# EDGAR Filing Document

**Accession Number:** 0000897070
**File Stem:** 0001667731-25-001206
**Filing Date:** 2025-8
**Character Count:** 49788
**Document Hash:** 724e78e08d490df9b09df21a8e56ad7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001667731-25-001206.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001667731-25-001206

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250822

**EFFECTIVENESS DATE**: 20250822

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ASHFORD CAPITAL MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000897070

**ORGANIZATION NAME:**
- **EIN:** 510243208
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-03420
- **FILM NUMBER:** 251246905

**BUSINESS ADDRESS:**
- **STREET 1:** 1 WALKER'S MILL ROAD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19807
- **BUSINESS PHONE:** 3026551750

**MAIL ADDRESS:**
- **STREET 1:** 1 WALKER'S MILL ROAD
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19807

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

## N-PX: Filer Information

**Filer CIK:** 0000897070

**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:** ASHFORD CAPITAL MANAGEMENT INC

**Address:** 1 WALKER'S MILL ROAD, WILMINGTON, DE 19807

**Telephone number:** 305-655-1750

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-03420

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| AT INC.                                | 00206R102 | 05/15/2025     | Advisory Approval of Executive Compensation                                                                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |           8770 |                0 | For         |                                     8770 | FOR                         |  |
| NVE CORPORATION                        | 629445206 | 08/01/2024     | Advisory approval of named executive officer compensation.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           8520 |                0 | For         |                                     8520 | FOR                         |  |
| CORNINGINCORPORATED                    | 219350105 | 05/01/2025     | Advisory approval of our executive compensation (Say on Pay).                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           6136 |                0 | For         |                                     6136 | FOR                         |  |
| NVIDIA CORPORATION                     | 67066G104 | 06/25/2025     | Advisory approval of our executive compensation.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           2500 |                0 | For         |                                     2500 | FOR                         |  |
| TYLER TECHNOLOGIES,INC.                | 902252105 | 05/06/2025     | Advisory Approval of Our Executive Compensation.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          34881 |                0 | For         |                                    34881 | FOR                         |  |
| GE AEROSPACE                           | 369604301 | 05/06/2025     | Advisory Approval of Our Named Executives' Compensation                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |             25 |                0 | For         |                                       25 | FOR                         |  |
| BALCHEM CORPORATION                    | 057665200 | 06/18/2025     | Advisory approval of the compensation of the Company's namedexecutive officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            727 |                0 | For         |                                      727 | FOR                         |  |
| DOW INC.                               | 260557103 | 04/10/2025     | Advisory Resolution to Approve Executive Compensation                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | For         |                                      200 | FOR                         |  |
| DUPONT DE NEMOURS,INC.                 | 26614N102 | 05/22/2025     | Advisory Resolution to Approve Executive Compensation                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | For         |                                      200 | FOR                         |  |
| CORTEVA INC.                           | 22052L104 | 04/30/2025     | Advisory resolution to approve executive compensation of theCompany's named executive officers.                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | For         |                                      200 | FOR                         |  |
| INTERNATIONALBUSINESS MACHINESCORP.    | 459200101 | 04/29/2025     | Advisory Vote on Executive Compensation                                                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           1050 |                0 | For         |                                     1050 | FOR                         |  |
| INTEL CORPORATION                      | 458140100 | 05/06/2025     | Advisory vote on executive compensation (Say-On-Pay).                                                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |           1000 |                0 | For         |                                     1000 | FOR                         |  |
| AUTOMATIC DATAPROCESSING, INC.         | 053015103 | 11/06/2024     | Advisory Vote on Executive Compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            298 |                0 | For         |                                      298 | FOR                         |  |
| COLGATE-PALMOLIVECOMPANY               | 194162103 | 05/09/2025     | Advisory vote on executive compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           1000 |                0 | For         |                                     1000 | FOR                         |  |
| VIASAT, INC.                           | 92552V100 | 09/05/2024     | Advisory Vote on Executive Compensation.                                                                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          38000 |                0 | For         |                                    38000 | FOR                         |  |
