[Form 4] AppFolio, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Maurice J. Duca, a director of AppFolio (APPF), sold a total of 4,824 Class A shares on 08/12/2025 pursuant to a pre-established 10b5-1 trading plan adopted on December 13, 2024. The sales were executed in multiple transactions with weighted-average prices reported by lot between about $275.05 and $281.05; the footnotes disclose transaction price ranges from $275.00 to $281.07 and offer to provide detailed per-price breakdowns on request.

The filing shows Duca retains both direct and indirect holdings disclosed in the Form: several direct-holding lines appear (for example, a reported direct holding of 65,795 shares in one line), and substantial indirect holdings are held by a pension trust (35,376 shares) and IGSB-managed entities (26,667; 142,857; 9,805 shares). The filing also states that the reporting person disclaims beneficial ownership of certain LLC-held shares except for any pecuniary interest, and that the pension trust shares are controlled by him as sole trustee though he asserts no pecuniary interest in those trust-held shares.

Positive

• Sales executed under a pre-established 10b5-1 trading plan, which provides an affirmative defense framework and limits ad hoc timing concerns.
• Detailed footnotes and ownership disclaimers disclose weighted-average prices, transaction price ranges, and the nature of indirect holdings, improving transparency.

Negative

• None.

Insights

Financial Analyst

Insider sold 4,824 APPF shares under a pre-established 10b5-1 plan; transaction size and plan use limit immediate market-signaling.

The reported disposals total 4,824 Class A shares executed on a single date in multiple tranches with weighted-average lot prices between roughly $275 and $281. Because the sales were made under a documented 10b5-1 plan adopted on December 13, 2024, they are likely procedural and reduce the informational content of the sales for short-term price inference. The filing also lists significant indirect holdings via funds and a pension trust, indicating the disposals represent a small portion of the positions explicitly disclosed in the Form.

Corporate Governance Expert

Use of a 10b5-1 plan plus granular footnotes and ownership disclaimers reflects robust disclosure practices.

The Form includes multiple explanatory footnotes: weighted-average prices, transaction price ranges, and statements about voting/dispositive power and disclaimers of beneficial ownership for LLC-held shares. The reporting person documents control over certain entities while disclaiming beneficial ownership except for pecuniary interest, and clarifies trustee control and lack of pecuniary interest for pension-trust shares. Those details improve transparency around insider actions and potential conflicts, supporting clearer investor interpretation of the sales.

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)
08/12/2025

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	08/12/2025		S(1)		2,000	D	$275.05(2)	66,295	D
Class A Common Stock	08/12/2025		S(1)		300	D	$276.57(3)	65,995	D
Class A Common Stock	08/12/2025		S(1)		100	D	$277.72(4)	65,895	D
Class A Common Stock	08/12/2025		S(1)		100	D	$281.05	65,795	D
Class A Common Stock	08/12/2025		S(1)		1,314	D	$275.06(5)	46,086	I	By Family Trust
Class A Common Stock	08/12/2025		S(1)		367	D	$276.51(6)	45,719	I	By Family Trust
Class A Common Stock	08/12/2025		S(1)		100	D	$277.72(7)	45,619	I	By Family Trust
Class A Common Stock	08/12/2025		S(1)		19	D	$281.05	45,600	I	By Family Trust
Class A Common Stock	08/12/2025		S(1)		524	D	$281.05(8)	35,376	I	By Pension Trust(9)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(10)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(11)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(12)

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 $275.00 to $275.23, 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 $276.16 to $276.94, 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 $277.45 to $277.78, 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 $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.

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 $276.00 to $276.97, 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.

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 $277.45 to $277.78, 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 $281.00 to $281.07, 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. 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.

10. 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.

11. 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.

12. 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	08/13/2025
	** 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?

He sold a total of 4,824 Class A shares in multiple transactions on 08/12/2025 as reported on the Form 4.

Were the APPF sales part of a 10b5-1 plan?

Yes. The sales were made pursuant to a 10b5-1 trading plan adopted by the reporting person on December 13, 2024, to satisfy the affirmative defense conditions of Rule 10b5-1(c).

At what prices were the APPF shares sold?

Weighted-average prices per reported lot ranged from about $275.05 to $281.05, with footnote price ranges across transactions from $275.00 up to $281.07; the filer offers to provide detailed per-price breakdowns on request.

What holdings does the Form show after the reported transactions?

The filing lists several direct-holding figures (for example, a line showing 65,795 direct shares) and multiple indirect holdings including a pension trust with 35,376 shares and IGSB-managed entities with 26,667; 142,857; and 9,805 shares as reported in the Form.

Does Maurice J. Duca claim beneficial ownership of LLC-held shares?

He disclaims beneficial ownership of the shares held by the listed IGSB entities except to the extent of any pecuniary interest; the filing also states he is sole trustee of a pension trust that holds shares but asserts no pecuniary interest in those trust-held shares.