Form 4: STEP Co-COO reports 10b5-1 sales; Class A 11,676 direct

Rhea-AI Filing Summary

StepStone Group (STEP): Form 4 insider transaction — Co‑Chief Operating Officer and Director Jose A. Fernandez reported Rule 10b5‑1 plan sales of Class A common stock across 11/11–11/13/2025. Disclosed sales include 70,204 shares at a weighted average price of $61.41 on 11/11/2025, 57,798 shares at $62.70 on 11/12/2025, and 55,444 shares at $62.18 on 11/13/2025, with additional smaller tranches at prices noted in the filing.

Following the transactions, beneficial ownership shows Class A: 0 shares indirect by Trust and 11,676 shares direct. Class B: 3,216,601 shares indirect by Trust and 1,605,500 shares indirect by Santaluz Capital Partners, LLC.

Insights

Corporate governance analyst

Routine insider sales under a 10b5‑1 plan; neutral impact.

The filing lists pre‑planned sales by a senior insider executed under a Rule 10b5‑1 trading plan, indicating transactions were scheduled in advance. Reported trades span three days with weighted average prices between roughly $61 and $63, consistent with market‑driven execution.

Post‑trade holdings remain significant in Class B shares (as disclosed), while Class A indirect holdings by Trust moved to zero and a direct Class A balance remains. Actual market impact depends on liquidity and future filings; the document does not state any strategic shift.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fernandez Jose A

(Last) (First) (Middle)

C/O STEPSTONE GROUP INC.

277 PARK AVENUE, 45TH FLOOR

(Street)

NEW YORK NY 10172

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
StepStone Group Inc. [ STEP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/11/2025

4. If Amendment, Date of 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

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	11/11/2025		S		70,204	D	$61.41(1)	141,006	I	By Trust
Class A Common Stock	11/11/2025		S		200	D	$62.07(2)	140,806	I	By Trust
Class A Common Stock	11/12/2025		S		6,586	D	$61.73(3)	134,220	I	By Trust
Class A Common Stock	11/12/2025		S		57,798	D	$62.7(4)	76,422	I	By Trust
Class A Common Stock	11/12/2025		S		6,020	D	$63.17(5)	70,402	I	By Trust
Class A Common Stock	11/13/2025		S		55,444	D	$62.18(6)	14,958	I	By Trust
Class A Common Stock	11/13/2025		S		14,958	D	$62.75(7)	0	I	By Trust
Class A Common Stock								11,676	D
Class B Common Stock								3,216,601	I	By Trust
Class B Common Stock								1,605,500	I	By Santaluz Capital Partners, LLC

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $60.97 to $61.96. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

2. This transaction was executed pursuant to a Rule 10b5-1 trading plan at a price of $62.07. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

3. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $61.02 to $62.01. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

4. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $62.02 to $63.01. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

5. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $63.02 to $63.39. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

6. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $61.55 to $62.54. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

7. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $62.55 to $63.18. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.

Remarks:

	/s/ Jennifer Ishiguro, Attorney-in-fact for Jose A. Fernandez	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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 Number.

FAQ

What insider activity did STEP report on Form 4?

Jose A. Fernandez reported sales of Class A common stock executed under a Rule 10b5‑1 trading plan on 11/11–11/13/2025.

At what prices were STEP shares sold in the reported transactions?

Examples include weighted average prices of $61.41 (11/11/2025), $62.70 (11/12/2025), and $62.18 (11/13/2025).

How many STEP shares were sold in key tranches?

Disclosed tranches include 70,204 shares (11/11/2025), 57,798 shares (11/12/2025), and 55,444 shares (11/13/2025).

What are the insider’s STEP holdings after these transactions?

Class A: 0 indirect by Trust and 11,676 direct. Class B: 3,216,601 indirect by Trust and 1,605,500 indirect by Santaluz Capital Partners, LLC.

Was the trading conducted under a Rule 10b5‑1 plan?

Yes. The filing states each transaction was executed pursuant to a Rule 10b5‑1 trading plan.

What is the insider’s role at StepStone (STEP)?

He is a Director and Co‑Chief Operating Officer.