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AppFolio (NASDAQ: APPF) trust sells 5,600 insider shares under 10b5-1 plan

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

Rhea-AI Filing Summary

For AppFolio Inc. (APPF), a Form 4 reports that entities associated with major shareholder Maurice J. Duca recorded sales and updated indirect holdings of Class A Common Stock. On August 17, 2026, a pension trust for which he is sole trustee sold an aggregate of 5,600 Class A shares in multiple open-market transactions at weighted-average prices between approximately $193.63 and $199.05 per share, under a Rule 10b5-1 trading plan adopted on March 13, 2026. The filing states he has no pecuniary interest in the pension trust shares. As of August 14, 2026, indirect holdings also include 26,667 shares via IGSB Cardinal I, LLC; 142,857 shares via IGSB Gaucho Fund I, LLC; 9,805 shares via IGSB Cardinal Core BV, LLC; and 7,022 shares held by a charitable remainder trust, with Duca disclaiming beneficial ownership except to any pecuniary interest described in the footnotes.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 5,600 shs ($1.10M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F2, F3 679 $194.28 $132K
Sale Class A Common Stock F1, F4, F3 1,886 $195.33 $368K
Sale Class A Common Stock F1, F5, F3 1,830 $196.08 $359K
Sale Class A Common Stock F1, F6, F3 890 $196.98 $175K
Sale Class A Common Stock F1, F7, F3 263 $198.37 $52K
Sale Class A Common Stock F1, F3 52 $199.05 $10K
holding Class A Common Stock F8 -- -- --
holding Class A Common Stock F9 -- -- --
holding Class A Common Stock F10 -- -- --
holding Class A Common Stock F11 -- -- --
Holdings After Transaction: Class A Common Stock — 50,732 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 (11)
  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 $193.63 to $194.61, 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. 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.
  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 $194.73 to $195.72, 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.
  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 $195.73 to $196.63, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $196.74 to $197.635, 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.
  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 $197.91 to $198.77, 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. 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.
  9. F9. 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.
  10. F10. 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.
  11. F11. 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 by pension trust 5,600 shares Aggregate Class A Common Stock sales on August 17, 2026 by pension trust
Sale price range (first block) $193.63 to $194.61 per share Weighted-average price range for 679-share sale block (footnote F2)
Sale price range (second block) $194.73 to $195.72 per share Weighted-average price range for 1,886-share sale block (footnote F4)
Sale price range (third block) $195.73 to $196.63 per share Weighted-average price range for 1,830-share sale block (footnote F5)
Sale price range (fourth block) $196.74 to $197.635 per share Weighted-average price range for 890-share sale block (footnote F6)
Sale price range (fifth block) $197.91 to $198.77 per share Weighted-average price range for 263-share sale block (footnote F7)
IGSB Gaucho Fund I, LLC holdings 142,857 shares Indirect Class A share holdings as of August 14, 2026
IGSB Cardinal I, LLC holdings 26,667 shares Indirect Class A share holdings as of August 14, 2026
Rule 10b5-1 trading plan regulatory
"Sales made pursuant to a 10b5-1 trading plan previously adopted"
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"
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"
disclaims beneficial ownership regulatory
"the Reporting Person disclaims beneficial ownership in these Class A Shares"
charitable remainder trust financial
"These Class A Shares are held by a trust of which the Reporting Person"

FAQ

What insider trading did APPF report for Maurice J. Duca on August 17, 2026?
A pension trust associated with Maurice J. Duca sold an aggregate of 5,600 AppFolio Class A shares on August 17, 2026 in open-market transactions at weighted-average prices between about $193.63 and $199.05 per share.

Were the August 17, 2026 APPF share sales by Maurice J. Duca under a Rule 10b5-1 plan?
Yes. The Form 4 states the sales were made pursuant to a Rule 10b5-1 trading plan adopted by Maurice J. Duca on March 13, 2026, indicating the transactions were pre-arranged under that plan.

Does Maurice J. Duca have a pecuniary interest in the APPF shares sold on August 17, 2026?
The filing states he does not possess any pecuniary interest in the Class A shares held by the pension trust that executed the August 17, 2026 sales, even though he has sole voting and dispositive power as trustee.

What APPF shares does Maurice J. Duca indirectly hold through LLCs as of August 14, 2026?
As of August 14, 2026, entities managed by Maurice J. Duca indirectly hold 26,667 APPF Class A shares via IGSB Cardinal I, LLC; 142,857 shares via IGSB Gaucho Fund I, LLC; and 9,805 shares via IGSB Cardinal Core BV, LLC.

How many APPF shares are held in the charitable remainder trust associated with Maurice J. Duca?
The charitable remainder trust associated with Maurice J. Duca holds 7,022 APPF Class A shares as of August 14, 2026. He may share voting and dispositive power as co-trustee but disclaims any pecuniary interest in those shares.

Are the LLC APPF holdings reported by Maurice J. Duca beneficially owned by him?
The Form 4 explains the APPF shares held by the three IGSB LLCs are controlled by Maurice J. Duca as managing member, but he disclaims beneficial ownership except to the extent of any pecuniary interest he may have.

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Form 4 Insider Transactions: What Each Field Means →
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)
08/14/2026		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 Stock08/17/2026S(1)679D$194.28(2)55,653IBy Pension Trust(3)
Class A Common Stock08/17/2026S(1)1,886D$195.33(4)53,767IBy Pension Trust(3)
Class A Common Stock08/17/2026S(1)1,830D$196.08(5)51,937IBy Pension Trust(3)
Class A Common Stock08/17/2026S(1)890D$196.98(6)51,047IBy Pension Trust(3)
Class A Common Stock08/17/2026S(1)263D$198.37(7)50,784IBy Pension Trust(3)
Class A Common Stock08/17/2026S(1)52D$199.0550,732IBy Pension Trust(3)
Class A Common Stock26,667IBy IGSB Cardinal I, LLC(8)
Class A Common Stock142,857IBy IGSB Gaucho Fund I, LLC(9)
Class A Common Stock9,805IBy IGSB Cardinal Core BV, LLC(10)
Class A Common Stock7,022IBy Charitable Remainder Trust(11)
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 $193.63 to $194.61, 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. 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.
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 $194.73 to $195.72, 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.
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 $195.73 to $196.63, 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. This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $196.74 to $197.635, 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.
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 $197.91 to $198.77, 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. 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.
9. 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.
10. 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.
11. 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 18, 2026.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/18/2026
** 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