StepStone (STEP) director granted 3,281 restricted shares, increases holdings

Rhea-AI Filing Summary

Valerie G. Brown, a director of StepStone Group Inc. (STEP), was issued 3,281 shares of Class A common stock on 09/09/2025 as compensation for board service. Following the grant, Ms. Brown beneficially owns 6,717 shares directly and 15,322 shares indirectly through a trust. The restricted stock units vest in full on the earlier of the first anniversary of the grant date or the issuer's next annual meeting of stockholders, conditioned on continued service. The Form 4 was signed on 09/10/2025 by an attorney-in-fact.

Positive

• Director equity grant: 3,281 Class A shares issued as restricted stock units, aligning director incentives with shareholders
• Clear vesting terms: Vesting upon the earlier of one year or the next annual meeting, conditioned on continued service
• Transparent disclosure: Form 4 reports direct ownership of 6,717 shares and indirect ownership of 15,322 shares via trust

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received equity compensation of 3,281 Class A shares; holdings increase modestly, aligning incentives with shareholders.

The award of 3,281 Class A shares is a routine director equity grant that vests based on continued service or the next annual meeting, creating alignment between management and shareholders without immediate dilution from a secondary issuance. The post-transaction beneficial ownership shows 6,717 shares direct and 15,322 shares indirect, indicating prior holdings plus the new grant. For investors this is a governance signal rather than a material capital event; there are no cash proceeds disclosed and no derivative activity reported.

Corporate Governance Expert

TL;DR: Standard restricted stock unit grant to a director with time/meeting-based vesting; consistent with common board compensation practices.

The restricted stock units vest on the earlier of one year or the next annual meeting, subject to continued service, which is a common retention structure for non-employee directors. The filing discloses both direct and indirect beneficial ownership, with the indirect stake held by a trust, which is appropriate disclosure practice. No amendment, sale, or derivative transactions were reported, and the Form 4 appears complete for this disclosure.

Insider Trade Summary

Net Buyer: 3,281 shares

Net Buy 2 txns

Insider Brown Valerie Gay

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	3,281	$0.00	$0.00
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 6,717 shares (Direct); Class A Common Stock — 15,322 shares (Indirect, By Trust)

Footnotes (1)

1. F1. Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units as compensation for the Reporting Person's service on the Issuer's board of directors. The award vests in full on the earlier of the first anniversary of the grant date or the Issuer's next annual meeting of stockholders, subject to the Reporting Person's continued service to the Issuer.

FAQ

What transaction did Valerie G. Brown report on Form 4 for STEP?

The Form 4 reports an issuance of 3,281 Class A common shares to Valerie G. Brown on 09/09/2025 as restricted stock units for board service.

How many StepStone (STEP) shares does Valerie G. Brown own after the grant?

After the reported transaction, Ms. Brown beneficially owns 6,717 shares directly and 15,322 shares indirectly through a trust.

When do the restricted stock units granted to the director vest?

The award vests in full on the earlier of the first anniversary of the grant date or the issuer's next annual meeting of stockholders, subject to continued service.

Was any derivative or sale activity reported by the director in this Form 4?

No derivative securities, exercises, or dispositions were reported; the Form 4 only discloses the restricted stock unit issuance and resulting beneficial ownership.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Jennifer Ishiguro, attorney-in-fact for Valerie G. Brown on 09/10/2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 09/10/2025 - 06:12 PM Learn about SEC filing dates

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).

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^*

Brown Valerie Gay

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

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	09/09/2025		A		3,281(1)	A	(1)	6,717	D
Class A Common Stock								15,322	I	By Trust

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. Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units as compensation for the Reporting Person's service on the Issuer's board of directors. The award vests in full on the earlier of the first anniversary of the grant date or the Issuer's next annual meeting of stockholders, subject to the Reporting Person's continued service to the Issuer.

Remarks:

	/s/ Jennifer Ishiguro, Attorney-in-fact for Valerie G. Brown	09/10/2025
	** 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.