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  4. [Form 4] APPFOLIO INC Insider Trading Activity

AppFolio (NASDAQ: APPF) insider sale from $202.61 to $215.77

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

Rhea-AI Filing Summary

APPFOLIO INC (APPF) reported that ten percent owner Maurice J. Duca, through a family trust and a pension trust, sold 7,001 shares of Class A Common Stock on August 19, 2026 under a Rule 10b5-1 trading plan adopted on March 13, 2026. The reported weighted average per-share sale prices ranged from $202.61 to $215.60 across multiple transactions labeled as sales in open market or private transactions. The pension trust sales are by a trust where Duca has sole voting and dispositive power but no pecuniary interest, and additional indirect holdings are reported for several LLCs and a charitable remainder trust, for which he generally disclaims beneficial ownership except to the extent of any pecuniary interest.

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Insider DUCA MAURICE J
Role 10% Owner
Sold 7,001 shs ($1.49M)
Type Security Shares Price Value
Sale Class A Common Stock F1, F2 219 $212.64 $47K
Sale Class A Common Stock F1, F3 584 $213.78 $125K
Sale Class A Common Stock F1, F4 510 $214.94 $110K
Sale Class A Common Stock F1, F5 88 $215.60 $19K
Sale Class A Common Stock F1, F6 78 $202.61 $16K
Sale Class A Common Stock F1, F6 78 $203.98 $16K
Sale Class A Common Stock F1, F7, F6 132 $206.45 $27K
Sale Class A Common Stock F1, F6 23 $207.27 $5K
Sale Class A Common Stock F1, F8, F6 156 $209.12 $33K
Sale Class A Common Stock F1, F9, F6 234 $211.18 $49K
Sale Class A Common Stock F1, F2, F6 781 $212.64 $166K
Sale Class A Common Stock F1, F3, F6 2,005 $213.78 $429K
Sale Class A Common Stock F1, F10, F6 1,801 $214.94 $387K
Sale Class A Common Stock F1, F5, F6 312 $215.60 $67K
holding Class A Common Stock F11 -- -- --
holding Class A Common Stock F12 -- -- --
holding Class A Common Stock F13 -- -- --
holding Class A Common Stock F14 -- -- --
Holdings After Transaction: Class A Common Stock — 9,824 shares (Indirect, By Family Trust); Class A Common Stock — 39,532 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 (14)
  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 $212.22 to $213.16, 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 $213.31 to $214.30, 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 $214.39 to $215.33, 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 $215.50 to $215.77, 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.
  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 $206.05 to $207.03, 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 $209.01 to $209.22, 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.
  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 $210.94 to $211.67, 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 $214.39 to $215.37, 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. 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.
  12. F12. 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.
  13. F13. 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.
  14. F14. 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.
Total shares sold 7,001 shares Aggregate Class A Common Stock sales on August 19, 2026
Sale price (example family trust tranche) $212.64 per share Weighted average price for 219-share sale on August 19, 2026
Sale price range (F2 group) $212.22 to $213.16 per share Weighted average price range for certain August 19, 2026 sales
Sale price range (F5 group) $215.50 to $215.77 per share Weighted average price range for certain August 19, 2026 sales
Pension trust sale example 234 shares at $211.18 per share Class A Common Stock sold by a pension trust on August 19, 2026
IGSB Cardinal I, LLC holding 26,667 shares Indirect Class A Common Stock holding as of August 18, 2026
IGSB Gaucho Fund I, LLC holding 142,857 shares Indirect Class A Common Stock holding as of August 18, 2026
Charitable remainder trust holding 7,022 shares Indirect Class A Common Stock holding as of August 18, 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"
sole voting and dispositive power regulatory
"the Reporting Person possesses sole voting and dispositive power"

FAQ

What insider activity did APPF (AppFolio Inc) disclose for Maurice J. Duca?
APPF disclosed that ten percent owner Maurice J. Duca, through a family trust and a pension trust, sold 7,001 shares of Class A Common Stock on August 19, 2026 in multiple sale transactions under a Rule 10b5-1 trading plan.

How many APPF shares were sold and at what prices in this Form 4?
A total of 7,001 shares of APPF Class A Common Stock were sold on August 19, 2026 at weighted average prices in ranges including $202.61 to $207.03 and $210.94 to $215.77, depending on the specific transaction group.

Were Maurice J. Duca’s APPF share sales under a Rule 10b5-1 plan?
Yes. The filing states the sales were made pursuant to a Rule 10b5-1 trading plan previously adopted by Maurice J. Duca on March 13, 2026, which pre-arranged the sale parameters in advance.

Which entities actually sold the APPF shares reported for Maurice J. Duca?
The sales involved APPF Class A shares held by a family trust and by a pension trust. The pension trust sales are by a trust where Duca has sole voting and dispositive power but no pecuniary interest, according to the disclosure.

What indirect APPF holdings for Maurice J. Duca-associated entities are disclosed?
Indirect holdings disclosed 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 by a charitable remainder trust, with beneficial ownership generally disclaimed except for any pecuniary interest.

Does Maurice J. Duca have pecuniary interest in all reported APPF shares?
No. For the pension trust and certain LLC and charitable remainder trust holdings, Duca either has no pecuniary interest or disclaims beneficial ownership, except to the extent of any pecuniary interest he may have, as described in the footnotes.

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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)
08/18/2026		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 Stock08/19/2026S(1)219D$212.64(2)11,006IBy Family Trust
Class A Common Stock08/19/2026S(1)584D$213.78(3)10,422IBy Family Trust
Class A Common Stock08/19/2026S(1)510D$214.94(4)9,912IBy Family Trust
Class A Common Stock08/19/2026S(1)88D$215.6(5)9,824IBy Family Trust
Class A Common Stock08/19/2026S(1)78D$202.6145,054IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)78D$203.9844,976IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)132D$206.45(7)44,844IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)23D$207.2744,821IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)156D$209.12(8)44,665IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)234D$211.18(9)44,431IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)781D$212.64(2)43,650IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)2,005D$213.78(3)41,645IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)1,801D$214.94(10)39,844IBy Pension Trust(6)
Class A Common Stock08/19/2026S(1)312D$215.6(5)39,532IBy Pension Trust(6)
Class A Common Stock26,667IBy IGSB Cardinal I, LLC(11)
Class A Common Stock142,857IBy IGSB Gaucho Fund I, LLC(12)
Class A Common Stock9,805IBy IGSB Cardinal Core BV, LLC(13)
Class A Common Stock7,022IBy Charitable Remainder Trust(14)
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 $212.22 to $213.16, 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 $213.31 to $214.30, 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 $214.39 to $215.33, 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 $215.50 to $215.77, 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.
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 $206.05 to $207.03, 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 $209.01 to $209.22, 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.
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 $210.94 to $211.67, 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 $214.39 to $215.37, 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. 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.
12. 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.
13. 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.
14. 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 20, 2026.
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca08/20/2026
** 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