APPF insider filing: CEO Trigg sells Class A shares on 11/17/25

Rhea-AI Filing Summary

AppFolio, Inc. (APPF)11/17/2025, he carried out a series of open-market sales of Class A common stock, each marked with transaction code "S" for sale. Reported weighted average sale prices ranged from about $237.31 to $247.35 per share across multiple trades. After these transactions, he directly beneficially owned 51,530 shares of AppFolio Class A common stock. The filing notes that the shares were sold pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on or around August 14, 2025, and that the reported prices reflect weighted averages for trades executed within specified price ranges.

11/19/2025 - 04:45 PM

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^*

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)
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		S		440(1)	D	$237.31(2)	55,037	D
Class A Common Stock	11/17/2025		S		711(1)	D	$238.32(3)	54,326	D
Class A Common Stock	11/17/2025		S		553(1)	D	$239.42(4)	53,773	D
Class A Common Stock	11/17/2025		S		894(1)	D	$240.49(5)	52,879	D
Class A Common Stock	11/17/2025		S		600(1)	D	$241.65(6)	52,279	D
Class A Common Stock	11/17/2025		S		280(1)	D	$242.54(7)	51,999	D
Class A Common Stock	11/17/2025		S		240(1)	D	$243.63(8)	51,759	D
Class A Common Stock	11/17/2025		S		80(1)	D	$244.56(9)	51,679	D
Class A Common Stock	11/17/2025		S		149(1)	D	$247.35(10)	51,530	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. These shares were sold pursuant to a Rule 10b5-1 Plan adopted by Reporting Person on or around August 14, 2025.

2. This transaction was executed in multiple trades with sales prices ranging from $236.75 to $237.68. 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 $237.96 to $238.71. 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.

4. This transaction was executed in multiple trades with sales prices ranging from $239.01 to $239.98. 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.

5. This transaction was executed in multiple trades with sales prices ranging from $240.04 to $240.99. 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.

6. This transaction was executed in multiple trades with sales prices ranging from $241.17 to $242.16. 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.

7. This transaction was executed in multiple trades with sales prices ranging from $242.17 to $243.15. 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.

8. This transaction was executed in multiple trades with sales prices ranging from $243.31 to $243.85. 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.

9. This transaction was executed in multiple trades with sales prices ranging from $244.40 to $244.81. 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.

10. This transaction was executed in multiple trades with sales prices ranging from $247.31 to $247.37. 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	11/19/2025
	** 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 CEO William Shane Trigg report in this Form 4?

The filing reports that AppFolio CEO and director William Shane Trigg executed multiple open-market sales of Class A common stock on 11/17/2025, coded as "S" transactions.

How many AppFolio (APPF) shares does the CEO hold after the reported sales?

Following the reported transactions on 11/17/2025, William Shane Trigg directly beneficially owned 51,530 shares of AppFolio Class A common stock.

What price range did the APPF insider stock sales occur at on 11/17/2025?

The reported weighted average sale prices per share ranged from approximately $237.31 to $247.35, with each line item tied to specific price ranges described in the notes.

Were the APPF insider sales made under a Rule 10b5-1 trading plan?

Yes. The filing states that the sold shares were disposed of pursuant to a Rule 10b5-1 Plan adopted by the reporting person on or around August 14, 2025.

What do the weighted average sale prices in the APPF Form 4 mean?

Each reported price (such as $237.31 or $247.35) is a weighted average for multiple trades executed within a stated price range on 11/17/2025, rather than a single trade price.

Does the APPF Form 4 provide details on individual trade prices?

The filing notes that individual trades were executed within specified price ranges and states that the reporting person will provide individual trade information upon request to SEC staff, the issuer, or a security holder.