Maurice J. Duca, a 10% owner of AppFolio Inc., filed a Form 4 on August 20, 2026, reporting the sale of Class A Common Stock on August 19, 2026, executed under a previously adopted Rule 10b5-1 trading plan.

Key Highlights

  • Reporting person: Maurice J. Duca, identified as a 10% owner of AppFolio Inc. (NASDAQ:APPF).
  • Trading plan: All sales were made pursuant to a 10b5-1 trading plan adopted by Duca on March 13, 2026.
  • Family Trust sales: 1,401 shares of Class A Common Stock were sold from a Family Trust at weighted average prices ranging from $212.64 to $215.60, leaving 9,824 shares held indirectly by that trust following the transactions.
  • Pension Trust sales: 5,600 shares of Class A Common Stock were sold from a Pension Trust at weighted average prices ranging from $202.61 to $215.60, leaving 39,532 shares held indirectly by that trust.
  • Additional indirect holdings: Following the reported transactions, Duca retained indirect holdings of 26,667 shares via IGSB Cardinal I, LLC; 142,857 shares via IGSB Gaucho Fund I, LLC; 9,805 shares via IGSB Cardinal Core BV, LLC; and 7,022 shares via a Charitable Remainder Trust.
  • Pecuniary interest disclaimed: According to the filing, Duca disclaims beneficial ownership of shares held through IGSB Cardinal I, LLC, IGSB Gaucho Fund I, LLC, and IGSB Cardinal Core BV, LLC, except to the extent of any pecuniary interest he may have therein.

AppFolio 10% Owner Duca Reports Multi-Tranche Stock Sales Under 10b5-1 Plan

According to the filing, Maurice J. Duca, whose address is listed as c/o IGSB, Inc., 1485 E. Valley Road, Suite H, Santa Barbara, California 93108, disposed of Class A Common Stock of AppFolio Inc. (NASDAQ:APPF) on August 19, 2026. All transactions carried transaction code "S" (sale) and were reported as dispositions. The filing states that all sales were made pursuant to a Rule 10b5-1 trading plan previously adopted by Duca on March 13, 2026.

Sales from the Family Trust totaled 1,401 shares across four tranches. Weighted average sale prices were $212.64 (219 shares), $213.78 (584 shares), $214.94 (510 shares), and $215.60 (88 shares). The filing notes that each weighted average price reflects multiple transactions within a stated range, and Duca undertakes to provide full per-share detail upon request. After these sales, the Family Trust held 9,824 shares indirectly. For the Pension Trust, 5,600 shares were sold across ten tranches at weighted average prices ranging from $202.61 to $215.60. Following those sales, the Pension Trust held 39,532 shares indirectly. The filing notes that Duca, as sole trustee of the Pension Trust, holds sole voting and dispositive power over those shares but "does not possess any pecuniary interest in these Class A Shares."

In addition to the shares involved in the reported transactions, the filing discloses that Duca holds indirect beneficial ownership of 26,667 shares through IGSB Cardinal I, LLC, 142,857 shares through IGSB Gaucho Fund I, LLC, and 9,805 shares through IGSB Cardinal Core BV, LLC, in each case as managing member with sole voting and dispositive power. Duca disclaims beneficial ownership of each of those positions except to the extent of any pecuniary interest. A Charitable Remainder Trust holds an additional 7,022 shares indirectly.

What Was Disclosed

Maurice J. Duca, a 10% owner of AppFolio Inc., reported the sale of a combined 7,001 shares of Class A Common Stock on August 19, 2026, from two indirectly held trusts, under a 10b5-1 plan adopted March 13, 2026, at weighted average prices between $202.61 and $215.60.