AppFolio: Duca and trusts sell 10,800 shares
As of November 4, 2026, IGSB Gaucho Fund I, LLC owned 142,857 Class A shares.
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Form Type
4
Rhea-AI Filing Summary
AppFolio, Inc. reported 10,800 Class A shares sold on November 4 and 5, 2026: ten percent owner Maurice J. Duca sold shares directly, and shares were also sold through a Family Trust and a pension trust. The six entries list weighted-average sale prices from $240.00 to $240.15 per share. The sales were made under a Rule 10b5-1 trading plan adopted March 13, 2026.
Insider Trade Summary 10b5-1
Net Seller: 10,800 shares
Net Sell
6 txns
Insider
DUCA MAURICE J
Role
10% Owner
Sold
10,800 shs ($2.59M)
Share of Position Sold
15.3%
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class A Common Stock F1, F5 | 1,600 | $240.14 | $384K |
| Sale | Class A Common Stock F1 | 1,600 | $240.00 | $384K |
| Sale | Class A Common Stock F1, F6, F4 | 1,600 | $240.15 | $384K |
| Sale | Class A Common Stock F1, F2 | 2,200 | $240.12 | $528K |
| Sale | Class A Common Stock F1 | 1,600 | $240.00 | $384K |
| Sale | Class A Common Stock F1, F3, F4 | 2,200 | $240.08 | $528K |
| Holding | Class A Common Stock F7 | -- | -- | -- |
| Holding | Class A Common Stock F8 | -- | -- | -- |
| Holding | Class A Common Stock F9 | -- | -- | -- |
| Holding | Class A Common Stock F10 | -- | -- | -- |
Holdings After Transaction:
Class A Common Stock — 27,205 shares (Direct);
Class A Common Stock — 4,800 shares (Indirect, By Family Trust);
Class A Common Stock — 27,700 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)
Holdings Before and After:
Class A Common Stock, 31,005 to 27,205 shares (Direct);
Class A Common Stock, 8,000 to 4,800 shares (Indirect, By Family Trust);
Class A Common Stock, 31,500 to 27,700 shares (Indirect, By Pension Trust)
Footnotes (10)
- 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 $240.00 to $240.92, 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.
- 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 $240.00 to $240.56, 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.
- F4. 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.
- 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 $240.00 to $240.59, 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 $240.00 to $240.85, 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. 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.
- F8. 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.
- F9. 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.
- F10. 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
Class A shares sold: 10,800 shares
Direct Class A sale: 1,600 shares at $240.14 per share
Family Trust Class A sale: 1,600 shares at $240.00 per share
+4 more
7 metrics
Class A shares sold
10,800 shares
Total across six reported sale entries on November 4 and 5, 2026
Direct Class A sale
1,600 shares at $240.14 per share
November 5, 2026; weighted-average price
Family Trust Class A sale
1,600 shares at $240.00 per share
November 5, 2026; weighted-average price
Pension trust Class A sale
1,600 shares at $240.15 per share
November 5, 2026; weighted-average price
Direct Class A sale
2,200 shares at $240.12 per share
November 4, 2026; weighted-average price
Family Trust Class A sale
1,600 shares at $240.00 per share
November 4, 2026; weighted-average price
Pension trust Class A sale
2,200 shares at $240.08 per share
November 4, 2026; weighted-average price
Key Terms
10b5-1 trading plan, weighted average price, sole voting and sole dispositive power, pecuniary interest
4 terms
10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan"
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"
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.
sole voting and sole dispositive power regulatory
"possesses sole voting and sole dispositive power"
pecuniary interest regulatory
"does not possess any pecuniary interest"
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