StepStone Group Inc. — Director's Dealing 2024

Dec 4, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: StepStone Group Inc. (STEP)
CIK: 0001796022
Period of Report: 2024-12-02

Reporting Person: Sanford Energy, Inc. (Former 10% Owner)
Reporting Person: ARG Private Equity, LLC (Former 10% Owner)
Reporting Person: ARGO Holdings, LLC (Former 10% Owner)
Reporting Person: KAISER GEORGE B (Former 10% Owner)
Reporting Person: Waldo Robert (Former 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-12-02	Class B Common Stock	D	500000	$0.001	Disposed	3330328	Direct
2024-12-02	Class A Common Stock	C	500000	—	Acquired	500000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-12-02	Class B Units	$	C	500000	Disposed		Class A Common Stock (500000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class B Common Stock	3662708	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Class B Units	$		Class A Common Stock (3662708)	3662708	Direct

Footnotes

F1: On December 2, 2024, Sanford Energy, Inc. ("Sanford") exchanged 500,000 Class B Units of StepStone Group LP for 500,000 shares of Class A Common Stock of the Issuer. In connection with the exchange, 500,000 shares of Class B Common Stock were automatically redeemed and cancelled.

F2: Robert Waldo beneficially owns 25,000 shares of Class A Common Stock as the direct holder of a corresponding number of Class B Units. Each of ARG Private Equity, LLC ("ARG PE"), ARGO Holdings, LLC ("ARGO Holdings"), and George B. Kaiser disclaims beneficial ownership of these securities to the extent it or he does not have a pecuniary interest therein.

F3: ARGO Holdings beneficially owns 3,662,708 shares of Class A Common Stock as the direct holder of a corresponding number of Class B Units. ARGO Holdings is managed by ARG PE. ARG PE may be deemed to beneficially own the 3,662,708 shares of Class A Common Stock and corresponding number of Class B Units directly held by ARGO Holdings. Robert Waldo is a manager and Vice President of ARG PE, and thus may be deemed to beneficially own the 3,662,708 shares of Class A Common Stock and corresponding number of Class B Units directly held by ARGO Holdings. George B. Kaiser is the sole member of ARG PE. Mr. Kaiser beneficially owns 3,662,708 shares of Class A Common Stock and corresponding number of Class B Units directly held by ARGO Holdings as the majority owner of ARG PE.

F4: Each of ARG PE, Mr. Waldo and Mr. Kaiser disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Securities and Exchange Act of 1934, as amended, except to the extent of his pecuniary interest therein, if any.

F5: The Class B Units 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.

F6: Sanford directly holds of record 500,000 shares of Class A Common Stock. Sanford beneficially owns an additional 3,330,328 shares of Class A Common Stock as the direct holder of a corresponding number of Class B Units. ARG PE holds a minority interest in Sanford, and Mr. Waldo serves as an advisor to Sanford. Each of Mr. Waldo and Mr. Kaiser disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a-1(a) under the Exchange Act, except to the extent of his pecuniary interest therein, if any.