# EDGAR Filing Document

**Accession Number:** 0001433195
**File Stem:** 0001433195-26-000013
**Filing Date:** 2026-2
**Character Count:** 32687
**Document Hash:** 9beaa83a70d2ec88e6ee70460d648b8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001433195-26-000013.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001433195-26-000013

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APPFOLIO INC
- **CENTRAL INDEX KEY:** 0001433195
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 260359894
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293231
- **FILM NUMBER:** 26603326

**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

**As filed with the Securities and Exchange Commission on February 5, 2026**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON D.C. 20549**

**FORM S-8**

***REGISTRATION STATEMENT***

***UNDER***

***THE SECURITIES ACT OF 1933***

**AppFolio, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **26-0359894** |
| (State or other jurisdiction of <br>incorporation or organization) | (I.R.S. Employer <br>Identification No.) |

---

**70 Castilian Drive**

**Santa Barbara, California 93117**

**(805) 364-6093**

(Address of principal executive offices)

**AppFolio, Inc. 2025 Omnibus Incentive Plan**

**AppFolio, Inc. 2025 Employee Stock Purchase Plan**

(Full title of the Plan)

**Evan Pickering, Esq.** 

**General Counsel**

**AppFolio, Inc.**

**70 Castilian Drive**

**Santa Barbara, California 93117**

**(805) 364-6093** 

(Name, address, and telephone number, including area code, of agent for service)

***Copies to:***

**Adam K. Brandt, Esq.**

**Vorys, Sater, Seymour and Pease LLP**

**52 East Gay Street**

**P.O. Box 1008**

**Columbus, Ohio 43216-1008**

**(614) 464-6400**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and

------

"emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | 🗹  | Accelerated filer | ◻ |
| Non-accelerated filer | ◻ (Do not check if a smaller reporting company) | Smaller reporting company | ◻ |
| | | Emerging growth company | ◻ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ◻

------

**EXPLANATORY NOTE**

This Registration Statement on Form S-8 (this "Registration Statement") is being filed by AppFolio, Inc. (the "Registrant") with the Securities and Exchange Commission (the "Commission") to register (a) 434,546 additional shares of Class A Common Stock, $0.0001 par value per share, of the Registrant (the "Class A Common Stock") issuable pursuant to the AppFolio, Inc. 2025 Omnibus Incentive Plan (the "2025 Omnibus Incentive Plan") and (b) 4,216 additional shares of Class A Common Stock issuable pursuant to the AppFolio, Inc. 2025 Employee Stock Purchase Plan (together with the 2025 Omnibus Incentive Plan, the "Plans"). The registration of additional shares under the Plans is pursuant to the provision in each Plan which provides for an annual automatic increase in the number of shares of Class A Common Stock reserved and available for issuance under such Plan.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The document(s) containing the information specified in Part I of Form S-8 will be sent or given to participants in the Plans covered by this Registration Statement, as specified by Rule 428(b)(1) under the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference.** 

The Registrant hereby incorporates into this Registration Statement the following documents filed by the Registrant with the Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed by the Registrant with the Commission on February 5, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Registrant's Current Report on Form 8-K filed by the Registrant with the Commission on January 15, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The description of the Registrant's Class A Common Stock set forth in Exhibit 4.3 to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed by the Registrant with the Commission on February 6, 2025, and any amendment or report filed for the purpose of updating such description.

All documents which may be filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), subsequent to the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall also be deemed to be incorporated herein by reference and to be made a part hereof from the date of filing of such documents. Information furnished to the Commission by the Registrant under any Current Report on Form 8-K shall not be incorporated by reference into this Registration Statement.

Any statement contained herein or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

------

**Item 4. Description of Securities.** 

Not Applicable.

**Item 5. Interests of Named Experts and Counsel.** 

Not Applicable.

