Mansueto reports 9.5% stake in Morningstar

Morningstar, Inc. (MORN) received an amended Schedule 13G filing from Daniel Mansueto reporting his beneficial ownership in the company’s common stock as of 12/31/2025.

Rhea-AI Filing Summary

Morningstar, Inc. (MORN) received an amended Schedule 13G filing from Daniel Mansueto reporting his beneficial ownership in the company’s common stock as of 12/31/2025. He reports beneficial ownership of 3,757,306 shares of common stock, representing 9.5% of the outstanding class.

Mansueto has sole voting power over 3,686,056 shares, all held by grantor retained annuity trusts where he serves as voting agent. He has shared voting and shared dispositive power over 71,250 shares held by a trust for which he serves as trustee, and no sole dispositive power.

He certifies that the securities were not acquired and are not held for the purpose of changing or influencing control of Morningstar, and are not held in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

FAQ

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

What stake in Morningstar (MORN) does Daniel Mansueto report?

Daniel Mansueto reports beneficial ownership of 3,757,306 Morningstar common shares, equal to 9.5% of the outstanding class. This ownership is reported as of December 31, 2025 under an amended Schedule 13G filing with the SEC.

How much voting power does Daniel Mansueto have in Morningstar (MORN)?

Daniel Mansueto has sole voting power over 3,686,056 shares and shared voting power over 71,250 shares of Morningstar common stock. The sole voting power relates to grantor retained annuity trusts where he serves as voting agent.

How are Daniel Mansueto’s Morningstar (MORN) shares held?

Most shares are held through grantor retained annuity trusts where he is voting agent, and 71,250 shares are held by a trust where he serves as trustee. These structures determine his sole and shared voting and dispositive powers over the shares.

Does Daniel Mansueto seek to influence control of Morningstar (MORN)?

He certifies that the Morningstar shares were not acquired and are not held to change or influence control of the company. They are also not held as part of any control-related transaction, other than activities tied to a nomination under Rule 14a-11.

What type of SEC filing did Daniel Mansueto submit for Morningstar (MORN)?

Daniel Mansueto submitted an Amendment No. 2 to Schedule 13G regarding Morningstar common stock. Schedule 13G is a beneficial ownership report generally used by investors who do not intend to influence or change control of the issuer.

What dispositive power does Daniel Mansueto report over Morningstar (MORN) shares?

He reports no sole dispositive power over Morningstar shares and shared dispositive power over 71,250 shares. Those 71,250 shares are held in a trust where he serves as trustee, giving him shared authority over their potential disposition.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 02/12/2026 - 04:33 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Morningstar, Inc.

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

617700109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 617700109

1

Names of Reporting Persons

Daniel Mansueto

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,686,056.00
6	Shared Voting Power 71,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 71,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,757,306.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.5 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Line 5 consists of shares of Common Stock held of record by grantor retained annuity trusts for which Reporting Person serves as the voting agent over the shares. Lines 6 and 8 consist of shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee. Lines 9 and 11 consist of shares of Common Stock held of record by grantor retained annuity trusts for which Reporting Person serves as the voting agent over the shares and shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Morningstar, Inc.
(b)	Address of issuer's principal executive offices: 22 West Washington Street, Chicago, IL 60602
Item 2.
(a)	Name of person filing: Daniel Mansueto
(b)	Address or principal business office or, if none, residence: 907 Westwood Boulevard, #1026 Los Angeles, CA 90024
(c)	Citizenship: U.S.A.
(d)	Title of class of securities: Common Stock, no par value
(e)	CUSIP No.: 617700109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,757,306
(b)	Percent of class: 9.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,686,056(1) (1) Consists of shares of Common Stock held of record by grantor retained annuity trusts for which Reporting Person serves as the voting agent over the shares.
	(ii) Shared power to vote or to direct the vote: 71,250(2) (2) Consists of shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 71,250(2) (2) Consists of shares of Common Stock held of record by a trust, for which Reporting Person serves as the trustee
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Daniel Mansueto

Signature:	/s/ Daniel Mansueto
Name/Title:	Daniel Mansueto
Date:	02/12/2026