AppFolio, Inc.
US ˙ NasdaqGM ˙ US03783C1009

SecurityAPPF / AppFolio, Inc.
InstitutionTwo Sigma Advisers, Lp
Latest Disclosed Ownership26,606 shares
Latest Disclosed Value $ 6,189,886
Two Sigma Advisers, Lp reports 2,902.93% increase in ownership of APPF / AppFolio, Inc.

On February 17, 2026 - Two Sigma Advisers, Lp filed a 13F-HR form disclosing ownership of 26,606 shares of AppFolio, Inc. (US:APPF) valued at $6,189,886 USD as of December 31, 2025. The entity filed a previous 13F-HR on November 14, 2025 disclosing 886 shares of AppFolio, Inc.. This represents a change in shares of 2,902.93% during the quarter. The current value of the position is $4,441,606 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-02-17 2025-12-31 13F APPFOLIO COM CL A 03783C100 26,606 25,720 2,902.93 6,190 2,436.48 0.0120
2025-11-14 2025-09-30 13F APPFOLIO COM CL A 03783C100 886 886 244 0.0005
2025-08-14 2025-06-30 13F APPFOLIO COM CL A 03783C100 0 -2,100 -100.00 0 -100.00
2025-05-15 2025-03-31 13F APPFOLIO COM CL A 03783C100 2,100 -100 -4.55 462 -14.94 0.0010
2025-02-14 2024-12-31 13F APPFOLIO COM CL A 03783C100 2,200 0 0.00 543 4.84 0.0013
2024-11-14 2024-09-30 13F APPFOLIO COM CL A 03783C100 2,200 -1,100 -33.33 518 -35.94 0.0012
2024-08-14 2024-06-30 13F APPFOLIO COM CL A 03783C100 3,300 -13,386 -80.22 807 -80.40 0.0018
2024-05-15 2024-03-31 13F APPFOLIO COM CL A 03783C100 16,686 -28,500 -63.07 4,117 -47.41 0.0095
2024-02-14 2023-12-31 13F APPFOLIO COM CL A 03783C100 45,186 -28,900 -39.01 7,828 -42.14 0.0183
2023-11-14 2023-09-30 13F APPFOLIO COM CL A 03783C100 74,086 59,400 404.47 13,530 435.21 0.0347
2023-08-14 2023-06-30 13F APPFOLIO COM CL A 03783C100 14,686 2,200 17.62 2,528 62.68 0.0064
2023-05-15 2023-03-31 13F APPFOLIO COM CL A 03783C100 12,486 1,300 11.62 1,554 31.92 0.0040
2023-02-14 2022-12-31 13F APPFOLIO COM CL A 03783C100 11,186 9,086 432.67 1,179 435.45 0.0033
2022-11-14 2022-09-30 13F APPFOLIO COM CL A 03783C100 2,100 -1,200 -36.36 220 -26.42 0.0006
2022-08-15 2022-06-30 13F APPFOLIO COM CL A 03783C100 3,300 -1,600 -32.65 299 -46.13 0.0008
2022-05-16 2022-03-31 13F APPFOLIO COM CL A 03783C100 4,900 4,900 555 0.0015
2020-02-14 2019-12-31 13F APPFOLIO COM CL A 03783C100 0 -6,494 -100.00 0 -100.00
2019-11-14 2019-09-30 13F APPFOLIO COM CL A 03783C100 6,494 -21,906 -77.13 618 -78.72 0.0015
2019-08-14 2019-06-30 13F APPFOLIO COM CL A 03783C100 28,400 -31,986 -52.97 2,904 -39.44 0.0072
2019-05-15 2019-03-31 13F APPFOLIO COM CL A 03783C100 60,386 -32,900 -35.27 4,795 -13.20 0.0121
2019-02-14 2018-12-31 13F APPFOLIO COM CL A 03783C100 93,286 -70,600 -43.08 5,524 -57.01 0.0151
2018-11-14 2018-09-30 13F APPFOLIO COM CL A 03783C100 163,886 -20,100 -10.92 12,849 14.20 0.0314
2018-08-14 2018-06-30 13F APPFOLIO COM CL A 03783C100 183,986 5,000 2.79 11,251 53.87 0.0303
2018-05-15 2018-03-31 13F APPFOLIO COM CL A 03783C100 178,986 -11,800 -6.18 7,312 -7.65 0.0198
2018-02-14 2017-12-31 13F APPFOLIO COM CL A 03783C100 190,786 3,000 1.60 7,918 -12.06 0.0213
2017-11-14 2017-09-30 13F APPFOLIO COM CL A 03783C100 187,786 137,700 274.93 9,004 451.38 0.0255
2017-08-14 2017-06-30 13F APPFOLIO COM CL A 03783C100 50,086 40,500 422.49 1,633 525.67 0.0054
2017-05-15 2017-03-31 13F APPFOLIO COM CL A 03783C100 9,586 9,586 261 0.0009
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.