Ashe Capital Files Schedule 13G for AppFolio (APPF) — 5.8% Stake

Rhea-AI Filing Summary

Ashe Capital Management, LP reports beneficial ownership of 1,331,260 shares of AppFolio Inc. Class A common stock, representing 5.8% of the class based on 22,871,704 shares outstanding. Ashe, a Delaware limited partnership and registered investment adviser, states it holds these shares in funds under its management and control and has sole voting and dispositive power over the reported shares. The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Positive

• Material stake disclosed: Ashe beneficially owns 1,331,260 shares, representing 5.8% of AppFolio's Class A shares, a reportable holding above the 5% threshold.
• Sole voting and dispositive power: Ashe reports both sole voting power and sole dispositive power over the reported shares, clarifying control of voting rights.

Negative

• None.

Insights

Securities Analyst

TL;DR: Ashe discloses a material 5.8% stake in AppFolio with sole voting and dispositive power; position is held in managed funds.

Ashe's reported 1,331,260 shares exceed the 5% reporting threshold, making this a material disclosure for investors and regulators. The filing clarifies the stake is held by funds under Ashe's management and that Ashe exercises sole voting and dispositive authority, which is relevant for monitoring potential shareholder influence. The certification that the stake is held in the ordinary course and not to change control reduces near-term governance concern, leaving the immediate impact largely informational rather than a declared activist move.

Corporate Governance Expert

TL;DR: A disclosed 5.8% ownership with sole voting power is material to governance monitoring, though the filer denies intent to seek control.

The filing identifies Ashe as a Delaware-registered adviser holding the shares on behalf of a private investment limited partnership and asserting sole voting/dispositive power. From a governance perspective, the stake is significant enough to merit attention from the company's board and investor relations teams, but the explicit certification that the position is not for changing control suggests no immediate proxy contest or takeover intent is declared in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

APPFOLIO INC

(Name of Issuer)

Class A common stock, par value $0.0001 per share

(Title of Class of Securities)

03783C100

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 03783C100

1

Names of Reporting Persons

Ashe Capital Management, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,331,260.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,331,260.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,331,260.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.8 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: COMMENT RELATING TO ROW 11: Based on a total of 22,871,704 shares of Class A common stock of the Company outstanding as of July 24, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: APPFOLIO INC
(b)	Address of issuer's principal executive offices: 70 Castilian Drive, Santa Barbara, CA 93117
Item 2.
(a)	Name of person filing: This statement is filed by Ashe Capital Management, LP, a Delaware limited partnership ("Ashe"). Ashe is a registered investment advisor which holds Class A common stock of the Company in funds under its management and control, and in such capacity Ashe has voting and investment power over such securities. The principals of Ashe are William C. Crowley, William R. Harker and Stephen M. Blass (each, a "Principal" and collectively, the "Principals").
(b)	Address or principal business office or, if none, residence: 530 Sylvan Ave., Suite 101, Englewood Cliffs, New Jersey 07632
(c)	Citizenship: Ashe is a limited partnership organized in Delaware. Each of the Principals is a United States Citizen.
(d)	Title of class of securities: Class A common stock, par value $0.0001 per share
(e)	CUSIP No.: 03783C100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,331,260
(b)	Percent of class: 5.8% - Based on a total of 22,871,704 shares of Class A common stock of the Company outstanding as of July 24, 2025, as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 31, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,331,260
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,331,260
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Securities reported on this statement on Schedule 13G as being beneficially owned by Ashe were purchased and are held on behalf of a private investment limited partnership under its management and control.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ashe Capital Management, LP

Signature:	/s/ William R. Harker
Name/Title:	William R. Harker, Co-Founder and President
Date:	08/14/2025

FAQ

How many AppFolio (APPF) shares does Ashe Capital own?

Ashe Capital beneficially owns 1,331,260 shares of AppFolio Class A common stock.

What percentage of APPF does Ashe Capital's holding represent?

The reported holdings represent 5.8% of AppFolio's Class A shares based on 22,871,704 shares outstanding.

Does Ashe Capital have voting control over the shares?

Yes. The filing states Ashe has sole voting power and sole dispositive power over the reported shares.

Are the shares held on behalf of another person or fund?

Yes. The shares are held on behalf of a private investment limited partnership under Ashe's management and control.

Was the stake acquired to influence control of AppFolio?

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence the issuer's control.