XML 47 R35.htm IDEA: XBRL DOCUMENT
v3.25.2

Equity-Based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Nonvested Stock Units Activity |
|  | Six Months Ended June 30, 2025 |
|  | Restricted Stock |  | Weighted Average Grant Date Fair Value |  | Restricted Common Units |  | Weighted Average Grant Date Fair Value |
Unvested at beginning of period |  | 413,820 |  | $21.15 |  | 135,991 |  | $23.84 |
Granted |  | — |  | — |  | — |  | — |
Vested |  | — |  | — |  | — |  | — |
Forfeited |  | (1,233) |  | 21.15 |  | — |  | — |
Unvested at end of period |  | 412,587 |  | $21.15 |  | 135,991 |  | $23.84 |
|  | Six Months Ended June 30, 2025 |
|  | IPO RSUs |  | Incentive RSUs |
|  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value |
Unvested at beginning of period |  | 2,699,966 |  | $23.14 |  | 2,374,687 |  | $43.33 |
Granted |  | — |  | — |  | 476,309 |  | 69.35 |
Vested |  | (17,899) |  | 23.04 |  | (366,438) |  | 40.04 |
Forfeited |  | (29,283) |  | 23.34 |  | (47,186) |  | 48.92 |
Unvested at end of period |  | 2,652,784 |  | $23.14 |  | 2,437,372 |  | $48.80 |
|  | Six Months Ended June 30, 2025 |
|  | IPO RLUs |  | Incentive RLUs |
|  | Restricted LLC Units |  | Weighted Average Grant Date Fair Value |  | Restricted LLC Units |  | Weighted Average Grant Date Fair Value |
Unvested at beginning of period |  | 1,293,538 |  | $25.10 |  | 686,712 |  | $44.30 |
Granted |  | — |  | — |  | — |  | — |
Vested |  | — |  | — |  | (48,064) |  | 36.44 |
Forfeited |  | — |  | — |  | — |  | — |
Unvested at end of period |  | 1,293,538 |  | $25.10 |  | 638,648 |  | $44.89 |
|  | Six Months Ended June 30, 2025 |
|  | PSUs |  | PLUs |
|  | Performance Stock Units |  | Weighted Average Grant Date Fair Value |  | Performance LLC Units |  | Weighted Average Grant Date Fair Value |
Unvested at beginning of period |  | 366,996 |  | $27.99 |  | 487,218 |  | $24.40 |
Granted |  | 1,367,329 |  | 27.46 |  | — |  | — |
Vested |  | — |  | — |  | — |  | — |
Forfeited |  | (2,497) |  | 27.53 |  | — |  | — |
Unvested at end of period |  | 1,731,828 |  | $27.57 |  | 487,218 |  | $24.40 |
Stock Options Outstanding |
|  | Six Months Ended June 30, 2025 |
|  | Reload Options 1 |  | Staking Options 1 |  | Incentive Options |  | Incentive Options Weighted Average Exercise Price |
Outstanding at beginning of period |  | 3,870,764 |  | 66,667 |  | 281,652 |  | $43.97 |
Granted |  | — |  | — |  | — |  | — |
Exercised |  | (122,680) |  | — |  | (8,295) |  | 34.39 |
Forfeited |  | — |  | — |  | — |  | — |
Outstanding at end of period |  | 3,748,084 |  | 66,667 |  | 273,357 |  | $44.26 |
1 As the Reload and Staking Options were one-time grants at the IPO, the weighted average exercise price for any movements in these awards will perpetually be $23.50. As such, the values are not presented in the table above.
