APPF director Maurice Duca disposes 5,600 Class A shares via 10b5-1

Rhea-AI Filing Summary

Maurice J. Duca, a director of AppFolio, sold multiple blocks of Class A common stock on 08/07/2025 under a pre-existing 10b5-1 trading plan adopted December 13, 2024. The Form 4 shows a series of dispositions executed at prices ranging approximately from $300.27 to $313.51, with per-block weighted-average prices disclosed in footnotes. Aggregate disclosed disposals on that date total 5,600 shares, after which Mr. Duca's reported direct holdings are 73,295 shares. The filing also lists indirect holdings: family trust (reported at 51,000 shares), pension trust (reported at 38,500 shares) and three IGSB entities (26,667; 142,857; 9,805 shares), with footnotes clarifying voting/dispositive powers and disclaimers of beneficial ownership for certain LLC-held shares. The filing is a routine, plan-driven insider sale with detailed price disclosure and ownership breakdowns.

Positive

• Sales were conducted under a 10b5-1 trading plan (adopted December 13, 2024), which the filing explicitly states
• Detailed weighted-average prices and price ranges are provided in footnotes and the filer commits to provide per-trade breakdowns on request

Negative

• Reporting person disposed of 5,600 Class A shares on 08/07/2025, reducing direct holdings to 73,295 shares
• Significant holdings are controlled through affiliated entities (IGSB Cardinal I, IGSB Gaucho Fund I, IGSB Cardinal Core BV) where the reporting person holds voting/dispositive power but disclaims beneficial ownership

Insights

Financial Analyst

Insider executed planned sales totaling 5,600 APPF shares; substantial indirect holdings remain.

The transactions disclosed are sales executed under a 10b5-1 plan adopted on December 13, 2024, totaling 5,600 Class A shares on 08/07/2025. Sales were completed across price bands roughly between $300.27 and $313.51 with weighted-average prices provided per block. After these disposals, the reporting person retained 73,295 shares directly and retains indirect positions via family and pension trusts and IGSB entities (examples: 51,000; 38,500; 142,857). For market impact, 5,600 shares is a definable but limited block relative to the single large LLC holdings disclosed; the disclosure is detailed and clarifies where voting/dispositive authority resides.

Corporate Governance Expert

Pre-arranged 10b5-1 sales reduce concerns about opportunistic timing but leave governance questions on voting power.

The Form 4 confirms the sales were made pursuant to a 10b5-1 plan, which provides an affirmative defense under insider trading rules and signals pre-planned liquidity rather than opportunistic sales tied to nonpublic events. Footnotes explicitly state Mr. Duca is managing member of several IGSB entities and sole trustee of a pension trust, identifying where voting and dispositive power resides while disclaiming beneficial ownership for certain entity-held shares. The filing appropriately documents these relationships, which is important for transparency around control and potential conflicts.

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)
08/07/2025

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	08/07/2025		S(1)		900	D	$300.57(2)	74,895	D
Class A Common Stock	08/07/2025		S(1)		300	D	$301.9(3)	74,595	D
Class A Common Stock	08/07/2025		S(1)		300	D	$304.32(4)	74,295	D
Class A Common Stock	08/07/2025		S(1)		200	D	$306.39(5)	74,095	D
Class A Common Stock	08/07/2025		S(1)		500	D	$310.03(6)	73,595	D
Class A Common Stock	08/07/2025		S(1)		300	D	$312.82(7)	73,295	D
Class A Common Stock	08/07/2025		S(1)		500	D	$300.48(8)	52,300	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		300	D	$301.69(9)	52,000	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		100	D	$303.73	51,900	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		100	D	$305.9	51,800	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		200	D	$307.12	51,600	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		400	D	$309.98(10)	51,200	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		200	D	$313.04	51,000	I	By Family Trust
Class A Common Stock	08/07/2025		S(1)		400	D	$300.57(11)	39,400	I	By Pension Trust(12)
Class A Common Stock	08/07/2025		S(1)		200	D	$301.52(13)	39,200	I	By Pension Trust(12)
Class A Common Stock	08/07/2025		S(1)		100	D	$305.93	39,100	I	By Pension Trust(12)
Class A Common Stock	08/07/2025		S(1)		100	D	$307.12	39,000	I	By Pension Trust(12)
Class A Common Stock	08/07/2025		S(1)		300	D	$309.92(14)	38,700	I	By Pension Trust(12)
Class A Common Stock	08/07/2025		S(1)		200	D	$313.51	38,500	I	By Pension Trust(12)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(15)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(16)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(17)

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 $300.27 to $300.92, 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 $301.77 to $301.98, 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.

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 $303.76 to $304.60, 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 $305.90 to $306.87, 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 $309.82 to $310.21, 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 $312.39 to $313.04, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $300.29 to $300.74, 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.

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 $301.53 to $301.96, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $309.84 to $310.18, 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.

11. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $300.35 to $300.92, 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.

12. 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.

13. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $301.49 to $301.54, 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.

14. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $309.70 to $309.99, 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.

15. 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.

16. 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.

17. 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	08/11/2025
	** 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 08/07/2025?

The Form 4 discloses total disposals of 5,600 Class A shares on 08/07/2025 executed under a 10b5-1 plan.

Were the sales by APPF director Maurice Duca part of a pre-arranged plan?

Yes. Footnote 1 states the sales were made pursuant to a 10b5-1 trading plan adopted December 13, 2024.

At what prices were the APPF shares sold?

The filing shows sales across price ranges from about $300.27 to $313.51, with weighted-average prices provided for each reported block.

What were Maurice Duca's reported holdings after the transactions?

After the reported sales, the filing shows 73,295 shares directly owned and indirect holdings reported as 51,000 (family trust), 38,500 (pension trust), and entity holdings of 26,667; 142,857; and 9,805 shares by named IGSB entities.

Does the filing explain voting or economic interest in entity-held shares?

Yes. Footnotes state Mr. Duca is the managing member of the IGSB entities and sole trustee of the pension trust, describing sole voting and dispositive power for those holdings while also disclaiming beneficial ownership for certain entity-held shares.