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

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

The CODM utilizes consolidated net income (loss) as the primary metric to monitor budget versus actual results, assess the

performance of the business, and make decisions regarding resource allocation. The following table provides information

about the Company’s revenue and includes a reconciliation to net income (loss):


	Three Months Ended March 31,
	2025	2024
Net commissions and fees	$676,128	$537,887
Fiduciary investment income	14,038	14,159
Total revenue	$690,166	$552,046

Compensation-related expense1	397,428	330,022
General and administrative expense2	92,237	64,802
Other segment items3	46,684	54,570

Depreciation and amortization	67,624	30,068
Change in contingent consideration	(14,042)	(65)
Interest income	(3,103)	(7,995)
Interest expense	57,611	37,395
Income from equity method investment in related party	(4,937)	(5,606)
Income tax expense	55,430	6,426
Other non-operating loss (income)	(377)	1,752
Net income (loss)	$(4,389)	$40,677

1 Compensation-related expense includes salaries, commissions, bonus compensation, benefits, payroll taxes, and

contractor costs, and excludes equity-based compensation expense, acquisition, and restructuring related expenses.

2 General and administrative expense includes travel and entertainment, professional services, occupancy, IT related costs,

and other operating costs, and excludes acquisition and restructuring related expenses.

3 Other segment items include equity-based compensation expense, and acquisition and restructuring related compensation

and general and administrative expenses.

Revenue is primarily recognized based on the country in which the services are performed. The below table illustrates the

geographic regions for the Company’s revenue: