APPF files Form 144 to sell 30,000 Class A shares valued at $8.26M

Rhea-AI Filing Summary

AppFolio, Inc. (APPF) filed a Form 144 notifying the proposed sale of 30,000 Class A shares through J.P. Morgan Securities LLC on 08/25/2025. The filing reports an aggregate market value of $8,259,600 and states the company has 22,871,704 shares outstanding, indicating the notice relates to a relatively small portion of total outstanding shares.

The shares were acquired on 06/26/2015 as carried interest from Duca Fund 12, LLC, with consideration recorded as paid on the acquisition date. The filer reports no sales of the issuer's securities in the past three months and includes the standard representation that no undisclosed material adverse information is known.

Insights

Financial Analyst

TL;DR: A notice to sell 30,000 Class A shares valued at $8.26M, acquired as carried interest in 2015; limited market impact indicated.

The filing discloses a proposed block sale executed through a major broker and provides acquisition detail: these shares were acquired as carried interest from Duca Fund 12, LLC on 06/26/2015. At 30,000 shares versus 22,871,704 outstanding, the position represents a small percentage of total shares outstanding. No sales in the prior three months are reported. From a quantitative perspective, the filing is routine disclosure of an insider/beneficial owner liquidity event and, based solely on the provided numbers, appears unlikely to materially affect AppFolio's market capitalization.

Corporate Governance Expert

TL;DR: Proper Rule 144 notice filed with acquisition provenance; includes the required representation about material nonpublic information.

The form documents provenance of the securities (carried interest) and affirms required legal representations, including that the filer is not aware of undisclosed material adverse information. The use of an established broker (J.P. Morgan Securities LLC) and the explicit statement of no sales in the past three months indicate compliance with disclosure norms. The filing is a standard governance disclosure tied to a beneficial owner monetization and does not by itself indicate governance concerns.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A	J.P. Morgan Securities LLC 390 Madison Avenue - 6th Floor New York NY 10017	30000	8259600	22871704	08/25/2025	Nasdaq

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Class A	06/26/2015	Carried Interest	Duca Fund 12, LLC			30000	06/26/2015	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does AppFolio's (APPF) Form 144 disclose?

The Form 144 notifies a proposed sale of 30,000 Class A shares via J.P. Morgan Securities LLC on 08/25/2025 with an aggregate market value of $8,259,600.

When and how were the shares to be sold on the Form 144 acquired?

The shares were acquired on 06/26/2015 as carried interest from Duca Fund 12, LLC, with the payment recorded on the acquisition date.

Does the Form 144 report any sales of AppFolio securities in the past three months?

No. The filing explicitly states Nothing to Report for securities sold during the past three months by the person for whose account the securities are to be sold.

Which broker is handling the proposed sale in the Form 144?

The proposed sale is to be handled by J.P. Morgan Securities LLC, located at 390 Madison Avenue, 6th Floor, New York, NY 10017.

What legal representation does the filer make on the Form 144?

The filer represents by signature that they do not know any material adverse information about the issuer that has not been publicly disclosed and notes compliance with Rule 10b5-1 plan disclosure if applicable.