# EDGAR Filing Document

**Accession Number:** 0001849776
**File Stem:** 0001849776-25-000007
**Filing Date:** 2025-8
**Character Count:** 33038
**Document Hash:** 3d889a706830d088cf502ecda45f85ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001849776-25-000007.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001849776-25-000007

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Applied Fundamental Research, LLC
- **CENTRAL INDEX KEY:** 0001849776

**ORGANIZATION NAME:**
- **EIN:** 461728598
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21098
- **FILM NUMBER:** 251275016

**BUSINESS ADDRESS:**
- **STREET 1:** 50 CHURCH STREET, 5TH FLOOR
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02138
- **BUSINESS PHONE:** 3397077617

**MAIL ADDRESS:**
- **STREET 1:** 50 CHURCH STREET, 5TH FLOOR
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02138

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

## N-PX: Filer Information

**Filer CIK:** 0001849776

**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:** Applied Fundamental Research, LLC

**Address:** 50 Church St, Cambridge, MA 02138

**Telephone number:** 6173607176

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-21098

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |          90847 |                0 | FOR         |                                    90847 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |           2123 |                0 | FOR         |                                     2123 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |           2123 |                0 | 1 YEAR      |                                     2123 | AGAINST                     |  |
| GAMING AND LEISURE PROPERTIES, INC.     | 36467J108 | 06/12/2025     | TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          20968 |                0 | FOR         |                                    20968 | FOR                         |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          17707 |                0 | FOR         |                                    17707 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          24165 |                0 | FOR         |                                    24165 | FOR                         |  |
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |        1164837 |                0 | FOR         |                                  1164837 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |          28342 |                0 | FOR         |                                    28342 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |          28342 |                0 | 1 YEAR      |                                    28342 | AGAINST                     |  |
| GAMING AND LEISURE PROPERTIES, INC.     | 36467J108 | 06/12/2025     | TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         228520 |                0 | FOR         |                                   228520 | FOR                         |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         221365 |                0 | FOR         |                                   221365 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         297149 |                0 | FOR         |                                   297149 | FOR                         |  |
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |          41245 |                0 | FOR         |                                    41245 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1015 |                0 | FOR         |                                     1015 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |           1015 |                0 | 1 YEAR      |                                     1015 | AGAINST                     |  |
| GAMING AND LEISURE PROPERTIES, INC.     | 36467J108 | 06/12/2025     | TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           8161 |                0 | FOR         |                                     8161 | FOR                         |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           7842 |                0 | FOR         |                                     7842 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          10624 |                0 | FOR         |                                    10624 | FOR                         |  |
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |         170241 |                0 | FOR         |                                   170241 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |           4891 |                0 | FOR         |                                     4891 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |           4891 |                0 | 1 YEAR      |                                     4891 | AGAINST                     |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          38051 |                0 | FOR         |                                    38051 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          51459 |                0 | FOR         |                                    51459 | FOR                         |  |
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |         221469 |                0 | FOR         |                                   221469 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |           5402 |                0 | FOR         |                                     5402 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |           5402 |                0 | 1 YEAR      |                                     5402 | AGAINST                     |  |
| GAMING AND LEISURE PROPERTIES, INC.     | 36467J108 | 06/12/2025     | TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          43736 |                0 | FOR         |                                    43736 | FOR                         |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          42132 |                0 | FOR         |                                    42132 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          56502 |                0 | FOR         |                                    56502 | FOR                         |  |
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |          67082 |                0 | FOR         |                                    67082 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |           1639 |                0 | FOR         |                                     1639 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |           1639 |                0 | 1 YEAR      |                                     1639 | AGAINST                     |  |
| GAMING AND LEISURE PROPERTIES, INC.     | 36467J108 | 06/12/2025     | TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          13734 |                0 | FOR         |                                    13734 | FOR                         |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           9472 |                0 | FOR         |                                     9472 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          17316 |                0 | FOR         |                                    17316 | FOR                         |  |
