Maurice Duca reports 5,600 APPF sales at $303–$313 per share

Rhea-AI Filing Summary

AppFolio director Maurice J. Duca reported multiple sales of Class A common stock on 08/06/2025 filed on Form 4. The transactions, executed under a 10b5-1 trading plan adopted on 12/13/2024, total 5,600 shares sold across multiple blocks at prices that, by footnote disclosure, ranged approximately from $303.19 to $313.29 per share with batch-weighted average prices shown for each set of sales. The filing lists continued indirect holdings through affiliated entities: IGSB Cardinal I, LLC (26,667 shares), IGSB Gaucho Fund I, LLC (142,857 shares), and IGSB Cardinal Core BV, LLC (9,805 shares). A pension trust for which he is sole trustee is reported and the filing notes he disclaims pecuniary interest in those pension trust shares.

Positive

• Sales executed under a documented 10b5-1 trading plan, adopted 12/13/2024, which supports prearranged compliance.
• Clear disclosure of indirect holdings through IGSB entities (26,667; 142,857; 9,805 shares), indicating continued material ownership at the entity level.
• Footnotes provide weighted-average prices and ranges for each tranche, improving transparency about execution prices ($303.19 to $313.29 range).

Negative

• Insider sold 5,600 Class A shares on 08/06/2025, a material insider disposition that reduces reported beneficial holdings.
• Filing shows multiple separate tranches across a price band, which may attract investor attention to insider activity despite 10b5-1 coverage.

Insights

Securities Analyst

TL;DR Director sold 5,600 APPF shares under a prearranged 10b5-1 plan; transactions are routine but worth noting for insider activity.

The report shows a director-initiated block of sales executed on 08/06/2025 under a 10b5-1 plan adopted 12/13/2024, totaling 5,600 Class A shares across multiple tranches with weighted-average prices disclosed per tranche and an overall executed price range of about $303.19–$313.29. The filing also documents substantial indirect ownership through three IGSB entities, which suggests continued alignment with shareholder interests despite the sales. From a market-impact perspective, the trade size is explicit and compliant with a prearranged plan; there is no indication in the filing of non-plan-driven or ad-hoc sales.

Corporate Governance Expert

TL;DR Insider sales were executed under a documented 10b5-1 plan and formal disclosures include entity-level holdings and trustee clarifications.

The Form 4 clearly states the sales were made pursuant to a 10b5-1 trading plan, minimizing potential governance concerns about opportunistic timing. The filing includes explanatory footnotes about weighted-average prices per sale tranche and discloses indirect holdings via IGSB-affiliated LLCs and a pension trust, with an explicit disclaimer regarding pecuniary interest in the pension trust shares. The signature by an attorney-in-fact and the explanatory footnotes align with thorough disclosure practices expected in 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
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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)
08/06/2025

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	08/06/2025		S(1)		300	D	$303.51(2)	77,995	D
Class A Common Stock	08/06/2025		S(1)		400	D	$305.08(3)	77,595	D
Class A Common Stock	08/06/2025		S(1)		227	D	$306.22(4)	77,368	D
Class A Common Stock	08/06/2025		S(1)		400	D	$307.44(5)	76,968	D
Class A Common Stock	08/06/2025		S(1)		200	D	$309.47(6)	76,768	D
Class A Common Stock	08/06/2025		S(1)		600	D	$310.63(7)	76,168	D
Class A Common Stock	08/06/2025		S(1)		216	D	$311.64(8)	75,952	D
Class A Common Stock	08/06/2025		S(1)		157	D	$313.21(9)	75,795	D
Class A Common Stock	08/06/2025		S(1)		200	D	$303.28(10)	54,400	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		200	D	$304.85(11)	54,200	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		300	D	$306.26(12)	53,900	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		300	D	$307.42(13)	53,600	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		100	D	$308.61	53,500	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		500	D	$310.67(14)	53,000	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		100	D	$311.82	52,900	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		100	D	$313.29	52,800	I	By Family Trust
Class A Common Stock	08/06/2025		S(1)		100	D	$303.22	41,000	I	By Pension Trust(15)
Class A Common Stock	08/06/2025		S(1)		200	D	$304.93(16)	40,800	I	By Pension Trust(15)
Class A Common Stock	08/06/2025		S(1)		100	D	$306.26	40,700	I	By Pension Trust(15)
Class A Common Stock	08/06/2025		S(1)		400	D	$307.45(17)	40,300	I	By Pension Trust(15)
Class A Common Stock	08/06/2025		S(1)		200	D	$310.22(18)	40,100	I	By Pension Trust(15)
Class A Common Stock	08/06/2025		S(1)		200	D	$311.52(19)	39,900	I	By Pension Trust(15)
Class A Common Stock	08/06/2025		S(1)		100	D	$313.29	39,800	I	By Pension Trust(15)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(20)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(21)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(22)

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 $303.19 to $303.97, 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 $304.70 to $305.67, 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 $305.71 to $306.27, 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 $307.32 to $307.54, 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.

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 $309.12 to $309.80, 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.

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 $310.22 to $311.18, 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.

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 $311.28 to $312.22, 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.

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 $313.07 to $313.29, 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.

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 $303.21 to $303.35, 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 $304.71 to $304.98, 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.

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 $306.16 to $306.43, 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.

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 $307.35 to $307.53, 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 $310.21 to $311.20, 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.

15. 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.

16. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $304.71 to $305.15, 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.

17. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $307.31 to $307.58, 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.

18. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $310.21 to $310.22, 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.

19. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $311.22 to $311.82, 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.

20. 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.

21. 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.

22. 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	08/08/2025
	** 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

Who reported the insider trades in this Form 4 for APPF?

Maurice J. Duca, a director of AppFolio, Inc., is the reporting person in this Form 4.

How many AppFolio (APPF) shares were sold and when?

A total of 5,600 Class A shares were sold on 08/06/2025, as reported on the Form 4.

Were the APPF sales part of a prearranged plan?

Yes. The sales were executed pursuant to a 10b5-1 trading plan adopted by the reporting person on 12/13/2024.

At what prices were the APPF shares sold?

Footnotes disclose tranche-weighted average prices and ranges; collectively the reported execution prices range approximately from $303.19 to $313.29 per share.

Does Maurice Duca retain any indirect APPF holdings after these sales?

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

What does the filing say about the pension trust holdings?

Footnote 15 states the pension trust shares are held by a trust for which the reporting person is sole trustee and that he does not possess any pecuniary interest in those shares.