AppFolio holder Maurice Duca reports 21.2% stake

Rhea-AI Filing Summary

Maurice J. Duca reports his updated beneficial ownership in AppFolio, Inc. Class A common stock in this Amendment No. 3 to Schedule 13D. As of August 13, 2026, he beneficially owned 6,410,682 Class A Shares, calculated on an as-converted basis, representing 21.2% of the outstanding Class A shares.

This percentage is based on 24,087,367 Class A Shares outstanding as of July 16, 2026 plus 6,107,513 Class A Shares issuable upon conversion of his Class B shares within 60 days. Including Class B Shares, his holdings represent 44.7% of AppFolio’s total voting power. The filing details multiple entities and trusts through which Duca holds or controls voting and dispositive power, with several positions where he disclaims pecuniary interest or beneficial ownership beyond any economic interest he may have.

Key Figures

Beneficial ownership: 6,410,682 Class A Shares Percent of Class A: 21.2% Total voting power: 44.7% +5 more

8 metrics

Beneficial ownership 6,410,682 Class A Shares Shares beneficially owned by Maurice J. Duca as of August 13, 2026

Percent of Class A 21.2% Portion of outstanding Class A Shares represented by Duca’s beneficial ownership

Total voting power 44.7% Duca’s beneficial ownership as a percentage of AppFolio’s total voting power

Class A Shares outstanding 24,087,367 Class A Shares AppFolio Class A Shares outstanding as of July 16, 2026

Class A issuable from Class B 6,107,513 Class A Shares Class A Shares Duca may receive upon conversion of his Class B Shares within 60 days

Class B Shares outstanding 11,329,625 Class B Shares Class B Shares reported outstanding as of July 16, 2026

Sole voting power 6,403,660 Shares Shares over which Duca has sole voting power

Shared voting power 7,022 Shares Shares over which Duca has shared voting power

Key Terms

beneficially owned, dispositive power, pecuniary interest, total voting power, +2 more

6 terms

beneficially owned financial

"the Reporting Person beneficially owned 6,410,682 Shares, representing approximately 21.2%"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

dispositive power financial

"possesses sole voting and dispositive power over 61,932 Class A Shares and 2,382,136 Class B Shares"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

pecuniary interest financial

"The Reporting Person does not have and disclaims any pecuniary interest in such Shares"

total voting power financial

"beneficial ownership of Shares represents 44.7% of the Issuer's total voting power"

Schedule 13D regulatory

"In accordance with Section 13(d) of the Securities Exchange Act of 1934"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Class B Shares financial

"11,329,625 Class B Shares reported by the Issuer as being outstanding as of July 16, 2026"

Class B shares are one type of a company’s stock that carries a specific set of rights — often different voting power or dividend rules compared with other classes. For investors, that affects influence over company decisions and potential income: owning Class B might mean fewer or more votes per share or different claim on profits, like having a different seat at a decision table or a different slice of the payout pie.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many APPF (AppFolio) shares does Maurice J. Duca beneficially own?

Maurice J. Duca beneficially owns 6,410,682 Class A Shares of AppFolio on an as-converted basis as of August 13, 2026. This total includes Class A Shares and Class A Shares issuable upon conversion of his Class B Shares within 60 days.

What percentage of AppFolio (APPF) Class A stock does Maurice J. Duca hold?

Maurice J. Duca’s beneficial ownership represents 21.2% of AppFolio’s outstanding Class A Shares. This percentage is calculated against 24,087,367 Class A Shares outstanding plus 6,107,513 Class A Shares issuable from his Class B Shares within 60 days.

What is Maurice J. Duca’s voting power in AppFolio (APPF)?

Based on the company’s reported share counts, Maurice J. Duca’s beneficial ownership represents 44.7% of AppFolio’s total voting power. This figure reflects his holdings of both Class A Shares and Class B Shares, which carry voting rights as disclosed.

How were Maurice J. Duca’s ownership percentages in APPF calculated?

The percentages use (a) his owned Class A Shares plus Class A Shares issuable from his Class B Shares within 60 days, divided by (b) AppFolio’s 24,087,367 outstanding Class A Shares plus 6,107,513 Class A Shares he can obtain upon conversion of his Class B Shares.

Through what entities does Maurice J. Duca hold his APPF shares?

Holdings are spread across pension trusts, LLCs, and trusts. He serves as trustee or managing member for several entities, often with sole voting and dispositive power, while in some cases he disclaims pecuniary interest or beneficial ownership except for any economic interest.

What AppFolio (APPF) share counts underlie the 44.7% voting power figure?

