Appfolio SEC Filings

AppFolio (APPF) insider activity: On 11/04/2025, a reporting person converted a total of 163,334 Class B Common Stock into an equal number of Class A shares in three transactions: 40,210; 5,000; and 118,124 shares. All conversions were recorded at $0 per share (transaction code C), reflecting the one‑for‑one convertibility of Class B into Class A.

Following these conversions, Class A holdings included 96,005 shares held directly, 44,000 shares held indirectly via a family trust, and 153,500 shares held indirectly via a pension trust. The filing also notes that Class B shares are convertible at any time on a one‑for‑one basis and will automatically convert into Class A when Class B outstanding falls below 10% of the total of both classes.

AppFolio, Inc. reported solid third‑quarter performance with revenue of $249,353, up 21% year over year, driven mainly by higher usage of payments, tenant screening, and risk mitigation services. Net income was $33,646, roughly flat versus last year, as operating expenses rose to support growth. Diluted EPS was $0.93.

For the first nine months, revenue reached $702,630 and net income was $101,009. Operating cash flow strengthened to $177,115, reflecting healthy collections. The company invested $75.0 million in Second Nature Holdings, expanded liquidity with a new $150.0 million senior secured revolving credit facility (undrawn), and executed share repurchases of $95.8 million in Q1 and $50.0 million in Q2, leaving $250.0 million available under the 2025 program. Units under management grew to 9.1 million as of September 30, 2025, supporting both subscription and usage‑based revenue.

AppFolio, Inc. filed an 8-K announcing two items. The company furnished a press release reporting financial results for the third quarter ended September 30, 2025. The release was provided as an exhibit and, as furnished information, is not deemed filed under the Exchange Act.

AppFolio also disclosed a leadership change. Chief Trust Officer Matt Mazza will depart on November 14, 2025. To support an orderly transition, his duties were reassigned and he ceased serving as Chief Trust Officer on October 27, 2025. The filing lists AppFolio’s Class A common stock trading on the NASDAQ Global Market under the symbol APPF.

AppFolio established a $150.0 million senior secured revolving credit facility with a $25.0 million letter-of-credit sublimit and a $25.0 million swingline sublimit, scheduled to mature on September 30, 2030. The facility was undrawn as of September 30, 2025. Borrowings can be priced at one-, three- or six-month Term SOFR, Daily Simple SOFR (margins 125–200 bps) or at a Base Rate (margins 25–100 bps), and swingline loans use Daily Simple SOFR plus the same margin band. The facility allows increases up to the greater of $225.0 million or 100% of Consolidated EBITDA, subject to a pro forma Consolidated Net Leverage Ratio cap of 3.25:1.00. A financial covenant requires maintaining Consolidated Net Leverage Ratio ≤ 3.75:1.00 (≤ 4.25:1.00 during an Acquisition Step-Up Period). Obligations are guaranteed by subsidiaries and secured by a first-priority security interest in substantially all personal property. The filing attaches the credit agreement as Exhibit 10.1.

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.

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.

Form 144 notice for AppFolio, Inc. (APPF) reports a proposed sale of 1,364 shares of common stock through Morgan Stanley Smith Barney on 09/11/2025 with an aggregate market value of $382,963.60 and total shares outstanding of 35,853,028. The filer shows recent acquisitions on 08/10/2025 of 720 performance shares and 644 restricted stock units from the issuer, both recorded as issued by the company with payment marked as not applicable. The filing states there were no securities sold by the reporting person in the past three months and includes the standard representation that the seller knows of no undisclosed material adverse information about the issuer.

AppFolio director Janet Kerr reported the sale of Class A common stock under a Rule 10b5-1 plan. On 09/08/2025 and 09/09/2025 Ms. Kerr disposed of a total of 2,945 shares in three transactions: 1,040 shares sold at a weighted average of $284.76, 1,460 shares sold at $285.24, and 545 shares granted/transferred with zero price on 09/09/2025. After these transactions she beneficially owns 11,450 shares held indirectly via the Janet Kerr Living Trust, where she is trustee. The filing was signed by an attorney-in-fact and discloses the 10b5-1 plan adoption around March 14, 2025.

AppFolio, Inc. (APPF) submitted a Form 144 reporting a proposed Rule 144 sale of common stock. The notice shows 4,000 shares offered through Morgan Stanley Smith Barney with an aggregate market value of $1,107,789.60 and an approximate sale date of September 10, 2025 on NASDAQ. The filer reports having acquired these shares as performance awards: 1,649 shares on January 23, 2024 and 2,351 shares on February 10, 2024, with full payment noted as not applicable.

The filing also discloses a recent sale by William S. Trigg of 3,012 shares on August 15, 2025 for gross proceeds of $798,119.76. The filer attests there is no undisclosed material adverse information and includes the standard signature and criminal penalty notice.