QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
☒ | No | ☐ |
☒ | No | ☐ |
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company | |||||||||||
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. ☐ |
Yes | ☐ | No |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Page | ||||||||
Part I | ||||||||
FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II | ||||||||
OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2025 | December 31, 2024 | ||||||||||
ASSETS | |||||||||||
Investment in AB | $ | $ | |||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||
Liabilities: | |||||||||||
Other liabilities | $ | $ | |||||||||
Total liabilities | |||||||||||
Commitments and contingencies (See Note 8) | |||||||||||
Partners’ capital: | |||||||||||
General Partner: | |||||||||||
Limited partners: | |||||||||||
AB Holding Units held by AB to fund long-term incentive compensation plans | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total partners’ capital | |||||||||||
Total liabilities and partners’ capital | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | $ | $ | $ | ||||||||||||||||||||||
Income taxes | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Net income per Unit | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment, before reclassification and tax | ( | ( | |||||||||||||||||||||
Less: reclassification adjustment for (losses) included in net income upon liquidation | ( | ( | |||||||||||||||||||||
Foreign currency translation adjustments, before tax | ( | ||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ||||||||||||||||||||
Foreign currency translation adjustments, net of tax | ( | ||||||||||||||||||||||
Changes in employee benefit related items: | |||||||||||||||||||||||
Amortization of prior service cost | |||||||||||||||||||||||
Recognized actuarial gain | |||||||||||||||||||||||
Less: reclassification adjustment for (losses) included in net income upon retirement plan liquidation | ( | ||||||||||||||||||||||
Changes in employee benefit related items | |||||||||||||||||||||||
Income tax (expense) | ( | ( | ( | ||||||||||||||||||||
Employee benefit related items, net of tax | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
General Partner’s Capital | |||||||||||||||||||||||
Balance, beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Net income | |||||||||||||||||||||||
Cash distributions to Unitholders | ( | ( | ( | ( | |||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
Limited Partners’ Capital | |||||||||||||||||||||||
Balance, beginning of period | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Cash distributions to Unitholders | ( | ( | ( | ( | |||||||||||||||||||
Retirement of AB Holding Units | ( | ( | ( | ( | |||||||||||||||||||
Issuance of AB Holding Units to fund long-term incentive compensation plan awards | |||||||||||||||||||||||
Balance, end of period | |||||||||||||||||||||||
AB Holding Units held by AB to fund long-term incentive compensation plans | |||||||||||||||||||||||
Balance, beginning of period | ( | ( | ( | ( | |||||||||||||||||||
Change in AB Holding Units held by AB to fund long-term incentive compensation plans | ( | ( | ( | ||||||||||||||||||||
Balance, end of period | ( | ( | ( | ( | |||||||||||||||||||
Accumulated Other Comprehensive (Loss) | |||||||||||||||||||||||
Balance, beginning of period | ( | ( | ( | ( | |||||||||||||||||||
Foreign currency translation adjustment, net of tax | ( | ||||||||||||||||||||||
Changes in employee benefit related items, net of tax | |||||||||||||||||||||||
Balance, end of period | ( | ( | ( | ( | |||||||||||||||||||
Total Partners’ Capital | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in net income attributable to AB Unitholders | ( | ( | |||||||||
Cash distributions received from AB | |||||||||||
Changes in assets and liabilities: | |||||||||||
(Increase) in other assets | ( | ||||||||||
(Decrease) in other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Cash distributions to Unitholders | ( | ( | |||||||||
Capital contributions from AB | |||||||||||
Net cash used in financing activities | ( | ( | |||||||||
Change in cash and cash equivalents | |||||||||||
Cash and cash equivalents as of beginning of period | |||||||||||
Cash and cash equivalents as of end of period | $ | $ | |||||||||
EQH and its subsidiaries | % | ||||
AB Holding | |||||
Unaffiliated holders | |||||
% |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Total amount of AB Holding Units Purchased (1) | ||||||||||||||||||||||||||
Total Cash Paid for AB Holding Units Purchased (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Open Market Purchases of AB Holding Units Purchased (1) | ||||||||||||||||||||||||||
Total Cash Paid for Open Market Purchases of AB Holding Units (1) | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average Units outstanding | $ | $ | ||||||||||||||||||||||||
Net income per Unit | $ | $ | $ | $ | ||||||||||||||||||||||
Investment in AB as of December 31, 2024 | $ | ||||
Equity in net income attributable to AB Unitholders | |||||
Changes in accumulated other comprehensive income | |||||
Cash distributions received from AB | ( | ||||
Capital contributions (from) AB | ( | ||||
AB Holding Units retired | ( | ||||
AB Holding Units issued to fund long-term incentive compensation plans | |||||
Change in AB Holding Units held by AB to fund long-term incentive compensation plans | ( | ||||
Investment in AB as of June 30, 2025 | $ |
Outstanding as of December 31, 2024 | |||||
Units issued | |||||
Units retired | ( | ||||
Outstanding as of June 30, 2025 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | $ | ( | % | $ | $ | ( | % | ||||||||||||||||||||||||||||||
Multiplied by: weighted average equity ownership interest | % | % | % | % | ||||||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||
AB qualifying revenues | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Multiplied by: weighted average equity ownership interest for calculating tax | % | % | % | % | ||||||||||||||||||||||||||||||||||
Multiplied by: federal tax | % | % | % | % | ||||||||||||||||||||||||||||||||||
Federal income taxes | ||||||||||||||||||||||||||||||||||||||
State income taxes | ||||||||||||||||||||||||||||||||||||||
Total income taxes | $ | $ | ( | % | $ | $ | ( | % | ||||||||||||||||||||||||||||||
Effective tax rate | % | % | % | % |
EQH and its subsidiaries | % | ||||
AB Holding | |||||
Unaffiliated holders | |||||
% |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 210,467 | $ | 309,572 | (32.0) | % | $ | 431,266 | $ | 527,499 | (18.2) | % | ||||||||||||||||||||||||||
Weighted average equity ownership interest | 37.5 | % | 39.6 | % | 37.5 | % | 39.6 | % | ||||||||||||||||||||||||||||||
Equity in net income attributable to AB Unitholders | 78,830 | 122,705 | (35.8) | 161,583 | 208,986 | (22.7) | ||||||||||||||||||||||||||||||||
Income taxes | 8,582 | 9,182 | (6.5) | 17,301 | 18,241 | (5.2) | ||||||||||||||||||||||||||||||||
Net income of AB Holding | $ | 70,248 | $ | 113,523 | (38.1) | $ | 144,282 | $ | 190,745 | (24.4) | ||||||||||||||||||||||||||||
Net income per AB Holding Unit | $ | 0.64 | $ | 0.99 | (35.4) | $ | 1.31 | $ | 1.66 | (21.1) | ||||||||||||||||||||||||||||
Distribution declared per AB Holding Unit (1) | $ | 0.76 | $ | 0.71 | 7.0 | $ | 1.56 | $ | 1.44 | 8.3 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands, except per Unit amounts) | ||||||||||||||||||||||||||
AB non-GAAP adjustments (1) | $ | 39,228 | $ | (86,791) | $ | 79,364 | $ | (70,705) | ||||||||||||||||||
AB income tax (expense) benefit on non-GAAP adjustments | (2,836) | 5,471 | (5,248) | 5,227 | ||||||||||||||||||||||
AB non-GAAP adjustments, after taxes | 36,392 | (81,320) | 74,116 | (65,478) | ||||||||||||||||||||||
AB Holding’s weighted average equity ownership interest in AB | 37.5 | % | 39.6 | % | 37.5 | % | 39.6 | % | ||||||||||||||||||
Impact on AB Holding’s net income of AB non-GAAP adjustments | $ | 13,630 | $ | (32,232) | $ | 27,769 | $ | (25,941) | ||||||||||||||||||
Net income, GAAP basis | $ | 70,248 | $ | 113,523 | $ | 144,282 | $ | 190,745 | ||||||||||||||||||
Impact on AB Holding’s net income of AB non-GAAP adjustments | 13,630 | (32,232) | 27,769 | (25,941) | ||||||||||||||||||||||
Adjusted net income | $ | 83,878 | $ | 81,291 | $ | 172,051 | $ | 164,804 | ||||||||||||||||||
Net income per AB Holding Unit, GAAP basis | $ | 0.64 | $ | 0.99 | $ | 1.31 | $ | 1.66 | ||||||||||||||||||
Impact of AB non-GAAP adjustments | 0.12 | (0.28) | 0.25 | (0.23) | ||||||||||||||||||||||
Adjusted net income per AB Holding Unit | $ | 0.76 | $ | 0.71 | $ | 1.56 | $ | 1.43 |
Period | Total Number of AB Holding Units Purchased | Average Price Paid Per AB Holding Unit, Net of Commissions | Total Number of AB Holding Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of AB Holding Units that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
4/1/25 - 4/30/25(1) | 338,900 | 36.43 | — | — | ||||||||||||||||||||||
5/1/25 - 5/31/25(2) | 22,682 | $ | 39.63 | — | — | |||||||||||||||||||||
6/1/25 - 6/30/25 | — | — | — | — | ||||||||||||||||||||||
Total | 361,582 | $ | 36.63 | — | — |
Period | Total Number of AB Units Purchased | Average Price Paid Per AB Unit, net of Commissions | Total Number of AB Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of AB Units that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
4/1/25 - 4/30/25 | — | — | — | — | ||||||||||||||||||||||
5/1/25 - 5/31/25 | — | — | — | — | ||||||||||||||||||||||
6/1/25 - 6/30/25(1) | 30,200 | $ | 39.88 | — | — | |||||||||||||||||||||
Total | 30,200 | $ | 39.88 | — | — |
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
99.1 | |||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema. | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase. | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase. | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase. | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included in Exhibit 101). |
Date: July 24, 2025 | ALLIANCEBERNSTEIN HOLDING L.P. | ||||||||||
By: | /s/ Thomas Simeone | ||||||||||
Thomas Simeone | |||||||||||
Chief Financial Officer | |||||||||||
By: | /s/ Alexis Luckey | ||||||||||
Alexis Luckey | |||||||||||
Chief Accounting Officer | |||||||||||
Date: July 24, 2025 | /s/ Seth Bernstein | |||||||
Seth Bernstein | ||||||||
President & Chief Executive Officer | ||||||||
AllianceBernstein Holding L.P. |
Date: July 24, 2025 | /s/ Tom Simeone | |||||||
Tom Simeone | ||||||||
Chief Financial Officer | ||||||||
AllianceBernstein Holding L.P. |
Date: July 24, 2025 | /s/ Seth Bernstein | |||||||
Seth Bernstein | ||||||||
President & Chief Executive Officer | ||||||||
AllianceBernstein Holding L.P. |
Date: July 24, 2025 | /s/ Tom Simeone | |||||||
Tom Simeone | ||||||||
Chief Financial Officer | ||||||||
AllianceBernstein Holding L.P. |
