How is the Morningstar Direct desktop positioned with its typical users – is it a primary, standalone solution, or more often used alongside complementary platforms such as Bloomberg, LSEQ Workspace, FactSet or S&P Capital IQ Pro? Where do you see Direct's strongest and most defensible differentiation?

How is the Morningstar Direct desktop positioned with its typical users – is it a primary, standalone solution, or more often used alongside complementary platforms such as Bloomberg, LSEQ Workspace, FactSet or S&P Capital IQ Pro? Where do you see Direct's strongest and most defensible differentiation? August 25, 2026 Morningstar Direct desktop is a standalone solution for our core personas focused on managed investment due diligence as well as product marketing and distribution. We believe our proprietary managed investment database is a key differentiator and a source of truth in the heavily regulated industries we serve. Integrating our data, research, intellectual property (IP), and software allows us to offer sticky capabilities like Performance Reporting, which offers a flexible, robust calculation engine, as well as Presentation Studio, our reporting solution that supports industry presentations, fact sheet generation, and more. In addition, we generally see higher growth rates in our reporting options that distribute our data, similar to our data licensing segment.