MAURICE J. DUCA - 27 Feb 2025 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: 27 Feb 2025
Net transactions value: $0
Form type: 4
Filing time: 28 Feb 2025, 17:16:23 UTC
Previous filing: 27 Nov 2024
Next filing: 05 Aug 2025
SEC: View on sec.gov

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	+85,790	+1715800%	$0.000000	85,795	27 Feb 2025	Direct	F1
transaction	APPF	Class A Common Stock	Conversion of derivative security	$0	+60,000		$0.000000	60,000	27 Feb 2025	By Family Trust	F2
transaction	APPF	Class A Common Stock	Conversion of derivative security	$0	+35,893	+394%	$0.000000	45,000	27 Feb 2025	By Pension Trust	F3, F4
holding	APPF	Class A Common Stock						26,667	27 Feb 2025	By IGSB Cardinal I, LLC	F5
holding	APPF	Class A Common Stock						142,857	27 Feb 2025	By IGSB Gaucho Fund I, LLC	F6
holding	APPF	Class A Common Stock						9,805	27 Feb 2025	By IGSB Cardinal Core BV, LLC	F7

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	-85,790	-2.4%	$0.000000	3,511,626	27 Feb 2025	Class A Common Stock	85,790	$0.000000	Direct	F1, F8, F9
transaction	APPF	Class B Common Stock	Conversion of derivative security	$0	-60,000	-42%	$0.000000	84,442	27 Feb 2025	Class A Common Stock	60,000	$0.000000	By Family Trust	F2, F8, F9
transaction	APPF	Class B Common Stock	Conversion of derivative security	$0	-35,893	-1.4%	$0.000000	2,500,260	27 Feb 2025	Class A Common Stock	35,893	$0.000000	By Pension Trust	F3, F8, F9, F10
holding	APPF	Class B Common Stock						26,666	27 Feb 2025	Class A Common Stock		$0.000000	By IGSB Cardinal I, LLC	F8, F9, F11
holding	APPF	Class B Common Stock						142,858	27 Feb 2025	Class A Common Stock		$0.000000	By IGSB Gaucho Fund I, LLC	F8, F9, F12
holding	APPF	Class B Common Stock						4,995	27 Feb 2025	Class A Common Stock		$0.000000	By IGSB Cardinal Core BV, LLC	F8, F9, F13
holding	APPF	Class B Common Stock						7,022	27 Feb 2025	Class A Common Stock		$0.000000	By Charitable Remainder Trust	F8, F9, F14

* 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 85,790 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	The Reporting Person acquired these 60,000 Class A Shares by converting a like number of Class B Shares that were owned by the Reporting Person.
F3	The Reporting Person acquired these 35,893 Class A Shares by converting a like number of Class B Shares that were owned by the Reporting Person.
F4	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.
F5	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.
F6	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.
F7	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.
F8	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).
F9	(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.
F10	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.
F11	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.
F12	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.
F13	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.
F14	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.