v3.25.4

Equity-based Compensation (Tables)

12 Months Ended

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 Options1		Staking Options1		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

The 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 awards 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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