**Item 6. Indemnification of Directors and Officers.** 

Section 145 of the Delaware General Corporation Law (the "DGCL") authorizes a court to award, or a corporation's board of directors to grant, indemnity to directors and officers under certain circumstances and subject to certain limitations. The terms of Section 145 of the DGCL are sufficiently broad to permit such indemnification under certain circumstances for liabilities, including reimbursement of expenses incurred, arising under the Securities Act. The Registrant's Amended and Restated Certificate of Incorporation provides that, subject to any provisions in the Registrant's bylaws related to indemnification of its directors or officers, the Registrant must indemnify its directors and officers to the fullest extent permitted by the DGCL. The Registrant's Amended and Restated Bylaws provide that, subject to certain limited exceptions, the Registrant must indemnify its directors and officers to the fullest extent permitted by the DGCL and also pay expenses actually and reasonably incurred by a director or officer in defending any proceeding in advance of the final disposition of such proceeding upon delivery of an undertaking, by or on behalf of the person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under the Registrant's Amended and Restated Bylaws or the DGCL.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, except for liability for any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breach of a director's duty of loyalty to the corporation or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unlawful payment of dividends or redemption or repurchase of shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transaction from which the director derives an improper personal benefit.

As permitted by the DGCL, the Registrant's Amended and Restated Certificate of Incorporation provides that, to the fullest extent permitted by the DGCL, no director shall be personally liable to the Registrant or its stockholders for monetary damages for breach of his or her fiduciary duties as a director.

In addition, the Registrant has entered into indemnification agreements with each of its directors and executive officers. These agreements require the Registrant to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to the Registrant, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.

The Registrant also has an insurance policy covering its directors and executive officers with respect to certain liabilities, including liabilities arising under the Securities Act and otherwise.

**Item 7. Exemption from Registration Claimed.** 

Not Applicable.

