APPF Form 4: 163,334 Class B shares converted at $0 per share
Filing Impact
Filing Sentiment
Form Type
4
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.
Positive
- None.
Negative
- None.
Insider Trade Summary
163,334 shares exercised/converted
Mixed
13 txns
Insider
DUCA MAURICE J
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class B Common Stock | 40,210 | $0.00 | -- |
| Conversion | Class B Common Stock | 5,000 | $0.00 | -- |
| Conversion | Class B Common Stock | 118,124 | $0.00 | -- |
| Conversion | Class A Common Stock | 40,210 | $0.00 | -- |
| Conversion | Class A Common Stock | 5,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 118,124 | $0.00 | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
Holdings After Transaction:
Class B Common Stock — 3,471,416 shares (Direct);
Class B Common Stock — 79,442 shares (Indirect, By Family Trust);
Class A Common Stock — 96,005 shares (Direct);
Class A Common Stock — 44,000 shares (Indirect, By Family Trust)
Footnotes (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. 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. 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. 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. 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. 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. 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. 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). (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. 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. 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. 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. 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. 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.
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.
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.