[Form 4] APPFOLIO INC Insider Trading Activity

Rhea-AI Filing Summary

AppFolio (APPF) insider activity: On 11/04/2025, a reporting person converted a total of 163,334 Class B Common Stock into an equal number of Class A shares in three transactions: 40,210; 5,000; and 118,124 shares. All conversions were recorded at $0 per share (transaction code C), reflecting the one‑for‑one convertibility of Class B into Class A.

Following these conversions, Class A holdings included 96,005 shares held directly, 44,000 shares held indirectly via a family trust, and 153,500 shares held indirectly via a pension trust. The filing also notes that Class B shares are convertible at any time on a one‑for‑one basis and will automatically convert into Class A when Class B outstanding falls below 10% of the total of both classes.

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).

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)
11/04/2025

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	11/04/2025		C(1)		40,210	A	$0	96,005	D
Class A Common Stock	11/04/2025		C(2)		5,000	A	$0	44,000	I	By Family Trust
Class A Common Stock	11/04/2025		C(3)		118,124	A	$0	153,500	I	By Pension Trust(4)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(5)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(6)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(7)

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
Class B Common Stock	$0	11/04/2025		C(1)			40,210	(8)(9)	(8)(9)	Class A Common Stock	40,210	$0	3,471,416	D
Class B Common Stock	$0	11/04/2025		C(2)			5,000	(8)(9)	(8)(9)	Class A Common Stock	5,000	$0	79,442	I	By Family Trust
Class B Common Stock	$0	11/04/2025		C(3)			118,124	(8)(9)	(8)(9)	Class A Common Stock	118,124	$0	2,382,136	I	By Pension Trust(10)
Class B Common Stock	$0							(8)(9)	(8)(9)	Class A Common Stock	(8)(9)		26,666	I	By IGSB Cardinal I, LLC(11)
Class B Common Stock	$0							(8)(9)	(8)(9)	Class A Common Stock	(8)(9)		142,858	I	By IGSB Gaucho Fund I, LLC(12)
Class B Common Stock	$0							(8)(9)	(8)(9)	Class A Common Stock	(8)(9)		4,995	I	By IGSB Cardinal Core BV, LLC(13)
Class B Common Stock	$0							(8)(9)	(8)(9)	Class A Common Stock	(8)(9)		7,022	I	By Charitable Remainder Trust(14)

Explanation of Responses:

1. The Reporting Person acquired these 40,210 shares of Class A Common Stock ("Class A Shares") by converting a like number of shares of Class B Common Stock ("Class B Shares") that were owned by the Reporting Person.

2. The Reporting Person acquired these 5,000 Class A Shares by converting a like number of Class B Shares that were owned by the Reporting Person.

3. The Reporting Person acquired these 118,124 Class A Shares by converting a like number of Class B Shares that were owned by the Reporting Person.

4. 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.

5. 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.

6. 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.

7. 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.

8. Each Class B Share is convertible, at any time at the option of the holder, into one Class A Share. In addition, Class B Shares that are sold or otherwise transferred will convert automatically, on a one share-for-one share basis, into Class A Shares, except for (i) any transfer by a partnership or limited liability company that was a registered holder of Class B Shares prior to June 30, 2015 that is made to anyone who was a partner or member of any such partnership or limited liability company prior to June 30, 2015, and (ii) any transfer to a "qualified recipient" (as defined in AppFolio's Amended and Restated Certificate of Incorporation).

9. (Continued from Footnote 8) AppFolio's Class B Shares do not have an expiration date. However, all of the outstanding Class B Shares will convert automatically into Class A Shares, on a one share-for-one share basis, on the date when the number of the Company's outstanding Class B Shares represents less than 10% of the sum of AppFolio's outstanding Class A Shares and Class B Shares.

10. These Class B 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 B Shares. However, the Reporting Person does not possess any pecuniary interest in these Class B Shares.

11. These Class B 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 B Shares. However, the Reporting Person disclaims beneficial ownership in these Class B Shares, except to the extent of any pecuniary interest he may have therein.

12. These Class B 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 B Shares. However, the Reporting Person disclaims beneficial ownership in these Class B Shares, except to the extent of any pecuniary interest he may have therein.

13. These Class B 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 B Shares, but he disclaims beneficial ownership over the Class B Shares, except to the extent of any pecuniary interest he may have therein.

14. These Class B 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 B Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class B Shares.

	/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca	11/06/2025
	** 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

What did APPF’s insider report on the Form 4?

A conversion of Class B shares into Class A shares totaling 163,334 shares across three transactions on 11/04/2025.

How many shares were converted and in what amounts?

Converted 40,210, 5,000, and 118,124 Class B shares into the same number of Class A shares.

At what price were the conversions recorded?

Each conversion was recorded at $0 per share, consistent with a share class conversion.

What is the conversion ratio between APPF Class B and Class A?

Class B converts into Class A on a one‑for‑one basis and may automatically convert under stated conditions.

What were the insider’s Class A holdings after the transactions?

Reported 96,005 Class A shares directly, plus 44,000 via a family trust and 153,500 via a pension trust.

What automatic conversion condition is disclosed for Class B?

All Class B will convert into Class A when Class B outstanding is less than 10% of the combined total of both classes.