Morningstar chair Mansueto sells 14,500 shares

Morningstar, Inc. Executive Chairman and 10% owner Joseph D. Mansueto reported open-market sales of 14,500 shares of Morningstar common stock.

Rhea-AI Filing Summary

Morningstar, Inc. Executive Chairman and 10% owner Joseph D. Mansueto reported open-market sales of 14,500 shares of Morningstar common stock. The sales occurred on February 24 and 25, 2026, across multiple trades, with individual transactions such as 1,395 shares at $162.3243 and 3,650 shares at $164.7189.

According to a footnote, these sales were effected under a Rule 10b5-1 trading plan adopted on November 15, 2024. After the reported sales, Mansueto directly owned 8,155,854 shares. He also indirectly held 6,282,935 shares in grantor retained annuity trusts for himself and his children and 150,000 shares in trusts for his children.

Insider Trade Summary

Net Seller: 14,500 shares

Net Sell 19 txns

Insider Mansueto Joseph D

Role Executive Chairman

Sold 14,500 shs ($2.35M)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,395	$162.3243	$226K
Sale	Common Stock	300	$163.455	$49K
Sale	Common Stock	3,650	$164.7189	$601K
Sale	Common Stock	1,102	$165.4339	$182K
Sale	Common Stock	78	$167.22	$13K
Sale	Common Stock	234	$168.3833	$39K
Sale	Common Stock	130	$169.708	$22K
Sale	Common Stock	104	$170.7663	$18K
Sale	Common Stock	231	$172.1598	$40K
Sale	Common Stock	26	$172.87	$4K
Sale	Common Stock	442	$156.917	$69K
Sale	Common Stock	2,298	$157.9577	$363K
Sale	Common Stock	1,286	$159.3196	$205K
Sale	Common Stock	1,965	$160.5126	$315K
Sale	Common Stock	910	$161.3588	$147K
Sale	Common Stock	347	$162.4275	$56K
Sale	Common Stock	2	$163.01	$326.02
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 8,155,854 shares (Direct); Common Stock — 6,432,935 shares (Indirect, By Trust)

Footnotes (18)

1. 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.
2. F2. The transaction was executed in multiple trades at prices ranging from $156.5050 to $157.3600. 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. F3. The transaction was executed in multiple trades at prices ranging from $157.5550 to $158.4500. 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. F4. The transaction was executed in multiple trades at prices ranging from $158.8050 to $159.7000. 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. F5. The transaction was executed in multiple trades at prices ranging from $159.9900 to $160.9800. 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. F6. The transaction was executed in multiple trades at prices ranging from $161.0000 to $161.9900. 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. F7. The transaction was executed in multiple trades at prices ranging from $162.0050 to $162.9850. 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. F8. The transaction was executed in multiple trades at prices ranging from $161.9800 to $162.8950. 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. F9. The transaction was executed in multiple trades at prices ranging from $163.1000 to $163.8350. 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. F10. The transaction was executed in multiple trades at prices ranging from $164.1600 to $165.1200. 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. F11. The transaction was executed in multiple trades at prices ranging from $165.1650 to $165.9500. 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. F12. The transaction was executed in multiple trades at prices ranging from $166.9850 to $167.4200. 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.
13. F13. The transaction was executed in multiple trades at prices ranging from $168.1000 to $168.8500. 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.
14. F14. The transaction was executed in multiple trades at prices ranging from $169.3600 to $170.2100. 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.
15. F15. The transaction was executed in multiple trades at prices ranging from $170.4450 to $171.2600. 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.
16. F16. The transaction was executed in multiple trades at prices ranging from $171.7300 to $172.7000. 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.
17. F17. 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.
18. F18. 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.

FAQ

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

What insider transaction did Morningstar (MORN) report for Joseph D. Mansueto?

Morningstar Executive Chairman Joseph D. Mansueto reported selling 14,500 shares of common stock in open-market transactions. The trades took place on February 24 and 25, 2026, and were reported on a Form 4 insider filing as non-derivative sales of Morningstar common shares.

At what prices did Joseph D. Mansueto sell Morningstar (MORN) shares?