June 30, 2025 | December 31, 2024 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 839,184 | $ | 832,044 | |||||||
Cash and securities segregated, at fair value (cost: $479,982 and $495,391) | 483,238 | 500,046 | |||||||||
Receivables, net: | |||||||||||
Brokers and dealers | 42,719 | 33,772 | |||||||||
Brokerage clients | 1,494,584 | 1,432,372 | |||||||||
AB funds fees | 323,366 | 467,351 | |||||||||
Other fees | 158,897 | 159,336 | |||||||||
Investments: | |||||||||||
Equity method | 270,069 | 286,721 | |||||||||
Other | 251,119 | 248,483 | |||||||||
Assets of consolidated company-sponsored investment funds: | |||||||||||
Cash and cash equivalents | 15,563 | 1,989 | |||||||||
Investments | 443,015 | 140,792 | |||||||||
Other assets | 26,892 | 14,801 | |||||||||
Furniture, equipment and leasehold improvements, net | 250,150 | 248,673 | |||||||||
Goodwill | 3,598,591 | 3,598,591 | |||||||||
Intangible assets, net | 192,584 | 215,054 | |||||||||
Deferred sales commissions, net | 176,610 | 182,707 | |||||||||
Right-of-use assets | 436,953 | 449,877 | |||||||||
Other assets | 249,552 | 259,318 | |||||||||
Total assets | $ | 9,253,086 | $ | 9,071,927 | |||||||
June 30, 2025 | December 31, 2024 | ||||||||||
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND CAPITAL | |||||||||||
Liabilities: | |||||||||||
Payables: | |||||||||||
Brokers and dealers | $ | 169,025 | $ | 162,570 | |||||||
Securities sold not yet purchased | 707 | — | |||||||||
Brokerage clients | 1,885,055 | 1,933,843 | |||||||||
AB mutual funds | 1,941 | 830 | |||||||||
Contingent consideration liability | 8,520 | 9,385 | |||||||||
Accounts payable and accrued expenses | 422,738 | 426,675 | |||||||||
Lease liabilities | 500,046 | 512,615 | |||||||||
Liabilities of consolidated company-sponsored investment funds | 36,933 | 1,716 | |||||||||
Accrued compensation and benefits | 582,612 | 391,161 | |||||||||
Debt | 650,000 | 710,000 | |||||||||
Total liabilities | 4,257,577 | 4,148,795 | |||||||||
Commitments and contingencies (See Note 12) | |||||||||||
Redeemable non-controlling interest of consolidated entities | 261,791 | 48,489 | |||||||||
Capital: | |||||||||||
General Partner | 47,832 | 49,519 | |||||||||
Limited partners: 292,080,593 and 292,107,907 units issued and outstanding | 4,831,485 | 4,999,616 | |||||||||
Receivables from affiliates | (2,421) | (2,893) | |||||||||
AB Holding Units held for long-term incentive compensation plans | (94,436) | (62,366) | |||||||||
Accumulated other comprehensive (loss) | (50,377) | (110,581) | |||||||||
Partners’ capital attributable to AB Unitholders | 4,732,083 | 4,873,295 | |||||||||
Non-redeemable non-controlling interests in consolidated entities | 1,635 | 1,348 | |||||||||
Total capital | 4,733,718 | 4,874,643 | |||||||||
Total liabilities, non-controlling interest and capital | $ | 9,253,086 | $ | 9,071,927 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Investment advisory and services fees | $ | 843,978 | $ | 817,327 | $ | 1,699,090 | $ | 1,601,732 | ||||||||||||||||||
Bernstein research services | — | — | — | 96,222 | ||||||||||||||||||||||
Distribution revenues | 198,367 | 172,905 | 397,387 | 338,595 | ||||||||||||||||||||||
Dividend and interest income | 36,137 | 43,986 | 70,487 | 88,501 | ||||||||||||||||||||||
Investment (losses) | (7,825) | (23,629) | (28,363) | (11,886) | ||||||||||||||||||||||
Other revenues | 33,912 | 39,167 | 64,092 | 64,460 | ||||||||||||||||||||||
Total revenues | 1,104,569 | 1,049,756 | 2,202,693 | 2,177,624 | ||||||||||||||||||||||
Less: Broker-dealer related interest expense | 15,662 | 21,813 | 33,179 | 45,530 | ||||||||||||||||||||||
Net revenues | 1,088,907 | 1,027,943 | 2,169,514 | 2,132,094 | ||||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Employee compensation and benefits | 439,554 | 423,324 | 860,085 | 876,096 | ||||||||||||||||||||||
Promotion and servicing: | ||||||||||||||||||||||||||
Distribution-related payments | 197,521 | 179,908 | 398,180 | 352,890 | ||||||||||||||||||||||
Amortization of deferred sales commissions | 21,150 | 13,348 | 41,311 | 25,147 | ||||||||||||||||||||||
Trade execution, marketing, T&E and other | 40,819 | 40,940 | 77,332 | 95,931 | ||||||||||||||||||||||
General and administrative | 148,018 | 145,732 | 295,953 | 283,642 | ||||||||||||||||||||||
Contingent payment arrangements | 42 | 2,558 | 106 | 5,116 | ||||||||||||||||||||||
Interest on borrowings | 8,463 | 11,313 | 15,601 | 28,683 | ||||||||||||||||||||||
Amortization of intangible assets | 11,246 | 11,531 | 22,483 | 23,303 | ||||||||||||||||||||||
Total expenses | 866,813 | 828,654 | 1,711,051 | 1,690,808 | ||||||||||||||||||||||
Operating income | 222,094 | 199,289 | 458,463 | 441,286 | ||||||||||||||||||||||
Gain on divestiture | — | 134,555 | — | 134,555 | ||||||||||||||||||||||
Non-operating income | — | 134,555 | — | 134,555 | ||||||||||||||||||||||
Pre-tax income | 222,094 | 333,844 | 458,463 | 575,841 | ||||||||||||||||||||||
Income taxes | 14,806 | 20,092 | 29,481 | 36,134 | ||||||||||||||||||||||
Net income | 207,288 | 313,752 | 428,982 | 539,707 | ||||||||||||||||||||||
Net (loss) income of consolidated entities attributable to non-controlling interests | (3,179) | 4,180 | (2,284) | 12,208 | ||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 210,467 | $ | 309,572 | $ | 431,266 | $ | 527,499 | ||||||||||||||||||
Net income per AB Unit | $ | 0.71 | $ | 1.07 | $ | 1.46 | $ | 1.82 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Net income | $ | 207,288 | $ | 313,752 | $ | 428,982 | $ | 539,707 | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Foreign currency translation adjustment, before reclassification and tax | 26,278 | (1,579) | 37,027 | (11,888) | ||||||||||||||||||||||
Less: reclassification adjustment for (losses) included in net income upon liquidation | — | (10,197) | — | (10,197) | ||||||||||||||||||||||
Foreign currency translation adjustments, before tax | 26,278 | 8,618 | 37,027 | (1,691) | ||||||||||||||||||||||
Income tax (expense) benefit | (240) | (54) | (185) | 55 | ||||||||||||||||||||||
Foreign currency translation adjustments, net of tax | 26,038 | 8,564 | 36,842 | (1,636) | ||||||||||||||||||||||
Changes in employee benefit related items: | ||||||||||||||||||||||||||
Amortization of prior service cost | — | 6 | 611 | 12 | ||||||||||||||||||||||
Recognized actuarial (loss) gain | — | (110) | — | 559 | ||||||||||||||||||||||
Less: reclassification adjustment for (losses) included in net income upon retirement plan liquidation | — | — | (22,898) | — | ||||||||||||||||||||||
Changes in employee benefit related items | — | (104) | 23,509 | 571 | ||||||||||||||||||||||
Income tax (expense) | — | (2) | (147) | (7) | ||||||||||||||||||||||
Employee benefit related items, net of tax | — | (106) | 23,362 | 564 | ||||||||||||||||||||||
Other comprehensive income (loss) | 26,038 | 8,458 | 60,204 | (1,072) | ||||||||||||||||||||||
Less: Comprehensive (loss) income in consolidated entities attributable to non-controlling interests | (3,179) | 4,180 | (2,284) | 12,208 | ||||||||||||||||||||||
Comprehensive income attributable to AB Unitholders | $ | 236,505 | $ | 318,030 | $ | 491,470 | $ | 526,427 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
General Partner’s Capital | |||||||||||||||||||||||
Balance, beginning of period | $ | 48,395 | $ | 45,325 | $ | 49,519 | $ | 45,388 | |||||||||||||||
Net income | 2,104 | 3,096 | 4,312 | 5,275 | |||||||||||||||||||
Cash distributions to General Partner | (2,596) | (2,351) | (5,992) | (4,816) | |||||||||||||||||||
Long-term incentive compensation plans activity | (15) | (11) | (22) | 56 | |||||||||||||||||||
(Retirement) issuance of AB Units, net | (56) | (179) | 15 | (23) | |||||||||||||||||||
Balance, end of period | 47,832 | 45,880 | 47,832 | 45,880 | |||||||||||||||||||
Limited Partners' Capital | |||||||||||||||||||||||
Balance, beginning of period | 4,888,248 | 4,584,317 | 4,999,616 | 4,590,619 | |||||||||||||||||||
Net income | 208,363 | 306,476 | 426,954 | 522,224 | |||||||||||||||||||
Cash distributions to Unitholders | (256,812) | (232,714) | (593,043) | (476,293) | |||||||||||||||||||
Long-term incentive compensation plans activity | (1,444) | (1,177) | (2,178) | 5,497 | |||||||||||||||||||
(Retirement) issuance of AB Units, net | (6,870) | (17,755) | 136 | (2,900) | |||||||||||||||||||
Balance, end of period | 4,831,485 | 4,639,147 | 4,831,485 | 4,639,147 | |||||||||||||||||||
Receivables from Affiliates | |||||||||||||||||||||||
Balance, beginning of period | (3,411) | (4,686) | (2,893) | (4,490) | |||||||||||||||||||
Long-term incentive compensation awards expense | 427 | 291 | 673 | 506 | |||||||||||||||||||
Capital contributions from (to) AB Holding | 563 | 573 | (201) | 162 | |||||||||||||||||||
Balance, end of period | (2,421) | (3,822) | (2,421) | (3,822) | |||||||||||||||||||
AB Holding Units held for Long-term Incentive Compensation Plans | |||||||||||||||||||||||
Balance, beginning of period | (91,369) | (95,859) | (62,366) | (76,363) | |||||||||||||||||||
Purchases of AB Holding Units to fund long-term compensation plans, net | (14,171) | (28,237) | (43,646) | (33,789) | |||||||||||||||||||
Retirement of AB Units, net | 7,579 | 19,110 | 347 | 3,627 | |||||||||||||||||||
Long-term incentive compensation awards expense | 2,829 | 11,618 | 10,137 | 20,379 | |||||||||||||||||||
Re-valuation of AB Holding Units held in rabbi trust | 696 | 756 | 1,092 | (6,466) | |||||||||||||||||||
Balance, end of period | (94,436) | (92,612) | (94,436) | (92,612) | |||||||||||||||||||
Accumulated Other Comprehensive (Loss) | |||||||||||||||||||||||
Balance, beginning of period | (76,415) | (115,894) | (110,581) | (106,364) | |||||||||||||||||||
Foreign currency translation adjustment, net of tax | 26,038 | 8,564 | 36,842 | (1,636) | |||||||||||||||||||
Changes in employee benefit related items, net of tax | — | (106) | 23,362 | 564 | |||||||||||||||||||
Balance, end of period | (50,377) | (107,436) | (50,377) | (107,436) | |||||||||||||||||||
Total Partners' Capital attributable to AB Unitholders | 4,732,083 | 4,481,157 | 4,732,083 | 4,481,157 | |||||||||||||||||||
Non-redeemable Non-controlling Interests in Consolidated Entities | |||||||||||||||||||||||
Balance, beginning of period | 2,504 | 4,480 | 1,348 | 4,572 | |||||||||||||||||||
Net (loss) income | (611) | 1,450 | 533 | 1,568 | |||||||||||||||||||
Distributions to non-controlling interests, net | (274) | (2,485) | (274) | (2,695) | |||||||||||||||||||
Contributions from non-controlling interest | 16 | 95 | 28 | 95 | |||||||||||||||||||
Balance, end of period | 1,635 | 3,540 | 1,635 | 3,540 | |||||||||||||||||||
Total Capital | $ | 4,733,718 | $ | 4,484,697 | $ | 4,733,718 | $ | 4,484,697 |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 428,982 | $ | 539,707 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of deferred sales commissions | 41,311 | 25,147 | |||||||||