| BLACKSTONEMORTGAGE TRUST, INC.         | 09257W100 | 06/27/2025     | Advisory Vote on Executive Compensation: To approve in a non-binding, advisory vote, the compensation paid to our namedexecutive officers.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | For         |                                     4000 | FOR                         |  |
| ROBLOX CORPORATION                     | 771049103 | 05/29/2025     | Advisory Vote on the Compensation of our Named ExecutiveOfficers.                                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 |  |                                        0 | NONE                        |  |
| AMAZON.COM, INC.                       | 023135106 | 05/21/2025     | ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           6800 |                0 | For         |                                     6800 | FOR                         |  |
| APPLE INC.                             | 037833100 | 02/25/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           3828 |                0 | For         |                                     3828 | FOR                         |  |
| EXXON MOBILCORPORATION                 | 30231G102 | 05/28/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          18436 |                0 | For         |                                    18436 | FOR                         |  |
| KINSALE CAPITAL GROUP,INC.             | 49714P108 | 05/22/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |          37895 |                0 | For         |                                    37895 | FOR                         |  |
| OTIS WORLDWIDECORPORATION              | 68902V107 | 05/15/2025     | Advisory Vote to Approve Executive Compensation                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |            300 |                0 | For         |                                      300 | FOR                         |  |
| THE COCA-COLACOMPANY                   | 191216100 | 04/30/2025     | Advisory vote to approve executive compensation                                                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           9076 |                0 | For         |                                     9076 | FOR                         |  |
| THE HOME DEPOT, INC.                   | 437076102 | 05/22/2025     | Advisory Vote to Approve Executive Compensation ("Say-on-Pay")                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            300 |                0 | For         |                                      300 | FOR                         |  |
| MORNINGSTAR, INC.                      | 617700109 | 05/09/2025     | Advisory vote to approve executive compensation of theCompany's named executive officers.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           4267 |                0 | For         |                                     4267 | FOR                         |  |
| RTX CORPORATION                        | 75513E101 | 05/01/2025     | Advisory Vote to Approve Executive Compensation.                                                                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            400 |                0 | For         |                                      400 | FOR                         |  |
| CARRIER GLOBALCORPORATION              | 14448C104 | 04/09/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            800 |                0 | For         |                                      800 | FOR                         |  |
| CHEVRON CORPORATION                    | 166764100 | 05/28/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           2996 |                0 | For         |                                     2996 | FOR                         |  |
| JOHNSON  JOHNSON                       | 478160104 | 04/24/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           1700 |                0 | For         |                                     1700 | FOR                         |  |
| WALMART INC.                           | 931142103 | 06/05/2025     | Advisory Vote to Approve Named Executive Officer Compensation                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           8390 |                0 | For         |                                     8390 | FOR                         |  |
| MICROSOFTCORPORATION                   | 594918104 | 12/10/2024     | Advisory Vote to Approve Named Executive Officer Compensation("say-on-pay vote").                                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          18966 |                0 | For         |                                    18966 | FOR                         |  |
| EQUIFAX INC.                           | 294429105 | 05/08/2025     | Advisory vote to approve named executive officer compensation("say-on-pay").                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |           4874 |                0 | For         |                                     4874 | FOR                         |  |
| ARCH CAPITAL GROUPLTD.                 | G0450A105 | 05/07/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          14158 |                0 | For         |                                    14158 | FOR                         |  |
| CAVCO INDUSTRIES, INC.                 | 149568107 | 07/30/2024     | Advisory Vote to Approve Named Executive Officer Compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          56750 |                0 | For         |                                    56750 | FOR                         |  |
| UDR, INC.                              | 902653104 | 05/15/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           2143 |                0 | For         |                                     2143 | FOR                         |  |
| VERTEXPHARMACEUTICALSINCORPORATED      | 92532F100 | 05/14/2025     | Advisory vote to approve named executive officer compensation.                                                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           7130 |                0 | For         |                                     7130 | FOR                         |  |
