Joseph D. Mansueto - 05 Nov 2025 Form 4 Insider Report for Morningstar, Inc. (MORN)

Role
Executive Chairman, Director, 10%+ Owner
Signature
/s/ Kathleen Peacock, by power of attorney
Issuer symbol
MORN
Transactions as of
05 Nov 2025
Net transactions value
-$2,396,136
Form type
4
Filing time
07 Nov 2025, 16:23:25 UTC
Previous filing
05 Nov 2025
Next filing
12 Nov 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Mansueto Joseph D Executive Chairman, Director, 10%+ Owner 22 W. WASHINGTON, CHICAGO /s/ Kathleen Peacock, by power of attorney 07 Nov 2025 0001324069

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MORN Common Stock Sale $1,406,519 -6,668 -0.08% $210.94 8,679,979 05 Nov 2025 Direct F1, F2
transaction MORN Common Stock Sale $112,419 -530 -0.01% $212.11 8,679,449 05 Nov 2025 Direct F1, F3
transaction MORN Common Stock Sale $11,063 -52 -0% $212.75 8,679,397 05 Nov 2025 Direct F1, F4
transaction MORN Common Stock Sale $866,134 -4,093 -0.05% $211.61 8,675,304 06 Nov 2025 Direct F1, F5
holding MORN Common Stock 5,948,127 05 Nov 2025 By Trust F6
holding MORN Common Stock 150,000 05 Nov 2025 By Trust F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 15, 2024.
F2 The transaction was executed in multiple trades at prices ranging from $210.6700 to $211.6550. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
F3 The transaction was executed in multiple trades at prices ranging from $211.7000 to $212.6600. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
F4 The transaction was executed in multiple trades at prices ranging from $212.7200 to $212.7800. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
F5 The transaction was executed in multiple trades at prices ranging from $211.5500 to $211.7300. The price reported above reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.
F6 The shares are held in grantor retained annuity trusts for the benefit of the reporting person and his children. The reporting person serves as trustee of the grantor retained annuity trusts.
F7 The shares are held in trusts for the benefit of the reporting person's children. The reporting person's spouse is trustee of the trusts.