<SEC-DOCUMENT>0001104659-25-085675.txt : 20250829
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<ACCEPTANCE-DATETIME>20250829161554
ACCESSION NUMBER:		0001104659-25-085675
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20250829
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250829
DATE AS OF CHANGE:		20250829

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morningstar, Inc.
		CENTRAL INDEX KEY:			0001289419
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				363297908
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51280
		FILM NUMBER:		251281066

	BUSINESS ADDRESS:	
		STREET 1:		22 WEST WASHINGTON STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		(312) 696-6000

	MAIL ADDRESS:	
		STREET 1:		22 WEST WASHINGTON STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
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<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"></p>

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<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 16pt">UNITED
STATES</span></p>

<p style="font: bold 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 16pt"><b>SECURITIES
AND EXCHANGE COMMISSION</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>Washington,
D.C. 20549</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 16pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 16pt"><b>FORM
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<p style="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 14pt"><b>CURRENT
REPORT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>Pursuant
to Section 13 or 15(d) of</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><b>the
Securities Exchange Act of 1934</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Exact
name of registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<tr style="vertical-align: top; font-family: Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font-family: Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Registrant&#8217;s
telephone number, including&#8239;area code)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">N/A</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">(Former
name or former address, if changed since last report)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: auto; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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                                            communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</span> <span style="font-family: Wingdings">&#168;</span></p>

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registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 1pt Times New Roman, Times, Serif; margin: 0pt 5.15pt 0pt 5.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr style="vertical-align: top; font-family: Times New Roman, Times, Serif">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"></p>

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<td style="width: 0"/><td style="width: 1in"><span style="font-size: 11pt"><b>Item 7.01.</b></span></td><td><span style="font-size: 11pt"><b>Regulation FD Disclosure</b></span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(a)</td><td>In accordance with the policy of Morningstar,&#160;Inc. (the &#8220;Company&#8221;) regarding public disclosure of corporate information,
investor questions received by the Company primarily through July&#160;31, 2025, and Company responses (the &#8220;Investor Q&amp;A&#8221;) are
attached to this Current Report on Form&#160;8-K (this &#8220;Report&#8221;) as Exhibit&#160;99.1 and incorporated herein by reference.
The Investor Q&amp;A shall be deemed furnished, not filed, for purposes of this Report. <b><i>Information or documents on the Company's
website referred to in the Investor Q&amp;A are not incorporated by reference into this Report.</i></b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(b)</td><td>James Rhodes, President of Direct Platform, will be leaving the Company on Sept. 12, 2025. Frannie Besztery, Chief Operating Officer
of Direct Platform, will serve as interim head until a permanent successor is appointed.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Caution Concerning Forward-Looking Statements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This Report, including the document incorporated by reference herein,
contains forward-looking statements as that term is used in the Private Securities Litigation Reform Act of 1995. These statements are
based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address
matters that are, to different degrees, uncertain, and often contain words such as &#8220;aim,&#8221; &#8220;committed,&#8221; &#8220;consider,&#8221;
 &#8220;estimate,&#8221; &#8220;future,&#8221; &#8220;goal,&#8221; &#8220; is designed to,&#8221; &#8220;maintain,&#8221; &#8220;may,&#8221;
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 &#8220;evaluate,&#8221; or the negative thereof, and similar expressions. These statements involve known and unknown risks and uncertainties
that may cause the events we discuss not to occur or to differ significantly from what we expect. For us, these risks and uncertainties
include, among others:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failing to maintain and protect our brand, independence, and
reputation;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failure to prevent and/or mitigate cybersecurity events and
the failure to protect confidential information, including personal information about individuals;</p>

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> changing economic conditions, including prolonged volatility,
recessions, or downturns affecting the financial sector and global financial markets, and the impacts of global trade policies, may negatively
impact our financial results, including those of our asset-based businesses;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> compliance failures, regulatory action, or changes in laws applicable
to our regulated businesses;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failing to innovate our product and service offerings or meet
or anticipate our clients&#8217; changing needs;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> impact of artificial intelligence technologies on our business
and reputation, and the legal risks as they are incorporated into our products and tools;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failure to detect errors in our products or failure of our products
to perform properly due to defects, malfunctions or similar problems;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failing to recruit, develop, and retain qualified employees;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failing to scale our operations and increase productivity in
order to implement our business plans and strategies;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> liability for any losses that result from errors in our automated
advisory tools or errors in the use of the information and data we collect;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> inadequacy of our
operational risk management, business continuity programs to address materially disruptive event;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> <span style="background-color: white">failure of our strategic
transaction, acquisitions, divestitures and investments in companies or technologies to yield expected business or financial benefits,
