblatt, he served as an Institutional Salesman for Wedge Partners.  In addition to US markets, his coverage has included institutional investors in Canada, Hong Kong, and mainland China.

Walsh earned both an MBA in Finance and BA in English Literature from John Carroll University.

Graham is a Managing Director in the Investment Banking group at Zelman where he provides strategic advisory and capital markets solutions to clients across the housing industry, with a focus on building products manufacturers and distributors and private equity investors.
 
Graham has over ten years of senior-level experience executing a variety of mergers and acquisitions and capital raising transactions, advising both public and private companies including Colfax Corp, Dura Supreme Cabinetry, Inmark Packaging, Lansing Building Products, Maher Terminals, Neff Corporation, NES Rentals, Tech Air and Visual Comfort & Co. 

Prior to joining Zelman, Graham was a senior investment banker at Harris Williams and Deutsche Bank. Graham’s additional experience includes a variety of finance and product management roles at Fidelity Investments.
 
Graham earned an MBA from the Darden Graduate School of Business Administration at the University of Virginia and a Bachelor of Science in Economics from Bates College.

Haitham is a Senior Director in Investment Banking at Zelman where he works on M&A advisory and capital markets transactions for homebuilders, land developers, building products companies, single-family rental companies, and other real estate clients across the housing industry.

In this role, Haitham has executed transactions with a wide range of clients including 84 Lumber, Blackstone, Clayton Homes (Berkshire Hathaway), Continental Building Products, Installed Building Products, Invitation Homes, Taylor Morrison, Toll Brothers, Sumitomo Forestry, and other prominent housing-related companies.

Prior to joining Zelman in 2012, Haitham was an Associate at KPMG LLP in the Structured Finance Group where he worked on analyzing ABS, CLO, and CDO transactions. Haitham started his career as an Analyst at Citigroup.

Haitham graduated with a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania with concentrations in Finance and Legal Studies.

Bringing 20 plus years of financial industry experience to Zelman & Associates, Steve serves as the company’s Senior Vice President and CFO of Research & Sales. Prior to joining Zelman in 2007, he served in the same capacity for Longbow Research, LLC. His work experiences also includes several years in public accounting, specializing in auditing brokers and dealers in securities.  

Steve holds his Series 7, 24, 28 and 99 licenses, and holds an inactive CPA license. He received his Bachelor's degree in Accounting from Bowling Green State University and is a member of the American Institute of CPAs.  Steve’s hobbies include skiing, paddle boarding Lake Erie and traveling.  Unfortunately for him, Steve is a Browns, Cavs and Indians fan as he is home-grown in Cleveland.  

One of the original members of the inaugural Zelman & Associates team in 2007, Kim plays an integral role in the company serving as Vice President with cross-functional support for the executive team. She’s worked on the sales and operations teams and currently bridges the gaps between the firm’s departments and clients providing them with the complete Zelman experience. Her expertise extends from operations, event planning, marketing, corporate access, logistics and serving as the gate keeper to Ivy Zelman. 
 
Kim organizes and is the Executive Director of the annual Housing Summit which is considered the premier industry event for housing research. Prior to Zelman, she worked in Operations for Aurum Wealth Management and as an Associate at Bernstein. She earned a Bachelor's degree in Political Science from The Ohio State University.

When not working, she enjoy's traveling, marking off her bucket list of adventures as well as finding the perfect spot to ski with her son, Bode! 

Joining Zelman & Associates as the financial controller in 2013, Matt currently wears numerous hats within the operations department, but spends the majority of his time handling day-to-day accounting functions and the financial reporting and forecasting.
 
Matt started his career in public accounting as an auditor at a regional accounting firm in Cleveland. During Matt’s seven years in public accounting, his clients encompassed a wide spectrum of industries. However, he spent most of his time focused on the investment industry, specifically broker-dealers. Matt also spent two years as the accounting manager of a retail broker-dealer prior to joining Zelman. Matt is a certified public accountant and a licensed Financial and Operations Principal.

Matt resides in Ohio with his wife Kathy and two children, Ethan and Owen. In his free time. Matt enjoys traveling with his family and skiing. 

Michelle is Vice President at Zelman and has more than 10 years of experience in Accounting and Finance within the service industry. She is responsible for managing financial processes that simplify clients’ engagement with our Zelman's brand. 

Prior to getting into the world of finance, Michelle was a dance instructor for almost 10 years. She lives in Cleveland with her husband, young son, two dogs and two cats. It is quite a zoo but in her down time, Michelle enjoys cooking, trying new foods and a good rock music festival.