# EDGAR Filing Document

**Accession Number:** 0001108893
**File Stem:** 0001108893-25-000006
**Filing Date:** 2025-7
**Character Count:** 29657
**Document Hash:** b82463ba5d6c7bd2b155a378813e093a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001108893-25-000006.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001108893-25-000006

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENN DAVIS MCFARLAND INC
- **CENTRAL INDEX KEY:** 0001108893

**ORGANIZATION NAME:**
- **EIN:** 751544973
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05623
- **FILM NUMBER:** 251146808

**BUSINESS ADDRESS:**
- **STREET 1:** 2626 COLE AVENUE
- **STREET 2:** SUITE 504
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 2148712772

**MAIL ADDRESS:**
- **STREET 1:** 2626 COLE AVENUE
- **STREET 2:** SUITE 504
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001108893

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** PENN DAVIS MCFARLAND INC

**Address:** 2626 COLE AVENUE, DALLAS, TX 75204

**Telephone number:** 214-871-2772

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-05623

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                  | CUSIP     | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                                                                                             | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   | SHARES VOTED FOR OR AGAINST MANAGEMENT   | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|:---|:---|:---|
| Apple Inc.                      | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |         170013 |                0 | FOR         | 170013                                   | FOR                         |  |
| Abbvie Inc.                     | 00287Y109 | 05/09/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |            536 |                0 | FOR         | 536                                      | FOR                         |  |
| Abbott Laboratories             | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of Executive Compensation                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1069 |                0 | FOR         | 1069                                     | FOR                         |  |
| Accenture PLC                   | G1151C101 | 02/06/2025     | To approve, in a non-binding vote, the compensation of our named executive officers                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          20073 |                0 | FOR         | 20073                                    | FOR                         |  |
| Adobe Inc.                      | 00724F101 | 04/22/2025     | Approve, on an advisory basis, the compensation of our named executive officers                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            150 |                0 | FOR         | 150                                      | FOR                         |  |
| AGNC Investment Corp.           | 00123Q104 | 04/17/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            650 |                0 | FOR         | 650                                      | FOR                         |  |
| Annaly Capital Management, Inc. | 035710839 | 05/14/2025     | Advisory approval of the Company's executive compensation.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            253 |                0 | FOR         | 253                                      | FOR                         |  |
| Akamai Technologies, Inc.       | 00971T101 | 05/14/2025     | To aprove, on an advisory basis, our named executive officer compensation                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            390 |                0 | FOR         | 390                                      | FOR                         |  |
| Advanced Micro Devices Inc.     | 007903107 | 05/14/2025     | Approve on a non-binding, advisory basis the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the U.S. Securities and Exchange Commission | SECTION 14A SAY-ON-PAY VOTES |            517 |                0 | FOR         | 517                                      | FOR                         |  |
| Amgen Inc.                      | 031162100 | 05/23/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          18591 |                0 | FOR         | 18591                                    | FOR                         |  |
| Amazon Com Inc.                 | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENESATION                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           7640 |                0 | FOR         | 7640                                     | FOR                         |  |
| Anheuser-Busch Inbev SA         | 03524A108 | 04/30/2025     | Remuneration report: Proposed resolution approving the remuneration report for the financial year 2024.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         224637 |                0 | FOR         | 224637                                   | FOR                         |  |
| APA Corporation                 | 03743Q108 | 05/22/2025     | Advisory vote to Approve Compensation of APA's Named Executive Officers                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1012 |                0 | FOR         | 1012                                     | FOR                         |  |
| Astrazeneca PLC                 | 046353108 | 04/11/2025     | To approve the annual statement of the Chair of the Remuneration Committee and the Annual Report on Remuneration for the year ended 31 December 2024                                                                         | SECTION 14A SAY-ON-PAY VOTES |             38 |                0 | FOR         | 38                                       | FOR                         |  |
| AT Inc.                         | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           4200 |                0 | FOR         | 4200                                     | FOR                         |  |
| Becton, Dickinson and Company   | 075887109 | 01/28/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           7955 |                0 | FOR         | 7955                                     | FOR                         |  |
| Bristol-Myers Squibb Co.        | 110122108 | 05/06/2025     | Advisory vote to Approve the Compensation of our Named Executive Officers                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         252515 |                0 | FOR         | 252515                                   | FOR                         |  |
| Black Stone Minerals L.P.       | 09225M101 | 06/12/2025     | Approval on a non-binding advisory basis, of the compensation of th executive officeras of Black Stone Minerals, L.P.'s general partner for the years ended December 31, 2024                                                | SECTION 14A SAY-ON-PAY VOTES |        1068262 |                0 | FOR         | 1068262                                  | FOR                         |  |
