[Form 4] StepStone Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

Scott W. Hart, reported on Form 4 that he sold 10,000 shares of Class A common stock of StepStone Group Inc. (STEP) on 08/25/2025 at a weighted average price of $61.44. The filing states the sale was made pursuant to a Rule 10b5-1 trading plan executed in multiple trades with prices ranging from $60.88 to $61.70. The Form lists beneficial ownership positions after the reported transactions, including 50,000 Class A shares (indirect, by trust), 50,883 Class A shares, and 3,061,782 Class B shares (indirect, by trust). The form is signed by an attorney-in-fact and notes membership in a 13D group owning more than 10%.

Positive

• Sale executed under a Rule 10b5-1 trading plan, which provides an affirmative defense under insider trading rules
• Full disclosure of beneficial ownership including indirect holdings in Class B shares (3,061,782) and Class A trust holdings (50,000)
• Form signed and filed properly with attorney-in-fact authorization, indicating compliance with reporting requirements

Negative

• Insider sold 10,000 Class A shares, which represents insider liquidity that some investors may view negatively
• Membership in a 13D group owning more than 10% could indicate concentrated ownership or coordinated actions that may affect minority holders

Insights

Securities Analyst

TL;DR: Routine insider sale under a pre-established 10b5-1 plan; disclosed large indirect Class B holdings.

The reported sale of 10,000 Class A shares at a weighted average of $61.44 appears to be administrative and executed under a Rule 10b5-1 plan, which reduces questions about timing. The filing also clarifies the reporting person’s significant indirect position in Class B shares (3,061,782) and a substantial indirect Class A position via trust (50,000), information relevant for ownership concentration analysis. This Form 4 contains no new operational or financial performance data.

Corporate Governance Specialist

TL;DR: Disclosure is complete and follows Rule 10b5-1 transparency practices; indicates continued insider liquidity activity.

The submission includes the required signature and an explicit statement that the transaction was part of a documented 10b5-1 plan with multiple trades and a disclosed price range. The mention of membership in a 13D group highlights potential coordinated ownership that governance reviewers should note. No departures from governance norms are evident in the filing itself.

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^*

Hart Scott W

(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)	X	Other (specify below)
	Chief Executive Officer		See remarks

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

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	08/25/2025		S		10,000	D	$61.44(1)	50,000	I	By Trust
Class A Common Stock								50,883	D
Class B Common Stock								3,061,782	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. This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $60.88 to $61.70. 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:

Member of 13D Group that owns more than 10%

	/s/ Jennifer Ishiguro, Attorney-in-fact for Scott W. Hart	08/27/2025
	** 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 did Scott W. Hart report on the Form 4 for STEP?

The Form 4 reports a sale of 10,000 Class A shares on 08/25/2025 at a weighted average price of $61.44, executed under a Rule 10b5-1 plan.

Was the sale made under a pre-arranged trading plan for STEP insider?

Yes. The filing states the transaction was executed pursuant to a Rule 10b5-1 trading plan with trades priced between $60.88 and $61.70.

How many STEP shares does the reporting person beneficially own after the transaction?

The Form lists holdings including 50,000 Class A shares (indirect, by trust), 50,883 Class A shares, and 3,061,782 Class B shares (indirect, by trust).

Does the filing indicate any compliance or signature details for STEP Form 4?

Yes. The Form 4 is signed by Jennifer Ishiguro, Attorney-in-fact for Scott W. Hart dated 08/27/2025.

Is there any indication of coordinated ownership in the STEP filing?

The filing notes the reporting person is a member of a 13D group that owns more than 10% of the issuer.