Mansueto’s reported sales were executed at various prices, including transactions such as 1,395 shares at $162.3243 and 3,650 shares at $164.7189. Footnotes describe multiple trades within price ranges for each transaction, reflecting weighted average sale prices for the reported share amounts.

How many Morningstar (MORN) shares does Joseph D. Mansueto own after these sales?

After the reported Form 4 sales, Mansueto directly owned 8,155,854 Morningstar common shares. He also indirectly held 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in trusts for his children, according to the indirect ownership entries and related footnotes.

Were Joseph D. Mansueto’s Morningstar (MORN) share sales under a trading plan?

Yes. A footnote states the reported sales were effected under a Rule 10b5-1 trading plan adopted by Mansueto on November 15, 2024. Such plans allow pre-arranged trading, and the Form 4 specifies that these transactions followed that previously adopted plan.

What types of Morningstar (MORN) securities were involved in Mansueto’s Form 4?

All reported transactions involved Morningstar common stock as non-derivative securities. The filing lists multiple open-market sales of common shares and shows additional indirect holdings in trusts, with no derivative securities like options or warrants reported in this particular Form 4.

How is indirect ownership by trusts reported for Morningstar (MORN) shares?

The Form 4 shows 6,282,935 shares held in grantor retained annuity trusts for Mansueto and his children, where he serves as trustee. It also reports 150,000 shares in trusts for his children, where his spouse is trustee, both categorized as indirect ownership.

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

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Accepted by SEC EDGAR 02/25/2026 - 05:03 PM Learn about SEC filing dates

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).

X

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 IL 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)
02/24/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/24/2026		S(1)		442	D	$156.917(2)	8,169,912	D
Common Stock	02/24/2026		S(1)		2,298	D	$157.9577(3)	8,167,614	D
Common Stock	02/24/2026		S(1)		1,286	D	$159.3196(4)	8,166,328	D
Common Stock	02/24/2026		S(1)		1,965	D	$160.5126(5)	8,164,363	D
Common Stock	02/24/2026		S(1)		910	D	$161.3588(6)	8,163,453	D
Common Stock	02/24/2026		S(1)		347	D	$162.4275(7)	8,163,106	D
Common Stock	02/24/2026		S(1)		2	D	$163.01	8,163,104	D
Common Stock	02/25/2026		S(1)		1,395	D	$162.3243(8)	8,161,709	D
Common Stock	02/25/2026		S(1)		300	D	$163.455(9)	8,161,409	D
Common Stock	02/25/2026		S(1)		3,650	D	$164.7189(10)	8,157,759	D
Common Stock	02/25/2026		S(1)		1,102	D	$165.4339(11)	8,156,657	D
Common Stock	02/25/2026		S(1)		78	D	$167.22(12)	8,156,579	D
Common Stock	02/25/2026		S(1)		234	D	$168.3833(13)	8,156,345	D
Common Stock	02/25/2026		S(1)		130	D	$169.708(14)	8,156,215	D
Common Stock	02/25/2026		S(1)		104	D	$170.7663(15)	8,156,111	D
Common Stock	02/25/2026		S(1)		231	D	$172.1598(16)	8,155,880	D
Common Stock	02/25/2026		S(1)		26	D	$172.87	8,155,854	D
Common Stock								6,282,935	I	By Trust(17)
Common Stock								150,000	I	By Trust(18)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

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 $156.5050 to $157.3600. 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 $157.5550 to $158.4500. 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 $158.8050 to $159.7000. 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 $159.9900 to $160.9800. 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 $161.0000 to $161.9900. 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 $162.0050 to $162.9850. 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 $161.9800 to $162.8950. 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 $163.1000 to $163.8350. 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 $164.1600 to $165.1200. 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 $165.1650 to $165.9500. 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 transaction was executed in multiple trades at prices ranging from $166.9850 to $167.4200. 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.

13. The transaction was executed in multiple trades at prices ranging from $168.1000 to $168.8500. 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.

14. The transaction was executed in multiple trades at prices ranging from $169.3600 to $170.2100. 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.

15. The transaction was executed in multiple trades at prices ranging from $170.4450 to $171.2600. 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.

16. The transaction was executed in multiple trades at prices ranging from $171.7300 to $172.7000. 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.

17. 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.

18. 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	02/25/2026
	** 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.