Were Joseph Mansueto’s Morningstar (MORN) share sales part of a trading plan?

Yes. The Form 4 states the sales were made under a Rule 10b5-1 trading plan adopted by Joseph Mansueto on November 15, 2024 . Such plans prearrange sale timing and amounts to help separate trading decisions from day‑to‑day information.

Morningstar (MORN) chair Mansueto sells 14,500 shares under trading plan

Q: How many Morningstar (MORN) shares did Joseph Mansueto sell and at what prices?

Joseph Mansueto sold 14,500 Morningstar common shares in multiple trades. Reported weighted average prices include around $172.9150 to $183.4074 per share, with detailed ranges for each group of trades disclosed in the footnotes to the Form 4 filing.

Q: What are Joseph Mansueto’s Morningstar (MORN) holdings after these Form 4 sales?

After the reported sales, Joseph Mansueto directly owns 8,141,354 Morningstar shares . Additional holdings are reported indirectly through trusts, including 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in trusts established for his children.

Q: How are Morningstar (MORN) shares held indirectly for Joseph Mansueto’s benefit?

The filing notes grantor retained annuity trusts hold shares for Mansueto and his children, with Mansueto as trustee. Separate trusts hold shares for his children, where his spouse serves as trustee, reflecting indirect ownership arrangements alongside his direct Morningstar holdings.

Filing Impact

(Very High)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Morningstar, Inc.’s executive chairman and major shareholder Joseph D. Mansueto reported open-market sales of 14,500 shares of common stock in late February. The trades, all coded as sales, were executed on February 26 and 27, 2026 at prices generally between the mid‑$170s and low‑$180s per share.

The filing notes these sales were made under a Rule 10b5-1 trading plan adopted on November 15, 2024. After the transactions, Mansueto directly holds 8,141,354 Morningstar shares, and additional shares are held indirectly through trusts, including 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in trusts for his children.

Insider Trade Summary

Net Seller: 14,500 shares ($2,607,117)

Net Sell 14 txns

Insider Mansueto Joseph D

Role Executive Chairman

Sold 14,500 shs ($2.61M)

Type	Security	Shares	Price	Value
Sale	Common Stock	7,012	$181.5529	$1.27M
Sale	Common Stock	200	$182.9229	$37K
Sale	Common Stock	38	$183.4074	$7K
Sale	Common Stock	200	$172.915	$35K
Sale	Common Stock	100	$174.58	$17K
Sale	Common Stock	1,615	$176.3192	$285K
Sale	Common Stock	1,000	$176.8995	$177K
Sale	Common Stock	3,014	$178.6114	$538K
Sale	Common Stock	752	$179.3821	$135K
Sale	Common Stock	121	$180.8561	$22K
Sale	Common Stock	160	$181.8056	$29K
Sale	Common Stock	288	$182.6911	$53K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 8,141,592 shares (Direct); Common Stock — 6,282,935 shares (Indirect, By Trust)

Footnotes (1)

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. The transaction was executed in multiple trades at prices ranging from $175.6800 to $176.6300. 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. The transaction was executed in multiple trades at prices ranging from $176.7150 to $177.2100. 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. The transaction was executed in multiple trades at prices ranging from $178.1000 to $179.0900. 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. The transaction was executed in multiple trades at prices ranging from $179.1600 to $179.9450. 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. The transaction was executed in multiple trades at prices ranging from $180.3600 to $182.3200. 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. The transaction was executed in multiple trades at prices ranging from $181.3600 to $182.3200. 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. The transaction was executed in multiple trades at prices ranging from $182.4200 to $183.1300. 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. The transaction was executed in multiple trades at prices ranging from $181.3100 to $182.2250. 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. The transaction was executed in multiple trades at prices ranging from $182.3450 to $183.3300. 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. The transaction was executed in multiple trades at prices ranging from $183.3800 to $183.4200. 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. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

02/27/2026 - 05:52 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a 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). See Instruction 10.

