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

Mergers and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

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

measurement period adjustments, during the year ended December 31, 2025:


	Velocity	USQ	360	JM Wilson	SSRU	Total
Cash and cash equivalents	$17,736	$—	$548	$—	$8,200	$26,484
Commissions and fees receivable – net	23,650	13,124	571	2,887	3,293	43,525
Fiduciary cash and receivables	105,779	1,649	4,221	22,032	19,574	153,255
Goodwill	366,249	20,759	16,847	47,871	84,844	536,570
Customer relationships1	216,400	19,100	12,303	39,500	51,354	338,657
Other intangible assets	12,000	200	67	300	787	13,354
Property and equipment – net	—	—	—	494	1,397	1,891
Lease right-of-use assets	3,757	612	—	305	1,338	6,012
Other current and non-current assets	2,862	101	82	131	148	3,324
Total assets acquired	$748,433	$55,545	$34,639	$113,520	$170,935	$1,123,072
Accounts payable and accrued liabilities	5,305	193	—	389	2,527	8,414
Accrued compensation	7,129	373	43	231	1,030	8,806
Fiduciary liabilities	105,779	1,649	4,221	25,018	19,574	156,241
Operating lease liabilities	3,757	612	—	305	1,338	6,012
Deferred tax liabilities	57,298	—	1,546	—	14,025	72,869
Total liabilities assumed	$179,268	$2,827	$5,810	$25,943	$38,494	$252,342
Net assets acquired	$569,165	$52,718	$28,829	$87,577	$132,441	$870,730

1 The acquired customer relationships have a weighted-average amortization period of 13.3 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 dates 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.

The table below summarizes the amounts recognized:


	Year Ended December 31,
	2025	2024	2023
Change in contingent consideration	$13,122	$(22,859)	$5,421
Interest expense, net	8,090	5,472	3,052
Total	$21,212	$(17,387)	$8,473