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Morningstar (MORN) chair Mansueto trades shares under 10b5-1 plan

Filing Impact
(Moderate)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Morningstar, Inc. executive chairman and 10% owner Joseph D. Mansueto reported small open-market sales of company stock. On February 2, 2026, he sold 439 Morningstar common shares at a weighted average price of $201.4725 and 418 shares at a weighted average price of $203.3404, both coded as open-market sales.

The filing states these trades were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 15, 2024. After these transactions, Mansueto directly held 8,237,375 Morningstar shares and also had indirect beneficial ownership of 6,282,935 shares held in grantor retained annuity trusts for his and his children’s benefit, and 150,000 shares held in separate trusts for his children.

Positive

  • None.

Negative

  • None.
Insider Mansueto Joseph D
Role Executive Chairman
Sold 857 shs ($173K)
Type Security Shares Price Value
Sale Common Stock 439 $201.4725 $88K
Sale Common Stock 418 $203.3404 $85K
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 8,237,793 shares (Direct); Common Stock — 6,282,935 shares (Indirect, By Trust)
Footnotes (1)
  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 $201.1000 to $202.0700. 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 $202.5600 to $203.4550. 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 →
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)
02/02/2026
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 02/02/2026 S(1) 439 D $201.4725(2) 8,237,793 D
Common Stock 02/02/2026 S(1) 418 D $203.3404(3) 8,237,375 D
Common Stock 6,282,935 I By Trust(4)
Common Stock 150,000 I By Trust(5)
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 $201.1000 to $202.0700. 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 $202.5600 to $203.4550. 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 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.
5. 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 02/04/2026
** 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 Joseph D. Mansueto report in this Morningstar (MORN) Form 4 filing?

Joseph D. Mansueto reported two open-market sales of Morningstar common stock on February 2, 2026, totaling 857 shares. These transactions were executed under a Rule 10b5-1 trading plan adopted on November 15, 2024, and were coded as routine sales.

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

Mansueto sold 439 Morningstar shares at a weighted average price of $201.4725 and 418 shares at $203.3404. Both transactions were executed in multiple trades within stated price ranges, with the reported prices representing weighted averages for each sale.

How many Morningstar (MORN) shares does Mansueto own after these transactions?

After the reported sales, Mansueto directly owned 8,237,375 Morningstar shares. He also had indirect beneficial ownership of 6,282,935 shares in grantor retained annuity trusts and 150,000 shares in additional trusts established for his children’s benefit.

What is the significance of the Rule 10b5-1 trading plan in this Morningstar (MORN) Form 4?

The filing explains that the sales were effected under a Rule 10b5-1 trading plan adopted on November 15, 2024. Such plans allow insiders to pre-schedule trades, helping separate personal portfolio decisions from later access to material nonpublic information.

How are the Morningstar (MORN) trust-held shares described in this Form 4?

The filing states 6,282,935 shares are held in grantor retained annuity trusts benefiting Mansueto and his children, with him serving as trustee. Another 150,000 shares are held in trusts for his children, where his spouse serves as trustee, and are reported as indirectly owned.

What additional price details are provided for the Morningstar (MORN) stock sales?

For the 439-share sale, trades occurred between $201.1000 and $202.0700. For the 418-share sale, trades ranged from $202.5600 to $203.4550. In both cases, the Form 4 notes that full trade-level details are available upon request to specified parties.