Company: APPF
Filing Date: 2025-10-03
Form Type: 8-K
Source: 0001433195-25-000134
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Company: APPFOLIO INC
Filing Date: 2025-10-03
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

On September 30, 2025, AppFolio, Inc. (the “ Company”) entered into a credit agreement by and among the Company, certain subsidiaries of the Company as guarantors, the lender(s) party thereto, and PNC Bank, National Association, in its capacity as Administrative Agent, Swingline Loan Lender and Issuing Lender (the “ Credit Facility”).

The Credit Facility provides for a $150.0 million senior secured revolving credit facility with a $25.0 million sublimit for the issuance of letters of credit and a $25 million sublimit for swingline loans. The Credit Facility is scheduled to mature on September 30, 2030 (the “ Expiration Date”). The Credit Facility permits the Company to (a) increase the revolving loan commitment thereunder or incur term loans thereunder in amounts not to exceed (i) the greater of $225.0 million and 100% of Consolidated EBITDA (as defined in the Credit Facility) for the most recently ended four fiscal quarter period plus (ii) any additional amounts so long as, immediately after giving effect thereto, the pro forma Consolidated Net Leverage Ratio (as defined in the Credit Facility) would not exceed 3.25:1.00, and (b) extend the Expiration Date, in each case, subject to satisfaction of certain customary conditions and limits (including, without limitation, the consent of any lender so increasing or extending). As of September 30, 2025, the Company had no outstanding borrowings under the Credit Facility.

Borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company’s option, (a) one-, three-, or six-month Term SOFR (as defined in the Credit Facility) plus a margin that is based upon the Company’s Consolidated Net Leverage Ratio (ranging from 125.0 to 200.00 basis points), (b) Daily Simple SOFR (as defined in the Credit Facility) plus a margin that is based upon the Company’s Consolidated Net Leverage Ratio (ranging from 125.0 to 200.00 basis points), or (c) the Base Rate (as defined in the Credit Facility) plus a margin that is based upon the Company’s Consolidated Net Leverage Ratio (ranging from 25.0 to 100.00 basis points). Swingline loans bear interest at a