[144] APPFOLIO INC SEC Filing

Morgan Stanley Smith Barney LLC submitted a Form 144 notice showing proposed sales of defined equity awards of Common stock by an issuer‑related holder.

Rhea-AI Filing Summary

Morgan Stanley Smith Barney LLC submitted a Form 144 notice showing proposed sales of defined equity awards of Common stock by an issuer‑related holder. The notice lists four lots of securities to be sold: two Restricted Stock entries (552 and 551 shares) and two Performance Shares entries (438 and 437 shares) with specified grant/vesting dates in 08/10/2025 and 11/10/2025.

The filing also shows a figure of 312,758.00 and a separate line of 24,028,908 with the date 05/12/2026; these numbers appear on the issuer/holder summary lines in the excerpt.

Insights

Securities Compliance Attorney

Form 144 lists planned resale lots for restricted and performance shares; treatment is procedural.

Form 144 is a regulatory notice that a holder intends to sell specified shares. The excerpt lists four discrete lots (two restricted stock, two performance shares) with grant/vesting dates of 08/10/2025 and 11/10/2025.

Timing, sale methods, and proceeds treatment are not provided in the excerpt; subsequent transaction details will be reported in required resale filings or broker reports.

Key Figures

Restricted Stock lot 1: 552 shares Restricted Stock lot 2: 551 shares Performance Shares lot 1: 438 shares +3 more

6 metrics

Restricted Stock lot 1 552 shares Restricted Stock dated <date>08/10/2025

Restricted Stock lot 2 551 shares Restricted Stock dated <date>11/10/2025

Performance Shares lot 1 438 shares Performance Shares dated <date>08/10/2025

Performance Shares lot 2 437 shares Performance Shares dated <date>11/10/2025

Holder figure shown 312,758.00 <date>05/12/2026</date> line in issuer/holder summary

Issuer line figure 24,028,908 <date>05/12/2026</date> line in issuer/holder summary

Key Terms

Restricted Stock, Performance Shares, Form 144

3 terms

Restricted Stock financial

"Securities To Be Sold | 08/10/2025 | Restricted Stock"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

Performance Shares financial

"Securities To Be Sold | 08/10/2025 | Performance Shares"

Performance shares are a type of company stock given to executives or employees that only become theirs if the company meets specific goals, like hitting certain profits or growth targets. They motivate leaders to work toward the company’s success, because their additional shares depend on achieving these results.

Form 144 regulatory

"CONTENT METADATA | "form_type": "144""

Form 144 is a document that investors must file with the government when they plan to sell a large number of shares of a company's stock. It helps ensure transparency so everyone knows how many shares are being sold and when, which can impact the stock's price.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the APPF Form 144 filing show?

The filing lists proposed sales of four equity lots: Restricted Stock (552 and 551 shares) and Performance Shares (438 and 437 shares). It provides grant/vesting dates of 08/10/2025 and 11/10/2025 for those lots.

Does the Form 144 disclose how the shares will be sold?

No. The excerpt shows the types and share counts of securities to be sold but does not specify sale method, broker, price, or whether sales are planned on an exchange or in negotiated transactions.

What do the numbers 312,758.00 and 24,028,908 represent in the excerpt?

The excerpt presents 312,758.00 and 24,028,908 on the issuer/holder summary line with the date 05/12/2026. The filing text shows these figures but does not label them further within the provided excerpt.

Will the Form 144 itself complete the sale reporting for APPF?

No. Form 144 is a notice of proposed sale. Actual sale executions and final transaction details must be reported elsewhere; this excerpt does not include executed sale confirmations or proceeds information.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/12/2026 - 04:10 PM EDT Learn about SEC filing dates

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	0002054905
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	APPFOLIO, INC.
SEC File Number	001-37468
Address of Issuer	70 Castilian Drive Santa Barbara CALIFORNIA 93117
Phone	(805) 364-6093
Name of Person for Whose Account the Securities are To Be Sold	ELIZABETH BARAT
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	Officer

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	1978	312758.00	24028908	05/12/2026	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			552	08/10/2025	Not Applicable
Common	11/10/2025	Restricted Stock	Issuer			551	11/10/2025	Not Applicable
Common	08/10/2025	Performance Shares	Issuer			438	08/10/2025	Not Applicable
Common	11/10/2025	Performance Shares	Issuer			437	11/10/2025	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	05/12/2026
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	/s/ Elizabeth Erin Barat
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)