The 44.7% total voting power is based on 11,329,625 Class B Shares outstanding and 24,087,367 Class A Shares outstanding as of July 16, 2026, as reported by AppFolio in its Form 10-Q for the quarter ended June 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/13/2026 - 07:58 PM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

APPFOLIO, INC.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

03783C100

(CUSIP Number)

Maurice J. Duca
c/o IGSB, Inc., 1485 E Valley Road, Suite H
Santa Barbara, CA, 93108
(805) 969-9292

Larry W. Sonsini
Wilson Sonsini Goodrich & Rosati, 650 Page Mill Road
Palo Alto, CA, 94304
(650) 493-9300

Jose F. Macias
Wilson Sonsini Goodrich & Rosati, 650 Page Mill Road
Palo Alto, CA, 94304
(650) 493-9300

Douglas K. Schnell
Wilson Sonsini Goodrich & Rosati, 650 Page Mill Road
Palo Alto, CA, 94304
(650) 493-9300

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/11/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 03783C100

1

Name of reporting person

Maurice J Duca

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF, PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 6,403,660.00
8	Shared Voting Power 7,022.00
9	Sole Dispositive Power 6,403,660.00
10	Shared Dispositive Power 7,022.00

11

Aggregate amount beneficially owned by each reporting person

6,410,682.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

21.2 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

In accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, the Reporting Person's beneficial ownership percentage was determined by dividing (a) the sum of (i) the outstanding Class A Shares (as defined below) beneficially owned by the Reporting Person and (ii) the number of Class A Shares that the Reporting Person is entitled to acquire upon conversion of the outstanding Class B Shares (as defined below) beneficially owned by the Reporting Person at any time within the next 60 days (all of which are immediately convertible); by (b) the sum of (i) the 24,087,367 Class A Shares reported by the Issuer (as defined below) as being outstanding as of July 16, 2026, and (ii) the 6,107,513 Class A Shares that the Reporting Person is entitled to acquire upon conversion of the Reporting Person's Class B Shares at any time within the next 60 days.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Class A Common Stock, par value $0.0001 per share
(b)	Name of Issuer: APPFOLIO, INC.
(c)	Address of Issuer's Principal Executive Offices: 70 Castilian Drive, Santa Barbara, CALIFORNIA , 93117.
Item 1 Comment: This Amendment No. 3 (this "Amendment") amends and supplements the Schedule 13D filed on November 10, 2022, as amended by Amendment No. 1 and Amendment No. 2 thereto, which were filed with the Securities and Exchange Commission on March 6, 2023 and July 19, 2024, respectively (as amended, the "Schedule 13D"), by the Reporting Person relating to the Shares. Information reported in the Schedule 13D remains in effect except to the extent that it is amended, restated or superseded by information contained in this Amendment. Capitalized terms used but not defined in this Amendment have the respective meanings set forth in the Schedule 13D. All references in the Schedule 13D and this Amendment to the "Statement" will be deemed to refer to the Schedule 13D as amended and supplemented by this Amendment.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) and (b) is amended and restated as follows: (a) and (b) The responses of the Reporting Person to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Statement are incorporated by reference. As of 4:00 p.m., Eastern time, on August 13, 2026, the Reporting Person beneficially owned 6,410,682 Shares, representing approximately 21.2% of the outstanding Class A Shares. Such percentage was calculated by dividing (a) the sum of (i) the outstanding Class A Shares beneficially owned by the Reporting Person and (ii) the number of Class A Shares that the Reporting Person is entitled to acquire upon conversion of the outstanding Class B Shares beneficially owned by the Reporting Person at any time within the next 60 days (all of which are immediately convertible); by (b) the sum of (i) the 24,087,367 Class A Shares reported by the Issuer as being outstanding as of July 16, 2026, and (ii) the 6,107,513 Class A Shares that the Reporting Person is entitled to acquire upon conversion of the Reporting Person's Class B Shares at any time within the next 60 days. Based on the 11,329,625 Class B Shares reported by the Issuer as being outstanding as of July 16, 2026, the Reporting Person's beneficial ownership of Shares represents 44.7% of the Issuer's total voting power. All outstanding Share numbers are taken from the Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026. The Reporting Person is sole trustee of a pension trust and, in that capacity, possesses sole voting and dispositive power over 61,932 Class A Shares and 2,382,136 Class B Shares. The Reporting Person does not have and disclaims any pecuniary interest in such Shares. The Reporting Person is the managing member of IGSB Cardinal Core BV, LLC, a California limited liability company, and, in that capacity, possesses sole voting and dispositive power over 9,805 Class A Shares and 4,995 Class B Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares and Class B Shares, except to the extent of any pecuniary interest he may have therein. A trust, of which the Reporting Person is trustee, owns 16,224 Class A Shares and 79,442 Class B Shares. The Reporting Person is the managing member of IGSB Gaucho Fund I, LLC, a California limited liability company, and, in that capacity, possesses sole voting and dispositive power over 142,857 Class A Shares and 142,858 Class B Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares and Class B Shares, except to the extent of any pecuniary interest he may have therein. The Reporting Person is the managing member of IGSB Cardinal I, LLC, a California limited liability company, and, in that capacity, possesses sole voting and dispositive power over 26,667 Class A Shares and 26,666 Class B Shares. However, the Reporting Person disclaims beneficial ownership in these Class A Shares and Class B Shares, except to the extent of any pecuniary interest he may have therein. A charitable remainder trust, of which the Reporting Person is a co-trustee, owns 7,022 Class A Shares. Although such Shares are included in this Statement, the Reporting Person does not have a pecuniary interest in, and disclaims beneficial ownership of, such Shares. All remaining Shares reported on this Statement as beneficially owned by the Reporting Person are held in one or more IRAs for the benefit of the Reporting Person.
Item 7.	Material to be Filed as Exhibits.
	The following item is filed as an exhibit: Transactions by the Reporting Person in the Past 60 Days

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Maurice J Duca

Signature:	/s/ Maurice J. Duca
Name/Title:	Maurice J. Duca
Date:	08/13/2026