Non-cash long-term incentive compensation expense | 10,809 | 20,885 | |||||||||
Depreciation and other amortization | 43,003 | 46,319 | |||||||||
Unrealized (gains) on investments | (3,823) | (5,944) | |||||||||
Equity in losses of equity method investments | 16,652 | 27,893 | |||||||||
Unrealized (gains) on investments of consolidated company-sponsored investment funds | (165) | (11,527) | |||||||||
(Gain) on divestiture | — | (134,555) | |||||||||
Non-cash lease expense | 35,085 | 57,705 | |||||||||
Retirement plan loss | 20,756 | — | |||||||||
Retirement plan funding | (1,700) | — | |||||||||
Other, net | 3,828 | 15,017 | |||||||||
Changes in assets and liabilities: | |||||||||||
Decrease in securities, segregated | 16,808 | 276,098 | |||||||||
Decrease in receivables | 69,369 | 33,358 | |||||||||
Decrease in investments | 2,156 | 27,092 | |||||||||
(Increase) in deferred sales commissions | (35,214) | (62,552) | |||||||||
Decrease (increase) in other assets | 14,872 | (47,392) | |||||||||
(Increase) decrease in other assets of consolidated company-sponsored investment funds | (12,091) | 21,623 | |||||||||
Increase (decrease) in other liabilities of consolidated company-sponsored investment funds | 35,217 | (11,084) | |||||||||
(Increase) decrease in investments of consolidated company-sponsored investment funds | (302,058) | 155,631 | |||||||||
(Decrease) in payables | (36,650) | (269,927) | |||||||||
(Decrease) increase in accounts payable and accrued expenses | (11,975) | 64,332 | |||||||||
Increase in accrued compensation and benefits | 187,325 | 212,993 | |||||||||
Cash payments to relieve operating lease liabilities | (32,682) | (34,911) | |||||||||
Net cash provided by operating activities | 489,815 | 945,908 | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of furniture, equipment and leasehold improvements | (18,157) | (56,565) | |||||||||
Divestiture of business (includes $304.0 million in cash proceeds) | — | (40,196) | |||||||||
Capital contribution to equity method investments | — | (39,401) | |||||||||
Debt repayment from equity method investments | — | 86,200 | |||||||||
Net cash contribution (to) affiliates | — | (752) | |||||||||
Net cash (used in) investing activities | (18,157) | (50,714) |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
Cash flows from financing activities: | |||||||||||
(Repayment of) debt, net | (60,000) | (534,316) | |||||||||
Decrease in overdrafts payable | — | (2) | |||||||||
Distributions to General Partner and Unitholders | (599,035) | (481,109) | |||||||||
Terminations (redemptions) of non-controlling interest in consolidated company-sponsored investment funds, net | 215,586 | (113,373) | |||||||||
Capital contributions (to) AB Holding | (1,307) | — | |||||||||
Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net | (43,646) | (33,789) | |||||||||
Other, net | (3,318) | (5,603) | |||||||||
Net cash (used in) financing activities | (491,720) | (1,168,192) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 40,776 | (12,665) | |||||||||
Net increase (decrease) in cash and cash equivalents | 20,714 | (285,663) | |||||||||
Cash and cash equivalents as of beginning of the period | 834,033 | 1,160,889 | |||||||||
Cash and cash equivalents as of end of the period | $ | 854,747 | $ | 875,226 |
EQH and its subsidiaries | 61.9 | % | |||
AB Holding | 37.5 | ||||
Unaffiliated holders | 0.6 | ||||
100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Subject to contracts with customers: | ||||||||||||||||||||||||||
Investment advisory and services fees | ||||||||||||||||||||||||||
Base fees | $ | 805,319 | $ | 774,017 | $ | 1,623,185 | $ | 1,528,256 | ||||||||||||||||||
Performance-based fees | 38,659 | 43,310 | 75,905 | 73,476 | ||||||||||||||||||||||
Bernstein research services (1) | — | — | — | 96,222 | ||||||||||||||||||||||
Distribution revenues | ||||||||||||||||||||||||||
All-in-management fees | 86,926 | 81,680 | 175,370 | 160,104 | ||||||||||||||||||||||
12b-1 fees | 15,248 | 16,569 | 31,500 | 33,174 | ||||||||||||||||||||||
Other distribution fees | 96,193 | 74,656 | 190,517 | 145,317 | ||||||||||||||||||||||
Other revenues | ||||||||||||||||||||||||||
Shareholder servicing fees | 21,278 | 22,356 | 37,920 | 44,019 | ||||||||||||||||||||||
JV related revenues (2) | 9,013 | 12,977 | 18,347 | 12,977 | ||||||||||||||||||||||
Other | 3,349 | 3,637 | 7,112 | 7,457 | ||||||||||||||||||||||
1,075,985 | 1,029,202 | 2,159,856 | 2,101,002 | |||||||||||||||||||||||
Not subject to contracts with customers: | ||||||||||||||||||||||||||
Dividend and interest income, net of broker-dealer related interest expense | 20,475 | 22,173 | 37,308 | 42,971 | ||||||||||||||||||||||
Investment (losses) | (7,825) | (23,629) | (28,363) | (11,886) | ||||||||||||||||||||||
Other revenues | 272 | 197 | 713 | 7 | ||||||||||||||||||||||
12,922 | (1,259) | 9,658 | 31,092 | |||||||||||||||||||||||
Total net revenues | $ | 1,088,907 | $ | 1,027,943 | $ | 2,169,514 | $ | 2,132,094 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||
Total amount of AB Holding Units Purchased (1) | 0.4 | 0.9 | 1.2 | 1.0 | ||||||||||||||||||||||
Total Cash Paid for AB Holding Units Purchased (1) | $ | 13.2 | $ | 29.0 | $ | 43.7 | $ | 33.3 | ||||||||||||||||||
Open Market Purchases of AB Holding Units Purchased (1) | 0.3 | 0.6 | 1.0 | 0.6 | ||||||||||||||||||||||
Total Cash Paid for Open Market Purchases of AB Holding Units (1) | $ | 12.3 | $ | 21.5 | $ | 38.4 | $ | 21.5 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 210,467 | $ | 309,572 | $ | 431,266 | $ | 527,499 | ||||||||||||||||||
Weighted average limited partnership Units outstanding | 292,064 | 287,192 | 292,125 | 287,034 | ||||||||||||||||||||||
Net income per AB Unit | $ | 0.71 | $ | 1.07 | $ | 1.46 | $ | 1.82 | ||||||||||||||||||
June 30, 2025 | December 31, 2024 | ||||||||||
(in thousands) | |||||||||||
Equity securities: | |||||||||||
Long-term incentive compensation-related | $ | 29,193 | $ | 31,934 | |||||||
Seed capital | 160,591 | 169,502 | |||||||||
Other | 272 | 388 | |||||||||
Investments in limited partnership hedge funds: | |||||||||||
Long-term incentive compensation-related | 19,653 | 10,831 | |||||||||
Seed capital | 22,690 | 18,397 | |||||||||
Equity method investments: | |||||||||||
Joint ventures | 267,217 | 286,721 | |||||||||
Other equity method investments | 2,852 | — | |||||||||
Time deposits | 6,847 | 6,100 | |||||||||
Other | 11,873 | 11,331 | |||||||||
Total investments | $ | 521,188 | $ | 535,204 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net gains recognized during the period | $ | 10,495 | $ | 986 | $ | 10,408 | $ | 12,044 | ||||||||||||||||||
Less: net gains (losses) recognized during the period on equity securities sold during the period | 1,197 | (1,362) | 5,767 | 6,027 | ||||||||||||||||||||||
Unrealized gains recognized during the period on equity securities held | $ | 9,298 | $ | 2,348 | $ | 4,641 | $ | 6,017 |
Fair Value | |||||||||||||||||
Notional Value | Derivative Assets | Derivative Liabilities | |||||||||||||||
(in thousands) | |||||||||||||||||
June 30, 2025: | |||||||||||||||||
Exchange-traded futures | $ | 195,436 | $ | 323 | $ | 2,582 | |||||||||||
Currency forwards | 82,138 | 4,936 | 7,273 | ||||||||||||||
Interest rate swaps | 12,199 | 89 | 118 | ||||||||||||||
Credit default swaps | 361,851 | 11,086 | 20,047 | ||||||||||||||
Total return swaps | 183,560 | 4,918 | (324) | ||||||||||||||
Option swaps | 50,194 | 5,698 | 381 | ||||||||||||||
Total derivatives | $ | 885,378 | $ | 27,050 | $ | 30,077 | |||||||||||
December 31, 2024: | |||||||||||||||||
Exchange-traded futures | $ | 157,787 | $ | 2,835 | $ | 33 | |||||||||||
Currency forwards | 27,368 | 4,881 | 4,656 | ||||||||||||||
Interest rate swaps | 17,667 | 367 | 14 | ||||||||||||||
Credit default swaps | 199,720 | 4,172 | 9,099 | ||||||||||||||
Total return swaps | 216,468 | 663 | 1,087 | ||||||||||||||
Option swaps | 50,459 | 8,023 | 55 | ||||||||||||||
Total derivatives | $ | 669,469 | $ | 20,941 | $ | 14,944 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Exchange-traded futures | $ | (3,891) | $ | (871) | $ | (3,633) | $ | (2,450) | |||||||||||||||
Currency forwards | (5,120) | (9) | (5,775) | 355 | |||||||||||||||||||
Interest rate swaps | 42 | 282 | (310) | 425 | |||||||||||||||||||
Credit default swaps | (2,921) | (91) | (2,487) | (920) | |||||||||||||||||||
Total return swaps | 2,040 | (682) | (9,377) | (3,938) | |||||||||||||||||||
Option swaps | (1,224) | (259) | (2,268) | (52) | |||||||||||||||||||
Net (losses) on derivative instruments | $ | (11,074) | $ | (1,630) | $ | (23,850) | $ | (6,580) |
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
June 30, 2025: | |||||||||||||||||||||||||||||||||||
Securities borrowed | $ | 14,693 | $ | — | $ | 14,693 | $ | (14,270) | $ | — | $ | 423 | |||||||||||||||||||||||
Derivatives | $ | 27,050 | $ | — | $ | 27,050 | $ | (3,667) | $ | 23,383 | |||||||||||||||||||||||||
December 31, 2024: | |||||||||||||||||||||||||||||||||||
Securities borrowed | $ | 1,144 | $ | — | $ | 1,144 | $ | (1,044) | $ | — | $ | 100 | |||||||||||||||||||||||
Derivatives | $ | 20,941 | $ | — | $ | 20,941 | $ | — | $ | (10,357) | $ | 10,584 | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
June 30, 2025: | |||||||||||||||||||||||||||||||||||
Securities loaned | $ | 5 | $ | — | $ | 5 | $ | (5) | $ | — | $ | — | |||||||||||||||||||||||
Derivatives | $ | 30,077 | $ | — | $ | 30,077 | $ | — | $ | (13,374) | $ | 16,703 | |||||||||||||||||||||||
December 31, 2024: | |||||||||||||||||||||||||||||||||||
Derivatives | $ | 14,944 | $ | — | $ | 14,944 | $ | — | $ | (5,188) | $ | 9,756 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | NAV Expedient(1) | Total | |||||||||||||||||||||||||
June 30, 2025: | |||||||||||||||||||||||||||||
Money markets | $ | 133,750 | $ | — | $ | — | $ | — | $ | 133,750 | |||||||||||||||||||
Securities segregated (U.S. Treasury Bills) | — | 481,760 | — | — | 481,760 | ||||||||||||||||||||||||
Derivatives | 322 | 26,728 | — | — | 27,050 | ||||||||||||||||||||||||
Equity securities | 155,065 | 32,714 | 121 | 2,156 | 190,056 | ||||||||||||||||||||||||
Other investments | 9,040 | — | — | — | 9,040 | ||||||||||||||||||||||||
Total assets measured at fair value | $ | 298,177 | $ | 541,202 | $ | 121 | $ | 2,156 | $ | 841,656 | |||||||||||||||||||
Securities sold not yet purchased: | |||||||||||||||||||||||||||||
Short equities – corporate | $ | 707 | $ | — | $ | — | $ | — | $ | 707 | |||||||||||||||||||
Derivatives | $ | 2,582 | $ | 27,495 | $ | — | $ | — | $ | 30,077 | |||||||||||||||||||
Contingent payment arrangements | — | — | 8,520 | — | 8,520 | ||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 3,289 | $ | 27,495 | $ | 8,520 | $ | — | $ | 39,304 | |||||||||||||||||||
