[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

AppFolio director Maurice J. Duca sold a total of 3,700 shares of Class A Common Stock on 08/27/2025 under a previously adopted 10(b)(5)-1 trading plan. The sales were executed in multiple transactions at weighted-average prices reported in grouped ranges around $275.00–$277.50 per share. The Form 4 shows these dispositions reduced reported direct holdings to 55,795 Class A shares. The filing also discloses substantial indirect holdings controlled by Mr. Duca: 35,376 shares in a pension trust, 26,667 shares in IGSB Cardinal I, LLC, 142,857 shares in IGSB Gaucho Fund I, LLC, and 9,805 shares in IGSB Cardinal Core BV, LLC, with disclaimers of beneficial ownership where applicable.

Positive

• Sales executed under a 10(b)(5)-1 trading plan, indicating pre-planned transactions rather than ad-hoc insider trades
• Filing provides weighted-average price ranges and offers to provide per-price execution details, supporting transparency
• Clear disclosure of indirect holdings and disclaimers for entities and the pension trust, helping clarify voting and dispositive power

Negative

• Director disposed of 3,700 shares on 08/27/2025, which reduces reported direct ownership to 55,795 shares
• Insider sales may be perceived negatively by some investors despite being pursuant to a trading plan

Insights

Financial Analyst

TL;DR: Director sold 3,700 shares via a pre-established 10(b)(5)-1 plan; transactions appear routine but reduce direct exposure.

The reported 3,700-share sale on 08/27/2025 was executed under a trading plan adopted December 13, 2024, which supports an affirmative defense under Rule 10b5-1 and indicates planned, non-discretionary sales rather than opportunistic insider selling. The weighted-average price bands ($275.00–$277.50) give an approximate realized value range but exact cash proceeds by lot are not disclosed here. Direct holdings fell to 55,795 shares while meaningful voting/dispositive control remains through several entities and a pension trust. For investors, the transaction signals insider liquidity but not necessarily a change in strategic view given the plan timing.

Corporate Governance Expert

TL;DR: Reporting follows disclosure best practices; use of 10(b)(5)-1 plan and explanatory footnotes increases transparency.

The Form 4 includes clear explanatory notes: the sales are pursuant to a 10(b)(5)-1 plan and the filing provides weighted-average price ranges plus an offer to supply per-price execution details on request. The filing also clarifies the nature of indirect holdings and disclaims pecuniary interests where applicable, which is important for assessing true beneficial ownership and potential conflicts. This is a compliant and transparent disclosure of insider trading activity without indications of evasive reporting.

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)
08/27/2025

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	08/27/2025		S(1)		2,048	D	$275.38(2)	56,247	D
Class A Common Stock	08/27/2025		S(1)		352	D	$276.13(3)	55,895	D
Class A Common Stock	08/27/2025		S(1)		100	D	$277.5	55,795	D
Class A Common Stock	08/27/2025		S(1)		900	D	$275.4(4)	39,300	I	By Family Trust
Class A Common Stock	08/27/2025		S(1)		200	D	$276.23(5)	39,100	I	By Family Trust
Class A Common Stock	08/27/2025		S(1)		100	D	$277.5	39,000	I	By Family Trust
Class A Common Stock								35,376	I	By Pension Trust(6)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(7)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(8)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(9)

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 $275.00 to $275.98, 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 $276.00 to $276.23, 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.

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 $275.00 to $275.94, 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 $276.22 to $276.23, 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.

6. These shares of Class A Common Stock ("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.

7. 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.

8. 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.

9. 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	08/29/2025
	** 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.
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FAQ

What did Maurice J. Duca disclose on the Form 4 for APPF?

The Form 4 reports that Maurice J. Duca sold 3,700 Class A shares on 08/27/2025 under a 10(b)(5)-1 trading plan, with direct holdings of 55,795 shares after the transactions.

Were the sales by the APPF director discretionary or under a pre-established plan?

The sales were executed pursuant to a 10(b)(5)-1 trading plan adopted by the reporting person on December 13, 2024, indicating non-discretionary, pre-planned trades.

At what prices were the APPF shares sold?

The Form 4 reports weighted-average sale prices in grouped ranges around $275.00 to $277.50 per share, with specific ranges provided in explanatory footnotes.

Does Maurice J. Duca still control significant APPF shares indirectly?

Yes. The filing discloses indirect holdings including 35,376 shares in a pension trust, 26,667 shares in IGSB Cardinal I, LLC, 142,857 shares in IGSB Gaucho Fund I, LLC, and 9,805 shares in IGSB Cardinal Core BV, LLC, with disclaimers of beneficial ownership where noted.

Does the Form 4 provide detailed per-trade prices for each executed sale?

No. The filing provides weighted-average price groupings and states the reporting person will provide full per-price execution details to the issuer, any security holder, or the SEC staff upon request.