Ryan Specialty Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table provides a summary of goodwill activity:


	Year Ended December 31,
	2025	2024
Balance at beginning of period	$2,646,676	$1,646,482
Acquisitions1	537,647	999,763
Measurement period adjustments	13,316	4,744
Impact of exchange rate changes	27,382	(4,313)
Balance at end of period	$3,225,021	$2,646,676

1 For the year ended December 31, 2025, the activity includes goodwill recognized from immaterial acquisitions not

disclosed in Note 4, Mergers and Acquisitions.

The net carrying amounts of finite-lived intangible assets are shown in the table below:


	As of December 31, 2025			As of December 31, 2024
	Cost	Accumulated Amortization	Net Carrying Amount	Cost	Accumulated Amortization	Net Carrying Amount
Customer relationships	$2,460,456	$(963,571)	$1,496,885	$2,102,404	$(710,356)	$1,392,048
Internally developed software	157,503	(45,055)	112,448	103,388	(27,051)	76,337
Other1	37,977	(30,804)	7,173	32,538	(25,201)	7,337
Total	$2,655,936	$(1,039,430)	$1,616,506	$2,238,330	$(762,608)	$1,475,722

1 Other consists of trade names and assembled workforces.

The cost of internally developed software in development but not yet placed in service was $46.7 million and $30.8 million

as of December 31, 2025 and 2024, respectively.

The aggregate amortization expense from finite-lived intangible assets was $274.4 million, $157.8 million, and $106.8

million for the years ended December 31, 2025, 2024, and 2023, respectively. The estimated future amortization for finite-

lived intangible assets as of December 31, 2025, was as follows:


	Customer Relationships	Internally Developed Software	Other
2026	$234,372	$21,624	$3,480
2027	203,398	26,804	2,255
2028	180,609	24,950	723
2029	159,891	18,392	477
2030	141,603	13,194	238
Thereafter	577,012	7,484	—
Total	$1,496,885	$112,448	$7,173