December 31, 2024: | |||||||||||||||||||||||||||||
Money markets | $ | 146,781 | $ | — | $ | — | $ | — | $ | 146,781 | |||||||||||||||||||
Securities segregated (U.S. Treasury Bills) | — | 499,245 | — | — | 499,245 | ||||||||||||||||||||||||
Derivatives | 2,835 | 18,106 | — | — | 20,941 | ||||||||||||||||||||||||
Equity securities | 193,766 | 5,921 | 121 | 2,016 | 201,824 | ||||||||||||||||||||||||
Other investments | 8,593 | — | — | — | 8,593 | ||||||||||||||||||||||||
Total assets measured at fair value | $ | 351,975 | $ | 523,272 | $ | 121 | $ | 2,016 | $ | 877,384 | |||||||||||||||||||
Derivatives | $ | 33 | $ | 14,911 | $ | — | $ | — | $ | 14,944 | |||||||||||||||||||
Contingent payment arrangements | — | — | 9,385 | — | 9,385 | ||||||||||||||||||||||||
Total liabilities measured at fair value | $ | 33 | $ | 14,911 | $ | 9,385 | $ | — | $ | 24,329 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance as of beginning of period | $ | 119 | $ | 114 | $ | 121 | $ | 118 | ||||||||||||||||||
Unrealized gains (losses), net | 2 | 2 | — | (2) | ||||||||||||||||||||||
Balance as of end of period | $ | 121 | $ | 116 | $ | 121 | $ | 116 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance as of beginning of period | $ | 8,478 | $ | 254,108 | $ | 9,385 | $ | 252,690 | ||||||||||||||||||
Accretion | 42 | 2,558 | 106 | 5,116 | ||||||||||||||||||||||
Payments | — | (1,500) | (971) | (2,640) | ||||||||||||||||||||||
Balance as of end of period | $ | 8,520 | $ | 255,166 | $ | 8,520 | $ | 255,166 |
Classification | June 30, 2025 | December 31, 2024 | |||||||||||||||
(in thousands) | |||||||||||||||||
Operating Leases | |||||||||||||||||
Operating lease right-of-use assets | Right-of-use assets | $ | 431,300 | $ | 441,662 | ||||||||||||
Operating lease liabilities | Lease liabilities | 492,604 | 504,171 | ||||||||||||||
Finance Leases | |||||||||||||||||
Property and equipment, gross | Right-of-use assets | 18,023 | 19,548 | ||||||||||||||
Amortization of right-of-use assets | Right-of-use assets | (12,370) | (11,333) | ||||||||||||||
Property and equipment, net | 5,653 | 8,215 | |||||||||||||||
Finance lease liabilities | Lease liabilities | 7,442 | 8,444 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
Classification | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Operating lease cost | General and administrative | $ | 16,226 | $ | 27,584 | $ | 32,238 | $ | 55,520 | ||||||||||||||||||||
Financing lease cost: | |||||||||||||||||||||||||||||
Amortization of right-of-use assets | General and administrative | 1,502 | 1,047 | 2,641 | 2,099 | ||||||||||||||||||||||||
Interest on lease liabilities | Interest expense | 139 | 76 | 208 | 160 | ||||||||||||||||||||||||
Total finance lease cost | 1,641 | 1,123 | 2,849 | 2,259 | |||||||||||||||||||||||||
Variable lease cost (1) | General and administrative | 2,491 | 10,280 | 5,777 | 19,890 | ||||||||||||||||||||||||
Sublease income | General and administrative | (738) | (8,746) | (1,265) | (16,469) | ||||||||||||||||||||||||
Net lease cost | $ | 19,620 | $ | 30,241 | $ | 39,599 | $ | 61,200 |
Operating Leases | Financing Leases | Total | |||||||||||||||
Year ending December 31, | (in thousands) | ||||||||||||||||
2025 (excluding the six months ended June 30, 2025) | $ | 29,130 | $ | 2,191 | $ | 31,321 | |||||||||||
2026 | 64,580 | 3,666 | 68,246 | ||||||||||||||
2027 | 60,999 | 1,620 | 62,619 | ||||||||||||||
2028 | 53,706 | 297 | 54,003 | ||||||||||||||
2029 | 49,944 | — | 49,944 | ||||||||||||||
Thereafter | 416,413 | — | 416,413 | ||||||||||||||
Total lease payments | 674,772 | 7,774 | 682,546 | ||||||||||||||
Less interest | (182,168) | (332) | |||||||||||||||
Present value of lease liabilities | $ | 492,604 | $ | 7,442 |
Lease term and discount rate: | |||||
Weighted average remaining lease term (years): | |||||
Operating leases | 13.24 | ||||
Finance leases | 1.98 | ||||
Weighted average discount rate: | |||||
Operating leases | 4.43 | % | |||
Finance leases | 4.20 | % |
Six Months Ended June 30, | |||||||||||
2025 | 2024 | ||||||||||
(in thousands) | |||||||||||
Right-of-use assets obtained in exchange for lease obligations(1): | |||||||||||
Operating leases | 78 | 213,235 | |||||||||
Finance leases | 1,552 | — |
June 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
VIEs | VOEs | Total | VIEs | VOEs | Total | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,518 | $ | 45 | $ | 15,563 | $ | 1,671 | $ | 318 | $ | 1,989 | ||||||||||||||||||||||||||
Investments | 379,850 | 63,165 | 443,015 | 82,027 | 58,765 | 140,792 | ||||||||||||||||||||||||||||||||
Other assets | 25,958 | 934 | 26,892 | 1,317 | 13,484 | 14,801 | ||||||||||||||||||||||||||||||||
Total assets | $ | 421,326 | $ | 64,144 | $ | 485,470 | $ | 85,015 | $ | 72,567 | $ | 157,582 | ||||||||||||||||||||||||||
Liabilities | $ | 35,285 | $ | 1,648 | $ | 36,933 | $ | 345 | $ | 1,371 | $ | 1,716 | ||||||||||||||||||||||||||
Redeemable non-controlling interest | 241,556 | 20,235 | 261,791 | 31,670 | 16,819 | 48,489 | ||||||||||||||||||||||||||||||||
Partners' capital attributable to AB Unitholders | 144,485 | 42,261 | 186,746 | 53,000 | 54,377 | 107,377 | ||||||||||||||||||||||||||||||||
Total liabilities, redeemable non-controlling interest and partners' capital | $ | 421,326 | $ | 64,144 | $ | 485,470 | $ | 85,015 | $ | 72,567 | $ | 157,582 |
Redeemable non-controlling interest as of December 31, 2024 | $ | 48,489 | |||
Deconsolidated funds | (873) | ||||
Changes in third-party seed investments in consolidated funds | 214,175 | ||||
Redeemable non-controlling interest as of June 30, 2025 | $ | 261,791 |
Level 1 | Level 2 | Total | |||||||||||||||
June 30, 2025: | |||||||||||||||||
Investments - VIEs | $ | 30,330 | $ | 349,520 | $ | 379,850 | |||||||||||
Investments - VOEs | 5,806 | 57,359 | 63,165 | ||||||||||||||
Derivatives - VIEs | 810 | 17,206 | 18,016 | ||||||||||||||
Derivatives - VOEs | — | 197 | 197 | ||||||||||||||
Total assets measured at fair value | $ | 36,946 | $ | 424,282 | $ | 461,228 | |||||||||||
Derivatives - VIEs | $ | 799 | $ | 17,240 | $ | 18,039 | |||||||||||
Derivatives - VOEs | — | 184 | 184 | ||||||||||||||
Total liabilities measured at fair value | $ | 799 | $ | 17,424 | $ | 18,223 | |||||||||||
December 31, 2024: | |||||||||||||||||
Investments - VIEs | $ | 15,240 | $ | 66,787 | $ | 82,027 | |||||||||||
Investments - VOEs | 249 | 58,516 | 58,765 | ||||||||||||||
Derivatives - VIEs | 48 | 53 | 101 | ||||||||||||||
Derivatives - VOEs | — | 11,483 | 11,483 | ||||||||||||||
Total assets measured at fair value | $ | 15,537 | $ | 136,839 | $ | 152,376 | |||||||||||
Derivatives - VIEs | $ | 72 | $ | 13 | $ | 85 | |||||||||||
Total liabilities measured at fair value | $ | 72 | $ | 13 | $ | 85 |
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Assets Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
June 30, 2025: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | 18,016 | $ | — | $ | 18,016 | $ | — | $ | (28) | $ | 17,988 | |||||||||||||||||||||||
Derivatives - VOEs | $ | 197 | $ | — | $ | 197 | $ | — | $ | — | $ | 197 | |||||||||||||||||||||||
December 31, 2024: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | 101 | $ | — | $ | 101 | $ | — | $ | (2) | $ | 99 | |||||||||||||||||||||||
Derivatives - VOEs | 11,483 | — | 11,483 | — | — | 11,483 |
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Condition | Net Amounts of Liabilities Presented in the Statement of Financial Condition | Financial Instruments Collateral | Cash Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
June 30, 2025: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | 18,039 | $ | — | $ | 18,039 | $ | — | $ | (722) | $ | 17,317 | |||||||||||||||||||||||
Derivatives - VOEs | $ | 184 | $ | — | $ | 184 | $ | — | $ | — | $ | 184 | |||||||||||||||||||||||
December 31, 2024: | |||||||||||||||||||||||||||||||||||
Derivatives - VIEs | $ | 85 | $ | — | $ | 85 | $ | — | $ | (85) | $ | — | |||||||||||||||||||||||
Outstanding as of December 31, 2024 | 292,107,907 | ||||
Units issued | 1,054,928 | ||||
Units retired (1) | (1,082,242) | ||||
Outstanding as of June 30, 2025 | 292,080,593 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Institutions(1) | $ | 163,018 | $ | 158,779 | $ | 335,023 | $ | 316,052 | |||||||||||||||
Retail(1) | 603,176 | 566,671 | 1,203,148 | 1,102,848 | |||||||||||||||||||
Private Wealth Management(1) | 297,428 | 287,138 | 596,225 | 565,446 | |||||||||||||||||||
Bernstein Research Services (2) | — | — | — | 96,222 | |||||||||||||||||||
Other | 40,947 | 37,168 | 68,297 | 97,056 | |||||||||||||||||||
Total revenues | 1,104,569 | 1,049,756 | 2,202,693 | 2,177,624 | |||||||||||||||||||
Less: Broker-dealer related Interest expense | 15,662 | 21,813 | 33,179 | 45,530 | |||||||||||||||||||
Net revenues | $ | 1,088,907 | $ | 1,027,943 | $ | 2,169,514 | $ | 2,132,094 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||||
United States | $ | 638,219 | $ | 626,965 | $ | 1,266,588 | $ | 1,287,508 | ||||||||||||||||||
International: | ||||||||||||||||||||||||||
Luxembourg | 265,881 | 259,392 | 530,074 | 505,891 | ||||||||||||||||||||||
Japan | 142,175 | 114,109 | 282,004 | 222,391 | ||||||||||||||||||||||
Other International | 42,632 | 27,477 | 90,848 | 116,304 | ||||||||||||||||||||||
Total International | 450,688 | 400,978 | 902,926 | 844,586 | ||||||||||||||||||||||
Total | $ | 1,088,907 | $ | 1,027,943 | $ | 2,169,514 | $ | 2,132,094 | ||||||||||||||||||
June 30, 2025 | December 31, 2024 | |||||||||||||
(in thousands) | ||||||||||||||
Long-lived assets: | ||||||||||||||
United States | $ | 4,161,790 | $ | 4,187,885 | ||||||||||
International | 56,145 | 57,140 | ||||||||||||
Total | $ | 4,217,935 | $ | 4,245,025 |
EQH and its subsidiaries | 68.5 | % | |||
AB Holding | 30.8 | ||||
Unaffiliated holders | 0.7 | ||||
100.0 | % |
As of June 30, | |||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Institutions | $ | 340.0 | $ | 322.7 | $ | 17.3 | 5.4 | % | |||||||||||||||
Retail | 344.7 | 316.4 | 28.3 | 8.9 | |||||||||||||||||||
Private Wealth | 144.4 | 130.4 | 14.0 | 10.7 | |||||||||||||||||||
Total | $ | 829.1 | $ | 769.5 | $ | 59.6 | 7.7 | % |
As of June 30, | |||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Actively Managed | $ | 273.4 | $ | 264.4 | $ | 9.0 | 3.4 | % | |||||||||||||||
Passively Managed(1) | 70.8 | 65.8 | 5.0 | 7.6 | |||||||||||||||||||
Total Equity | 344.2 | 330.2 | 14.0 | 4.3 | |||||||||||||||||||
Fixed Income | |||||||||||||||||||||||
Actively Managed | |||||||||||||||||||||||
Taxable | 214.5 | 216.0 | (1.5) | (0.7) | |||||||||||||||||||
Tax–exempt | 79.5 | 66.2 | 13.3 | 20.0 | |||||||||||||||||||
294.0 | 282.2 | 11.8 | 4.2 | ||||||||||||||||||||
Passively Managed(1) | 10.2 | 11.0 | (0.8) | (8.0) | |||||||||||||||||||
Total Fixed Income | 304.2 | 293.2 | 11.0 | 3.7 | |||||||||||||||||||
Alternatives/Multi-Asset Solutions(2) | |||||||||||||||||||||||
Actively Managed | 168.4 | 136.0 | 32.4 | 23.8 | |||||||||||||||||||
Passively Managed(1) | 12.3 | 10.1 | 2.2 | 22.4 | |||||||||||||||||||
Total Alternatives/Multi-Asset Solutions | 180.7 | 146.1 | 34.6 | 23.7 | |||||||||||||||||||
Total | $ | 829.1 | $ | 769.5 | $ | 59.6 | 7.7 | % |
Distribution Channel | |||||||||||||||||||||||
Institutions | Retail | Private Wealth | Total | ||||||||||||||||||||
(in billions) | |||||||||||||||||||||||
Balance as of March 31, 2025 | $ | 324.1 | $ | 324.1 | $ | 136.3 | $ | 784.5 | |||||||||||||||
Long-term flows: | |||||||||||||||||||||||
Sales/new accounts | 3.7 | 19.4 | 4.8 | 27.9 | |||||||||||||||||||
Redemptions/terminations | (3.7) | (21.8) | (5.2) | (30.7) | |||||||||||||||||||
Cash flow/unreinvested dividends | (1.5) | (2.4) | — | (3.9) | |||||||||||||||||||
Net long-term outflows | (1.5) | (4.8) | (0.4) | (6.7) | |||||||||||||||||||
Market appreciation | 17.4 | 25.4 | 8.5 | 51.3 | |||||||||||||||||||
Net change | 15.9 | 20.6 | 8.1 | 44.6 | |||||||||||||||||||
Balance as of June 30, 2025 | $ | 340.0 | $ | 344.7 | $ | 144.4 | $ | 829.1 | |||||||||||||||
Balance as of December 31, 2024 | $ | 321.4 | $ | 334.3 | $ | 136.5 | $ | 792.2 | |||||||||||||||
Long-term flows: | |||||||||||||||||||||||
Sales/new accounts | 8.3 | 45.1 | 10.6 | 64.0 | |||||||||||||||||||
Redemptions/terminations | (6.2) | (44.0) | (10.2) | (60.4) | |||||||||||||||||||
Cash flow/unreinvested dividends | (2.9) | (5.0) | — | (7.9) | |||||||||||||||||||
Net long-term (outflows) inflows | (0.8) | (3.9) | 0.4 | (4.3) | |||||||||||||||||||
Transfers | 0.4 | (0.1) | (0.3) | — | |||||||||||||||||||
Market appreciation | 19.0 | 14.4 | 7.8 | 41.2 | |||||||||||||||||||
Net change | 18.6 | 10.4 | 7.9 | 36.9 | |||||||||||||||||||
Balance as of June 30, 2025 | $ | 340.0 | $ | 344.7 | $ | 144.4 | $ | 829.1 | |||||||||||||||
Balance as of June 30, 2024 | $ | 322.7 | $ | 316.4 | $ | 130.4 | $ | 769.5 | |||||||||||||||
Long-term flows: | |||||||||||||||||||||||
Sales/new accounts | 14.7 | 98.0 | 20.4 | 133.1 | |||||||||||||||||||
Redemptions/terminations | (14.2) | (82.2) | (19.6) | (116.0) | |||||||||||||||||||
Cash flow/unreinvested dividends | (11.8) | (13.2) | — | (25.0) | |||||||||||||||||||
Net long-term (outflows) inflows | (11.3) | 2.6 | 0.8 | (7.9) | |||||||||||||||||||
Adjustments(1) | — | — | 0.7 | 0.7 | |||||||||||||||||||
Transfers | 0.5 | (0.1) | (0.4) | — | |||||||||||||||||||
Market appreciation | 28.1 | 25.8 | 12.9 | 66.8 | |||||||||||||||||||
Net change | 17.3 | 28.3 | 14.0 | 59.6 | |||||||||||||||||||
Balance as of June 30, 2025 | $ | 340.0 | $ | 344.7 | $ | 144.4 | $ | 829.1 |
Investment Service | |||||||||||||||||||||||||||||||||||||||||
Equity Actively Managed | Equity Passively Managed(1) | Fixed Income Actively Managed - Taxable | Fixed Income Actively Managed - Tax- Exempt | Fixed Income Passively Managed(1) | Alternatives/ Multi-Asset Solutions(2) | Total | |||||||||||||||||||||||||||||||||||
(in billions) | |||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2025 | $ | 249.0 | $ | 65.8 | $ | 211.6 | $ | 78.4 | $ | 10.1 | $ | 169.6 | $ | 784.5 | |||||||||||||||||||||||||||
Long-term flows: | |||||||||||||||||||||||||||||||||||||||||
Sales/new accounts | 8.4 | 0.4 | 9.4 | 5.9 | 0.2 | 3.6 | 27.9 | ||||||||||||||||||||||||||||||||||
Redemptions/terminations | (12.2) | (1.8) | (10.6) | (4.6) | — | (1.5) | (30.7) | ||||||||||||||||||||||||||||||||||
Cash flow/unreinvested dividends | (2.2) | (0.5) | (0.3) | (0.1) | (0.3) | (0.5) | (3.9) | ||||||||||||||||||||||||||||||||||
Net long-term (outflows) inflows | (6.0) | (1.9) | (1.5) | 1.2 | (0.1) | 1.6 | (6.7) | ||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 30.4 | 6.9 | 4.4 | (0.1) | 0.2 | 9.5 | 51.3 | ||||||||||||||||||||||||||||||||||
Net change | 24.4 | 5.0 | 2.9 | 1.1 | 0.1 | 11.1 | 44.6 | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2025 | $ | 273.4 | $ | 70.8 | $ | 214.5 | $ | 79.5 | $ | 10.2 | $ | 180.7 | $ | 829.1 | |||||||||||||||||||||||||||
Balance as of December 31, 2024 | $ | 263.4 | $ | 68.3 | $ | 209.3 | $ | 76.2 | $ | 10.3 | $ | 164.7 | $ | 792.2 | |||||||||||||||||||||||||||
Long-term flows: | |||||||||||||||||||||||||||||||||||||||||
Sales/new accounts | 21.5 | 0.9 | 21.8 | 11.8 | 0.2 | 7.8 | 64.0 | ||||||||||||||||||||||||||||||||||
Redemptions/terminations | (26.1) | (1.9) | (21.6) | (8.1) | (0.1) | (2.6) | (60.4) | ||||||||||||||||||||||||||||||||||
Cash flow/unreinvested dividends | (3.9) | (0.7) | (3.2) | (0.1) | (0.7) | 0.7 | (7.9) | ||||||||||||||||||||||||||||||||||
Net long-term (outflows) inflows | (8.5) | (1.7) | (3.0) | 3.6 | (0.6) | 5.9 | (4.3) | ||||||||||||||||||||||||||||||||||
Market appreciation (depreciation) | 18.5 | 4.2 | 8.2 | (0.3) | 0.5 | 10.1 | 41.2 | ||||||||||||||||||||||||||||||||||
Net change | 10.0 | 2.5 | 5.2 | 3.3 | (0.1) | 16.0 | 36.9 | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2025 | $ | 273.4 | $ | 70.8 | $ | 214.5 | $ | 79.5 | $ | 10.2 | $ | 180.7 | $ | 829.1 | |||||||||||||||||||||||||||
Balance as of June 30, 2024 | $ | 264.4 | $ | 65.8 | $ | 216.0 | $ | 66.2 | $ | 11.0 | $ | 146.1 | $ | 769.5 | |||||||||||||||||||||||||||
Long-term flows: | |||||||||||||||||||||||||||||||||||||||||
Sales/new accounts | 46.2 | 1.4 | 43.8 | 25.9 | 0.2 | 15.6 | 133.1 | ||||||||||||||||||||||||||||||||||
Redemptions/terminations | (52.6) | (2.2) | (41.2) | (13.7) | (0.6) | (5.7) | (116.0) | ||||||||||||||||||||||||||||||||||
Cash flow/unreinvested dividends | (14.0) | (3.4) | (3.6) | 0.2 | (1.1) | (3.1) | (25.0) | ||||||||||||||||||||||||||||||||||
Net long-term (outflows) inflows | (20.4) | (4.2) | (1.0) | 12.4 | (1.5) | 6.8 | (7.9) | ||||||||||||||||||||||||||||||||||
Adjustments (3) | — | — | 0.2 | 0.5 | — | — | 0.7 | ||||||||||||||||||||||||||||||||||
Transfers (4) | — | — | (12.1) | — | — | 12.1 | — | ||||||||||||||||||||||||||||||||||
Market appreciation | 29.4 | 9.2 | 11.4 | 0.4 | 0.7 | 15.7 | 66.8 | ||||||||||||||||||||||||||||||||||
Net change | 9.0 | 5.0 | (1.5) | 13.3 | (0.8) | 34.6 | 59.6 | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2025 | $ | 273.4 | $ | 70.8 | $ | 214.5 | $ | 79.5 | $ | 10.2 | $ | 180.7 | $ | 829.1 |
Periods Ended June 30, 2025 | |||||||||||||||||
Three-months | Six-months | Twelve-months | |||||||||||||||
(in billions) | |||||||||||||||||
Actively Managed | |||||||||||||||||
Equity | $ | (6.0) | $ | (8.5) | $ | (20.4) | |||||||||||
Fixed Income | (0.3) | 0.6 | 11.4 | ||||||||||||||
Alternatives/Multi-Asset Solutions | 1.5 | 5.8 | 6.1 | ||||||||||||||
Total Actively Managed | (4.8) | (2.1) | (2.9) | ||||||||||||||
Passively Managed | |||||||||||||||||
Equity | (1.9) | (1.7) | (4.2) | ||||||||||||||
Fixed Income | (0.1) | (0.6) | (1.5) | ||||||||||||||
Alternatives/Multi-Asset Solutions | 0.1 | 0.1 | 0.7 | ||||||||||||||
Total Passively Managed | (1.9) | (2.2) | (5.0) | ||||||||||||||
Total net long-term (outflows) | $ | (6.7) | $ | (4.3) | $ | (7.9) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in billions) | (in billions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distribution Channel: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutions | $ | 329.0 | $ | 319.6 | $ | 9.4 | 2.9 | % | $ | 327.5 | $ | 318.2 | $ | 9.3 | 2.9 | % | ||||||||||||||||||||||||||||||||||
Retail | 331.3 | 308.0 | 23.3 | 7.5 | 334.1 | 301.7 | 32.4 | 10.7 | ||||||||||||||||||||||||||||||||||||||||||
Private Wealth | 139.2 | 127.9 | 11.3 | 8.9 | 138.9 | 125.7 | 13.2 | 10.5 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 799.5 | $ | 755.5 | $ | 44.0 | 5.8 | % | $ | 800.5 | $ | 745.6 | $ | 54.9 | 7.4 | % | ||||||||||||||||||||||||||||||||||
Investment Service: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Actively Managed | $ | 258.5 | $ | 259.7 | $ | (1.2) | (0.5) | % | $ | 261.7 | $ | 255.9 | $ | 5.8 | 2.3 | % | ||||||||||||||||||||||||||||||||||
Equity Passively Managed(1) | 67.8 | 64.2 | 3.6 | 5.8 | 68.5 | 63.9 | 4.6 | 7.2 | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income Actively Managed – Taxable | 210.2 | 212.9 | (2.7) | (1.3) | 210.7 | 211.0 | (0.3) | (0.1) | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income Actively Managed – Tax-exempt | 78.6 | 64.7 | 13.9 | 21.4 | 78.1 | 63.5 | 14.6 | 22.9 | ||||||||||||||||||||||||||||||||||||||||||
Fixed Income Passively Managed(1) | 10.1 | 11.0 | (0.9) | (7.7) | 10.2 | 11.1 | (0.9) | (7.8) | ||||||||||||||||||||||||||||||||||||||||||
Alternatives/Multi-Asset Solutions(2) | 174.3 | 143.0 | 31.3 | 21.9 | 171.3 | 140.2 | 31.1 | 22.2 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 799.5 | $ | 755.5 | $ | 44.0 | 5.8 | % | $ | 800.5 | $ | 745.6 | $ | 54.9 | 7.4 | % |
1-Year | 3-Year(1) | 5-Year(1) | |||||||||||||||
Income (fixed income) | |||||||||||||||||
Absolute return | 8.9 | % | 6.6 | % | 2.8 | % | |||||||||||
Relative return (vs. Bloomberg Barclays U.S. Aggregate Index) | 2.8 | 4.0 | 3.5 | ||||||||||||||
High Income (fixed income) | |||||||||||||||||
Absolute return | 10.3 | 11.1 | 6.8 | ||||||||||||||
Relative return (vs. Bloomberg Barclays Global High Yield Index - Hedged) | (1.2) | (0.3) | 0.9 | ||||||||||||||
Global Plus - Hedged (fixed income) | |||||||||||||||||
Absolute return | 6.2 | 4.0 | 0.8 | ||||||||||||||
Relative return (vs. Bloomberg Barclays Global Aggregate Index - Hedged) | 0.1 | 0.4 | 0.6 | ||||||||||||||
Intermediate Municipal Bonds (fixed income) | |||||||||||||||||
Absolute return | 2.8 | 3.4 | 1.8 | ||||||||||||||
Relative return (vs. Lipper Short/Int. Blended Muni Fund Avg) | 0.1 | 0.6 | 0.7 | ||||||||||||||
U.S. Core Plus (fixed income) | |||||||||||||||||
Absolute return | 7.6 | 3.8 | 0.3 | ||||||||||||||
Relative return (vs. Bloomberg Barclays U.S. Aggregate Index) | 1.5 | 1.2 | 1.0 | ||||||||||||||
Emerging Market Debt (fixed income) | |||||||||||||||||
Absolute return | 11.5 | 9.7 | 2.8 | ||||||||||||||
Relative return (vs. JPM EMBI Global/JPM EMBI) | 2.0 | 1.5 | 0.9 | ||||||||||||||
Sustainable Global Thematic | |||||||||||||||||
Absolute return | 7.7 | 11.8 | 9.8 | ||||||||||||||
Relative return (vs. MSCI ACWI Index) | (8.4) | (5.6) | (3.8) | ||||||||||||||
International Strategic Core Equity | |||||||||||||||||
Absolute return | 24.5 | 17.7 | 11.8 | ||||||||||||||
Relative return (vs. MSCI EAFE Index) | 6.8 | 1.7 | 0.6 | ||||||||||||||
U.S. Small & Mid Cap Value | |||||||||||||||||
Absolute return | 6.0 | 10.6 | 15.1 | ||||||||||||||
Relative return (vs. Russell 2500 Value Index) | (4.5) | (0.1) | 1.2 |
1-Year | 3-Year(1) | 5-Year(1) | |||||||||||||||
U.S. Large Cap Value | |||||||||||||||||
Absolute return | 10.5 | 15.4 | 16.4 | ||||||||||||||
Relative return (vs. Russell 1000 Value Index) | (3.2) | 2.7 | 2.5 | ||||||||||||||
