Maurice J. Duca - 02 Feb 2026 Form 4 Insider Report for APPFOLIO INC (APPF)

Role: 10%+ Owner
Signature: /s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca
Issuer symbol: APPF
Transactions as of: 02 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 03 Feb 2026, 19:35:13 UTC
Previous filing: 06 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
DUCA MAURICE J	10%+ Owner	C/O IGSB, INC., 1485 E. VALLEY ROAD, SUITE H, SANTA BARBARA	/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca	03 Feb 2026	0000938333

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APPF	Class A Common Stock	Conversion of derivative security	$0	+7,022		$0.000000	7,022	02 Feb 2026	By Charitable Remainder Trust	F1, F2
holding	APPF	Class A Common Stock						96,005	02 Feb 2026	Direct
holding	APPF	Class A Common Stock						44,000	02 Feb 2026	By Family Trust
holding	APPF	Class A Common Stock						153,500	02 Feb 2026	By Pension Trust	F3
holding	APPF	Class A Common Stock						26,667	02 Feb 2026	By IGSB Cardinal I, LLC	F4
holding	APPF	Class A Common Stock						142,857	02 Feb 2026	By IGSB Gaucho Fund I, LLC	F5
holding	APPF	Class A Common Stock						9,805	02 Feb 2026	By IGSB Cardinal Core BV, LLC	F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	APPF	Class B Common Stock	Conversion of derivative security	$0	-7,022	-100%	$0.000000	0	02 Feb 2026	Class A Common Stock	7,022	$0.000000	By Charitable Remainder Trust	F1, F7, F8
holding	APPF	Class B Common Stock						3,471,416	02 Feb 2026	Class A Common Stock		$0.000000	Direct	F7, F8
holding	APPF	Class B Common Stock						79,442	02 Feb 2026	Class A Common Stock		$0.000000	By Family Trust	F7, F8
holding	APPF	Class B Common Stock						2,382,136	02 Feb 2026	Class A Common Stock		$0.000000	By Pension Trust	F7, F8, F9
holding	APPF	Class B Common Stock						26,666	02 Feb 2026	Class A Common Stock		$0.000000	By IGSB Cardinal I, LLC	F7, F8, F10
holding	APPF	Class B Common Stock						142,858	02 Feb 2026	Class A Common Stock		$0.000000	By IGSB Gaucho Fund I, LLC	F7, F8, F11
holding	APPF	Class B Common Stock						4,995	02 Feb 2026	Class A Common Stock		$0.000000	By IGSB Cardinal Core BV, LLC	F7, F8, F12

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Reporting Person acquired these 7,022 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.
F2	These 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.
F3	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.
F4	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.
F5	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.
F6	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.
F7	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).
F8	(Continued from Footnote 7) 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.
F9	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.
F10	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.
F11	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.
F12	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.