APPF director’s trust reports 505,000-share Class B to A conversion

Rhea-AI Filing Summary

AppFolio Inc. (APPF) reported an insider equity transaction by a director and 10% owner, through the 1206 Family Trust. On 11/17/2025, the trust acquired 505,000 shares of Class A common stock at a stated price of $0 following a coded conversion transaction. After this step, the trust indirectly holds 505,000 shares of Class A common stock.

The filing also shows 505,000 shares of Class B common stock converted into Class A common stock on a one-for-one basis, with 2,364,585 derivative securities beneficially owned indirectly by the trust after the reported transaction. Each share of Class B common stock is convertible into one share of Class A common stock, and all Class B shares will automatically convert once Class B falls below a 10% threshold of total combined Class A and Class B shares.

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

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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^*

Schauser Klaus

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

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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	11/17/2025		C		505,000	A	$0	505,000	I	By 1206 Family Trust(1)

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
Class B Common Stock	$0	11/17/2025		C			505,000	(2)(3)	(2)(3)	Class A Common Stock	505,000	$0	2,364,585	I	By 1206 Family Trust(1)

Explanation of Responses:

1. Shares are held by 1206 Family Trust dated December 13, 2002, of which Mr. Schauser and his spouse serve as co-trustees.

2. All outstanding shares of Class B Common Stock will convert automatically into shares of Class A Common Stock, on a one share for one share basis, on the date when the number of the Issuer's outstanding shares of Class B Common Stock represents less than 10% of the sum of its outstanding shares of Class A Common Stock and Class B Common Stock.

3. Each share of Class B Common Stock is convertible, at any time at the option of the holder, into one share of Class A Common Stock. In addition, each share of Class B Common Stock will convert automatically into one share of Class A Common Stock upon any transfer, except for any transfers by (i) a partnership or limited liability company that was a registered holder of shares of Class B Common Stock at the effective time of the Issuer's IPO to any partner or member of any such partnership or limited liability company at the effective time, and (ii) a transfer to a "qualified recipient," as defined in the Issuer's amended and restated certificate of incorporation. The shares of Class B Common Stock have no expiration date.

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Klaus Schauser	11/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did AppFolio (APPF) report in this Form 4?

The filing reports that the 1206 Family Trust, associated with a director and 10% owner of AppFolio Inc. (APPF), acquired 505,000 shares of Class A common stock on 11/17/2025 through a conversion transaction at a stated price of $0 per share.

How many AppFolio (APPF) Class A shares does the 1206 Family Trust hold after the transaction?

Following the reported transaction, the 1206 Family Trust beneficially owns 505,000 shares of AppFolio Class A common stock on an indirect basis.

What happened to the AppFolio (APPF) Class B shares in this Form 4?

The Form 4 shows 505,000 shares of Class B common stock converted into 505,000 shares of Class A common stock on a one-for-one basis in a coded conversion transaction dated 11/17/2025.

How many derivative securities of AppFolio (APPF) does the reporting person hold after the transaction?

After the conversion, the filing lists 2,364,585 derivative securities beneficially owned indirectly by the 1206 Family Trust, relating to Class B common stock convertible into Class A common stock.

Who controls the 1206 Family Trust that holds AppFolio (APPF) shares?

The 1206 Family Trust is dated December 13, 2002, and Mr. Klaus Schauser and his spouse serve as co-trustees, according to the explanation of responses.

What are the conversion terms for AppFolio (APPF) Class B common stock?

Each share of Class B common stock is convertible at any time into one share of Class A common stock. All outstanding Class B shares will convert automatically into Class A when Class B falls below 10% of the total combined outstanding Class A and Class B shares, and certain transfers also trigger automatic conversion.