# EDGAR Filing Document

**Accession Number:** 0001433195
**File Stem:** 0001415889-25-021142
**Filing Date:** 2025-8
**Character Count:** 16232
**Document Hash:** 5ec5ce6708be69983a4e919e12f028ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001415889-25-021142.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001415889-25-021142

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250804

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** DUCA MAURICE J
- **CENTRAL INDEX KEY:** 0000938333

**ORGANIZATION NAME:**
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37468
- **FILM NUMBER:** 251186988

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 5609
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93150
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APPFOLIO INC
- **CENTRAL INDEX KEY:** 0001433195
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 260359894
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 70 CASTILIAN DRIVE
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93117
- **BUSINESS PHONE:** 8053646047

**MAIL ADDRESS:**
- **STREET 1:** 70 CASTILIAN DRIVE
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93117

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] 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**<sup>*</sup><br>DUCA MAURICE J<br><sub>(Last) (First) (Middle)</sub><br>C/O IGSB, INC.<br>1485 E. VALLEY ROAD, SUITE H<br><sub>(Street)</sub><br>SANTA BARBARA, CA 93108<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-08-04 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>APPFOLIO INC [ APPF ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 500 | D | 318.41<sup>(2)</sup> | 82795 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 351 | D | 319.80<sup>(3)</sup> | 82444 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 449 | D | 320.76<sup>(4)</sup> | 81995 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 400 | D | 321.87<sup>(5)</sup> | 81595 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 400 | D | 322.78<sup>(6)</sup> | 81195 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 400 | D | 324.20<sup>(7)</sup> | 80795 | D |  |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 400 | D | 318.50<sup>(8)</sup> | 57800 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 200 | D | 319.72<sup>(9)</sup> | 57600 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 200 | D | $320.52 | 57400 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 400 | D | 321.96<sup>(10)</sup> | 57000 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 300 | D | 323.03<sup>(11)</sup> | 56700 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 100 | D | $323.92 | 56600 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 200 | D | 325.06<sup>(12)</sup> | 56400 | I | By Family Trust |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 300 | D | 318.63<sup>(13)</sup> | 43400 | I | By Pension Trust<sup>(14)</sup> |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 200 | D | 320.34<sup>(15)</sup> | 43200 | I | By Pension Trust<sup>(14)</sup> |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 500 | D | 321.79<sup>(16)</sup> | 42700 | I | By Pension Trust<sup>(14)</sup> |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 100 | D | $322.65 | 42600 | I | By Pension Trust<sup>(14)</sup> |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 100 | D | $323.93 | 42500 | I | By Pension Trust<sup>(14)</sup> |
| Class A Common Stock | 2025-08-04 |  | S<sup>(1)</sup> |  | 100 | D | $325.22 | 42400 | I | By Pension Trust<sup>(14)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 26667 | I | By IGSB Cardinal I, LLC<sup>(17)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 142857 | I | By IGSB Gaucho Fund I, LLC<sup>(18)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 9805 | I | By IGSB Cardinal Core BV, LLC<sup>(19)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) Sales made pursuant to a 10(b)5-1 trading plan previously adopted by the Reporting Person on December 13, 2024.

(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 $317.96 to $318.90, 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.

(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 $319.23 to $320.20, 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 $320.27 to $321.16, 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.

(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 $321.31 to $322.17, 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 $322.54 to $323.22, 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.

(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 $323.92 to $324.74, 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 $318.28 to $318.83, 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 $319.28 to $320.15, 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 $321.64 to $322.20, 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) This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $322.71 to $323.62, 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.

(12) This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $324.93 to $325.19, 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.

(13) This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $318.30 to $318.84, 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.

(14) 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.

(15) This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $320.14 to $320.53, 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.

(16) This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $321.37 to $322.20, 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.

(17) 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.

(18) 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.

(19) 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.

**Signature:** /s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca  
**Date:** 2025-08-05

### Remarks:

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.**