U.S. Small Cap Growth | |||||||||||||||||
Absolute return | 10.3 | 12.2 | 6.0 | ||||||||||||||
Relative return (vs. Russell 2000 Growth Index) | 0.5 | (0.2) | (1.4) | ||||||||||||||
U.S. Large Cap Growth | |||||||||||||||||
Absolute return | 12.5 | 22.3 | 15.5 | ||||||||||||||
Relative return (vs. Russell 1000 Growth Index) | (4.8) | (3.4) | (2.7) | ||||||||||||||
U.S. Small & Mid Cap Growth | |||||||||||||||||
Absolute return | 9.3 | 13.4 | 6.4 | ||||||||||||||
Relative return (vs. Russell 2500 Growth Index) | 0.5 | 1.3 | (1.1) | ||||||||||||||
Concentrated U.S. Growth | |||||||||||||||||
Absolute return | 11.2 | 13.7 | 12.4 | ||||||||||||||
Relative return (vs. S&P 500 Index) | (4.0) | (6.0) | (4.3) | ||||||||||||||
Select U.S. Equity | |||||||||||||||||
Absolute return | 18.0 | 20.1 | 18.4 | ||||||||||||||
Relative return (vs. S&P 500 Index) | 2.8 | 0.4 | 1.7 | ||||||||||||||
Strategic Equities | |||||||||||||||||
Absolute return | 12.2 | 18.8 | 16.1 | ||||||||||||||
Relative return (vs. Russell 3000 Index) | (3.1) | (0.3) | 0.2 | ||||||||||||||
Global Core Equity | |||||||||||||||||
Absolute return | 15.9 | 15.6 | 11.9 | ||||||||||||||
Relative return (vs. MSCI ACWI Index) | (0.2) | (1.7) | (1.8) | ||||||||||||||
U.S. Strategic Core Equity | |||||||||||||||||
Absolute return | 14.4 | 17.9 | 15.7 | ||||||||||||||
Relative return (vs. S&P 500 Index) | (0.8) | (1.8) | (0.9) | ||||||||||||||
Select U.S. Equity Long/Short | |||||||||||||||||
Absolute return | 12.2 | 12.7 | 12.1 | ||||||||||||||
Relative return (vs. S&P 500 Index) | (3.0) | (7.0) | (4.6) | ||||||||||||||
Global Strategic Core Equity | |||||||||||||||||
Absolute return | 14.3 | 16.7 | 13.9 | ||||||||||||||
Relative return (vs. S&P 500 Index) | (2.0) | (1.6) | (0.6) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,088,907 | $ | 1,027,943 | $ | 60,964 | 5.9 | % | $ | 2,169,514 | $ | 2,132,094 | $ | 37,420 | 1.8 | % | ||||||||||||||||||||||||||||||||||
Expenses | 866,813 | 828,654 | 38,159 | 4.6 | 1,711,051 | 1,690,808 | 20,243 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 222,094 | 199,289 | 22,805 | 11.4 | 458,463 | 441,286 | 17,177 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||
Non-operating income | — | 134,555 | (134,555) | n/m | — | 134,555 | (134,555) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Pre-tax income | 222,094 | 333,844 | (111,750) | (33.5) | 458,463 | 575,841 | (117,378) | (20.4) | ||||||||||||||||||||||||||||||||||||||||||
Income taxes | 14,806 | 20,092 | (5,286) | (26.3) | 29,481 | 36,134 | (6,653) | (18.4) | ||||||||||||||||||||||||||||||||||||||||||
Net income | 207,288 | 313,752 | (106,464) | (33.9) | 428,982 | 539,707 | (110,725) | (20.5) | ||||||||||||||||||||||||||||||||||||||||||
Net (loss) income of consolidated entities attributable to non-controlling interests | (3,179) | 4,180 | (7,359) | n/m | (2,284) | 12,208 | (14,492) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to AB Unitholders | $ | 210,467 | $ | 309,572 | $ | (99,105) | (32.0) | $ | 431,266 | $ | 527,499 | $ | (96,233) | (18.2) | ||||||||||||||||||||||||||||||||||||
Net income per AB Unit | $ | 0.71 | $ | 1.07 | $ | (0.36) | (33.6) | $ | 1.46 | $ | 1.82 | $ | (0.36) | (19.8) | ||||||||||||||||||||||||||||||||||||
Distributions declared per AB Unit | $ | 0.84 | $ | 0.79 | $ | 0.05 | 6.3 | % | $ | 1.72 | $ | 1.60 | $ | 0.12 | 7.5 | % | ||||||||||||||||||||||||||||||||||
Operating margin (1) | 20.7 | % | 19.0 | % | 21.2 | % | 20.1 | % |
Lower gain on divestiture | $ | (134.6) | |||
Higher promotion and servicing expense | (25.3) | ||||
Higher employee compensation and benefits expense | (16.2) | ||||
Lower other revenue | (5.3) | ||||
Lower performance-based fees | (4.7) | ||||
Higher base advisory fees | 31.3 | ||||
Higher distribution revenues | 25.5 | ||||
Lower investment losses | 15.8 | ||||
Higher net losses of consolidated entities attributable to non-controlling interest | 7.4 | ||||
Lower income tax expense | 5.3 | ||||
Other | 1.7 | ||||
$ | (99.1) |
Lower gain on divestiture | $ | (134.6) | |||
Lower Bernstein Research Services revenue | (96.2) | ||||
Higher promotion and servicing expense | (42.9) | ||||
Higher investment losses | (16.5) | ||||
Higher general and administrative expense | (12.3) | ||||
Higher base advisory fees | 94.9 | ||||
Higher distribution revenues | 58.8 | ||||
Lower employee compensation and benefits expense | 16.0 | ||||
Higher net losses of consolidated entities attributable to non-controlling interest | 14.5 | ||||
Lower interest on borrowings | 13.1 | ||||
Lower income tax expense | 6.7 | ||||
Other | 2.3 | ||||
$ | (96.2) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands, except per unit amounts) | ||||||||||||||||||||||||||
Net revenues, US GAAP basis | $ | 1,088,907 | $ | 1,027,943 | $ | 2,169,514 | $ | 2,132,094 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Distribution-related adjustments: | ||||||||||||||||||||||||||
Distribution revenues | (198,367) | (172,905) | (397,387) | (338,595) | ||||||||||||||||||||||
Investment advisory services fees | (20,297) | (20,350) | (42,093) | (39,440) | ||||||||||||||||||||||
Pass-through adjustments: | ||||||||||||||||||||||||||
Investment advisory services fees | (13,659) | (11,488) | (26,415) | (27,001) | ||||||||||||||||||||||
Other revenues | (15,203) | (20,447) | (31,039) | (29,208) | ||||||||||||||||||||||
Impact of consolidated company-sponsored investment funds | 2,295 | (3,292) | 2,380 | (11,667) | ||||||||||||||||||||||
Incentive compensation-related items | (9,821) | (1,521) | (8,965) | (4,067) | ||||||||||||||||||||||
Equity method investments: | ||||||||||||||||||||||||||
Equity loss on JVs | 13,371 | 27,893 | 19,444 | 27,893 | ||||||||||||||||||||||
(Gain) on other equity method investments | (2,792) | — | (2,792) | — | ||||||||||||||||||||||
Adjusted net revenues | $ | 844,434 | $ | 825,833 | $ | 1,682,647 | $ | 1,710,009 | ||||||||||||||||||
Operating income, US GAAP basis | $ | 222,094 | $ | 199,289 | $ | 458,463 | $ | 441,286 | ||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Real estate | — | (206) | — | (412) | ||||||||||||||||||||||
Incentive compensation-related items | 1,284 | 751 | 1,541 | 1,846 | ||||||||||||||||||||||
EQH award compensation | 426 | 291 | 673 | 506 | ||||||||||||||||||||||
Retirement plan settlement loss | — | — | 20,756 | — | ||||||||||||||||||||||
Acquisition-related expenses | 12,643 | 19,035 | 25,446 | 34,017 | ||||||||||||||||||||||
Equity method investments: | ||||||||||||||||||||||||||
Equity loss on JVs | 13,371 | 27,893 | 19,444 | 27,893 | ||||||||||||||||||||||
(Gain) on other equity method investments | (2,792) | — | (2,792) | — | ||||||||||||||||||||||
AB Funds reimbursement expense | 14,296 | — | 14,296 | — | ||||||||||||||||||||||
Total of non-GAAP adjustments before interest on borrowings | 39,228 | 47,764 | 79,364 | 63,850 | ||||||||||||||||||||||
Interest on borrowings | 8,463 | 11,313 | 15,601 | 28,683 | ||||||||||||||||||||||
Sub-total of non-GAAP adjustments | 47,691 | 59,077 | 94,965 | 92,533 | ||||||||||||||||||||||
Less: Net income of consolidated entities attributable to non-controlling interests | (3,179) | 4,180 | (2,284) | 12,208 | ||||||||||||||||||||||
Adjusted operating income | $ | 272,964 | $ | 254,186 | $ | 555,712 | $ | 521,611 | ||||||||||||||||||
Non-Operating income, US GAAP basis | $ | — | $ | 134,555 | $ | — | $ | 134,555 | ||||||||||||||||||
Less: Interest on borrowings | 8,463 | 11,313 | 15,601 | 28,683 | ||||||||||||||||||||||
Less: Gain on divestiture | — | 134,555 | — | 134,555 | ||||||||||||||||||||||
Adjusted non-operating (expense) | $ | (8,463) | $ | (11,313) | $ | (15,601) | $ | (28,683) | ||||||||||||||||||
Adjusted pre-tax income | $ | 264,501 | $ | 242,873 | $ | 540,111 | $ | 492,928 | ||||||||||||||||||
Less: Adjusted income taxes | 17,642 | 14,621 | 34,729 | 30,906 | ||||||||||||||||||||||
Adjusted net income | $ | 246,859 | $ | 228,252 | $ | 505,382 | $ | 462,022 | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Net income per AB Unit, GAAP basis | $ | 0.71 | $ | 1.07 | $ | 1.46 | $ | 1.82 | ||||||||||||||||||
Impact of non-GAAP adjustments | 0.13 | (0.28) | 0.25 | (0.23) | ||||||||||||||||||||||
Adjusted net income per AB Unit | $ | 0.84 | $ | 0.79 | $ | 1.71 | $ | 1.59 | ||||||||||||||||||
Operating margin, GAAP basis | 20.7 | % | 19.0 | % | 21.2 | % | 20.1 | % | ||||||||||||||||||
Impact of non-GAAP adjustments | 11.6 | 11.8 | 11.8 | 10.4 | ||||||||||||||||||||||
Adjusted operating margin | 32.3 | % | 30.8 | % | 33.0 | % | 30.5 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment advisory and services fees: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutions: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Base fees | $ | 151,111 | $ | 152,795 | $ | (1,684) | (1.1) | % | $ | 302,405 | $ | 304,184 | $ | (1,779) | (0.6) | % | ||||||||||||||||||||||||||||||||||
Performance-based fees | 11,774 | 5,927 | 5,847 | 98.7 | 32,350 | 11,749 | 20,601 | 175.3 | ||||||||||||||||||||||||||||||||||||||||||
162,885 | 158,722 | 4,163 | 2.6 | 334,755 | 315,933 | 18,822 | 6.0 | |||||||||||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Base fees | 384,187 | 362,685 | 21,502 | 5.9 | 776,073 | 714,046 | 62,027 | 8.7 | ||||||||||||||||||||||||||||||||||||||||||
Performance-based fees | 7,493 | 13,683 | (6,190) | (45.2) | 8,010 | 16,323 | (8,313) | (50.9) | ||||||||||||||||||||||||||||||||||||||||||
391,680 | 376,368 | 15,312 | 4.1 | 784,083 | 730,369 | 53,714 | 7.4 | |||||||||||||||||||||||||||||||||||||||||||
Private Wealth: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Base fees | 270,021 | 258,537 | 11,484 | 4.4 | 544,707 | 510,026 | 34,681 | 6.8 | ||||||||||||||||||||||||||||||||||||||||||
Performance-based fees | 19,392 | 23,700 | (4,308) | (18.2) | 35,545 | 45,404 | (9,859) | (21.7) | ||||||||||||||||||||||||||||||||||||||||||
289,413 | 282,237 | 7,176 | 2.5 | 580,252 | 555,430 | 24,822 | 4.5 | |||||||||||||||||||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Base fees | 805,319 | 774,017 | 31,302 | 4.0 | 1,623,185 | 1,528,256 | 94,929 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||
Performance-based fees | 38,659 | 43,310 | (4,651) | (10.7) | 75,905 | 73,476 | 2,429 | 3.3 | ||||||||||||||||||||||||||||||||||||||||||
843,978 | 817,327 | 26,651 | 3.3 | 1,699,090 | 1,601,732 | 97,358 | 6.1 | |||||||||||||||||||||||||||||||||||||||||||
Bernstein Research Services (1) | — | — | — | n/m | — | 96,222 | (96,222) | n/m | ||||||||||||||||||||||||||||||||||||||||||
Distribution revenues | 198,367 | 172,905 | 25,462 | 14.7 | 397,387 | 338,595 | 58,792 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||
Dividend and interest income | 36,137 | 43,986 | (7,849) | (17.8) | 70,487 | 88,501 | (18,014) | (20.4) | ||||||||||||||||||||||||||||||||||||||||||
