Jose Fernandez exchanges 200K units for Class A shares at StepStone (STEP)
Rhea-AI Filing Summary
Jose A. Fernandez reported a transaction on 09/30/2025 in which he exchanged 200,000 Class B Units of StepStone Group LP for 200,000 shares of Class A Common Stock. The exchange triggered an automatic redemption and cancellation of 200,000 shares of Class B Common Stock. The Form 4 shows beneficial ownership after the transactions including 211,210 shares of Class A Common Stock (indirect, by trust), 3,216,601 shares of Class B Common Stock (indirect, by trust), and 1,605,500 shares of Class B Common Stock (indirect, by Santaluz Capital Partners, LLC). The filing was signed by an attorney-in-fact on 10/01/2025 and includes the issuer ticker STEP.
Positive
- Executed a one-for-one exchange of 200,000 Class B Units for 200,000 Class A Common Stock, increasing Class A holdings
- Updated beneficial ownership disclosed, showing holdings via a trust and via Santaluz Capital Partners, LLC
Negative
- None.
Insights
TL;DR: Insider converted 200,000 partnership units into Class A shares; reported holdings updated accordingly.
The Form 4 documents a non-derivative exchange: 200,000 Class B Units of the partnership were exchanged one-for-one for 200,000 Class A shares, with the related 200,000 Class B common shares automatically redeemed and cancelled. The filing lists updated indirect holdings via a trust and via Santaluz Capital Partners, LLC. This disclosure is a routine Section 16 reporting of insider conversions and resulting ownership balances; it does not include compensation, open-market trades, or cash proceeds beyond the $0.001 redemption price noted for the cancelled Class B shares.
TL;DR: Transaction is an exchange mechanism tied to partnership units; form updates beneficial ownership and cancellation of Class B shares.
The filing clarifies the mechanics of exchangeable partnership units and the automatic redemption of corresponding Class B common stock. The reporting person is both a director and an officer (Co-Chief Operating Officer), and the filing was made individually. The disclosure fulfills Section 16 obligations by reporting the conversion and the post-transaction ownership positions; there is no indication of unusual timing or non-routine disposition in the document itself.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Class B Units | 200,000 | $0.00 | -- |
| Conversion | Class A Common Stock | 200,000 | $0.00 | -- |
| Disposition | Class B Common Stock | 200,000 | $0.001 | $200.00 |
| holding | Class B Units | -- | -- | -- |
| holding | Class A Common Stock | -- | -- | -- |
| holding | Class B Common Stock | -- | -- | -- |
Footnotes (1)
- On September 30, 2025, the Reporting Person exchanged 200,000 Class B Units of StepStone Group LP (the "Partnership") for 200,000 shares of Class A Common Stock. In connection with the exchange, 200,000 shares of Class B Common Stock were automatically redeemed and cancelled. The Class B Units of the Partnership are exchangeable, on a one-for-one basis, for shares of Class A Common Stock of the Issuer. Upon exchange of a Class B Unit, the corresponding share of Class B Common Stock of the Issuer will be automatically redeemed and cancelled.
