Initial Holding Statement for Michael MiQi Yang

This filing is an initial holding statement for Michael MiQi Yang, a newly appointed director at AppFolio Inc. The statement, filed on Form 3, indicates that Mr. Yang holds 1,559 shares of Class A Common Stock within a Roth IRA. A power of attorney document has also been filed, authorizing Evan Pickering and Heather Peterson to execute and file necessary SEC forms (Forms 3, 4, 5, Schedules 13D and 13G) on behalf of Mr. Yang. This authorization covers actions related to his ownership, acquisition, or disposition of AppFolio securities. The power of attorney remains in effect until Mr. Yang is no longer required to file these forms. An amendment to this initial statement will be filed once Mr. Yang receives his CIK filer codes from the SEC.