| Broadcom Inc.                   | 11135F101 | 04/21/2025     | Advisory vote to approve the named executive officer compensation                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |           1955 |                0 | FOR         | 1955                                     | FOR                         |  |
| Capri Holdings Limited          | G1890L107 | 08/07/2025     | To aprove, on a non-binding advisory basis, executive compensation                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            120 |                0 | FOR         | 120                                      | FOR                         |  |
| Capri Holdings Limited          | G1890L107 | 08/07/2025     | To aprove, on a non-binding advisory basis, the frequency of future advisory votes on executive compensation                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            120 |                0 | FOR         | 120                                      | FOR                         |  |
| Cisco Systems, Inc.             | 17275R102 | 12/09/2024     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          19680 |                0 | FOR         | 19680                                    | FOR                         |  |
| The Coca-Cola Company           | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           1000 |                0 | FOR         | 1000                                     | FOR                         |  |
| ConocoPhillips                  | 20825C104 | 05/13/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            130 |                0 | FOR         | 130                                      | FOR                         |  |
| Exact Siences Corporation       | 30063P105 | 06/12/2025     | To approve, on an advisory basis, the compensation of our named executive officers                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         | 100                                      | FOR                         |  |
| Expand Energy Corporation       | 165167735 | 06/05/2025     | To approve on an advisory basis our named executive officer compensation for 2024.                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            360 |                0 | FOR         | 360                                      | FOR                         |  |
| ExxonMobil Corporation          | 30231G102 | 05/28/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           2200 |                0 | FOR         | 2200                                     | FOR                         |  |
| Firstcash Holdings, Inc.        | 33768G107 | 06/11/2025     | Approve, by non-binding vote, the compensation of named executive officers as described in the Proxy Statement.                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           7420 |                0 | FOR         | 7420                                     | FOR                         |  |
| GE Aerospace                    | 369604301 | 05/06/2025     | Advisory Approval of Our Named Executives' Compensation.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            340 |                0 | FOR         | 340                                      | FOR                         |  |
| Jack In The Box Inc.            | 466367109 | 02/28/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | FOR         | 100                                      | FOR                         |  |
| Juniper Networks, Inc.          | 48203R104 | 05/18/2025     | Approval of a non-binding resolution on executive compensation.                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1262 |                0 | FOR         | 1262                                     | FOR                         |  |
| JPMorgan Chase  Co.             | 46625H100 | 05/20/2025     | Advisory resolution to approve executive compensation                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           1482 |                0 | FOR         | 1482                                     | FOR                         |  |
| Kinder Morgan, Inc.             | 49456B101 | 05/15/2025     | Approval, on an advisory basis, of the compensation of our named executive officers, as disclosed in the Proxy Statement                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        1107810 |                0 | FOR         | 1107810                                  | FOR                         |  |
| Lockheed Martin Corp.           | 539830109 | 05/09/2025     | Advisory vote to approve the Compensation of our Named Exeutive Officers (Say-on-Pay)                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          30758 |                0 | FOR         | 30758                                    | FOR                         |  |
| Las Vegas Sands Corp.           | 517834107 | 05/15/2025     | An advisory (non-binding) vote to approve the compensation of the named executive officers                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         273246 |                0 | FOR         | 273246                                   | FOR                         |  |
| Merck  Co., Inc.                | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of our named executive officers.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |            490 |                0 | FOR         | 490                                      | FOR                         |  |
| Match Group, Inc.               | 57667L107 | 06/18/2025     | To approve a non-binding advisory resolution on executive compensation                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         490581 |                0 | FOR         | 490581                                   | FOR                         |  |
| Matador Resources Company       | 576485205 | 06/12/2025     | Advisory vote to approve the compensation of the Company's named executive officers                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          30000 |                0 | FOR         | 30000                                    | FOR                         |  |
| Microsoft Corporation           | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation ("say-on-pay vote")                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          28626 |                0 | FOR         | 28626                                    | FOR                         |  |