|  | Six Months Ended June 30, 2025 |
|  | Reload Class C Incentive Units |  | Staking Class C Incentive Units |  | Class C Incentive Units |  | Class C Incentive Units Weighted Average Participation Threshold |
Unvested at beginning of period |  | 952,595 |  | 1,605,003 |  | 495,822 |  | $36.80 |
Granted |  | — |  | — |  | — |  | — |
Vested |  | — |  | — |  | (45,000) |  | 34.13 |
Forfeited |  | — |  | — |  | — |  | — |
Unvested at end of period |  | 952,595 |  | 1,605,003 |  | 450,822 |  | $36.96 |
Performance-Based Awards, Valuation Assumptions | The fair values of the performance-based awards granted during the six months ended June 30, 2025, were determined using the Monte Carlo simulation valuation model with the following assumptions:
Volatility | 23.6% - 25.4% |
Time to maturity (years) | 4.7 - 4.8 |
Risk-free rate | 3.8% - 4.0% |
RYAN stock price at valuation date | $67.66 - $69.47 |
Recognized and Unrecognized Equity-Based Compensation Costs | As of June 30, 2025, the unrecognized equity-based compensation expense related to each type of equity-based compensation award described above and the related weighted-average remaining expense period were as follows:
| Amount |  | Weighted Average Remaining Expense Period (Years) |
Restricted Stock | $236 |  | 0.2 |
IPO RSUs | 21,830 |  | 4.0 |
Incentive RSUs | 70,553 |  | 3.0 |
Reload Options | 473 |  | 0.7 |
Incentive Options | 271 |  | 1.4 |
PSUs | 42,227 |  | 4.7 |
Restricted Common Units | 136 |  | 0.2 |
IPO RLUs | 14,365 |  | 4.5 |
Incentive RLUs | 15,402 |  | 2.7 |
Reload Class C Incentive Units | 306 |  | 1.0 |
Staking Class C Incentive Units | 7,536 |  | 4.2 |
Class C Incentive Units | 4,408 |  | 3.3 |
PLUs | 8,612 |  | 3.5 |
Total unrecognized equity-based compensation expense | $186,355 |  |  |
The following table includes the equity-based compensation the Company recognized by award type from the view of expense related to pre-IPO and post-IPO awards. The table also presents the unrecognized equity-based compensation expense as of June 30, 2025, in the same view.
| Recognized |  | Unrecognized |
| Three Months Ended June 30, |  | Six Months Ended June 30, |  | As of June 30, 2025 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
IPO awards |  |  |  |  |  |  |  |  |  |
IPO RSUs and Staking Options | $2,415 |  | $3,493 |  | $5,081 |  | $6,506 |  | $21,830 |
IPO RLUs and Staking Class C Incentive Units | 1,986 |  | 2,583 |  | 3,950 |  | 5,131 |  | 21,901 |
Incremental Restricted Stock and Reload Options | 398 |  | 909 |  | 800 |  | 1,863 |  | 591 |
Incremental Restricted Common Units and Reload Class C Incentive Units | 275 |  | 1,153 |  | 546 |  | 2,432 |  | 401 |
Pre-IPO incentive awards |  |  |  |  |  |  |  |  |  |
Restricted Stock | 158 |  | 408 |  | 322 |  | 835 |  | 118 |
Restricted Common Units | 49 |  | 154 |  | 97 |  | 362 |  | 41 |
Post-IPO incentive awards |  |  |  |  |  |  |  |  |  |
Incentive RSUs | 7,933 |  | 7,775 |  | 16,767 |  | 13,758 |  | 70,553 |
Incentive RLUs | 1,863 |  | 2,035 |  | 3,876 |  | 3,613 |  | 15,402 |
Incentive Options | 1,145 |  | 350 |  | 1,958 |  | 551 |  | 271 |
Class C Incentive Units | 445 |  | 515 |  | 954 |  | 1,030 |  | 4,408 |
PSUs | 2,355 |  | 394 |  | 3,438 |  | 519 |  | 42,227 |
PLUs | 612 |  | 622 |  | 1,218 |  | 820 |  | 8,612 |
Other expense |  |  |  |  |  |  |  |  |  |
Director Stock Grants | 291 |  | 504 |  | 791 |  | 785 |  | — |
Total equity-based compensation expense | $19,925 |  | $20,895 |  | $39,798 |  | $38,205 |  | $186,355 |
Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable | The aggregate intrinsic values and weighted average remaining contractual terms of Stock Options outstanding and exercisable as of June 30, 2025, were as follows:
Aggregate intrinsic value ($ in thousands): |  |
Reload Options outstanding |  | $166,752
Reload Options exercisable |  | 63,826
Staking Options outstanding |  | 2,966
Staking Options exercisable |  | 297
Incentive Options outstanding |  | 6,486
Incentive Options exercisable |  | 1,546
Weighted-average remaining contractual term (in years): |  |
Reload Options outstanding |  | 5.8
Reload Options exercisable |  | 5.7
Staking Options outstanding |  | 7.1
Staking Options exercisable |  | 7.1
Incentive Options outstanding |  | 7.8
Incentive Options exercisable |  | 7.4

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of restricted stock units, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References No definition available. + Details
Name: | ryan_ScheduleOfShareBasedPaymentAwardRestrictedStockUnitValuationAssumptionsTableTextBlock
Namespace Prefix: | ryan_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary Of Recognized And Unrecognized Equity Based Compensation Expenses [Table Text Block] + References No definition available. + Details
Name: | ryan_SummaryOfRecognizedAndUnrecognizedEquityBasedCompensationExpensesTableTextBlock
Namespace Prefix: | ryan_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in stock options. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfStockOptionsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration