[144] AppFolio, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 notice for AppFolio, Inc. (APPF) reports a proposed sale of 1,364 shares of common stock through Morgan Stanley Smith Barney on 09/11/2025 with an aggregate market value of $382,963.60 and total shares outstanding of 35,853,028. The filer shows recent acquisitions on 08/10/2025 of 720 performance shares and 644 restricted stock units from the issuer, both recorded as issued by the company with payment marked as not applicable. The filing states there were no securities sold by the reporting person in the past three months and includes the standard representation that the seller knows of no undisclosed material adverse information about the issuer.

Positive

• Clear compliance with Rule 144 disclosure: broker, share count, market value, and acquisition details are provided
• Acquisitions are disclosed as performance shares (720) and restricted stock (644), clarifying the origin of the securities

Negative

• Proposed insider sale of 1,364 shares valued at $382,963.60, which could add supply to the market
• Limited context: filing does not disclose total holdings, percent ownership, or whether sales are part of a Rule 10b5-1 plan

Insights

Securities Analyst

TL;DR: Insider proposes to sell 1,364 shares valued at $382,964; recent grant acquisitions were performance and restricted shares.

This Form 144 documents a planned off-exchange sale through a broker-dealer rather than an open-market block trade. The size of the proposed sale is explicitly stated as 1,364 shares representing a market value of $382,963.60. The filing discloses that the shares were acquired recently as performance shares (720) and restricted stock (644) from the issuer on 08/10/2025. No prior sales in the last three months are reported, which helps clarify recent insider activity. From a trading-volume perspective this disclosure enables market participants to assess potential supply pressure, but the filing itself does not provide context on holdings, percent ownership, or intent beyond the sale notice.

Corporate Governance Expert

TL;DR: Form 144 shows compliant disclosure of a proposed sale and recent equity grants; no material adverse disclosures reported by the seller.

The document follows Rule 144 notice requirements by identifying the broker, number of shares to be sold, and acquisition details for the securities being sold. It records acquisition types as performance shares and restricted stock, which suggests the securities were compensation-related awards. The seller affirms no undisclosed material adverse information exists. The filing does not include additional governance context such as whether the sale is pursuant to a trading plan, except for the generic plan-language, nor does it disclose broader beneficiary relationships or aggregate ownership stakes; those details would be necessary to fully assess governance implications.

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
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	1364	382963.60	35853028	09/11/2025	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 *
Common	08/10/2025	Performance Shares	Issuer			720	08/10/2025	Not Applicable
Common	08/10/2025	Restricted Stock	Issuer			644	08/10/2025	Not Applicable

* 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 (APPF) Form 144 disclose about the proposed sale?

The filing shows a proposed sale of 1,364 common shares via Morgan Stanley Smith Barney on 09/11/2025 with an aggregate market value of $382,963.60.

How were the shares being sold by the APPF reporting person acquired?

The shares were acquired on 08/10/2025 as performance shares (720) and restricted stock (644), both issued by the company.

Did the filer report any other sales of AppFolio securities in the past three months?

No. The Form 144 states Nothing to Report for securities sold during the past three months.

Which broker-dealer is handling the proposed APPF sale?

The broker listed is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY 10004.

Does the Form 144 indicate undisclosed material adverse information about AppFolio (APPF)?

The signer represents that they do not know of any material adverse information