# EDGAR Filing Document

**Accession Number:** 0000885062
**File Stem:** 0001398344-23-003125
**Filing Date:** 2023-2
**Character Count:** 10520
**Document Hash:** 990a322af7eb7764f66d5e3ba814a751
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-003125.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001398344-23-003125

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APPFOLIO INC
- **CENTRAL INDEX KEY:** 0001433195
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **IRS NUMBER:** 260359894
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88911
- **FILM NUMBER:** 23623144

**BUSINESS ADDRESS:**
- **STREET 1:** 70 CASTILIAN DRIVE
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93117
- **BUSINESS PHONE:** 8053646047

**MAIL ADDRESS:**
- **STREET 1:** 70 CASTILIAN DRIVE
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93117
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BROWN CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0000885062
- **IRS NUMBER:** 521304372
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1201 N CALVERT ST
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21201
- **BUSINESS PHONE:** 4108373234

**MAIL ADDRESS:**
- **STREET 1:** 1201 N CALVERT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BROWN CAPITAL MANAGEMENT INC
- **DATE OF NAME CHANGE:** 19990325

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13G**

**INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT**

 **TO RULE 13d-1(b), (c), AND (d) AND AMENDMENTS THERETO FILED**

 **PURSUANT TO RULE 13d-2(b)**

**(AMENDMENT NO. 6)\***

AppFolio, Inc.

(Name of Issuer)

Class A common stock, $0.0001 par value

(Title of Class of Securities)

03783C100

(CUSIP Number)

Eddie C. Brown

Brown Capital Management, LLC

1201 N. Calvert Street

Baltimore, MD 21202

(410) 837-3234

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

December 31, 2022

(Date of Event which Requires Filing of this Statement)

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

[x] Rule 13d-1(b)

[ ] Rule 13d-1(c)

[ ] Rule 13d-1(d)

<sup>\*</sup> The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 03783C100 13G Page 2 of 6 Pages

1. NAMES
 OF REPORTING PERSONS I.R.S.
 IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Brown
Capital Management, LLC

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 State
of Maryland

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>1,883,624  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>None  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>2,800,675  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>None  |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,800,675

10. CHECK
 IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see
 instructions) [ ]

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 13.72%

12. TYPE
 OF REPORTING PERSON (see instructions) IA

CUSIP No. 03783C100 13G Page 3 of 6 Pages

1. NAMES
 OF REPORTING PERSONS I.R.S.
 IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) The
Brown Capital Management Small Company Fund

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 State
of Delaware

---

| | | |
|:---|:---|:---|
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 5. | SOLE VOTING POWER<br>1,617,840  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 6. | SHARED VOTING POWER<br>None  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 7. | SOLE DISPOSITIVE POWER<br>1,617,840  |
| NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | 8. | SHARED DISPOSITIVE POWER<br>None  |

---

9. AGGREGATE
 AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,617,840

10. CHECK
 IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see
 instructions) [ ]

11. PERCENT
 OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.92%

12. TYPE
 OF REPORTING PERSON (see instructions) IV

CUSIP No. 03783C100 13G Page 4 of 6 Pages

---

| | | |
|:---|:---|:---|
| **Item 1.** | (a) | Name of Issuer<br>AppFolio, Inc.  |
|  | (b) | Address of Issuer's Principal Executive Offices<br>50 Castilian Drive<br>Santa Barbara, California 93117  |

---

---

| | |
|:---|:---|
| **Item 2.**(a) | Name of Person Filing<br>Brown Capital Management, LLC<br>The Brown Capital Management Small Company Fund  |
| (b) | Address of the Principal Office or, if none, residence<br>1201 N. Calvert Street<br>Baltimore, MD 21202  |
| (c) | Citizenship<br>Brown Capital Management, LLC is a Maryland Limited Liability Company<br>The Brown Capital Management Small Company Fund is a series portfolio of Brown Capital Management Mutual Funds, a Delaware statutory trust  |
| (d) | Title of Class of Securities<br>Class A common stock, $0.0001 Par Value Per Share<br>|
| (e) | CUSIP Number<br>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) [x] 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) [ ] Group, in accordance
 with §240.13d-1(b)(1)(ii)(J).

CUSIP No. 03783C100 13G Page 5 of 6 Pages

**Item 4. Ownership.**

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Brown Capital Management, LLC** | **The Brown Capital Mgmt Small Company Fund** |
| (a) | Amount beneficially owned: | 2800675 | 1617840 |
| (b) | Percent of class: | 13.72% | 7.92% |
| (c) | Number of shares as to which the person has: |  |  |
| (i) | Sole power to vote or to direct the vote: | 1883624 | 1617840 |
| (ii) | Shared power to vote or to direct the vote: |  |  |
| (iii) | Sole power to dispose or to direct the disposition of: | 2800675 | 1617840 |
| (iv) | Shared power to dispose or to direct the disposition of: |  |  |

---

**Item 5. Ownership of Five Percent or Less of a Class.**

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ].

*Instruction*. Dissolution of a group requires a response to this item.

**Item 6. Ownership of More than Five Percent on Behalf of Another Person.**

All of the shares of Common Stock set forth in Item 4 are owned by various investment advisory clients of Brown Capital Management, LLC, which is deemed to be a beneficial owner of those shares pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, due to it discretionary power to make investment decisions over such shares for its clients and/or its ability to vote such shares. In all cases, persons other than Brown Capital Management, LLC have the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of the shares. No individual client holds more than five percent of the class, other than the Brown Capital Management Small Company Fund as disclosed in this filing.

**Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.**

Not applicable

**Item 8. Identification and Classification of Members of the Group.**

Not applicable

**Item 9. Notice of Dissolution of Group.**

Not applicable

CUSIP No. 03783C100 13G Page 6 of 6 Pages

**Item 10. Certification.**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

**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.

---

| | |
|:---|:---|
| **Brown Capital Management, LLC** | **Brown Capital Management, LLC** |
| By: | /s/ Eddie C. Brown |
| Name: | Eddie C. Brown |
| Title: | CEO |
| Date: | February 14, 2023 |

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