negatively impacting our operating results and our ability to deliver long-term value to shareholders</span>;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failing to maintain growth across our businesses due to changes
in geopolitics and the regulatory landscape;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> liability relating to the information and data we collect, store,
use, create, and distribute or the reports that we publish or are produced by our software products;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> the potential adverse effect of our indebtedness (and rising
interest rates) on our cash flow and financial and operational flexibility;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> liability, costs and reputational risks relating to environmental,
social and governance considerations;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> our dependence on third-party service providers in our operations;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> inadequacy of our insurance coverage;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> challenges in accounting for tax complexities in the global
jurisdictions we operate in could materially affect our tax obligations and tax rates;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> the potential and impact of vendor consolidation and clients'
strategic decisions to replace our products and services with in-house products and services;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> our ability to build and maintain short-term and long-term shareholder
value and pay dividends to our shareholders;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> our ability to maintain existing business and renewal rates
and to gain new business;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> the impact on recently issued accounting pronouncements on our
consolidated financial statements and related disclosures; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 5pt">&#160;</span></p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Symbol">&#183;</span> failing to protect our intellectual property rights or claims
of intellectual property infringement against us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A more complete description of these risks and uncertainties can be
found in our filings with the Securities and Exchange Commission (SEC), including our most recent Reports on Form&#160;10-K and 10-Q.
If any of these risks and uncertainties materialize, our actual future results and other future events may vary significantly from what
we expect. We do not undertake to update our forward-looking statements as a result of new information, future events, or otherwise, except
as may be required by law. You are advised to review any further disclosures we make on related subjects, and about new or additional
risks, uncertainties, and assumptions in our filings with the SEC on Forms 10-K, 10-Q, and 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 9.01. Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;</b></span><span style="font-size: 11pt">(d)</span><span style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</span><span style="font-size: 11pt">Exhibits:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td style="width: 90%; padding-right: 2.65pt; padding-left: 73.5pt; text-indent: -1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Description</span></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><a href="tm2524689d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">99.1</span></a></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt"><a href="tm2524689d1_ex99-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Investor Q&amp;A.</span></a></td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">104</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="padding-right: 2.65pt; padding-left: 2.65pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">The cover page&#160;from this Current Report on Form&#160;8-K formatted in Inline XBRL (included as Exhibit&#160;101).</span></td></tr>
  </table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="width: 50%">&#160;</td>
    <td style="width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">MORNINGSTAR,&#160;INC.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date: August&#160;29, 2025</span></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt">By:/s/ Michael Holt</span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
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  <tr style="vertical-align: bottom">
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2524689d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Exhibit 99.1</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Questions and Answers: August&nbsp;29, 2025 </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>We encourage current shareholders, potential shareholders, and other
interested parties to send questions to us in writing and we make written responses available on a periodic basis. The following answers
respond to selected questions primarily received through July&nbsp;31, 2025. We retain the discretion to combine answers for duplicate
or similar questions into one comprehensive response. </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>If you would like to submit a question, please send an e-mail to
investors@morningstar.com or write us at the following address: </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar,&nbsp;Inc.</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Investor Relations </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>22 W. Washington St. </B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Chicago,&nbsp;IL 60602</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Use of Non-GAAP Measures</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>These Investor Questions and Answers reference non-GAAP financial
measures, including but not limited to, adjusted operating income and free cash flow. These non-GAAP measures may not be comparable to
similarly titled measures reported by other companies. Reconciliation of non-GAAP financial measures can be found on shareholders.morningstar.com
by navigating to Filings&nbsp;&amp; Stock Quote&gt;Key Financials.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Direct Platform</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>What are the product categories that were reallocated within Direct Platform segment and approximate sizing using 2024 annual data?
For instance, we see additional revenue of ~$85M in Morningstar Data and ~$57M in Morningstar Direct, respectively. What are their historical
organic growth rates in the past 3 calendar years? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please see Appendix C to our Q1 25 supplemental quarterly presentation
for a summary and FAQ regarding 2025 updates to our Direct Platform key product area reporting. It can be found on shareholders.morningstar.com
by navigating to Filings&nbsp;&amp; Stock Quote&gt;Key Financials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We do not disclose historical growth rates beyond the key product area
level but would note that both Direct Web Services and research distribution, which were added to Morningstar Data product area in the
updated reporting, detracted from overall Morningstar Data growth in 2024 and for the first half of 2025, as discussed in prior responses.
Morningstar Direct Reporting Solutions, now included in the Morningstar Direct product area, grew at a similar rate to Morningstar Direct
in 2024 and for the first six months of 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Data </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>What were the key drivers in sequential growth improvement in Morningstar Data product (from quarterly revenue of $100m in Q1 25
to $106m in Q2 25)? Can you expand upon the drivers YoY growth in Morningstar Data in Q2 25? Are these factors sustainable sales growth
or one-time (such as reallocation from other product areas)? Was there any large deal or 1x item to call out this quarter, or was it more
broad-based across customers and delivery methods? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In Q2 25, Morningstar Data revenue was $106.2 million, an increase of
12.6%, or 10.1% on an organic basis, compared to Q2 24 and an increase of 6.4% from Q1 25. The primary driver of the increase in revenue
was managed products data. Higher revenue for exchange market data and Morningstar Essentials also contributed to the increase on both
a year-over-year and sequential basis.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Q2 25 revenue included the impact of the signing of a large data contract
(which included a catch-up component for prior months) as well as increased revenue related to updated client usage reporting for redistributor
agreements, which can be a source of lumpiness in Morningstar Data revenue. Absent these items, reported growth for Q2 25 compared to
the prior-year period was roughly 10%. The reclassification of data distribution revenue from Morningstar Direct to Morningstar Data did
not have a significant impact on growth rates in Q2 25.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Credit</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Could you please provide the sales dollar ($) breakdown of Morningstar Credit&rsquo;s transactional revenue by type for the trailing
12 months ended 6/30/25, full year 2024 and full year 2023? (Please refer to April&nbsp;5, 2023, response for the same format which disclosed
this data for 2021 and 2022, and kindly provide a comparable table). It would be useful for shareholders to understand the composition
of product mix (even directionally) in as much detail as possible (to the extent that there are no competitive reasons not to disclose
the data). How much of the product mix on TTM Q2 25 basis is commercial mortgage-backed securities (CMBS) and how does it compare to the
prior 2021 peak?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 80%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="border: Black 1pt solid; text-align: center"><B>Morningstar</B>&#8239;<B>Credit Transaction-Based New Issuance Revenue</B></TD>
</TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center">TTM -&#8239;jun 25</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center">FY 2024</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center">FY 2023</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 52%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Structured
    Finance</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 15%; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">137.2</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">123.2</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 12%; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">75.5</FONT></TD><TD STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">Fundamental Ratings</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">48.4</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">48.8</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">31.9</TD><TD STYLE="border-bottom: Black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>Total Transaction Revenue - New Issuance</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right"><B>185.6</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right"><B>172.0</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right"><B>107.4</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif"><B>% of Total Revenue</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">60</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left">%</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">59</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left">%</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">50</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left"><B>Morningstar Credit Total Revenue</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">311.2</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">291.1</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right">215.4</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">*
amounts in $millions</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As noted in the Morningstar Credit presentation at the 2025 Annual Shareholders&rsquo;
Meeting, global CMBS new issuance and recurring revenue accounted for 19% of total Morningstar Credit revenue in 2024. While we don&rsquo;t
disclose detailed time series revenue at the asset class level beyond what we&rsquo;ve provided above for structured finance and fundamental
ratings, we would note that in 2021, CMBS new issuance and recurring ratings revenue accounted for a significantly larger share of Morningstar
Credit revenue than in 2024.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>I believe that CMBS and ABS issuance was down more than 10% in Q2. However, Morningstar DBRS&rsquo;s structured finance revenues
were up +14% in Q2 25. Could you help me understand where this gap come from (share gains, mix shifts to high value issuance, or more
private transactions that market statistics do not fully capture)? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Morningstar Credit structured finance ratings revenue increased 13.8%
in Q2 25 compared to the prior-year period, reflecting increases in ratings-related revenue for asset-backed securities, residential mortgage-backed
securities, and commercial mortgage-backed securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In reconciling Morningstar Credit&rsquo;s results with what you observe
in the public markets, you&rsquo;re correct that Morningstar Credit&rsquo;s structured finance revenues included the impact of private
market asset-backed securities. In general, we find that issuers in </P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">certain subsectors of the asset-backed securities market where