| THE PROCTER  GAMBLECOMPANY             | 742718109 | 10/08/2024     | Advisory Vote to Approve the Company's Executive Compensation(the "Say on Pay" vote).                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |            600 |                0 | For         |                                      600 | FOR                         |  |
| DATADOG, INC.                          | 23804L103 | 06/03/2025     | Advisory vote to approve the compensation of our namedexecutive officers.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           1000 |                0 | For         |                                     1000 | FOR                         |  |
| ROPER TECHNOLOGIES,INC.                | 776696106 | 06/10/2025     | Advisory vote to approve the compensation of our namedexecutive officers.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           6386 |                0 | For         |                                     6386 | FOR                         |  |
| REPLIGENCORPORATION                    | 759916109 | 05/15/2025     | Advisory vote to approve the compensation paid to RepligenCorporation's named executive officers.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            400 |                0 | For         |                                      400 | FOR                         |  |
| PURE STORAGE, INC.                     | 74624M102 | 06/11/2025     | An advisory vote on our named executive officer compensation.                                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          16548 |                0 | For         |                                    16548 | FOR                         |  |
| GE HEALTHCARETECHNOLOGIES INC.         | 36266G107 | 05/28/2025     | Approval of our named executive officers' compensation in anadvisory vote.                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              8 |                0 | For         |                                        8 | FOR                         |  |
| NORFOLK SOUTHERNCORPORATION            | 655844108 | 05/08/2025     | Approval of the advisory resolution on executive compensation, asdisclosed in the proxy statement for the 2025 Annual Meeting ofShareholders.                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | For         |                                      200 | FOR                         |  |
| XCEL ENERGY INC.                       | 98389B100 | 05/21/2025     | Approval of Xcel Energy Inc.'s executive compensation in anadvisory vote (say on pay vote)                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            300 |                0 | For         |                                      300 | FOR                         |  |
| EQUINIX, INC.                          | 29444U700 | 05/21/2025     | Approval, by a non-binding advisory vote, of the compensation ofour named executive officers                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          23262 |                0 | For         |                                    23262 | FOR                         |  |
| SENTINELONE, INC.                      | 81730H109 | 06/25/2025     | Approval, on a non-binding advisory basis, of the compensation ofour named executive officers.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         770292 |                0 | For         |                                   770292 | FOR                         |  |
| DELL TECHNOLOGIESINC.                  | 24703L202 | 06/26/2025     | Approval, on a non-binding, advisory basis, of the compensation ofDell Technologies Inc.'s named executive officers as disclosed inthe proxy statement                                                                            | SECTION 14A SAY-ON-PAY VOTES |          10311 |                0 | For         |                                    10311 | FOR                         |  |
| COSTCO WHOLESALECORPORATION            | 22160K105 | 01/23/2025     | Approval, on an advisory basis, of executive compensation.                                                                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | For         |                                      100 | FOR                         |  |
| AMERICAN EXPRESSCOMPANY                | 025816109 | 04/29/2025     | Approval, on an advisory basis, of the Company's executivecompensation.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            200 |                0 | For         |                                      200 | FOR                         |  |
| KINDER MORGAN, INC.                    | 49456B101 | 05/15/2025     | Approval, on an advisory basis, of the compensation of our namedexecutive officers, as disclosed in the Proxy Statement                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          43206 |                0 | For         |                                    43206 | FOR                         |  |
| TRANSDIGM GROUPINCORPORATED            | 893641100 | 03/06/2025     | Approval, on an advisory basis, of the compensation of our namedexecutive officers.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | For         |                                      100 | FOR                         |  |
| LIGANDPHARMACEUTICALSINCORPORATED      | 53220K504 | 06/06/2025     | Approval, on an advisory basis, of the compensation of the namedexecutive officers                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |         279072 |                0 | For         |                                   279072 | FOR                         |  |
| AURORA INNOVATION,INC.                 | 051774107 | 05/22/2025     | Approval, on an advisory basis, of the compensation of theCompany's named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          38000 |                0 | For         |                                    38000 | FOR                         |  |
| ELI LILLY AND COMPANY                  | 532457108 | 05/05/2025     | Approval, on an advisory basis, of the compensation paid to thecompany's named executive officers.                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            240 |                0 | For         |                                      240 | FOR                         |  |
