APPF Form 4: Maurice Duca discloses multiple sales and large indirect holdings

Rhea-AI Filing Summary

AppFolio director Maurice J. Duca reported multiple dispositions of Class A common stock on 08/08/2025 executed pursuant to a pre-existing 10b5-1 trading plan adopted December 13, 2024. The Form 4 lists individual sales in multiple tranches (including 500, 100, 1,200, 400, 300, 200, 300, 702, 98, 200, 300, 200, 100, 700, 100 and 200 shares) with weighted-average prices and per-footnote price ranges that fall roughly between $283.21 and $290.59. The filing also discloses indirect holdings through affiliated entities and trusts, including IGSB Gaucho Fund I, LLC (142,857 shares), IGSB Cardinal I, LLC (26,667 shares), and IGSB Cardinal Core BV, LLC (9,805 shares), plus Class A shares held in a pension trust for which Duca is sole trustee but has no pecuniary interest. Footnotes state the reporter will provide transaction-level price details on request.

Positive

• Sales executed under a pre-established 10b5-1 trading plan, reducing concerns about opportunistic timing.
• Detailed price disclosure with weighted-average prices and footnoted ranges, and offer to provide per-transaction details on request.
• Clear disclosure of indirect holdings via IGSB Gaucho Fund I, LLC (142,857 shares), IGSB Cardinal I, LLC (26,667 shares), and IGSB Cardinal Core BV, LLC (9,805 shares).
• Pension trust disclosure states the reporter is sole trustee but has no pecuniary interest, clarifying economic exposure.

Negative

• Director disposed multiple tranches of Class A shares on 08/08/2025, which may be viewed negatively by some investors despite the 10b5-1 plan.
• Form 4 lists many small-to-midsize sales rather than a single block, which could prompt questions about the pace of dispositions.

Insights

Securities Analyst

TL;DR: Multiple disclosed sales under a pre-established 10b5-1 plan; significant indirect holdings remain via affiliated LLCs.

The Form 4 shows that Maurice J. Duca executed a series of sales on 08/08/2025 under a 10b5-1 plan adopted in December 2024, with reported weighted-average prices and price ranges between approximately $283 and $290. The detailed line items list many small-to-midsize tranches rather than a single large block, suggesting staged dispositions consistent with an automated plan. The filing also clarifies substantial indirect ownership through IGSB-affiliated entities, which preserves continued affiliation and potential influence despite direct sales. Impact to investors appears limited given the disclosed indirect holdings and the use of a pre-established trading plan, so the market effect is likely muted.

Corporate Governance Expert

TL;DR: Disclosure is thorough: sales tied to a 10b5-1 plan and indirect holdings and trustee status are clearly explained.

The Form 4 provides disciplined disclosure: it explicitly attributes the sales to a 10b5-1 plan and supplies weighted-average prices with footnoted price ranges and an offer to provide per-transaction detail on request. It also identifies indirect ownership through three named LLCs and a pension trust where the reporter is sole trustee but disclaims pecuniary interest, addressing both control and economic-interest questions. From a governance standpoint, the filing meets transparency expectations and reduces concerns about opportunistic insider timing. Material governance risk from these transactions appears low based on the information reported.

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)
08/08/2025

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	08/08/2025		S(1)		500	D	$283.74(2)	72,795	D
Class A Common Stock	08/08/2025		S(1)		100	D	$284.49	72,695	D
Class A Common Stock	08/08/2025		S(1)		1,200	D	$286.05(3)	71,495	D
Class A Common Stock	08/08/2025		S(1)		400	D	$288.96(4)	71,095	D
Class A Common Stock	08/08/2025		S(1)		300	D	$290.24(5)	70,795	D
Class A Common Stock	08/08/2025		S(1)		200	D	$283.3(6)	50,800	I	By Family Trust
Class A Common Stock	08/08/2025		S(1)		300	D	$284.31(7)	50,500	I	By Family Trust
Class A Common Stock	08/08/2025		S(1)		702	D	$286.07(8)	49,798	I	By Family Trust
Class A Common Stock	08/08/2025		S(1)		98	D	$286.63(9)	49,700	I	By Family Trust
Class A Common Stock	08/08/2025		S(1)		200	D	$288.46(10)	49,500	I	By Family Trust
Class A Common Stock	08/08/2025		S(1)		300	D	$290.31(11)	49,200	I	By Family Trust
Class A Common Stock	08/08/2025		S(1)		200	D	$283.7(12)	38,300	I	By Pension Trust(13)
Class A Common Stock	08/08/2025		S(1)		100	D	$284.35	38,200	I	By Pension Trust(13)
Class A Common Stock	08/08/2025		S(1)		700	D	$286.07(14)	37,500	I	By Pension Trust(13)
Class A Common Stock	08/08/2025		S(1)		100	D	$288.14	37,400	I	By Pension Trust(13)
Class A Common Stock	08/08/2025		S(1)		200	D	$290.54	37,200	I	By Pension Trust(13)
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 $283.39 to $284.22, 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 $285.58 to $286.46, 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 $288.77 to $289.32, 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 $289.77 to $290.59, 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 $283.21 to $283.39, 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 $284.21 to $284.52, 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 $285.60 to $286.54, 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.

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 $286.63 to $286.66, 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 $288.03 to $288.88, 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.

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 $289.80 to $290.57, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $283.21 to $284.18, 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.

13. 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.

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 $285.61 to $286.37, 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 shares of Class A Common Stock ("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	08/12/2025
	** 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).
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FAQ

What transactions did Maurice J. Duca report on the APPF Form 4?

The Form 4 reports multiple sales of Class A common stock on 08/08/2025 in numerous tranches (see listed amounts such as 500, 100, 1,200, 400, 300, 702, etc.).

Were the sales executed under a trading plan for APPF (AppFolio, Inc.)?

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

What price ranges are disclosed for the APPF sales?

Footnotes disclose weighted-average prices and per-tranche price ranges with reported ranges across transactions approximately between $283.21 and $290.59.

Does Maurice J. Duca still hold APPF shares indirectly after these sales?

Yes. The filing discloses indirect holdings including IGSB Gaucho Fund I, LLC (142,857 shares), IGSB Cardinal I, LLC (26,667 shares), and IGSB Cardinal Core BV, LLC (9,805 shares).

Does the Form 4 indicate any pecuniary interest in shares held in a pension trust?

The filing states the reporting person is sole trustee of the pension trust and has sole voting and dispositive power but does not possess any pecuniary interest in those Class A shares.