[SCHEDULE 13G] Siddhi Acquisition Corp Unit SEC Filing

Rhea-AI Filing Summary

Morningstar, Inc. (NASDAQ: MORN) filed its Q2-25 Form 10-Q. Revenue rose 5.8% YoY to $605.1 m, driven by license-based growth across Morningstar Direct Platform (+6%) and PitchBook (+11%), and a 9% jump in transaction-based revenue, primarily within Morningstar Credit (DBRS ratings issuance). Asset-based revenue slipped 2% as market-linked fees moderated.

Cost discipline lagged top-line growth: total operating expense increased 3.8% to $480.8 m, yet scale benefits lifted operating income 15.3% to $125.1 m; operating margin expanded 160 bp to 20.7%. Lower net interest expense (–28%) and smaller other charges reduced non-operating expense to $8.6 m (vs. $19.0 m), producing a 30% gain in net income to $89.0 m. Diluted EPS advanced 30.6% to $2.09.

For 1H-25, revenue grew 6.5% to $1.19 bn; operating income climbed 18.9% to $239.2 m; net income improved 25.7% to $167.5 m. Operating cash flow fell to $190 m (-23%) on higher bonus payouts and working-capital uses.

Balance sheet highlights: cash & equivalents $503.5 m; long-term debt increased to $838.8 m after $140 m revolver draw, pushing net debt to ~$335 m. Share buybacks totaled $222 m YTD; 398k shares were repurchased in Q2 at ~$113 m. Goodwill rose to $1.62 bn following acquisitions of DealX (Morningstar Credit) and Lumonic (PitchBook) for ~$39 m cash.

• Segment 2Q adjusted op-income: Direct Platform $96 m, PitchBook $53 m, Credit $31 m, Wealth $3 m, Retirement $15 m.
• Effective tax rate 22.8% vs 21.7%.
• Declared quarterly dividend $0.46 (11% YoY increase).

Management affirms compliance with leverage covenants and is assessing impacts of the newly enacted U.S. OBBB tax law and OECD Pillar Two rules.

Positive

• Revenue +5.8% YoY to $605 m and EPS +30.6% to $2.09 signal solid operational momentum.
• Operating margin expanded 160 bp to 20.7%, showing scalability of digital data platforms.
• Non-operating expense down 55% on lower interest, boosting bottom line.
• Two strategic acquisitions (DealX, Lumonic) broaden Credit and private-credit capabilities.
• $503 m cash provides liquidity; company remains within debt covenants.

Negative

• Operating cash flow –23% YoY; cash conversion weakened to 80% of net income.
• Long-term debt up $140 m; net leverage trend upward amid aggressive buybacks.
• Asset-based revenue –2%, exposing sensitivity to market conditions.
• Effective tax rate rose to 22.8%; OBBB & Pillar Two could add future tax burden.
• Stock-based compensation +29% YoY, diluting margin gains.

Insights

Equity Research Analyst

TL;DR – Solid top-line, stronger margins, but cash flow and leverage warrant monitoring.

Morningstar delivered mid-single-digit revenue growth with notable operating leverage—Q2 margin up to 20.7% despite elevated stock-based comp. The DBRS-driven Credit segment continues to be the growth engine (transaction revenue +8%), while PitchBook sustains double-digit expansion. Share repurchases and FX gains added per-share lift.
However, YTD operating cash conversion dropped to 80% (from 113%) due to seasonal compensation and higher tax payments. Net debt/EBITDA edges toward 1.5× after revolver usage to fund buybacks and two tuck-in deals; rising rates could pressure interest expense. Overall impact: modestly positive (rating +1).

Portfolio Risk Manager

TL;DR – Earnings beat, but leverage uptick and softer asset-based fees temper enthusiasm.