we&rsquo;re active, such as data centers and aviation, tend to access the private markets for their financing needs, while issuers
in other subsectors rotate between the public or private markets depending on market dynamics. In addition, our larger competitors
have significant exposure to collateralized loan obligations (CLOs) in their asset-backed securities business and issuance in this
sector tends to track the leveraged loan market, which was weak in Q2 25. We do not have significant exposure to CLO ratings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><B>If private credit is roughly one-quarter of Morningstar Credit today, what was the private credit mix at TTM trough issuance volume
and TTM prior peak around 2021? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Private credit ratings accounted for roughly a quarter of Morningstar
Credit&rsquo;s transaction-based revenue in 2024, an increase from 2021, when that level was slightly less than a fifth of transaction-based
revenue. The percentage of transaction-based revenue related to private credit ratings fell in this range in both 2022 and 2023.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We&rsquo;d note that market conditions have an impact on the mix of
public and private credit ratings activity in any given period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><B>How large was the impact from each of US private credit aviation and data center transactions? How has credit revenue from data
center transactions grown in recent quarters and how much of segment revenue did it represent? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In our Q2 25 earnings release, we noted that increased credit ratings
revenue from asset-backed, residential mortgage-backed, and commercial mortgage-backed securities was the primary driver of revenue growth
for Morningstar Credit in Q2 25 compared to the prior-year period. In his Q2 25 CEO letter, Kunal shared the examples of private credit
aviation and data center transactions to provide additional context on growth drivers, including those in areas where we&rsquo;ve made
recent investments. Both sectors represent growing parts of the business. For competitive reasons, we do not disclose revenue breakdowns
by rating type beyond the detail on structured finance and fundamental ratings shared in our supplemental quarterly presentation, which
can be found on shareholders.morningstar.com by navigating to Filings&nbsp;&amp; Stock Quote&gt;Key Financials.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><B>Did DealX inorganic contribution impact Structured Finance? If so, what was Structured Finance organic growth?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Morningstar Credit Analytics (formerly DealX) did not have an impact
on Morningstar Credit&rsquo;s structured finance ratings revenue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Market Environment&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><B>Given MORN&rsquo;s Chief US Economists&rsquo; view of Fed cuts in the next 2.5 years, how would Morningstar Credit issuance volumes
react under further rate cuts under that scenario given the current/underlying TTM mix of the business today? How would PitchBook sales
growth trajectory change assuming interest rates continue to decline? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Morningstar Credit&rsquo;s business is impacted by a number of factors,
including interest rates, economic conditions, M&amp;A activity, investor demand, and regulatory policy. Historically, in periods of easing
Federal Reserve monetary policy, we&rsquo;ve observed both increases in debt issuance and refinancing activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">PitchBook&rsquo;s performance is tied to private market activity, which
is influenced by a range of macroeconomic factors, including the level of interest rates. In lower-rate environments, we&rsquo;ve historically
seen increased engagement especially from smaller corporates, particularly as capital becomes more accessible and deal flow accelerates.
As we have noted in prior communications, softness in our corporate client segment has contributed to slower growth; however, our core
institutional client base, whose priorities are more</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">strategic and less rate-sensitive, has remained more resilient. Overall, we&rsquo;d
expect higher engagement across our client base if private market activity increased meaningfully.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>PitchBook</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>9.</B></TD><TD><B>How many new PitchBook customers were added in H1 2025 gross and net? Was growth primarily driven by existing customers adding
licenses or new customers? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June&nbsp;30, 2025, PitchBook&rsquo;s total client count was down
slightly compared to year-end 2024, reflecting a modest net decrease in the first half of the year. We continued to add new clients during
this period, but these additions were offset by churn, primarily in our corporate client segment. Corporates often have more limited use
cases for private market data, research, and tools in periods of slower deal activity and can be more sensitive to budget constraints
in uncertain macroeconomic environments.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">PitchBook&rsquo;s revenue growth in the first half of 2025 was primarily
driven by existing clients expanding their license counts and price increases on existing accounts. We observed expansion of license counts
particularly among larger customers in our core private equity, asset management, and commercial banking segments. We continue to see
runway for seat growth within these large accounts, which are a key driver of our expansion activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>Where did PitchBook invest in Q2 25 compared to Q2 24 and Q1 25? How much of an impact did Lumonic have on Q2 25 operating costs?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In Q2 25, PitchBook&rsquo;s operating costs increased 8.9% compared
to Q2 24 and 2.1% compared to Q1 25, while revenue increased 9.8% and 1.7% respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The increase in operating costs in Q2 25 compared to the prior-year
period was driven by several factors:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Increased compensation expense reflecting annual merit increases and higher headcount, including the impact of the Lumonic acquisition.
