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AppFolio (NASDAQ: APPF) major holder logs 5,809-share Rule 10b5-1 stock sale

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

Rhea-AI Filing Summary

APPFOLIO INC major shareholder Maurice J. Duca reported multiple indirect sales of 5,809 shares of Class A Common Stock on August 7, 2026, at weighted-average prices generally between the mid‑$190s and low‑$200s per share. The sales were executed by a family trust and a pension trust with which he is associated. A disclosed footnote states that the pension trust transactions involve shares over which he has sole voting and dispositive power but no pecuniary interest. All reported sales were made pursuant to a Rule 10b5-1 trading plan adopted on March 13, 2026. The filing also reports indirect holdings of Class A shares through several LLCs and a charitable remainder trust, with Duca generally having voting or dispositive power but disclaiming beneficial ownership except to the extent of any pecuniary interest.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 5,809 shs ($1.15M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F2 104 $201.37 $21K
Sale Class A Common Stock F1, F3 75 $202.47 $15K
Sale Class A Common Stock F1, F4 30 $203.55 $6K
Sale Class A Common Stock F1, F5, F6 684 $195.61 $134K
Sale Class A Common Stock F1, F7, F6 884 $196.32 $174K
Sale Class A Common Stock F1, F8, F6 1,046 $197.46 $207K
Sale Class A Common Stock F1, F9, F6 1,263 $198.62 $251K
Sale Class A Common Stock F1, F10, F6 782 $199.41 $156K
Sale Class A Common Stock F1, F11, F6 210 $200.56 $42K
Sale Class A Common Stock F1, F12, F6 367 $201.37 $74K
Sale Class A Common Stock F1, F3, F6 260 $202.47 $53K
Sale Class A Common Stock F1, F4, F6 104 $203.55 $21K
holding Class A Common Stock F13 -- -- --
holding Class A Common Stock F14 -- -- --
holding Class A Common Stock F15 -- -- --
holding Class A Common Stock F16 -- -- --
Holdings After Transaction: Class A Common Stock — 22,624 shares (Indirect, By Family Trust); Class A Common Stock — 84,332 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 (16)
  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 $201.12 to $201.72, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $202.20 to $202.97, 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.
  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 $203.34 to $203.75, 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 $194.94 to $195.93, 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.
  6. F6. 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.
  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 $195.96 to $196.91, 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.
  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 $196.995 to $197.90, 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 $198.00 to $198.88, 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.
  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 $199.03 to $199.98, 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 $200.12 to $200.81, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $201.12 to $201.92, 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.
  13. F13. 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.
  14. F14. 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.
  15. F15. 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.
  16. F16. 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.
Shares sold 5,809 shares Total Class A shares sold indirectly on August 7, 2026
Price range example $194.94 to $195.93 Weighted-average sale price range for one transaction block
Price range example $203.34 to $203.75 Weighted-average sale price range for another transaction block
IGSB Cardinal I, LLC holdings 26,667 shares Indirect Class A holdings as of August 6, 2026
IGSB Gaucho Fund I, LLC holdings 142,857 shares Indirect Class A holdings as of August 6, 2026
IGSB Cardinal Core BV, LLC holdings 9,805 shares Indirect Class A holdings as of August 6, 2026
Charitable remainder trust holdings 7,022 shares Indirect Class A holdings as of August 6, 2026
10b5-1 plan adoption date March 13, 2026 Date of Rule 10b5-1 trading plan covering reported sales
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.
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.
pecuniary interest financial
"However, the Reporting Person does not possess any pecuniary interest in these Class A Shares."
disclaims beneficial ownership regulatory
"the Reporting Person disclaims beneficial ownership in these Class A Shares, except to the extent"
sole voting and dispositive power regulatory
"the Reporting Person possesses sole voting and dispositive power over these Class A Shares."

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FAQ

What insider activity did APPF (APPFOLIO INC) report for Maurice J. Duca?
Maurice J. Duca reported indirect sales of 5,809 Class A shares of APPFOLIO INC on August 7, 2026. The sales were executed by a family trust and a pension trust associated with him, under a pre‑adopted Rule 10b5‑1 trading plan.

At what prices were the APPF (APPFOLIO INC) shares sold in this Form 4?
The reported sales occurred at weighted-average prices per share, with ranges from $194.94 to $203.75 across the various trades. Each price is based on multiple transactions within the stated range, as detailed in the footnotes.

Were the APPF (APPFOLIO INC) share sales made 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. Such plans pre-schedule trades, which can reduce the informational value of the trade timing.

Does Maurice J. Duca have a pecuniary interest in all APPF (APPFOLIO INC) shares involved?
No. For pension trust and certain other indirect holdings, Duca is described as having voting and dispositive power but no pecuniary interest or he disclaims beneficial ownership, except to the extent of any pecuniary interest he may have.

What indirect APPF (APPFOLIO INC) shareholdings are reported for entities managed by Maurice J. Duca?
Reported indirect holdings include 26,667 shares 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 held by a charitable remainder trust, with various beneficial ownership disclaimers.

Is this the only Form 4 filed by Maurice J. Duca for APPF on this date?
No. The remarks state this is the second of two Forms 4 filed by Maurice J. Duca on August 10, 2026, due to a 30 line‑item limitation in Table I of the form.
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)
08/06/2026		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 Stock08/07/2026S(1)104D$201.37(2)22,729IBy Family Trust
Class A Common Stock08/07/2026S(1)75D$202.47(3)22,654IBy Family Trust
Class A Common Stock08/07/2026S(1)30D$203.55(4)22,624IBy Family Trust
Class A Common Stock08/07/2026S(1)684D$195.61(5)89,248IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)884D$196.32(7)88,364IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)1,046D$197.46(8)87,318IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)1,263D$198.62(9)86,055IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)782D$199.41(10)85,273IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)210D$200.56(11)85,063IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)367D$201.37(12)84,696IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)260D$202.47(3)84,436IBy Pension Trust(6)
Class A Common Stock08/07/2026S(1)104D$203.55(4)84,332IBy Pension Trust(6)
Class A Common Stock26,667IBy IGSB Cardinal I, LLC(13)
Class A Common Stock142,857IBy IGSB Gaucho Fund I, LLC(14)
Class A Common Stock9,805IBy IGSB Cardinal Core BV, LLC(15)
Class A Common Stock7,022IBy Charitable Remainder Trust(16)
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 $201.12 to $201.72, 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 $202.20 to $202.97, 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.
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 $203.34 to $203.75, 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 $194.94 to $195.93, 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.
6. 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.
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 $195.96 to $196.91, 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.
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 $196.995 to $197.90, 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 $198.00 to $198.88, 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.
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 $199.03 to $199.98, 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 $200.12 to $200.81, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $201.12 to $201.92, 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.
13. 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.
14. 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.
15. 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.
16. 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.
Remarks:
Due to a 30 line-item limitation in Table I, this is the second of two Forms 4 filed by the Reporting Person on August 10, 2026.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/10/2026
** 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