Form 8-K

8-K — RYAN SPECIALTY HOLDINGS, INC.

Accession: 0001849253-26-000022

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001849253

SIC: 6411 (INSURANCE AGENTS BROKERS & SERVICES)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — ryan-20260430.htm (Primary)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________

FORM 8-K

____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

____________________

RYAN SPECIALTY HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

____________________

Delaware

001-40645

86-2526344

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

155 North Wacker Drive, Suite 4000

Chicago, Illinois

60606

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 312 784-6001

(Former Name or Former Address, if Changed Since Last Report)

____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the

registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value

RYAN

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act

of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On April 30, 2026, Ryan Specialty Holdings, Inc. (the “Company”) issued a press release announcing its results of

operations for the third quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is

incorporated herein by reference.

The information furnished herewith pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be

deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject

to the liabilities of that section. The information in this current report shall not be incorporated by reference into any

registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly

set forth by specific reference in such filing.

Item 8.01 Other Events.

On April 30, 2026, the Company's board of directors (the "Board") declared a regular quarterly dividend of $0.13 per share

on the outstanding Class A common stock. The regular quarterly dividend will be payable on May 26, 2026, to

stockholders of record as of the close of business on May 12, 2026.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

The following exhibits are furnished herewith:

Exhibit No.

Description of Exhibit

99.1

Press Release dated April 30, 2026

104

Cover Page Interactive Data File (formatted as inline XBRL)

Cautionary Note Regarding Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of

1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this

report, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial

condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking

statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such

as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,”

and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating

or financial performance or other events. For example, all statements we make relating to our estimated costs, expenditures,

financial results, any future dividends, our plans, and anticipated cost savings relating to the restructuring plan and the

amount and timing of delivery of annual cost savings are forward-looking statements. All forward-looking statements are

subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, These

forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties,

including, but not limited to, those relating to whether the Company will achieve the associated objectives with its

Program, whether the costs and charges associated with restructuring initiatives will exceed current estimates and forecasts,

its ability to realize expected savings and benefits in the amounts and at the times anticipated, changes in management’s

assumptions, its ability to achieve anticipated financial results, risks associated with acquisitions, divestitures, joint

ventures and strategic investments, outcomes of legal and regulatory matters, and changes in legislation or regulations.

These and other risks, assumptions and uncertainties are described in Item 1A (Risk Factors) of the Company’s most recent

Annual Report on Form 10-K and in other documents that the Company files or furnishes with the Securities and Exchange

Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove

incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of

the date they are made. Except to the extent required by law, the Company does not undertake, and expressly disclaims,

any duty or obligation to update publicly any forward-looking statement after the date of this report, whether as a result of

new information, future events, changes in assumptions or otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed

on its behalf by the undersigned hereunto duly authorized.

RYAN SPECIALTY HOLDINGS, INC. (Registrant)

Date:

April 30, 2026

By:

/s/ Janice M. Hamilton

Janice M. Hamilton

Executive Vice President and Chief Financial Officer

EX-99.1

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RYAN-2026.03.31-EX 99.1

RYAN SPECIALTY REPORTS FIRST QUARTER 2026 RESULTS

- Total Revenue grew 15.2% year-over-year to $795.2 million -

- Organic Revenue Growth Rate* of 11.8% year-over-year -

- Net Income of $40.6 million, or $0.13 per diluted share -

- Adjusted EBITDAC* grew 15.7% year-over-year to $232.0 million -

- Adjusted Net Income increased 21.2% year-over-year to $130.7 million -

- Adjusted Diluted Earnings Per Share grew 20.5% or $0.47 per diluted share -

- Returned approximately $64.8 million to shareholders, including $40.0 million of share repurchases, and

$24.8 million of dividends and distributions -

April 30, 2026 | CHICAGO, IL — Ryan Specialty Holdings, Inc. (NYSE: RYAN) (“Ryan Specialty” or the “Company”), a

leading international specialty insurance firm, today announced results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

•Revenue grew 15.2% year-over-year to $795.2 million, compared to $690.2 million in the prior-year period

•Organic Revenue Growth Rate* was 11.8% for the quarter, compared to 12.9% in the prior-year period

•Net Income increased year-over-year to $40.6 million, compared to a loss of $(4.4) million in the prior-year

period. Diluted Earnings Per Share was $0.13

•Adjusted EBITDAC* increased 15.7% to $232.0 million, compared to $200.5 million in the prior-year period

•Adjusted EBITDAC Margin* of 29.2%, compared to 29.1% in the prior-year period

•Adjusted Net Income* increased 21.2% to $130.7 million, compared to $107.8 million in the prior-year period

•Adjusted Diluted Earnings Per Share* increased 20.5% to $0.47, compared to $0.39 in the prior-year period

•Returned approximately $64.8 million to shareholders through $40.0 million of Class A common stock

repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions

“It was a strong start to 2026 for Ryan Specialty in the face of continued and increasing industry headwinds,” said

Patrick G. Ryan, Founder and Executive Chairman of Ryan Specialty. “We grew total revenue 15%, driven by organic

growth of 11.8% and contributions from M&A. We grew Adjusted EBITDAC by 15.7% and Adjusted Diluted EPS by

20.5%. Our performance this quarter speaks to the dedication of our team, their ability to succeed in challenging

times, and the diversified enterprise we have purposefully built over the years. Through one of the most efficient

and effective insurance distribution platforms in the word, we are delivering innovative solutions for our clients -

brokers, agents, and carriers, that are difficult to replicate elsewhere. While we expect the environment to remain

considerably challenging in the near term, we are confident that our continued investment in the platform, paired

with our ability to innovate alongside our clients and capital trading partners, will further strengthen our position as

a leader in specialty insurance.”

