Quarterly report [Sections 13 or 15(d)]

Equity-Based Compensation (Tables)

v3.25.1
Equity-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Nonvested Stock Units Activity
Three Months Ended March 31, 2025
Restricted Stock
Weighted Average
Grant Date
Fair Value
Restricted
Common Units
Weighted Average
Grant Date
Fair Value
Unvested at beginning of period
413,820
$21.15
135,991
$23.84
Granted
Vested
Forfeited
Unvested at end of period
413,820
$21.15
135,991
$23.84
Three Months Ended March 31, 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
2,699,966
$23.14
2,374,687
$43.33
Granted
444,725
69.47
Vested
(15,993)
23.11
(18,825)
37.20
Forfeited
(8,572)
23.34
(8,889)
56.24
Unvested at end of period
2,675,401
$23.14
2,791,698
$47.49
Three Months Ended March 31, 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
1,293,538
$25.10
686,712
$44.30
Granted
Vested
Forfeited
Unvested at end of period
1,293,538
$25.10
686,712
$44.30
Three Months Ended March 31, 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
366,996
$27.99
487,218
$24.40
Granted
1,291,255
27.53
Vested
Forfeited
Unvested at end of period
1,658,251
$27.63
487,218
$24.40
Stock Options Outstanding
Three Months Ended March 31, 2025
Reload
Options1
Staking
Options1
Incentive
Options
Incentive Options
Weighted Average
Exercise Price
Outstanding at beginning of period
3,870,764
66,667
281,652
$43.97
Granted
Exercised
(71,135)
Forfeited
Outstanding at end of period
3,799,629
66,667
281,652
$43.97
1As the Reload and Staking Options were one-time grants at the IPO, the weighted average exercise price for any
movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
Three Months Ended March 31, 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
952,595
1,605,003
495,822
$36.80
Granted
Vested
Forfeited
Unvested at end of period
952,595
1,605,003
495,822
$36.75
Performance-Based Awards, Valuation Assumptions The fair value of the performance-based awards granted during the three months ended March 31, 2025, was determined
using the Monte Carlo simulation valuation model with the following assumptions:
Volatility
23.6%
Time to maturity (years)
4.8
Risk-free rate
4.0%
RYAN stock price at valuation date
$69.47
Recognized and Unrecognized Equity-Based Compensation Costs As of March 31, 2025, the unrecognized equity-based compensation expense related to each type of equity-based
compensation award described above and the related weighted-average remaining expense period were as follows:
Amount
Weighted Average
Remaining Expense
Period (Years)
Restricted Stock
$568
0.2
IPO RSUs
24,582
3.1
Incentive RSUs
78,160
2.8
Reload Options
713
0.5
Staking Options
146
0.2
Incentive Options
1,416
1.2
PSUs
42,651
5.0
Restricted Common Units
297
0.1
IPO RLUs
15,598
4.4
Incentive RLUs
17,265
1.7
Reload Class C Incentive Units
467
0.7
Staking Class C Incentive Units
8,290
3.9
Class C Incentive Units
4,852
3.4
PLUs
9,224
3.8
Total unrecognized equity-based compensation expense
$204,229
The following table includes the equity-based compensation the Company recognized by award type from the view of
expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation
expense as of March 31, 2025, in the same view.
Recognized
Unrecognized
Three Months Ended March 31,
As of
March 31, 2025
2025
2024
IPO awards
IPO RSUs and Staking Options
$2,666
$3,013
$24,728
IPO RLUs and Staking Class C Incentive Units
1,964
2,548
23,888
Incremental Restricted Stock and Reload Options
402
954
997
Incremental Restricted Common Units and Reload Class C
Incentive Units
271
1,279
675
Pre-IPO incentive awards
Restricted Stock
164
427
284
Restricted Common Units
48
208
89
Post-IPO incentive awards
Incentive RSUs
8,834
5,983
78,160
Incentive RLUs
2,013
1,578
17,265
Incentive Options
813
201
1,416
Class C Incentive Units
509
515
4,852
PSUs
1,083
125
42,651
PLUs
606
198
9,224
Other expense
Director Stock Grants
500
281
Total equity-based compensation expense
$19,873
$17,310
$204,229
Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable The aggregate intrinsic values and weighted average remaining contractual terms of Stock
Options outstanding and exercisable as of March 31, 2025, were as follows:
Aggregate intrinsic value ($ in thousands):
Reload Options outstanding
$191,387
Reload Options exercisable
74,857
Staking Options outstanding
3,358
Staking Options exercisable
336
Incentive Options outstanding
8,421
Incentive Options exercisable
Weighted-average remaining contractual term (in years):
Reload Options outstanding
6.1
Reload Options exercisable
6.0
Staking Options outstanding
7.3
Staking Options exercisable
7.3
Incentive Options outstanding
8.0
Incentive Options exercisable