StepStone (STEP) COO Jose Fernandez Exchanges 200,000 Units for Shares

What Happened
Jose A. Fernandez, Chief Operating Officer of StepStone Group Inc. (STEP), converted 200,000 Class B Units of StepStone Group LP into 200,000 shares of StepStone Class A common stock on March 31, 2026. In connection with the exchange, 200,000 shares of Class B common stock of the issuer were automatically redeemed and cancelled; the filing records the redemption at $0.00 per share (aggregate shown as $200). This was an exchange/conversion—not an open-market sale for cash.

Key Details

• Transaction date: March 31, 2026; Form 4 filed April 2, 2026 (appears to be within the normal reporting window).
• Primary actions reported:
  • Conversion (acquisition) of 200,000 shares of Class A common stock via exchange of Partnership units.
  • Disposition to issuer of 200,000 shares of Class B common stock (automatic redemption/cancellation) recorded at $0.00 per share; aggregate amount on form listed as $200.
• Shares owned after the transaction: not specified in the supplied filing.
• Relevant footnotes:
  • F1: The reporting person exchanged 200,000 Class B Units for 200,000 Class A shares; concurrently, 200,000 Class B common shares were redeemed and cancelled.
  • F2: Class B Units are exchangeable one-for-one for Class A common stock; upon exchange the corresponding Class B common shares are automatically redeemed.

Context
This filing records a conversion/exchange of partnership units and an automatic corporate redemption — a structural change in the form of the insider's holdings rather than a market sale or purchase for cash. Such exchange transactions typically reflect the holder converting LP units into publicly traded Class A shares; they do not necessarily signal a buy or sell decision in the open market.