In addition, the forfeiture of stock in the terminated PitchBook management bonus plan following former PitchBook CEO John Gabbert&rsquo;s
departure resulted in lower compensation expense in Q2 24.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Higher professional fees driven by investments in Artificial Intelligence and machine learning.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Higher marketing spend, including for paid advertising and conferences and events.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Sequentially, the expense increase from Q1 25 to Q2 25 was primarily
due to higher professional fees, and increased marketing spend, as discussed above. Conferences and events tend to see higher spending
in Q2 and Q3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>11.</B></TD><TD><B>Why did growth slow for PitchBook in Q2? Why did growth in new PitchBook licenses added slow so much from prior quarters? Was the
corporate client softness the main reason? When do you think that softness will mitigate? Outside of the headwinds noted for small corporate
clients, what were the other core segments growing? How have competitive win-loss rates trended YTD? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In Q2 25, PitchBook&rsquo;s revenue grew 9.8% on a reported basis and
9.6% on an organic basis compared to the prior-year period. Growth slowed relative to recent quarters, primarily due to declines in new
corporate client acquisitions as well as macroeconomic conditions. Across all segments, we&rsquo;ve seen more limited expansion opportunities
as increased cost scrutiny has impacted growth. We also saw higher churn in our core client segments including commercial banks and limited
partners as well as with smaller clients in private equity and venture capital. These trends also largely explain the licensed user growth
rate, although we&rsquo;d </P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">note that in recent quarters year-over-year licensed user growth
partially reflected the migration of Leveraged Commentary&nbsp;&amp; Data (LCD) clients to the PitchBook platform.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As of June&nbsp;30, 2025, our existing corporate business had shown
signs of stabilization, with net renewal rates down only slightly on a year-over-year basis. We expect corporate client weakness to persist
until economic conditions improve, although we view the stabilization in our existing business as a positive sign.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We do not disclose growth rates for customer segments or competitive
win-loss rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>12.</B></TD><TD><B>Implied revenue per licensed user turned positive in the quarter for the first time since Q1 24. Was there any change in pricing
strategy that drove this higher? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We have not implemented a change in our overall pricing strategy in
the first half of 2025. PitchBook seeks price increases at renewal where appropriate, consistent with our historical approach, but there
was no broad-based pricing action in Q2 25.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Implied revenue per licensed user can exhibit noise over shorter time
periods, which can obscure the underlying trend. Variability can come from several sources, including:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Firmwide (enterprise) license structures &ndash; Clients with unlimited licenses
can add users during the term of their contract without immediate cost increases, which increases licensed user counts and can temporarily
put downward pressure on revenue per user. At renewal, licensed user lists are sometimes rationalized even when the overall client relationship
expands, which can then drive implied revenue per user higher.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">License maintenance activities &ndash; Ongoing user audits, deactivation of
inactive accounts, and other list management can cause quarter-to-quarter fluctuations in licensed user counts and other list management
can cause quarter-to-quarter fluctuations in licensed user counts.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Legacy LCD client transition &ndash; While largely completed in 2024, this
process continued to have a modest impact on licensed user counts in early 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Direct data &ndash; The PitchBook reportable segment includes a small but
growing direct data product which does not impact licensed user counts. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">When adjusting for the impact of legacy LCD accounts, direct data, and
the mix effect from unlimited licenses, underlying revenue per licensed user has generally trended higher across 2024 and into H1 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Retirement</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>13.</B></TD><TD><B>Q2 25 revenues declined y/y, &ldquo;primarily due to an isolated item in the prior-year period.&rdquo; What and roughly how much
was that &ldquo;isolated item&rdquo;? How much of a headwind is that to revenue growth and should investors think of this as a one-time
impact or will it be recurring? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in">In Q2 24, Morningstar Retirement revenue was impacted by
an isolated item related to unapplied customer receipts and the timing of revenue recognition associated with those receipts increased
reported and organic revenue by approximately $2.0 million. Absent this item from the prior-year period, revenue would have increased
by 3.5% in the second quarter of 2025. There were no other meaningful impacts in prior quarters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Indexes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>14.</B></TD><TD><B>Why did revenues decline 1.3% y/y if asset value linked to Morningstar Indexes grew 6.5% y/y? Why did Indexes experience outflows
and lower AUA for higher margin products in Q2 25? What are the key factors that would lead to resumption of growth in Indexes revenue?
