APPF Form 4: Insider Disposes of 4,000 Class A Shares Near $276

Rhea-AI Filing Summary

AppFolio Inc. (APPF) Chief Executive Officer William Shane Trigg executed insider sales on 09/10/2025. The Form 4 reports three sell transactions totaling 4,000 Class A common shares executed in multiple trades with weighted-average prices of $275.90, $276.72 and $278.63. Following these disposals the reporting person’s beneficial ownership decreased from earlier balances to 59,556 shares of Class A common stock. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 09/15/2025. All price ranges and weighted averages are disclosed in the explanatory footnotes.

Positive

• None.

Negative

• Reporting person sold 4,000 Class A shares across three transactions on 09/10/2025
• Beneficial ownership declined to 59,556 shares after the reported disposals

Insights

Securities Analyst

TL;DR: CEO sold a small block of shares (4,000 total) in multiple trades at market prices near $276, reducing beneficial holdings to 59,556 shares.

This Form 4 discloses routine open-market sales by the reporting person rather than option exercises or derivative transactions. The filing provides weighted-average prices and price ranges for the trades and shows a stepwise reduction in direct beneficial ownership from prior reported levels to 59,556 shares. The disclosure is complete for the reported trades and includes the signature by attorney-in-fact, satisfying Form 4 procedural requirements.

Corporate Governance Expert

TL;DR: Insider sales are documented and timely; filings show transparency but do not explain the rationale for sales.

The Form 4 furnishes the standard details: transaction dates, codes, share amounts, weighted-average prices and post-transaction ownership counts. There is no indication of derivative activity or amendments. From a governance disclosure perspective, the form appears properly completed and executed on 09/15/2025 by an authorized attorney-in-fact.

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
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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).

1. Name and Address of Reporting Person^*

Trigg William Shane

(Last) (First) (Middle)

70 CASTILIAN DR

(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
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025

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	09/10/2025		S		2,156	D	$275.9(1)	61,400	D
Class A Common Stock	09/10/2025		S		444	D	$276.72(2)	60,956	D
Class A Common Stock	09/10/2025		S		1,400	D	$278.63(3)	59,556	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. This transaction was executed in multiple trades with sales prices ranging from $275.56 to $276.34. 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.

2. This transaction was executed in multiple trades with sales prices ranging from $276.61 to $277.18. 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. This transaction was executed in multiple trades with sales prices ranging from $278.10 to $278.92. 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.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for William Shane Trigg	09/15/2025
	** 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 insider transactions did AppFolio (APPF) report on the 09/10/2025 Form 4?

The Form 4 reports three sales by William Shane Trigg on 09/10/2025 totaling 4,000 Class A shares executed at weighted-average prices of $275.90, $276.72 and $278.63.

How many shares does the reporting person own after the transactions in the APPF Form 4?

After the reported sales the filing shows the reporting person beneficially owns 59,556 Class A shares.

Were any derivative securities reported in the AppFolio Form 4?

No. Table II for derivative securities contains no reported transactions; only non-derivative Class A common stock sales are disclosed.

Who signed the Form 4 for AppFolio and when was it signed?

The Form 4 was signed by Evan Pickering, as Attorney-in-Fact for William Shane Trigg on 09/15/2025.

Do the Form 4 footnotes provide trade price detail for APPF insider sales?

Yes. The explanatory notes disclose the price ranges for the multiple trades underlying each weighted-average price and offer to provide individual trade information on request.