Joseph D. Mansueto - 12 Dec 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
12 Dec 2025
Transactions value $
$0
Form type
4
Filing time
15 Dec 2025, 16:32:02 UTC
Previous filing
26 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 15 Dec 2025 0001324069

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MORN Common Stock Gift $0 -27.8K -0.34% $0.00 8.24M 12 Dec 2025 Direct F1, F2
holding MORN Common Stock 6.28M 12 Dec 2025 By Trust F3
holding MORN Common Stock 150K 12 Dec 2025 By Trust F4
* 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 In the fourth quarter of 2025, the reporting person contributed 1,500,000 shares of Morningstar common stock to a grantor retained annuity trust for the benefit of the reporting person and his children which are now reported as indirect holdings.
F2 In the fourth quarter of 2025, 1,165,192 shares of Morningstar common stock were distributed to the reporting person from grantor retained annuity trusts established for the benefit of the reporting person and his children which were previously included as indirect holdings are now reported as directly held.
F3 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.
F4 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.