[Form 4] APPFOLIO INC Insider Trading Activity

Rhea-AI Filing Summary

Matthew S. Mazza, Chief Trust Officer of AppFolio, reported two open-market sales of Class A common stock in a Form 4. On 09/11/2025 he sold 1,364 shares at $280.77, leaving 26,651 shares beneficially owned. On 09/15/2025 he sold an additional 1,636 shares at $276.98, leaving 25,015 shares beneficially owned. The form was signed on behalf of Mr. Mazza by an attorney-in-fact, Evan Pickering, on 09/15/2025. The filing lists Mr. Mazza as an officer and director but does not include any other commentary or explanation for the transactions.

Positive

• Timely compliance: Form 4 filed and signed by attorney-in-fact on 09/15/2025 showing required transaction details
• Ongoing ownership: Reporting person continues to beneficially own 25,015 Class A shares after transactions

Negative

• Insider selling: Total dispositions of 3,000 Class A shares across two trades (1,364 and 1,636 shares)
• No explanatory detail: Filing gives no information on whether sales were pursuant to a pre-arranged trading plan or for other purposes

Insights

Securities Analyst

TL;DR: Officer reported two routine open-market sales totaling 3,000 shares, reducing holdings to 25,015 shares.

The reported transactions reflect two separate open-market disposals: 1,364 shares on 09/11/2025 at $280.77 and 1,636 shares on 09/15/2025 at $276.98. These sales reduced the reporting person’s beneficial ownership from 28,015 (implied) to 25,015 shares. The filing was executed by an attorney-in-fact. There is no information in the Form 4 about the purpose of the sales, any planned trading program, or any related-party transactions. For investors, these are material as standard Section 16 disclosures but provide no additional operational or financial insight into AppFolio’s business.

Corporate Governance Expert

TL;DR: Insider sales disclosed; documentation appears complete but lacks explanatory detail.

The Form 4 properly identifies the reporting person, relation to the issuer, transaction dates, prices, and post-transaction holdings. Signature was provided by an attorney-in-fact on 09/15/2025. The disclosure meets filing requirements but contains no narrative on whether sales were pre-arranged under a Rule 10b5-1 plan or for personal liquidity needs. From a governance perspective, timely reporting is met; substance is limited to transaction facts.

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).

1. Name and Address of Reporting Person^*

Mazza Matthew S

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2025

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	09/11/2025		S		1,364	D	$280.77	26,651	D
Class A Common Stock	09/15/2025		S		1,636	D	$276.98	25,015	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:

Remarks:

	/s/ Evan Pickering, as Attorney-in-Fact, for Matthew S. Mazza	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 did APPF insider Matthew S. Mazza report in the Form 4?

The Form 4 reports two open-market sales of Class A common stock: 1,364 shares on 09/11/2025 at $280.77 and 1,636 shares on 09/15/2025 at $276.98.

How many APPF shares does Matthew S. Mazza own after these transactions?

After the 09/11/2025 sale he reported 26,651 shares beneficially owned; after the 09/15/2025 sale he reported 25,015 shares remaining.

Who signed the Form 4 for Matthew S. Mazza?

The Form 4 was signed by Evan Pickering as attorney-in-fact for Matthew S. Mazza on 09/15/2025.

Does the Form 4 state why the insider sold the shares?

No. The filing contains no explanation or indication of a Rule 10b5-1 trading plan or other reason for the sales.

Were the sales reported at market prices or as part of derivative transactions?

The transactions are reported as non-derivative open-market sales of Class A common stock with per-share prices of $280.77 and $276.98.