DUCA MAURICE J 4
4 · APPFOLIO INC · Filed Feb 3, 2026
Research Summary
AI-generated summary of this filing
AppFolio (APPF) 10% Owner Maurice J. Duca Converts 7,022 Shares
What Happened
Maurice J. Duca, reported as a 10% owner of AppFolio (APPF), converted 7,022 Class B shares into 7,022 Class A shares on February 2, 2026. The conversion was a derivative transaction (code C) with an effective price of $0.00 — no cash was paid or received. The filing shows an acquisition of 7,022 Class A shares via conversion and a corresponding disposition of 7,022 Class B shares (conversion of the derivative).
Key Details
- Transaction date: 2026-02-02; Form 4 filed 2026-02-03 (timely filing).
- Shares converted: 7,022 Class B → 7,022 Class A; price per share reported $0.00; total value $0.
- Shares owned after transaction: not specified in the provided excerpt of the filing.
- Footnotes: conversion is 1-for-1 (each Class B converts into one Class A) per AppFolio charter provisions (F7/F8). The Class B shares were held through entities and trusts (IGSB Cardinal I, IGSB Gaucho Fund I, IGSB Cardinal Core BV, and pension/trust arrangements) where Duca is managing member or trustee and disclaims beneficial ownership except to the extent of any pecuniary interest (F1–F6, F9–F12).
- Transaction type: derivative conversion (not a purchase or market sale); no 10b5-1 or tax-withholding notes in the excerpt.
Context
This was a conversion of existing Class B shares into Class A shares under the company’s one-for-one conversion rules — a bookkeeping/structural change rather than a buy or sell in the open market. For a 10% owner like Duca, many shares are held through entities and trusts; the filing clarifies voting/dispositive control and disclaims direct beneficial ownership in several instances, which is common in entity-structured holdings.
Insider Transaction Report
Form 4
APPFOLIO INCAPPF
DUCA MAURICE J
10% Owner
Transactions
- Conversion
Class A Common Stock
[F1][F2]2026-02-02+7,022→ 7,022 total(indirect: By Trust) - Conversion
Class B Common Stock
[F1][F7][F8]2026-02-02−7,022→ 0 total(indirect: By Trust)Exercise: $0.00→ Class A Common Stock (7,022 underlying)
Holdings
- 96,005
Class A Common Stock
- 44,000(indirect: By Trust)
Class A Common Stock
- 153,500(indirect: By Trust)
Class A Common Stock
[F3] - 26,667(indirect: By LLC)
Class A Common Stock
[F4] - 142,857(indirect: By LLC)
Class A Common Stock
[F5] - 9,805(indirect: By LLC)
Class A Common Stock
[F6] - 3,471,416
Class B Common Stock
[F7][F8]Exercise: $0.00→ Class A Common Stock - 79,442(indirect: By Trust)
Class B Common Stock
[F7][F8]Exercise: $0.00→ Class A Common Stock - 2,382,136(indirect: By Trust)
Class B Common Stock
[F7][F8][F9]Exercise: $0.00→ Class A Common Stock - 26,666(indirect: By LLC)
Class B Common Stock
[F7][F8][F10]Exercise: $0.00→ Class A Common Stock - 142,858(indirect: By LLC)
Class B Common Stock
[F7][F8][F11]Exercise: $0.00→ Class A Common Stock - 4,995(indirect: By LLC)
Class B Common Stock
[F7][F8][F12]Exercise: $0.00→ Class A Common Stock
Footnotes (12)
- [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.
- [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.
- [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.
Signature
/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca|2026-02-03