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

Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Basic earnings (loss) per share is computed by dividing net income (loss) attributable to Ryan Specialty Holdings, Inc. by

the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings (loss) per

share is computed giving effect to potentially dilutive shares, including LLC equity awards and the non-controlling

interests’ LLC Common Units that are exchangeable into Class A common stock. As shares of Class B common stock do

not share in earnings and are not participating securities, they are not included in the Company’s calculation. A

reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings (loss) per share of

Class A common stock is as follows:


	Three Months Ended March 31,
	2026	2025
Net income (loss)	$40,597	$(4,389)
Less: Net income attributable to non-controlling interests	22,951	23,253
Net income (loss) attributable to Ryan Specialty Holdings, Inc.	$17,646	$(27,642)
Numerator:
Net income (loss) attributable to Class A common shareholders – basic	$17,646	$(27,642)
Less: Loss attributed to dilutive shares	(150)	—
Net income (loss) attributable to Class A common shareholders – diluted	$17,496	$(27,642)
Denominator:
Weighted-average shares of Class A common stock outstanding – basic	129,375,841	125,419,656
Add: Dilutive shares	7,965,381	—
Weighted-average shares of Class A common stock outstanding – diluted	137,341,222	125,419,656
Earnings (loss) per share
Earnings (loss) per share of Class A common stock – basic	$0.14	$(0.22)
Earnings (loss) per share of Class A common stock – diluted	$0.13	$(0.22)

The following numbers of shares were excluded from the calculation of diluted earnings (loss) per share because the effect

of including such potentially dilutive shares would have been antidilutive:


	Three Months Ended March 31,
	2026	2025
Conversion of non-controlling interest LLC Common Units1	134,475,691	136,063,929
Restricted Stock	—	413,820
IPO RSUs	678,572	2,597,398
Incentive RSUs	—	2,791,698
PSUs	—	1,658,251
Reload Options	—	3,799,629
Staking Options	—	66,667
Incentive Options	150,000	281,652
Restricted Common Units	—	135,991
IPO RLUs	—	1,293,538
Incentive RLUs	—	686,712
PLUs	—	487,218
Reload Class C Incentive Units	—	3,573,527
Staking Class C Incentive Units	—	2,078,334
Class C Incentive Units	195,822	495,822

1 Weighted-average units outstanding during the period.