On February 2, 2026, we completed our acquisition of 100% of the equity interests in CRSP, a provider of historical stock market data and indexes, from the University of Chicago. The closing consideration of $363.0 million was paid in cash and reflects adjustments for estimated available cash, indebtedness, and working capital. We began consolidating the financial results of CRSP in our consolidated financial statements as of February 2, 2026. CRSP is included in the Morningstar Indexes operating 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, 2026, 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 closing 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.

The following table summarizes our preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:


	(in millions)
Fair value of consideration transferred	$	363.0

Cash and cash equivalents	$	3.4
Accounts receivable	6.4
Other current and non-current assets	15.1
Intangible assets, net	233.0
Deferred revenue	(22.8)
Other current and non-current liabilities	(11.7)
Total fair value of net assets acquired	$	223.4

Goodwill	$	139.6

Acquired accounts receivable were recorded at fair value and reflect the best estimate at the acquisition date of the contractual cash flows expected to be collected.

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $233.0 million of acquired intangible assets, as follows:


	(in millions)		Weighted average useful life (years)
Customer-related assets	$	113.0	13
Technology-based assets	115.0		8
Intellectual property	5.0		7
Total intangible assets	$	233.0

Goodwill of $139.6 million represents the excess over the fair value of the net tangible and intangible assets acquired. We paid this premium for several reasons, including the opportunity to strengthen our market position and expand our presence among index providers of US equity index funds.

The value assigned to goodwill and intangible assets are deductible for income tax purposes over a period of approximately 15 years from the acquisition date.

On March 1, 2025, we completed our acquisition of the remaining 65% of the equity interests 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 and has been renamed Morningstar Credit Analytics.

The allocation of the 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 100% of the equity interests in 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. We finalized the purchase price allocation during the fourth quarter of 2025 and did not record any significant adjustments compared to the preliminary estimates.

The allocation of the fair values of the assets acquired and liabilities assumed includes $21.3 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


(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, 2025	$	608.6	$	628.7	$	119.6	$	90.3	$	93.5	$	1,540.7	$	70.1	$	1,610.8
Acquisition of CRSP	—		—		—		—		—		—		139.6		139.6
Foreign currency translation and other	(3.3)		—		(0.9)		1.1		—		(3.1)		(0.1)		(3.2)
Balance as of March 31, 2026	$	605.3	$	628.7	$	118.7	$	91.4	$	93.5	$	1,537.6	$	209.6	$	1,747.2


	As of March 31, 2026						As of December 31, 2025
(in millions)	Gross		Accumulated Amortization		Net			Gross		Accumulated Amortization		Net
Customer-related assets	$	693.0	$	(331.9)	$	361.1		$	583.9	$	(324.1)	$	259.8
Technology-based assets	439.5		(229.8)		209.7			328.0		(225.5)		102.5
Intellectual property & other	95.7		(75.1)		20.6			91.2		(74.2)		17.0

Total intangible assets	$	1,228.2	$	(636.8)	$	591.4		$	1,003.1	$	(623.8)	$	379.3

Based on acquisitions completed through March 31, 2026, we expect intangible amortization expense for each of the next five years and thereafter as follows:


(in millions)	As of March 31, 2026
Remainder of 2026 (April 1 through December 31)	$	59.0
2027	73.3
2028	69.3
2029	66.2
2030	60.4
Thereafter	263.2
Total	$	591.4

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.