Morningstar Expands Private Credit and Structured Finance Offerings with Acquisitions of Lumonic and DealX

Morningstar, Inc. (NASDAQ:MORN), a leading provider of independent investment insights, today announced the acquisitions of Lumonic Inc., a private credit portfolio monitoring and management platform, and Dealview Technologies Limited (DealX), a provider of standardized U.S. commercial mortgage-backed security (CMBS) and global collateralized loan obligation (CLO) data. These acquisitions will strengthen Morningstar's private credit and structured finance offerings, with advanced solutions designed to deliver efficiency, transparency, and enhanced decision-making to institutional investors and asset managers. The Lumonic acquisition closed on March 3, 2025, and the DealX acquisition closed on March 1, 2025. Terms for both transactions were not disclosed.

Lumonic's proprietary platform is purpose-built for private credit lenders, automating covenant compliance, financial tracking, and AI-driven portfolio analytics. This acquisition brings PitchBook, a Morningstar company, into the burgeoning portfolio monitoring space. It empowers private credit investment professionals to manage and analyze their portfolios alongside PitchBook's industry-leading private capital data. Lumonic will operate as a subsidiary of PitchBook, which will provide expanded support and resources while allowing Lumonic to stay committed to delivering innovative solutions that modernize credit portfolio workflows.

DealX brings extensive expertise in clean, standardized U.S. CMBS and global CLO data, strengthening Morningstar's analytics capabilities in the structured finance sector. Already engaged in a strategic partnership with Morningstar Credit, DealX played a significant role in launching CRE Analytics, a platform offering investors centralized insights into loan and bond trends across CMBS deals and commercial real estate lending more broadly, supported by Morningstar's credit assessments. Now fully integrated, Morningstar expects that DealX will bolster Morningstar Credit's position as a leader in CMBS analytics while expanding its reach to private credit and leveraged loan markets.

"Morningstar is meeting the demands of investors across private and public markets," said Kunal Kapoor, chief executive officer of Morningstar. "By bringing Lumonic and DealX into the Morningstar family, we are continuing to drive transparency in the credit markets and empower investor success through integrated solutions that span investors' full portfolios."

Morningstar is unique in its capabilities across public and private investing, from PitchBook's expansive data and insights, Morningstar Indexes' private market indexes, and the world's fourth-largest credit rating agency, Morningstar DBRS.

Lumonic Complements PitchBook's Private Capital Data and Research

Founded in 2023, Lumonic was built to empower general partners (GPs) with an automated, digitized solution for portfolio data collection, centralization, and reporting. The Lumonic platform automates borrower financial data collection and verification, enabling investors to track compliance, covenant adherence, and financial health across their lending portfolio—all in real time. Centralized documentation capabilities further enable instant portfolio insights, alerts, and automated compliance tracking.

"At Lumonic, our mission is to modernize private credit operations and make debt the way more companies grow. As the private credit market expands and evolves, this acquisition allows us to bridge the gap between front and back-office workflows and serve every asset class from equity to debt," said Kevin Hsu, chief executive officer at Lumonic. "PitchBook shares our deep commitment to solving real customer problems with thoughtful technology. Together, we'll accelerate our vision while maintaining the product quality and customer happiness that's defined Lumonic from day one."

DealX Expands Morningstar Credit's Structured Finance Capabilities

Together with DealX, Morningstar Credit is a top provider of CMBS analytics and is expanding its offerings to meet the evolving needs of securitization, commercial real estate, private credit and leveraged loan market participants. There is high demand for clean, consistent CLO and CMBS reporting data, and, as the private credit market grows, increasing demand for transparency, analytical solutions and regulatory compliance in structured finance markets.

Morningstar Credit and DealX have built a strong relationship since 2022, when Morningstar became a strategic investor in DealX and the collaboration expanded in 2023 with the launch of CRE Analytics. Bringing DealX's robust technology and data expertise in-house will further accelerate the innovation of CRE Analytics and enhance client offerings.

"This acquisition and Morningstar's dedication to long-term investment in the DealX team come at the perfect time in our shared journey with Morningstar Credit," said Llewellyn Watson, co-founder and joint chief executive officer of DealX. "Morningstar are innovators, sharing the DealX values, entrepreneurial spirit, and high standards of excellence, and this transition is an exciting step forward for both companies."

About Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment insights in North America, Europe, Australia, and Asia. The Company offers an extensive line of products and services for individual investors, financial advisors, asset managers and owners, retirement plan providers and sponsors, institutional investors in the debt and private capital markets, and alliances and redistributors. Morningstar provides data and research insights on a wide range of investment offerings, including managed investment products, publicly listed companies, private capital markets, debt securities, and real-time global market data. Morningstar also offers investment management services through its investment advisory subsidiaries, with approximately $338 billion in assets under management and advisement as of Dec. 31, 2024. The Company operates through wholly-owned subsidiaries in 32 countries. For more information, visit www.morningstar.com/company. Follow Morningstar on X @MorningstarInc.

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