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Equity-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Nonvested Stock Units Activity |
|  | Nine Months Ended September 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 |  | (401,928) |  | 21.15 |  | (115,684) |  | 23.84 |
Forfeited |  | (1,233) |  | 21.15 |  | — |  | — |
Unvested at end of period |  | 10,659 |  | $21.15 |  | 20,307 |  | $23.84 |
|  | Nine Months Ended September 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 |  | — |  | — |  | 623,300 |  | 66.63 |
Vested |  | (582,659) |  | 22.84 |  | (440,840) |  | 40.98 |
Forfeited |  | (33,093) |  | 23.34 |  | (53,423) |  | 50.00 |
Unvested at end of period |  | 2,084,214 |  | $23.22 |  | 2,503,724 |  | $49.40 |
|  | Nine Months Ended September 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 |  | (154,592) |  | 25.05 |  | (48,064) |  | 36.44 |
Forfeited |  | — |  | — |  | — |  | — |
Unvested at end of period |  | 1,138,946 |  | $25.10 |  | 638,648 |  | $44.89 |
|  | Nine Months Ended September 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 |  | (31,361) |  | 25.09 |  | — |  | — |
Unvested at end of period |  | 1,702,964 |  | $27.62 |  | 487,218 |  | $24.40 |
Stock Options Outstanding |
|  | Nine Months Ended September 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 |  | (401,680) |  | — |  | (8,295) |  | 34.39 |
Forfeited |  | (17,816) |  | — |  | (1,406) |  | 34.39 |
Outstanding at end of period |  | 3,451,268 |  | 66,667 |  | 271,951 |  | $44.31 |
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.
|  | Nine Months Ended September 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 |  | (476,293) |  | (271,667) |  | (45,000) |  | 34.13 |
Forfeited |  | — |  | — |  | — |  | — |
Unvested at end of period |  | 476,302 |  | 1,333,336 |  | 450,822 |  | $36.91 |
Aggregate Intrinsic Values and Weighted Average Remaining Contractual Terms of Stock Options Outstanding and Exercisable | The aggregate intrinsic values and weighted average remaining contractual terms of Stock Options outstanding and exercisable as of September 30, 2025, were as follows:
Aggregate intrinsic value ($ in thousands): |  |
Reload Options outstanding |  | $113,409
Reload Options exercisable |  | 75,590
Staking Options outstanding |  | 2,191
Staking Options exercisable |  | 438
Incentive Options outstanding |  | 3,276
Incentive Options exercisable |  | 878
Weighted-average remaining contractual term (in years): |  |
Reload Options outstanding |  | 5.6
Reload Options exercisable |  | 5.6
Staking Options outstanding |  | 4.1
Staking Options exercisable |  | 0.8
Incentive Options outstanding |  | 4.8
Incentive Options exercisable |  | 4.2
Performance-Based Awards, Valuation Assumptions | The fair values of the performance-based awards granted during the nine months ended September 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 September 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 | $8 |  | 0.2 |
IPO RSUs | 19,949 |  | 4.0 |
Incentive RSUs | 70,421 |  | 2.8 |
Reload Options | 328 |  | 0.8 |
Incentive Options | 211 |  | 1.2 |
PSUs | 33,243 |  | 4.5 |
Restricted Common Units | 15 |  | 0.1 |
IPO RLUs | 13,337 |  | 4.4 |
Incentive RLUs | 13,519 |  | 2.6 |
Reload Class C Incentive Units | 218 |  | 0.8 |
Staking Class C Incentive Units | 6,931 |  | 4.2 |
Class C Incentive Units | 3,958 |  | 3.1 |
Total unrecognized equity-based compensation expense | $162,138 |  |  |
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 September 30, 2025, in the same view.
| Recognized |  | Unrecognized |
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | As of September 30, 2025 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
IPO awards |  |  |  |  |  |  |  |  |  |
IPO RSUs and Staking Options | $1,706 |  | $2,720 |  | $6,787 |  | $9,226 |  | $19,949 |
IPO RLUs and Staking Class C Incentive Units | 1,633 |  | 2,146 |  | 5,583 |  | 7,277 |  | 20,268 |
Incremental Restricted Stock and Reload Options | 246 |  | 622 |  | 1,046 |  | 2,485 |  | 332 |
Incremental Restricted Common Units and Reload Class C Incentive Units | 172 |  | 586 |  | 718 |  | 3,018 |  | 229 |
Pre-IPO incentive awards |  |  |  |  |  |  |  |  |  |
Restricted Stock | 114 |  | 498 |  | 436 |  | 1,333 |  | 4 |
Restricted Common Units | 36 |  | 4,733 |  | 133 |  | 5,095 |  | 4 |
Post-IPO incentive awards |  |  |  |  |  |  |  |  |  |
Incentive RSUs | 8,266 |  | 8,001 |  | 25,033 |  | 21,759 |  | 70,421 |
Incentive RLUs | 1,884 |  | 2,058 |  | 5,760 |  | 5,671 |  | 13,519 |
Incentive Options | 44 |  | 272 |  | 2,002 |  | 823 |  | 211 |
Class C Incentive Units | 450 |  | 521 |  | 1,404 |  | 1,551 |  | 3,958 |
PSUs | (646) |  | 391 |  | 2,792 |  | 910 |  | 33,243 |
PLUs | (3,276) |  | 619 |  | (2,058) |  | 1,439 |  | — |
Other expense |  |  |  |  |  |  |  |  |  |
Director Stock Grants | 561 |  | 292 |  | 1,352 |  | 1,077 |  | — |
Total equity-based compensation expense | $11,190 |  | $23,459 |  | $50,988 |  | $61,664 |  | $162,138 |

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- 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
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