# EDGAR Filing Document

**Accession Number:** 0001433195
**File Stem:** 0000938333-25-000002
**Filing Date:** 2025-11
**Character Count:** 12249
**Document Hash:** 97ebe94ed6ca166e4f095b99385529ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000938333-25-000002.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0000938333-25-000002

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251104

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**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:** 251459942

**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).

[ ] 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>2025-11-04 | **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 | 2025-11-04 |  | C<sup>(1)</sup> |  | 40210 | A | $0 | 96005 | D |  |
| Class A Common Stock | 2025-11-04 |  | C<sup>(2)</sup> |  | 5000 | A | $0 | 44000 | I | By Family Trust |
| Class A Common Stock | 2025-11-04 |  | C<sup>(3)</sup> |  | 118124 | A | $0 | 153500 | I | By Pension Trust<sup>(4)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 26667 | I | By IGSB Cardinal I, LLC<sup>(5)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 142857 | I | By IGSB Gaucho Fund I, LLC<sup>(6)</sup> |
| Class A Common Stock |  |  |  |  |  |  |  | 9805 | I | By IGSB Cardinal Core BV, LLC<sup>(7)</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 |
| Class B Common Stock | $0 | 2025-11-04 |  | C<sup>(1)</sup> |  |  | 40210 | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | 40210 | $0 | 3471416 | D |  |
| Class B Common Stock | $0 | 2025-11-04 |  | C<sup>(2)</sup> |  |  | 5000 | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | 5000 | $0 | 79442 | I | By Family Trust |
| Class B Common Stock | $0 | 2025-11-04 |  | C<sup>(3)</sup> |  |  | 118124 | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | 118124 | $0 | 2382136 | I | By Pension Trust<sup>(10)</sup> |
| Class B Common Stock | $0 |  |  |  |  |  |  | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | <sup>(8)(9)</sup> |  | 26666 | I | By IGSB Cardinal I, LLC<sup>(11)</sup> |
| Class B Common Stock | $0 |  |  |  |  |  |  | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | <sup>(8)(9)</sup> |  | 142858 | I | By IGSB Gaucho Fund I, LLC<sup>(12)</sup> |
| Class B Common Stock | $0 |  |  |  |  |  |  | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | <sup>(8)(9)</sup> |  | 4995 | I | By IGSB Cardinal Core BV, LLC<sup>(13)</sup> |
| Class B Common Stock | $0 |  |  |  |  |  |  | <sup>(8)(9)</sup> | <sup>(8)(9)</sup> | Class A Common Stock | <sup>(8)(9)</sup> |  | 7022 | I | By Charitable Remainder Trust<sup>(14)</sup> |

---

### Footnotes:

(1) The Reporting Person acquired these 40,210 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) The Reporting Person acquired these 5,000 Class A Shares by converting a like number of Class B Shares that were owned by the Reporting Person.

(3) The Reporting Person acquired these 118,124 Class A Shares by converting a like number of Class B Shares that were owned by the Reporting Person.

(4) 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.

(5) 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.

(6) 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.

(7) 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.

(8) 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).

(9) (Continued from Footnote 8) 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.

(10) 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.

(11) 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.

(12) 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.

(13) 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.

(14) These Class B 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 B Shares with the other trustee. However, the Reporting Person does not have a pecuniary interest in, and he disclaims beneficial ownership of, these Class B Shares.

**Signature:** /s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca  
**Date:** 2025-11-06

### 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.**