EPS up 31% reflects both operating execution and financial engineering (buybacks, lower interest). Yet asset-based revenue softness signals sensitivity to market levels, and the effective tax rate climbed 110 bp. Debt rose 20% QoQ; while covenant headroom remains, future M&A or buybacks could constrain flexibility. Cash burn in investing & financing outpaced OCF, trimming liquidity buffer. I classify the filing as neutral to mildly positive; execution strong, but balance-sheet risk building. Impact rating 0.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Siddhi Acquisition Corp (Cayman Islands)

(Name of Issuer)

Class A Ordinary Shares

(Title of Class of Securities)

G8118C124

(CUSIP Number)

06/30/2025

(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. G8118C124

1

Names of Reporting Persons

Bank of Montreal

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,700,000.00

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)

9.66 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G8118C124

1

Names of Reporting Persons

BANK OF MONTREAL HOLDING INC.

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,700,000.00

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)

9.66 %

12

Type of Reporting Person (See Instructions)

BK

SCHEDULE 13G

CUSIP No. G8118C124

1

Names of Reporting Persons

BMO NESBITT BURNS INC.

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

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,700,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,700,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,700,000.00

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 %

12

Type of Reporting Person (See Instructions)

BD

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Siddhi Acquisition Corp (Cayman Islands)
(b)	Address of issuer's principal executive offices: 100 WALL STREET, 20TH FLOOR, NEW YORK, NEW YORK 10005
Item 2.
(a)	Name of person filing: Bank of Montreal BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC.
(b)	Address or principal business office or, if none, residence: 1 First Canadian Place Toronto, Ontario, Canada M5X1A1
(c)	Citizenship: Bank of Montreal - CANADA (FEDERAL LEVEL) BANK OF MONTREAL HOLDING INC. - CANADA (FEDERAL LEVEL) BMO NESBITT BURNS INC. - CANADA (FEDERAL LEVEL)
(d)	Title of class of securities: Class A Ordinary Shares
(e)	CUSIP No.: G8118C124
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: 2,700,000
(b)	Percent of class: 9.66 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Bank of Montreal - 0 BANK OF MONTREAL HOLDING INC. - 0 BMO NESBITT BURNS INC. - 0
	(ii) Shared power to vote or to direct the vote: Bank of Montreal - 2,700,000 BANK OF MONTREAL HOLDING INC. - 2,700,000 BMO NESBITT BURNS INC. - 2,700,000
	(iii) Sole power to dispose or to direct the disposition of: Bank of Montreal - 0 BANK OF MONTREAL HOLDING INC. - 0 BMO NESBITT BURNS INC. - 0
	(iv) Shared power to dispose or to direct the disposition of: Bank of Montreal - 2,700,000 BANK OF MONTREAL HOLDING INC. - 2,700,000 BMO NESBITT BURNS INC. - 2,700,000
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The securities reported herein are held in the ordinary course of business of the Reporting Person acting as prime broker on behalf of certain clients who have the power to direct the receipt of dividends from, or the proceeds from the sale of such securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Documents.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any syndicate or group with respect to the issuer or any securities of the issuer.

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.

Bank of Montreal

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	07/31/2025

BANK OF MONTREAL HOLDING INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	07/31/2025

BMO NESBITT BURNS INC.

Signature:	Kathryn Cenac
Name/Title:	Managing Director - Regulatory Solutions Group
Date:	07/31/2025

FAQ

How did Morningstar (MORN) perform financially in Q2 2025?

Revenue grew 5.8% to $605.1 m, operating income rose 15.3% to $125.1 m, and diluted EPS increased 30.6% to $2.09.

Which Morningstar segments drove growth this quarter?

Morningstar Direct Platform and PitchBook lifted license revenue, while Morningstar Credit’s ratings activity pushed transaction revenue to $80 m.

What happened to Morningstar’s cash flow?

1H-25 operating cash flow fell to $190 m (from $246 m) due to higher compensation, taxes, and working-capital uses.

Has Morningstar increased its debt levels?

Yes. Long-term debt climbed to $838.8 m after drawing $140 m on the revolver; net debt is ~ $335 m.

Did Morningstar repurchase shares in Q2 2025?

The company bought back 398,442 shares for $112.6 m; YTD repurchases total $221.6 m.

What is Morningstar’s current dividend?

A quarterly dividend of $0.46 per share was declared, up 11% YoY.