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AppFolio (NASDAQ: APPF) 10% owner logs 21,400-share planned stock sales

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Maurice J. Duca, a 10% owner of AppFolio, reported open-market sales totaling 21,400 shares of Class A Common Stock on July 31 and August 3, 2026. The shares were sold at weighted-average prices such as $180.25 and $190.45 per share under a Rule 10b5-1 trading plan adopted on March 13, 2026. Some transactions involved a family trust and a pension trust; the filing states he has no pecuniary interest in the pension trust shares and disclaims beneficial ownership for certain indirect holdings.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 21,400 shs ($3.95M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F4 327 $184.39 $60K
Sale Class A Common Stock F1, F5 585 $187.48 $110K
Sale Class A Common Stock F1, F6 402 $188.48 $76K
Sale Class A Common Stock F1, F7 1,497 $189.81 $284K
Sale Class A Common Stock F1, F8 689 $190.45 $131K
Sale Class A Common Stock F1, F4 149 $184.38 $27K
Sale Class A Common Stock F1, F5 266 $187.48 $50K
Sale Class A Common Stock F1, F9 218 $188.58 $41K
Sale Class A Common Stock F1, F10 699 $189.86 $133K
Sale Class A Common Stock F1, F11 268 $190.52 $51K
Sale Class A Common Stock F1, F4, F3 524 $184.39 $97K
Sale Class A Common Stock F1, F5, F3 937 $187.48 $176K
Sale Class A Common Stock F1, F6, F3 639 $188.48 $120K
Sale Class A Common Stock F1, F7, F3 2,398 $189.80 $455K
Sale Class A Common Stock F1, F8, F3 1,102 $190.45 $210K
Sale Class A Common Stock F1, F2 3,435 $180.25 $619K
Sale Class A Common Stock F1 65 $181.07 $12K
Sale Class A Common Stock F1, F2 1,570 $180.25 $283K
Sale Class A Common Stock F1 30 $181.07 $5K
Sale Class A Common Stock F1, F2, F3 5,495 $180.25 $990K
Sale Class A Common Stock F1, F3 105 $181.07 $19K
holding Class A Common Stock F12 -- -- --
holding Class A Common Stock F13 -- -- --
holding Class A Common Stock F14 -- -- --
holding Class A Common Stock F15 -- -- --
Holdings After Transaction: Class A Common Stock — 66,662 shares (Direct); Class A Common Stock — 29,024 shares (Indirect, By Family Trust); Class A Common Stock — 106,732 shares (Indirect, By Pension Trust); Class A Common Stock — 26,667 shares (Indirect, By IGSB Cardinal I, LLC); Class A Common Stock — 142,857 shares (Indirect, By IGSB Gaucho Fund I, LLC); Class A Common Stock — 9,805 shares (Indirect, By IGSB Cardinal Core BV, LLC); Class A Common Stock — 7,022 shares (Indirect, By Charitable Remainder Trust)
Footnotes (15)
  1. F1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
  2. F2. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.88, 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.
  3. F3. 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.
  4. F4. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $184.12 to $185.11, 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.
  5. F5. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $186.975 to $187.91, 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. F6. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $188.02 to $188.93, 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. F7. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $189.04 to $190.03, 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. F8. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $190.04 to $190.54, 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. F9. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $188.19 to $189.18, 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.
  10. F10. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $189.20 to $190.16, 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. F11. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $190.255 to $190.54, 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.
  12. F12. 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. F13. 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. F14. 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.
  15. F15. These Class A Shares are held by a trust of which the Reporting Person is a co-trustee and, in that capacity, he may be deemed to share voting and dispositive power over these Class A Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class A Shares.
Total shares sold 21400 shares Aggregate non-derivative sales of Class A Common Stock reported for July 31 and August 3, 2026
Direct sale example 3435 shares at $180.2500 Open-market sale of Class A Common Stock from direct holdings on July 31, 2026
Pension trust sale example 5495 shares at $180.2500 Indirect sale by a pension trust where the reporting person has no pecuniary interest
10b5-1 plan adoption date March 13, 2026 Date Maurice J. Duca adopted the Rule 10b5-1 trading plan used for these sales
IGSB Cardinal I, LLC holding 26667 shares Indirect Class A shares held by IGSB Cardinal I, LLC; Duca disclaims beneficial ownership except for any pecuniary interest
IGSB Gaucho Fund I, LLC holding 142857 shares Indirect Class A shares held by IGSB Gaucho Fund I, LLC with similar beneficial ownership disclaimer
Charitable remainder trust holding 7022 shares Indirect Class A shares held by a charitable remainder trust; Duca has no pecuniary interest and disclaims beneficial ownership
Rule 10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
pecuniary interest financial
"However, the Reporting Person does not possess any pecuniary interest in these Class A Shares"
dispositive power financial
"possesses sole voting and sole dispositive power over these Class A Shares"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
beneficial ownership financial
"the Reporting Person disclaims beneficial ownership in these Class A Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What insider transactions in APPF stock did Maurice J. Duca report?
Maurice J. Duca reported open-market sales totaling 21,400 shares of AppFolio Class A Common Stock on July 31 and August 3, 2026. The trades used weighted-average prices, including examples at $180.25 and $190.45 per share, executed under a Rule 10b5-1 trading plan.

