[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale recorded: AppFolio CFO Timothy Mathias Eaton reported a sale of 667 shares of Class A common stock on 08/25/2025 at a reported price of $276.58 per share. After the transaction he is shown as beneficially owning 11,142 shares of Class A common stock in a direct ownership capacity. The filing shows no derivative transactions and was signed by an attorney-in-fact on 08/27/2025. No additional context on the reason for the sale or any plans under Rule 10b5-1 is provided in the document.

Positive

• Timely disclosure of insider sale and remaining direct ownership improves transparency for investors
• No derivatives reported, simplifying assessment of insider's exposure

Negative

• Insider sold shares (667 shares), which some market participants may view negatively absent explanatory context
• No indication of a 10b5-1 plan or explanatory remarks, limiting clarity on whether the sale was pre-planned

Insights

Financial Analyst

TL;DR: Officer sale disclosed; transaction size and remaining holdings are specified, but no broader financial impact indicated.

The filing records a routine Section 16 disclosure: a sale of 667 Class A shares at $276.58 each, leaving 11,142 shares directly owned. There are no derivative positions reported and no indicated trading plan. For investors this is a specific insider sale disclosure that improves transparency but does not, by itself, provide evidence of material change in company fundamentals.

Corporate Governance Expert

TL;DR: Disclosure meets Form 4 requirements; absence of 10b5-1 note or additional context limits interpretation.

The report is properly completed showing the reporting person as CFO and the transaction details with signature by an attorney-in-fact. The form does not check the box indicating the sale was pursuant to a 10b5-1 plan, nor does it provide explanatory remarks. From a governance standpoint the filing is compliant but lacks contextual detail that would clarify whether the sale was pre-planned or discretionary.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Eaton Timothy Mathias

(Last) (First) (Middle)

70 CASTILIAN DRIVE

(Street)

SANTA BARBARA CA 93117

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/25/2025		S		667	D	$276.58	11,142	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Timothy Mathias Eaton	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did APPF CFO Timothy Mathias Eaton report on Form 4?

He reported a sale of 667 shares of Class A common stock on 08/25/2025 at a price of $276.58 per share.

How many AppFolio (APPF) shares does the reporting person own after the sale?

The filing shows beneficial ownership of 11,142 shares of Class A common stock following the reported transaction.

Were any derivative securities reported in this Form 4 for APPF?

No. The filing lists no derivative securities in Table II.

Does the Form 4 state the sale was part of a 10b5-1 trading plan?

No. The document does not indicate the transaction was made pursuant to a 10b5-1 plan.

When was the Form 4 signed and by whom?

The form was signed by Evan Pickering, as Attorney-in-Fact for Timothy Mathias Eaton on 08/27/2025.