AppFolio Inc. (APPF) major holder Duca reports 5,442-share 10b5-1 sales
Rhea-AI Filing Summary
AppFolio Inc. major holder Maurice J. Duca, reporting as a ten percent owner, reported that a pension trust for which he is sole trustee sold 5,442 Class A Common shares of AppFolio (APPF) on August 11, 2026, in open-market transactions under a Rule 10b5-1 trading plan adopted March 13, 2026. The Form 4 states he has no pecuniary interest in the pension-trust shares. Additional indirect holdings are reported through several LLCs and a charitable remainder trust, where he disclaims beneficial ownership except to any pecuniary interest.
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Insights
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Insider Trade Summary 10b5-1
Net Seller: 5,442 shares
Net Sell
10 txns
Insider
DUCA MAURICE J
Role
10% Owner
Sold
5,442 shs ($1.09M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock F1, F2, F3 | 158 | $196.49 | $31K |
| Sale | Class A Common Stock F1, F4, F3 | 209 | $197.86 | $41K |
| Sale | Class A Common Stock F1, F5, F3 | 469 | $199.39 | $94K |
| Sale | Class A Common Stock F1, F6, F3 | 1,787 | $200.71 | $359K |
| Sale | Class A Common Stock F1, F7, F3 | 1,286 | $201.65 | $259K |
| Sale | Class A Common Stock F1, F8, F3 | 1,533 | $202.65 | $311K |
| holding | Class A Common Stock F9 | -- | -- | -- |
| holding | Class A Common Stock F10 | -- | -- | -- |
| holding | Class A Common Stock F11 | -- | -- | -- |
| holding | Class A Common Stock F12 | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 73,132 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 (12)
- F1. Sales made pursuant to a 10b5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
- 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 $196.31 to $196.71, 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.
- 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.
- 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 $197.58 to $198.51, 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.
- 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 $198.925 to $199.62, 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.
- 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 $200.10 to $201.08, 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.
- 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 $201.16 to $202.14, 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.
- 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 $202.17 to $203.02, 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.
- F9. 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.
- F10. 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.
- F11. 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.
- F12. 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.
Key Figures
Shares sold: 5,442 shares
Sale prices: $196.49–$202.65 per share
Cardinal I LLC holdings: 26,667 shares
+4 more
7 metrics
Shares sold
5,442 shares
Total Class A Common shares sold indirectly by pension trust on August 11, 2026
Sale prices
$196.49–$202.65 per share
Weighted average prices for six sale blocks on August 11, 2026
Cardinal I LLC holdings
26,667 shares
Indirect Class A holdings owned by IGSB Cardinal I, LLC as of August 10, 2026
Gaucho Fund I LLC holdings
142,857 shares
Indirect Class A holdings owned by IGSB Gaucho Fund I, LLC as of August 10, 2026
Cardinal Core BV LLC holdings
9,805 shares
Indirect Class A holdings owned by IGSB Cardinal Core BV, LLC as of August 10, 2026
Charitable remainder trust holdings
7,022 shares
Indirect Class A holdings held by a charitable remainder trust as of August 10, 2026
10b5-1 plan adoption date
March 13, 2026
Date Reporting Person adopted trading plan used for August 11, 2026 sales
Key Terms
Rule 10b5-1 trading plan, pecuniary interest, beneficial ownership, weighted average price, +1 more
5 terms
Rule 10b5-1 trading plan financial
"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."
beneficial ownership financial
"the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent"
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.
weighted average price financial
"This price reflects the weighted average price at which these shares were sold."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
dispositive power financial
"possesses sole voting and 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.
FAQ
What insider activity did APPF reporting person Maurice J. Duca report on this Form 4?
Maurice J. Duca reported that a pension trust he administers sold 5,442 Class A Common shares of AppFolio on August 11, 2026 in open-market transactions, while he reports having no pecuniary interest in those specific shares.
What other indirect APPF holdings associated with Maurice J. Duca are reported?
Indirect holdings after the reported date include 26,667 shares held by IGSB Cardinal I, LLC, 142,857 shares by IGSB Gaucho Fund I, LLC, 9,805 shares by IGSB Cardinal Core BV, LLC, and 7,022 shares by a charitable remainder trust, all with beneficial ownership disclaimers.
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