Ryan Specialty Annual report pursuant to Section 13 and 15(d)

Leases

12 Months Ended

Dec. 31, 2024

LEASES

The Company has various non-cancelable operating leases with various terms through September 2038, primarily for office

space and office equipment. The following table provides additional information about the Company’s leases:


	Year Ended December 31,
	2024	2023	2022
Lease costs
Operating lease costs	$31,375	$36,907	$32,834
Finance lease costs	—	—	31
Short-term lease costs
Operating lease costs	1,000	870	598
Finance lease costs	—	—	10
Sublease income	(514)	(642)	(488)
Lease costs – net	$31,861	$37,135	$32,985

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$32,351	$32,933	$25,569
Non-cash related activities
Right-of-use assets obtained in exchange for new operating lease liabilities	31,487	11,771	93,029
Amortization of right-of-use assets for operating lease activity	22,460	24,664	23,051
Weighted average discount rate (percent)
Operating leases	5.4%	5.1%	4.8%
Finance leases	—	—	3.2%
Weighted average remaining lease term (years)
Operating leases	7.6	8.2	8.5
Finance leases	—	—	1.9

The estimated future minimum payments of operating leases as of December 31, 2024, were as follows:


2025	$30,436
2026	33,505
2027	30,527
2028	25,910
2029	23,868
Thereafter	79,703
Total undiscounted future lease payments	$223,949
Less: Imputed interest	(42,611)
Present value lease liabilities	$181,338

The Company had three leases with inception dates prior to December 31, 2024, that had not yet commenced as of

December 31, 2024, for a total future estimated lease liability of $12.3 million.