# EDGAR Filing Document

**Accession Number:** 0001878547
**File Stem:** 0001754960-25-000539
**Filing Date:** 2025-8
**Character Count:** 17303
**Document Hash:** 0ddc97b0bf82c2cfb7b75666dc232444
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001754960-25-000539.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001754960-25-000539

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**EFFECTIVENESS DATE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Carmel Capital Management L.L.C.
- **CENTRAL INDEX KEY:** 0001878547

**ORGANIZATION NAME:**
- **EIN:** 770526181
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22264
- **FILM NUMBER:** 251182701

**BUSINESS ADDRESS:**
- **STREET 1:** 26350 CARMEL RANCHO LANE
- **STREET 2:** SUITE 225
- **CITY:** CARMEL
- **STATE:** CA
- **ZIP:** 93923
- **BUSINESS PHONE:** 831-625-1375

**MAIL ADDRESS:**
- **STREET 1:** 26350 CARMEL RANCHO LANE
- **STREET 2:** SUITE 225
- **CITY:** CARMEL
- **STATE:** CA
- **ZIP:** 93923

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

## N-PX: Filer Information

**Filer CIK:** 0001878547

**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:** Carmel Capital Management L.L.C.

**Address:** 26350 CARMEL RANCHO LANE, CARMEL, CA 93923

**Telephone number:** 844-844-3453

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-22264

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| RBC Bearings Incorpoated          |  | 09/05/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          20211 |            20211 | AGAINST     |                                    20211 | AGAINST                     |  |
| KLA Corporation                   |  | 11/06/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          13680 |            13680 | AGAINST     |                                    13680 | AGAINST                     |  |
| Microsoft Corporation             |  | 12/10/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |           2539 |             2539 | AGAINST     |                                     2539 | AGAINST                     |  |
| Autozone, Inc                     |  | 12/18/2024     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |           2623 |             2623 | AGAINST     |                                     2623 | AGAINST                     |  |
| Intuit Inc                        |  | 01/23/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            132 |              132 | AGAINST     |                                      132 | AGAINST                     |  |
| Jacobs Solutions                  |  | 01/29/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          60748 |            60748 | AGAINST     |                                    60748 | AGAINST                     |  |
| Emerson Electric Co               |  | 02/04/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |           1500 |             1500 | AGAINST     |                                     1500 | AGAINST                     |  |
| Apple Inc.                        |  | 02/25/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          55904 |            55904 | AGAINST     |                                    55904 | AGAINST                     |  |
| Deere  Company                    |  | 02/26/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            160 |              160 | AGAINST     |                                      160 | AGAINST                     |  |
| Applied Materials, Inc            |  | 03/06/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          89555 |            89555 | AGAINST     |                                    89555 | AGAINST                     |  |
| Agilent Technologies, Inc.        |  | 03/13/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            600 |              600 | AGAINST     |                                      600 | AGAINST                     |  |
| Keysight Technologies, Inc.       |  | 03/20/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            450 |              450 | AGAINST     |                                      450 | AGAINST                     |  |
| Ferrari N.V.                      |  | 04/16/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |             50 |               50 | AGAINST     |                                       50 | AGAINST                     |  |
| Ferrari N.V.                      |  | 04/16/2025     | Advisory Vote to Ratify Named Executive Officers' Stock Incentive Plan                      | SECTION 14A SAY-ON-PAY VOTES |             50 |               50 | AGAINST     |                                       50 | AGAINST                     |  |
| Texas Instruments Incorporated    |  | 04/17/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            831 |              831 | AGAINST     |                                      831 | AGAINST                     |  |
| Broadcom Inc                      |  | 04/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |         163300 |           163300 | AGAINST     |                                   163300 | AGAINST                     |  |
| Bank of America Corporation       |  | 04/22/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            800 |              800 | AGAINST     |                                      800 | AGAINST                     |  |
| Bank of America Corporation       |  | 04/22/2025     | Advisory Vote to Amend and Restate Company Equity Plan                                      | SECTION 14A SAY-ON-PAY VOTES |            800 |              800 | AGAINST     |                                      800 | AGAINST                     |  |
| ASML Holdings N.V.                |  | 04/23/2025     | Advisory Vote on Remuneration Report for Financial Year 2024                                | SECTION 14A SAY-ON-PAY VOTES |          14554 |            14554 | AGAINST     |                                    14554 | AGAINST                     |  |
| ASML Holdings N.V.                |  | 04/23/2025     | Proposal to Adopt the Revised Remuneration Policy for the Board of Management               | SECTION 14A SAY-ON-PAY VOTES |          14554 |            14554 | AGAINST     |                                    14554 | AGAINST                     |  |
| ASML Holdings N.V.                |  | 04/23/2025     | Proposal to Amend the Remuneration of the Members of Supervisory Board                      | SECTION 14A SAY-ON-PAY VOTES |          14554 |            14554 | AGAINST     |                                    14554 | AGAINST                     |  |