| Minerva Neurosciences, Inc.     | 603380205 | 12/05/2024     | Approval, on an advisory basis, of the compensation of the Company's named executive officers, as disclosed in the accompanying proxy statement                                                                              | SECTION 14A SAY-ON-PAY VOTES |            125 |                0 | FOR         | 125                                      | FOR                         |  |
| NVIDIA Corporation              | 67066G104 | 06/24/2025     | Advisory approval of our executive compensation                                                                                                                                                                              | SECTION 14A SAY-ON-PAY VOTES |          88390 |                0 | FOR         | 88390                                    | FOR                         |  |
| Oracle Corporation              | 68389X105 | 11/14/2024     | Advisory Vote to Approve the Compensation of our Named Executive Officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           4240 |                0 | FOR         | 4240                                     | FOR                         |  |
| Pepsico, Inc.                   | 713448108 | 05/07/2025     | Advisory approval of the Company's executive compensation                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1047 |                0 | FOR         | 1047                                     | FOR                         |  |
| Paypal Holdings, Inc.           | 70450Y103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         363379 |                0 | FOR         | 363379                                   | FOR                         |  |
| Phillips 66                     | 718546104 | 05/21/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | FOR         | 200                                      | FOR                         |  |
| Phillips 66                     | 718546104 | 05/21/2025     | Advisory Approval of Frequency of Future Advisory Approvals of Executive Compensation                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 |  |  |  |  |
| Phillips 66                     | 718546104 | 05/21/2025     | The Company's proposal to approve, on a advisory basis, the Company's named executive officer compensation.                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | ABSTAIN     | 200                                      | NONE                        |  |
| Phillips 66                     | 718546104 | 05/21/2025     | The Company's proposal to approve, on a advisory basis, the frequency of future shareholder advisory votes to approve executive compensation.                                                                                | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | ABSTAIN     | 200                                      | NONE                        |  |
| Qualcomm Incoporated            | 747525103 | 03/18/2025     | Approval, on an advisory basis, of the compensation of our named executive officers                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         154989 |                0 | FOR         | 154989                                   | FOR                         |  |
| Roivant Sciences Ltd.           | G76279101 | 09/10/2024     | To cast a non-binding, advisory vote to approve the compensation of our named executive officers.                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |        1634145 |                0 | FOR         | 1634145                                  | FOR                         |  |
| Roivant Sciences Ltd.           | G76279101 | 09/10/2024     | To cast a non-binding, advisory vote on the frequency of future non-binding, advisory votes to approve the compensation of our named executive officers every:                                                               | SECTION 14A SAY-ON-PAY VOTES |        1634145 |                0 |  |  |  |  |
| RTX Corporation                 | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         128607 |                0 | FOR         | 128607                                   | FOR                         |  |
| Sirius XM Holdings Inc.         | 829933100 | 05/28/2025     | Advisory vote on frequency of future advisory votes on the compensation of named executive officers                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         432679 |                0 |  |  |  |  |
| Sprouts Farmers Market, Inc.    | 85208M102 | 05/21/2025     | To vote on a non-binding advisory resolution to approve the compensation paid to our named executive officers for fiscal 2024 ("say-on-pay")                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         131991 |                0 | FOR         | 131991                                   | FOR                         |  |
| Thermo Fisher Scientific Inc.   | 883556102 | 05/21/2025     | An advisory vote to approve named executive officer compensation                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            175 |                0 | FOR         | 175                                      | FOR                         |  |
| Texas Instruments Incorporated  | 882508104 | 04/17/2025     | Board proposal regarding advisory approval of the Company's executive compensation.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          39302 |                0 | FOR         | 39302                                    | FOR                         |  |
| UnitedHealth Group Incorporated | 91324P102 | 06/02/2025     | Advisory approval of the Company's executive compensation                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          41424 |                0 | FOR         | 41424                                    | FOR                         |  |
| Viking Therapeutics Inc.        | 92686J106 | 05/20/2025     | To approve, on an advisory basis, the compensation of our named executive officers                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |             68 |                0 | FOR         | 68                                       | FOR                         |  |
| Warrior Met Coal, Inc.          | 93627C101 | 04/23/2025     | To approve, on an advisory basis, the compensation of the Comapny's named executive officers.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            160 |                0 | FOR         | 160                                      | FOR                         |  |
| Xylem Inc.                      | 98419M100 | 05/13/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          75931 |                0 | FOR         | 75931                                    | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** PENN DAVIS MCFARLAND INC

**By (Signature):** Robert Felty

**By (Printed Signature):** Robert Felty

**By (Title):** Chief Compliance Officer

**Date:** 07/24/2025