Onex Corp - Dec 5, 2025 Form 4 Insider Report for RYAN SPECIALTY HOLDINGS, INC. (RYAN)

Role: Director
Signature: /s/ David Copeland, Managing Director - Tax of Onex Corp.
Stock symbol: RYAN
Transactions as of: Dec 5, 2025
Transactions value $: -$225,936,345
Form type: 4
Date filed: 12/5/2025, 04:26 PM
Previous filing: Oct 28, 2024
SEC: View on sec.gov

Reporting Owners (5)

Name	Relationship	Address	Signature	Signature date	CIK
ONEX CORP	Director	161 BAY STREET, SUITE 4900, TORONTO, ONTARIO, CANADA	/s/ David Copeland, Managing Director - Tax of Onex Corp.	2025-12-05	0000937226
Onex RSG GP Inc.	Director	712 FIFTH AVENUE, 40TH FLOOR, NEW YORK	/s/ John Neelamkavil, Treasurer of Onex RSG GP Inc.	2025-12-05	0001871725
Onex RSG Holdings LP	Director	712 FIFTH AVENUE, 40TH FLOOR, NEW YORK	/s/ John Neelamkavil, Treasurer of Onex RSG GP Inc., the general partner of Onex RSG Holdings LP	2025-12-05	0001871656
Onex RSG LP	Director	712 FIFTH AVENUE, 40TH FLOOR, NEW YORK	/s/ John Neelamkavil, Treasurer of Onex RSG GP Inc., the general partner of Onex RSG LP	2025-12-05	0001871724
SCHWARTZ GERALD W	Director	161 BAY STREET, SUITE 4900, TORONTO, ONTARIO, CANADA	/s/ Chris Govan, attorney-in-fact for Gerald W. Schwartz	2025-12-05	0001275599

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	RYAN	Class A Common Stock	Sale	-$226M	-4.15M	-100%	$54.50	0	Dec 5, 2025	See footnotes	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Following the transaction reported above, no shares of the Issuer's Class A Common Stock are held by any of the Reporting Persons.
F2	Onex Corporation owns all of the equity of Onex RSG GP Inc., which is the general partner of Onex RSG LP and Onex RSG Holdings LP. Mr. Gerald W. Schwartz, the Chairman of Onex Corporation, indirectly owns shares representing a majority of the voting rights of the shares of Onex Corporation. Each of Onex RSG GP Inc., Onex Corporation and Mr. Schwartz disclaim beneficial ownership over the shares of Class A Common Stock held prior to the transaction reported herein by Onex RSG LP and Onex RSG Holdings LP except to the extent of their pecuniary interests therein.

Content

Following the transaction reported above, no shares of the Issuer's Class A Common Stock are held by any of the Reporting Persons.

Onex Corporation owns all of the equity of Onex RSG GP Inc., which is the general partner of Onex RSG LP and Onex RSG Holdings LP. Mr. Gerald W. Schwartz, the Chairman of Onex Corporation, indirectly owns shares representing a majority of the voting rights of the shares of Onex Corporation. Each of Onex RSG GP Inc., Onex Corporation and Mr. Schwartz disclaim beneficial ownership over the shares of Class A Common Stock held prior to the transaction reported herein by Onex RSG LP and Onex RSG Holdings LP except to the extent of their pecuniary interests therein.

Remarks:

Robert LeBlanc, Chief Executive Officer of Onex Corporation, currently serves on the board of directors of the Issuer, and therefore each of the Reporting Persons may be deemed a "director by deputization" of the Issuer.