AppFolio Form 4: 10% owner trims position, remains major holder

Rhea-AI Filing Summary

AppFolio, Inc. (APPF) – Form 4 filing dated 08/06/2025

10% owner and director Maurice J. Duca disclosed the sale of roughly 5,600 Class A shares on 08/05/2025 under a Rule 10b5-1 trading plan adopted 12/13/2024. Sale prices ranged $311.30-$322.05, with volume-weighted averages of $311.91-$322.05 for individual blocks. Direct holdings declined from 83,895 to 78,295 shares; indirect holdings via family and pension trusts fell by 1,700 and 1,300 shares, respectively. After the transactions Duca still controls:

• Direct: 78,295 shares
• Family Trust: 54,600 shares
• Pension Trust: 41,100 shares
• LLCs (disclaimed beneficial ownership): 179,329 shares in total

Total reported beneficial ownership (including LLCs) remains above 350,000 shares, so Duca retains a significant stake despite the divestiture. No derivative securities were involved, and the filing contains no new company-level financial information.

Positive

• Sales executed under a Rule 10b5-1 plan, reducing perception of opportunistic trading.
• Insider retains a large position (>350 k shares), suggesting ongoing confidence in APPF's prospects.

Negative

• Insider selling of ~US$1.75 m worth of stock can signal profit-taking and may pressure short-term sentiment.

Insights

Securities Analyst

TL;DR: Routine 10b5-1 sales; small vs. holdings, limited market impact.

The ~5.6 k-share sale represents <1% of Duca’s reported ownership and was executed under a pre-arranged plan, mitigating concerns of informational advantage. Proceeds of ~US$1.75 m are immaterial relative to APPF’s daily trading volume and market cap. While insider selling is generally viewed cautiously, the remaining >350 k shares signal continued commitment. I classify the disclosure as neutral—informative but unlikely to alter valuation or sentiment meaningfully.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DUCA MAURICE J

(Last) (First) (Middle)

C/O IGSB, INC.

1485 E. VALLEY ROAD, SUITE H

(Street)

SANTA BARBARA CA 93108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	08/05/2025		S(1)		400	D	$311.91(2)	80,395	D
Class A Common Stock	08/05/2025		S(1)		1,300	D	$312.92(3)	79,095	D
Class A Common Stock	08/05/2025		S(1)		300	D	$313.72(4)	78,795	D
Class A Common Stock	08/05/2025		S(1)		200	D	$316.19	78,595	D
Class A Common Stock	08/05/2025		S(1)		100	D	$317.66	78,495	D
Class A Common Stock	08/05/2025		S(1)		200	D	$322.05	78,295	D
Class A Common Stock	08/05/2025		S(1)		955	D	$312.5(5)	55,445	I	By Family Trust
Class A Common Stock	08/05/2025		S(1)		345	D	$313.4(6)	55,100	I	By Family Trust
Class A Common Stock	08/05/2025		S(1)		100	D	$314.94	55,000	I	By Family Trust
Class A Common Stock	08/05/2025		S(1)		200	D	$316.18	54,800	I	By Family Trust
Class A Common Stock	08/05/2025		S(1)		100	D	$317.63	54,700	I	By Family Trust
Class A Common Stock	08/05/2025		S(1)		100	D	$322.05	54,600	I	By Family Trust
Class A Common Stock	08/05/2025		S(1)		700	D	$312.57(7)	41,700	I	By Pension Trust(8)
Class A Common Stock	08/05/2025		S(1)		300	D	$313.72(9)	41,400	I	By Pension Trust(8)
Class A Common Stock	08/05/2025		S(1)		100	D	$316.39	41,300	I	By Pension Trust(8)
Class A Common Stock	08/05/2025		S(1)		100	D	$318.93	41,200	I	By Pension Trust(8)
Class A Common Stock	08/05/2025		S(1)		100	D	$322.05	41,100	I	By Pension Trust(8)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(10)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(11)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(12)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Sales made pursuant to a 10(b)5-1 trading plan previously adopted by the Reporting Person on December 13, 2024.

2. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $311.30 to $312.23, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $312.46 to $313.45, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

4. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $313.48 to $313.93, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

5. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $312.15 to $312.86, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

6. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $313.15 to $313.77, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

7. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $312.14 to $313.11, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

8. These Class A Shares are held by a pension trust of which the Reporting Person is the sole trustee and who, in that capacity, possesses sole voting and sole dispositive power over these Class A Shares. However, the Reporting Person does not possess any pecuniary interest in these Class A Shares.

9. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $313.48 to $313.93, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

10. These Class A Shares are owned by IGSB Cardinal I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.

11. These Class A Shares are owned by IGSB Gaucho Fund I, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.

12. These Class A Shares are owned by IGSB Cardinal Core BV, LLC, a limited liability company, of which the Reporting Person is the managing member. In that capacity, the Reporting Person possesses sole voting and dispositive power over these Class A Shares, but he disclaims beneficial ownership in these Class A Shares, except to the extent of any pecuniary interest he may have therein.

	/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca	08/06/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many APPF shares did Maurice J. Duca sell on 08/05/2025?

A total of approximately 5,600 Class A shares were sold.

What was the average sale price of the APPF shares?

Weighted average prices for the blocks ranged between $311.91 and $322.05 per share.

Does Duca still qualify as a 10% owner after the sale?

Yes. After the sale he still owns well over 350,000 shares, keeping his 10% owner status.

Were these APPF insider sales part of a 10b5-1 trading plan?

Yes, the filing states the sales were executed under a Rule 10b5-1 plan adopted on 12/13/2024.

Did the Form 4 disclose any derivative securities activity?

No. Table II shows no derivative transactions during the reporting period.