| FIGS, INC.                              | 30260D103 | 06/04/2025     | APPROVAL, ON AN ADVISORY (NON-BINDING) BASIS, OF THE COMPENSATION OF THE COMPANY'S NAMED EXECUTIVE OFFICERS.                                                                           | SECTION 14A SAY-ON-PAY VOTES |          37438 |                0 | FOR         |                                    37438 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                              | SECTION 14A SAY-ON-PAY VOTES |            910 |                0 | FOR         |                                      910 | FOR                         |  |
| UFP TECHNOLOGIES, INC.                  | 902673102 | 06/04/2025     | TO VOTE ON A NON-BINDING ADVISORY RESOLUTION ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                            | SECTION 14A SAY-ON-PAY VOTES |            910 |                0 | 1 YEAR      |                                      910 | AGAINST                     |  |
| GAMING AND LEISURE PROPERTIES, INC.     | 36467J108 | 06/12/2025     | TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPANY'S EXECUTIVE COMPENSATION.                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           7359 |                0 | FOR         |                                     7359 | FOR                         |  |
| JANUS INTERNATIONAL GROUP, INC.         | 47103N106 | 06/16/2025     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           7114 |                0 | FOR         |                                     7114 | FOR                         |  |
| IAC INC.                                | 44891N208 | 06/18/2025     | TO APPROVE A NON-BINDING ADVISORY VOTE ON IAC'S 2024 EXECUTIVE COMPENSATION.                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           9643 |                0 | FOR         |                                     9643 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           3672 |                0 | FOR         |                                     3672 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          14492 |                0 | FOR         |                                    14492 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          55364 |                0 | FOR         |                                    55364 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          47727 |                0 | FOR         |                                    47727 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         180842 |                0 | FOR         |                                   180842 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         680186 |                0 | FOR         |                                   680186 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1691 |                0 | FOR         |                                     1691 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           6454 |                0 | FOR         |                                     6454 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          24286 |                0 | FOR         |                                    24286 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           8194 |                0 | FOR         |                                     8194 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          31204 |                0 | FOR         |                                    31204 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         118820 |                0 | FOR         |                                   118820 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           9090 |                0 | FOR         |                                     9090 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          34462 |                0 | FOR         |                                    34462 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         130483 |                0 | FOR         |                                   130483 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           2754 |                0 | FOR         |                                     2754 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          10441 |                0 | FOR         |                                    10441 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          39487 |                0 | FOR         |                                    39487 | FOR                         |  |
| DYCOM INDUSTRIES, INC.                  | 267475101 | 05/22/2025     | TO APPROVE, BY NON-BINDING ADVISORY VOTE, EXECUTIVE COMPENSATION.                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           1534 |                0 | FOR         |                                     1534 | FOR                         |  |
| HEIDRICK  STRUGGLES INTERNATIONAL, INC. | 422819102 | 05/22/2025     | ADVISORY VOTE TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION.                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           5810 |                0 | FOR         |                                     5810 | FOR                         |  |
| N-ABLE, INC.                            | 62878D100 | 05/22/2025     | NON-BINDING ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS.                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          21939 |                0 | FOR         |                                    21939 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |          10710 |                0 | FOR         |                                    10710 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |           1932 |                0 | FOR         |                                     1932 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |          11963 |                0 | FOR         |                                    11963 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |         127212 |                0 | FOR         |                                   127212 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |           4964 |                0 | FOR         |                                     4964 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |          24299 |                0 | FOR         |                                    24299 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |          26658 |                0 | FOR         |                                    26658 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |            875 |                0 | FOR         |                                      875 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |          11692 |                0 | FOR         |                                    11692 | FOR                         |  |
| PETIQ, INC.                             | 71639T106 | 10/22/2024     | TO APPROVE, ON A NON-BINDING, ADVISORY BASIS, THE COMPENSATION THAT WILL OR MAY BECOME PAYABLE BY PETIQ, INC. TO ITS NAMED EXECUTIVE OFFICERS IN CONNECTION WITH THE MERGER AGREEMENT. | SECTION 14A SAY-ON-PAY VOTES |           1218 |                0 | FOR         |                                     1218 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Applied Fundamental Research, LLC

**By (Signature):** Ted Wagenknecht

**By (Printed Signature):** Ted Wagenknecht

**By (Title):** General Partner

**Date:** 08/28/2025