Ryan Specialty (US:RYAN)2025-10-31 11:15Revenue Sources - For the nine months ended September 30, 2025, approximately 6% of revenues were generated from international operations in the UK, Europe, Canada, India, and Singapore[320]. Debt and Interest Rates - As of September 30, 2025, the company had $1,687.3 million of outstanding principal on its Term Loan borrowings, which bears interest on a floating rate, subject to a 0.0% floor[323]. - The company entered into an interest rate cap agreement with a notional amount of $1,000.0 million and a strike rate of 2.75%, terminating on December 31, 2025[324]. - A hypothetical 100 basis point increase in interest rates would result in an increase of $16.873 million in interest expense on the Term Loan principal outstanding[325]. - Cash and cash equivalents held in fiduciary capacity amounted to $1,220.388 million, with a potential impact of $12.204 million from a 100 basis point change in interest rates[325]. - The fair value of the Term Loan approximates the carrying amount as of September 30, 2025, based on available information[323]. Risk Management - The company is exposed to foreign currency risk, but the exposure from changes in exchange rates is considered immaterial[320]. - The company has implemented an investment policy to minimize counterparty credit risk, focusing on the preservation of principal and liquidity[327]. - The majority of cash and cash equivalents are held in demand deposit accounts and short-term investments, primarily consisting of AAA-rated money market funds and treasury bills[327]. Forward-Looking Statements - The company has no obligation to update or revise any forward-looking statements unless required by law[14].