SCHEDULE 13G

CUSIP No.

03783C100

Names of Reporting Persons

Ashe Capital Management, LP

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,089,919.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,089,919.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

1,089,919.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

4.7 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: COMMENT RELATING TO ROW 11: Based on a total of 23,241,750 shares of Class A common stock of the Company outstanding as of January 30, 2025, as reported in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "Commission") on February 6, 2025.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

APPFOLIO, INC.

(b)

Address of issuer's principal executive offices:

70 Castilian Drive, Santa Barbara, CA 93117

Item 2.

(a)

Name of person filing:

This statement is filed by Ashe Capital Management, LP, a Delaware limited partnership ("Ashe"). Ashe is a registered investment advisor which holds Class A common stock of the Company in funds under its management and control, and in such capacity Ashe has voting and investment power over such securities. The principals of Ashe are William C. Crowley, William R. Harker and Stephen M. Blass (each, a "Principal" and collectively, the "Principals").

(b)

Address or principal business office or, if none, residence:

530 Sylvan Ave., Suite 101, Englewood Cliffs, New Jersey 07632

(c)

Citizenship:

Ashe is a limited partnership organized in Delaware. Each of the Principals is a United States Citizen.

(d)

Title of class of securities:

Class A common stock, par value $0.0001 per share

(e)

CUSIP No.:

03783C100

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

1,089,919

(b)

Percent of class:

4.7% - Based on a total of 23,241,750 shares of Class A common stock of the Company outstanding as of January 30, 2025, as reported in the Company's Annual Report on Form 10-K filed with the Commission on February 6, 2025.

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

1,089,919

(ii) Shared power to vote or to direct the vote:

(iii) Sole power to dispose or to direct the disposition of:

1,089,919

(iv) Shared power to dispose or to direct the disposition of:

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.

Securities reported on this statement on Schedule 13G as being beneficially owned by Ashe were purchased and are held on behalf of a private investment limited partnership under its management and control.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11240.14.,A.-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ashe Capital Management, LP

Signature:	/s/ William R. Harker
Name/Title:	William R. Harker, Co-Founder and President
Date:	02/14/2025