</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The 1.3% decline in Morningstar Indexes organic revenue was due to lower
investable product revenue, partially offset by growth in licensed data revenue. The decline in investable product revenue was related
to outflows and lower assets under management (AUM) in certain higher margin products even as overall Morningstar Indexes AUM increased.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Key drivers of the outflows differed depending on the product but included
both broader category trends as well as performance. For example, the VanEck Morningstar Wide Moat ETF (MOAT) underperformed its benchmark
and category in 2024 and for the first six months of 2025; it was also in a category that experienced outflows during the trailing 12
month period. Invesco Senior Loan ETF (BKLN) and FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR) were in categories
that experienced outflows over the same period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please see a related question this month for more detail on where we
see opportunities for growth.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>15.</B></TD><TD><B>You have previously said that Morningstar Indexes&rsquo; asset-based revenue accounted for roughly 80% of total Morningstar Index
revenue in 2022, while license-based revenue accounted for roughly 20% of total revenue. Could you please provide updated figures for
2023 and 2024? Are license-based revenues still growing faster than asset-based revenues? Do you expect this trend to continue over the
coming years? What are the key factors that would lead to the resumption of growth in Indexes revenue? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In 2022, 2023, and 2024, investable product (asset-based) revenue consistently
accounted for roughly three-quarters to 80% of overall Morningstar Indexes revenue, with license-based revenue, primarily licensed-data
revenue, accounting for the remaining share.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In 2023, license-based revenue increased at a faster pace than investable
product revenue, compared to the prior-year period, due in part to the impact of the 2022 acquisition of Leveraged Commentary&nbsp;&amp;
Data (LCD), which supported faster licensed data growth; in 2024, investable product revenue grew at a faster pace than license-based
revenue, as AUM</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">benefited from strong market performance. License-based revenue grew
at a faster pace than asset-based revenue in H1 25, as addressed in a related response this month.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We remain focused on growth in both our investable and licensed data
products. In our investable products business, we continue to leverage Morningstar research and analysis, including in public-private
market convergence. We also see opportunities to continue to grow our licensed-data business especially in the equity beta, leveraged
loan, and multi-asset investment categories.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Wealth</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>16.</B></TD><TD><B>Can you quantify the key factors that drove adjusted operating income positive in Wealth? Was there anything one-off in the quarter
that drove operating income higher? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Morningstar Wealth adjusted operating income improved from a loss of
$2.2 million in Q2 24 to positive $3.0 million in Q2 25, as we made meaningful progress in our efforts to refocus the business on model
portfolios offered on third-party platforms and our International Wealth Platform. The primary drivers of the improved profitability were
increased reported revenue, primarily due to higher ad sales, and lower compensation costs due in part to reductions in headcount related
to sale and transition of assets in our US Turnkey Asset Management Platform (TAMP) to AssetMark, and our planned sunsetting of Morningstar
Office.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>17.</B></TD><TD><B>Why did Morningstar Wealth grow less than AUA/AUM? Is this due to fee compression? Why did the implied fee rate decline in Q2 25?
