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

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Basic earnings per share is computed by dividing net income attributable to Ryan Specialty Holdings, Inc. by the weighted-

average number of shares of Class A common stock outstanding during the period. Diluted earnings 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 per share of Class A common stock is as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Net income	$62,603	$28,643	$182,919	$187,358
Less: Net income attributable to non-controlling interests	31,518	11,054	127,500	106,447
Net income attributable to Ryan Specialty Holdings, Inc.	$31,085	$17,589	$55,419	$80,911
Numerator:
Net income attributable to Class A common shareholders	$31,085	$17,589	$55,419	$80,911
Add (less): Income attributed to substantively vested RSUs	—	369	—	(1,339)
Net income attributable to Class A common shareholders – basic	$31,085	$17,958	$55,419	$79,572
Add: Income attributed to dilutive shares	23,376	7,886	1,233	79,624
Net income attributable to Class A common shareholders – diluted	$54,461	$25,844	$56,652	$159,196
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	127,940,211	121,915,952	126,623,069	119,383,234
Add: Dilutive shares	145,521,423	150,770,317	11,466,811	151,900,158
Weighted-average shares of Class A common stock outstanding – diluted	273,461,634	272,686,269	138,089,880	271,283,392
Earnings per share
Earnings per share of Class A common stock – basic	$0.24	$0.15	$0.44	$0.67
Earnings per share of Class A common stock – diluted	$0.20	$0.09	$0.41	$0.59

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

including such potentially dilutive shares would have been antidilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Conversion of non-controlling interest LLC Common Units1	—	—	135,643,591	—
Incentive RSUs	468,126	—	—	—
Incentive Options	—	150,000	—	150,000

1Weighted average units outstanding during the period.