[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

AppFolio director Janet Kerr reported the sale of Class A common stock under a Rule 10b5-1 plan. On 09/08/2025 and 09/09/2025 Ms. Kerr disposed of a total of 2,945 shares in three transactions: 1,040 shares sold at a weighted average of $284.76, 1,460 shares sold at $285.24, and 545 shares granted/transferred with zero price on 09/09/2025. After these transactions she beneficially owns 11,450 shares held indirectly via the Janet Kerr Living Trust, where she is trustee. The filing was signed by an attorney-in-fact and discloses the 10b5-1 plan adoption around March 14, 2025.

Positive

• Transactions executed under a Rule 10b5-1 plan, indicating preplanned, compliant insider sales.
• Detailed disclosure of weighted average sales price range and offer to provide trade-level details upon request.
• Remaining beneficial ownership is clearly reported (11,450 shares held indirectly via trust).

Negative

• Director disposed of 2,945 shares, reducing beneficial ownership held via the Janet Kerr Living Trust.
• One transfer listed with $0 price (545 shares) which may require further context from the filer.

Insights

Corporate Governance Expert

TL;DR: Routine, preplanned insider sales under a 10b5-1 plan reduce holdings but follow an established compliance program.

The transactions are documented as executed pursuant to a Rule 10b5-1 plan adopted circa March 14, 2025, which signals preauthorization and lowers likelihood of opportunistic timing by the director. The filing shows multiple executions with a disclosed weighted average price and clarifies indirect ownership through a revocable trust, which is a common estate and governance structure. No derivative transactions or material changes to ownership percentage are disclosed, and the remaining indirect stake of 11,450 shares is reported.

Securities Analyst

TL;DR: Insider sold 2,945 shares across two days at ~ $284–$285 per share; sales appear procedural rather than event-driven.

The filing itemizes sales of 1,040 and 1,460 shares at weighted average prices and a separate 545-share disposition shown as a grant/zero-price transfer on 09/09/2025. The seller reports remaining beneficial ownership held indirectly in a trust. The disclosure of price ranges and offer to provide trade-level detail upon request improves transparency. There is no indication of additional material corporate developments in this filing.

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).

X

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^*

KERR JANET

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

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	09/08/2025		S		1,040(1)	D	$284.76(2)	13,455	I	By Trust(3)
Class A Common Stock	09/08/2025		S		1,460(1)	D	$285.24	11,995	I	By Trust(3)
Class A Common Stock	09/09/2025		G		545	D	$0	11,450	I	By Trust(3)

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:

1. These shares were sold pursuant to a Rule 10b5-1 Plan adopted by Reporting Person on or around March 14, 2025.

2. This transaction was executed in multiple trades with sales prices ranging from $284.09 to $284.89. The price reported above reflects the weighted average sales price for the cumulative trades. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer information regarding the individual trades.

3. The shares of Class A Common Stock reported on the table above are held by the Janet Kerr Living Trust dated 7/16/2014, of which the Reporting Person is the Trustee.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Janet Kerr	09/10/2025
	** 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 transactions did Janet Kerr report on Form 4 for APPF?

She reported sales of 1,040 shares at a weighted average $284.76, 1,460 shares at $285.24, and a 545-share transfer at $0, totaling 2,945 shares.

Were the sales by Janet Kerr part of a 10b5-1 plan?

Yes. The filing states the shares were sold pursuant to a Rule 10b5-1 plan adopted around March 14, 2025.

How many AppFolio shares does Janet Kerr beneficially own after these transactions?

She beneficially owns 11,450 shares held indirectly through the Janet Kerr Living Trust.

Does the Form 4 disclose the exact execution prices for each trade?

The filing provides weighted average prices ($284.76 and $285.24) and a range for executions ($284.09 to $284.89) and offers to provide individual trade details upon request.

Who signed the Form 4 filing for Janet Kerr?

The filing was signed by Evan Pickering as Attorney-in-Fact for Janet Kerr on 09/10/2025.