APPF Form 144: Proposed Sale of 4,000 Shares via Morgan Stanley ($1.11M)

Rhea-AI Filing Summary

AppFolio, Inc. (APPF) submitted a Form 144 reporting a proposed Rule 144 sale of common stock. The notice shows 4,000 shares offered through Morgan Stanley Smith Barney with an aggregate market value of $1,107,789.60 and an approximate sale date of September 10, 2025 on NASDAQ. The filer reports having acquired these shares as performance awards: 1,649 shares on January 23, 2024 and 2,351 shares on February 10, 2024, with full payment noted as not applicable.

The filing also discloses a recent sale by William S. Trigg of 3,012 shares on August 15, 2025 for gross proceeds of $798,119.76. The filer attests there is no undisclosed material adverse information and includes the standard signature and criminal penalty notice.

Positive

• Clear disclosure of proposed sale: 4,000 shares through Morgan Stanley Smith Barney with aggregate market value $1,107,789.60
• Acquisition details provided showing shares were performance awards acquired on 01/23/2024 and 02/10/2024
• Recent sale disclosed: William S. Trigg sold 3,012 shares on 08/15/2025 for $798,119.76, improving transparency
• Filer attestation that no undisclosed material adverse information exists supports regulatory compliance

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine insider sale filing; modest share amount relative to outstanding shares, mainly a disclosure event.

The Form 144 documents a proposed sale of 4,000 shares valued at roughly $1.11 million and a recent completed sale of 3,012 shares for about $0.80 million. These amounts represent a very small fraction of the issuer's 35,853,028 outstanding shares, suggesting the transactions are not materially dilutive. The shares originated as performance awards in early 2024, and the sale is being routed through a broker-dealer on NASDAQ. From a market-impact perspective this is a routine compliance filing rather than a material corporate event.

Corporate Governance Expert

TL;DR: Filing meets disclosure requirements; affirms insider attestation about material information.

The notice provides required details on acquisition dates, nature of acquisition (performance shares), broker information, and past three-month sales, aligning with Rule 144 disclosure standards. The attestation that no undisclosed material adverse information exists is included, which is standard and important for investor transparency. There is no indication of unusual trading patterns or governance concerns based on the data provided.

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

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	4000	1107789.60	35853028	09/10/2025	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	01/23/2024	Performance Shares	Issuer			1649	01/23/2024	Not Applicable
Common	02/10/2024	Performance Shares	Issuer			2351	02/10/2024	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

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
WILLIAM S TRIGG 70 Castilian Drive Santa Barbara CA 93117	Common	08/15/2025	3012	798119.76

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 reports a proposed sale of 4,000 common shares valued at $1,107,789.60, to be sold approximately on 09/10/2025 on NASDAQ through Morgan Stanley Smith Barney.

How were the 4,000 shares acquired per the filing?

The shares were acquired as performance shares: 1,649 on 01/23/2024 and 2,351 on 02/10/2024.

Did the filer sell any AppFolio shares recently?

Yes. The filing discloses a sale by William S. Trigg of 3,012 shares on 08/15/2025 for gross proceeds of $798,119.76.

Through which broker will the proposed sale be executed?

The proposed sale is to be executed through Morgan Stanley Smith Barney LLC, 1 New York Plaza, 8th Floor, New York, NY.

How significant is the proposed sale relative to outstanding shares?

The filing lists 35,853,028 shares outstanding; the proposed 4,000-share sale represents a very small percentage of total outstanding shares.