v3.25.4

Equity-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Summary of Stock Activity |
| Year Ended December 31, 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 | (412,587) |  | 21.15 |  | (135,991) |  | 23.84 |
Forfeited | (1,233) |  | 21.15 |  | — |  | — |
Unvested at end of period | — |  | $— |  | — |  | $— |
| Year Ended December 31, 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 | — |  | — |  | 711,997 |  | 64.97 |
Vested | (588,054) |  | 22.83 |  | (461,648) |  | 41.44 |
Forfeited | (64,951) |  | 23.29 |  | (71,595) |  | 50.87 |
Unvested at end of period | 2,046,961 |  | $23.22 |  | 2,553,441 |  | $49.49 |
| Year Ended December 31, 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 |
| Year Ended December 31, 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 | (121,405) |  | 25.45 |  | — |  | — |
Unvested at end of period | 1,612,920 |  | $27.73 |  | 487,218 |  | $24.40 |
Summary of Stock Options |
| Year Ended December 31, 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 | (424,600) |  | — |  | (8,999) |  | 34.39 |
Forfeited or expired | (52,838) |  | — |  | (1,406) |  | 34.39 |
Outstanding at end of period | 3,393,326 |  | 66,667 |  | 271,247 |  | $44.34 |
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.
| Year Ended December 31, 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 | (494,763) |  | (271,667) |  | (45,000) |  | 34.13 |
Forfeited | — |  | — |  | — |  | — |
Unvested at end of period | 457,832 |  | 1,333,336 |  | 450,822 |  | $36.86 |
Schedule of Valuation Assumptions of Reload, Staking And Incentive Options | The fair value of Incentive Options granted during the year ended December 31, 2024, was determined using the Black- Scholes option pricing model with the following assumptions:
Volatility | 25.0% |
Time to maturity (years) | 7.0 |
Risk-free rate | 4.2% |
Dividend yield | 0.8% |
Fair value per option | $17.09 |
Schedule of Aggregate Intrinsic Values And Weighted Average Remaining Contractual Term | T he aggregate intrinsic values and weighted-average remaining contractual terms of Stock Options outstanding and exercisable as of December 31, 2025, were as follows:
Aggregate intrinsic value ($ in thousands): |  |
Reload Options outstanding | $95,454 |
Reload Options exercisable | 63,949 |
Staking Options outstanding | 1,875 |
Staking Options exercisable | 375 |
Incentive Options outstanding | 2,090 |
Incentive Options exercisable | 612 |
Weighted-average remaining contractual term (in years): |  |
Reload Options outstanding | 5.3 |
Reload Options exercisable | 5.3 |
Staking Options outstanding | 3.9 |
Staking Options exercisable | 0.5 |
Incentive Options outstanding | 4.6 |
Incentive Options exercisable | 4.0 |
Schedule of Share-based Payment Award, Restricted Stock Unit, Valuation Assumptions | The grant date fair values of the performance-based award s were determined using the Monte Carlo simulation valuation model with the following assumptions:
| Year Ended December 31, |
| 2025 |  | 2024 |
Volatility | 23.6% - 25.4% |  | 22.1% - 24.7% |
Time to maturity (years) | 4.7 - 4.8 |  | 3.4 - 4.1 |
Risk-free rate | 3.8% - 4.0% |  | 4.1% - 4.2% |
RYAN stock price at valuation date | $67.66 - $69.47 |  | $52.38 - $66.71 |
Summary of Recognized And Unrecognized Equity Based Compensation Expenses | As of December 31, 2025, the unrecognized equity-based compensation expense and the related weighted-average remaining expense period, as applicable, related to the types of equity-based compensation awards described above were as follows:
| Amount |  | Weighted Average Remaining Expense Period (Years) |
IPO RSUs | $17,973 |  | 4.2 |
Incentive RSUs | 66,118 |  | 2.8 |
Reload Options | 219 |  | 0.6 |
Incentive Options | 154 |  | 1.0 |
PSUs | 30,760 |  | 4.2 |
IPO RLUs | 12,364 |  | 4.3 |
Incentive RLUs | 11,635 |  | 2.3 |
Reload Class C Incentive Units | 149 |  | 0.6 |
Staking Class C Incentive Units | 3,638 |  | 4.2 |
Class C Incentive Units | 3,509 |  | 3.0 |
Total unrecognized equity-based compensation expense | $146,519 |  |  |
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.
| Recognized
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
IPO awards |  |  |  |  |
IPO RSUs and Staking Options | $8,041 |  | $11,522 |  | $15,760
IPO RLUs and Staking Class C Incentive Units | 9,849 |  | 9,284 |  | 11,424
Incremental Restricted Stock and Reload Options | 1,100 |  | 2,820 |  | 4,332
Incremental Restricted Common Units and Reload Class C Incentive Units | 798 |  | 3,328 |  | 7,119
Pre-IPO incentive awards |  |  |  |  |
Restricted Stock | 440 |  | 1,473 |  | 2,387
Restricted Common Units | 137 |  | 5,170 |  | 1,454
Post-IPO incentive awards |  |  |  |  |
Incentive RSUs | 33,092 |  | 29,769 |  | 19,245
Incentive RLUs | 7,644 |  | 7,728 |  | 4,567
Incentive Options | 2,058 |  | 974 |  | 466
Class C Incentive Units | 1,854 |  | 2,072 |  | 1,906
PSUs | 4,542 |  | 1,407 |  | —
PLUs | (2,058) |  | 2,058 |  | —
Other expense |  |  |  |  |
Director Stock Grants | 1,954 |  | 1,390 |  | 1,083
Total equity-based compensation expense | $69,451 |  | $78,995 |  | $69,743

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