“I am proud of our team's tireless execution during the quarter as we continue to win business and increase market

share in a very competitive environment,” added Timothy W. Turner, Chief Executive Officer of Ryan Specialty.

“Along with our strong performance, we are continuing to invest broadly in our technology, AI, and data capabilities

to ensure we are providing our clients with the expertise and advocacy they expect to solve their most complex

insurance needs. We remain focused on controlling what we can control given the challenging environment. We are

enhancing our competitive advantage and continuing to build and expand a platform that is designed to endure

across market cycles.”

Summary of First Quarter 2026 Results

Three Months Ended

March 31,

Change

(in thousands, except percentages and per share data)

2026

2025

GAAP financial measures

Total revenue

$795,229

$690,166

$105,063

15.2%

Net commissions and fees

782,903

676,128

106,775

15.8

Compensation and benefits

495,176

430,289

64,887

15.1

General and administrative

108,761

106,060

2,701

2.5

Total operating expenses

700,633

589,931

110,702

18.8

Operating income

94,596

100,235

(5,639)

(5.6)

Net income (loss)

40,597

(4,389)

44,986

Net income (loss) attributable to Ryan Specialty Holdings, Inc.

17,646

(27,642)

45,288

Compensation and benefits expense ratio (1)

62.3 %

General and administrative expense ratio (2)

13.7 %

15.4 %

Net income (loss) margin (3)

5.1 %

(0.6 %)

Earnings (loss) per share (4)

$0.14

$(0.22)

Diluted earnings (loss) per share (4)

$0.13

$(0.22)

Non-GAAP financial measures*

Organic revenue growth rate

11.8 %

12.9 %

Adjusted compensation and benefits expense

$461,832

$397,428

$64,404

16.2 %

Adjusted compensation and benefits expense ratio

58.1 %

57.6 %

Adjusted general and administrative expense

$101,365

$92,237

$9,128

9.9 %

Adjusted general and administrative expense ratio

12.7 %

13.4 %

Adjusted EBITDAC

$232,033

$200,501

$31,532

15.7 %

Adjusted EBITDAC margin

29.2 %

29.1 %

Adjusted net income

$130,728

$107,839

$22,889

21.2 %

Adjusted net income margin

16.4 %

15.6 %

Adjusted diluted earnings per share

$0.47

$0.39

$0.08

20.5 %

*For a definition and a reconciliation of Organic revenue growth rate, Adjusted compensation and benefits expense,

Adjusted compensation and benefits ratio, Adjusted general and administrative expense, Adjusted general and

administrative expense ratio, Adjusted EBITDAC, Adjusted EBITDAC margin, Adjusted net income, Adjusted net income

margin, and Adjusted diluted earnings per share to the most directly comparable GAAP measure, see “Non-GAAP Financial

Measures and Key Performance Indicators” below.

(1)Compensation and benefits expense ratio is defined as Compensation and benefits divided by Total revenue.

(2)General and administrative expense ratio is defined as General and administrative expense divided by Total revenue.

(3)Net income margin is defined as Net income divided by Total revenue.

(4)See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial statements.

First Quarter 2026 Review*

Total revenue for the first quarter of 2026 was $795.2 million, an increase of 15.2% compared to $690.2 million in

the prior-year period. This increase was primarily due to continued organic revenue growth of 11.8%, driven by new

client wins and expanded relationships with existing clients, coupled with continued expansion of the specialty and

E&S markets, revenue from acquisitions completed within the trailing twelve months ended March 31, 2026, and

growth in contingent commissions. We experienced growth across the majority of our casualty lines, offset by a

moderate decline in our property portfolio.

Total operating expenses for the first quarter of 2026 were $700.6 million, an 18.8% increase compared to $589.9

million in the prior-year period. This increase was primarily due to higher Compensation and benefits expenses

resulting from growth in headcount and revenue and an increase in Restructuring and related expense due to the

Empower Program initiated in the first quarter of 2026. General and administrative expense also increased

compared to the prior-year period due to an increase in professional services and IT charges, as well as costs directly

linked to revenue growth, recruiter fees, higher expenses to accommodate both organic and inorganic revenue

growth, and an increase in Restructuring and related expense due to the Empower Program, partially offset by lower

Acquisition-related expenses.

Net income for the first quarter of 2026 increased to $40.6 million, compared to a loss of $(4.4) million in the prior-

year period. The increase was due to strong revenue growth and lower Income tax expense, partially offset by higher

Total operating expenses compared to the prior-year period.

Adjusted EBITDAC grew 15.7% to $232.0 million from $200.5 million in the prior-year period. Adjusted EBITDAC

margin for the quarter was 29.2%, compared to 29.1% in the prior-year period. The increase in Adjusted EBITDAC

was driven primarily by strong revenue growth, partially offset by higher Adjusted compensation and benefits

expense, as well as higher Adjusted general and administrative expense.

Adjusted net income for the first quarter of 2026 increased 21.2% to $130.7 million, compared to $107.8 million in

the prior-year period. Adjusted net income margin was 16.4%, compared to 15.6% in the prior-year period. Adjusted

diluted earnings per share for the first quarter of 2026 increased 20.5% to $0.47, compared to $0.39 in the prior-

year period.

