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

Mergers and Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

The following table summarizes the estimated fair value of the aggregate assets and liabilities acquired, inclusive of

measurement period adjustments, during the nine months ended September 30, 2025:


	Velocity	USQ	360	JM Wilson	Total
Cash and cash equivalents	$17,736	$—	$412	$—	$18,148
Commissions and fees receivable – net	23,650	13,124	939	3,679	41,392
Fiduciary cash and receivables	105,779	1,649	6,674	29,597	143,699
Goodwill	366,249	20,539	16,615	47,187	450,590
Customer relationships1	216,400	19,100	12,303	39,900	287,703
Other intangible assets	12,000	200	67	300	12,567
Property and equipment – net	—	—	—	494	494
Lease right-of-use assets	3,757	612	—	305	4,674
Other current and non-current assets	2,862	101	82	310	3,355
Total assets acquired	$748,433	$55,325	$37,092	$121,772	$962,622
Accounts payable and accrued liabilities	5,305	193	—	389	5,887
Accrued compensation	7,129	373	43	272	7,817
Fiduciary liabilities	105,779	1,649	6,674	32,583	146,685
Operating lease liabilities	3,757	612	—	305	4,674
Deferred tax liabilities	57,298	—	1,546	—	58,844
Total liabilities assumed	$179,268	$2,827	$8,263	$33,549	$223,907
Net assets acquired	$569,165	$52,498	$28,829	$88,223	$738,715

1 The acquired customer relationships have a weighted average amortization period of 13.1 years.

The unaudited pro forma financial information is presented

for informational purposes only and is not indicative of the results of operations that would have been achieved if the

acquisitions had taken place on the date indicated or of results that may occur in the future. The pre-acquisition Castel and

US Assure results included in the pro forma figures below contain acquisition-related expenses that were not considered

pro forma adjustments for the Company.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Total revenue	$754,577	$669,171	$2,325,123	$2,089,626
Net income (loss)	69,433	(32,450)	246,109	(81,107)

The table below summarizes the amounts recognized:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Change in contingent consideration	$11,968	$(365)	$(2,833)	$813
Interest expense, net	1,922	1,325	5,909	3,125
Total	$13,890	$960	$3,076	$3,938