------

**Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits.** 

---

| | | |
|:---|:---|:---|
| **Exhibit Number** | **Description** | **Location** |
| &nbsp;&nbsp;4.1 | Specimen Certificate for Class A Common Stock | <u>[In](https://www.sec.gov/Archives/edgar/data/1433195/000119312515213095/d907976dex41.htm)[corporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1 (File No. 333-204262), which was initially filed with the Commission on May 18, 2015](https://www.sec.gov/Archives/edgar/data/1433195/000119312515213095/d907976dex41.htm)[.](https://www.sec.gov/Archives/edgar/data/1433195/000119312515213095/d907976dex41.htm)</u> |
| &nbsp;&nbsp;4.2 | Amended and Restated Certificate of Incorporation of the Registrant | <u>[I](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[ncorporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q relating to the quarterly period ended June 30, 20](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[15](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[, filed with the Commission on August](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[6](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[15](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)[.](https://www.sec.gov/Archives/edgar/data/1433195/000143319515000003/exhibit3163015.htm)</u> |
| &nbsp;&nbsp;4.3# | Amended and Restated Bylaws of the Registrant | <u>[In](https://www.sec.gov/Archives/edgar/data/1433195/000143319520000061/a63020exhibit31.htm)[corporated by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q relating to the quarterly period ended June 30, 2020, filed with the Commission on August 3, 2020](https://www.sec.gov/Archives/edgar/data/1433195/000143319520000061/a63020exhibit31.htm)[.](https://www.sec.gov/Archives/edgar/data/1433195/000143319520000061/a63020exhibit31.htm)</u> |
| &nbsp;&nbsp;4.4# | AppFolio, Inc. 2025 Omnibus Incentive Plan | <u>[In](https://www.sec.gov/Archives/edgar/data/1433195/000143319524000106/exhibit1022025employeest.htm)[corporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q relating to the Quarterly period ended June 30, 2024, filed with the Commission on July 26, 2024](https://www.sec.gov/Archives/edgar/data/1433195/000143319524000106/exhibit1022025employeest.htm)[.](https://www.sec.gov/Archives/edgar/data/1433195/000143319524000106/exhibit1022025employeest.htm)</u> |
| &nbsp;&nbsp;4.5# | AppFolio, Inc. 2025 Employee Stock Purchase Plan | <u>[In](https://www.sec.gov/Archives/edgar/data/1433195/000143319524000106/exhibit1022025employeest.htm)[corporated by reference to Exhibit 10.2 to the Quarterly Report on Form 10-Q relating to the quarterly period ended June 30, 2024, filed with the Commission on July 26, 2024](https://www.sec.gov/Archives/edgar/data/1433195/000143319524000106/exhibit1022025employeest.htm)[.](https://www.sec.gov/Archives/edgar/data/1433195/000143319524000106/exhibit1022025employeest.htm)</u> |
| &nbsp;&nbsp;4.6# | Amendment 2026-1 to AppFolio, Inc. 2025 Employee Stock Purchase Plan | <u>[Incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1433195/000143319526000011/amendment2026-1toappfoli.htm)[10.17](https://www.sec.gov/Archives/edgar/data/1433195/000143319526000011/amendment2026-1toappfoli.htm)[to the Annual Report on Form 10-K relating to the year ended December 31, 2025, filed with the Commission on February](https://www.sec.gov/Archives/edgar/data/1433195/000143319526000011/amendment2026-1toappfoli.htm)[5](https://www.sec.gov/Archives/edgar/data/1433195/000143319526000011/amendment2026-1toappfoli.htm)[, 2026.](https://www.sec.gov/Archives/edgar/data/1433195/000143319526000011/amendment2026-1toappfoli.htm)</u> |
| &nbsp;&nbsp;5.1\* | <u>[Opinion of Vorys, Sater, Seymour and Pease LLP](appfolio_inc-xvorysopini.htm)</u> | \* |
| &nbsp;&nbsp;23.1\* | <u>[Consent of independent registered public accounting firm.](exhibit231s-8consentofpwc_.htm)</u> | \* |
| &nbsp;&nbsp;23.2\* | Consent of Vorys, Sater, Seymour and Pease LLP (included in Exhibit 5.1) | \* |
| &nbsp;&nbsp;24.1\* | <u>[Power of Attorney (included on signature page hereto).](#i97bd36d9252b4853909a242831e4c77e_7)</u> | \* |
| &nbsp;&nbsp;107\* | <u>[Filing Fee Table](exfilingfees.htm)</u> | \* |

---

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

\* Filed herewith.

------

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.** 

A. The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that paragraphs A(1)(i) and A(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

B. The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

C. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described in Item 6 of this Part II, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in Santa Barbara, California, on February 5, 2026.

---

| | |
|:---|:---|
| **AppFolio, Inc.** | |
| By: | By: /s/ Tim Eaton |
|  | Name: Tim Eaton |
|  | Title: Chief Financial Officer |

---

------

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS that each individual whose signature appears below constitutes and appoints Shane Trigg, Tim Eaton, and Evan Pickering, and each or any of them, acting individually, his or her true and lawful attorney-in-fact and agent, with full power of substitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done or by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on February 5, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Shane Trigg | President, Chief Executive Officer and Director<br>(Principal Executive Officer) |
| Shane Trigg | |
| <br>/s/ Tim Eaton | Chief Financial Officer<br>(Principal Financial Officer) |
| Tim Eaton | |
| <br>/s/ Don Rigler | Vice President of Accounting<br>(Principal Accounting Officer) |
| Don Rigler | |
| <br>/s/ Andreas von Blottnitz | Chairman of the Board |
| Andreas von Blottnitz | |
| <br>/s/ Agnes Bundy Scanlan | <br>Director |
| Agnes Bundy Scanlan | |
| <br>/s/ Janet Kerr | <br>Director |
| Janet Kerr | |
| /s/ Olivia Nottebohm | Director |
| Olivia Nottebohm | |
| <br>/s/ Winifred Webb | <br>Director |
| Winifred Webb | |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? exfilingfees

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**AppFolio, Inc.**

(Exact Name of Registrant as Specified in its Charter)