Investment (losses) | (7,825) | (23,629) | 15,804 | (66.9) | (28,363) | (11,886) | (16,477) | 138.6 | ||||||||||||||||||||||||||||||||||||||||||
Other revenues | 33,912 | 39,167 | (5,255) | (13.4) | 64,092 | 64,460 | (368) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 1,104,569 | 1,049,756 | 54,813 | 5.2 | 2,202,693 | 2,177,624 | 25,069 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||
Less: broker-dealer related interest expense | 15,662 | 21,813 | (6,151) | (28.2) | 33,179 | 45,530 | (12,351) | (27.1) | ||||||||||||||||||||||||||||||||||||||||||
Net revenues | $ | 1,088,907 | $ | 1,027,943 | $ | 60,964 | 5.9 | % | $ | 2,169,514 | $ | 2,132,094 | $ | 37,420 | 1.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Long-term incentive compensation-related investments: | ||||||||||||||||||||||||||
Realized gains | $ | 23 | $ | 35 | $ | 989 | $ | 7,124 | ||||||||||||||||||
Unrealized gains (losses) | 2,315 | 415 | 667 | (4,065) | ||||||||||||||||||||||
Investments held by consolidated company-sponsored investment funds: | ||||||||||||||||||||||||||
Realized gains (losses) | 1,166 | (260) | 1,459 | (1,676) | ||||||||||||||||||||||
Unrealized gains | 1,909 | 4,046 | 165 | 11,527 | ||||||||||||||||||||||
Seed capital and other investments: | ||||||||||||||||||||||||||
Realized gains (losses): | ||||||||||||||||||||||||||
Seed capital and other | 1,174 | (673) | 4,778 | (312) | ||||||||||||||||||||||
Derivatives | (286) | (4,128) | (11,946) | (14,439) | ||||||||||||||||||||||
Unrealized gains (losses): | ||||||||||||||||||||||||||
Seed capital and other | 6,984 | 1,968 | 3,974 | 9,944 | ||||||||||||||||||||||
Derivatives | (10,536) | 2,556 | (11,558) | 8,011 | ||||||||||||||||||||||
Brokerage-related investments: | ||||||||||||||||||||||||||
Realized gains (losses) | 9 | 176 | 50 | (304) | ||||||||||||||||||||||
Unrealized (losses) gains | (4) | 129 | (289) | 197 | ||||||||||||||||||||||
Equity method investments: | ||||||||||||||||||||||||||
(Loss) on JVs | (13,371) | (27,893) | (19,444) | (27,893) | ||||||||||||||||||||||
Gain on other equity method investments | 2,792 | — | 2,792 | — | ||||||||||||||||||||||
$ | (7,825) | $ | (23,629) | $ | (28,363) | $ | (11,886) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2025 | 2024 | $ Change | % Change | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||
Employee compensation and benefits | $ | 439,554 | $ | 423,324 | $ | 16,230 | 3.8 | % | $ | 860,085 | $ | 876,096 | $ | (16,011) | (1.8) | % | ||||||||||||||||||||||||||||||||||
Promotion and servicing: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution-related payments | 197,521 | 179,908 | 17,613 | 9.8 | 398,180 | 352,890 | 45,290 | 12.8 | ||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred sales commissions | 21,150 | 13,348 | 7,802 | 58.5 | 41,311 | 25,147 | 16,164 | 64.3 | ||||||||||||||||||||||||||||||||||||||||||
Trade execution, marketing, T&E and other | 40,819 | 40,940 | (121) | (0.3) | 77,332 | 95,931 | (18,599) | (19.4) | ||||||||||||||||||||||||||||||||||||||||||
259,490 | 234,196 | 25,294 | 10.8 | 516,823 | 473,968 | 42,855 | 9.0 | |||||||||||||||||||||||||||||||||||||||||||
General and administrative | 148,018 | 145,732 | 2,286 | 1.6 | 295,953 | 283,642 | 12,311 | 4.3 | ||||||||||||||||||||||||||||||||||||||||||
Contingent payment arrangements | 42 | 2,558 | (2,516) | (98.4) | 106 | 5,116 | (5,010) | (97.9) | ||||||||||||||||||||||||||||||||||||||||||
Interest on borrowings | 8,463 | 11,313 | (2,850) | (25.2) | 15,601 | 28,683 | (13,082) | (45.6) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 11,246 | 11,531 | (285) | (2.5) | 22,483 | 23,303 | (820) | (3.5) | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 866,813 | $ | 828,654 | $ | 38,159 | 4.6 | % | $ | 1,711,051 | $ | 1,690,808 | $ | 20,243 | 1.2 | % |
Condensed Statements of Financial Condition - USD ($) $ in Thousands |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
ASSETS | ||
Investment in AB | $ 1,980,980 | $ 2,034,632 |
Other assets | 1,092 | 0 |
Total assets | 1,982,072 | 2,034,632 |
Liabilities: | ||
Other liabilities | 449 | 2,770 |
Total liabilities | 449 | 2,770 |
Commitments and contingencies (See Note 8) | ||
Partners’ capital: | ||
General Partner: 100,000 general partnership units issued and outstanding | 1,346 | 1,401 |
Limited partners: 110,437,295 and 110,430,329 limited partnership units issued and outstanding | 2,034,533 | 2,095,248 |
AB Holding Units held by AB to fund long-term incentive compensation plans | (35,382) | (23,363) |
Accumulated other comprehensive loss | (18,874) | (41,424) |
Total partners’ capital | 1,981,623 | 2,031,862 |
Total liabilities and partners’ capital | $ 1,982,072 | $ 2,034,632 |
Condensed Statements of Financial Condition (Parenthetical) - shares |
Jun. 30, 2025 |
Dec. 31, 2024 |
---|---|---|
Statement of Financial Position [Abstract] | ||
General partner units issued (in shares) | 100,000 | 100,000 |
General partner units outstanding (in shares) | 100,000 | 100,000 |
Limited partners units issued (in shares) | 110,437,295 | 110,430,329 |
Limited partners units outstanding (in shares) | 110,437,295 | 110,430,329 |
Condensed Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Income Statement [Abstract] | ||||
Equity in net income attributable to AB Unitholders | $ 78,830 | $ 122,705 | $ 161,583 | $ 208,986 |
Income taxes | 8,582 | 9,182 | 17,301 | 18,241 |
Net income | $ 70,248 | $ 113,523 | $ 144,282 | $ 190,745 |
Net income per Unit | ||||
Basic (in dollars per share) | $ 0.64 | $ 0.99 | $ 1.31 | $ 1.66 |
Diluted (in dollars per share) | $ 0.64 | $ 0.99 | $ 1.31 | $ 1.66 |
Condensed Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Cash flows from operating activities: | ||||
Net income | $ 70,248 | $ 113,523 | $ 144,282 | $ 190,745 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Equity in net income attributable to AB Unitholders | (78,830) | (122,705) | (161,583) | (208,986) |
Cash distributions received from AB | 224,636 | 190,939 | ||
Changes in assets and liabilities: | ||||
(Increase) in other assets | (1,092) | 0 | ||
(Decrease) in other liabilities | (2,321) | (739) | ||
Net cash provided by operating activities | 203,922 | 171,959 | ||
Cash flows from financing activities: | ||||
Cash distributions to Unitholders | (205,229) | (172,711) | ||
Capital contributions from AB | 1,307 | 752 | ||
Net cash used in financing activities | (203,922) | (171,959) | ||
Change in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents as of beginning of period | 0 | 0 | ||
Cash and cash equivalents as of end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Business Description, Organization and Basis of Presentation |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||
Business Description, Organization and Basis of Presentation | Business Description, Organization and Basis of Presentation Business Description AB Holding’s principal source of income and cash flow is attributable to its investment in AB limited partnership interests. The condensed financial statements and notes of AB Holding should be read in conjunction with the condensed consolidated financial statements and notes of AB included as an exhibit to this quarterly report on Form 10-Q and with AB Holding’s and AB’s audited financial statements included in AB Holding’s Form 10-K for the year ended December 31, 2024. AB provides diversified investment management and related services globally to a broad range of clients. Its principal services include: •Institutional Services – servicing its institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments worldwide, and affiliates such as Equitable Holdings, Inc. ("EQH") and its subsidiaries, by means of separately managed accounts, sub-advisory relationships, structured products, collective investment trusts, mutual funds, hedge funds and other investment vehicles. •Retail Services – servicing its retail clients, primarily by means of retail mutual funds sponsored by AB or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. •Private Wealth Management – servicing its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities, by means of separately managed accounts, hedge funds, mutual funds and other investment vehicles. AB also provides distribution, shareholder servicing, transfer agency services and administrative services to certain of the mutual funds it sponsors. AB’s high-quality, in-depth research is the foundation of its asset management and private wealth management businesses. AB’s research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, AB has expertise in multi-asset strategies, wealth management, environmental, social and corporate governance ("ESG"), and alternative investments. AB provides a broad range of investment services with expertise in: •Actively managed equity strategies across global and regional universes, as well as capitalization ranges, concentration ranges and investment strategies, including value, growth and core equities; •Actively-managed traditional and unconstrained fixed income strategies, including taxable and tax-exempt strategies; •Actively-managed alternative investments, including fundamental and systematically-driven hedge funds, fund of hedge funds and direct assets (e.g., direct lending, real estate and private equity); •Multi-asset services and solutions, including dynamic asset allocation, customized target-date funds and target-risk funds; and •Passively managed equity and fixed income strategies, including index, ESG index and enhanced index strategies. Organization AllianceBernstein Corporation (an indirect wholly-owned subsidiary of EQH, “General Partner”) is the general partner of both AB Holding and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1.0% general partnership interest in AB. As of June 30, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:
During the second quarter of 2025, EQH announced the final results of its cash tender offer to purchase up to 46,000,000 AB Holding Units. A total of 19,682,946 AB Holding Units, equaling a 17.9% economic interest in AB Holding, were properly tendered. After giving effect to such purchase, including both the general partnership and limited partnership interest in AB Holding and AB, EQH now has an approximate 68.6% economic interest in AB as of June 30, 2025. See Note 9, Subsequent Event for additional details. Basis of Presentation The interim condensed financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed statement of financial condition as of December 31, 2024 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the SEC. AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB. Subsequent Events We have evaluated subsequent events through the date that these financial statements were filed with the SEC. See Note 9, Subsequent Event for further details.
