Vulcan Value (NYSE: RYAN) discloses 6.6M shares, 5.12% stake

Rhea-AI Filing Summary

Ryan Specialty Holdings, Inc. ownership disclosure by Vulcan Value Partners, LLC. Vulcan reports beneficial ownership of 6,595,335 shares of common stock, representing 5.12% of the class. The filing states Vulcan exercises sole dispositive power over all 6,595,335 shares and sole voting power over 4,317,624 shares.

The statement clarifies the shares are owned by Vulcan's investment advisory clients and not directly by Vulcan; Mr. C.T. Fitzpatrick is included as a potential control person but disclaims beneficial ownership and notes he and family own 271,744 shares in a managed account over which Vulcan serves as adviser.

Insights

Institutional Ownership Analyst

Vulcan discloses a 5.12% passive stake in RYAN held for advisory clients.

Vulcan Value Partners reports 6,595,335 shares and declares voting/dispositive power levels: 4,317,624 sole voting and 6,595,335 sole dispositive. The filing is a routine Schedule 13G disclosure for large, passive holdings.

Ownership is reported as held for advisory clients; the filing includes a disclaimer that Mr. Fitzpatrick may be deemed a controlling person but disclaims beneficial ownership. Subsequent filings would show any change in status or activist intent.

Corporate Governance Counsel

Filing follows Rule 13d-1(k) joint filing and advisor disclosure conventions.

The filing explicitly states the holdings are on behalf of multiple advisory clients and includes the joint filing agreement executed May 13, 2026. It also documents that no single client advised by Vulcan holds more than 5% of the class, per the text.

Signatures and the Rule 13d-4 language are present; any change from passive to active status would require an amended filing under the rules governing beneficial ownership disclosures.

Key Figures

Beneficial ownership: 6,595,335 shares Percent of class: 5.12% Sole voting power: 4,317,624 shares +2 more

5 metrics

Beneficial ownership 6,595,335 shares reported as beneficially owned

Percent of class 5.12% percentage of common stock class

Sole voting power 4,317,624 shares shares with sole power to vote

Sole dispositive power 6,595,335 shares shares with sole power to dispose

Fitzpatrick family holdings 271,744 shares held in a managed account over which Vulcan advises

Key Terms

Schedule 13G, beneficially owned, sole dispositive power, Rule 13d-4

4 terms

Schedule 13G regulatory

"This statement is being filed by Vulcan Value Partners, LLC as a registered investment adviser."

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"Amount beneficially owned: 6,595,335 shares"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole dispositive power governance

"Sole power to dispose or to direct the disposition of: 6,595,335"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Rule 13d-4 regulatory

"As permitted by Rule 13d-4, the filing of this statement shall not be construed"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/13/2026 - 03:48 PM Learn about SEC filing dates

FAQ

What stake does Vulcan Value Partners report in RYAN?

Vulcan reports beneficial ownership of 6,595,335 shares, equal to 5.12% of the common stock. The filing states those shares are held for advisory clients and shows Vulcan has sole dispositive power over the full amount.

Does Vulcan control voting of the RYAN shares it reports?

Vulcan discloses sole voting power for 4,317,624 shares and sole dispositive power for 6,595,335 shares. The filing attributes ownership to advisory clients while documenting Vulcan's voting/dispositive authorities.

What is C.T. Fitzpatrick's relationship to the reported position?

Mr. C.T. Fitzpatrick is identified as Chief Investment Officer/Principal of Vulcan and is included in the joint filing. He disclaims beneficial ownership and separately holds 271,744 shares in a managed account advised by Vulcan.

Are the reported shares owned directly by Vulcan Value Partners?

The filing states the shares are owned legally by Vulcan's investment advisory clients and none are owned directly or indirectly by Vulcan. The statement includes Rule 13d-4 language to that effect.

Does the filing indicate any client owns more than 5% of RYAN?

The filing states that, except as otherwise indicated, not more than 5% of the class is owned by any one client advised by Vulcan. That language appears under Item 6 of the statement.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

RYAN SPECIALTY HOLDINGS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78351F107

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 78351F107

1

Names of Reporting Persons

Vulcan Value Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,317,624.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,595,335.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,595,335.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.12 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: This statement is being filed by Vulcan Value Partners, LLC as a registered investment adviser. All of the securities covered by this report are owned legally by Vulcan Value Partners, LLC's investment advisory clients and none are owned directly or indirectly by Vulcan Value Partners, LLC. As permitted by Rule 13d-4, the filing of this statement shall not be construed as an admission that Vulcan Value Partners, LLC is the beneficial owner of any of the securities covered by this statement.

SCHEDULE 13G

CUSIP Number(s): 78351F107

1

Names of Reporting Persons

Mr. C.T. Fitzpatrick

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ALABAMA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: This statement is also being filed by Mr. C. T. Fitzpatrick, Chief Investment Officer/Principal of Vulcan Value Partners, LLC in the event that he could be deemed to be a controlling person of that firm as the result of his official positions with or ownership of its voting securities. The existence of such control is expressly disclaimed. Mr. Fitzpatrick and/or members of his immediate family own 271,744 shares of the securities covered by this statement for his or their own accounts, in a managed account over which Vulcan Value Partners, LLC serves as the investment adviser. Vulcan Value Partners, LLC exercises voting and dispositive power over such account. Mr. Fitzpatrick and/or members of his immediate family may also hold shares of the registered investment companies to which Vulcan Value Partners, LLC serves as investment adviser, which may hold shares of the securities covered by this statement. As permitted by Rule 13d-4, the filing of this statement shall not be construed as an admission that Mr. Fitzpatrick is the beneficial owner of any of the securities covered by this statement.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RYAN SPECIALTY HOLDINGS, INC.
(b)	Address of issuer's principal executive offices: 155 N Wacker Dr, Suite 400, Chicago, IL 60606
Item 2.
(a)	Name of person filing: Vulcan Value Partners, LLC Mr. C.T. Fitzpatrick
(b)	Address or principal business office or, if none, residence: Three Protective Center 2801 Highway 280 South, Suite 300 Birmingham, AL 35223
(c)	Citizenship: Vulcan Value Partners LLC - a Delaware limited liability company Mr. C.T. Fitzpatrick - U.S. Citizen
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 78351F107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6,595,335 shares
(b)	Percent of class: 5.12%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,317,624
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6,595,335
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons, including the investment companies and owners of the separate accounts to which Vulcan Value Partners, LLC ("Vulcan") serves as investment adviser, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities that are the subject of this schedule. Except as may be otherwise indicated if this is a joint filing, not more than 5% of the class of securities that is the subject of this schedule is owned by any one client advised by Vulcan.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vulcan Value Partners, LLC

Signature:	Anne Jones
Name/Title:	Anne Jones, Principal, COO, CCO
Date:	05/13/2026

Mr. C.T. Fitzpatrick

Signature:	Anne Jones
Name/Title:	Anne Jones, Principal, COO, CCO, Filing on behalf of C.T. Fitzpatrick, Individually
Date:	05/13/2026

Comments accompanying signature: In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, the persons or entities named above agree to the joint filing on behalf of each of them of this Schedule 13G with respect to the Securities of the Issuer and further agree that this joint filing agreement be included as an exhibit to this Schedule 13G. In evidence thereof, the undersigned hereby execute this Agreement as of May 13, 2026.