NEUE filing: StepStone entities converted shares to $7.33 cash per share

Rhea-AI Filing Summary

NeueHealth, Inc. reporting persons filed an amendment to Schedule 13D stating that on 10/02/2025 all shares of common stock previously held by the listed StepStone-related entities were cancelled and automatically converted into the right to receive cash of $7.33 per share in connection with the issuer's previously announced business combination. As a result, each reporting person ceased to be the beneficial owner of more than 5% of the common stock. The filing shows zero shares beneficially owned and zero voting or dispositive power for each entity, and incorporates the cover page figures by reference. The document provides contact and signature details for StepStone signatory Jennifer Y. Ishiguro.

Positive

• All shares converted to cash at $7.33 per share
• Reporting persons reduced ownership to 0%, removing disclosure complexity

Negative

• StepStone entities no longer hold equity or voting power, which may reduce institutional shareholder support
• Filing shows no transactions in the prior 60 days except the October 2, 2025 conversion

Insights

Corporate Governance Analyst

StepStone entities exited their equity positions via a cash conversion tied to a business combination.

The filing documents that on 10/02/2025 all shares held by the listed StepStone-affiliated funds were cancelled and converted into the right to receive $7.33 per share following the announced business combination. Each reporting person now shows 0% ownership and no voting or dispositive power.

This removes those entities as > 5% shareholders and therefore ends any disclosure obligations tied to large beneficial ownership. Monitor company filings for any residual cash distributions or reconciliation of shares-to-cash mechanics over the next several weeks.

Investor Relations Specialist

The conversion to cash simplifies the shareholder register but may reduce institutional equity support.

Receiving $7.33 per share in cash extinguishes equity interests held by the reporting persons, which simplifies public ownership but also means those institutional investors no longer hold a stake or vote. The filing explicitly records 0% beneficial ownership and zero voting/dispositive power across the listed entities.

Investors should watch forthcoming SEC reports or issuer disclosures for confirmation of cash payments and any related reconciliation; expect administrative follow-ups within the typical post-close payment window.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

NeueHealth, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

10920V404

(CUSIP Number)

Jennifer Y. Ishiguro
StepStone Group LP, 4225 Executive Square, Suite 1600
La Jolla, CA, 90237
(858) 558-9700

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/02/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone Group LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Global Partners VII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Global Partners VII-B, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Global Partners VII-D, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Global Partners VII-S, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Opportunities IV, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone Master G, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

AU Special Investments, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Opportunities VI, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Opportunities VI-D, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone VC Opportunities V, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 10920V404

1

Name of reporting person

StepStone Opportunities V-D, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: NeueHealth, Inc.
(c)	Address of Issuer's Principal Executive Offices: 9250 NW 36th St, Suite 420, Doral, FLORIDA , 33178.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is amended and supplemented as follows: The information set forth in rows 11 and 13 of the cover pages to this Schedule 13D is incorporated by reference.
(b)	The information set forth in rows 7 through 10 of the cover pages to this Schedule 13D is incorporated by reference.
(c)	Except for the information set forth in Item 5(e) hereof, which is incorporated by reference, none of the Reporting Persons has effected any transaction in the Common Stock during the last 60 days.
(e)	On October 2, 2025, all of the shares of Common Stock held by the Reporting Persons were canceled and extinguished and automatically converted into the right to receive cash in an amount equal to $7.33 per share in connection with the Issuer's previously announced business combination. As a result, each of the Reporting Persons ceased to be the beneficial owner of more than five percent of the Common Stock.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

StepStone Group LP

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group Holdings LLC, its General Partner, by Jennifer Y. Ishiguro, Partner, Chief Legal Officer
Date:	10/06/2025

StepStone VC Global Partners VII, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Global Partners VII-B, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Global Partners VII-D, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Global Partners VII-S, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Opportunities IV, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone Master G, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

AU Special Investments, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Opportunities VI, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Opportunities VI-D, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone VC Opportunities V, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

StepStone Opportunities V-D, L.P.

Signature:	/s/ Jennifer Y. Ishiguro
Name/Title:	By: StepStone Group LP, its investment manager, by Stepstone Group Holdings LLC, its general partner, by Jennifer Y. Ishiguro, Partner, CLO
Date:	10/06/2025

FAQ

What did the Schedule 13D/A for NeueHealth (NEUE) report?

It reports that StepStone-related reporting persons had all their common shares cancelled and automatically converted into the right to receive $7.33 per share in connection with the issuer's business combination.

When were the shares converted to cash?

The conversion occurred on October 2, 2025 as stated in the filing.

Do the reporting persons still own shares of NEUE after the conversion?

No. Each reporting person now reports 0 shares and 0% ownership and no voting or dispositive power.

Who signed the Schedule 13D/A on behalf of the reporting persons?

The filing was signed by Jennifer Y. Ishiguro, Partner and Chief Legal Officer, on behalf of StepStone entities.

Was any transaction in the common stock reported in the prior 60 days?

Except for the October 2, 2025 conversion described, the filing states that none of the reporting persons effected any transaction in the common stock during the last 60 days.