Form 4: AppFolio Director Converts Class B to Class A Shares

AppFolio Director Maurice J. Duca converted 7,022 Class B Common Stock shares into Class A Common Stock, impacting his indirect beneficial ownership.

Summary

• Maurice J. Duca, a Director and 10% Owner of AppFolio Inc. (APPF), reported a transaction on February 2, 2026.
• The transaction involved the conversion of 7,022 shares of Class B Common Stock into an equal number of Class A Common Stock.
• This conversion was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged transaction.
• Following the conversion, Duca's indirect beneficial ownership of Class A Common Stock includes 7,022 shares held by a Charitable Remainder Trust, 44,000 shares by a Family Trust, 153,500 shares by a Pension Trust, 26,667 shares by IGSB Cardinal I, LLC, 142,857 shares by IGSB Gaucho Fund I, LLC, and 9,805 shares by IGSB Cardinal Core BV, LLC.
• Duca also directly beneficially owns 96,005 Class A Common Stock shares.
• His indirect beneficial ownership of Class B Common Stock includes 3,471,416 shares directly, 79,442 shares by a Family Trust, 2,382,136 shares by a Pension Trust, 26,666 shares by IGSB Cardinal I, LLC, 142,858 shares by IGSB Gaucho Fund I, LLC, and 4,995 shares by IGSB Cardinal Core BV, LLC.
• Duca disclaims pecuniary interest in several of these holdings (Charitable Remainder Trust, Pension Trust, IGSB Cardinal I, LLC, IGSB Gaucho Fund I, LLC, IGSB Cardinal Core BV, LLC) despite possessing voting and dispositive power in his capacity as co-trustee, sole trustee, or managing member.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, typical for insider reporting of a stock conversion, with no direct positive or negative implications for the company's operational or financial performance.

Future Outlook

No forward-looking statements or guidance are provided in this insider transaction report.

Industry Context

StockSavvy.ai notes that insider conversions from Class B to Class A shares are a common occurrence in companies with dual-class stock structures. Such conversions are often undertaken for liquidity purposes, estate planning, or to facilitate future sales, as Class A shares typically possess greater market liquidity. This specific conversion by a director and 10% owner of AppFolio Inc. represents a routine disclosure of a change in the form of ownership rather than a change in the overall economic interest in the company.

Related Party Transactions

• Beneficial ownership of Class A and Class B shares is held indirectly through a Charitable Remainder Trust, where Maurice J. Duca is a co-trustee.
• Beneficial ownership of Class A and Class B shares is held indirectly through a Family Trust.
• Beneficial ownership of Class A and Class B shares is held indirectly through a Pension Trust, where Maurice J. Duca is the sole trustee.
• Beneficial ownership of Class A and Class B shares is held indirectly through IGSB Cardinal I, LLC, where Maurice J. Duca is the managing member.
• Beneficial ownership of Class A and Class B shares is held indirectly through IGSB Gaucho Fund I, LLC, where Maurice J. Duca is the managing member.
• Beneficial ownership of Class A and Class B shares is held indirectly through IGSB Cardinal Core BV, LLC, where Maurice J. Duca is the managing member.

Stakeholder Impact

• Shareholders: The conversion does not alter the total number of outstanding shares or the director's overall economic interest in the company, thus having minimal direct impact on existing shareholders.

Key Dates

Keywords

AppFolio, APPF, Form 4, insider transaction, beneficial ownership, Class A Common Stock, Class B Common Stock, stock conversion, Maurice J. Duca, director, 10% owner, Rule 10b5-1