| GE VERNOVA INC.                        | 36828A101 | 05/14/2025     | Approve the compensation of our named executives officers in anadvisory vote                                                                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |              6 |                0 | For         |                                        6 | FOR                         |  |
| GE VERNOVA INC.                        | 36828A101 | 05/14/2025     | Approve the frequency of future advisory votes on namedexecutive officers compensation in an advisory vote                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              6 |                0 | 1 Year      |                                        6 | FOR                         |  |
| T. ROWE PRICE GROUP,INC.               | 74144T108 | 05/08/2025     | Approve, by a non-binding advisory vote, the compensation paidby the Company to its Named Executive Officers.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            300 |                0 | For         |                                      300 | FOR                         |  |
| UNION PACIFICCORPORATION               | 907818108 | 05/08/2025     | Approve, by non-binding vote, the compensation of the Company'sNamed Executive Officers ("Say on Pay").                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |          41345 |                0 | For         |                                    41345 | FOR                         |  |
| ORGANON  CO.                           | 68622V106 | 06/10/2025     | Approve, on a non-binding advisory basis, the compensation ofOrganon's Named Executive Officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | For         |                                      100 | FOR                         |  |
| INCYTE CORPORATION                     | 45337C102 | 06/10/2025     | Approve, on a non-binding, advisory basis, the compensation ofthe Company's named executive officers.                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |         129710 |                0 | For         |                                   129710 | FOR                         |  |
| BIO-TECHNE CORP                        | 09073M104 | 10/24/2024     | Approve, on an advisory basis, the compensation of our executiveofficers.                                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |          19010 |                0 | For         |                                    19010 | FOR                         |  |
| ADOBE INC.                             | 00724F101 | 04/22/2025     | Approve, on an advisory basis, the compensation of our namedexecutive officers.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |           2873 |                0 | For         |                                     2873 | FOR                         |  |
| S GLOBAL INC.                          | 78409V104 | 05/07/2025     | Approve, on an advisory basis, the executive compensationprogram for the Company's named executive officers, as describedin the Proxy Statement.                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           3300 |                0 | For         |                                     3300 | FOR                         |  |
| THE PROGRESSIVECORPORATION             | 743315103 | 05/09/2025     | Cast an advisory vote to approve our executive compensationprogram.                                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |           2419 |                0 | For         |                                     2419 | FOR                         |  |
| BLACKSTONEMORTGAGE TRUST, INC.         | 09257W100 | 06/27/2025     | Frequency of Advisory Vote on Executive Compensation: Toapprove in a non-binding, advisory vote, whether a stockholdervote to approve the compensation of our named executive officersshould occur every one, two or three years. | SECTION 14A SAY-ON-PAY VOTES |           4000 |                0 | 1 Year      |                                     4000 | FOR                         |  |
| SHOPIFY INC.                           | 82509L107 | 06/17/2025     | Non-binding Advisory Vote on Executive Compensation Non-binding advisory vote that the shareholders accept Shopify Inc.'sapproach to executive compensation as disclosed in theManagement Information Circular for the Meeting.   | SECTION 14A SAY-ON-PAY VOTES |           3600 |                0 | For         |                                     3600 | FOR                         |  |
| DOUBLEVERIFYHOLDINGS, INC.             | 25862V105 | 05/21/2025     | Non-binding advisory vote on the compensation of our namedexecutive officers.                                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | No Vote     |                                        0 | NONE                        |  |
| MERCK  CO., INC.                       | 58933Y105 | 05/27/2025     | Non-binding advisory vote to approve the compensation of ournamed executive officers.                                                                                                                                             | SECTION 14A SAY-ON-PAY VOTES |          16832 |                0 | For         |                                    16832 | FOR                         |  |
| GOOSEHEADINSURANCE, INC.               | 38267D109 | 05/05/2025     | Non-binding and advisory resolution approving the compensationof our named executive officers.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |          28865 |                0 | For         |                                    28865 | FOR                         |  |
| ATLAS ENERGYSOLUTIONS INC.             | 642045108 | 05/08/2025     | Please indicate your vote for the frequency of future votes, on anon-binding advisory basis, on the Company's Named ExecutiveOfficer compensation.                                                                                | SECTION 14A SAY-ON-PAY VOTES |        1056205 |                0 | 1 Year      |                                  1056205 | FOR                         |  |