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Cash Distributions |
6 Months Ended |
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Jun. 30, 2025 | |
Equity [Abstract] | |
Cash Distributions | Cash Distributions AB Holding is required to distribute all of its Available Cash Flow, as defined in the Amended and Restated Agreement of Limited Partnership of AB Holding (“AB Holding Partnership Agreement”), to its Unitholders pro rata in accordance with their percentage interests in AB Holding. Available Cash Flow is defined as the cash distributions AB Holding receives from AB minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB Holding for use in its business (such as the payment of taxes) or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow. On July 24, 2025, the General Partner declared a distribution of $0.76 per Unit, representing a distribution of Available Cash Flow for the three months ended June 30, 2025. Each general partnership unit in AB Holding is entitled to receive distributions equal to those received by each AB Holding Unit. The distribution is payable on August 14, 2025 to holders of record at the close of business on August 4, 2025.
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Long-term Incentive Compensation Plans |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Incentive Compensation Plans | Long-term Incentive Compensation Plans AB has several unfunded, non-qualified long-term incentive compensation plans, under which we grant awards of restricted units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”) to employees, generally in the fourth quarter, and to members of the Board of Directors of the General Partner, who are not employed by our company or by any of our affiliates (“Eligible Directors”). AB Holding Units are maintained in a consolidated rabbi trust either by purchasing AB Holding Units on the open market or by purchasing newly-issued AB Holding Units from AB Holding until delivering them or retiring them. In accordance with the Amended and Restated Agreement of Limited Partnership of AB (“AB Partnership Agreement”), when AB purchases newly-issued AB Holding Units from AB Holding, AB Holding is required to use the proceeds it receives from AB to purchase the equivalent number of newly-issued AB Units, thus increasing its percentage ownership interest in AB. AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB. Repurchases of AB Holding Units for the three and six months ended June 30, 2025 and 2024 consisted of the following:
(1) Purchased on a trade date basis. The difference between open-market purchases and total amount of units purchased reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards. Each quarter, AB considers whether to implement a plan to repurchase AB Holding Units pursuant to Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (“Exchange Act”). A plan of this type allows a company to repurchase its shares at times when it otherwise might be prevented from doing so because of self-imposed trading blackout periods or because it possesses material non-public information. Each broker selected by AB has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on AB’s behalf. Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan. We did not adopt a plan during the second quarter of 2025. AB may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under its incentive compensation award program and for other corporate purposes. During the first six months of both 2025 and 2024, AB awarded to employees and Eligible Directors 1.2 million restricted AB Holding Unit awards. AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these restricted AB Holding Unit awards.
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Net Income per Unit |
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Earnings Per Unit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income per Unit | Net Income per Unit Net income per Unit is derived by dividing net income by the weighted average number of units outstanding for each period. Diluted net income per Unit is equivalent to net income per Unit, as there are no outstanding instruments that have a dilutive effect.
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Investment in AB |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in AB | Investment in AB Changes in AB Holding’s investment in AB during the six-month period ended June 30, 2025 are as follows (in thousands):
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Units Outstanding |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||
Units Outstanding | Units Outstanding Changes in AB Holding Units outstanding during the six-month period ended June 30, 2025 are as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes AB Holding is a publicly-traded partnership (“PTP”) for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes. However, AB Holding is subject to the 4.0% New York City unincorporated business tax (“UBT”), net of credits for UBT paid by AB, and to a 3.5% federal tax on partnership gross income from the active conduct of a trade or business. AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s federal income tax is computed by multiplying AB qualifying revenues by AB Holding’s ownership interest in AB, multiplied by the 3.5% tax rate. AB qualifying revenues are primarily U.S. investment advisory fees. AB Holding Units in AB’s consolidated rabbi trust are not considered outstanding for purposes of calculating AB Holding’s ownership interest in AB.
In order to preserve AB Holding’s status as a PTP for federal income tax purposes, management ensures that AB Holding does not directly or indirectly (through AB) engage in a substantial new line of business. If AB Holding were to lose its status as a PTP, it would be subject to corporate income tax, which would reduce materially AB Holding’s net income and its quarterly distributions to AB Holding Unitholders.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2025 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal and regulatory matters described below pertain to AB and are included here due to their potential significance to AB Holding’s investment in AB. For significant litigation matters, we assess the likelihood of a negative outcome. If a negative outcome is probable and the loss can be reasonably estimated, we record an estimated loss. If a negative outcome is reasonably possible and we can estimate the potential loss or range of loss, or if a negative outcome is probable and we can estimate the potential loss or range of loss beyond any amounts already accrued, we disclose this information. However, predicting outcomes or estimating losses is often challenging due to litigation uncertainties, especially in early stages or complex cases. In such instances, we disclose our inability to predict the outcome or estimate losses. AB may face regulatory inquiries, administrative proceedings, and litigation, some alleging significant damages. While it is possible we could incur losses from these matters, we cannot currently estimate such losses or their range. Management, after consulting with legal counsel, believes that the outcome of any individual or combined matters will not materially affect our operations, financial condition, or liquidity. However, due to inherent uncertainties, future developments could potentially have a material adverse effect on our results, financial condition, or liquidity in future reporting periods.
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Subsequent Event |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||
Subsequent Event | Subsequent Event EQH Exchange On December 19, 2024, the company entered into a master exchange agreement with EQH providing for the issuance by AB of up to 10,000,000 units representing assignments of beneficial ownership of limited partnership interests in AB (“AB Units”) to EQH in exchange for an equal number of units representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding L.P. (“AB Holding Units”) owned by EQH. At the time the Exchange Agreement was entered into, AB and EQH exchanged 5,211,194 AB Units for AB Holding Units (thereby reducing the 10,000,000 AB Units available for future exchange to 4,788,806 AB Units), and the acquired AB Holding Units were retired. On July 10, 2025, AB entered in an amended and restated Exchange Agreement (the “Amended Exchange Agreement”) to increase the AB Units that remain available for exchange from 4,788,806 AB Units to 19,682,946 AB Units. At the time the Amended Exchange Agreement was entered into, AB and EQH exchanged 19,682,946 AB Units for AB Holding Units and the acquired AB Holding Units were retired. Following the exchange, the Amended Exchange Agreement was terminated. After giving effect to such exchange, EQH continues to have a 68.6% economic interest in AB and the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1.0% interest, was as follows:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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Pay vs Performance Disclosure | ||||
Net income | $ 70,248 | $ 113,523 | $ 144,282 | $ 190,745 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2025
shares
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Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Mr. Seth Bernstein [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On May 21, 2025, Mr. Seth Bernstein, Chief Executive Officer of AB adopted a Rule 10b5-1 trading arrangement, as defined in Regulation S-K, Item 408. The Rule 10b5-1 trading arrangement has a plan effective date of August 19, 2025 and plan end date of November 17, 2025 and provides for the sale of up to 31,694 AB Holding Units pursuant to the terms of the plan. |
Name | Mr. Seth Bernstein |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 21, 2025 |
Expiration Date | November 17, 2025 |
Arrangement Duration | 180 days |
Aggregate Available | 31,694 |
Business Description, Organization and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2025 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The interim condensed financial statements have been prepared in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the interim results, have been made. The preparation of the condensed financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed statement of financial condition as of December 31, 2024 was derived from audited financial statements. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under principles generally accepted in the United States of America ("GAAP") and the rules of the SEC. AB Holding records its investment in AB using the equity method of accounting. AB Holding’s investment is increased to reflect its proportionate share of income of AB and decreased to reflect its proportionate share of losses of AB and cash distributions made by AB to its Unitholders. In addition, AB Holding's investment is adjusted to reflect its proportionate share of certain capital transactions of AB.
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Subsequent Events | Subsequent Events We have evaluated subsequent events through the date that these financial statements were filed with the SEC. See Note 9, Subsequent Event for further details.
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Business Description, Organization and Basis of Presentation (Tables) |
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Ownership Structure of Alliance Bernstein | As of June 30, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:
After giving effect to such exchange, EQH continues to have a 68.6% economic interest in AB and the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1.0% interest, was as follows:
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Long-term Incentive Compensation Plans (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unit Award Repurchase Activity | Repurchases of AB Holding Units for the three and six months ended June 30, 2025 and 2024 consisted of the following:
(1) Purchased on a trade date basis. The difference between open-market purchases and total amount of units purchased reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.
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Net Income per Unit (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Unit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Unit, Basic and Diluted |
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Investment in AB (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Investment in AB | Changes in AB Holding’s investment in AB during the six-month period ended June 30, 2025 are as follows (in thousands):
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Units Outstanding (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||
Changes in Holding Units Outstanding | Changes in AB Holding Units outstanding during the six-month period ended June 30, 2025 are as follows:
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Effective Income Tax Rate and Changes in Components of Income Tax |
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Subsequent Events (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Ownership Structure of Alliance Bernstein | As of June 30, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:
After giving effect to such exchange, EQH continues to have a 68.6% economic interest in AB and the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1.0% interest, was as follows:
|
Business Description, Organization and Basis of Presentation - Limited Partnership Interests in AB Holdings (Details) - AllianceBernstein Corporation |
6 Months Ended |
---|---|
Jun. 30, 2025 | |
EQH and its subsidiaries | |
Distribution Made to Limited Partner [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 61.90% |
AB Holding | |
Distribution Made to Limited Partner [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 37.50% |
Unaffiliated holders | |
Distribution Made to Limited Partner [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 0.60% |
AB | |
Distribution Made to Limited Partner [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 100.00% |
Cash Distributions (Details) |
Jul. 24, 2025
$ / shares
|
---|---|
Subsequent Event | |
Subsequent Event [Line Items] | |
Subsequent cash distribution, distribution declared (in dollars per unit) | $ 0.76 |
Long-term Incentive Compensation Plans - Unit Purchase Activity (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Total amount of AB Holding Units Purchased (in shares) | 0.4 | 0.9 | 1.2 | 1.0 |
Total Cash Paid for AB Holding Units Purchased | $ 13.2 | $ 29.0 | $ 43.7 | $ 33.3 |
Open Market Purchases of AB Holding Units Purchased (in shares) | 0.3 | 0.6 | 1.0 | 0.6 |
Total Cash Paid for Open Market Purchases of AB Holding Units | $ 12.3 | $ 21.5 | $ 38.4 | $ 21.5 |
Long-term Incentive Compensation Plans - Narrative (Details) - shares shares in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Employees and Eligible Directors | AB Holding Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted AB holding unit awards to employees (in shares) | 1.2 | 1.2 |
Net Income per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Earnings Per Unit [Abstract] | ||||
Net income | $ 70,248 | $ 113,523 | $ 144,282 | $ 190,745 |
Weighted average Units outstanding – basic (in shares) | 110,495 | 115,034 | 110,553 | 114,869 |
Weighted average Units outstanding - diluted (in shares) | 110,495 | 115,034 | 110,553 | 114,869 |
Net income per Unit - Basic (in dollars per share) | $ 0.64 | $ 0.99 | $ 1.31 | $ 1.66 |
Net income per Unit - Diluted (in dollars per share) | $ 0.64 | $ 0.99 | $ 1.31 | $ 1.66 |
Investment in AB (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
Change in Equity Method Investment [Roll Forward] | ||||
Beginning balance | $ 2,034,632 | |||
Equity in net income attributable to AB Unitholders | $ 78,830 | $ 122,705 | 161,583 | $ 208,986 |
Changes in accumulated other comprehensive income | 9,779 | $ 3,692 | 22,550 | (467) |
Cash distributions received from AB | (224,636) | $ (190,939) | ||
Capital contributions (from) AB | (1,307) | |||
AB Holding Units retired | (39,388) | |||
AB Holding Units issued to fund long-term incentive compensation plans | 39,565 | |||
Change in AB Holding Units held by AB to fund long-term incentive compensation plans | (12,019) | |||
Ending balance | $ 1,980,980 | $ 1,980,980 |
Units Outstanding (Details) |
6 Months Ended |
---|---|
Jun. 30, 2025
shares
| |
Units Outstanding | |
Outstanding, beginning balance (in shares) | 110,530,329 |
Units issued (in shares) | 1,054,928 |
Units retired (in shares) | (1,047,962) |
Outstanding, ending balance (in shares) | 110,537,295 |
Subsequent Events - Summary of Ownership Structure of Alliance Bernstein (Details) - AB - Subsequent Event |
Jul. 10, 2025 |
---|---|
Subsequent Event [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 100.00% |
EQH and its subsidiaries | |
Subsequent Event [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 68.50% |
AB Holding | |
Subsequent Event [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 30.80% |
Unaffiliated holders | |
Subsequent Event [Line Items] | |
Limited partners or members ownership interest in company (as a percent) | 0.70% |
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