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
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
(122,680)
—
(8,295)
34.39
Forfeited
—
—
—
—
Outstanding at end of period
3,748,084
66,667
273,357
$44.26
1As 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