(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||
(Address of principal executive offices) | (Zip Code) |
( |
(Registrant’s telephone number, including area code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ||
Emerging growth company |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
REVENUE | ||||||||
Net commissions and fees | $ | $ | $ | $ | ||||
Fiduciary investment income | ||||||||
Total revenue | $ | $ | $ | $ | ||||
EXPENSES | ||||||||
Compensation and benefits | ||||||||
General and administrative | ||||||||
Amortization | ||||||||
Depreciation | ||||||||
Change in contingent consideration | ( | ( | ||||||
Total operating expenses | $ | $ | $ | $ | ||||
OPERATING INCOME | $ | $ | $ | $ | ||||
Interest expense, net | ||||||||
Income from equity method investments | ( | ( | ( | ( | ||||
Other non-operating loss (income) | ( | |||||||
INCOME BEFORE INCOME TAXES | $ | $ | $ | $ | ||||
Income tax expense | ||||||||
NET INCOME | $ | $ | $ | $ | ||||
Net income attributable to non-controlling interests, net of tax | ||||||||
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $ | $ | $ | ||||
NET INCOME PER SHARE OF CLASS A COMMON STOCK: | ||||||||
Basic | $ | $ | $ | $ | ||||
Diluted | $ | $ | $ | $ | ||||
WEIGHTED-AVERAGE SHARES OF CLASS A COMMON STOCK OUTSTANDING: | ||||||||
Basic | ||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
NET INCOME | $ | $ | $ | $ | ||||
Net income attributable to non-controlling interests, net of tax | ||||||||
NET INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $ | $ | $ | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Gain on interest rate cap | ||||||||
(Gain) on interest rate cap reclassified to earnings | ( | ( | ( | ( | ||||
Foreign currency translation adjustments | ||||||||
Change in share of equity method investments’ other comprehensive income (loss) | ( | ( | ||||||
Total other comprehensive income (loss), net of tax | $ | $( | $ | $ | ||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO RYAN SPECIALTY HOLDINGS, INC. | $ | $ | $ | $ |
June 30, 2025 | December 31, 2024 | |||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ | $ | ||
Commissions and fees receivable – net | ||||
Fiduciary cash and receivables | ||||
Prepaid incentives – net | ||||
Other current assets | ||||
Total current assets | $ | $ | ||
NON-CURRENT ASSETS | ||||
Goodwill | ||||
Customer relationships | ||||
Other intangible assets | ||||
Prepaid incentives – net | ||||
Equity method investments | ||||
Property and equipment – net | ||||
Lease right-of-use assets | ||||
Deferred tax assets | ||||
Other non-current assets | ||||
Total non-current assets | $ | $ | ||
TOTAL ASSETS | $ | $ | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
CURRENT LIABILITIES | ||||
Accounts payable and accrued liabilities | $ | $ | ||
Accrued compensation | ||||
Operating lease liabilities | ||||
Tax Receivable Agreement liabilities | ||||
Short-term debt and current portion of long-term debt | ||||
Fiduciary liabilities | ||||
Total current liabilities | $ | $ | ||
NON-CURRENT LIABILITIES | ||||
Accrued compensation | ||||
Operating lease liabilities | ||||
Long-term debt | ||||
Tax Receivable Agreement liabilities | ||||
Deferred tax liabilities | ||||
Other non-current liabilities | ||||
Total non-current liabilities | $ | $ | ||
TOTAL LIABILITIES | $ | $ | ||
STOCKHOLDERS’ EQUITY | ||||
Class A common stock ($ outstanding at June 30, 2025 and December 31, 2024, respectively) | ||||
Class B common stock ($ outstanding at June 30, 2025 and December 31, 2024, respectively) | ||||
Class X common stock ($ authorized, | ||||
Preferred stock ($ December 31, 2024) | ||||
Additional paid-in capital | ||||
Retained earnings | ||||
Accumulated other comprehensive income (loss) | ( | |||
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. | $ | $ | ||
Non-controlling interests | ||||
Total stockholders’ equity | $ | $ | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ |
Six Months Ended June 30, | ||||
2025 | 2024 | |||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ | $ | ||
Adjustments to reconcile net income to cash flows provided by operating activities: | ||||
Income from equity method investments | ( | ( | ||
Amortization | ||||
Depreciation | ||||
Prepaid and deferred compensation expense | ||||
Non-cash equity-based compensation | ||||
Amortization of deferred debt issuance costs | ||||
Amortization of interest rate cap premium | ||||
Deferred income tax expense | ||||
Deferred income tax expense from common control reorganization | ||||
Loss on Tax Receivable Agreement | ||||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Commissions and fees receivable – net | ( | ( | ||
Accrued interest liability | ( | |||
Other current and non-current assets | ||||
Other current and non-current accrued liabilities | ( | ( | ||
Total cash flows provided by operating activities | $ | $ | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Business combinations – net of cash acquired and cash held in a fiduciary capacity | ( | ( | ||
Capital expenditures | ( | ( | ||
Equity method investment in VSIC | ( | |||
Asset acquisitions | ( | |||
Total cash flows used in investing activities | $( | $( | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Borrowings on Revolving Credit Facility | ||||
Repayments on Revolving Credit Facility | ( | |||
Debt issuance costs paid | ( | |||
Repayment of term debt | ( | ( | ||
Receipt of contingently returnable consideration | ||||
Payment of contingent consideration | ( | |||
Tax distributions to non-controlling LLC Unitholders | ( | ( | ||
Receipt of taxes related to net share settlement of equity awards | ||||
Taxes paid related to net share settlement of equity awards | ( | ( | ||
Class A common stock dividends and Dividend Equivalents paid | ( | ( | ||
Distributions and Declared Distributions paid to non-controlling LLC Unitholders | ( | ( | ||
Payment of accrued return on Ryan Re preferred units | ( | ( | ||
Net change in fiduciary liabilities | ||||
Total cash flows provided by financing activities | $ | $ | ||
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ( | |||
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY | $( | $( | ||
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance | ||||
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance | $ | $ | ||
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | ||||
Cash and cash equivalents | $ | $ | ||
Cash and cash equivalents held in a fiduciary capacity | ||||
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity | $ | $ |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2024 | $ | $ | $ | $ | $( | $ | $ | |||||||||||
Net income (loss) | — | — | — | — | — | ( | — | ( | ||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | ||||||||||
Exchange of LLC equity for common stock | ( | — | — | — | ( | |||||||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | ( | ||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment’s other comprehensive loss | — | — | — | — | — | — | ( | ( | ( | |||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ( | |||||||||||
Balance at March 31, 2025 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | |||||||||||
Exchange of LLC equity for common stock | ( | ( | — | — | ( | |||||||||||||
Forfeiture of common stock | ( | — | — | — | — | — | — | — | — | |||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | ( | — | — | ( | ( | |||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | — | — | — | |||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investments’ other comprehensive income | — | — | — | — | — | — | ||||||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at June 30, 2025 | $ | $ | $ | $ | $ | $ | $ |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | Non- controlling Interests | Total Stockholders’ Equity | ||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | ||||||||||
Exchange of LLC equity for common stock | — | ( | — | — | — | ( | ||||||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | ( | — | — | — | ( | |||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment’s other comprehensive income | — | — | — | — | — | — | ||||||||||||
Gain on interest rate cap, net | — | — | — | — | — | — | ||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ( | ( | ( | |||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ | $ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Issuance of common stock | — | — | — | — | ||||||||||||||
Exchange of LLC equity for common stock | — | ( | — | — | — | ( | ||||||||||||
Equity awards withheld for settlement of employee tax obligations | — | — | — | — | — | — | ( | ( | ||||||||||
Class A common stock dividends and Dividend Equivalents | — | — | — | — | — | ( | — | — | ( | |||||||||
Distributions and Declared Distributions to non-controlling LLC Unitholders | — | — | — | — | — | — | — | ( | ( | |||||||||
Tax Receivable Agreement liability and deferred taxes arising from LLC interest ownership changes | — | — | — | — | — | — | ( | |||||||||||
Distributions declared for non-controlling interest holders’ tax | — | — | — | — | — | — | — | ( | ( | |||||||||
Change in share of equity method investment’s other comprehensive income | — | — | — | — | — | — | ( | ( | ( | |||||||||
Loss on interest rate cap, net | — | — | — | — | — | — | ( | ( | ( | |||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | ||||||||||||
Equity-based compensation | — | — | — | — | — | — | ||||||||||||
