On September 23, 2025, we announced that we had entered into an agreement to acquire CRSP, a provider of historical stock market data and indexes, from the University of Chicago. The transaction consideration includes a cash payment at closing of approximately $375.0 million, subject to customary post-closing adjustment. We expect the transaction, which is subject to customary closing conditions, including regulatory approval, to be completed during the fourth quarter of 2025.

On March 1, 2025, we completed our acquisition of the remaining 65% equity interest in DealX, a provider of standardized US commercial mortgage-backed security (CMBS) and global collateralized loan obligation (CLO) data. We began consolidating the financial results of DealX in our consolidated financial statements as of March 1, 2025. DealX is included in the Morningstar Credit segment.

The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to FASB ASC 805, Business Combinations (FASB ASC 805), which requires that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. As of March 31, 2025, we completed our initial determination of the fair values of the acquired identifiable assets and liabilities based on the financial data available. Based on the timing of the close of this transaction, certain valuation calculations are considered preliminary due to information that may subsequently become available, and values assigned to various assets and liabilities could change.

The acquisition date fair value of certain assets and liabilities, including intangible assets acquired and related weighted average expected life calculations, are provisional and subject to revision within one year of the acquisition date. Any changes in the fair values of the assets acquired and liabilities assumed during the measurement period may result in adjustments to goodwill. During the third quarter of 2025, we did not record significant adjustments to the purchase price allocation compared with the preliminary estimates recorded in the first quarter of 2025.

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:


	(in millions)		Weighted average useful life (years)
Customer-related assets	$	0.6	10
Technology-based assets	12.5		5

Total intangible assets	$	13.1

On March 3, 2025, we acquired Lumonic, a private credit portfolio monitoring and management platform. We began consolidating the financial results of Lumonic in our consolidated financial statements as of March 3, 2025. Lumonic is included in the PitchBook segment.

The acquisition was accounted for as a business combination under the acquisition method of accounting pursuant to FASB ASC 805, which requires that assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. As of March 31, 2025, we completed our initial determination of the fair values of the acquired identifiable assets and liabilities based on the financial data available. Based on the timing of the close of this transaction, certain valuation calculations are considered preliminary due to information that may subsequently become available, and values assigned to various assets and liabilities could change.

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:


	(in millions)		Weighted average useful life (years)
Customer-related assets	$	1.4	15
Technology-based assets	9.1		8
Intellectual property	0.1		3
Total intangible assets	$	10.6

The company has seven operating segments, which are presented as the following five reportable segments: Morningstar Direct Platform, PitchBook, Morningstar Credit, Morningstar Wealth, and Morningstar Retirement. Beginning with the first quarter of 2025 reporting, the company changed the name of the Morningstar Data and Analytics reportable segment to the Morningstar Direct Platform.

The company's operating segments also represent the company's reporting units to which goodwill is assigned. The company allocated goodwill by reporting unit in accordance with FASB ASC 350 Intangibles—Goodwill and Other (FASB ASC 350). Under this reporting unit structure, the consolidated goodwill balance was allocated based on each reporting unit's relative fair value at January 1, 2021. The company used a market approach and assigned goodwill to the reporting units. The following table shows the changes in our goodwill balances from December 31, 2024 to September 30, 2025:


(in millions)	Morningstar Direct Platform		PitchBook		Morningstar Credit		Morningstar Wealth		Morningstar Retirement		Total Reportable Segments		Corporate and All Other		Total
Balance as of December 31, 2024	$	594.0	$	607.4	$	105.2	$	92.7	$	93.5	$	1,492.8	$	69.2	$	1,562.0
Acquisition of DealX	—		—		9.7		—		—		9.7		—		9.7
Acquisition of Lumonic	—		22.4		—		—		—		22.4		—		22.4
Foreign currency translation	14.0		—		4.2		1.6		—		19.8		0.8		20.6
Balance as of September 30, 2025	$	608.0	$	629.8	$	119.1	$	94.3	$	93.5	$	1,544.7	$	70.0	$	1,614.7

We perform our annual impairment reviews in the fourth quarter or when impairment indicators and triggering events are identified. The company did not record any goodwill impairment in the first nine months of 2025. Refer to Note 8 for detailed segment information.


	As of September 30, 2025							As of December 31, 2024
(in millions)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Customer-related assets	$	586.9	$	(316.4)	$	270.5	14	$	572.4	$	(281.1)	$	291.3	14
Technology-based assets	330.8		(223.4)		107.4		8	301.9		(205.5)		96.4		8
Intellectual property & other	90.8		(72.7)		18.1		8	88.6		(67.5)		21.1		8

Total intangible assets	$	1,008.5	$	(612.5)	$	396.0	12	$	962.9	$	(554.1)	$	408.8	12


	Three months ended September 30,				Nine months ended September 30,
(in millions)	2025		2024		2025		2024
Amortization expense	$	15.1	$	14.7	$	44.8	$	49.9

As of September 30, 2025, we expect intangible amortization expense for the remainder of 2025, each of the next four subsequent years, and thereafter, to be as follows:


(in millions)	As of September 30, 2025
Remainder of 2025 (October 1 through December 31)	$	15.4
2026	56.6
2027	50.0
2028	45.9
2029	42.8
Thereafter	185.3
Total	$	396.0

Our estimates of future amortization expense for intangible assets may be affected by future acquisitions, divestitures, changes in the estimated useful lives, impairments, and foreign currency translation.