StepStone (STEP) CFO purchases 109 Class A shares under ESPP for $45.81

Rhea-AI Filing Summary

David Y. Park, Chief Financial Officer of StepStone Group Inc. (STEP), purchased 109 shares of Class A common stock on October 1, 2025, under the company's Employee Stock Purchase Plan (ESPP) at a price of $45.81 per share. The filing notes the ESPP price equals 85% of the lower of the fair market value on the offering period start or end date, and the reported price reflects 85% of the fair market value as of April 1, 2025. After the purchase, the reporting person beneficially owned 22,129 shares. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on behalf of Mr. Park.

Positive

• Officer participation in the company ESPP shows alignment with employee-shareholder interests
• Purchase executed under plan rules at the stated 85% discount, consistent with disclosed ESPP mechanics
• Filing provides clear transparency including post-transaction beneficial ownership of 22,129 shares

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider participation in an ESPP signals routine compensation alignment; the purchase size is modest relative to total holdings.

The reported purchase is a standard ESPP acquisition, executed at the plan's 85% discount mechanism. Such purchases typically reflect automatic payroll-deducted participation rather than opportunistic market timing. The filing discloses post-transaction beneficial ownership of 22,129 shares, which provides transparency but no material change in control or compensation structure. Impact is procedural and non-material to investors.

Compensation & Benefits Analyst

TL;DR: The transaction is a routine employee-plan purchase at a discounted price; it aligns executive pay with shareholder interests but is immaterial in size.

The ESPP purchase at 85% of fair market value follows the plan rules and indicates the CFO participates in standard employee equity programs. The price cited ($45.81) reflects the plan's discount applied to the April 1, 2025 valuation. This is consistent with typical executive participation in broad-based equity plans and does not, by itself, change compensation expense recognition or signal a material shift in executive incentives disclosed here.

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).

1. Name and Address of Reporting Person^*

Park David Y

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2025

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	10/01/2025		A(1)		109	A	$45.81(1)	22,129	D

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. On October 1, 2025, the Reporting Person purchased 109 shares of Class A Common Stock pursuant to the Issuer's Employee Stock Purchase Plan (the "ESPP"). The ESPP provides that eligible employees may purchase shares of Class A Common Stock at six month period intervals for a price equal to 85% of the lower of the closing sales price of one share of Class A Common Stock (such price, the "Fair Market Value") on either the first or last trading day of the offering period. The price paid by the Reporting Person represents 85% of the Fair Market Value as of April 1, 2025.

Remarks:

	/s/ Jennifer Ishiguro, Attorney-in-fact for David Y. Park	10/01/2025
	** 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 transaction did David Y. Park report on the Form 4 for STEP?

He purchased 109 shares of Class A common stock on 10/01/2025 under the company's ESPP.

At what price were the STEP shares purchased in this Form 4?

$45.81 per share, representing the ESPP price equal to 85% of the fair market value as stated in the filing.

How many STEP shares does David Y. Park beneficially own after the purchase?

22,129 shares beneficially owned following the reported transaction.

Was this Form 4 filed by multiple reporting persons?

No; the form indicates it was filed by one reporting person.

Under what plan were the STEP shares acquired?

The Employee Stock Purchase Plan (ESPP), which permits purchases at 85% of the lower of the fair market value on the offering period start or end date.