SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 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: 3235-0104 Estimated average burden hours per response: 0.5

1. Name and Address of Reporting Person* Barat Elizabeth Erin (Last) (First) (Middle) 70 CASTILIAN DRIVE (Street) SANTA BARBARA CA 93117 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 01/29/2025	3. Issuer Name and Ticker or Trading Symbol APPFOLIO INC [ APPF ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Chief People Officer	5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	18,663(1)(2)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes (i) 151 time-based restricted stock units ("RSUs"), which vest in full on 2/10/25, (ii) 1,996 RSUs, which vest in full on 12/10/25, (iii) 436 RSUs, which vest as to 20% on 2/10/25, with the remainder vesting quarterly through 2/10/26, (iv) 1,509 RSUs, which vest as to 11% on 2/10/25, with the remainder vesting quarterly through 2/10/27, (v) 1,549 RSUs, which vest as to 11% on 2/10/25, with the remainder vesting quarterly through 2/10/27, (vi) 2,797 RSUs, which vest as to 8% on 2/10/25, with the remainder vesting quarterly through 2/10/28, (vii) 3,730 RSUs, which vest as to 8% on 2/10/25, with the remainder vesting quarterly through 2/10/28, (viii) 3,181 RSUs, which vest as to 6% on 5/10/25, with the remainder vesting quarterly through 2/10/29.

2. Includes (ix) 198 previously earned performance-based restricted stock units ("PRSUs"), which vest in full on 2/10/25, and (x) 1,801 previously earned PRSUs, which vest as to 20% on 2/10/25, with the remainder vesting quarterly through 2/10/26.

Remarks:

EXHIBIT LIST: EX-24 Power of Attorney, Elizabeth E Barat.

	/s/ Matthew S. Mazza, as Attorney-in-Fact for Elizabeth E. Barat	02/10/2025
	** 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 5 (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.