StepStone completes third exchange, now owns 65% of three asset class entities

StepStone Group Inc.

Acquired ~5% of SRE, SRA, and SPD in the 2026 Exchange, bringing ownership to 65% each.
Consideration included ~$10M cash, 972,685 Class A shares, and 2,438,273 Class D Units.
Class A shares and Class D Units issued in unregistered transactions under Section 4(a)(2) of Securities Act.
Exchange ratios based on estimated adjusted net income of entities relative to StepStone's trading multiple.

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