# EDGAR Filing Document

**Accession Number:** 0001568621
**File Stem:** 0001568621-25-000011
**Filing Date:** 2025-8
**Character Count:** 14350
**Document Hash:** f1b9d9ec394b6d3c4d60ec848ead5f28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001568621-25-000011.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001568621-25-000011

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Broad Run Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001568621

**ORGANIZATION NAME:**
- **EIN:** 461010523
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15134
- **FILM NUMBER:** 251256075

**BUSINESS ADDRESS:**
- **STREET 1:** 1530 WILSON BLVD
- **STREET 2:** SUITE 530
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209
- **BUSINESS PHONE:** 703-260-1260

**MAIL ADDRESS:**
- **STREET 1:** 1530 WILSON BLVD
- **STREET 2:** SUITE 530
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209

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

## N-PX: Filer Information

**Filer CIK:** 0001568621

**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:** Broad Run Investment Management, LLC

**Address:** 1530 WILSON BLVD, ARLINGTON, VA 22209

**Telephone number:** 703-260-1224

**Name of agent for service:** Bryan H. Adkins

**Agent Address:** 1530 Wilson Blvd, Arlington, VA 22209

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

**SEC File Number:** 028-15134

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 254900HTN9KUYVNRGY73

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| American Woodmark Corporation         | 030506109 | 08/22/2024     | To approve on an advisory basis the Company's executive compensation                                                                                     | SECTION 14A SAY-ON-PAY VOTES |         168955 |                0 | FOR         |                                   168955 | FOR                         |  |
| NIKE, Inc.                            | 654106103 | 09/10/2024     | To approve executive compensation by an advisory vote                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |            118 |                0 | FOR         |                                      118 | FOR                         |  |
| Applied Materials, Inc.               | 038222105 | 03/06/2025     | Approval, on an advisory basis, of the compensation of Applied Materials' named executive officers for fiscal year 2024                                  | SECTION 14A SAY-ON-PAY VOTES |         191855 |                0 | FOR         |                                   191855 | FOR                         |  |
| TransDigm Group Incorporated          | 893641100 | 03/06/2025     | Approval, on an advisory basis, of the compensation of our named executive officers                                                                      | SECTION 14A SAY-ON-PAY VOTES |          13794 |                0 | FOR         |                                    13794 | FOR                         |  |
| The Walt Disney Company               | 254687106 | 03/20/2025     | Consideration of an advisory vote to approve executive compensation                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          35831 |                0 | FOR         |                                    35831 | FOR                         |  |
| Shenandoah Telecommunications Company | 82312B106 | 04/22/2025     | To consider and approve, in a non-binding vote, the Company's named executive officer compensation                                                       | SECTION 14A SAY-ON-PAY VOTES |         878626 |                0 | FOR         |                                   878626 | FOR                         |  |
| Brookfield Asset Management Ltd.      | 113004105 | 05/05/2025     | The Say on Pay Resolution set out in the Management Information Circular of the Corporation dated March 25, 2025 (the "Circular")                        | SECTION 14A SAY-ON-PAY VOTES |         424052 |                0 | FOR         |                                   424052 | FOR                         |  |
| Danaher Corporation                   | 235851102 | 05/06/2025     | Advisory vote to approve compensation paid to certain executive officers                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          70935 |                0 | FOR         |                                    70935 | FOR                         |  |
| NVR, Inc.                             | 62944T105 | 05/06/2025     | Advisory vote to approve compensation paid to certain executive officers                                                                                 | SECTION 14A SAY-ON-PAY VOTES |           2827 |                0 | FOR         |                                     2827 | FOR                         |  |
| Altus Group Limited                   | 02215R107 | 05/07/2025     | To consider an advisory resolution on the Company's approach to executive compensation                                                                   | SECTION 14A SAY-ON-PAY VOTES |         318142 |                0 | FOR         |                                   318142 | FOR                         |  |
| Cogent Communications Holdings, Inc.  | 19239V302 | 05/07/2025     | Non-Binding Advisory Vote to approve Named Executive Officer Compensation                                                                                | SECTION 14A SAY-ON-PAY VOTES |         616415 |                0 | FOR         |                                   616415 | FOR                         |  |
| Floor  Decor Holdings, Inc.           | 339750101 | 05/07/2025     | Approve, by non-binding vote, the compensation paid to the Company's named executive officers for the 2024 fiscal year                                   | SECTION 14A SAY-ON-PAY VOTES |          62000 |                0 | FOR         |                                    62000 | FOR                         |  |
| American Tower Corporation            | 03027X100 | 05/14/2025     | To approve, on an advisory basis, the Company's executive compensation                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         116789 |                0 | FOR         |                                   116789 | FOR                         |  |
