Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * DUCA MAURICE J 2. Issuer Name and Ticker or Trading Symbol APPFOLIO INC [APPF] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) C/O IGSB, INC., 1485 E. VALLEY ROAD, SUITE H 3. Date of Earliest Transaction (Month/Day/Year) 08/07/2025 (Street) SANTA BARBARA, CA 93108 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock 08/07/2025 S(1) 900 D $300.57(2) 74,895 D Class A Common Stock 08/07/2025 S(1) 300 D $301.9(3) 74,595 D Class A Common Stock 08/07/2025 S(1) 300 D $304.32(4) 74,295 D Class A Common Stock 08/07/2025 S(1) 200 D $306.39(5) 74,095 D Class A Common Stock 08/07/2025 S(1) 500 D $310.03(6) 73,595 D Class A Common Stock 08/07/2025 S(1) 300 D $312.82(7) 73,295 D Class A Common Stock 08/07/2025 S(1) 500 D $300.48(8) 52,300 I By Family Trust Class A Common Stock 08/07/2025 S(1) 300 D $301.69(9) 52,000 I By Family Trust Class A Common Stock 08/07/2025 S(1) 100 D $303.73 51,900 I By Family Trust Class A Common Stock 08/07/2025 S(1) 100 D $305.9 51,800 I By Family Trust Class A Common Stock 08/07/2025 S(1) 200 D $307.12 51,600 I By Family Trust Class A Common Stock 08/07/2025 S(1) 400 D $309.98(10) 51,200 I By Family Trust Class A Common Stock 08/07/2025 S(1) 200 D $313.04 51,000 I By Family Trust Class A Common Stock 08/07/2025 S(1) 400 D $300.57(11) 39,400 I By Pension Trust(12) Class A Common Stock 08/07/2025 S(1) 200 D $301.52(13) 39,200 I By Pension Trust(12) Class A Common Stock 08/07/2025 S(1) 100 D $305.93 39,100 I By Pension Trust(12) Class A Common Stock 08/07/2025 S(1) 100 D $307.12 39,000 I By Pension Trust(12) Class A Common Stock 08/07/2025 S(1) 300 D $309.92(14) 38,700 I By Pension Trust(12) Class A Common Stock 08/07/2025 S(1) 200 D $313.51 38,500 I By Pension Trust(12) Class A Common Stock 26,667 I By IGSB Cardinal I, LLC(15) Class A Common Stock 142,857 I By IGSB Gaucho Fund I, LLC(16) Class A Common Stock 9,805 I By IGSB Cardinal Core BV, LLC(17)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
DUCA MAURICE J C/O IGSB, INC. 1485 E. VALLEY ROAD, SUITE H SANTA BARBARA, CA 93108		X

Signatures

/s/ Kimberly Shea, Attorney-in-Fact for Maurice J. Duca		08/11/2025
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Sales made pursuant to a 10(b)5-1 trading plan previously adopted by the Reporting Person on December 13, 2024.
(2)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $300.27 to $300.92, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(3)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $301.77 to $301.98, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(4)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $303.76 to $304.60, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(5)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $305.90 to $306.87, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(6)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $309.82 to $310.21, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(7)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $312.39 to $313.04, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(8)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $300.29 to $300.74, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(9)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $301.53 to $301.96, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(10)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $309.84 to $310.18, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(11)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $300.35 to $300.92, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(12)	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.
(13)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $301.49 to $301.54, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(14)	This price reflects the weighted average price at which these shares were sold. The shares were sold in multiple transactions at prices ranging from $309.70 to $309.99, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
(15)	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.
(16)	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.
(17)	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.

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