Quarterly report [Sections 13 or 15(d)]

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
CURRENT ASSETS    
Cash and cash equivalents $ 154,650 $ 158,322
Commissions and fees receivable – net 565,259 488,951
Fiduciary cash and receivables 4,764,338 4,298,920
Prepaid incentives – net 15,326 13,550
Other current assets 79,255 100,437
Total current assets 5,578,828 5,060,180
NON-CURRENT ASSETS    
Goodwill 3,217,450 3,225,021
Customer relationships 1,433,397 1,496,885
Other intangible assets 127,052 119,621
Prepaid incentives – net 29,718 27,849
Equity method investments 116,431 109,982
Property and equipment – net 66,138 69,461
Lease right-of-use assets 125,802 130,480
Deferred tax assets 305,565 310,138
Other non-current assets 11,257 14,554
Total non-current assets 5,432,810 5,503,991
TOTAL ASSETS 11,011,638 10,564,171
CURRENT LIABILITIES    
Accounts payable and accrued liabilities 341,742 284,403
Accrued compensation 257,275 519,251
Operating lease liabilities 27,189 25,987
Tax Receivable Agreement liabilities 30,047 0
Short-term debt and current portion of long-term debt 35,364 60,187
Fiduciary liabilities 4,764,338 4,298,920
Total current liabilities 5,455,955 5,188,748
NON-CURRENT LIABILITIES    
Accrued compensation 81,362 70,096
Operating lease liabilities 146,200 153,089
Long-term debt 3,533,913 3,291,462
Tax Receivable Agreement liabilities 430,797 458,997
Deferred tax liabilities 47,354 49,834
Other non-current liabilities 97,003 97,894
Total non-current liabilities 4,336,629 4,121,372
TOTAL LIABILITIES 9,792,584 9,310,120
STOCKHOLDERS’ EQUITY    
Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2026 and December 31, 2025) 0 0
Additional paid-in capital 506,021 513,610
Retained earnings 120,528 120,353
Accumulated other comprehensive income 9,390 13,845
Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc. 636,202 648,073
Non-controlling interests 582,852 605,978
Total stockholders’ equity 1,219,054 1,254,051
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 11,011,638 10,564,171
Class A Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 129 130
Class B Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock $ 134 $ 135