*For the definition of each of the non-GAAP measures referred to above, as well as a reconciliation of such non-GAAP

measures to their most directly comparable GAAP measures, see “Non-GAAP Financial Measures and Key Performance

Indicators” below.

First Quarter 2026 Net Commissions and Fees by Specialty and Revenue by Type

Growth in Net commissions and fees in all specialties was primarily driven by strong organic growth.

Three Months Ended March 31,

(in thousands, except percentages)

2026

% of

total

2025

% of

total

Change

Wholesale Brokerage

$377,796

48.3%

$360,788

53.4%

$17,008

4.7%

Binding Authority

110,000

14.0

101,950

15.1

8,050

7.9

Underwriting Management

295,107

37.7

213,390

31.5

81,717

38.3

Total Net commissions and fees

$782,903

$676,128

$106,775

15.8%

The following tables sets forth our revenue by type of commission and fees:

Three Months Ended March 31,

(in thousands, except percentages)

2026

% of

total

2025

% of

total

Change

Net commissions and policy fees

$717,553

91.7%

$623,966

92.3%

$93,587

15.0%

Supplemental and contingent

commissions

49,117

6.3

37,773

5.6

11,344

30.0

Loss mitigation and other fees

16,233

2.0

14,389

2.1

1,844

12.8

Total Net commissions and fees

$782,903

$676,128

$106,775

15.8%

Liquidity and Financial Condition

As of March 31, 2026, the Company had Cash and cash equivalents of $154.7 million and outstanding debt principal

of $3.6 billion.

Capital Return

In the first quarter, the Company returned approximately $64.8 million to shareholders through $40.0 million of

Class A common stock repurchases, representing 1.0 million shares, and $24.8 million of dividends and distributions.

As of March 31, 2026, the Company had $260.0 million of remaining authorization under its share repurchase

program.

Additionally, on April 30, 2026, the Company’s board of directors declared a quarterly dividend of $0.13 per share on

the outstanding Class A common stock. The quarterly dividend will be payable on May 26, 2026, to stockholders of

record as of the close of business on May 12, 2026. A portion of the dividend, $0.06 per share, will be funded by free

cash flow from Ryan Specialty, LLC and will be paid to all holders of the Company’s Class A common stock and the

holders of the LLC Common Units (as defined below).

Full Year 2026 Guidance*

The Company is updating its full year 2026 guidance for Organic Revenue Growth Rate and Adjusted EBITDAC Margin

as follows:

•We are guiding to an Organic Revenue Growth Rate in the mid-single digits for 2026

•We are guiding to an Adjusted EBITDAC Margin that is down 100 - 150 basis points for 2026, as compared to

the prior year

*For a definition of Organic revenue growth rate and Adjusted EBITDAC margin, see “Non-GAAP Financial Measures and Key

Performance Indicators” below.

Executive Chairman Stock Option Program

On April 30, 2026, the Company announced a special, one-time stock option grant program, funded entirely by

Executive Chairman, Patrick G. Ryan, through the Ryan Stock Option Trust. The program is designed to be net neutral

to the Company's outstanding share count and is intended to support employee alignment. Please refer to the

Company's 8-K filed with the SEC for more information.

Conference Call Information

Ryan Specialty will hold a conference call to discuss the financial results at 4:45pm Eastern Time on April 30, 2026.

Interested parties may access the conference call through the live webcast, which can be accessed at https://ryan-

specialty-q1-2026-earnings-call.open-exchange.net/registration or by visiting the Company’s Investor Relations

website. Please join the live webcast at least 10 minutes prior to the scheduled start time.

A webcast replay of the call will be available on the Company’s website at ryanspecialty.com in its Investors section

for one year following the call.

About Ryan Specialty

Founded in 2010, Ryan Specialty (NYSE: RYAN) is a service provider of specialty products and solutions for insurance

brokers, agents, and carriers. Ryan Specialty provides distribution, underwriting, product development,

administration, and risk management services by acting as a wholesale broker and a managing underwriter with

delegated authority from insurance carriers. Our mission is to provide industry-leading innovative specialty

insurance solutions for insurance brokers, agents, and carriers. Learn more at ryanspecialty.com.

Forward-Looking Statements

All statements in this release and in the corresponding earnings call that are not historical are “forward-looking

statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks

and uncertainties. For example, all statements the Company makes relating to its estimated and projected costs,

expenditures, cash flows, growth rates and financial results, its plans, anticipated amount and timing of cost savings

relating to the restructuring plan, or its plans and objectives for future operations, growth initiatives, or strategies

and the statements under the caption “Full Year 2026 Outlook” are forward-looking statements. Words such as

“anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely”

and variations of such words and similar expressions are intended to identify such forward-looking statements. All

forward-looking statements are subject to risks and uncertainties, known and unknown, that may cause actual

results to differ materially from those that the Company expected. Specific factors that could cause such a difference

include, but are not limited to, those disclosed previously in the Company’s filings with the Securities and Exchange

Commission (“SEC”).

