v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 237,026 $ 182,919
Adjustments to reconcile net income to cash flows provided by operating activities:    
Income from equity method investments (24,410) (15,050)
Amortization 194,005 204,841
Depreciation 12,525 9,134
Prepaid and deferred compensation expense 30,096 33,613
Non-cash equity-based compensation 51,968 50,988
Amortization of deferred debt issuance costs 7,303 7,157
Amortization of interest rate cap premium 0 5,216
Deferred income tax expense 26,782 11,472
Deferred income tax expense from common control reorganization 0 47,978
Loss on Tax Receivable Agreement 834 783
Impairment of internally-developed software 11,704 0
Changes in operating assets and liabilities, net of acquisitions:    
Commissions and fees receivable – net (89,099) (6,392)
Accrued interest liability (21,183) (12,489)
Other current and non-current assets 18,464 19,520
Other current and non-current liabilities (149,082) (159,269)
Total cash flows provided by operating activities 306,933 380,421
CASH FLOWS FROM INVESTING ACTIVITIES    
Business combinations – net of cash acquired and cash held in a fiduciary capacity 0 (636,925)
Capital expenditures (52,233) (50,678)
Equity method investment in VSIC 0 (16,561)
Proceeds from sale of equity method investment in VSIC 23,349 0
Asset acquisitions (1,556) (3,014)
Total cash flows used in investing activities (30,440) (707,178)
CASH FLOWS FROM FINANCING ACTIVITIES    
Borrowings on Revolving Credit Facility 1,359,030 1,114,872
Repayments on Revolving Credit Facility (1,008,719) (990,857)
Debt issuance costs paid 0 (2,889)
Repayment of term debt (12,750) (12,750)
Receipt of contingently returnable consideration 3,140 1,927
Payment of contingent consideration (37,406) (29,252)
Tax distributions to non-controlling LLC Unitholders (43,103) (45,695)
Receipt of taxes related to net share settlement of equity awards 18,831 35,174
Taxes paid related to net share settlement of equity awards (18,698) (36,051)
Class A common stock dividends and Dividend Equivalents paid (50,170) (46,825)
Distributions and Declared Distributions paid to non-controlling LLC Unitholders (24,233) (20,428)
Repurchases of Class A common stock (450,253) 0
Payments related to Ryan Re preferred units 0 (249)
Net change in fiduciary liabilities 183,520 38,341
Total cash flows provided by (used in) financing activities (80,811) 5,318
Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity (5,872) 14,507
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY 189,810 (306,932)
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Beginning balance 1,584,470 1,680,805
CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A FIDUCIARY CAPACITY—Ending balance 1,774,280 1,373,873
Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity    
Cash and cash equivalents 168,811 153,485
Cash and cash equivalents held in a fiduciary capacity 1,605,469 1,220,388
Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity $ 1,774,280 $ 1,373,873