[Form 4] APPFOLIO INC Insider Trading Activity

Rhea-AI Filing Summary

AppFolio (APPF) reported a routine insider transaction by its Chief Financial Officer, Timothy Mathias Eaton. On 11/10/2025, the company withheld small blocks of Class A common shares to cover minimum tax obligations triggered by RSU vesting, a non‑open‑market transaction coded F.

Shares withheld were 27, 31, 35, 75, 70, 124, and 159 at a price of $254.96 per share, tied to grants made between 2022 and 2025 under AppFolio’s equity plans. Following these withholdings, Eaton directly beneficially owned 10,621 Class A shares.

Insights

Insider transactions analyst

Administrative RSU tax withholdings; no open-market selling.

The filing lists multiple small transactions coded F, which denote shares withheld by the issuer to satisfy tax liabilities upon RSU vesting. These are not discretionary market sales and typically have no directional signal.

Amounts were modest (27 to 159 shares each) at $254.96 per share on 11/10/2025. After the withholdings, the officer directly held 10,621 Class A shares. Market impact is generally minimal for this type of transaction.

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

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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)
11/10/2025

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	11/10/2025		F		27(1)	D	$254.96	11,115	D
Class A Common Stock	11/10/2025		F		31(2)	D	$254.96	11,084	D
Class A Common Stock	11/10/2025		F		35(3)	D	$254.96	11,049	D
Class A Common Stock	11/10/2025		F		75(4)	D	$254.96	10,974	D
Class A Common Stock	11/10/2025		F		70(5)	D	$254.96	10,904	D
Class A Common Stock	11/10/2025		F		124(6)	D	$254.96	10,780	D
Class A Common Stock	11/10/2025		F		159(7)	D	$254.96	10,621	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:

1. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the time-based restricted stock units ("RSUs") previously granted to the Reporting Person on March 11, 2024 pursuant to the Issuer's 2015 Stock Incentive Plan.

2. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the RSUs previously granted to the Reporting Person on March 5, 2024 pursuant to the Issuer's 2015 Stock Incentive Plan.

3. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the RSUs previously granted to the Reporting Person on November 6, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

4. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the RSUs previously granted to the Reporting Person on March 6, 2023 pursuant to the Issuer's 2015 Stock Incentive Plan.

5. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the RSUs previously granted to the Reporting Person on February 9, 2022 pursuant to the Issuer's 2015 Stock Incentive Plan.

6. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the RSUs previously granted to the Reporting Person on March 5, 2025 pursuant to the Issuer's 2025 Omnibus Plan.

7. Consists of Class A Common Stock withheld by the Issuer to satisfy the minimum tax withholding obligations of the Reporting Person arising in connection with the vesting on November 10, 2025 of the RSUs previously granted to the Reporting Person on July 30, 2025 pursuant to the Issuer's 2025 Omnibus Plan.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Timothy Mathias Eaton	11/12/2025
	** 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 did APPF’s CFO report on Form 4?

Shares were withheld to cover taxes upon RSU vesting on 11/10/2025, recorded as transaction code F.

How many APPF shares were withheld and at what price?

Blocks of 27, 31, 35, 75, 70, 124, and 159 shares at $254.96 per share.

What is the CFO’s APPF share ownership after these transactions?

Direct beneficial ownership was 10,621 Class A shares following the reported transactions.

What does transaction code F mean on Form 4 for APPF?

Code F indicates shares were withheld by the issuer to satisfy tax withholding obligations from equity vesting.

Which equity plans were involved in the APPF RSU vesting?

The 2015 Stock Incentive Plan and the 2025 Omnibus Plan for grants made between 2022 and 2025.

Was there any open‑market sale by the APPF CFO?

No. The entries reflect tax withholdings upon RSU vesting, not open‑market sales.