Is this all driven by the transition of TAMP to AssetMark? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Morningstar Wealth revenue grew 2.7% on a reported basis and 7.2% on
an organic basis in Q2 25 compared to the prior-year period. Investment Management revenue, which includes Morningstar model portfolios
and other asset-based products, declined 1.7% on a reported basis but grew 6.2% on an organic basis in Q2 25 compared to the prior-year
period, excluding the impact of platform revenue associated with the US TAMP assets sold to AssetMark from the prior-year period, interim
service fees received from AssetMark in the current period, and foreign currency impact. Investment Management AUMA increased to $66.8
million as of June&nbsp;30, 2025, an increase of 13.0% compared to the prior-year period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We observe discrepancies between growth in Investment Management AUMA
and revenue for different reasons:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Revenue is calculated based on quarter-end, prior quarter-end, or average asset levels during each quarter, and these figures are
often reported with a one-quarter lag for certain products. This timing discrepancy means that changes in AUMA do not immediately translate
into revenue growth. Additionally, the structure of contracts and the timing of client asset reporting contribute to this lag.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>Tiered fee structures result in lower fees on higher balances. Some products have fixed fees. AUMA growth included a significant increase
in Asset Allocation Services AUMA, a relatively low fee product.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">-</TD><TD>We have also observed fee pressure over time, but this was not the primary driver in the sequential or year-over-year trend.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Finally, when calculating implied fees, we&rsquo;d also note that with
the sale of US TAMP assets completed in December&nbsp;2024, we no longer collect platform fees. As a result, you will observe a decline
in the implied fees calculated from our reported revenue. (Organic revenue growth adjusts for this, as well as interim service fees collected
from AssetMark.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>18.</B></TD><TD><B>Asset allocation services AUM grew 34% YoY in Q2, continuing a trend of high growth that began in 2024. Can you provide details
on the drivers of this expansion? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; background-color: white">The 34% growth in Asset Allocation Services
AUMA as of June&nbsp;30, 2025, compared to June&nbsp;30, 2024, was largely due to growth in AUM in the Japan market. We&rsquo;d note that
Asset Allocation Services accounts for a very small share of total Investment Management revenue. Please see a related question dated
May&nbsp;7, 2025, for more detail on our Asset Allocation Services product.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Morningstar Sustainalytics</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>19.</B></TD><TD><B>Is the $4.9M of targeted reorganization costs a drag on adjusted operating income? Do you anticipate continued reorganization costs
through the year, or has this initiative largely concluded? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The $4.9 million of targeted reorganization costs in Q2 25 did have
a negative impact on adjusted operating income. We do not comment on future headcount plans.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Compensation and Benefits</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>20.</B></TD><TD><B>How does management appropriately balance growing free cash flow to shareholders with incentives to the employee base (with respect
to year-end cash bonuses)? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">We design our incentives for continued profitable growth and margin
expansion.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In order to maintain an aggregate bonus pool amount that is appropriately
aligned with profits, we monitor the &ldquo;sharing ratio&rdquo; expressed as a projected bonus payout as a percentage of AOI each quarter.
The Compensation Committee has the discretion to limit the bonus if the sharing ratio is not aligned with expectations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Consistent with the bonus plan for named executive officers detailed
in our 2025 Proxy Statement, the bonus program is weighted 50% for revenue performance and 50% for adjusted operating income (AOI) performance.&nbsp;
The upside opportunity to our bonus program is 5% payout for every 1% increase in revenue above target, and 2.5% payout for every 1% increase
in AOI above target.&nbsp; So, in percentage (but not dollar) terms, we expect the bonus pool to grow faster than profit if the 100% target
is reached.&nbsp; Revenue and profit growth are required each year to reach the target bonus.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Cash Flows</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>21.</B></TD><TD><B>What are the trends in underlying operating cash flow excluding the cash tax payments in terms of free cash flow conversion?</B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Free cash flow conversion, calculated as free cash flow divided by consolidated
adjusted operating income, decreased in H1 2025 by 31.1 percentage points from 74.6% to 43.5%. The two primary drivers of the decline
were cash paid for bonus and income taxes, which increased by $39.6 million and $49.6 million, respectively, in H1 2025 compared to the
comparable prior-year period. The higher bonus expense reflected strong company performance compared to targets. Please see related responses
this month for more detail on our bonus program and the drivers of the increased cash payments for income taxes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Margin and Expense Trends</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>22.</B></TD><TD><B>Please address the trend in the contribution of Corporate and All Other to consolidated operating income in Q2 25? Why did Corporate
and All Other expenses rise so much? Should we expect this type of increase to continue? Was there anything seasonal or one-off that impacted
this? </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The impact of Corporate and All Other on consolidated operating income
was negative $54.6 million in Q2 25, compared with negative $46.6 million in the prior-year period. Corporate and All Other includes unallocated
corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. As noted in our
Q2 25 earnings release, we recorded $4.9 million of compensation costs related to a targeted reorganization in Morningstar Sustainalytics
which was the largest driver of the increased negative contribution from Corporate and All Other to consolidated adjusted operating income.
We&rsquo;d also note that Morningstar Sustainalytics revenue declined by $1.9 million (6.5% on a reported basis and 9.8% on an organic
basis) compared to Q2 24.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">In Q2 25, unallocated corporate expenses increased 8.7% to $50.1 million
compared to $46.1 million in the prior-year period driven by higher marketing costs from increased brand spend and higher technology costs.