| MICRON TECHNOLOGY,INC.                 | 595112103 | 01/16/2025     | PROPOSAL BY THE COMPANY TO APPROVE, ON A NON-BINDING ADVISORY BASIS, THE COMPENSATION OF OURNAMED EXECUTIVE OFFICERS AS DESCRIBED IN THEPROXY STATEMENT.                                                                          | SECTION 14A SAY-ON-PAY VOTES |          14040 |                0 | For         |                                    14040 | FOR                         |  |
| AXON ENTERPRISE, INC.                  | 05464C101 | 05/29/2025     | Proposal No. 2 requests that shareholders vote to approve, on anadvisory basis, the compensation of the Company's namedexecutive officers.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          35511 |                0 | For         |                                    35511 | FOR                         |  |
| COSTAR GROUP, INC.                     | 22160N109 | 06/26/2025     | Proposal to approve, on an advisory basis, the Company'sexecutive compensation.                                                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         266229 |                0 | For         |                                   266229 | FOR                         |  |
| ABBOTT LABORATORIES                    | 002824100 | 04/25/2025     | Say on Pay - An Advisory Vote on the Approval of ExecutiveCompensation                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            709 |                0 | For         |                                      709 | FOR                         |  |
| ABBVIE INC.                            | 00287Y109 | 05/09/2025     | Say on Pay - An advisory vote on the approval of executivecompensation                                                                                                                                                            | SECTION 14A SAY-ON-PAY VOTES |            500 |                0 | For         |                                      500 | FOR                         |  |
| BROOKFIELDCORPORATION                  | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in theCircular.                                                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            100 |                0 | For         |                                      100 | FOR                         |  |
| FRANCO-NEVADACORPORATION               | 351858105 | 05/08/2025     | Say-on-Pay Advisory Resolution Acceptance of the Corporation'sapproach to executive compensation.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         122585 |                0 | For         |                                   122585 | FOR                         |  |
| FRANCO-NEVADACORPORATION               | 351858105 | 05/08/2025     | Say-on-Pay Advisory Resolution Acceptance of the Corporation'sapproach to executive compensation.                                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          18200 |                0 | For         |                                    18200 | FOR                         |  |
| SKYWARD SPECIALTYINSURANCE GROUP, INC. | 830940102 | 05/07/2025     | The approval, on a non-binding advisory basis, the compensation of the Company's named executive officers.                                                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         502332 |                0 | For         |                                   502332 | FOR                         |  |
| SKYWARD SPECIALTYINSURANCE GROUP, INC. | 830940102 | 05/07/2025     | The approval, on a non-binding advisory basis, the frequency offuture advisory votes on named executive officers' compensation.                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         502332 |                0 | 1 Year      |                                   502332 | FOR                         |  |
| THE TRADE DESK, INC.                   | 88339J105 | 05/27/2025     | The approval, on a non-binding, advisory basis, the compensationof our named executive officers.                                                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         162182 |                0 | For         |                                   162182 | FOR                         |  |
| BROOKFIELD ASSETMANAGEMENT LTD.        | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management InformationCircular of the Corporation dated March 25, 2025 (the "Circular").                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |            700 |                0 | For         |                                      700 | FOR                         |  |
| VICI PROPERTIES INC.                   | 925652109 | 04/29/2025     | To approve (on a non-binding, advisory basis) the compensation ofour named executive officers.                                                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |         205010 |                0 | For         |                                   205010 | FOR                         |  |
| DANAHER CORPORATION                    | 235851102 | 05/06/2025     | To approve on an advisory basis the Company's named executiveofficer compensation.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           5444 |                0 | For         |                                     5444 | FOR                         |  |
| STONEX GROUP INC.                      | 861896108 | 03/05/2025     | To approve the advisory (non-binding) resolution relating toexecutive compensation.                                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |         270875 |                0 | For         |                                   270875 | FOR                         |  |
| MORGAN STANLEY                         | 617446448 | 05/15/2025     | To approve the compensation of executives as disclosed in theproxy statement (non-binding advisory vote)                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           4210 |                0 | For         |                                     4210 | FOR                         |  |
| INTUITIVE SURGICAL,INC.                | 46120E602 | 05/01/2025     | To approve, by advisory vote, the compensation of the Company'sNamed Executive Officers.                                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |           2615 |                0 | For         |                                     2615 | FOR                         |  |
