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

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

Debt (Tables)

Debt (Tables)

12 Months Ended

Dec. 31, 2025

The following table is a summary of the Company’s outstanding debt:


	As of December 31,
	2025	2024
Term debt
7-year term loan facility, periodic interest and quarterly principal payments, Adjusted Term SOFR + 2.00% as of December 31, 2025, Adjusted Term SOFR + 2.25% as of December 31, 2024, matures September 13, 2031	$1,659,629	$1,672,532
Senior secured notes
8-year senior secured notes, semi-annual interest payments, 4.38%, mature February 1, 2030	402,677	401,676
8-year senior secured notes, semi-annual interest payments, 5.88%, mature August 1, 2032	1,209,908	1,198,183
Revolving debt
5-year revolving loan facility, periodic interest payments, Adjusted Term SOFR + up to 2.50%, plus commitment fees of 0.25%-0.50%, matures July 30, 2029	74,062	1,207
Premium financing notes
Commercial notes, periodic interest and principal payments, 5.25%, expire May 1, 2026	2,519	—
Commercial notes, periodic interest and principal payments, 5.25%, expire June 1, 2026	499	—
Commercial notes, periodic interest and principal payments, 5.25%, expire June 21, 2026	2,355	—
Commercial notes, periodic interest and principal payments, 6.25%, expired May 1, 2025	—	2,673
Commercial notes, periodic interest and principal payments, 6.25%, expired June 1, 2025	—	548
Commercial notes, periodic interest and principal payments, 6.25%, expired June 21, 2025	—	2,642
Units subject to mandatory redemption	—	3,399
Total debt	$3,351,649	$3,282,860
Less: Short-term debt and current portion of long-term debt	(60,187)	(51,732)
Long-term debt	$3,291,462	$3,231,128

Schedule of Future Maturities of Long-term Debt

The future maturities of long-term debt, which excludes premium financing notes, as of December 31, 2025, were as

follows:


2026	$54,814
2027	17,000
2028	17,000
2029	90,182
2030	17,000
Thereafter	3,198,000
Total repayments	$3,393,996
Less: Unamortized discounts and debt issuance costs	(47,720)
Total	$3,346,276

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details