**Table 1: Newly Registered Securities**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Fee Calculation Rule** | **Fee Calculation Rule** | **Amount Registered**<sup>(1)</sup> | **Amount Registered**<sup>(1)</sup> | **Proposed Maximum Offering Price Per Share** | **Proposed Maximum Offering Price Per Share** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | 2025 Omnibus Incentive Plan Class A Common Stock, $0.0001 par value per share | Other | <sup>(2)</sup>  | 434546 | <sup>(3)</sup>  | $186.65 | <sup>(2)</sup>  | $81108010.90 | 0.0001381 | $11201.02 |
| Equity | 2025 Employee Stock Purchase Plan Class A Common Stock, $0.0001 par value per share | Other | <sup>(4)</sup>  | 4216 | <sup>(5)</sup>  | $186.65 | <sup>(4)</sup>  | $786916.40 | 0.0001381 | $108.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total Offering Amounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total Offering Amounts** |  |  |  |  |  |  | $81894927.30 |  | $11309.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total Fee Offsets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Total Fee Offsets** |  |  |  |  |  |  |  |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Net Fee Due** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp;Net Fee Due** |  |  |  |  |  |  |  |  | **$11309.69** |

---

(1)Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "***Securities Act***"), this Registration Statement shall also cover any additional shares of the registrant's Class A Common Stock, $0.0001 par value per share (the "Class A Common Stock"), that become issuable under the above-named plans by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without receipt of consideration that increases the number of outstanding shares of Class A Common Stock.

(2)Estimated in accordance with Rules 457(c) and 457(h) under the Securities Act solely for the purpose of calculating the registration fee on the basis of $186.65 per share, which is the average of the high and low prices of the Class A Common Stock as reported on the NASDAQ Global Market on February 03, 2026.

(3)Represents shares of Class A Common Stock that were automatically added to the shares reserved and available for issuance under the AppFolio, Inc. 2025 Omnibus Incentive Plan (the "2025 Omnibus Incentive Plan") on January 31, 2026 pursuant to an "evergreen" provision contained in the 2025 Omnibus Incentive Plan. Pursuant to such provision, the number of shares reserved and available for issuance under the 2025 Omnibus Incentive Plan is subject to an automatic annual increase on January 31 of each calendar year in an amount equal to the lesser of (a) the number of shares of Class A Common Stock underlying awards granted under the 2025 Omnibus Incentive Plan during the immediately preceding calendar year, less the sum of (i) the number of shares of Class A Common Stock subject to an award granted under the 2025 Omnibus Incentive Plan that expired, or was canceled, forfeited or terminated, and (ii) the number of shares of Class A Common Stock withheld by the registrant to satisfy any tax withholding obligation, in the case of each of (i) and (ii) during the immediately preceding calendar year, and (b) such smaller number of shares of Class A Common Stock determined by the registrant's board of directors (the "Board").

------

**Exhibit 107**

(4)Estimated in accordance with Rules 457(c) and 457(h) under the Securities Act solely for the purpose of calculating the registration fee on the basis of 85% of $186.65 per share, which is the average of the high and low prices of the Class A Common Stock as reported on the NASDAQ Global Market on February 03, 2026. Pursuant to the AppFolio, Inc. 2025 Employee Stock Purchase Plan (the "2025 ESPP"), the purchase price for shares of Class A Common Stock purchased under the 2025 ESPP with respect to any offering period will be an amount equal to 85% of the fair market value of a share of Class A Common Stock on the applicable purchase date.

(5)Represents shares of Class A Common Stock that were automatically added to the shares reserved and available for issuance under the 2025 ESPP on January 31, 2026 pursuant to an "evergreen" provision contained in the 2025 ESPP. Pursuant to such provision, the number of shares reserved and available for issuance under the 2025 ESPP is subject to an automatic annual increase on January 31 of each calendar year in an amount equal to the lesser of (a) the number of shares of Class A Common Stock issued or transferred pursuant to rights granted under the 2025 ESPP during the preceding calendar year, (b) such lesser number of shares of Class A Common Stock as determined by the Compensation Committee of the Board, or (c)1,250,000 shares of Class A Common Stock.

