As you note, in 2024, we sold our Commodity and Energy Data business. The Commodity and Energy Data business was not material relative to Morningstar Direct Platform (formerly known as Morningstar Data and Analytics). We started excluding associated revenue from organic revenue growth calculations in Q4 24 and have noted that the divestiture has been slightly dilutive to Morningstar Direct Platform margins.

During 2024, we also sold customer assets from the US Morningstar Wealth Turnkey Asset Management Platform (TAMP) to AssetMark. Morningstar Wealth organic revenue growth excludes platform revenue from the US TAMP from the prioryear period starting Dec. 1, as well as interim service fees received from AssetMark associated with the sale of the US TAMP. For more detail on the anticipated financial impact from the transaction, please refer to the response to a related question filed in an 8-K dated April 28, 2025, and the FAQ updated July 24, 2024.

We do not intend to disclose additional details related to the financial impact of these transactions.