For more detail on the risk factors that may affect the Company’s results, see the section entitled “Risk Factors” in

our most recent annual report on Form 10-K filed with the SEC, and in other documents filed with, or furnished to,

the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove

incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

Given these factors, as well as other variables that may affect the Company’s operating results, you are cautioned

not to place undue reliance on these forward-looking statements, not to assume that past financial performance will

be a reliable indicator of future performance, and not to use historical trends to anticipate results or trends in future

periods. The forward-looking statements included in this press release and on the related earnings call relate only to

events as of the date hereof. The Company does not undertake, and expressly disclaims, any duty or obligation to

update publicly any forward-looking statement after the date of this release, whether as a result of new information,

future events, changes in assumptions, or otherwise.

Non-GAAP Financial Measures and Key Performance Indicators

In assessing the performance of the Company’s business, non-GAAP financial measures are used that are derived

from the Company’s consolidated financial information, but which are not presented in the Company’s consolidated

financial statements prepared in accordance with GAAP. The Company considers these non-GAAP financial measures

to be useful metrics for management and investors to facilitate operating performance comparisons from period to

period by excluding potential differences caused by variations in capital structures, tax positions, depreciation,

amortization, and certain other items that the Company believes are not representative of its core business. The

Company uses the following non-GAAP measures for business planning purposes, in measuring performance relative

to that of its competitors, to help investors to understand the nature of the Company’s growth, and to enable

investors to evaluate the run-rate performance of the Company. Non-GAAP financial measures should be viewed as

supplementing, and not as an alternative or substitute for, the consolidated financial statements prepared and

presented in accordance with GAAP. The footnotes to the reconciliation tables below should be read in conjunction

with the unaudited consolidated quarterly financial statements in the Company’s Quarterly Report on form 10-Q

filed with the SEC. Industry peers may provide similar supplemental information but may not define similarly-named

metrics in the same way and may not make identical adjustments.

Organic revenue growth rate: Organic revenue growth rate represents the percentage change in Net commissions

and fees, as compared to the same period for the prior year, adjusted to eliminate revenue attributable to

acquisitions for the first twelve months of ownership, revenue attributable to sold businesses for the subsequent

twelve months after the sale, and other items such as contingent commissions and the impact of changes in foreign

exchange rates.

Adjusted compensation and benefits expense: Adjusted compensation and benefits expense is defined as

Compensation and benefits expense adjusted to reflect items such as (i) equity-based compensation, (ii) acquisition

and restructuring related compensation expenses, and (iii) other exceptional or non-recurring compensation

expenses, as applicable. The most directly comparable GAAP financial metric is Compensation and benefits expense.

Adjusted general and administrative expense: Adjusted general and administrative expense is defined as General

and administrative expense adjusted to reflect items such as (i) acquisition and restructuring related general and

administrative expenses, and (ii) other exceptional or non-recurring general and administrative expenses, as

applicable. The most directly comparable GAAP financial metric is General and administrative expense.

Adjusted compensation and benefits expense ratio: Adjusted compensation and benefits expense ratio is defined

as the Adjusted compensation and benefits expense as a percentage of Total revenue. The most directly comparable

GAAP financial metric is Compensation and benefits expense ratio.

Adjusted general and administrative expense ratio: Adjusted general and administrative expense ratio is defined as

the Adjusted general and administrative expense as a percentage of Total revenue. The most directly comparable

GAAP financial metric is General and administrative expense ratio.

Adjusted EBITDAC: Adjusted EBITDAC is defined as Net income before Interest expense, net, Income tax expense,

Depreciation, Amortization, and Change in contingent consideration, adjusted to reflect items such as (i) equity-

based compensation, (ii) acquisition-related expenses, and (iii) other exceptional or non-recurring items, as

applicable. Acquisition-related expense includes one-time diligence, transaction-related, and integration costs.

Acquisition-related long-term incentive compensation arises from long-term incentive plans associated with

acquisitions. These plans require service requirements, and in some cases performance targets, to be met in order to

be earned. Restructuring and related expense consists of compensation and benefits, contractors, professional

services, and license fees related to the Empower Program, which was initiated at the beginning of 2026. The

compensation and benefits expense includes severance as well as employment costs related to services rendered

between the notification and termination dates and other termination payments. Amortization and expense is

composed of charges related to discontinued prepaid incentive programs. For the three months ended March 31,

2026, Other non-operating income consisted of $0.5 million of forfeitures of vested equity awards, $0.1 million of

seller reimbursement of acquisition-related retention incentives, and $0.1 million of sublease income. For the three

months ended March 31, 2025, Other non-operating income consisted of $0.3 million of seller reimbursement of

acquisition-related retention incentives and $0.1 million of sublease income. Equity-based compensation reflects

non-cash equity-based expense. IPO related expenses consist of compensation-related expense primarily related to

the expense for new awards issued at IPO, as well as expense related to the revaluation of existing equity awards at

IPO.

Adjusted EBITDAC margin: Adjusted EBITDAC margin is defined as Adjusted EBITDAC as a percentage of Total

revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted net income: Adjusted net income is defined as tax-effected earnings before amortization and certain items

of income and expense, gains and losses, equity-based compensation, acquisition related long-term incentive

compensation, acquisition-related expenses, costs associated with our IPO, and certain exceptional or non-recurring

items. The Company will be subject to United States federal income taxes, in addition to state, local, and foreign

taxes, with respect to its allocable share of any net taxable income of Ryan Specialty, LLC (together with its parent

New Ryan Specialty, LLC and their subsidiaries, the “LLC”). For comparability purposes, this calculation incorporates

the impact of federal and state statutory tax rates on 100% of the Company’s adjusted pre-tax income as if the

Company owned 100% of Ryan Specialty, LLC. The most directly comparable GAAP financial metric is Net income.