1. Name and Address of Reporting Person^*

Mansueto Joseph D

(Last)

(First)

(Middle)

22 W. WASHINGTON

(Street)

CHICAGO

60602

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/26/2026		S⁽¹⁾		200	D	$172.915	8,155,654	D
Common Stock	02/26/2026		S⁽¹⁾		100	D	$174.58	8,155,554	D
Common Stock	02/26/2026		S⁽¹⁾		1,615	D	$176.3192⁽²⁾	8,153,939	D
Common Stock	02/26/2026		S⁽¹⁾		1,000	D	$176.8995⁽³⁾	8,152,939	D
Common Stock	02/26/2026		S⁽¹⁾		3,014	D	$178.6114⁽⁴⁾	8,149,925	D
Common Stock	02/26/2026		S⁽¹⁾		752	D	$179.3821⁽⁵⁾	8,149,173	D
Common Stock	02/26/2026		S⁽¹⁾		121	D	$180.8561⁽⁶⁾	8,149,052	D
Common Stock	02/26/2026		S⁽¹⁾		160	D	$181.8056⁽⁷⁾	8,148,892	D
Common Stock	02/26/2026		S⁽¹⁾		288	D	$182.6911⁽⁸⁾	8,148,604	D
Common Stock	02/27/2026		S⁽¹⁾		7,012	D	$181.5529⁽⁹⁾	8,141,592	D
Common Stock	02/27/2026		S⁽¹⁾		200	D	$182.9229⁽¹⁰⁾	8,141,392	D
Common Stock	02/27/2026		S⁽¹⁾		38	D	$183.4074⁽¹¹⁾	8,141,354	D
Common Stock								6,282,935	I	By Trust⁽¹²⁾
Common Stock								150,000	I	By Trust⁽¹³⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. 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.

2. The transaction was executed in multiple trades at prices ranging from $175.6800 to $176.6300. 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.

3. The transaction was executed in multiple trades at prices ranging from $176.7150 to $177.2100. 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.

4. The transaction was executed in multiple trades at prices ranging from $178.1000 to $179.0900. 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.

5. The transaction was executed in multiple trades at prices ranging from $179.1600 to $179.9450. 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.

6. The transaction was executed in multiple trades at prices ranging from $180.3600 to $182.3200. 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.

7. The transaction was executed in multiple trades at prices ranging from $181.3600 to $182.3200. 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.

8. The transaction was executed in multiple trades at prices ranging from $182.4200 to $183.1300. 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.

9. The transaction was executed in multiple trades at prices ranging from $181.3100 to $182.2250. 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.

10. The transaction was executed in multiple trades at prices ranging from $182.3450 to $183.3300. 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.

11. The transaction was executed in multiple trades at prices ranging from $183.3800 to $183.4200. 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.

12. 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.

13. 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.

Remarks:

	/s/ Kathleen Peacock, by power of attorney	02/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Morningstar (MORN) report in Joseph Mansueto’s latest Form 4?

The Form 4 shows Joseph D. Mansueto executed open-market sales totaling 14,500 Morningstar common shares. These transactions occurred on February 26 and 27, 2026 at prices in the mid‑$170s to low‑$180s per share under a prearranged trading plan.

How many Morningstar (MORN) shares did Joseph Mansueto sell and at what prices?

Joseph Mansueto sold 14,500 Morningstar common shares in multiple trades. Reported weighted average prices include around $172.9150 to $183.4074 per share, with detailed ranges for each group of trades disclosed in the footnotes to the Form 4 filing.

What are Joseph Mansueto’s Morningstar (MORN) holdings after these Form 4 sales?

After the reported sales, Joseph Mansueto directly owns 8,141,354 Morningstar shares. Additional holdings are reported indirectly through trusts, including 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in trusts established for his children.

What do the Form 4 footnotes say about Morningstar (MORN) trade price ranges?

Footnotes explain many transactions were executed in multiple trades within price ranges, for example $175.6800 to $176.6300 or $182.4200 to $183.1300. The reported prices are weighted averages, and detailed trade data is available upon request from listed parties.

How are Morningstar (MORN) shares held indirectly for Joseph Mansueto’s benefit?

The filing notes grantor retained annuity trusts hold shares for Mansueto and his children, with Mansueto as trustee. Separate trusts hold shares for his children, where his spouse serves as trustee, reflecting indirect ownership arrangements alongside his direct Morningstar holdings.