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  4. [Form 4] APPFOLIO INC Insider Trading Activity

AppFolio (APPF) 10% owner sells 12,700 shares via 10b5-1 plan

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

Rhea-AI Filing Summary

Maurice J. Duca, a 10% owner of AppFolio, reported sales of 12,700 shares of Class A Common Stock on July 17 and July 20, 2026, at weighted-average prices between $180.00 and $183.75 per share. The sales involved shares held directly, by a family trust, and by a pension trust where he has voting and dispositive power but no pecuniary interest, and were executed under a 10b5-1 trading plan adopted on March 13, 2026.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 12,700 shs ($2.30M)
Type Security Shares Price Value
Sale Class A Common Stock F1 200 $180.00 $36K
Sale Class A Common Stock F1 1,600 $180.00 $288K
Sale Class A Common Stock F1, F6 200 $180.00 $36K
Sale Class A Common Stock F1, F2 748 $180.59 $135K
Sale Class A Common Stock F1, F3 1,219 $181.31 $221K
Sale Class A Common Stock F1, F4 1,033 $182.68 $189K
Sale Class A Common Stock F1, F5 500 $183.30 $92K
Sale Class A Common Stock F1 1,600 $180.00 $288K
Sale Class A Common Stock F1, F2, F6 863 $180.64 $156K
Sale Class A Common Stock F1, F7, F6 1,773 $181.42 $322K
Sale Class A Common Stock F1, F8, F6 2,564 $182.67 $468K
Sale Class A Common Stock F1, F9, F6 400 $183.18 $73K
holding Class A Common Stock F10 -- -- --
holding Class A Common Stock F11 -- -- --
holding Class A Common Stock F12 -- -- --
holding Class A Common Stock F13 -- -- --
Holdings After Transaction: Class A Common Stock — 81,480 shares (Direct); Class A Common Stock — 35,798 shares (Indirect, By Family Trust); Class A Common Stock — 130,440 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 (13)
  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 $180.99, 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 $181.00 to $181.91, 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.
  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 $182.03 to $182.95, 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 $183.17 to $183.75, 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.
  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 $181.00 to $181.94, 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 $182.03 to $182.95, 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 $183.17 to $183.22, 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. 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.
  11. F11. 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.
  12. F12. 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.
  13. F13. 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 12700 shares of Class A Common Stock Aggregate non-derivative sales reported for July 17 and 20, 2026
Sale price range $180.00–$183.75 per share Price ranges from weighted-average sale footnotes F2–F5, F7–F9
Direct sale 2026-07-20 200.0000 shares at $180.0000 per share Directly held Class A Common Stock sold on July 20, 2026
Family trust sale 2026-07-20 1600.0000 shares at $180.0000 per share Indirect sale by Family Trust on July 20, 2026
Pension trust sale 2026-07-17 2564.0000 shares at $182.6700 per share Indirect sale by pension trust; reporting person has no pecuniary interest
IGSB Gaucho Fund I, LLC holding 142857.0000 shares Indirect Class A Common Stock holding after transactions
Charitable Remainder Trust holding 7022.0000 shares Indirect Class A Common Stock holding; beneficial ownership disclaimed
10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan previously adopted"
A 10b5-1 trading plan is a pre-arranged strategy that allows company insiders to buy or sell company stock at set times, regardless of their current knowledge about the company's situation. It acts like a scheduled appointment for trading, helping prevent the appearance of impropriety or insider trading. This plan provides a way for insiders to sell or buy shares in a controlled, transparent manner, offering reassurance to investors about fair trading practices.
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
"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"
Class A Common Stock financial
"These shares of Class A Common Stock are held by a pension trust"
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider transaction did APPF report for Maurice J. Duca?
AppFolio (APPF) reported that 10% owner Maurice J. Duca sold 12,700 shares of Class A Common Stock on July 17 and 20, 2026. The sales were split between directly held shares, a family trust, and a pension trust reported due to his trustee role.

At what prices were the APPF shares sold in this Form 4?
The reported APPF sales occurred at weighted-average prices between $180.00 and $183.75 per share. Footnotes state the shares were sold in multiple transactions within narrower ranges, with specific blocks priced around $180.59, $181.31, $182.68, $183.30 and similar levels.

Was the APPF insider sale by Maurice J. Duca under a 10b5-1 plan?
Yes. Footnote F1 states the APPF share sales were made pursuant to a 10b5-1 trading plan adopted by Maurice J. Duca on March 13, 2026. Such plans pre-schedule trades, meaning these dispositions followed a pre-arranged trading program rather than discretionary timing.

How are the APPF pension trust transactions characterized in this filing?
Certain APPF share sales involved a pension trust where Maurice J. Duca is sole trustee with sole voting and dispositive power. Footnote F6 adds he has no pecuniary interest in those Class A shares, so he reports them based on control rather than economic ownership.

What indirect APPF holdings does Maurice J. Duca report after these sales?
The Form 4 lists indirect APPF Class A holdings of 26,667, 142,857, and 9,805 shares via three IGSB LLC entities, plus 7,022 shares in a charitable remainder trust. Footnotes state he has voting or shared voting power but disclaims beneficial ownership except for any pecuniary interest.

Does this APPF Form 4 report any derivative securities for Maurice J. Duca?
No. The filing’s transactions all involve non-derivative Class A Common Stock, and the derivativeSummary section is empty. There are no option exercises, warrant conversions, or other derivative transactions reported for Maurice J. Duca in this particular Form 4.
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)
07/17/2026		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 Stock07/17/2026S(1)748D$180.59(2)84,432D
Class A Common Stock07/17/2026S(1)1,219D$181.31(3)83,213D
Class A Common Stock07/17/2026S(1)1,033D$182.68(4)82,180D
Class A Common Stock07/17/2026S(1)500D$183.3(5)81,680D
Class A Common Stock07/17/2026S(1)1,600D$18037,398IBy Family Trust
Class A Common Stock07/17/2026S(1)863D$180.64(2)135,377IBy Pension Trust(6)
Class A Common Stock07/17/2026S(1)1,773D$181.42(7)133,604IBy Pension Trust(6)
Class A Common Stock07/17/2026S(1)2,564D$182.67(8)131,040IBy Pension Trust(6)
Class A Common Stock07/17/2026S(1)400D$183.18(9)130,640IBy Pension Trust(6)
Class A Common Stock07/20/2026S(1)200D$18081,480D
Class A Common Stock07/20/2026S(1)1,600D$18035,798IBy Family Trust
Class A Common Stock07/20/2026S(1)200D$180130,440IBy Pension Trust(6)
Class A Common Stock26,667IBy IGSB Cardinal I, LLC(10)
Class A Common Stock142,857IBy IGSB Gaucho Fund I, LLC(11)
Class A Common Stock9,805IBy IGSB Cardinal Core BV, LLC(12)
Class A Common Stock7,022IBy Charitable Remainder Trust(13)
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 $180.99, 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 $181.00 to $181.91, 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.
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 $182.03 to $182.95, 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 $183.17 to $183.75, 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.
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 $181.00 to $181.94, 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 $182.03 to $182.95, 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 $183.17 to $183.22, 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. 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.
11. 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.
12. 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.
13. 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. Duca07/21/2026
** 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