Adjusted net income margin: Adjusted net income margin is defined as Adjusted net income as a percentage of

Total revenue. The most directly comparable GAAP financial metric is Net income margin.

Adjusted diluted earnings per share: Adjusted diluted earnings per share is defined as Adjusted net income divided

by diluted shares outstanding after adjusting for the effect if 100% of the outstanding LLC Common Units (“LLC

Common Units”), together with the shares of Class B common stock, vested Class C Incentive Units, vested but

unexercised Options, and unvested equity awards were exchanged into shares of Class A common stock as if 100%

of unvested equity awards were vested. The most directly comparable GAAP financial metric is Diluted earnings per

share.

Credit Adjusted EBITDAC: Credit Adjusted EBITDAC is defined as Adjusted EBITDAC as further adjusted without

duplication for: acquired EBITDAC from the beginning of the applicable twelve month reference period through the

acquisition close date, certain annualized run rate expected cost savings and initiatives, and certain other

adjustments as permitted in calculating leverage ratios under our debt agreements. The Company presents Credit

Adjusted EBITDAC as an additional measure of liquidity and leverage. The calculation of Credit Adjusted EBITDAC

pursuant to our debt agreements permits certain estimates and assumptions that may differ from actual results.

The summary unaudited consolidated financial data presented for the twelve months ended March 31, 2026, was

derived by adding the consolidated financial data of the Company for the twelve months ended December 31, 2025,

to the consolidated financial data of the Company for the three months ended March 31, 2026, and subtracting the

consolidated financial data of the Company for the three months ended March 31, 2025. The summary unaudited

consolidated financial data for the twelve months ended March 31, 2026, has been prepared for illustrative

purposes only and is not necessarily representative of our results of operations for any future period or our financial

condition at any future date.

The reconciliation of the above non-GAAP measures to each of their most directly comparable GAAP financial

measure is set forth in the reconciliation table accompanying this release.

With respect to the Organic revenue growth rate and Adjusted EBITDAC margin outlook presented in the “Full Year

2026 Outlook” section of this press release, the Company is unable to provide a comparable outlook for, or a

reconciliation to, Total revenue growth rate or Net income margin because it cannot provide a meaningful or

accurate calculation or estimation of certain reconciling items without unreasonable effort. Its inability to do so is

due to the inherent difficulty in forecasting the timing of items that have not yet occurred and quantifying certain

amounts that are necessary for such reconciliation, including variations in effective tax rate, expenses to be incurred

for acquisition activities, and other one-time or exceptional items.

Contacts:

Investor Relations

Nicholas Mezick

VP, Investor Relations

Ryan Specialty

IR@ryanspecialty.com

Phone: (312) 784-6152

Media Relations

Alice Phillips Topping

SVP, Chief Marketing & Communications Officer

Ryan Specialty

Alice.Topping@ryanspecialty.com

Phone: (312) 635-5976

Consolidated Statements of Income (Unaudited)

Three Months Ended

March 31,

(in thousands, except percentages and per share data)

2026

2025

Revenue

Net commissions and fees

$782,903

$676,128

Fiduciary investment income

12,326

14,038

Total revenue

$795,229

$690,166

Expenses

Compensation and benefits

495,176

430,289

General and administrative

108,761

106,060

Amortization

65,340

64,985

Depreciation

4,062

2,639

Change in contingent consideration

27,294

(14,042)

Total operating expenses

$700,633

$589,931

Operating income

$94,596

$100,235

Interest expense, net

53,733

54,508

Income from equity method investments

(5,531)

(4,937)

Other non-operating income

(711)

(377)

Income before income taxes

$47,105

$51,041

Income tax expense

6,508

55,430

Net income (loss)

$40,597

$(4,389)

GAAP financial measures

Total revenue

$795,229

$690,166

Net commissions and fees

782,903

676,128

Compensation and benefits

495,176

430,289

General and administrative

108,761

106,060

Net income (loss)

40,597

(4,389)

Compensation and benefits expense ratio (1)

62.3 %

General and administrative expense ratio (2)

13.7 %

15.4 %

Net income (loss) margin (3)

5.1 %

(0.6 %)

Earnings (loss) per share (4)

$0.14

$(0.22)

Diluted earnings (loss) per share (4)

$0.13

$(0.22)

Non-GAAP Financial Measures (Unaudited)

Three Months Ended

March 31,

(in thousands, except percentages and per share data)

2026

2025

Non-GAAP financial measures*

Organic revenue growth rate

11.8 %

12.9 %

Adjusted compensation and benefits expense

$461,832

$397,428

Adjusted compensation and benefits expense ratio

58.1 %

57.6 %

Adjusted general and administrative expense

$101,365

$92,237

Adjusted general and administrative expense ratio

12.7 %

13.4 %

Adjusted EBITDAC

$232,033

$200,501

Adjusted EBITDAC margin

29.2 %

29.1 %

Adjusted net income

$130,728

$107,839

Adjusted net income margin

16.4 %

15.6 %

Adjusted diluted earnings per share

$0.47

$0.39

Consolidated Balance Sheets (Unaudited)

(in thousands, except share and per share data)