Balance at June 30, 2024 | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Wholesale Brokerage | $ | $ | $ | $ | ||||
Binding Authority | ||||||||
Underwriting Management | ||||||||
Total Net commissions and fees | $ | $ | $ | $ |
Velocity | USQ | 360 | Total | |||||
Cash and cash equivalents | $ | $ | $ | $ | ||||
Commissions and fees receivable – net | ||||||||
Fiduciary cash and receivables | ||||||||
Goodwill | ||||||||
Customer relationships1 | ||||||||
Other intangible assets | ||||||||
Lease right-of-use assets | ||||||||
Other current and non-current assets | ||||||||
Total assets acquired | $ | $ | $ | $ | ||||
Accounts payable and accrued liabilities | ||||||||
Accrued compensation | ||||||||
Fiduciary liabilities | ||||||||
Operating lease liabilities | ||||||||
Deferred tax liabilities | ||||||||
Total liabilities assumed | $ | $ | $ | $ | ||||
Net assets acquired | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Total revenue | $ | $ | $ | $ | ||||
Net income (loss) | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Change in contingent consideration | $( | $ | $( | $ | ||||
Interest expense, net | ||||||||
Total | $ | $ | $( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Beginning of period | $ | $ | $ | $ | ||||
Write-offs | ( | ( | ( | ( | ||||
Increase in provision | ||||||||
End of period | $ | $ | $ | $ |
June 30, 2025 | December 31, 2024 | |||
Prepaid expenses | $ | $ | ||
Insurance recoverable | ||||
Interest rate cap | ||||
Other current receivables | ||||
Total Other current assets | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||
Lease costs | |||||||||
Operating lease costs | $ | $ | $ | $ | |||||
Short-term lease costs | |||||||||
Operating lease costs | |||||||||
Sublease income | ( | ( | ( | ( | |||||
Lease costs – net | $ | $ | $ | $ | |||||
Cash paid for amounts included in the measurement of lease liabilities | |||||||||
Operating cash flows for operating leases | $ | $ | |||||||
Non-cash related activities | |||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | |||||||||
Amortization of right-of-use assets for operating lease activity | |||||||||
Weighted average discount rate (percent) | |||||||||
Operating leases | |||||||||
Weighted average remaining lease term (years) | |||||||||
Operating leases |
June 30, 2025 | December 31, 2024 | |||
Term debt | ||||
payments, Adjusted Term SOFR + | $ | $ | ||
Senior secured notes | ||||
mature | ||||
mature August 1, 2032 | ||||
Revolving debt | ||||
SOFR + up to | ||||
Premium financing notes | ||||
Commercial notes, periodic interest and principal payments, expire May 1, 2026 | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Commercial notes, periodic interest and principal payments, expired | ||||
Units subject to mandatory redemption | ||||
Total debt | $ | $ | ||
Less: Short-term debt and current portion of long-term debt | ( | ( | ||
Long-term debt | $ | $ |
Six Months Ended June 30, 2025 | |||||||||
Restricted Stock | Weighted Average Grant Date Fair Value | Restricted Common Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | |||||||||
Forfeited | ( | ||||||||
Unvested at end of period | $ | $ |
Six Months Ended June 30, 2025 | |||||||||
IPO RSUs | Incentive RSUs | ||||||||
Restricted Stock Units | Weighted Average Grant Date Fair Value | Restricted Stock Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ( | |||||||
Forfeited | ( | ( | |||||||
Unvested at end of period | $ | $ |
Six Months Ended June 30, 2025 | |||||||||
Reload Options1 | Staking Options1 | Incentive Options | Incentive Options Weighted Average Exercise Price | ||||||
Outstanding at beginning of period | $ | ||||||||
Granted | |||||||||
Exercised | ( | ( | |||||||
Forfeited | |||||||||
Outstanding at end of period | $ |
Aggregate intrinsic value ($ in thousands): | ||
Reload Options outstanding | $ | |
Reload Options exercisable | ||
Staking Options outstanding | ||
Staking Options exercisable | ||
Incentive Options outstanding | ||
Incentive Options exercisable | ||
Weighted-average remaining contractual term (in years): | ||
Reload Options outstanding | ||
Reload Options exercisable | ||
Staking Options outstanding | ||
Staking Options exercisable | ||
Incentive Options outstanding | ||
Incentive Options exercisable |
Six Months Ended June 30, 2025 | |||||||||
IPO RLUs | Incentive RLUs | ||||||||
Restricted LLC Units | Weighted Average Grant Date Fair Value | Restricted LLC Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | ( | ||||||||
Forfeited | |||||||||
Unvested at end of period | $ | $ |
Six Months Ended June 30, 2025 | |||||||||
Reload Class C Incentive Units | Staking Class C Incentive Units | Class C Incentive Units | Class C Incentive Units Weighted Average Participation Threshold | ||||||
Unvested at beginning of period | $ | ||||||||
Granted | |||||||||
Vested | ( | ||||||||
Forfeited | |||||||||
Unvested at end of period | $ |
Six Months Ended June 30, 2025 | |||||||||
PSUs | PLUs | ||||||||
Performance Stock Units | Weighted Average Grant Date Fair Value | Performance LLC Units | Weighted Average Grant Date Fair Value | ||||||
Unvested at beginning of period | $ | $ | |||||||
Granted | |||||||||
Vested | |||||||||
Forfeited | ( | ||||||||
Unvested at end of period | $ | $ |
Volatility | ||
Time to maturity (years) | ||
Risk-free rate | ||
RYAN stock price at valuation date | $ |
Amount | Weighted Average Remaining Expense Period (Years) | |||
Restricted Stock | $ | |||
IPO RSUs | ||||
Incentive RSUs | ||||
Reload Options | ||||
Incentive Options | ||||
PSUs | ||||
Restricted Common Units | ||||
IPO RLUs | ||||
Incentive RLUs | ||||
Reload Class C Incentive Units | ||||
Staking Class C Incentive Units | ||||
Class C Incentive Units | ||||
PLUs | ||||
Total unrecognized equity-based compensation expense | $ |
Recognized | Unrecognized | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | As of June 30, 2025 | ||||||||
2025 | 2024 | 2025 | 2024 | |||||||
IPO awards | ||||||||||
IPO RSUs and Staking Options | $ | $ | $ | $ | $ | |||||
IPO RLUs and Staking Class C Incentive Units | ||||||||||
Incremental Restricted Stock and Reload Options | ||||||||||
Incremental Restricted Common Units and Reload Class C Incentive Units | ||||||||||
Pre-IPO incentive awards | ||||||||||
Restricted Stock | ||||||||||
Restricted Common Units | ||||||||||
Post-IPO incentive awards | ||||||||||
Incentive RSUs | ||||||||||
Incentive RLUs | ||||||||||
Incentive Options | ||||||||||
Class C Incentive Units | ||||||||||
PSUs | ||||||||||
PLUs | ||||||||||
Other expense | ||||||||||
Director Stock Grants | ||||||||||
Total equity-based compensation expense | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net income | $ | $ | $ | $ | ||||
Less: Net income attributable to non-controlling interests | ||||||||
Net income attributable to Ryan Specialty Holdings, Inc. | $ | $ | $ | $ | ||||
Numerator: | ||||||||
Net income attributable to Class A common shareholders | $ | $ | $ | $ | ||||
Less: Income attributed to substantively vested RSUs | ( | ( | ||||||
Net income attributable to Class A common shareholders – basic | $ | $ | $ | $ | ||||
Add: Income attributed to dilutive shares | ||||||||
Net income attributable to Class A common shareholders – diluted | $ | $ | $ | $ | ||||
Denominator: | ||||||||
Weighted-average shares of Class A common stock outstanding – basic | ||||||||
Add: Dilutive shares | ||||||||
Weighted-average shares of Class A common stock outstanding – diluted | ||||||||
Earnings per share | ||||||||
Earnings per share of Class A common stock – basic | $ | $ | $ | $ | ||||
Earnings per share of Class A common stock – diluted | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Conversion of non-controlling interest LLC Common Units1 | ||||||||
Incentive Options | ||||||||
Class C Incentive Units |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
Income Statement Caption | 2025 | 2024 | 2025 | 2024 | |||||
Change in the fair value of the Deal-Contingent Forward | General and administrative | $ | $( | $ | $( | ||||
Total impact of derivatives not designated as hedging instruments | $ | $( | $ | $( | |||||
Interest rate cap premium amortization | Interest expense, net | $( | $( | $( | $( | ||||
Amounts reclassified out of other comprehensive income related to the interest rate cap | Interest expense, net | ||||||||
Total impact of derivatives designated as hedging instruments | $ | $ | $ | $ |
Balance Sheet Caption | June 30, 2025 | December 31, 2024 | |||
Interest rate cap | Other current assets | $ | $ |
June 30, 2025 | December 31, 2024 | |||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||
Assets | ||||||||||||
Interest rate cap | $ | $ | $ | $ | $ | $ | ||||||
Contingently returnable consideration | ||||||||||||
Liabilities | ||||||||||||
Contingent consideration | ||||||||||||
Total assets and liabilities measured at fair value | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Assets | ||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||
Newly established assets due to acquisitions | ||||||||
Total gains (losses) included in earnings | ( | |||||||
Total gains included in OCI | ||||||||
Settlements | ( | |||||||
Balance at end of period | $ | $ | $ | $ | ||||
Liabilities | ||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||
Newly established liabilities due to acquisitions | ||||||||
Total (gains) losses included in earnings | ( | |||||||
Total losses included in OCI | ||||||||
Settlements | ( | ( | ( | ( | ||||
Acquisition measurement period adjustments | ( | ( | ||||||
Balance at end of period | $ | $ | $ | $ |
Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | TRA Liabilities | |||||
Balance at December 31, 2024 | $ | $ | $ | $ | ||||
Exchange of LLC Common Units | ||||||||
Accrued interest | ||||||||
Balance at June 30, 2025 | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Gain on interest rate cap | $( | $( | $( | $( | ||||
Gain on interest rate cap reclassified to earnings | ||||||||
Foreign currency translation adjustments | ( | ( | ( | ( | ||||
Change in share of equity method investments’ other comprehensive income (loss) | ( | ( |
Gain on Interest Rate Cap | Foreign Currency Translation Adjustments | Change in EMI Other Comprehensive Income (Loss) 1 | Total | |||||
Balance at December 31, 2024 | $ | $( | $( | $( | ||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $( | $ | ||||
Less: Non-controlling interests | ( | ( | ||||||
Balance at March 31, 2025 | $ | $ | $( | $ | ||||
Other comprehensive income before reclassifications | ||||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $ | $ | ||||
Less: Non-controlling interests | ( | |||||||
Balance at June 30, 2025 | $ | $ | $( | $ |
Gain on Interest Rate Cap | Foreign Currency Translation Adjustments | Change in EMI Other Comprehensive Income (Loss) 1 | Total | |||||
Balance at December 31, 2023 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $ | $( | $ | $ | ||||
Less: Non-controlling interests | ( | |||||||
Balance at March 31, 2024 | $ | $ | $( | $ | ||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Amounts reclassified to earnings | ( | ( | ||||||
Other comprehensive income (loss) | $( | $ | $( | $( | ||||
Less: Non-controlling interests | ( | ( | ( | |||||
Balance at June 30, 2024 | $ | $ | $( | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Net commissions and fees | $ | $ | $ | $ | ||||
Fiduciary investment income | ||||||||
Total revenue | $ | $ | $ | $ | ||||
Compensation-related expense1 | ||||||||
General and administrative expense2 | ||||||||
Other segment items3 | ||||||||
Depreciation and amortization | ||||||||
Change in contingent consideration | ( | ( | ||||||
Interest income | ( | ( | ( | ( | ||||
Interest expense | ||||||||
Income from equity method investments | ( | ( | ( | ( | ||||
Income tax expense | ||||||||
Other non-operating loss (income) | ( | |||||||
Net income | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
United States | $ | $ | $ | $ | ||||
Foreign | ||||||||
Total revenue | $ | $ | $ | $ |
Six Months Ended June 30, | ||||
2025 | 2024 | |||
Cash paid for: | ||||
Interest, net1 | $ | $ | ||
Income taxes, net of refunds | ||||
Non-cash investing and financing activities: | ||||
Non-controlling interest holders’ tax distributions declared but unpaid | $ | $ | ||
Tax Receivable Agreement liabilities | ||||
Dividend Equivalents and Declared Distributions liabilities | ||||
Contingently returnable consideration | ||||
Contingent consideration liabilities |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||
(in thousands, except percentages and per share data) | 2025 | 2024 | $ | % | 2025 | 2024 | $ | % | ||||||||
Revenue | ||||||||||||||||
Net commissions and fees | $840,857 | $680,248 | $160,609 | 23.6 % | $1,516,985 | $1,218,135 | $298,850 | 24.5 % | ||||||||
Fiduciary investment income | 14,313 | 15,193 | (880) | (5.8) | 28,351 | 29,352 | (1,001) | (3.4) | ||||||||
Total revenue | $855,170 | $695,441 | $159,729 | 23.0 % | $1,545,336 | $1,247,487 | $297,849 | 23.9 % | ||||||||
Expenses | ||||||||||||||||
Compensation and benefits | 485,272 | 414,049 | 71,223 | 17.2 | 915,561 | 787,576 | 127,985 | 16.3 | ||||||||
General and administrative | 107,049 | 82,967 | 24,082 | 29.0 | 213,109 | 158,834 | 54,275 | 34.2 | ||||||||
Amortization | 69,668 | 30,541 | 39,127 | NM | 134,653 | 58,529 | 76,124 | NM | ||||||||
Depreciation | 2,888 | 2,273 | 615 | 27.1 | 5,527 | 4,353 | 1,174 | 27.0 | ||||||||
Change in contingent consideration | (759) | 1,243 | (2,002) | NM | (14,801) | 1,178 | (15,979) | NM | ||||||||
Total operating expenses | $664,118 | $531,073 | $133,045 | 25.1 % | $1,254,049 | $1,010,470 | $243,579 | 24.1 % | ||||||||
Operating income | $191,052 | $164,368 | $26,684 | 16.2 % | $291,287 | $237,017 | $54,270 | 22.9 % | ||||||||
Interest expense, net | 58,334 | 31,128 | 27,206 | 87.4 | 112,842 | 60,528 | 52,314 | 86.4 | ||||||||
(Income) from equity method investments | (5,156) | (3,722) | (1,434) | 38.5 | (10,093) | (9,328) | (765) | 8.2 | ||||||||
Other non-operating loss (income) | 143 | 233 | (90) | (38.6) | (234) | 1,985 | (2,219) | NM | ||||||||