| AGCO Corporation                  |  | 04/24/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            150 |              150 | AGAINST     |                                      150 | AGAINST                     |  |
| Abbott Laboratories               |  | 04/25/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            185 |              185 | AGAINST     |                                      185 | AGAINST                     |  |
| Citigroup Inc.                    |  | 04/29/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |         190055 |           190055 | AGAINST     |                                   190055 | AGAINST                     |  |
| Vistra Corp.                      |  | 04/30/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |         274144 |           274144 | AGAINST     |                                   274144 | AGAINST                     |  |
| RTX Corporation                   |  | 05/01/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          81331 |            81331 | AGAINST     |                                    81331 | AGAINST                     |  |
| Valero Energy Corporation         |  | 05/06/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          50865 |            50865 | AGAINST     |                                    50865 | AGAINST                     |  |
| Pepsico, Inc.                     |  | 05/07/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            100 |              100 | AGAINST     |                                      100 | AGAINST                     |  |
| Abbvie Inc.                       |  | 05/09/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            570 |              570 | AGAINST     |                                      570 | AGAINST                     |  |
| Teradyne, Inc.                    |  | 05/09/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          59875 |            59875 | AGAINST     |                                    59875 | AGAINST                     |  |
| Teradyne, Inc.                    |  | 05/09/2025     | Advisory Vote to Approve an Amendment and Restatement of Compensation Incentive Plan        | SECTION 14A SAY-ON-PAY VOTES |          59875 |            59875 | AGAINST     |                                    59875 | AGAINST                     |  |
| 3M Company                        |  | 05/13/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            250 |              250 | AGAINST     |                                      250 | AGAINST                     |  |
| Fiserv, Inc.                      |  | 05/14/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          49510 |            49510 | AGAINST     |                                    49510 | AGAINST                     |  |
| Chubb Limited                     |  | 05/15/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            750 |              750 | AGAINST     |                                      750 | AGAINST                     |  |
| Chubb Limited                     |  | 05/15/2025     | Advisory Vote to Approve Swiss Compensation Report                                          | SECTION 14A SAY-ON-PAY VOTES |            750 |              750 | AGAINST     |                                      750 | AGAINST                     |  |
| Chubb Limited                     |  | 05/15/2025     | Advisory Vote to Approve Executive Mangement Maximum Compensation For CY26                  | SECTION 14A SAY-ON-PAY VOTES |            750 |              750 | AGAINST     |                                      750 | AGAINST                     |  |
| Chubb Limited                     |  | 05/15/2025     | Advisory Vote to Approve Board of Directors' Maximum Compensation Until Next Annual Meeting | SECTION 14A SAY-ON-PAY VOTES |            750 |              750 | AGAINST     |                                      750 | AGAINST                     |  |
| JPMorgan Chase  Co.               |  | 05/20/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          64652 |            64652 | AGAINST     |                                    64652 | AGAINST                     |  |
| East West Bancorp, Inc.           |  | 05/20/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |         130370 |           130370 | AGAINST     |                                   130370 | AGAINST                     |  |
| Amazon.com, Inc.                  |  | 05/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            150 |              150 | AGAINST     |                                      150 | AGAINST                     |  |
| Graphic Packaging Holding Company |  | 05/21/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |         401950 |           401950 | AGAINST     |                                   401950 | AGAINST                     |  |
| Verve Therapeutics, Inc.          |  | 06/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |             80 |               80 | AGAINST     |                                       80 | AGAINST                     |  |
| Netflix, Inc.                     |  | 06/05/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |            100 |              100 | AGAINST     |                                      100 | AGAINST                     |  |
| NXP Semiconductors N.V.           |  | 06/11/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |          60632 |            60632 | AGAINST     |                                    60632 | AGAINST                     |  |
| Intellia Therapeutics, Inc.       |  | 06/11/2025     | Advisory Vote to Ratify Named Executive Officers' Compensation                              | SECTION 14A SAY-ON-PAY VOTES |             20 |               20 | AGAINST     |                                       20 | AGAINST                     |  |
| Intellia Therapeutics, Inc.       |  | 06/11/2025     | Advisory Vote to Approve Equity Incentive Plan                                              | SECTION 14A SAY-ON-PAY VOTES |             20 |               20 | AGAINST     |                                       20 | AGAINST                     |  |

## N-PX: Signature Block

**Reporting Person:** Carmel Capital Management L.L.C.

**By (Signature):** Aryn Sands

**By (Printed Signature):** Aryn Sands

**By (Title):** Agent

**Date:** 08/05/2025