March 31, 2026

December 31, 2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$154,650

$158,322

Commissions and fees receivable – net

565,259

488,951

Fiduciary cash and receivables

4,764,338

4,298,920

Prepaid incentives – net

15,326

13,550

Other current assets

79,255

100,437

Total current assets

$5,578,828

$5,060,180

NON-CURRENT ASSETS

Goodwill

3,217,450

3,225,021

Customer relationships

1,433,397

1,496,885

Other intangible assets

127,052

119,621

Prepaid incentives – net

29,718

27,849

Equity method investments

116,431

109,982

Property and equipment – net

66,138

69,461

Lease right-of-use assets

125,802

130,480

Deferred tax assets

305,565

310,138

Other non-current assets

11,257

14,554

Total non-current assets

$5,432,810

$5,503,991

TOTAL ASSETS

$11,011,638

$10,564,171

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable and accrued liabilities

$341,742

$284,403

Accrued compensation

257,275

519,251

Operating lease liabilities

27,189

25,987

Tax Receivable Agreement liabilities

30,047

—

Short-term debt and current portion of long-term debt

35,364

60,187

Fiduciary liabilities

4,764,338

4,298,920

Total current liabilities

$5,455,955

$5,188,748

NON-CURRENT LIABILITIES

Accrued compensation

81,362

70,096

Operating lease liabilities

146,200

153,089

Long-term debt

3,533,913

3,291,462

Tax Receivable Agreement liabilities

430,797

458,997

Deferred tax liabilities

47,354

49,834

Other non-current liabilities

97,003

97,894

Total non-current liabilities

$4,336,629

$4,121,372

TOTAL LIABILITIES

$9,792,584

$9,310,120

STOCKHOLDERS’ EQUITY

Class A common stock ($0.001 par value; 1,000,000,000 shares authorized, 128,867,457 and

129,603,426 shares issued and outstanding at March 31, 2026, and December 31, 2025,

respectively)

129

130

Class B common stock ($0.001 par value; 984,748,069 shares authorized and 134,351,649 shares

issued and outstanding at March 31, 2026; 1,000,000,000 shares authorized and 134,508,885 shares

issued and outstanding at December 31, 2025)

134

135

Preferred stock ($0.001 par value; 500,000,000 shares authorized, 0 shares issued and outstanding

at March 31, 2026, and December 31, 2025)

—

Additional paid-in capital

506,021

513,610

Retained earnings

120,528

120,353

Accumulated other comprehensive income

9,390

13,845

Total stockholders’ equity attributable to Ryan Specialty Holdings, Inc.

$636,202

$648,073

Non-controlling interests

582,852

605,978

Total stockholders’ equity

$1,219,054

$1,254,051

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$11,011,638

$10,564,171

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended

March 31,

(in thousands)

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$40,597

$(4,389)

Adjustments to reconcile net income (loss) to cash flows provided by operating activities:

Income from equity method investments

(5,531)

(4,937)

Amortization

65,340

64,985

Depreciation

4,062

2,639

Prepaid and deferred compensation expense

13,700

10,799

Non-cash equity-based compensation

17,351

19,873

Amortization of deferred debt issuance costs

2,422

2,374

Amortization of interest rate cap premium

—

1,739

Deferred income tax expense

3,142

2,720

Deferred income tax expense from common control reorganization

—

48,115

Changes in operating assets and liabilities, net of acquisitions:

Commissions and fees receivable – net

(77,800)

(17,088)

Accrued interest liability

(21,470)

(11,801)

Other current and non-current assets

18,524

41,130

Other current and non-current liabilities

(227,748)

(298,984)

Total cash flows used in operating activities

$(167,411)

$(142,825)

CASH FLOWS FROM INVESTING ACTIVITIES

Business combinations – net of cash acquired and cash held in a fiduciary capacity

—

(555,641)

Capital expenditures

(13,265)

(16,730)

Asset acquisitions

—

(664)

Total cash flows used in investing activities

$(13,265)

$(573,035)

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings on Revolving Credit Facility

524,942

574,056

Repayments on Revolving Credit Facility

(279,375)

(150,000)

Debt issuance costs paid

—

(1,548)

Repayment of term debt

(4,250)

Receipt of contingently returnable consideration

3,140

1,927

Payment of contingent consideration

(17)

(25,150)

Tax distributions to non-controlling LLC Unitholders

(1,294)

—

Receipt of taxes related to net share settlement of equity awards

1,714

1,569

Taxes paid related to net share settlement of equity awards

(1,496)

(1,700)

Class A common stock dividends and Dividend Equivalents paid

(16,795)

(15,074)

Distributions and Declared Distributions paid to non-controlling LLC Unitholders

(8,071)

(6,796)

Repurchases of Class A common stock

(40,019)

—

Payments related to Ryan Re preferred units

—

(85)

Net change in fiduciary liabilities

(92,194)

(36,109)

Total cash flows provided by financing activities

$86,285

$336,840

Effect of changes in foreign exchange rates on cash, cash equivalents, and cash and cash

equivalents held in a fiduciary capacity

(5,191)

10,081

NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH AND CASH EQUIVALENTS HELD IN A

FIDUCIARY CAPACITY

$(99,582)

$(368,939)

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

$1,484,888

$1,311,866

Reconciliation of cash, cash equivalents, and cash and cash equivalents held in a fiduciary

capacity

Cash and cash equivalents

$154,650

$203,549

Cash and cash equivalents held in a fiduciary capacity

1,330,238

1,108,317

Total cash, cash equivalents, and cash and cash equivalents held in a fiduciary capacity

$1,484,888

$1,311,866

Reconciliation of Organic Revenue Growth Rate

Three Months Ended

March 31,

(in thousands, except percentages)