## Exhibit 5.1

![](appfolio_inc-xvorysopini001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v 52 East Gay Street P.O. Box 1008 Columbus, Ohio 43216-1008 614.464.6400 \| vorys.com Founded 1909 Ohio \| Washington, D.C. \| Texas \| Pennsylvania \| California \| London \| Berlin February 5, 2026 AppFolio, Inc. 70 Castilian Drive Santa Barbara, CA 93117 Ladies and Gentlemen: We have acted as counsel to AppFolio, Inc., a Delaware corporation (the "Company"), in connection with the Company's Registration Statement on Form S-8 (the "Registration Statement") to be filed with the Securities and Exchange Commission on the date hereof covering the offering of up to 438,762 shares (the "Shares") of Class A common stock, $0.0001 par value per share, of the Company (the "Class A Common Stock"), consisting of (a) 434,546 shares of Class A Common Stock issuable pursuant to the AppFolio, Inc. 2025 Omnibus Incentive Plan (the "2025 Omnibus Incentive Plan") and (b) 4,216 shares of Class A Common Stock issuable pursuant to the AppFolio, Inc. 2025 Employee Stock Purchase Plan (together with the 2025 Omnibus Incentive Plan, the "Plans"). In connection with rendering this opinion, we have examined and relied upon, originals or copies of: (a) the Registration Statement and related prospectuses; (b) the Plans; (c) the Company's Amended and Restated Certificate of Incorporation, as currently in effect; (d) the Company's Amended and Restated Bylaws, as currently in effect; and (e) such other records, documents and certificates, as in our judgment, are necessary or appropriate to enable us to render the opinion expressed below. As to certain factual matters, we have also relied upon such oral or written statements and representations of the officers of the Company as we have deemed relevant as a basis for this opinion. In our examination of the aforesaid records, documents and certificates, we have assumed, without independent investigation, the authenticity of all such records, documents and certificates, the correctness of the information contained in all such records, documents and certificates, the genuineness of all signatures, the legal capacity of all individuals who have executed any of the aforesaid documents and certificates, the authority of all individuals entering and maintaining records, and the conformity to authentic originals of all items submitted to us as copies (whether certified, conformed, photostatic or by other electronic means) of records, documents or certificates. We have relied solely upon the examinations and inquiries recited herein, and, except for the examinations and inquiries recited herein, we have not undertaken any independent Exhibit 5.1

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v investigation to determine the existence or absence of any facts, and no inference as to our knowledge concerning such facts should be drawn. Based upon and subject to the foregoing and subject to the qualifications and limitations set forth herein, we are of the opinion that the Shares, when issued, delivered and paid for, as appropriate, in accordance with, and for the consideration, if any, prescribed in, the Plans and in any agreements entered into by participants in the Plans with the Company as contemplated by the Plans, will be validly issued, fully paid and non-assessable. Our opinion above is expressed solely with respect to the General Corporation Law of the State of Delaware. This opinion is limited to the matters expressly set forth herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion is based upon the laws and legal interpretations in effect, and the facts and circumstances existing, on the date hereof, and we assume no obligation to revise or supplement this opinion should any such law or legal interpretation be changed by legislative action, judicial interpretation or otherwise or should there be any change in such facts or circumstances. Notwithstanding the foregoing, we consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us therein. By giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations thereunder. Except in connection with the Registration Statement as aforesaid, no portion of this opinion may be quoted or otherwise used by any person without our prior written consent. Sincerely, /s/ Vorys, Sater, Seymour and Pease LLP Vorys, Sater, Seymour and Pease LLP

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## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of AppFolio, Inc. of our report dated February 5, 2026 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in AppFolio, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

February 5, 2026

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