APPF Form 144 Filed for 667 Restricted Shares; Brokered by Morgan Stanley

Rhea-AI Filing Summary

AppFolio, Inc. filed a Form 144 to notify a proposed sale of 667 shares of its common stock through Morgan Stanley Smith Barney. The filing lists an aggregate market value of $184,478.86 for the shares and reports 35,853,028 shares outstanding. The proposed sale date is 08/25/2025. The shares were acquired as restricted stock from the issuer on 08/10/2025 and payment was recorded on that date. The filer states there are no securities sold by the filer in the past three months and affirms they are not aware of any undisclosed material adverse information about the issuer.

Positive

• Full disclosure of transaction details including acquisition date, nature of acquisition, broker, and proposed sale date
• Filer affirms no undisclosed material adverse information and reports no sales in the past three months

Negative

• None.

Insights

Securities Analyst

TL;DR: Small, routine insider sale notice: 667 shares (worth $184,478.86) proposed for sale through a broker on 08/25/2025.

This Form 144 documents a proposed sale that appears procedural: the lot is registered as restricted stock acquired from the issuer on 08/10/2025 and is being routed through Morgan Stanley Smith Barney. Relative to the reported 35,853,028 shares outstanding, the 667-share lot represents an immaterial fraction of the float, suggesting limited market impact. The filer also certifies no undisclosed material adverse information, which is standard language on Form 144.

Compliance/Risk Analyst

TL;DR: Filing follows Rule 144 disclosure format and includes standard attestations; no recent sales reported.

The document provides required transaction details: acquisition date (08/10/2025), nature (restricted stock), broker identity, and proposed sale date (08/25/2025). The filer notes "Nothing to Report" for sales in the past three months and includes the statutory representation about material information. From a compliance perspective, the form contains the expected elements for a Rule 144 notice and does not indicate any procedural irregularities.

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	667	184478.86	35853028	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 *
Common	08/10/2025	Restricted Stock	Issuer			667	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's (APPF) Form 144 report?

The Form 144 notifies a proposed sale of 667 common shares through Morgan Stanley Smith Barney with an aggregate market value of $184,478.86 and a proposed sale date of 08/25/2025.

When were the 667 shares acquired according to the filing?

The filing states the shares were acquired as restricted stock from the issuer on 08/10/2025 and payment was recorded on that date.

How many AppFolio shares are reported outstanding in the filing?

The Form 144 lists 35,853,028 shares outstanding.

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

No. The filing indicates "Nothing to Report" for securities sold during the past three months.

Which broker is handling the proposed sale?

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

Does the filer assert possession of any undisclosed material information?

The filer represents by signature that they do not know of any material adverse information regarding the issuer that has not been publicly disclosed.