Income before income taxes | $137,731 | $136,729 | $1,002 | 0.7 % | $188,772 | $183,832 | $4,940 | 2.7 % | ||||||||
Income tax expense | 13,026 | 18,691 | (5,665) | (30.3) | 68,456 | 25,117 | 43,339 | NM | ||||||||
Net income | $124,705 | $118,038 | $6,667 | 5.6 % | $120,316 | $158,715 | $(38,399) | (24.2) % | ||||||||
GAAP financial measures | ||||||||||||||||
Total revenue | $855,170 | $695,441 | $159,729 | 23.0 % | $1,545,336 | $1,247,487 | $297,849 | 23.9 % | ||||||||
Net commissions and fees | 840,857 | 680,248 | 160,609 | 23.6 | 1,516,985 | 1,218,135 | 298,850 | 24.5 | ||||||||
Compensation and benefits | 485,272 | 414,049 | 71,223 | 17.2 | 915,561 | 787,576 | 127,985 | 16.3 | ||||||||
General and administrative | 107,049 | 82,967 | 24,082 | 29.0 | 213,109 | 158,834 | 54,275 | 34.2 | ||||||||
Net income | 124,705 | 118,038 | 6,667 | 5.6 | 120,316 | 158,715 | (38,399) | (24.2) | ||||||||
Compensation and benefits expense ratio (1) | 56.7 % | 59.5 % | 59.2 % | 63.1 % | ||||||||||||
General and administrative expense ratio (2) | 12.5 % | 11.9 % | 13.8 % | 12.7 % | ||||||||||||
Net income margin (3) | 14.6 % | 17.0 % | 7.8 % | 12.7 % | ||||||||||||
Earnings per share (4) | $0.41 | $0.38 | $0.19 | $0.52 | ||||||||||||
Diluted earnings per share (4) | $0.38 | $0.37 | $0.18 | $0.49 | ||||||||||||
Non-GAAP financial measures* | ||||||||||||||||
Organic revenue growth rate | 7.1 % | 14.2 % | 9.6 % | 14.0 % | ||||||||||||
Adjusted compensation and benefits expense | $453,414 | $383,960 | $69,454 | 18.1% | $850,842 | $713,982 | $136,860 | 19.2% | ||||||||
Adjusted compensation and benefits expense ratio | 53.0 % | 55.2 % | 55.1 % | 57.2 % | ||||||||||||
Adjusted general and administrative expense | $93,350 | $63,790 | $29,560 | 46.3% | $185,587 | $128,592 | $56,995 | 44.3% | ||||||||
Adjusted general and administrative expense ratio | 10.9 % | 9.2 % | 12.0 % | 10.3 % | ||||||||||||
Adjusted EBITDAC | $308,406 | $247,691 | $60,715 | 24.5% | $508,907 | $404,913 | $103,994 | 25.7% | ||||||||
Adjusted EBITDAC margin | 36.1 % | 35.6 % | 32.9 % | 32.5 % | ||||||||||||
Adjusted net income | $184,682 | $160,554 | $24,128 | 15.0% | $292,521 | $255,971 | $36,550 | 14.3% | ||||||||
Adjusted net income margin | 21.6 % | 23.1 % | 18.9 % | 20.5 % | ||||||||||||
Adjusted diluted earnings per share | $0.66 | $0.58 | $0.08 | 13.8% | $1.05 | $0.93 | $0.12 | 12.9% |
Three Months Ended June 30, | ||||||||||||
(in thousands, except percentages) | 2025 | % of total | 2024 | % of total | Change | |||||||
Wholesale Brokerage | $477,165 | 56.7 % | $444,129 | 65.3 % | $33,036 | 7.4 % | ||||||
Binding Authorities | 94,524 | 11.2 | 80,630 | 11.8 | 13,894 | 17.2 | ||||||
Underwriting Management | 269,168 | 32.1 | 155,489 | 22.9 | 113,679 | 73.1 | ||||||
Total Net commissions and fees | $840,857 | $680,248 | $160,609 | 23.6 % | ||||||||
Three Months Ended June 30, | ||||||||||||
(in thousands, except percentages) | 2025 | % of total | 2024 | % of total | Change | |||||||
Net commissions and policy fees | $787,074 | 93.6 % | $656,938 | 96.6 % | $130,136 | 19.8 % | ||||||
Supplemental and contingent commissions | 35,630 | 4.2 | 8,927 | 1.3 | 26,703 | 299.1 | ||||||
Loss mitigation and other fees | 18,153 | 2.2 | 14,383 | 2.1 | 3,770 | 26.2 | ||||||
Total Net commissions and fees | $840,857 | $680,248 | $160,609 | 23.6 % |
Six Months Ended June 30, | ||||||||||||
(in thousands, except percentages) | 2025 | % of total | 2024 | % of total | Change | |||||||
Wholesale Brokerage | $837,953 | 55.2 % | $767,574 | 63.0 % | $70,379 | 9.2 % | ||||||
Binding Authorities | 196,474 | 13.0 | 169,265 | 13.9 | 27,209 | 16.1 | ||||||
Underwriting Management | 482,558 | 31.8 | 281,296 | 23.1 | 201,262 | 71.5 | ||||||
Total Net commissions and fees | $1,516,985 | $1,218,135 | $298,850 | 24.5 % | ||||||||
Six Months Ended June 30, | ||||||||||||
(in thousands, except percentages) | 2025 | % of total | 2024 | % of total | Change | |||||||
Net commissions and policy fees | $1,411,040 | 93.0 % | $1,151,442 | 94.5 % | $259,598 | 22.5 % | ||||||
Supplemental and contingent commissions | 73,403 | 4.8 | 38,200 | 3.1 | 35,203 | 92.2 | ||||||
Loss mitigation and other fees | 32,542 | 2.2 | 28,492 | 2.4 | 4,050 | 14.2 | ||||||
Total Net commissions and fees | $1,516,985 | $1,218,135 | $298,850 | 24.5 % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
(in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | |||
Current period Net commissions and fees revenue | $840,857 | $680,248 | $1,516,985 | $1,218,135 | |||
Less: Current period contingent commissions | (27,392) | (5,396) | (57,854) | (29,899) | |||
Less: Revenue attributable to sold businesses | (144) | — | (290) | — | |||
