Principal Global reports 5.1% stake in AppFolio (APPF) Class A stock

Rhea-AI Filing Summary

Principal Global Investors has filed a Schedule 13G reporting beneficial ownership of 1,187,198 shares of AppFolio Inc. Class A common stock, equal to 5.1% of the class as of the event date of 12/31/2025.

The firm reports no sole voting or dispositive power, but shared voting and shared dispositive power over all 1,187,198 shares, indicating the position is managed collectively. The securities are stated to be held in the ordinary course of business and not for the purpose of changing or influencing control of AppFolio.

Insights

Institutional Ownership Analyst

Principal Global reports a 5.1% passive stake in AppFolio.

Principal Global Investors discloses beneficial ownership of 1,187,198 AppFolio Class A shares, representing 5.1% of the class. All voting and dispositive authority is described as shared, with no sole control over the position.

The certification states the shares are held in the ordinary course of business and not to change or influence control. This aligns with a passive institutional holding. While crossing the 5% threshold is notable for governance awareness, it does not by itself signal a change in AppFolio’s strategic direction.

Future ownership reports from Principal Global or other large holders may clarify whether this stake grows, shrinks, or remains stable relative to the 5.1% level reported as of 12/31/2025.

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, $0.0001 par value

(Title of Class of Securities)

03783C100

(CUSIP Number)

12/31/2025

(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

PRINCIPAL GLOBAL INVESTORS

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 0.00
6	Shared Voting Power 1,187,198.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,187,198.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,187,198.00

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)

5.1 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: APPFOLIO INC
(b)	Address of issuer's principal executive offices: 70 CASTILIAN DRIVE, SANTA BARBARA, CALIFORNIA 93117
Item 2.
(a)	Name of person filing: PRINCIPAL GLOBAL INVESTORS
(b)	Address or principal business office or, if none, residence: 711 HIGH STREET DES MOINES, Iowa 50392-0300
(c)	Citizenship: PRINCIPAL GLOBAL INVESTORS - DELAWARE
(d)	Title of class of securities: Class A Common Stock, $0.0001 par value
(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: 1,187,198
(b)	Percent of class: 5.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: PRINCIPAL GLOBAL INVESTORS - 0
	(ii) Shared power to vote or to direct the vote: PRINCIPAL GLOBAL INVESTORS - 1,187,198
	(iii) Sole power to dispose or to direct the disposition of: PRINCIPAL GLOBAL INVESTORS - 0
	(iv) Shared power to dispose or to direct the disposition of: PRINCIPAL GLOBAL INVESTORS - 1,187,198
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
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.

PRINCIPAL GLOBAL INVESTORS

Signature:	/s/ J. Markham Penrod
Name/Title:	Chief Compliance Officer - North America, Principal Asset Management
Date:	02/05/2026

FAQ

How many AppFolio (APPF) shares does Principal Global Investors report owning?

Principal Global Investors reports beneficial ownership of 1,187,198 shares of AppFolio Inc. Class A common stock. This position gives the firm a 5.1% stake in the class as of the 12/31/2025 event date, based on the Schedule 13G disclosure.

What percentage of AppFolio (APPF) does Principal Global Investors hold according to the Schedule 13G?

According to the Schedule 13G, Principal Global Investors holds 5.1% of AppFolio’s Class A common stock. This ownership corresponds to 1,187,198 shares and reflects the firm’s beneficial interest as of the 12/31/2025 reporting event date in the filing.

Does Principal Global Investors have sole or shared voting power over its AppFolio (APPF) shares?

Principal Global Investors reports zero sole voting power and shared voting power over 1,187,198 shares of AppFolio Class A stock. It also reports no sole dispositive power, instead having shared dispositive power over the same number of shares in this Schedule 13G.

Is Principal Global Investors’ stake in AppFolio (APPF) considered passive or for control purposes?

The certification states the AppFolio securities were acquired and are held in the ordinary course of business, not to change or influence control. Principal Global Investors also notes they are not held in connection with any control-related transaction, indicating a passive institutional stake.

What class of AppFolio (APPF) securities is reported in Principal Global Investors’ Schedule 13G?

The Schedule 13G covers AppFolio Inc. Class A Common Stock with a par value of $0.0001 per share. The filing specifies the relevant CUSIP as 03783C100, confirming the exact security class for the disclosed 1,187,198-share, 5.1% beneficial ownership position.

What is the event date for Principal Global Investors’ 5.1% AppFolio (APPF) ownership disclosure?

The event date triggering the Schedule 13G disclosure is 12/31/2025. As of that date, Principal Global Investors reports beneficial ownership of 1,187,198 shares of AppFolio’s Class A common stock, representing 5.1% of the outstanding class, under the SEC’s reporting rules.