There were not any significant one-off items that impacted the trend.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As we&rsquo;ve noted previously, unallocated corporate expenses include
cost pools that we deem to be largely outside of the control or discretion of our segment leaders. Expenses in this bucket include finance,
human resources, legal, and other management and shareholder-related costs that are not considered when segment performance is evaluated.
We remain committed to driving efficiency and scale in our corporate and unallocated expenses and reducing these costs as a percentage
of revenue over time.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><B>Taxes</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>23.</B></TD><TD><B>Could you please share a table that breaks out cash tax impacts for H1 24 and H1 25? What drove the incremental cash payments and
 &ldquo;catch up&rdquo; in taxes in Q2 25? Please indicate what expectations are for Q3 and Q4 cash tax payments given cash taxes more
than doubled YOY in H1 25 in particular. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">The primary drivers of the higher cash taxes paid in H1 25 compared
to H1 24 were catch-up installments for 2024 tax liabilities, which included the impact of strong financial performance in 2024 and taxes
related to the gain on sale of the US TAMP assets, as well as estimated tax installments for H1 25, which reflected higher income before
taxes in that period compared to the prior-year period. &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Please see the table provided below for more detail.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 1pt; text-align: center; text-transform: none; padding-bottom: 1pt">Current Income Tax Receivable (Payable)</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><B>Balance
    as of<BR>
    12/31/2023</B></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center">Q1 Income<BR>
    Tax Payments</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center">Q1 Current<BR>
    Tax Accruals</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><B>Balance
    as of<BR>
    3/31/2024</B></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center">Q2 Income<BR>
 Tax&#8239;Payments</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center">Q2 Current<BR>
    Tax Accruals</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><B>Balance
    as<BR>
    of 6/30/2024</B></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; text-align: left"><B>$</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right"><B>0.6</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right">12.5</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right">(29.4</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; text-align: left"><B>$</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right"><B>(16.3</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right">31.6</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right">(25.2</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; color: #424242; text-align: left"><B>$</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 12%; color: #424242; text-align: right"><B>(9.9</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; width: 1%; padding-bottom: 1pt; color: #424242; text-align: left">)</TD></TR>
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    <TD STYLE="font-size: 12pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 12pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 12pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 12pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242"><B>Balance
                                            as<BR>
                                            of 12/31/2024</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242">Q1
                                            Income<BR>
                                            Tax Payments</FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242">Q1
                                            Current<BR>
                                            Tax Accruals</FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242"><B>Balance
                                            as of <BR>
                                            3/31/2025</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242">Q2
                                            Income<BR>
                                            Tax Payments</FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242">Q2
                                            Current<BR>
                                            Tax Accruals</FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; text-align: center; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><B>&nbsp;</B></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #424242"><B>Balance
                                            as of <BR>
                                            6/30/2025</B></FONT></TD><TD STYLE="white-space: nowrap; font: bold 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: left"><B>$</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right"><B>(18.1</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right">14.2</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right">(33.4</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: left"><B>$</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right"><B>(37.3</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right">79.5</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">&nbsp;</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right">(32.2</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">)</TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: left"><B>$</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #424242; text-align: right"><B>10.0</B></TD><TD STYLE="font: 12pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; color: #424242; text-align: left">&nbsp;</TD></TR>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>24.</B></TD><TD><B>What is management&rsquo;s latest view on how One Big Beautiful Bill will impact Morningstar&rsquo;s cash flows and business more
broadly? What tax rate should we expect for the company going forward? In a prior Q&amp;A (5/29/24) you stated you expected an effective
rate between 27% and 29% before adjustment for discrete items, but the actual GAAP tax rate has been below that level every quarter since.
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">As stated in our most recent 10-Q, we are currently assessing the potential
impacts of the One Big Beautiful Bill (OBBB); however, an estimate of the impact of the OBBB on our consolidated financial statements
cannot be made at this time. Each year, our effective tax rate tends to differ given discrete items (such as tax reform) that can have
an impact on our overall rate. You are correct that we have historically indicated that we generally expect our effective tax rate before
adjustment for discrete items to fall in a high 20% range and that is consistent with our current view. That said, it would not be unusual
for our rate to be below or above the range from time to time. We don&rsquo;t plan to provide additional forward-looking views on our
effective tax rate, consistent with our broader approach to guidance.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>morn-20250829_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>7
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Aug. 29, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Aug. 29,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-51280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">MORNINGSTAR,
INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001289419<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">36-3297908<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">IL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">22
    West Washington Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Chicago<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">IL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">60602<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">312<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">696-6000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    stock, no par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">MORN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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