Ryan Specialty Quarterly report [Sections 13 or 15(d)]

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2025

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Ryan Specialty Holdings, Inc., by

the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per

share is computed giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling

interests’ LLC Common Units that are exchangeable into Class A common stock. As shares of Class B common stock do

not share in earnings and are not participating securities, they are not included in the Company’s calculation. A

reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share of

Class A common stock is as follows:


	Three Months Ended March 31,
	2025	2024
Net income (loss)	$(4,389)	$40,677
Less: Net income attributable to non-controlling interests	23,253	24,142
Net income (loss) attributable to Ryan Specialty Holdings, Inc.	$(27,642)	$16,535
Numerator:
Net income (loss) attributable to Class A common shareholders	$(27,642)	$16,535
Less: Income attributed to substantively vested RSUs	—	(550)
Net income (loss) attributable to Class A common shareholders – basic	$(27,642)	$15,985
Add: Income attributed to dilutive shares	—	18,242
Net income (loss) attributable to Class A common shareholders – diluted	$(27,642)	$34,227
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	125,419,656	117,811,805
Add: Dilutive shares	—	152,110,563
Weighted-average shares of Class A common stock outstanding – diluted	125,419,656	269,922,368
Earnings (loss) per share
Earnings (loss) per share of Class A common stock – basic	$(0.22)	$0.14
Earnings (loss) per share of Class A common stock – diluted	$(0.22)	$0.13

The following number of shares were excluded from the calculation of diluted earnings (loss) per share because the effect

of including such potentially dilutive shares would have been antidilutive:


	Three Months Ended March 31,
	2025	2024
Conversion of non-controlling interest LLC Common Units1	136,063,929	—
Restricted Stock	413,820	—
IPO RSUs	2,597,398	—
Incentive RSUs	2,791,698	—
Incentive PSUs	1,658,251	—
Reload Options	3,799,629	—
Staking Options	66,667	—
Incentive Options	281,652	150,000
Restricted Common Units	135,991	—
IPO RLUs	1,293,538	—
Incentive RLUs	686,712	—
Incentive PLUs	487,218	—
Reload Class C Incentive Units	3,573,527	—
Staking Class C Incentive Units	2,078,334	—
Class C Incentive Units	495,822	195,822

1Weighted average units outstanding during the period.