AppFolio director trims 2% of holdings in $1.7M sale

Rhea-AI Filing Summary

AppFolio, Inc. (APPF) – Form 4 insider transaction

On 08/01/2025, director and >10% shareholder Maurice J. Duca disclosed the sale of 5,700 Class A common shares through a pre-arranged Rule 10b5-1 plan adopted 13-Dec-2024.

• Direct account: 2,500 shares sold at $283.00-$310.78; direct holdings decline to 83,295 shares.
• Family Trust: 1,900 shares sold at $283.00-$308.18; trust holdings fall to 58,200 shares.
• Pension Trust: 1,300 shares sold at a weighted average $291.04; pension balance now 43,700 shares.

Weighted average sale prices cluster around $298-$307, implying gross proceeds of roughly $1.7 million. No derivative securities were reported. After the transactions, Duca (including entities he manages or advises) continues to report beneficial ownership, direct or indirect, of approximately 364,524 shares, though he disclaims pecuniary interest in several LLC positions.

The filing signals a modest reduction (<~2% of his reported holdings) but maintains a substantial insider stake, mitigating concerns usually associated with large insider sales.

Insights

Equity Analyst

TL;DR: 5,700-share sale (~$1.7 M) by 10% owner is modest, under 10b5-1 plan; insider still holds ~364k shares—sentiment slightly negative.

The sale represents about 2 % of Mr. Duca’s reported ownership. Use of a pre-scheduled 10b5-1 plan limits information-content related to timing, yet continued divestiture following prior sales may raise incremental supply concerns. Importantly, his aggregate stake remains large, aligning interests with shareholders. Given APPF’s average daily volume (~200 k shares), the trade size is immaterial to liquidity. From a valuation perspective, insider selling at ~$300 suggests comfort with current pricing but does not necessarily indicate overvaluation. Overall impact: mildly negative on perception, but not fundamentally material.

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)
08/01/2025

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	08/01/2025		S(1)		100	D	$283	85,695	D
Class A Common Stock	08/01/2025		S(1)		200	D	$285.41	85,495	D
Class A Common Stock	08/01/2025		S(1)		100	D	$291.22	85,395	D
Class A Common Stock	08/01/2025		S(1)		100	D	$297.05	85,295	D
Class A Common Stock	08/01/2025		S(1)		300	D	$298.83(2)	84,995	D
Class A Common Stock	08/01/2025		S(1)		300	D	$300.42(3)	84,695	D
Class A Common Stock	08/01/2025		S(1)		300	D	$302.23(4)	84,395	D
Class A Common Stock	08/01/2025		S(1)		100	D	$303.68	84,295	D
Class A Common Stock	08/01/2025		S(1)		300	D	$305.26(5)	83,995	D
Class A Common Stock	08/01/2025		S(1)		400	D	$306.49(6)	83,595	D
Class A Common Stock	08/01/2025		S(1)		200	D	$307.33(7)	83,395	D
Class A Common Stock	08/01/2025		S(1)		100	D	$310.78	83,295	D
Class A Common Stock	08/01/2025		S(1)		100	D	$283	59,900	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		200	D	$285.41	59,700	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		100	D	$297.05	59,600	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		200	D	$299.11(8)	59,400	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		100	D	$300.68	59,300	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		200	D	$302.27(9)	59,100	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		100	D	$303.7	59,000	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		400	D	$305.48(10)	58,600	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		300	D	$306.91(11)	58,300	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		100	D	$308.18	58,200	I	By Family Trust
Class A Common Stock	08/01/2025		S(1)		1,300	D	$291.04	43,700	I	By Pension Trust(12)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(13)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(14)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(15)

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 $298.05 to $299.00, 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 $300.09 to $300.68, 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 $301.87 to $302.40, 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.

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 $304.98 to $305.81, 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 $306.05 to $306.83, 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 $307.09 to $307.62, 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 $299.00 to $299.21, 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.

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 $302.20 to $302.33, 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 $305.18 to $306.05, 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 $306.55 to $307.20, 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. 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.

14. 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.

15. 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	08/05/2025
	** 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 1-Aug-2025?

The Form 4 shows 5,700 Class A shares sold across multiple accounts.

What was the average selling price of the insider’s APPF shares?

Weighted average prices ranged $283 to $310.78, clustering around the high-$290s/low-$300s.

Does the insider still hold APPF stock after the sale?

Yes. Duca reports beneficial ownership of about 364,524 shares across direct, trust and LLC holdings.

Was the transaction executed under a 10b5-1 plan?

Yes. Footnote 1 states the sales were made under a Rule 10b5-1 trading plan adopted 13-Dec-2024.

Is this insider sale considered material to APPF investors?

Given it equals roughly 2 % of his holdings and small versus daily volume, it is moderately negative but not highly material.