---
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"
generated_at: "2026-05-17T04:43:57.826873+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# AppFolio enters $150M secured revolving credit facility with PNC, maturing 2030

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001433195-25-000134
- JSON: https://secwatch.observer/filing/0001433195-25-000134.json
- Plain text: https://secwatch.observer/filing/0001433195-25-000134.txt

## Key facts
- Debt Financings
  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.
  - Instrument: credit facility
  - Principal: $150.0 million
  - Counterparty: PNC Bank, National Association
  - Rate: one-, three-, or six-month Term SOFR (as defined in the Credit Facility) plus a
  - Maturity: September 30, 2030
  - Event: incurrence
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1433195/000143319525000134/0001433195-25-000134-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.