Maurice Duca disposes of 5,600 APPF shares; retains large indirect stakes

Rhea-AI Filing Summary

Maurice J. Duca, a director of AppFolio, reported multiple sales of Class A common stock executed on 08/11/2025 under a pre-established 10b5-1 trading plan adopted on December 13, 2024. The reported transactions total 5,600 shares sold across a series of trades at prices reported in footnotes spanning approximately $279.62 to $289.30. After the transactions, the filing shows 68,295 shares held directly. The filing also discloses meaningful indirect holdings: family trust and pension trust positions and ownership by related IGSB entities, including 142,857 shares held by IGSB Gaucho Fund I, LLC. The pension trust shares are held by a trust for which Duca is sole trustee but for which he disclaims pecuniary interest.

Positive

• Sales executed under a 10b5-1 trading plan, indicating the transactions were pre-planned and reducing potential signaling concerns.
• Significant indirect holdings remain disclosed, including 142,857 shares held by IGSB Gaucho Fund I, LLC, showing continued economic interest via related entities.

Negative

• Director sold a total of 5,600 Class A shares on 08/11/2025, reducing direct beneficial ownership to 68,295 shares.
• Sales executed across a wide price range (footnotes report trades roughly between $279.62 and $289.30), which may reflect multiple executions rather than a single price point.

Insights

Financial Analyst

TL;DR: Routine insider sales under a 10b5-1 plan totaling 5,600 APPF shares; director retains substantial indirect holdings.

The filing documents programmed sales executed under an established 10b5-1 plan, which typically reduce information asymmetry by following predetermined rules. Total reported disposals equal 5,600 Class A shares executed across multiple price points described in footnotes. While the direct stake falls to 68,295 shares, significant indirect exposure remains via related entities, most notably 142,857 shares in IGSB Gaucho Fund I, LLC. For investors, this reads as planned liquidity rather than an ad-hoc signaling event.

Corporate Governance Expert

TL;DR: Sales are orderly under a documented trading plan; disclosure clarifies voting/dispositive roles and pecuniary disclaimers.

The Form 4 clearly states the transactions were made pursuant to a 10b5-1 plan and provides granular pricing ranges in footnotes, which improves transparency. The filing also delineates indirect ownership structures: family trust and pension trust holdings and controlling roles in several IGSB entities are disclosed, with explicit disclaimers of beneficial ownership where asserted. These disclosures satisfy common governance transparency expectations for related-party holdings and director transactions.

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)
08/11/2025

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	08/11/2025		S(1)		700	D	$280.19(2)	70,095	D
Class A Common Stock	08/11/2025		S(1)		500	D	$281.03(3)	69,595	D
Class A Common Stock	08/11/2025		S(1)		500	D	$282.42(4)	69,095	D
Class A Common Stock	08/11/2025		S(1)		300	D	$283.32(5)	68,795	D
Class A Common Stock	08/11/2025		S(1)		200	D	$284.2	68,595	D
Class A Common Stock	08/11/2025		S(1)		200	D	$286.3	68,395	D
Class A Common Stock	08/11/2025		S(1)		100	D	$289.3	68,295	D
Class A Common Stock	08/11/2025		S(1)		792	D	$280.84(6)	48,408	I	By Family Trust
Class A Common Stock	08/11/2025		S(1)		312	D	$282.01(7)	48,096	I	By Family Trust
Class A Common Stock	08/11/2025		S(1)		496	D	$283.24(8)	47,600	I	By Family Trust
Class A Common Stock	08/11/2025		S(1)		200	D	$286.74(9)	47,400	I	By Family Trust
Class A Common Stock	08/11/2025		S(1)		200	D	$280.15(10)	37,000	I	By Pension Trust(11)
Class A Common Stock	08/11/2025		S(1)		681	D	$282.31(12)	36,319	I	By Pension Trust(11)
Class A Common Stock	08/11/2025		S(1)		271	D	$283.54(13)	36,048	I	By Pension Trust(11)
Class A Common Stock	08/11/2025		S(1)		148	D	$284.8	35,900	I	By Pension Trust(11)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(14)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(15)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(16)

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 $279.62 to $280.60, 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.

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 $280.75 to $281.24, 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 $281.96 to $282.87, 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.

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 $283.20 to $283.55, 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 $280.45 to $281.29, 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 $281.64 to $282.21, 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.

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 $282.89 to $283.69, 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 $286.29 to $287.18, 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.

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 $280.13 to $280.26, 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. 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.

12. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $281.98 to $282.93, 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.

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 $283.50 to $283.95, 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. 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.

15. 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.

16. 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	08/12/2025
	** 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

What did AppFolio director Maurice J. Duca report on Form 4 (APPF)?

The Form 4 reports that Maurice J. Duca sold 5,600 Class A shares on 08/11/2025 under a 10b5-1 trading plan; direct holdings after the trades are 68,295 shares.

Were the sales by Maurice J. Duca part of a planned trading arrangement?

Yes. The filing states the sales were made pursuant to a 10b5-1 trading plan adopted by the reporting person on December 13, 2024.

How many shares are held indirectly by related entities disclosed in the Form 4?

The filing shows indirect holdings including 26,667 shares by IGSB Cardinal I, LLC, 142,857 shares by IGSB Gaucho Fund I, LLC, and 9,805 shares by IGSB Cardinal Core BV, LLC.

What does the filing say about the pension trust holdings?

It states the reporting person is the sole trustee of the pension trust and possesses sole voting and dispositive power, but does not possess any pecuniary interest in those shares.

At what prices were the shares sold?

Footnotes report the shares were sold in multiple transactions with price ranges described by lot, approximately between $279.62 and $289.30; weighted-average prices for each lot are provided in the filing footnotes.