Were the recent APPF insider sales executed under a Rule 10b5-1 plan?
Yes. A footnote states the sales were made pursuant to a Rule 10b5-1 trading plan adopted on March 13, 2026, and the filing’s 10b5-1 checkbox is marked. This indicates the trades followed a pre-arranged plan rather than being decided at the time of execution.

Which entities associated with Maurice J. Duca were involved in the APPF share sales?
The APPF sales involve Duca’s direct holdings, a family trust, and a pension trust. The filing notes he is sole trustee of the pension trust, with sole voting and dispositive power, but he does not have any pecuniary interest in the pension trust’s Class A shares.

What indirect APPF holdings does Maurice J. Duca report in this Form 4?
Indirect holdings reported include 26,667, 142,857 and 9,805 AppFolio Class A shares through IGSB Cardinal I, LLC, IGSB Gaucho Fund I, LLC and IGSB Cardinal Core BV, LLC, respectively, plus 7,022 shares held by a charitable remainder trust, all separate from the reported sales.

Does Maurice J. Duca have pecuniary interest in all APPF shares referenced in the filing?
No. The filing explains that Duca has no pecuniary interest in the pension trust or charitable remainder trust shares and disclaims beneficial ownership of shares held by the LLCs, except to the extent of any pecuniary interest he may have in those entities.
SEC Form 4
FORM 4UNITED 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 CALIFORNIA 93108
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Class A Common Stock07/31/2026S(1)3,435D$180.25(2)70,227D
Class A Common Stock07/31/2026S(1)65D$181.0770,162D
Class A Common Stock07/31/2026S(1)1,570D$180.25(2)30,654IBy Family Trust
Class A Common Stock07/31/2026S(1)30D$181.0730,624IBy Family Trust
Class A Common Stock07/31/2026S(1)5,495D$180.25(2)112,437IBy Pension Trust(3)
Class A Common Stock07/31/2026S(1)105D$181.07112,332IBy Pension Trust(3)
Class A Common Stock08/03/2026S(1)327D$184.39(4)69,835D
Class A Common Stock08/03/2026S(1)585D$187.48(5)69,250D
Class A Common Stock08/03/2026S(1)402D$188.48(6)68,848D
Class A Common Stock08/03/2026S(1)1,497D$189.81(7)67,351D
Class A Common Stock08/03/2026S(1)689D$190.45(8)66,662D
Class A Common Stock08/03/2026S(1)149D$184.38(4)30,475IBy Family Trust
Class A Common Stock08/03/2026S(1)266D$187.48(5)30,209IBy Family Trust
Class A Common Stock08/03/2026S(1)218D$188.58(9)29,991IBy Family Trust
Class A Common Stock08/03/2026S(1)699D$189.86(10)29,292IBy Family Trust
Class A Common Stock08/03/2026S(1)268D$190.52(11)29,024IBy Family Trust
Class A Common Stock08/03/2026S(1)524D$184.39(4)111,808IBy Pension Trust(3)
Class A Common Stock08/03/2026S(1)937D$187.48(5)110,871IBy Pension Trust(3)
Class A Common Stock08/03/2026S(1)639D$188.48(6)110,232IBy Pension Trust(3)
Class A Common Stock08/03/2026S(1)2,398D$189.8(7)107,834IBy Pension Trust(3)
Class A Common Stock08/03/2026S(1)1,102D$190.45(8)106,732IBy Pension Trust(3)
Class A Common Stock26,667IBy IGSB Cardinal I, LLC(12)
Class A Common Stock142,857IBy IGSB Gaucho Fund I, LLC(13)
Class A Common Stock9,805IBy IGSB Cardinal Core BV, LLC(14)
Class A Common Stock7,022IBy Charitable Remainder Trust(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
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 $180.00 to $180.88, 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.
3. 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.
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 $184.12 to $185.11, 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.
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 $186.975 to $187.91, 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 $188.02 to $188.93, 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 $189.04 to $190.03, 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 $190.04 to $190.54, 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 $188.19 to $189.18, 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.
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 $189.20 to $190.16, 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 $190.255 to $190.54, 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.
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.
15. These Class A Shares are held by a trust of which the Reporting Person is a co-trustee and, in that capacity, he may be deemed to share voting and dispositive power over these Class A Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class A Shares.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/04/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR