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

Supplemental Financial Information

9 Months Ended

Sep. 30, 2025

Interest Income

The Company earned interest income of $1.7 million and $5.6 million during the three months ended September 30, 2025

and 2024, respectively, and $6.3 million and $19.0 million during the nine months ended September 30, 2025 and 2024,

respectively, on its operating Cash and cash equivalents. Interest income is recognized in Interest expense, net on the

Consolidated Statements of Income.

Supplemental Cash Flow Information

The following represents the supplemental cash flow information of the Company:


	Nine Months Ended September 30,
	2025	2024
Cash paid for:
Interest, net1	$169,708	$100,162
Income taxes, net of refunds	8,705	24,641
Non-cash investing and financing activities:
Non-controlling interest holders’ tax distributions declared but unpaid	$—	$1,137
Tax Receivable Agreement liabilities	36,145	95,583
Dividend Equivalents and Declared Distributions liabilities	1,518	3,586
Contingently returnable consideration	—	4,868
Contingent consideration liabilities	44,091	103,769

1 Interest paid is presented net of $12.0 million and $19.7 million of cash received in connection with the Company’s

interest rate cap for the nine months ended September 30, 2025 and 2024, respectively. See Note 10, Derivatives, for

further information on the interest rate cap.

Equity Method Investment

On May 1, 2025, the Company acquired a 9.9% interest in Velocity Specialty Insurance Company (“VSIC”), an insurance

carrier writing middle market and small to medium business risks in catastrophe exposed areas, for $16.6 million. The

Company accounts for its investment in VSIC under the equity method of accounting, as the Company has the ability to

exercise significant influence over VSIC primarily through board representation.