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  4. [Form 4] Morningstar, Inc. Insider Trading Activity

Morningstar (MORN) chair unloads 5,659 shares near $220

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) reported that insider Joseph D. Mansueto, Executive Chairman and ten percent owner, sold a total of 5,659 shares of common stock on August 24, 2026. The shares were sold in multiple open-market transactions at weighted-average prices between approximately $216 and $221 per share under a Rule 10b5-1 trading plan adopted on November 19, 2025.

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Insider Mansueto Joseph D
Role Executive Chairman
Sold 5,659 shs ($1.24M)
Type Security Shares Price Value
Sale Common Stock F1, F2 220 $216.0083 $48K
Sale Common Stock F1, F3 1,181 $217.2571 $257K
Sale Common Stock F1, F4 1,740 $218.4334 $380K
Sale Common Stock F1, F5 978 $219.4366 $215K
Sale Common Stock F1, F6 1,314 $220.4227 $290K
Sale Common Stock F1, F7 226 $221.1192 $50K
holding Common Stock F8 -- -- --
holding Common Stock F9 -- -- --
Holdings After Transaction: Common Stock — 7,938,192 shares (Direct); Common Stock — 6,427,675 shares (Indirect, By Trust)
Footnotes (9)
  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 19, 2025.
  2. F2. The transaction was executed in multiple trades at prices ranging from $215.7100 to $216.4800. 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 $216.8500 to $217.8300. 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 $217.9400 to $218.9000. 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 $218.9400 to $219.9100. 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 $219.9600 to $220.8400. 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 $221.0400 to $221.1900. 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 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.
  9. F9. 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.
Shares sold 5,659 shares Total Morningstar, Inc. common shares sold by Joseph D. Mansueto on August 24, 2026
Sale price range $215.7100–$221.1900 per share Price ranges across multiple trades on August 24, 2026, as described in footnotes
First reported trade lot 220 shares at $216.0083 per share Open-market sale of Morningstar common stock on August 24, 2026
Largest reported trade lot 1,740 shares at $218.4334 per share Open-market sale of Morningstar common stock on August 24, 2026
Rule 10b5-1 plan adoption date November 19, 2025 Date Joseph D. Mansueto adopted the trading plan governing the reported sales
Rule 10b5-1 trading plan regulatory
"The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
grantor retained annuity trusts financial
"The shares are held in grantor retained annuity trusts for the benefit of the reporting person"
A grantor retained annuity trust (GRAT) is an estate-planning tool where an owner transfers assets into a trust and receives fixed payments back for a set number of years; any remaining assets after that period pass to designated beneficiaries. For investors it matters because it can move future investment growth to heirs while potentially reducing gift and estate taxes — like putting a rising asset in a timed box that pays you first and gives the remaining upside to others.
weighted average sales price financial
"The price reported above reflects the weighted average sales price"

FAQ

What insider transaction did Morningstar (MORN) report for Joseph D. Mansueto?
Morningstar reported that Joseph D. Mansueto executed open-market sales of 5,659 shares of Morningstar common stock on August 24, 2026, split across multiple transactions, as disclosed in a Form 4 insider trading report.

How many Morningstar (MORN) shares did Joseph D. Mansueto sell and at what prices?
Joseph D. Mansueto sold 5,659 shares of Morningstar common stock on August 24, 2026, in several trades at weighted-average prices between about $216 and $221 per share, with individual trade ranges from $215.7100 to $221.1900 per share.

Were Joseph D. Mansueto’s MORN stock sales made under a Rule 10b5-1 plan?
Yes. The Form 4 states the sales were effected under a Rule 10b5-1 trading plan adopted by Joseph D. Mansueto on November 19, 2025, indicating the transactions followed a pre-established trading schedule.

What roles does Joseph D. Mansueto hold at Morningstar (MORN) according to the Form 4?
Joseph D. Mansueto is identified as Executive Chairman, a director, and a ten percent owner of Morningstar, Inc., reflecting both an executive leadership position and significant ownership stake.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 ILLINOIS 60602
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Morningstar, Inc. [ MORN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below)Other (specify below)
Executive Chairman
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
08/24/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock08/24/2026S(1)220D$216.0083(2)7,943,631D
Common Stock08/24/2026S(1)1,181D$217.2571(3)7,942,450D
Common Stock08/24/2026S(1)1,740D$218.4334(4)7,940,710D
Common Stock08/24/2026S(1)978D$219.4366(5)7,939,732D
Common Stock08/24/2026S(1)1,314D$220.4227(6)7,938,418D
Common Stock08/24/2026S(1)226D$221.1192(7)7,938,192D
Common Stock6,277,675IBy Trust(8)
Common Stock150,000IBy Trust(9)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 19, 2025.
2. The transaction was executed in multiple trades at prices ranging from $215.7100 to $216.4800. 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 $216.8500 to $217.8300. 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 $217.9400 to $218.9000. 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 $218.9400 to $219.9100. 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 $219.9600 to $220.8400. 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 $221.0400 to $221.1900. 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 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.
9. 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 attorney08/24/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR