SEC Form 4 · accession 0000938333-26-000002

APPFOLIO INC · APPF

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Maurice J Duca

10% Owner

Period of report

Jul 7, 2026

Accepted (ET)

Jul 9, 2026 · 7:35 pm EDT

Rule 10b5-1 plan

yes — trade under a plan

Issuer CIK

0001433195

Table I — non-derivative securities

Security	Date	Code	Shares	Price	A/D	Owned after	D/I	Nature of ownership
Class A Common Stock^F2	Jul 7, 2026	S	3,500	$180.38	D	92,505	D
Class A Common Stock	Jul 7, 2026	S	1,600	$180.00	D	42,400	I	By Family Trust
Class A Common Stock^F3,F4	Jul 7, 2026	S	5,600	$180.41	D	147,900	I	By Pension Trust
Class A Common Stock^F5	holding	—	—		—	26,667	I	By IGSB Cardinal I, LLC
Class A Common Stock^F6	holding	—	—		—	142,857	I	By IGSB Gaucho Fund I, LLC
Class A Common Stock^F7	holding	—	—		—	9,805	I	By IGSB Cardinal Core BV, LLC
Class A Common Stock^F8	holding	—	—		—	7,022	I	By Charitable Remainder Trust

Table II — derivative securities

No Table II lines on this filing.

Explanation of responses

F1Sales made pursuant to a 10(b)5-1 trading plan previously adopted by the Reporting Person on March 13, 2026.
F2This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.84, 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.
F3This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $180.00 to $180.90, 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.
F4These 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.
F5These 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.
F6These 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.
F7These 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.
F8These 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.