STEP

The sales reported in this Form 4 were effected in multiple trades at prices ranging from $41.25 to $42.24. The price reported above reflects the weighted average purchase 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.

The sales reported in this Form 4 were effected in multiple trades at prices ranging from $42.26 to $42.62. The price reported above reflects the weighted average purchase 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan at a price of $42.64. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $47.00 to $47.76. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $46.00 to $46.99. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $49.31 to $50.29. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $50.31 to $50.93. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $47.25 to $48.24. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $48.25 to $49.18. 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.

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.

On March 31, 2026, 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.

On March 31, 2026, 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.

On March 31, 2026, the Reporting Person purchased 64 shares of Class A Common Stock pursuant to the Issuer's Employee Stock Purchase Plan (the "ESPP"). The ESPP provides that eligible employees may purchase shares of Class A Common Stock at six month period intervals for a price equal to 85% of the lower of the closing sales price of one share of Class A Common Stock (such price, the "Fair Market Value") on either the first or last trading day of the offering period. The price paid by the Reporting Person represents 85% of the Fair Market Value as of March 31, 2026.

On March 31, 2026, 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.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents the number of shares of Class A Common Stock issued to the Reporting Person pursuant to an award of restricted stock units under the Issuer's 2020 Long Term Incentive Plan. The award vests in equal annual installments on each of February 14, 2027, 2028, 2029 and 2030, subject to the Reporting Person's continued employment through the applicable vesting date.

Represents shares withheld by the Issuer to satisfy tax withholding obligations in connection with the release of 6,640 vested restricted stock units on February 14, 2026.

Represents shares withheld by the Issuer to satisfy tax withholding obligations in connection with the release of 981 vested restricted stock units on February 14, 2026.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $72.47 to $73.37. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $71.47 to $72.45. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $65.53 to $66.47. 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.

The sales reported in this Form 4 were effected in multiple trades at prices ranging from $66.00 to $66.90. 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.

The sales reported in this Form 4 were effected in multiple trades at prices ranging from $66.00 to $66.79. 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.

The sales reported in this Form 4 were effected in multiple trades at prices ranging from $66.73 to $67.00. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $61.24 to $62.06. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $61.55 to $62.54. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $62.55 to $63.18. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $62.02 to $63.01. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $61.02 to $62.01. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $63.02 to $63.39. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan at a price of $62.07. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $60.97 to $61.96. 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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $63.88 to $64.60. 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.

On October 1, 2025, the Reporting Person purchased 109 shares of Class A Common Stock pursuant to the Issuer's Employee Stock Purchase Plan (the "ESPP"). The ESPP provides that eligible employees may purchase shares of Class A Common Stock at six month period intervals for a price equal to 85% of the lower of the closing sales price of one share of Class A Common Stock (such price, the "Fair Market Value") on either the first or last trading day of the offering period. The price paid by the Reporting Person represents 85% of the Fair Market Value as of April 1, 2025.

On September 30, 2025, the Reporting Person transferred 30,623 Class B Units of Stepstone Group LP, together with an equal number of shares of Class B Common Stock (collectively, the "Transferred Interest") to an entity (the "Transferee Entity") owned entirely by a trust established for the benefit of Reporting Person's immediate family (such transaction, the "Transfer"). Pursuant to the terms of the Transfer, the Reporting Person is required to retain the exclusive right to exercise or direct the exercise of voting control in respect of the Transferred Interests. Notwithstanding the foregoing, the Reporting Person disclaims all beneficial ownership of the Transferred Interests.

Class B Units of StepStone Group LP 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.

On September 30, 2025, the Reporting Person transferred 30,623 Class B Units of Stepstone Group LP, together with an equal number of shares of Class B Common Stock (collectively, the "Transferred Interest") to an entity (the "Transferee Entity") owned entirely by a trust established for the benefit of Reporting Person's immediate family (such transaction, the "Transfer"). Pursuant to the terms of the Transfer, the Reporting Person is required to retain the exclusive right to exercise or direct the exercise of voting control in respect of the Transferred Interests. Notwithstanding the foregoing, the Reporting Person disclaims all beneficial ownership of the Transferred Interests.

Class B Units of StepStone Group LP 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.

On September 30, 2025, the Reporting Person transferred 30,623 Class B Units of Stepstone Group LP, together with an equal number of shares of Class B Common Stock (collectively, the "Transferred Interest") to an entity (the "Transferee Entity") owned entirely by a trust established for the benefit of Reporting Person's immediate family (such transaction, the "Transfer"). Pursuant to the terms of the Transfer, the Reporting Person is required to retain the exclusive right to exercise or direct the exercise of voting control in respect of the Transferred Interests. Notwithstanding the foregoing, the Reporting Person disclaims all beneficial ownership of the Transferred Interests.

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.

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.

On September 30, 2025, the Reporting Person transferred 30,623 Class B Units of Stepstone Group LP, together with an equal number of shares of Class B Common Stock (collectively, the "Transferred Interest") to an entity (the "Transferee Entity") owned entirely by a trust established for the benefit of Reporting Person's immediate family (such transaction, the "Transfer"). Pursuant to the terms of the Transfer, the Reporting Person is required to retain the exclusive right to exercise or direct the exercise of voting control in respect of the Transferred Interests. Notwithstanding the foregoing, the Reporting Person disclaims all beneficial ownership of the Transferred Interests.

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.

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.

This transaction was executed pursuant to a Rule 10b5-1 trading plan in multiple trades at prices ranging from $65.11 to $65.27. 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.