2026

2025

Current period Net commissions and fees revenue

$782,903

$676,128

Less: Current period contingent commissions

(42,373)

(30,463)

Less: Revenue attributable to sold businesses

(13)

(146)

Net commissions and fees revenue excluding contingent commissions

$740,517

$645,519

Prior period Net commissions and fees revenue

$676,128

$537,887

Less: Prior year contingent commissions

(30,463)

(24,503)

Less: Revenue attributable to sold businesses

(657)

(539)

Prior period Net commissions and fees revenue excluding contingent commissions

$645,008

$512,845

Change in Net commissions and fees revenue excluding contingent commissions

$95,509

$132,674

Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent

commissions

(15,246)

(67,155)

Impact of change in foreign exchange rates

(3,863)

430

Organic revenue growth (Non-GAAP)

$76,400

$65,949

Net commissions and fees revenue growth rate (GAAP)

15.8 %

25.7 %

Less: Impact of contingent commissions (1)

(1.0)

0.2

Net commissions and fees revenue excluding contingent commissions growth rate (2)

14.8 %

25.9 %

Less: Mergers and acquisitions Net commissions and fees revenue excluding contingent

commissions (3)

(2.4)

(13.1)

Impact of change in foreign exchange rates (4)

(0.6)

0.1

Organic Revenue Growth Rate (Non-GAAP)

11.8 %

12.9 %

(1)Calculated by subtracting Net commissions and fees revenue growth rate from net commissions and fees revenue

excluding contingent commissions growth rate and revenue from sold businesses.

(2)Calculated by dividing the change in Total net commissions & fees revenue excluding contingent commissions by

prior year net commissions and fees excluding contingent commissions and revenue from sold businesses.

(3)Calculated by taking the mergers and acquisitions net commissions and fees revenue excluding contingent

commissions, representing the first 12 months of net commissions and fees revenue generated from acquisitions,

divided by prior period net commissions and fees revenue excluding contingent commissions and revenue from

sold businesses.

(4)Calculated by taking the change in foreign exchange rates divided by prior period net commissions and fees

revenue excluding contingent commissions and revenue from sold businesses.

Reconciliation of Adjusted Compensation and Benefits Expense to Compensation and Benefits Expense

Three Months Ended

March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$795,229

$690,166

Compensation and benefits expense

$495,176

$430,289

Acquisition-related expense

(3,411)

(3,479)

Acquisition related long-term incentive compensation

(9,287)

(8,331)

Restructuring and related expense

(2,465)

—

Amortization and expense related to discontinued prepaid incentives

(830)

(1,178)

Equity-based compensation

(14,309)

(14,569)

Initial public offering related expense

(3,042)

(5,304)

Adjusted compensation and benefits expense (1)

$461,832

$397,428

Compensation and benefits expense ratio

62.3%

Adjusted compensation and benefits expense ratio

58.1%

57.6%

(1)Adjustments made to Compensation and benefits expense are described in the definition of Adjusted EBITDAC in

“Non-GAAP Financial Measures and Key Performance Indicators.”

Reconciliation of Adjusted General and Administrative Expense to General and Administrative Expense

Three Months Ended

March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$795,229

$690,166

General and administrative expense

$108,761

$106,060

Acquisition-related expense

(3,990)

(13,823)

Restructuring and related expense

(3,406)

—

Adjusted general and administrative expense (1)

$101,365

$92,237

General and administrative expense ratio

13.7%

15.4%

Adjusted general and administrative expense ratio

12.7%

13.4%

(1)Adjustments made to General and administrative expense are described in the definition of Adjusted EBITDAC in

“Non-GAAP Financial Measures and Key Performance Indicators.”

Reconciliation of Adjusted EBITDAC to Net Income

Three Months Ended

March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$795,229

$690,166

Net income (loss)

$40,597

$(4,389)

Interest expense, net

53,733

54,508

Income tax expense

6,508

55,430

Depreciation

4,062

2,639

Amortization

65,340

64,985

Change in contingent consideration (1)

27,294

(14,042)

EBITDAC

$197,534

$159,131

Acquisition-related expense

7,402

17,302

Acquisition related long-term incentive compensation

9,287

8,331

Restructuring and related expense

5,871

—

Amortization and expense related to discontinued prepaid incentives

830

1,178

Other non-operating income

(711)

(377)

Equity-based compensation

14,309

14,569

IPO related expenses

3,042

5,304

Income from equity method investments

(5,531)

(4,937)

Adjusted EBITDAC

$232,033

$200,501

Net income (loss) margin

5.1%

(0.6)%

Adjusted EBITDAC margin

29.2%

29.1%

(1)For the three months ended March 31, 2025, Change in contingent consideration included a $12.4 million decrease in

valuation of the US Assure contingent consideration as a result of increased loss ratios impacting projected profit

commissions.

Reconciliation of Adjusted Net Income to Net Income

Three Months Ended

March 31,

(in thousands, except percentages)

2026

2025

Total revenue

$795,229

$690,166

Net income (loss)

$40,597

$(4,389)

Income tax expense

6,508

55,430

Amortization

65,340

64,985

Amortization of deferred debt issuance costs (1)

2,422

2,374

Change in contingent consideration

27,294

(14,042)

Acquisition-related expense

7,402

17,302

Acquisition related long-term incentive compensation

9,287

8,331

Restructuring and related expense

5,871

—

Amortization and expense related to discontinued prepaid incentives

830

1,178

Other non-operating income

(711)

(377)

Equity-based compensation

14,309

14,569

IPO related expenses

3,042

5,304

Income from equity method investments

(5,531)

(4,937)

Adjusted income before income taxes (2)

$176,660

$145,728

Adjusted income tax expense (3)

(45,932)

(37,889)

Adjusted net income

$130,728

$107,839

Net income (loss) margin

5.1%

(0.6)%

Adjusted net income margin

16.4%

15.6%

(1)Interest expense, net includes amortization of deferred debt issuance costs.

