Charitable trust for AppFolio (NASDAQ: APPF) converts 7,022 Class B shares

Rhea-AI Filing Summary

AppFolio major shareholder Maurice J. Duca reported an internal share conversion involving a charitable remainder trust. On 02/02/2026, a charitable remainder trust associated with him converted 7,022 Class B Common Stock shares into 7,022 Class A Common Stock shares at a stated price of $0 per share.

The filing notes that the trust now holds 7,022 Class A shares indirectly, while Duca disclaims pecuniary interest in these trust-held shares. The Form 4 also lists additional direct and indirect Class A and Class B holdings through a family trust, a pension trust, and several IGSB-branded LLCs, where he generally has voting or dispositive power but in many cases limits or disclaims economic ownership.

SEC Form 4

FORM 4

UNITED 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

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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 CA 93108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
APPFOLIO INC [ APPF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/02/2026		C(1)		7,022	A	$0	7,022	I	By Charitable Remainder Trust(2)
Class A Common Stock								96,005	D
Class A Common Stock								44,000	I	By Family Trust
Class A Common Stock								153,500	I	By Pension Trust(3)
Class A Common Stock								26,667	I	By IGSB Cardinal I, LLC(4)
Class A Common Stock								142,857	I	By IGSB Gaucho Fund I, LLC(5)
Class A Common Stock								9,805	I	By IGSB Cardinal Core BV, LLC(6)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	$0	02/02/2026		C(1)			7,022	(7)(8)	(7)(8)	Class A Common Stock	7,022	$0	0	I	By Charitable Remainder Trust
Class B Common Stock	$0							(7)(8)	(7)(8)	Class A Common Stock	(7)(8)		3,471,416	D
Class B Common Stock	$0							(7)(8)	(7)(8)	Class A Common Stock	(7)(8)		79,442	I	By Family Trust
Class B Common Stock	$0							(7)(8)	(7)(8)	Class A Common Stock	(7)(8)		2,382,136	I	By Pension Trust(9)
Class B Common Stock	$0							(7)(8)	(7)(8)	Class A Common Stock	(7)(8)		26,666	I	By IGSB Cardinal I, LLC(10)
Class B Common Stock	$0							(7)(8)	(7)(8)	Class A Common Stock	(7)(8)		142,858	I	By IGSB Gaucho Fund I, LLC(11)
Class B Common Stock	$0							(7)(8)	(7)(8)	Class A Common Stock	(7)(8)		4,995	I	By IGSB Cardinal Core BV, LLC(12)

Explanation of Responses:

1. The Reporting Person acquired these 7,022 shares of Class A Common Stock ("Class A Shares") by converting a like number of shares of Class B Common Stock ("Class B Shares") that were owned by the Reporting Person.

2. 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.

3. These 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. 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.

5. 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.

6. 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.

7. Each Class B Share is convertible, at any time at the option of the holder, into one Class A Share. In addition, Class B Shares that are sold or otherwise transferred will convert automatically, on a one share-for-one share basis, into Class A Shares, except for (i) any transfer by a partnership or limited liability company that was a registered holder of Class B Shares prior to June 30, 2015 that is made to anyone who was a partner or member of any such partnership or limited liability company prior to June 30, 2015, and (ii) any transfer to a "qualified recipient" (as defined in AppFolio's Amended and Restated Certificate of Incorporation).

8. (Continued from Footnote 7) AppFolio's Class B Shares do not have an expiration date. However, all of the outstanding Class B Shares will convert automatically into Class A Shares, on a one share-for-one share basis, on the date when the number of the Company's outstanding Class B Shares represents less than 10% of the sum of AppFolio's outstanding Class A Shares and Class B Shares.

9. These Class B 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 B Shares. However, the Reporting Person does not possess any pecuniary interest in these Class B Shares.

10. These Class B 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 B Shares. However, the Reporting Person disclaims beneficial ownership in these Class B Shares, except to the extent of any pecuniary interest he may have therein.

11. These Class B 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 B Shares. However, the Reporting Person disclaims beneficial ownership in these Class B Shares, except to the extent of any pecuniary interest he may have therein.

12. These Class B 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 B Shares, but he disclaims beneficial ownership over the Class B Shares, except to the extent of any pecuniary interest he may have therein.

	/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca	02/03/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did APPF major shareholder Maurice J. Duca report?

Maurice J. Duca reported an internal share conversion involving a charitable remainder trust. On 02/02/2026, the trust converted 7,022 shares of AppFolio Class B Common Stock into 7,022 shares of Class A Common Stock, with a stated transaction price of $0 per share.

How many AppFolio (APPF) shares were converted in this Form 4 filing?

The filing shows a conversion of 7,022 shares. A charitable remainder trust associated with Maurice J. Duca converted 7,022 Class B Common Stock shares into 7,022 Class A Common Stock shares on 02/02/2026, reflecting a one-for-one conversion at a stated price of $0 per share.

Who holds the converted AppFolio Class A shares reported in this Form 4?

The 7,022 converted Class A shares are held by a charitable remainder trust. Maurice J. Duca is a co-trustee and may share voting and dispositive power with another trustee, but he disclaims pecuniary interest and beneficial ownership of these shares under the terms described in the filing.

What does the Form 4 say about Maurice J. Duca’s economic interest in the trust-held APPF shares?

The Form 4 states that Duca does not have a pecuniary interest in the charitable remainder trust’s Class A shares. Although he may share voting and dispositive power as co-trustee, he expressly disclaims beneficial ownership of those 7,022 shares, limiting his role largely to governance authority.

How are AppFolio Class B shares convertible into Class A shares according to this filing?

Each AppFolio Class B Common Stock share is convertible into one Class A share at the holder’s option. The filing also notes that most transfers of Class B shares automatically convert to Class A on a one-for-one basis, and all outstanding Class B convert once they fall below 10% of total shares.

What other AppFolio share holdings linked to Maurice J. Duca are disclosed?

The filing lists additional Class A and Class B holdings through a family trust, a pension trust, and several IGSB LLCs. Duca typically has voting and dispositive power over these entities’ shares, but he often disclaims beneficial ownership or limits it to any pecuniary interest he may have.