| AGILENTTECHNOLOGIES, INC.              | 00846U101 | 03/13/2025     | To approve, on a non-binding advisory basis, the compensation ofour named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            913 |                0 | For         |                                      913 | FOR                         |  |
| AVEPOINT, INC.                         | 053604104 | 05/06/2025     | To approve, on a non-binding advisory basis, the compensation ofour named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |        1009130 |                0 | For         |                                  1009130 | FOR                         |  |
| CARDINAL HEALTH, INC.                  | 14149Y108 | 11/06/2024     | To approve, on a non-binding advisory basis, the compensation ofour named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |          16009 |                0 | For         |                                    16009 | FOR                         |  |
| SNOWFLAKE INC.                         | 833445109 | 07/02/2024     | To approve, on a non-binding advisory basis, the compensation ofour named executive officers.                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |            402 |                0 | For         |                                      402 | FOR                         |  |
| META PLATFORMS, INC.                   | 30303M102 | 05/28/2025     | To approve, on a non-binding advisory basis, the compensationprogram for Meta Platforms, Inc.'s named executive officers asdisclosed in Meta Platforms, Inc.'s proxy statement.                                                   | SECTION 14A SAY-ON-PAY VOTES |           8358 |                0 | For         |                                     8358 | FOR                         |  |
| SUPERNUSPHARMACEUTICALS, INC.          | 868459108 | 06/16/2025     | to approve, on a non-binding basis, the compensation paid to ournamed executive officers.                                                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |         525334 |                0 | For         |                                   525334 | FOR                         |  |
| TERADYNE, INC.                         | 880770102 | 05/09/2025     | To approve, on a non-binding, advisory basis, the 2024compensation of the Company's named executive officers.                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |           9881 |                0 | For         |                                     9881 | FOR                         |  |
| HEALTHEQUITY, INC.                     | 42226A107 | 06/26/2025     | To approve, on a non-binding, advisory basis, the fiscal 2025compensation paid to our named executive officers.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         262131 |                0 | For         |                                   262131 | FOR                         |  |
| COPART, INC.                           | 217204106 | 12/06/2024     | To approve, on an advisory (non-binding) basis, the compensationof our named executive officers for the fiscal year ended July 31,2024.                                                                                           | SECTION 14A SAY-ON-PAY VOTES |         442686 |                0 | For         |                                   442686 | FOR                         |  |
| QUALYS, INC.                           | 74758T303 | 06/11/2025     | To approve, on an advisory and non-binding basis, thecompensation of Qualys, Inc.'s named executive officers asdescribed in the Proxy Statement.                                                                                  | SECTION 14A SAY-ON-PAY VOTES |              1 |                0 | For         |                                        1 | FOR                         |  |
| MERCADOLIBRE, INC.                     | 58733R102 | 06/17/2025     | To approve, on an advisory basis, the compensation of our namedexecutive officers for fiscal year 2024.                                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |            799 |                0 | For         |                                      799 | FOR                         |  |
| MILLER INDUSTRIES, INC.                | 600551204 | 05/23/2025     | To approve, on an advisory basis, the compensation of our namedexecutive officers.                                                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |           9120 |                0 | For         |                                     9120 | FOR                         |  |
| MARKETAXESSHOLDINGS INC.               | 57060D108 | 06/04/2025     | To approve, on an advisory basis, the compensation of theCompany's named executive officers as disclosed in the 2025Proxy Statement.                                                                                              | SECTION 14A SAY-ON-PAY VOTES |           7545 |                0 | For         |                                     7545 | FOR                         |  |
| RED VIOLET, INC.                       | 75704L104 | 06/10/2025     | To hold a non-binding advisory vote to approve our namedexecutive officers' compensation; and                                                                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         561888 |                0 | For         |                                   561888 | FOR                         |  |
| META PLATFORMS, INC.                   | 30303M102 | 05/28/2025     | To vote, on a non-binding advisory basis, whether a non-bindingadvisory vote on the compensation program for Meta Platforms,Inc.'s named executive officers should be held every one, two orthree years.                          | SECTION 14A SAY-ON-PAY VOTES |           8358 |                0 | 3 Years     |                                     8358 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** ASHFORD CAPITAL MANAGEMENT INC

**By (Signature):** David Wickard

**By (Printed Signature):** David Wickard

**By (Title):** Senior Analyst

**Date:** 08/22/2025