APPF Director Maurice Duca Disposes 12,900 Class A Shares at ~$275–276

Rhea-AI Filing Summary

Maurice J. Duca, a director of AppFolio, Inc. (APPF), reported multiple sales of Class A common stock executed under a previously adopted 10b5-1 trading plan. The Form 4 shows disposals between 08/22/2025 and 08/26/2025 totaling 12,900 shares sold in several transactions at weighted-average prices in the $275.00–$276.80 range. The filing states the 10b5-1 plan was adopted on December 13, 2024, and provides footnotes giving price ranges for blocks of the sales. The report also discloses significant indirect holdings by a family trust, a pension trust, and multiple IGSB-managed entities, with the Reporting Person identifying direct and indirect ownership positions following the reported transactions.

Positive

• Sales executed under a disclosed 10b5-1 trading plan, providing an affirmative defense and procedural clarity
• Detailed footnotes supply weighted-average prices and price ranges for the multiple transaction blocks
• Comprehensive disclosure of indirect holdings (family trust, pension trust, IGSB entities) and ownership form

Negative

• Insider sold 12,900 shares over four days, reducing direct holdings reported on the form
• Weighted-average sale prices in the mid-$275 range may be viewed by some investors as opportunistic liquidity

Insights

Financial Analyst

TL;DR: Director sold 12,900 APPF shares under a 10b5-1 plan at ~ $275–$276, while retaining substantial indirect holdings.

The sales are clearly executed pursuant to a 10b5-1 plan adopted December 13, 2024, which provides an affirmative defense for planned insider trades. Transaction-level weighted-average prices are reported and footnoted with price ranges. The total sold quantity of 12,900 shares is material at the transaction level but must be assessed relative to his remaining direct and indirect holdings disclosed on the form. The filing demonstrates procedural compliance and transparency in clustering sales into multiple executed blocks over four days.

Corporate Governance Expert

TL;DR: Reported sales follow a disclosed 10b5-1 plan; the filing documents indirect ownership structures and preserves disclosure norms.

The Form 4 appropriately discloses both direct disposals and the nature of indirect holdings (family trust, pension trust, and several IGSB entities). Footnotes clarify weighted-average prices and price ranges for each block of sales. From a governance perspective, the use of a 10b5-1 plan and clear attribution of indirect positions aligns with standard insider reporting practices, aiding transparency for shareholders and regulators.

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)
08/22/2025

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	08/22/2025		S(1)		2,400	D	$275.62(2)	63,395	D
Class A Common Stock	08/22/2025		S(1)		100	D	$276.11	63,295	D
Class A Common Stock	08/22/2025		S(1)		1,800	D	$275.63(3)	43,800	I	By Family Trust
Class A Common Stock	08/25/2025		S(1)		2,000	D	$275.4(4)	61,295	D
Class A Common Stock	08/25/2025		S(1)		500	D	$276.27(5)	60,795	D
Class A Common Stock	08/25/2025		S(1)		1,600	D	$275.43(6)	42,200	I	By Family Trust
Class A Common Stock	08/25/2025		S(1)		200	D	$276.21(7)	42,000	I	By Family Trust
Class A Common Stock	08/26/2025		S(1)		2,296	D	$275.74(8)	58,499	D
Class A Common Stock	08/26/2025		S(1)		204	D	$276.62(9)	58,295	D
Class A Common Stock	08/26/2025		S(1)		1,700	D	$275.88(10)	40,300	I	By Family Trust
Class A Common Stock	08/26/2025		S(1)		100	D	$276.8	40,200	I	By Family Trust
Class A Common Stock								35,376	I	By Pension Trust(11)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(12)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(13)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(14)

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 $275.04 to $275.99, 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.

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 $275.32 to $276.11, 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.

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 $275.88, 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 $276.17 to $276.41, 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 $275.00 to $275.86, 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.

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 $276.17 to $276.25, 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 $275.41 to $276.40, 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 $276.42 to $276.80, 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 $275.48 to $276.43, 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. 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.

13. 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.

14. 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	08/26/2025
	** 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

Who filed the Form 4 for APPF and what is their relationship to the company?

The Form 4 was filed for Maurice J. Duca, who is identified on the form as a director of AppFolio, Inc.

How many AppFolio (APPF) shares were sold according to this Form 4?

The filing reports disposals totaling 12,900 Class A shares sold between 08/22/2025 and 08/26/2025.

At what prices were the APPF shares sold in these transactions?

The Form 4 shows weighted-average prices and footnoted price ranges for each block, with prices generally in the $275.00–$276.80 range.

Were these insider sales part of a trading plan?

Yes. The sales were executed pursuant to a 10b5-1 trading plan that the Reporting Person adopted on December 13, 2024, as stated in the filing.

Does the filer still hold APPF shares indirectly after the sales?

Yes. The Form 4 discloses indirect holdings retained in a family trust, a pension trust, and several IGSB-managed LLCs with specified share amounts following the transactions.