{"schema_version":"secwatch.filing_event.v1","accession":"0001433195-25-000134","form_type":"8-K","ticker":"APPF","cik":"0001433195","company_name":"APPFOLIO INC","filed_at":"2025-10-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:39.396292+00:00","generated_at":"2026-05-17T04:43:57.826873+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"AppFolio enters $150M secured revolving credit facility with PNC, maturing 2030","bullets":["Facility is a $150M senior secured revolver with $25M sublimits for letters of credit and swingline loans.","No borrowings outstanding at closing; proceeds available for general corporate purposes.","Interest at SOFR plus 125-200 bps (or Base Rate plus 25-100 bps) depending on leverage ratio.","Financial covenant: max Consolidated Net Leverage Ratio of 3.75:1 (4.25:1 during Acquisition Step-Up Period).","Facility matures September 30, 2030; commitments can be increased subject to conditions."],"urls":{"canonical":"https://secwatch.observer/filing/0001433195-25-000134","json":"https://secwatch.observer/filing/0001433195-25-000134.json","markdown":"https://secwatch.observer/filing/0001433195-25-000134.md","text":"https://secwatch.observer/filing/0001433195-25-000134.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1433195/000143319525000134/0001433195-25-000134-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1433195/000143319525000134/appf-20250930.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-17T04:43:57.826873+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"8bca12dce381511e01bbfa818934518b341da2e8","claim":"APPFOLIO INC incurred credit facility of $150.0 million with PNC Bank, National Association at one-, three-, or six-month Term SOFR (as defined in the Credit Facility) plus a maturing September 30, 2030.","evidence_excerpt":"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","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1433195/000143319525000134/0001433195-25-000134-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$150.0 million"},{"label":"Counterparty","value":"PNC Bank, National Association"},{"label":"Rate","value":"one-, three-, or six-month Term SOFR (as defined in the Credit Facility) plus a"},{"label":"Maturity","value":"September 30, 2030"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}