(2)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial

Measures and Key Performance Indicators.”

(3)The Company is subject to United States federal income taxes, in addition to state, local, and foreign taxes, with

respect to our allocable share of any net taxable income of the LLC. For the three months ended March 31, 2026

and 2025, this calculation of adjusted income tax expense is based on a federal statutory rate of 21% and a

combined state income tax rate net of federal benefits of 5.00% on 100% of our adjusted income before income

taxes as if the Company owned 100% of the LLC.

Reconciliation of Adjusted Diluted Earnings per Share to Diluted Earnings per Share

Three Months Ended

March 31,

2026

2025

Earnings (loss) per share of Class A common stock – diluted

$0.13

$(0.22)

Less: Net income attributed to dilutive shares (1)

—

Plus: Impact of all LLC Common Units exchanged for Class A shares (2)

0.02

0.20

Plus: Adjustments to Adjusted net income (3)

0.33

0.43

Plus: Dilutive impact of unvested equity awards (4)

(0.01)

(0.02)

Adjusted diluted earnings per share

$0.47

$0.39

(Share count in ’000)

Weighted-average shares of Class A common stock outstanding – diluted

137,341

125,420

Plus: Impact of all LLC Common Units exchanged for Class A shares (2)

134,476

136,064

Plus: Dilutive impact of unvested equity awards (4)

6,824

17,783

Adjusted diluted earnings per share diluted share count

278,641

279,267

(1)Adjustment removes the impact of Net income attributed to dilutive awards to arrive at Net income (loss)

attributable to Ryan Specialty Holdings, Inc. For the three months ended March 31, 2026, this removes $0.2 million

of Net income on 137.3 million Weighted-average shares of Class A common stock outstanding - diluted,

respectively. See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly consolidated financial

statements.

(2)For comparability purposes, this calculation incorporates the Net income that would be distributable if all LLC

Common Units (together with shares of Class B common stock) were exchanged for shares of Class A common

stock. For the three months ended March 31, 2026 and 2025, this includes $23.0 million and $23.3 million of Net

income, respectively, on 271.8 million and 261.5 million Weighted-average shares of Class A common stock

outstanding - diluted, respectively. See “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly

consolidated financial statements.

(3)Adjustments to Adjusted net income are described in the footnotes of the reconciliation of Adjusted net income to

Net income (loss) in “Adjusted Net Income and Adjusted Net Income Margin” on 271.8 million and 261.5 million

Weighted-average shares of Class A common stock outstanding - diluted for the three months ended March 31,

2026 and 2025, respectively.

(4)For comparability purposes and to be consistent with the treatment of the adjustments to arrive at Adjusted net

income, the dilutive effect of unvested equity awards as well as outstanding vested options and vested Class C

Incentive Units is calculated using the treasury stock method as if the weighted-average unrecognized cost

associated with the awards was $0 over the period, less any unvested equity awards determined to be dilutive

within the Diluted EPS calculation disclosed in “Note 10, Earnings (Loss) Per Share” of the unaudited quarterly

consolidated financial statements. For the three months ended March 31, 2026 and 2025, 6.8 million and 17.8

million shares were added to the calculation, respectively.

Reconciliation of Credit Adjusted EBITDAC to Net Income

(in thousands)

Twelve Months Ended

March 31, 2026

Total Revenue

$3,156,189

Net Income

$259,143

Interest expense, net

221,609

Income tax expense

30,105

Depreciation

14,512

Amortization

274,781

Change in contingent consideration

54,458

EBITDAC

$854,608

Acquisition-related expense

62,201

Acquisition related long-term incentive compensation

27,537

Restructuring and related expense

5,871

Amortization and expense related to discontinued prepaid incentives

3,984

Other non-operating income

(1,026)

Equity-based compensation

49,404

IPO related expenses

17,525

Income from equity method investments

(21,830)

Adjusted EBITDAC (1)

$998,274

Credit adjustments (2)

48,387

Credit Adjusted EBITDAC

$1,046,661

(1)Adjustments made to Net income are described in the definition of Adjusted EBITDAC in “Non-GAAP Financial

Measures and Key Performance Indicators”.

(2)Adjustments made to Adjusted EBITDAC represent (without duplication) additional adjustments permitted under

our debt agreements.

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Cover

Apr. 30, 2026

Cover [Abstract]

Document Type

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Document Period End Date

Apr. 30, 2026

Entity Registrant Name

RYAN SPECIALTY HOLDINGS, INC.

Entity Incorporation, State or Country Code

Entity File Number

001-40645

Entity Tax Identification Number

86-2526344

Entity Address, Address Line One

155 North Wacker Drive

Entity Address, Address Line Two

Suite 4000

Entity Address, City or Town

Chicago

Entity Address, State or Province

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60606

City Area Code

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Local Phone Number

784-6001

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Class A Common Stock, $0.001 par value

Trading Symbol

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Security Exchange Name

NYSE

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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