Morningstar: Mansueto proposes $23.3M share sale

The notice lists an aggregate market value of $23,305,820 and says the shares may be sold over various dates.

Available on EDGAR 11/02/2026 - 04:43 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:43 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Joseph D. Mansueto’s notice lists a proposed sale of 100,000 Class A common shares of Morningstar, Inc., with an aggregate market value of $23,305,820. The table gives November 2, 2026, as the approximate sale date, while the remarks state the shares may be sold over various dates.

Key Figures

Proposed shares for sale: 100,000 shares Aggregate market value: $23,305,820 Approximate date of sale: November 2, 2026

3 metrics

Proposed shares for sale 100,000 shares Class A common shares

Aggregate market value $23,305,820 Proposed sale

Approximate date of sale November 2, 2026 The remarks state the shares may be sold over various dates

Key Terms

Rule 144, Founders Shares, aggregate market value

3 terms

Rule 144 regulatory

"definition of "person" in paragraph (a) of Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Founders Shares financial

"Founders Shares"

Founders shares are a special block of a company’s stock originally given to the people who started the business; they often carry extra voting power or favorable terms compared with regular shares. For investors, these shares matter because they concentrate control and influence how future funding, ownership dilution, and decision-making will play out—think of founders shares as the steering wheel that can steer a company’s direction even as more passengers (investors) climb aboard.

aggregate market value financial

"Aggregate market value"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many MORN shares does Joseph D. Mansueto propose to sell?

The proposed sale is 100,000 Class A common shares of Morningstar, Inc., listed at an aggregate market value of $23,305,820.

Which broker is named for the proposed MORN share sale?

The notice names Charles Schwab & Co. Inc. as the broker.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001324069
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Morningstar, Inc.
SEC File Number	000-51280
Address of Issuer	22 WEST WASHINGTON STREET CHICAGO ILLINOIS 60602
Phone	(312) 696-6000
Name of Person for Whose Account the Securities are To Be Sold	Mansueto Joseph D
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Officer
Relationship to Issuer	Director
Relationship to Issuer	10% Stockholder

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Class A Common Shares	Charles Schwab & Co. Inc. 3000 Schway Way Westlake TX 76262	100000	23305820.00	37104311	11/02/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	01/01/1984	Founders Shares	MORNINGSTAR, INC.			100000	01/01/1984	Stock

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/03/2026	7250	1444216.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/04/2026	7250	1447590.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/05/2026	7250	1457686.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/06/2026	2272	450730.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/07/2026	7250	1447293.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/10/2026	7250	1463370.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/11/2026	974	195108.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/12/2026	7250	1415673.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/13/2026	7250	1434945.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/14/2026	7250	1499863.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/17/2026	7250	1501068.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/18/2026	7250	1522888.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/19/2026	7250	1548873.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/20/2026	7250	1552628.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/21/2026	4095	887609.00
JOSEPH D MANSUETO 22 WEST WASHINGTON STREET CHICAGO IL 60602	MORNINGSTAR, INC.	08/24/2026	5659	1238394.00

144: Remarks and Signature

Remarks	Shares on this filing may be sold over various dates.
Date of Notice	11/02/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	06/08/2026
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	JOSEPH D MANSUETO
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)