Mansueto Joseph D 4

What Happened
Joseph D. Mansueto, a reported 10% owner of Morningstar, sold a total of 14,500 Morningstar (MORN) shares in open‑market transactions on February 26–27, 2026. The individual lots ranged from 38 to 7,012 shares at prices between about $172.91 and $183.42; total proceeds were approximately $2,607,118. These disposals were effected pursuant to a pre‑arranged Rule 10b5‑1 trading plan.

Key Details

• Transaction dates: February 26–27, 2026 (filed with the SEC on Feb 27, 2026).
• Shares sold: 14,500 shares total.
• Total proceeds: ≈ $2,607,118.
• Price range/notes: reported prices ranged roughly $172.91–$183.42; several sales were executed in multiple trades and reported as weighted averages (see footnotes F2–F11). For certain lots the filer offered to provide full per‑trade details on request (F10–F11, etc.).
• Plan: Sales were made under a Rule 10b5‑1 trading plan adopted Nov 15, 2024 (footnote F1).
• Holdings after sale: the provided Form 4 excerpt does not state a single total “shares owned after” figure; the filing notes some shares are held in grantor retained annuity trusts and trusts for the benefit of the filer’s children (F12, F13).
• Timeliness: Filing date (Feb 27, 2026) is the same day as the latest reported sale and appears timely.

Context
As a 10% owner (large shareholder) rather than an executive trade, these transactions are disposals under a pre‑scheduled 10b5‑1 plan; such sales are typically routine and do not necessarily reflect a change in company outlook. The filer’s footnotes indicate multiple‑trade executions with weighted average prices and that more granular trade information is available on request.