Net commissions and fees revenue excluding contingent commissions | $813,321 | $674,852 | $1,458,841 | $1,188,236 | |||
Prior period Net commissions and fees revenue | $680,248 | $573,020 | $1,218,135 | $1,020,533 | |||
Less: Prior year contingent commissions | (5,396) | (4,502) | (29,899) | (26,136) | |||
Less: Revenue attributable to sold businesses | (581) | — | (1,120) | — | |||
Prior period Net commissions and fees revenue excluding contingent commissions | $674,270 | $568,518 | $1,187,116 | $994,396 | |||
Change in Net commissions and fees revenue excluding contingent commissions | $139,051 | $106,334 | $271,725 | $193,840 | |||
Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions | (89,419) | (25,735) | (156,597) | (54,274) | |||
Impact of change in foreign exchange rates | (1,203) | (64) | (952) | (426) | |||
Organic revenue growth (Non-GAAP) | $48,429 | $80,535 | $114,176 | $139,140 | |||
Net commissions and fees revenue growth rate (GAAP) | 23.6 % | 18.7 % | 24.5 % | 19.4 % | |||
Less: Impact of contingent commissions (1) | (3.0) | 0.0 | (1.6) | 0.1 | |||
Net commissions and fees revenue excluding contingent commissions growth rate (2) | 20.6 % | 18.7 % | 22.9 % | 19.5 % | |||
Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent commissions (3) | (13.3) | (4.5) | (13.2) | (5.5) | |||
Impact of change in foreign exchange rates (4) | (0.2) | 0.0 | (0.1) | 0.0 | |||
Organic Revenue Growth Rate (Non-GAAP) | 7.1 % | 14.2 % | 9.6 % | 14.0 % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | ||||
Total revenue | $855,170 | $695,441 | $1,545,336 | $1,247,487 | ||||
Compensation and benefits expense | $485,272 | $414,049 | $915,561 | $787,576 | ||||
Acquisition-related expense | (1,484) | (1,160) | (4,963) | (1,386) | ||||
Acquisition related long-term incentive compensation | (9,321) | (2,891) | (17,652) | (1,264) | ||||
Restructuring and related expense | — | (3,799) | — | (29,983) | ||||
Amortization and expense related to discontinued prepaid incentives | (1,128) | (1,344) | (2,306) | (2,756) | ||||
Equity-based compensation | (14,853) | (12,756) | (29,422) | (22,271) | ||||
Initial public offering related expense | (5,072) | (8,139) | (10,376) | (15,934) | ||||
Adjusted compensation and benefits expense (1) | $453,414 | $383,960 | $850,842 | $713,982 | ||||
Compensation and benefits expense ratio | 56.7 % | 59.5 % | 59.2 % | 63.1 % | ||||
Adjusted compensation and benefits expense ratio | 53.0 % | 55.2 % | 55.1 % | 57.2 % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | ||||
Total revenue | $855,170 | $695,441 | $1,545,336 | $1,247,487 | ||||
General and administrative expense | $107,049 | $82,967 | $213,109 | $158,834 | ||||
Acquisition-related expense | (13,699) | (15,008) | (27,522) | (23,219) | ||||
Restructuring and related expense | — | (4,169) | — | (7,023) | ||||
Adjusted general and administrative expense (1) | $93,350 | $63,790 | $185,587 | $128,592 | ||||
General and administrative expense ratio | 12.5 % | 11.9 % | 13.8 % | 12.7 % | ||||
Adjusted general and administrative expense ratio | 10.9 % | 9.2 % | 12.0 % | 10.3 % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | ||||
Total revenue | $855,170 | $695,441 | $1,545,336 | $1,247,487 | ||||
Net income | $124,705 | $118,038 | $120,316 | $158,715 | ||||
Interest expense, net | 58,334 | 31,128 | 112,842 | 60,528 | ||||
Income tax expense | 13,026 | 18,691 | 68,456 | 25,117 | ||||
Depreciation | 2,888 | 2,273 | 5,527 | 4,353 | ||||
Amortization | 69,668 | 30,541 | 134,653 | 58,529 | ||||
Change in contingent consideration (1) | (759) | 1,243 | (14,801) | 1,178 | ||||
EBITDAC | $267,862 | $201,914 | $426,993 | $308,420 | ||||
Acquisition-related expense | 15,183 | 16,168 | 32,485 | 24,605 | ||||
Acquisition related long-term incentive compensation | 9,321 | 2,891 | 17,652 | 1,264 | ||||
Restructuring and related expense | — | 7,968 | — | 37,006 | ||||
Amortization and expense related to discontinued prepaid incentives | 1,128 | 1,344 | 2,306 | 2,756 | ||||
Other non-operating loss (income) | 143 | 233 | (234) | 1,985 | ||||
Equity-based compensation | 14,853 | 12,756 | 29,422 | 22,271 | ||||
IPO related expenses | 5,072 | 8,139 | 10,376 | 15,934 | ||||
(Income) from equity method investments | (5,156) | (3,722) | (10,093) | (9,328) | ||||
Adjusted EBITDAC | $308,406 | $247,691 | $508,907 | $404,913 | ||||
Net income margin | 14.6 % | 17.0 % | 7.8 % | 12.7 % | ||||
Adjusted EBITDAC margin | 36.1 % | 35.6 % | 32.9 % | 32.5 % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
(in thousands, except percentages) | 2025 | 2024 | 2025 | 2024 | ||||
Total revenue | $855,170 | $695,441 | $1,545,336 | $1,247,487 | ||||
Net income | $124,705 | $118,038 | $120,316 | $158,715 | ||||
Income tax expense | 13,026 | 18,691 | 68,456 | 25,117 | ||||