| Hilton Worldwide Holdings Inc.        | 43300A203 | 05/14/2025     | Approval, in a non-binding advisory vote, of the compensation paid to the Company's named executive officers                                             | SECTION 14A SAY-ON-PAY VOTES |          68639 |                0 | FOR         |                                    68639 | FOR                         |  |
| O'Reilly Automotive, Inc.             | 67103H107 | 05/15/2025     | Advisory vote to approve executive compensation                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |          38590 |                0 | FOR         |                                    38590 | FOR                         |  |
| CDW Corporation                       | 12514G108 | 05/20/2025     | To approve, on an advisory basis, named executive officer compensation                                                                                   | SECTION 14A SAY-ON-PAY VOTES |         141887 |                0 | FOR         |                                   141887 | FOR                         |  |
| Amazon.com, Inc.                      | 023135106 | 05/21/2025     | Advisory vote to approve executive compensation                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            120 |                0 | FOR         |                                      120 | FOR                         |  |
| Equinix, Inc.                         | 29444U700 | 05/21/2025     | Approval, by a non-binding advisory vote, of the compensation of our named executive officers                                                            | SECTION 14A SAY-ON-PAY VOTES |             12 |                0 | FOR         |                                       12 | FOR                         |  |
| Markel Group Inc.                     | 570535104 | 05/21/2025     | Advisory vote on approval of executive compensation                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |          21354 |                0 | FOR         |                                    21354 | FOR                         |  |
| The Charles Schwab Corporation        | 808513105 | 05/22/2025     | Advisory approval of named executive officer compensation                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            202 |                0 | FOR         |                                      202 | FOR                         |  |
| AST Spacemobile, Inc.                 | 00217D100 | 06/06/2025     | To approve a non-binding advisory vote on the compensation paid to the Company's named executive officers                                                | SECTION 14A SAY-ON-PAY VOTES |        3438306 |                0 | FOR         |                                  3438306 | FOR                         |  |
| AST Spacemobile, Inc.                 | 00217D100 | 06/06/2025     | To hold a non-binding advisory vote on the frequency of future advisory votes to approve the compensation paid to the Company's named executive officers | SECTION 14A SAY-ON-PAY VOTES |        3438306 |                0 | One Year    |                                  3438306 | FOR                         |  |
| Brookfield Corporation                | 11271J107 | 06/06/2025     | Say on Pay Resolution The Say on Pay Resolution set out in the Circular                                                                                  | SECTION 14A SAY-ON-PAY VOTES |         885095 |                0 | FOR         |                                   885095 | FOR                         |  |
| Encore Capital Group, Inc.            | 292554102 | 06/06/2025     | Non-binding advisory vote to approve the compensation of the Company's named executive officers                                                          | SECTION 14A SAY-ON-PAY VOTES |         609268 |                0 | FOR         |                                   609268 | FOR                         |  |
| Roper Technologies, Inc.              | 776696106 | 06/10/2025     | Advisory vote to approve the compensation of our named executive officers                                                                                | SECTION 14A SAY-ON-PAY VOTES |             32 |                0 | FOR         |                                       32 | FOR                         |  |
| CarMax, Inc.                          | 143130102 | 06/24/2025     | To approve, in an advisory (non-binding) vote, the compensation of our named executive officers                                                          | SECTION 14A SAY-ON-PAY VOTES |         282534 |                0 | FOR         |                                   282534 | FOR                         |  |
| Mastercard Incorporated               | 57636Q104 | 06/24/2025     | Advisory approval of Mastercard's executive compensation                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |             38 |                0 | FOR         |                                       38 | FOR                         |  |
| RH                                    | 74967X103 | 06/26/2025     | Advisory vote to approve named executive officer compensation                                                                                            | SECTION 14A SAY-ON-PAY VOTES |          62360 |                0 | FOR         |                                    62360 | FOR                         |  |
| Aon Plc                               | G0403H108 | 06/27/2025     | Advisory vote to approve the compensation of the Company's named executive officers                                                                      | SECTION 14A SAY-ON-PAY VOTES |         101340 |                0 | FOR         |                                   101340 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Broad Run Investment Management, LLC

**By (Signature):** Bryan H. Adkins

**By (Printed Signature):** Bryan H. Adkins

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

**Date:** 08/26/2025