Sanford Energy, Inc. - Dec 2, 2024 Form 4 Insider Report for StepStone Group Inc. (STEP)

Role: Former 10% Owner
Signature: Sanford Energy, Inc., By /s/ Frederic Dorwart, President
Stock symbol: STEP
Transactions as of: Dec 2, 2024
Transactions value $: -$500
Form type: 4
Date filed: 12/4/2024, 05:32 PM

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	STEP	Class B Common Stock	Disposed to Issuer	-$500	-500K	-13.05%	$0.00	3.33M	Dec 2, 2024	Direct	F1, F6
transaction	STEP	Class A Common Stock	Conversion of derivative security		+500K			500K	Dec 2, 2024	Direct	F1, F5, F6
holding	STEP	Class B Common Stock						3.66M	Dec 2, 2024	Direct	F2, F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	STEP	Class B Units	Conversion of derivative security		-500K	-13.05%		3.33M	Dec 2, 2024	Class A Common Stock	500K		Direct	F1, F5, F6
holding	STEP	Class B Units						3.66M	Dec 2, 2024	Class A Common Stock	3.66M		Direct	F2, F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Sanford Energy, Inc. is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
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.