Amortization | 69,668 | 30,541 | 134,653 | 58,529 | ||||
Amortization of deferred debt issuance costs (1) | 2,386 | 3,027 | 4,760 | 6,436 | ||||
Change in contingent consideration | (759) | 1,243 | (14,801) | 1,178 | ||||
Acquisition-related expense | 15,183 | 16,168 | 32,485 | 24,605 | ||||
Acquisition related long-term incentive compensation | 9,321 | 2,891 | 17,652 | 1,264 | ||||
Restructuring and related expense | — | 7,968 | — | 37,006 | ||||
Amortization and expense related to discontinued prepaid incentives | 1,128 | 1,344 | 2,306 | 2,756 | ||||
Other non-operating loss (income) | 143 | 233 | (234) | 1,985 | ||||
Equity-based compensation | 14,853 | 12,756 | 29,422 | 22,271 | ||||
IPO related expenses | 5,072 | 8,139 | 10,376 | 15,934 | ||||
(Income) from equity method investments | (5,156) | (3,722) | (10,093) | (9,328) | ||||
Adjusted income before income taxes (2) | $249,570 | $217,317 | $395,298 | $346,468 | ||||
Adjusted income tax expense (3) | (64,888) | (56,763) | (102,777) | (90,497) | ||||
Adjusted net income | $184,682 | $160,554 | $292,521 | $255,971 | ||||
Net income margin | 14.6 % | 17.0 % | 7.8 % | 12.7 % | ||||
Adjusted net income margin | 21.6 % | 23.1 % | 18.9 % | 20.5 % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2025 | 2024 | 2025 | 2024 | |||||
Earnings per share of Class A common stock – diluted | $0.38 | $0.37 | $0.18 | $0.49 | ||||
Less: Net income attributed to dilutive shares and substantively vested RSUs (1) | (0.19) | (0.20) | — | (0.26) | ||||
Plus: Impact of all LLC Common Units exchanged for Class A shares (2) | 0.26 | 0.27 | 0.26 | 0.36 | ||||
Plus: Adjustments to Adjusted net income (3) | 0.22 | 0.15 | 0.63 | 0.36 | ||||
Plus: Dilutive impact of unvested equity awards (4) | (0.01) | (0.01) | (0.02) | (0.02) | ||||
Adjusted diluted earnings per share | $0.66 | $0.58 | $1.05 | $0.93 | ||||
(Share count in ’000) | ||||||||
Weighted-average shares of Class A common stock outstanding – diluted | 274,145 | 271,219 | 138,167 | 270,570 | ||||
Plus: Impact of all LLC Common Units exchanged for Class A shares (2) | — | — | 135,804 | — | ||||
Plus: Dilutive impact of unvested equity awards (4) | 5,275 | 4,446 | 5,422 | 4,821 | ||||
Adjusted diluted earnings per share diluted share count | 279,420 | 275,665 | 279,393 | 275,391 |
(in thousands) | Exchange Tax Attributes | Pre-IPO M&A Tax Attributes | TRA Payment Tax Attributes | TRA Liabilities | ||||
Balance at December 31, 2024 | $253,233 | $83,415 | $99,648 | $436,296 | ||||
Exchange of LLC Common Units | 17,861 | 1,176 | 5,423 | 24,460 | ||||
Accrued interest | — | — | 356 | 356 | ||||
Balance at June 30, 2025 | $271,094 | $84,591 | $105,427 | $461,112 |
Long-term Incentive Compensation Agreements | ||
(in thousands) | June 30, 2025 | |
Current accrued compensation | $7,049 | |
Non-current accrued compensation | 25,319 | |
Total liability | $32,368 | |
Projected future expense | 35,510 | |
Total projected future cash outflows | $67,878 |
Projected Future Cash Outflows | ||
(in thousands) | ||
2025 | $6,126 | |
2026 | 10,301 | |
2027 | 12,979 | |
2028 | 35,591 | |
Thereafter | $2,882 |
Contingent Consideration | ||
(in thousands) | June 30, 2025 | |
Current accounts payable and accrued liabilities | $22,703 | |
Other non-current liabilities | 91,924 | |
Total liability | $114,627 | |
Projected future expense | 13,842 | |
Total projected future cash outflows | $128,469 |
Projected Future Cash Outflows | ||
(in thousands) | ||
2025 | $268 | |
2026 | 35,988 | |
2027 | 80,364 | |
2028 | 5,896 | |
Thereafter | $5,954 |
(in thousands) | Balance at June 30, 2025 | 100 BPS Increase | 100 BPS Decrease | |||
Cash and cash equivalents | $172,589 | $(1,726) | $1,726 | |||
Term Loan principal outstanding (1) | 1,691,500 | 16,915 | (16,915) | |||
Interest rate cap notional amount (2) | 1,000,000 | (10,000) | 10,000 | |||
Net exposure to Interest expense, net | $5,189 | $(5,189) | ||||
Cash and cash equivalents held in a fiduciary capacity | $1,346,173 | $13,462 | $(13,462) | |||
Net exposure to Fiduciary investment income | $13,462 | $(13,462) | ||||
Impact to Net income | $8,273 | $(8,273) |
Exhibit Number | Description | |
3.1 | ||
3.2 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 | ||
10.9 | ||
10.10 | ||
10.11 | ||
10.12 | ||
10.13 | ||
10.14 | ||
10.15 | ||
10.16 | ||
10.17 | ||
10.18 | ||
10.19 | ||
19.1 | ||
31.1 | ||
31.2 | ||
32.1* | ||
32.2* | ||
97.1 | ||
101.INS | Inline XBRL (Extensible Business Reporting Language) Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
RYAN SPECIALTY HOLDINGS, INC. (Registrant) | ||
Date: July 31, 2025 | By: | /s/ Janice M. Hamilton |
Janice M. Hamilton | ||
Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |