Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-09818

ALLIANCEBERNSTEIN HOLDING L.P.

(Exact name of registrant as specified in its charter)


Delaware			13-3434400
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

501 Commerce Street, Nashville, TN 37203

(Address of principal executive offices)

(Zip Code)

(615) 622-0000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☒	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes

☐

☒

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

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Units Rep. Assignments of Beneficial Ownership of LP Interests in AB Holding ("Units")

New York Stock Exchange

The number of units representing assignments of beneficial ownership of limited partnership interests outstanding as of March 31, 2025 was 110,699,699.*

*includes 100,000 units of general partnership interest having economic interests equivalent to the economic interests of the units representing assignments of beneficial ownership of limited partnership interests.

ALLIANCEBERNSTEIN HOLDING L.P.

Index to Form 10-Q


		Page

	Part I

	FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)

	Condensed Statements of Financial Condition	1

	Condensed Statements of Income	2

	Condensed Statements of Comprehensive Income	3

	Condensed Statements of Changes in Partners' Capital	4

	Condensed Statements of Cash Flows	5

	Notes to Condensed Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13

Item 4.	Controls and Procedures	14

	Part II

	OTHER INFORMATION

Item 1.	Legal Proceedings	15

Item 1A.	Risk Factors	15

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15

Item 3.	Defaults Upon Senior Securities	16

Item 4.	Mine Safety Disclosures	16

Item 5.	Other Information	16

Item 6.	Exhibits	17

SIGNATURE		18

Index

Part I

FINANCIAL INFORMATION

Item 1. Financial Statements

ALLIANCEBERNSTEIN HOLDING L.P.

Condensed Statements of Financial Condition

(in thousands, except unit amounts)

(unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Investment in AB	$	1,996,177	$	2,034,632

Other assets	952		—
Total assets	$	1,997,129	$	2,034,632

LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:

Other liabilities	$	258	$	2,770
Total liabilities	258		2,770

Commitments and contingencies (See Note 8)

Partners’ capital:
General Partner: 100,000 general partnership units issued and outstanding	1,362		1,401
Limited partners: 110,599,699 and 110,430,329 limited partnership units issued and outstanding	2,058,858		2,095,248
AB Holding Units held by AB to fund long-term incentive compensation plans	(34,696)		(23,363)
Accumulated other comprehensive loss	(28,653)		(41,424)
Total partners’ capital	1,996,871		2,031,862
Total liabilities and partners’ capital	$	1,997,129	$	2,034,632

See Accompanying Notes to Condensed Financial Statements.

Index

ALLIANCEBERNSTEIN HOLDING L.P.

Condensed Statements of Income

(in thousands, except per unit amounts)

(unaudited)


	Three Months Ended March 31,
		2025		2024

Equity in net income attributable to AB Unitholders		$	82,753	$	86,281

Income taxes		8,719		9,059

Net income		$	74,034	$	77,222


Net income per Unit		$	0.67	$	0.67

See Accompanying Notes to Condensed Financial Statements.

Index

ALLIANCEBERNSTEIN HOLDING L.P.

Condensed Statements of Comprehensive Income

(in thousands)

(unaudited)


	Three Months Ended March 31,
		2025		2024

Net income		$	74,034	$	77,222
Other comprehensive (loss) income:
Foreign currency translation adjustment, before tax		4,001		(4,198)


Income tax benefit		18		33
Foreign currency translation adjustments, net of tax		4,019		(4,165)






Changes in employee benefit related items:
Amortization of prior service cost		229		1
Recognized actuarial gain		—		6
Less: reclassification adjustment for (losses) included in net income upon retirement plan liquidation		(8,578)		—

Changes in employee benefit related items		8,807		7
Income tax (expense)		(55)		(1)
Employee benefit related items, net of tax		8,752		6

Other comprehensive income (loss)		12,771		(4,159)
Comprehensive income		$	86,805	$	73,063

See Accompanying Notes to Condensed Financial Statements.

Index

ALLIANCEBERNSTEIN HOLDING L.P.

Condensed Statements of Changes in Partners’ Capital

(in thousands)

(unaudited)


	Three Months Ended March 31,
		2025		2024
General Partner’s Capital
Balance, beginning of period		$	1,401	$	1,327
Net income		67		67
Cash distributions to Unitholders		(106)		(77)

Balance, end of period		1,362		1,317
Limited Partners’ Capital
Balance, beginning of period		2,095,248		2,147,147
Net income		73,967		77,155
Cash distributions to Unitholders		(116,258)		(88,489)
Retirement of AB Holding Units		(26,270)		(531)
Issuance of AB Holding Units to fund long-term incentive compensation plan awards		32,171		16,014




Balance, end of period		2,058,858		2,151,296
AB Holding Units held by AB to fund long-term incentive compensation plans
Balance, beginning of period		(23,363)		(30,185)
Change in AB Holding Units held by AB to fund long-term incentive compensation plans		(11,333)		(7,853)
Balance, end of period		(34,696)		(38,038)
Accumulated Other Comprehensive (Loss)
Balance, beginning of period		(41,424)		(42,044)

Foreign currency translation adjustment, net of tax		4,019		(4,165)
Changes in employee benefit related items, net of tax		8,752		6

Balance, end of period		(28,653)		(46,203)
Total Partners’ Capital		$	1,996,871	$	2,068,372

See Accompanying Notes to Condensed Financial Statements.

Index

ALLIANCEBERNSTEIN HOLDING L.P.

Condensed Statements of Cash Flows

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net income	$	74,034	$	77,222
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income attributable to AB Unitholders	(82,753)		(86,281)
Cash distributions received from AB	127,438		97,650
Changes in assets and liabilities:
(Increase) in other assets	(952)		(10)
(Decrease) in other liabilities	(2,512)		(906)
Net cash provided by operating activities	115,255		87,675







Cash flows from financing activities:
Cash distributions to Unitholders	(116,364)		(88,566)
Capital contributions from AB	1,109		891

Net cash used in financing activities	(115,255)		(87,675)

Change in cash and cash equivalents	—		—
Cash and cash equivalents as of beginning of period	—		—
Cash and cash equivalents as of end of period	$	—	$	—

See Accompanying Notes to Condensed Financial Statements.

Index

ALLIANCEBERNSTEIN HOLDING L.P.

Notes to Condensed Financial Statements

March 31, 2025

(unaudited)

The words “we” and “our” refer collectively to AllianceBernstein Holding L.P. (“AB Holding”) and AllianceBernstein L.P. and its subsidiaries (“AB”), or to their officers and employees. Similarly, the word “company” refers to both AB Holding and AB. Where the context requires distinguishing between AB Holding and AB, we identify which of them is being discussed. These statements should be read in conjunction with the audited consolidated financial statements included in the Form 10-K for the year ended December 31, 2024.

1. 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.

Index

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 March 31, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:


EQH and its subsidiaries	61.8	%
AB Holding	37.5
Unaffiliated holders	0.7
	100.0	%

Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 61.9% economic interest in AB as of March 31, 2025.

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.

On April 3, 2025, EQH announced the final results of its cash tender offer to purchase up to 46,000,000 AB Holding Units at a price of $38.50, for an aggregate purchase price of up to $1.8 billion, which expired at 5:00 p.m., eastern time, on April 1, 2025. A total of 19,682,946 AB Holding Units, equaling a 17.9% economic interest in AB Holding, were properly tendered for an aggregate cost of approximately $757.8 million. After giving effect to such purchase, EQH now has an approximate 68.5% economic interest in AB.

No other subsequent events were identified that would require disclosure in these financial statements.

2. 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.

Index

On April 24, 2025, the General Partner declared a distribution of $0.80 per Unit, representing a distribution of Available Cash Flow for the three months ended March 31, 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 May 22, 2025 to holders of record at the close of business on May 5, 2025.

3. Long-term Incentive Compensation Plans

AB maintains several unfunded, non-qualified long-term incentive compensation plans, under which the company grants awards of restricted AB Holding Units to its employees and members of the Board of Directors, who are not employed by AB or by any of AB’s affiliates (“Eligible Directors”).

AB funds its restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping these AB Holding Units in a consolidated rabbi trust until delivering them or retiring them. In accordance with the AB Holding 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 months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
			2025		2024
		(in millions)
Total amount of AB Holding Units Purchased (1)			0.8		0.1
Total Cash Paid for AB Holding Units Purchased (1)			$	30.5	$	4.3
Open Market Purchases of AB Holding Units Purchased (1)			0.7		—
Total Cash Paid for Open Market Purchases of AB Holding Units (1)			$	26.1	$	—

(1) Purchased on a trade date basis. The difference between open-market purchases and units retained 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. The plan adopted during the first quarter of 2025 expired at the close of business on April 23, 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 three months of 2025 and 2024, AB awarded to employees and Eligible Directors 1.0 million and 0.9 million restricted AB Holding Unit awards, respectively. AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these restricted AB Holding Unit awards.

Index

4. 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.


	Three Months Ended March 31,
			2025		2024
		(in thousands, except per unit amounts)

Net income			$	74,034	$	77,222



Weighted average units outstanding			110,611		114,704



Net income per unit			$	0.67	$	0.67

5. Investment in AB

Changes in AB Holding’s investment in AB during the three-month period ended March 31, 2025 are as follows (in thousands):


Investment in AB as of December 31, 2024	$	2,034,632
Equity in net income attributable to AB Unitholders	82,753
Changes in accumulated other comprehensive income	12,771
Cash distributions received from AB	(127,438)


Capital contributions (from) AB	(1,109)
AB Holding Units retired	(26,270)
AB Holding Units issued to fund long-term incentive compensation plans	32,171

Change in AB Holding Units held by AB for long-term incentive compensation plans	(11,333)


Investment in AB as of March 31, 2025	$	1,996,177

6. Units Outstanding

Changes in AB Holding Units outstanding during the three-month period ended March 31, 2025 are as follows:


Outstanding as of December 31, 2024			110,530,329

Units issued			868,861
Units retired			(699,491)
Outstanding as of March 31, 2025			110,699,699

7. 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.

Index


	Three Months Ended March 31,
		2025			2024			% Change
		(in thousands)
Net income attributable to AB Unitholders		$	220,799		$	217,927		1.3	%
Multiplied by: weighted average equity ownership interest		37.5		%	39.6		%
Equity in net income attributable to AB Unitholders		$	82,753		$	86,281		(4.1)

AB qualifying revenues		$	700,770		$	695,980		0.7
Multiplied by: weighted average equity ownership interest for calculating tax		34.6		%	36.3		%
Multiplied by: federal tax		3.5		%	3.5		%
Federal income taxes		8,486			8,836
State income taxes		233			223
Total income taxes		$	8,719		$	9,059		(3.8)	%

Effective tax rate		10.5		%	10.5		%

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.

8. 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.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

AB Holding’s principal source of income and cash flow is attributable to its investment in AB Units. AB Holding’s interim condensed financial statements and notes and management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with those of AB included as an exhibit to this Form 10-Q. They also should be read in conjunction with AB’s audited financial statements and notes and MD&A included in AB Holding’s Form 10-K for the year ended December 31, 2024.

Results of Operations


	Three Months Ended March 31,
			2025			2024			% Change
		(in thousands, except per unit amounts)

Net income attributable to AB Unitholders			$	220,799		$	217,927		1.3	%
Weighted average equity ownership interest			37.5		%	39.6		%
Equity in net income attributable to AB Unitholders			82,753			86,281			(4.1)
Income taxes			8,719			9,059			(3.8)
Net income of AB Holding			$	74,034		$	77,222		(4.1)
Net income per AB Holding Unit			$	0.67		$	0.67		—
Distribution per AB Holding Unit (1)			$	0.80		$	0.73		9.6	%

________________________

(1)Distributions reflect the impact of AB’s non-GAAP adjustments.

AB Holding's net income for the three months ended March 31, 2025 decreased $3.2 million, compared to the three months ended March 31, 2024, primarily due to lower weighted average equity ownership interest in AB, partially offset by higher net income attributable to AB Unitholders.

AB Holding’s partnership gross income is derived from its interest in AB. AB Holding’s income taxes, which reflect a 3.5% federal tax on its partnership gross income from the active conduct of a trade or business, are 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's effective tax rate was 10.5% during the three months ended March 31, 2025 and 2024. See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.

Management Operating Metrics

As supplemental information, AB provides the performance measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin,” which are additional metrics management uses in evaluating and comparing the period-to-period operating performance of AB. Management uses these additional metrics in evaluating performance because they present a clearer picture of AB's operating performance and allow management to see long-term trends without the distortion primarily caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, management believes that these management operating metrics help investors better understand the underlying trends in AB's results and, accordingly, provide a valuable perspective for investors. Such measures are not based on generally accepted accounting principles (“non-GAAP measures”).

We provide the non-GAAP measures "adjusted net income" and "adjusted net income per unit" because our quarterly distribution per unit is typically our adjusted net income per unit (which is derived from adjusted net income).

These non-GAAP measures are provided in addition to, and not as substitutes for, net revenues, operating income and operating margin, and they may not be comparable to non-GAAP measures presented by other companies. Management uses both GAAP and non-GAAP measures in evaluating the company’s financial performance. The non-GAAP measures alone may pose limitations because they do not include all of AB’s revenues and expenses. Further, adjusted net income per AB Holding Unit is not a liquidity measure and should not be used in place of cash flow measures. See AB’s MD&A contained in Exhibit 99.1.

Index

The impact of these adjustments on AB Holding’s net income and net income per AB Holding Unit is as follows:


	Three Months Ended March 31,
			2025			2024
		(in thousands, except per Unit amounts)

AB non-GAAP adjustments (1)			$	40,136		$	16,087
AB income tax (expense) on non-GAAP adjustments			(2,441)			(487)
AB non-GAAP adjustments, after taxes			37,695			15,600
AB Holding’s weighted average equity ownership interest in AB			37.5		%	39.6		%
Impact on AB Holding’s net income of AB non-GAAP adjustments			$	14,128		$	6,176

Net income, GAAP basis			$	74,034		$	77,222
Impact on AB Holding’s net income of AB non-GAAP adjustments			14,128			6,176
Adjusted net income			$	88,162		$	83,398


Net income per AB Holding Unit, GAAP basis			$	0.67		$	0.67
Impact of AB non-GAAP adjustments			0.13			0.06
Adjusted net income per AB Holding Unit			$	0.80		$	0.73

(1)Includes all AB non-GAAP adjustments to pre-tax income.

The degree to which AB's non-GAAP adjustments impact AB Holding's net income fluctuates based on AB Holding's ownership percentage in AB.

Cash Distributions

AB Holding is required to distribute all of its Available Cash Flow, as defined in the AB Holding Partnership Agreement, to its Unitholders (including the General Partner). Available Cash Flow typically is the adjusted net income per Unit for the quarter multiplied by the number of Units outstanding at the end of the quarter. Management anticipates that Available Cash Flow will continue to be based on adjusted net income per Unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments made to adjusted net income should not be made with respect to the Available Cash Flow calculation. See Note 2 to the condensed financial statements in Item 1 for a description of Available Cash Flow.

Capital Resources and Liquidity

During the three months ended March 31, 2025, net cash provided by operating activities was $115.3 million, compared to $87.7 million during the corresponding 2024 period. The increase primarily resulted from higher cash distributions received from AB of $29.8 million.

During the three months ended March 31, 2025, net cash used in financing activities was $115.3 million, compared to $87.7 million during the corresponding 2024 period. The increase was primarily due to higher cash distributions to Unitholders of $27.8 million.

Management believes that AB Holding will have the resources it needs to meet its financial obligations as a result of the cash flow AB Holding realizes from its investment in AB. AB Holding’s cash inflow is comprised entirely of distributions from AB. These distributions are subsequently distributed (net of taxes paid) in their entirety to AB Holding’s Unitholders. As a result, AB Holding has no liquidity risk as it only pays distributions to AB Holding’s Unitholders to the extent of distributions received from AB (net of taxes paid).

Commitments and Contingencies

See Note 8 to the condensed financial statements in Item 1.

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CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS

Certain statements provided by management in this report and in the portion of AB’s Form 10-Q attached hereto as Exhibit 99.1 are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The most significant of these factors include, but are not limited to, the following: the performance of financial markets, the investment performance of sponsored investment products and separately managed accounts, general economic conditions, the impact of tariffs and potential disruptions in international trade on financial markets, product and account performance, asset levels and economic conditions, industry trends, future acquisitions, integration of acquired companies, competitive conditions and government regulations, including changes in tax regulations and rates and the manner in which the earnings of publicly-traded partnerships are taxed. We caution readers to carefully consider such factors. Further, these forward-looking statements speak only as of the date on which such statements are made; we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. For further information regarding these forward-looking statements and the factors that could cause actual results to differ, see “Risk Factors” in Part I, Item 1A of our Form 10-K for the year ended December 31, 2024 and Part II, Item 1A in this Form 10-Q. Any or all of the forward-looking statements that we make in our Form 10-K, this Form 10-Q, other documents we file with or furnish to the SEC, and any other public statements we issue, may turn out to be wrong. It is important to remember that other factors besides those listed in “Risk Factors” and those listed below could also adversely impact our revenues, financial condition, results of operations and business prospects.

The forward-looking statements referred to in the preceding paragraph, most of which directly affect AB but also affect AB Holding because AB Holding’s principal source of income and cash flow is attributable to its investment in AB, include statements regarding:

•Our belief that the cash flow AB Holding realizes from its investment in AB will provide AB Holding with the resources it needs to meet its financial obligations: AB Holding’s cash flow is dependent on the quarterly cash distributions it receives from AB. Accordingly, AB Holding’s ability to meet its financial obligations is dependent on AB’s cash flow from its operations, which is subject to the performance of the capital markets and other factors beyond our control.

•Our financial condition and ability to access the public and private capital markets providing adequate liquidity for our general business needs: Our financial condition is dependent on our cash flow from operations, which is subject to the performance of the capital markets, our ability to maintain and grow client assets under management and other factors beyond our control. Our ability to access public and private capital markets on reasonable terms may be limited by adverse market conditions, our firm’s credit ratings, our profitability and changes in government regulations, including tax rates and interest rates.

•The outcome of litigation: Litigation is inherently unpredictable, and excessive damage awards do occur. Though we have stated that we do not expect any pending legal proceedings to have a material adverse effect on our results of operations, financial condition or liquidity, any settlement or judgment with respect to a legal proceeding could be significant and could have such an effect.

•The possibility that we will engage in open market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, to help fund incentive compensation awards depends on various factors, some of which are beyond our control, including the fluctuation in the price of an AB Holding Unit (NYSE: AB) and the availability of cash to make these purchases.

•Our determination that adjusted employee compensation expense, excluding the impact of performance-based fees, generally should not exceed 50% of our adjusted net revenues on an annual basis: Aggregate employee compensation reflects employee performance and competitive compensation levels. Fluctuations in our revenues and/or changes in competitive compensation levels could result in adjusted employee compensation expense exceeding 50% of our adjusted net revenues.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

During the first quarter of 2025, there have been no material changes in AB Holding’s market risk from the information provided under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of AB Holding's Form 10-K for the year ended December 31, 2024.

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Item 4. Controls and Procedures

Disclosure Controls and Procedures

Each of AB Holding and AB maintains a system of disclosure controls and procedures that is designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported in a timely manner, and (ii) accumulated and communicated to management, including the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), to permit timely decisions regarding our disclosure.

As of the end of the period covered by this report, management carried out an evaluation, under the supervision and with the participation of the CEO and the CFO, of the effectiveness of the design and operation of the disclosure controls and procedures. Based on this evaluation, the CEO and the CFO concluded that the disclosure controls and procedures are effective.

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during the first quarter of 2025 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Part II

OTHER INFORMATION

Item 1. Legal Proceedings

See Note 8 to the condensed financial statements contained in Part I, Item 1.

Item 1A. Risk Factors

During the first quarter of 2025, there have been no material changes to the risk factors from those appearing in AB Holding's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

There were no AB Holding Units sold by AB Holding in the period covered by this report that were not registered under the Securities Act.

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 ("Exchange Act"). The plan adopted during the first quarter of 2025 expired at the close of business on April 23, 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 the firm's incentive compensation award program and for other corporate purposes. See Note 3 to the condensed financial statements contained in Part 1, Item 1.

AB Holding Units bought by us or one of our affiliates during the first quarter of 2025 are as follows:

ISSUER PURCHASES OF EQUITY SECURITIES


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
1/1/25 - 1/31/25(1)	27,730	$	36.19	—	—
2/1/25 - 2/28/25(1)	334,851	37.13		—	—
3/1/25 -3/31/25(1)	451,255	37.82		—	—
Total	813,836	$	37.48	—	—

(1)During the first quarter of 2025, AB retained from employees 114,653 AB Holding Units to allow them to fulfill statutory withholding tax requirements at the time of distribution of long-term incentive compensation awards.

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AB Units bought by us or one of our affiliates during the first quarter of 2025 are as follows:

ISSUER PURCHASES OF EQUITY SECURITIES


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
1/1/25 - 1/31/25	—	—		—	—
2/1/25 - 2/28/25	—	—		—	—
3/1/25 - 3/31/25(1)	4,080	$	37.77	—	—
Total	4,080	$	37.77	—	—

(1)During first quarter of 2025, AB purchased 4,080 AB Units in private transactions and retired them.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

Pursuant to item 408(a) of Regulation S-K there were no directors or officers that had adopted or terminated a 10b5-1 plan or other trading arrangement during the first quarter of 2025.

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Item 6. Exhibits


10.1			Form of Award Agreement, dated as of December 31, 2024, under Incentive Compensation Award Program, Deferred Cash Compensation Program and AB 2017 Long Term Incentive Plan.*

31.1			Certification of Mr. Bernstein furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2			Certification of M r. Simeone furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1			Certification of Mr. Bernstein furnished for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2			Certification of M r . Simeone furnished for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

99.1			Part I, Items 1 through 4 of the AllianceBernstein L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, 202 5 .

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 March 31, 2025, formatted in Inline XBRL (included in Exhibit 101).

* Exhibit 10.1 corrects certain immaterial errors found in Exhibit 10.03 to Form 10-K for the period ended December 31, 2024, as filed on

February 14, 2025, and supersedes the prior exhibit.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: April 24, 2025	ALLIANCEBERNSTEIN HOLDING L.P.

	By:	/s/ Thomas Simeone
		Thomas Simeone
		Chief Financial Officer

	By:	/s/ Alexis Luckey
		Alexis Luckey
		Chief Accounting Officer

AllianceBernstein

Incentive Compensation Award Program,

Deferred Cash Compensation Program and

AB 2017 Long Term Incentive Plan

Award Agreement for 2024 Awards

Award Agreement, dated as of December 31, 2024, among AllianceBernstein L.P. (together with its subsidiaries, “AB”), AllianceBernstein Holding L.P. (“AB Holding”) and <PARTC_NAME> (the “Participant”), an employee of AB.

Whereas, the Compensation and Workplace Practices Committee (the “Committee” or “Administrator”) of the Board of Directors (the “Board”) of AllianceBernstein Corporation (the “Corporation”), pursuant to the AB 2024 Incentive Compensation Award Program (the “Incentive Compensation Program”) and the AB 2017 Long Term Incentive Plan (the “2017 Plan” and, together with the Incentive Compensation Program, the “Plans”), copies or summaries of which have been delivered electronically to the Participant, has granted to the Participant an award (the “Award”) consisting of units representing assignments of the beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”) subject to certain restrictions described herein (“Restricted Units”), and authorized the execution and delivery of this Award Agreement; and

Whereas, the Committee has granted to the Participant the right to receive a portion of the Award in cash instead of Restricted Units, as contemplated in the AB 2024 Deferred Cash Compensation Program (the “Deferred Cash Program”);

Now, Therefore, in accordance with the grant of the Award, and as a condition thereto, AB, AB Holding and the Participant agree as follows:

1. Grant. Subject to and under the terms and conditions set forth in this Award Agreement and the Plans, the Committee hereby awards to the Participant the amount of deferred cash (“Deferred Cash”) elected by the Participant and as set forth in Section 2 of Schedule A and the number of Restricted Units set forth in Section 3 of Schedule A, together with the right to receive interest on Deferred Cash, if elected, as specified in Section 2 below and regular cash distributions with regard to the underlying AB Holding Units pursuant to Section 2.03(a) of the Incentive Compensation Program. The aggregate dollar amount of the Award (including Deferred Cash and Restricted Units) was determined by the Committee as of the 8th business day of December 2024, with the number of Restricted Units being based on the closing price of an AB Holding Unit on that date.

2. Earnings on Deferred Cash. Except as otherwise provided in the Schedule A included herein, interest on Deferred Cash, if elected, will be accrued monthly based on AB’s monthly weighted average cost of funds. The interest earned will be credited to the Participant’s Deferred Cash balance annually.

3. Vesting and Distribution. The Deferred Cash (including earnings thereon) and Restricted Units shall vest in accordance with Section 5 of Schedule A so long as the Participant remains employed by AB on each vesting anniversary, except as specifically set forth in Section 7 of this Award Agreement. Once the Deferred Cash, if elected, has vested, cash (including earnings thereon) shall be distributed to the Participant as specified in Article 4 of the Deferred Cash Program. Once Restricted Units have vested, AB Holding Units shall be distributed to the Participant as specified in Article 4 of the Incentive Compensation Program.

4. Notice of Resignation. As a condition of receiving the Award, the Participant agrees that in the event of the Participant’s resignation, the Participant shall provide AB with prior written notice of the Participant’s intent to resign based on the schedule set forth below. Notwithstanding the terms of any other agreement between the Participant and AB (or its subsidiaries), including, but not limited to, any employment agreement, which agreement shall be deemed amended by this Award Agreement, the Participant will continue to be eligible for base salary or draw, available health and welfare benefits, and quarterly distribution payments on unvested Restricted Units, so long as the Participant’s employment with AB continues during the notice period. Once the Participant has provided AB with prior written notice of the Participant’s intent to resign, AB may, in its sole discretion, either shorten the Participant’s notice period at any time during the notice period in accordance with Section 9 of this Award Agreement or require the Participant to discontinue or limit regular duties, including prohibiting the Participant from further entry to any of AB’s premises. (In either case, the Participant shall be treated as having informed AB of his or her intent to resign and continue to be obligated to satisfy the requirements of Sections 7(c) and 7(d), as applicable, of this Award Agreement.) If AB shortens the Participant’s notice period, the Participant’s resignation shall become effective as of the end of the shortened notice period and, thereafter, the Participant shall not receive salary or draw, bonus or other year-end incentive compensation, health and welfare benefits, quarterly distribution payments on unvested Restricted Units, or any Restricted Units or Deferred Cash that otherwise would have vested in accordance with Section 5 of Schedule A, except for Restricted Units (and quarterly distribution payments on unvested Restricted Units) and Deferred Cash that continue to vest and be distributed as provided in Sections 7(c), 7(d) and 7(e) of this Award Agreement. The notice period shall be as follows:

Senior Vice President or above: 90 days

Vice President: 60 days

Assistant Vice President or below: 30 days

5. Covenants. As an additional condition of receiving the Award, the Participant agrees to the following covenants and remedies for failure to comply:

(a) Competition. At no time while employed by AB (including any applicable notice period) shall the Participant provide any services, in any capacity, whether as an employee, consultant, independent contractor, owner, partner, shareholder, director or otherwise, to any Direct Competitor; provided, however, that nothing herein shall prevent the Participant from being a passive owner of not more than 5% of the outstanding equity of any class of securities of an entity that is publicly traded and that owns or may acquire any corporation or business that competes with AB. “Direct Competitor” means a business that offers or provides any products or services that compete directly with products or services offered or provided by AB or that AB intends to offer or provide as part of a Planned Business, where any of the business activities of the Direct Competitor either constitute or can reasonably be expected to constitute meaningful competition for AB, without consideration given to the products or services supported by the Participant during the course of the Participant’s employment with AB. “Planned Business” means a business: (i) that the Participant is aware that AB plans to enter within six months after the Participant’s last date of employment, (ii) that is material to the AB entity or business unit that plans to enter such business, and (iii) in which such AB entity or business unit has invested material resources (including time of senior management) in preparation for launch.

(b) Solicitation. At no time while employed by AB (including any applicable notice period), and for the longer of one year after the last date of employment or the date when any unvested units have vested and been delivered, shall the Participant (whether directly or indirectly through instruction to any other person or entity):

•Recruit, solicit or hire any employee of AB to work for the Participant or any other person or entity; or

•Solicit any current or prospective clients of AB to reduce or end their relationship or prospective relationship with AB.

(c) Confidentiality. From the date hereof and continuing after the Participant’s last date of employment, and except as otherwise required by law, the Participant shall not disclose or make accessible to any business, person or entity, or make use of (other than in the course of the business of AB) any trade secrets, proprietary knowledge or confidential information that the Participant shall have obtained during the Participant’s employment by AB and that shall not be generally known to or recognized by the general public. All information regarding or relating to any aspect of the business of AB, including but not limited to existing or contemplated business plans, activities or procedures, current or prospective clients, current or prospective contracts or other business arrangements, current or prospective products, facilities and methods, manuals, intellectual property, price lists, financial information (including the revenues, costs, or profits associated with any of the products or services of AB), or any other information acquired because of the Participant’s employment by AB, shall be conclusively presumed to be confidential; provided, however, that confidential information shall not include any information known generally to the public (other than as a result of unauthorized disclosure by the Participant). The Participant’s obligations under this Section 5(c) shall be in addition to any other confidentiality or nondisclosure obligations the Participant has to AB at law or under any other of AB’s policies or agreements. Furthermore, nothing in this Award Agreement prohibits the Participant from reporting possible violations of federal law or regulation to any governmental agency or entity, including the Department of Justice, the Securities and Exchange Commission, Congress and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. The Participant need not seek prior authorization from AB to make any such report or disclosure, nor is the Participant required to notify AB that such report or disclosure has been made.

(d) Non-disparagement. The Participant shall not make intentionally disparaging remarks about AB, or issue any communication, written or otherwise, that reflects adversely on or encourages any adverse action against AB, except if testifying truthfully under oath pursuant to any subpoena, order, directive, request or other legal process, or as may be otherwise required by law.

(e) Remedies. If the Participant fails to comply with the agreements and covenants set forth in Section 4 or this Section 5, AB shall have the following remedies:

(i) The Participant agrees that in the event of a breach of any of the agreements or covenants contained in Section 4 or this Section 5, any Deferred Cash or Restricted Units that have not vested or have vested but have not been delivered (other than as a result of a voluntary long-term deferral election) shall be forfeited.

(ii) Without intending to limit the remedies available to AB, the Participant acknowledges that a breach of any of the agreements or covenants contained in Section 4 or this Section 5 shall result in material irreparable injury to AB for which the forfeiture remedy described in Section (i) above may not be adequate and that, in the event of such a breach or threat thereof, AB shall be entitled to obtain a temporary restraining order and/or a preliminary or permanent injunction restraining the Participant from engaging in activities prohibited by this Award Agreement or such other relief as may be required to specifically enforce any of the agreements or covenants in Section 4 or this Section 5.

The Participant acknowledges that the above restrictions are part of a program of AB covering employees in many jurisdictions and that it is necessary to maintain consistency of administration and interpretation with respect to such program, and accordingly, the Participant consents to the applicability of New York law and jurisdiction in accordance with Section 15 hereof. In the event that any court or tribunal of competent jurisdiction shall determine this Section 5 or Section 7 to be unenforceable or invalid for any reason, the Participant agrees that this Section 5 shall be interpreted to extend only over the maximum period of time for which it may be enforceable, and/or over the maximum geographical area as to which it may be enforceable, and/or to the maximum extent in any and all respects as to which this Section 5 or Section 7 may be enforceable, all as determined by such court or tribunal.

(iii) In addition to the remedies set forth in clauses (i) and (ii) above, AB retains the right to seek damages and other relief for any breach by the Participant of any agreement or covenant contained in this Award Agreement.

6. Forfeiture for Failure to Consider Certain Risks. If the Committee determines that, during the calendar year in which the Award was granted, (a) the Participant participated in the structuring or marketing of any investment management or research product or service, or participated on behalf of AB or any of its clients in the purchase or sale of any security or other property as part of providing investment management services or otherwise, and (b) (i) the Participant failed to follow or violated any written AB policy guideline or process designed in whole or in part to manage or mitigate risk; (ii) as a result, appropriate consideration was not given to the risk to AB or the Participant’s business unit (for example, where the Participant has improperly analyzed such risk or where the Participant failed sufficiently to raise concerns about such risk); and (iii) there has been, or reasonably could be expected to be, a material adverse impact on AB or the Participant’s business unit, the Participant shall forfeit all unvested Deferred Cash, if elected, and all unvested Restricted Units granted pursuant to such Award.

7. Termination of Employment. The Deferred Cash and Restricted Units shall vest in accordance with Section 5 of Schedule A only while the Participant is employed by AB, except as follows:

(a) Disability. Any unvested Deferred Cash and Restricted Units shall fully vest immediately upon a Participant’s Disability and shall be distributed to the Participant as specified in Article 4 of each of the Deferred Cash Program and the Incentive Compensation Program. The Participant shall be deemed to have incurred a “Disability” if the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to last for a continuous period of not less than 12 months, as determined by the carrier of the long-term disability insurance program maintained by AB or its affiliate that covers the Participant, or such other person or entity designated by the Administrator in its sole discretion. In order to assist in the process described in this Section 7(a), the Participant shall, as reasonably requested by the Administrator, (i) be available for medical examinations by one or more physicians chosen by the long-term disability insurance provider or the Administrator and approved by the Participant, whose approval shall not be unreasonably withheld, and (ii) grant the long-term disability insurance provider, the Administrator and any such physicians access to all relevant medical information concerning the Participant, arrange to furnish copies of medical records to them, and use best efforts to cause the Participant’s own physicians to be available to discuss the Participant’s health with them.

(b) Death. If the Participant dies (i) while in the employ of AB, or (ii) while the Participant otherwise holds outstanding unvested Deferred Cash or Restricted Units, any unvested Deferred Cash and all unvested Restricted Units held by the Participant

(and not previously forfeited or cancelled) shall vest immediately and be distributed in accordance with Article 4 of each of the Deferred Cash Program and the Incentive Compensation Program.

(c) Resignation. If the Participant resigns or otherwise voluntarily terminates employment with AB (other than due to the Participant’s Retirement, as defined below, or Disability), any unvested Deferred Cash and all unvested Restricted Units held by the Participant (and not previously forfeited or cancelled) on the date of resignation shall continue to vest as specified in Section 5 of Schedule A and be distributed as specified in Article 4 of each of the Deferred Cash Program and the Incentive Compensation Program. The provisions in this Section 7(c) are conditioned upon the Participant’s continued compliance with the agreements and covenants set forth in Sections 4 and 5 of this Award Agreement from the later of the date of resignation until the Deferred Cash and Restricted Units have fully vested and been delivered (or would have been delivered but for a voluntary long-term deferral election) or one year after the last date of employment, the Participant providing to AB in writing (in a form to be provided by AB, a “Resignation Questionnaire”) within 10 calendar days from the first date the Participant informs AB about such resignation, information relating to the Participant’s new employment opportunity, if any, and when there is continued vesting post-employment the Participant confirming in writing continued compliance with the agreements and covenants set forth in Sections 4 and 5 of this Award Agreement (in a form to be provided by AB, a “Confirmation Certificate”) in connection with each vesting date, and the Participant executing and complying with a standard release in favor of AB (in a form to be provided by AB, a “Release”). In addition, the terms of this Section 7(c) are also conditioned on the Participant not receiving replacement equity from a new employer for the unvested Deferred Cash and Restricted Units as to which continued vesting is to apply and the Participant confirming such fact in the Resignation Questionnaire and each Confirmation Certificate.

(d) Retirement. If the Participant’s employment with AB terminates because of the Participant’s Retirement (as defined below), any unvested Deferred Cash and all unvested Restricted Units held by the Participant (and not previously forfeited or cancelled) on the date of Retirement shall continue to vest as specified in Section 5 of Schedule A and be distributed as specified in Article 4 of each of the Deferred Cash Program and the Incentive Compensation Program. The provisions in this Section 7(d) are conditioned upon the Participant’s continued compliance with the agreements and covenants set forth in Sections 4 and 5 of this Award Agreement (except that the Participant shall comply with the non-competition covenant attached hereto as Schedule B (the “Retirement Non-Competition Covenant”) rather than the covenant contained in Section 5(a)) from the date of Retirement until the Deferred Cash and Restricted Units have fully vested and been delivered (or would have been delivered but for a voluntary long-term deferral election), the Participant confirming in writing continued compliance with the agreements and covenants set forth in the Retirement Non-Competition Covenant and Sections 4 and 5(b), (c) and (d) of this Award Agreement (in a form to be provided by AB, a “Retirement Confirmation Certificate”) in connection with each vesting date, and the Participant executing and complying with a standard release in favor of AB (in a form to be provided by AB, a “Retirement Release”); provided, however, that the only remedy available to AB for any breach by the Participant of the agreements and covenants set forth in the Retirement Non-Competition Covenant and Sections 4 and 5(b) of this Award Agreement that occurs after the Participant’s last date of employment, or for the Participant failing to provide to AB the Retirement Release or each annual Retirement Confirmation Certificate, shall be the forfeiture remedy described in Section 5(e)(i) of this Award Agreement. In addition, the terms of this Section 7(d) are also conditioned on the

Participant not receiving replacement equity from a new employer for the unvested Deferred Cash and Restricted Units as to which continued vesting is to apply and the Participant confirming such fact in each Retirement Confirmation Certificate.

“Retirement” with respect to a Participant means that the employment of the Participant with AB has terminated on or after the time when the sum of the Participant’s age and full years of service with AB equals or exceeds 70 under circumstances where the Participant has provided to AB written notice of retirement at least nine months prior to the retirement date (the “Retirement Date”) and where the Participant has entered into, at least six months prior to the Retirement Date, a retirement transition agreement (in a form to be provided by AB, the “Retirement Agreement”) and has complied with the terms thereof through the Retirement Date.

(e) Termination Without Cause. If AB terminates the Participant’s employment without Cause (other than due to the Participant’s Disability or death), any unvested Deferred Cash and all unvested Restricted Units held by the Participant (and not previously forfeited or cancelled) on the date of such termination shall continue to vest as specified in Section 5 of Schedule A and be distributed as specified in Article 4 of each of the Deferred Cash Program and the Incentive Compensation Program. The provisions in this Section 7(e) are conditioned upon the Participant’s continued compliance with the covenants set forth in Section 5 of this Award Agreement (except Section 5(a), with respect to which the Participant need not comply after the Participant’s termination date) until the Deferred Cash and Restricted Units have fully vested and been delivered (or would have been delivered but for a voluntary long-term deferral election), signing and returning a Confirmation Certificate to AB in connection with each vesting date, and executing and complying with a standard release in favor of AB (in a form to be provided by AB); provided, however, that the only remedy available to AB for any breach by the Participant of the covenants set forth in Section 5(b) of this Award Agreement that occurs after the Participant’s last date of employment (including any applicable notice period) shall be the forfeiture remedy described in Section 5(e)(i).

(f) Termination for Cause. If AB terminates the Participant’s employment for Cause (or, if after termination of the Participant’s employment other than for “Cause,” as that term is defined in the 2017 Plan, AB determines than an event occurred during the Participant’s employment that would have entitled AB to terminate the Participant’s employment for Cause), the Participant shall forfeit all unvested Deferred Cash and Restricted Units.

8. Material Risk Taker. Any employee who is designated as a Material Risk Taker under any relevant regulatory regime understands and accepts that any deferred compensation provided pursuant to this Agreement or other deferred compensation plan may be subject to the applicable malus and clawback provisions under the applicable regulatory regime. In line with the regulatory requirements, AB may delay any element of variable compensation pending the completion of any conduct or regulatory review. Elements of variable compensation include without limitation: 1) the determination or calculation of any variable compensation; 2) the grant and/or payment of any variable compensation; and/or 3) the vesting of any deferred element of variable compensation. The terms governing the firm’s ability to apply “freezing” are set out in the malus and clawback policies.

9. No Right to Continued Employment. Neither the Award nor any term of this Award Agreement is intended to create a contract of employment or alter the at-will status of the Participant, who is employed on an at-will basis, nor shall they confer upon the Participant any right to continue in the employ of AB before, during or after any applicable notice period. In addition, neither the Award nor any term of this Award Agreement shall interfere in any way with the right of AB to terminate the service of the

Participant at any time for any reason, or shorten any notice period at any time as prescribed by Section 4 of this Award Agreement.

10. Non-Transferability. The Participant may not sell, assign, transfer, pledge or otherwise dispose of or encumber any of the Deferred Cash or Restricted Units, or any interest therein, until the Participant’s rights in such Deferred Cash or Restricted Units vest in accordance with this Award Agreement. Any purported sale, assignment, transfer, pledge or other disposition or encumbrance in violation of this Award Agreement will be void and of no effect.

11. Payment of Withholding Tax. The provisions set forth in Section 5.03(k) of the Deferred Cash Program and Section 6.04(k) of the Incentive Compensation Program shall apply in the event that AB determines that any federal, state or local tax or any other charge is required by law to be withheld with respect to a vesting or distribution of Deferred Cash or Restricted Units.

12. Dilution and Other Adjustments. The existence of the Award shall not impair the right of AB, AB Holding or their respective partners to, among other things, conduct, make or effect any change in AB’s or AB Holding’s business, any distribution (whether in the form of cash, limited partnership interests, other securities or other property), recapitalization (including, without limitation, any subdivision or combination of limited partnership interests), reorganization, consolidation, combination, repurchase or exchange of limited partnership interests or other securities of AB or AB Holding, issuance of warrants or other rights to purchase limited partnership interests or other securities of AB or AB Holding, or any incorporation (or other change in form) of AB or AB Holding. AB Holding Units shall be subject to adjustment in accordance with Section 4(c) of the 2017 Plan (or such applicable successor provision).

13. Electronic Delivery. The Plans contemplate that each award shall be evidenced by an Award Agreement which shall be delivered to the Participant. It is hereby understood that electronic delivery of this Award Agreement constitutes delivery under the Plans.

14. Administrator. If at any time there shall be no Committee, the Board shall be the Administrator.

15. Governing Law. This Award Agreement shall be governed by and construed in accordance with the internal laws of the State of New York. The Participant hereby consents to the exclusive jurisdiction of any state or federal court located within the State of New York, County of New York, with respect to any legal action, dispute or otherwise, arising out of, related to, or in connection with this Award Agreement. The Participant hereby waives any objection in any such action or proceeding based on forum non-conveniens, and any objection to venue with respect to any such legal action, which may be instituted in any of the aforementioned courts. Furthermore, the terms and conditions of this Award Agreement shall not apply to the extent that any such term and/or condition is unenforceable under or otherwise inconsistent with applicable state law.

16. Sections and Headings. All section references in this Award Agreement are to sections hereof for convenience of reference only and are not to affect the meaning of any provision of this Award Agreement.

17. Interpretation. The Participant accepts the Award subject to all the terms and provisions of the Plans and this Award Agreement. In the event of any conflict between any clause of the Plans and this Award Agreement, this Award Agreement shall control. The Participant accepts as binding, conclusive and final all decisions or interpretations of the Administrator or the Board upon any questions arising under the Plans and/or this Award Agreement. The Participant acknowledges and accepts that (i) the purpose of the AB Incentive Plan (as defined in the Incentive Compensation Program document) is to enhance the ability of AB and AB Holding to attract, motivate and retain certain key employees and to strengthen their commitment to AB and AB Holding by providing additional incentive compensation

awards payable under, and subject to the terms and conditions of, the Incentive Compensation Program, and (ii) the AB Incentive Plan is a “bonus program” as defined in the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the regulations issued thereunder, and is therefore not covered by ERISA.

18. Notices. Any notice under this Award Agreement shall be in writing and shall be deemed to have been duly given when delivered personally (whether by hand or by facsimile) or when deposited in the United States mail, registered, postage prepaid, and addressed, in the case of AB and AB Holding, to the Corporate Secretary at 501 Commerce Street, Nashville, TN 37203, or if AB should move its principal office, to such principal office, and, in the case of the Participant, to his or her last permanent address as shown on AB’s records, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section 18.

19. Entire Agreement; Amendment. This Award Agreement supersedes any and all existing agreements between the Participant, AB and AB Holding relating to the Award. It may not be amended except by a written agreement signed by all parties.

AllianceBernstein L.P.

AllianceBernstein Holding L.P.

By:

Karl Sprules

Chief Operating Officer

The Participant hereby acknowledges and accepts the terms and conditions set forth in this Award Agreement, including AB’s remedies if the Participant fails to comply with the agreements and covenants set forth in Sections 4 and 5 of this Award Agreement, and the forfeiture of unvested Deferred Cash and Restricted Units for failure to consider certain risks as described in Section 6 of this Award Agreement. To accept the terms of this Award Agreement, please click the “Accept” button below:

DECLINE

Schedule A

Award Agreement

1. $___________ 2024 Award

2. $___________2024 Deferred Cash Award (may not exceed the lesser of $250,000 and 50% of the Award; provided, however, if the Participant is based outside of the United States and is treated as a local hire rather than as an expatriate, the Deferred Cash Award may not exceed the lesser of $500,000 and 50% of the Award; further provided, however, if the Participant is based outside of the United States, is treated as a local hire rather than as an expatriate and received an Award of $500,000 or less, the Deferred Cash Award may be 100% of the Award).

3. ____________ Restricted Units have been awarded pursuant to this Award Agreement.

4. The per AB Holding Unit price used to determine the number of Restricted Units awarded hereunder is $_____ per AB Holding Unit, which is the closing price of an AB Holding Unit as published for composite transactions on the New York Stock Exchange on the 8th business day of December 2024.

5. Restrictions lapse with respect to the Deferred Cash and AB Holding Units in accordance with the following schedule:

Percentage of Awarded Deferred

Cash and AB Holding Units

Vested and Delivered1 on the

Date Date Indicated.

December 1, 2025 33.3%

December 1, 2026 66.6%

December 1, 2027 100.0%

1 Assuming the Participant has not elected to voluntarily defer receipt of Deferred Cash and AB Holding Units.

Schedule A

Award Agreement

for AB Sales Professionals

1. $___________ 2024 Award

3. ____________ Restricted Units have been awarded pursuant to this Award Agreement.

5. Restrictions lapse with respect to the Deferred Cash and AB Holding Units in accordance with the following schedule:

Percentage of Awarded Deferred

Cash and AB Holding Units

Vested and Delivered1 on the

Date Date Indicated.

December 1, 2025 33.3%

December 1, 2026 66.6%

December 1, 2027 100.0%

The amount of the 2024 Award, 2024 Deferred Cash Award and the number of Restricted Units awarded pursuant to this Award Agreement are based on an estimate of Total Variable Compensation (“TVC”). The final amounts will be calculated once TVC is finalized in early 2025 and, if the final amounts differ from the estimates stated above, the 2024 Award amount, the amount of the Deferred Cash Award and the number of Restricted Units awarded pursuant to this Agreement will be adjusted accordingly.

1 Assuming the Participant has not elected to voluntarily defer receipt of Deferred Cash and AB Holding Units.

Schedule A

Award Agreement

For AB Investment Managers1

1. $___________ 2024 Award

2. $___________2024 Deferred Cash Award (may not exceed 50% of the Award) to be treated as notionally invested in Fund Name (Ticker) (the “Approved Fund”).

3. ____________ Restricted Units have been awarded pursuant to this Award Agreement.

5. Restrictions lapse with respect to the Deferred Cash and AB Holding Units in accordance with the following schedule:

Percentage of Awarded Deferred

Cash (including Earnings2 thereon)

and AB Holding Units

Vested and Delivered on the

Date Date Indicated.

December 1, 2025 33.3%

December 1, 2026 66.6%

December 1, 2027 100.0%

6. Notwithstanding Section 2 of the Award Agreement, in the event that dividends are declared and paid on shares in the Approved Fund while the participant’s Deferred Cash is notionally invested, the amount of dividends that would have been payable to the participant if such Deferred Cash was actually invested in the Approved Fund will be treated as notionally reinvested in the Approved Fund as soon as practicable following any relevant dividend payment date. The vesting and payment of any notionally reinvested dividends will occur at the same time as vesting and payment occurs for the award.

1 The Investment Manager Deferred Compensation Plan (the “IM Plan”), to which this Schedule A corresponds, is a component plan under the Incentive Compensation Program and the Deferred Cash Program.

2 “Earnings” on any notionally invested shares during any period means the amounts of gain or loss (and including any reinvested dividends) that would have been incurred or earned with respect to such period if the amount equal to the balance of such notionally invested shares at the beginning of such period had been actually invested in the Approved Fund.

Schedule B

Award Agreement

Retirement Non-Competition Covenant

Competition. The Participant shall not provide any services, in any capacity, whether as an employee, consultant, independent contractor, owner, partner, shareholder, director or otherwise, to any Direct Competitor. “Direct Competitor” means a business that offers or provides products or services that compete directly with any investment management or research products or services which compete directly with a significant investment management or research product or service then offered by AB (a “Competing AB Product or Service”), where the business activities of the Direct Competitor either constitute or can reasonably be expected to constitute meaningful competition for AB; provided that a Direct Competitor shall not include (i) any business focused primarily on the formation and management of private equity or hedge funds that have a substantially different investment focus than any private equity or hedge fund then offered by AB; or (ii) any family office that does not as its principal activity offer to unrelated third parties investment products or services that compete directly with any Competing AB Product or Service (any such business or family office being referred to as a “Permitted Competitor”); and provided further that this exclusion of a Permitted Competitor from the definition of Direct Competitor shall not apply to the extent that the Participant engages in, directs or facilitates the direct or indirect personal solicitation of actual clients of AB (who, to the knowledge of the Participant, also were clients of AB while the Participant was employed by AB) or prospective clients of AB (who, to the knowledge of the Participant, also were prospective clients of AB within the twelve-month period prior to Participant’s’ departure from AB) on behalf of any Permitted Competitor with respect to any Competing AB Product or Service.

Exhibit 31.1

I, Seth Bernstein, certify that:

1.I have reviewed this quarterly report on Form 10-Q of AllianceBernstein Holding L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: April 24, 2025			/s/ Seth Bernstein
			Seth Bernstein
			President & Chief Executive Officer
			AllianceBernstein Holding L.P.

Exhibit 31.2

I, Tom Simeone, certify that:

1.I have reviewed this quarterly report on Form 10-Q of AllianceBernstein Holding L.P.;

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: April 24, 2025			/s/ Tom Simeone
			Tom Simeone
			Chief Financial Officer
			AllianceBernstein Holding L.P.

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of AllianceBernstein Holding L.P. (the “Company”) on Form 10-Q for the period ending March 31, 2025 to be filed with the Securities and Exchange Commission on or about April 24, 2025 (the “Report”), I, Seth Bernstein, President and Chief Executive Officer of the Company, certify, for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: April 24, 2025			/s/ Seth Bernstein
			Seth Bernstein
			President & Chief Executive Officer
			AllianceBernstein Holding L.P.

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of AllianceBernstein Holding L.P. (the “Company”) on Form 10-Q for the period ending March 31, 2025 to be filed with the Securities and Exchange Commission on or about April 24, 2025 (the “Report”), I, Tom Simeone, Chief Financial Officer of the Company, certify, for the purpose of complying with Rule 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Exchange Act; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: April 24, 2025			/s/ Tom Simeone
			Tom Simeone
			Chief Financial Officer
			AllianceBernstein Holding L.P.

Index

Exhibit 99.1

Part I

FINANCIAL INFORMATION

Item 1. Financial Statements

ALLIANCEBERNSTEIN L.P.

AND SUBSIDIARIES

Condensed Consolidated Statements of Financial Condition

(in thousands, except unit amounts)

(unaudited)


	March 31, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	782,778	$	832,044
Cash and securities segregated, at fair value (cost: $765,827 and $495,391)	772,302		500,046
Receivables, net:
Brokers and dealers	37,443		33,772
Brokerage clients	1,437,370		1,432,372
AB funds fees	375,813		467,351
Other fees	143,673		159,336
Investments:
Joint ventures	280,648		286,721
Other	272,894		248,483
Assets of consolidated company-sponsored investment funds:
Cash and cash equivalents	14,746		1,989
Investments	341,128		140,792
Other assets	12,341		14,801
Furniture, equipment and leasehold improvements, net	247,272		248,673
Goodwill	3,598,591		3,598,591
Intangible assets, net	203,821		215,054
Deferred sales commissions, net	190,907		182,707
Right-of-use assets	444,162		449,877

Other assets	221,329		259,318
Total assets	$	9,377,218	$	9,071,927

Index


	March 31, 2025		December 31, 2024
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND CAPITAL
Liabilities:
Payables:
Brokers and dealers	$	185,021	$	162,570

Brokerage clients	2,135,156		1,933,843
AB mutual funds	781		830

Contingent consideration liability	8,478		9,385
Accounts payable and accrued expenses	416,718		426,675
Lease liabilities	506,977		512,615
Liabilities of consolidated company-sponsored investment funds	18,898		1,716
Accrued compensation and benefits	395,581		391,161
Debt	740,000		710,000

Total liabilities	4,407,610		4,148,795


Commitments and contingencies (See Note 12)

Redeemable non-controlling interest of consolidated entities	201,656		48,489

Capital:
General Partner	48,395		49,519
Limited partners: 292,273,197 and 292,107,907 units issued and outstanding	4,888,248		4,999,616
Receivables from affiliates	(3,411)		(2,893)
AB Holding Units held for long-term incentive compensation plans	(91,369)		(62,366)
Accumulated other comprehensive (loss)	(76,415)		(110,581)
Partners’ capital attributable to AB Unitholders	4,765,448		4,873,295
Non-redeemable non-controlling interests in consolidated entities	2,504		1,348
Total capital	4,767,952		4,874,643
Total liabilities, non-controlling interest and capital	$	9,377,218	$	9,071,927

See Accompanying Notes to Condensed Consolidated Financial Statements.

Index

ALLIANCEBERNSTEIN L.P.

AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(in thousands, except per unit amounts)

(unaudited)


	Three Months Ended March 31,
		2025		2024
Revenues:
Investment advisory and services fees		$	855,112	$	784,405
Bernstein research services		—		96,222
Distribution revenues		199,020		165,690
Dividend and interest income		34,350		44,515
Investment (losses) gains		(20,538)		11,743
Other revenues		30,180		25,293
Total revenues		1,098,124		1,127,868
Less: Broker-dealer related interest expense		17,517		23,717
Net revenues		1,080,607		1,104,151

Expenses:
Employee compensation and benefits		420,531		452,772
Promotion and servicing:
Distribution-related payments		200,659		172,982
Amortization of deferred sales commissions		20,161		11,799
Trade execution, marketing, T&E and other		36,513		54,991


General and administrative		147,935		137,910


Contingent payment arrangements		64		2,558
Interest on borrowings		7,138		17,370
Amortization of intangible assets		11,237		11,772
Total expenses		844,238		862,154

Operating income		236,369		241,997

Income taxes		14,675		16,042

Net income		221,694		225,955

Net income of consolidated entities attributable to non-controlling interests		895		8,028

Net income attributable to AB Unitholders		$	220,799	$	217,927


Net income per AB Unit		$	0.75	$	0.75

See Accompanying Notes to Condensed Consolidated Financial Statements.

Index

ALLIANCEBERNSTEIN L.P.

AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)


	Three Months Ended March 31,
		2025		2024

Net income		$	221,694	$	225,955
Other comprehensive (loss) income:


Foreign currency translation adjustments, before tax		10,749		(10,309)
Income tax benefit		55		109
Foreign currency translation adjustments, net of tax		10,804		(10,200)






Changes in employee benefit related items:
Amortization of prior service cost		611		6
Recognized actuarial gain		—		669
Less: reclassification adjustment for (losses) included in net income upon retirement plan liquidation		(22,898)		—
Changes in employee benefit related items		23,509		675
Income tax (expense)		(147)		(5)
Employee benefit related items, net of tax		23,362		670

Other comprehensive income (loss)		34,166		(9,530)
Less: Comprehensive income in consolidated entities attributable to non-controlling interests		895		8,028
Comprehensive income attributable to AB Unitholders		$	254,965	$	208,397

See Accompanying Notes to Condensed Consolidated Financial Statements.

Index

ALLIANCEBERNSTEIN L.P.

AND SUBSIDIARIES

Condensed Consolidated Statements of Changes in Partners' Capital

(in thousands)

(unaudited)


	Three Months Ended March 31,
		2025		2024
General Partner’s Capital
Balance, beginning of period		$	49,519	$	45,388
Net income		2,208		2,179
Cash distributions to General Partner		(3,396)		(2,465)
Long-term incentive compensation plans activity		(7)		67
Issuance of AB Units, net		71		156


Balance, end of period		48,395		45,325
Limited Partners' Capital
Balance, beginning of period		4,999,616		4,590,619
Net income		218,591		215,748
Cash distributions to Unitholders		(336,231)		(243,579)
Long-term incentive compensation plans activity		(734)		6,674
Issuance of AB Units, net		7,006		14,855


Balance, end of period		4,888,248		4,584,317
Receivables from Affiliates
Balance, beginning of period		(2,893)		(4,490)


Long-term incentive compensation awards expense		246		215
Capital contributions (to) AB Holding		(764)		(411)
Balance, end of period		(3,411)		(4,686)
AB Holding Units held for Long-term Incentive Compensation Plans
Balance, beginning of period		(62,366)		(76,363)
Purchases of AB Holding Units to fund long-term compensation plans, net		(29,475)		(5,552)
(Issuance) of AB Units, net		(7,232)		(15,483)
Long-term incentive compensation awards expense		7,308		8,761
Re-valuation of AB Holding Units held in rabbi trust		396		(7,222)
Balance, end of period		(91,369)		(95,859)
Accumulated Other Comprehensive (Loss)
Balance, beginning of period		(110,581)		(106,364)

Foreign currency translation adjustment, net of tax		10,804		(10,200)
Changes in employee benefit related items, net of tax		23,362		670

Balance, end of period		(76,415)		(115,894)
Total Partners' Capital attributable to AB Unitholders		4,765,448		4,413,203
Non-redeemable Non-controlling Interests in Consolidated Entities
Balance, beginning of period		1,348		4,572
Net income		1,144		118


Distributions to non-controlling interests, net		—		(210)

Contributions from non-controlling interest		12		—
Balance, end of period		2,504		4,480
Total Capital		$	4,767,952	$	4,417,683

See Accompanying Notes to Condensed Consolidated Financial Statements.

Index

ALLIANCEBERNSTEIN L.P. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2025		2024

Cash flows from operating activities:
Net income	$	221,694	$	225,955

Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions	20,161		11,799
Non-cash long-term incentive compensation expense	7,554		8,976
Depreciation and other amortization	21,440		23,244
Unrealized losses (gains) on investments	4,758		(3,734)
Equity in earnings of equity method investments	6,073		—
Unrealized losses (gains) on investments of consolidated company-sponsored investment funds	1,744		(7,481)
Non-cash lease expense	17,305		29,123

(Gain) on assets held for sale	—		(650)
Retirement plan loss	20,756		—
Retirement plan funding	(1,700)		—
Other, net	(4,227)		7,795
Changes in assets and liabilities:
(Increase) decrease in securities, segregated	(272,256)		2,094
Decrease (increase) in receivables	104,484		(17,238)
(Increase) decrease in investments	(29,238)		30,595
(Increase) in deferred sales commissions	(28,361)		(31,697)
Decrease (increase) in other assets	41,034		(52,798)
(Increase) decrease in investments of consolidated company-sponsored investment funds	(202,080)		106,527
Decrease in other assets of consolidated company-sponsored investment funds	2,460		14,346
Increase in other liabilities of consolidated company-sponsored investment funds, net	17,182		1,595
Increase (decrease) in payables	224,090		(71,542)
(Decrease) increase in accounts payable and accrued expenses	(12,042)		50,615
Increase in accrued compensation and benefits	3,877		34,064
Cash payments to relieve operating lease liabilities	(15,892)		(7,901)
Net cash provided by operating activities	148,816		353,687

Index


	Three Months Ended March 31,
	2025		2024
Cash flows from investing activities:


Purchases of furniture, equipment and leasehold improvements	(7,478)		(31,289)


Joint venture equalization payment	—		303,980


Net cash (used in) provided by investing activities	(7,478)		272,691


Cash flows from financing activities:
Proceeds from (repayment of) debt, net	30,000		(254,316)


Increase in overdrafts payable	—		45,688
Distributions to General Partner and Unitholders	(339,628)		(246,044)
Terminations (Redemptions) of non-controlling interest in consolidated company-sponsored investment funds, net	152,272		(92,554)


Capital contributions (to) AB Holding	(1,109)		(891)


Purchases of AB Holding Units to fund long-term incentive compensation plan awards, net	(29,475)		(5,552)


Other, net	(2,730)		(3,052)
Net cash (used in) financing activities	(190,670)		(556,721)

Effect of exchange rate changes on cash and cash equivalents	12,823		(10,156)


Net (decrease) increase in cash and cash equivalents	(36,509)		59,501
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	$	797,524	$	1,220,390

See Accompanying Notes to Condensed Consolidated Financial Statements.

Index

ALLIANCEBERNSTEIN L.P.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

March 31, 2025

(unaudited)

The words “we” and “our” refer collectively to AllianceBernstein L.P. and its subsidiaries (“AB”), or to their officers and employees. Similarly, the word “company” refers to AB. These statements should be read in conjunction with AB’s audited consolidated financial statements included in AB’s Form 10-K for the year ended December 31, 2024.

1. Business Description, Organization and Basis of Presentation

Business Description

We provide diversified investment management and related services globally to a broad range of clients. Our principal services include:

• Institutional Services – servicing our 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 our 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 our 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.

We also provide distribution, shareholder servicing, transfer agency services and administrative services to the mutual funds we sponsor.

Our high-quality, in-depth research is the foundation of our asset management and private wealth management businesses. Our research disciplines include economic, fundamental equity, fixed income and quantitative research. In addition, we have expertise in multi-asset strategies, wealth management, environmental, social and corporate governance ("ESG"), and alternative investments.

We provide 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 solutions and services, 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 AllianceBernstein Holding L.P. (“AB Holding”) and AB. AllianceBernstein Corporation owns 100,000 general partnership units in AB Holding and a 1.0% general partnership interest in AB.

Index

As of March 31, 2025, the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1.0% interest, was as follows:


EQH and its subsidiaries	61.8	%
AB Holding	37.5
Unaffiliated holders	0.7
	100.0	%

Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 61.9% economic interest in AB as of March 31, 2025.

Basis of Presentation

The interim condensed consolidated 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 consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the interim reporting periods. Actual results could differ from those estimates. The condensed consolidated 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.

Principles of Consolidation

The condensed consolidated financial statements include AB and its majority-owned and/or controlled subsidiaries, and the consolidated entities that are considered to be variable interest entities (“VIEs”) and/or voting interest entities (“VOEs”) in which AB has a controlling financial interest. Non-controlling interests on the condensed consolidated statements of financial condition include the portion of consolidated company-sponsored investment funds in which we do not have direct equity ownership. All significant inter-company transactions and balances among the consolidated entities have been eliminated.

Subsequent Events

We have evaluated subsequent events through the date that these financial statements were filed with the SEC.

No other subsequent events were identified that would require disclosure in these financial statements.

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2. Significant Accounting Policies

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This amendment is expected to enhance the transparency and decision usefulness of income tax disclosures by requiring public business entities, on an annual basis, to disclose specific categories in the rate reconciliation, additional information for reconciling items that meet a quantitative threshold and certain information about income taxes paid. This revised guidance is effective for financial statements issued for fiscal years beginning after December 15, 2024. The adoption of this standard did not have a material impact on our financial condition or results of operations.

Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This amendment is expected to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information is not generally presented in the financial statements today. The amendments in this update do not change or remove current expense disclosure requirements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in this update should be applied either prospectively to financial statements issued for reporting periods after the effective date of this update or retrospectively to any or all periods presented in the financial statements. We are currently evaluating the impacts of the new standard.

Reclassification

Amounts previously presented on the consolidated statement of cash flow as "other assets and liabilities of company-sponsored investment funds, net" are now presented as "other assets of company- sponsored investment funds" and "other liabilities of company-sponsored investment funds". Prior period amounts previously presented as such have been reclassified to conform to the current periods presentation.

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3. Revenue Recognition

Revenues for the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Subject to contracts with customers:
Investment advisory and services fees
Base fees		$	817,866	$	754,239
Performance-based fees		37,246		30,166
Bernstein research services		—		96,222
Distribution revenues
All-in-management fees		88,444		78,424
12b-1 fees		16,252		16,605
Other distribution fees		94,324		70,661
Other revenues
Shareholder servicing fees		16,642		21,663
JV related revenues		9,334		—
Other		3,763		3,820
		1,083,871		1,071,800
Not subject to contracts with customers:
Dividend and interest income, net of broker-dealer related interest expense		16,833		20,798
Investment (losses) gains		(20,538)		11,743
Other revenues		441		(190)
		(3,264)		32,351
Total net revenues		$	1,080,607	$	1,104,151

4. Long-term Incentive Compensation Plans

We maintain several unfunded, non-qualified long-term incentive compensation plans, under which we grant annual awards 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”).

We fund our restricted AB Holding Unit awards either by purchasing AB Holding Units on the open market or purchasing newly-issued AB Holding Units from AB Holding, and then keeping these AB Holding Units in a consolidated rabbi trust 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.

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Repurchases of AB Holding Units for the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
		2025		2024
		(in millions)
Total amount of AB Holding Units Purchased (1)		0.8		0.1
Total Cash Paid for AB Holding Units Purchased (1)		$	30.5	$	4.3
Open Market Purchases of AB Holding Units Purchased (1)		0.7		—
Total Cash Paid for Open Market Purchases of AB Holding Units (1)		$	26.1	$	—

Purchases of AB Holding Units reflected on the condensed consolidated statements of cash flows are net of AB Holding Unit purchases by employees as part of a distribution reinvestment election.

Each quarter, we consider 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 we select has the authority under the terms and limitations specified in the plan to repurchase AB Holding Units on our behalf. Repurchases are subject to regulations promulgated by the SEC as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the first quarter of 2025 expired at the close of business on April 23, 2025. We may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program and for other corporate purposes.

During the first three months of 2025 and 2024, we awarded to employees and Eligible Directors 1.0 million and 0.9 million restricted AB Holding Unit awards, respectively. We use AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units to fund these awards.

5. Net Income per Unit

Net income per unit is derived by reducing net income for the 1.0% general partnership interest and dividing the remaining 99.0% by the weighted average number of limited partnership 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.


	Three Months Ended March 31,
		2025		2024
		(in thousands, except per unit amounts)
Net income attributable to AB Unitholders		$	220,799	$	217,927

Weighted average limited partnership Units outstanding		292,187		286,876

Net income per AB Unit		$	0.75	$	0.75

6. Cash Distributions

AB is required to distribute all of its Available Cash Flow, as defined in the AB Partnership Agreement, to its Unitholders and to the General Partner. Available Cash Flow can be summarized as the cash flow received by AB from operations minus such amounts as the General Partner determines, in its sole discretion, should be retained by AB for use in its business, or plus such amounts as the General Partner determines, in its sole discretion, should be released from previously retained cash flow.

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Typically, Available Cash Flow has been the adjusted net income per Unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management anticipates that Available Cash Flow will be based on adjusted net income per Unit, unless management determines, with the concurrence of the Board of Directors, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation.

On April 24, 2025, the General Partner declared a distribution of $0.88 per AB Unit, representing a distribution of Available Cash Flow for the three months ended March 31, 2025. The General Partner, as a result of its 1.0% general partnership interest, is entitled to receive 1.0% of each distribution. The distribution is payable on May 22, 2025 to holders of record on May 5, 2025.

7. Cash and Securities Segregated Under Federal Regulations and Other Requirements

As of March 31, 2025 and December 31, 2024, $771.5 million and $499.2 million, respectively, of U.S. Treasury Bills were segregated in a special reserve bank custody account for the exclusive benefit of our brokerage customers under Rule 15c3-3 of the Exchange Act.

8. Investments

Investments consist of:


	March 31, 2025		December 31, 2024
	(in thousands)

Equity securities:
Long-term incentive compensation-related	$	26,407	$	31,934
Seed capital	187,611		169,502
Other	66		388

Investments in limited partnership hedge funds:
Long-term incentive compensation-related	20,059		10,831
Seed capital	21,765		18,397
Investments in joint ventures	280,648		286,721
Time deposits	6,024		6,100
Other	10,962		11,331
Total investments	$	553,542	$	535,204

Total investments related to long-term incentive compensation obligations of $46.5 million and $42.8 million as of March 31, 2025 and December 31, 2024, respectively, consist of company-sponsored mutual funds and hedge funds. For long-term incentive compensation awards granted before 2009, we typically made investments in company-sponsored mutual funds and hedge funds that were notionally elected by plan participants and maintained them (and continue to maintain them) in a consolidated rabbi trust or separate custodial account. The rabbi trust and custodial account enable us to hold such investments separate from our other assets for the purpose of settling our obligations to participants. The investments held in the rabbi trust and custodial account remain available to the general creditors of AB.

The underlying investments of hedge funds in which we invest include long and short positions in equity securities, fixed income securities (including various agency and non-agency asset-based securities), currencies, commodities and derivatives (including various swaps and forward contracts). These investments are valued at quoted market prices or, where quoted market prices are not available, are fair valued based on the pricing policies and procedures of the underlying funds.

We allocate seed capital to our investment teams to help develop new products and services for our clients. A portion of our seed capital trading investments are equity and fixed income products, primarily in the form of separately-managed account portfolios, U.S. mutual funds, Luxembourg funds, Japanese investment trust management funds or Delaware business trusts. We also may allocate seed capital to investments in private equity funds. Regarding our seed capital investments, the amounts above reflect those funds in which we are not the primary beneficiary of a VIE or hold a controlling financial interest in a VOE. See Note 14, Consolidated Company-Sponsored Investment Funds, for a description of the seed capital investments that we consolidate. As of March 31, 2025 and December 31, 2024, our total seed capital

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investments were $356.7 million and $294.7 million, respectively. Seed capital investments in unconsolidated company-sponsored investment funds are valued using published net asset values or non-published net asset values if they are not listed on an active exchange but have net asset values that are comparable to funds with published net asset values and have no redemption restrictions.

Investments in joint ventures on the condensed consolidated statement of financial condition are accounted for under the equity method of accounting.

The portion of unrealized gains (losses) related to equity securities, as defined by ASC 321-10, held as of March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Net (losses) gains recognized during the period		$	(87)	$	11,058
Less: net gains recognized during the period on equity securities sold during the period		4,570		7,389
Unrealized (losses) gains recognized during the period on equity securities held		$	(4,657)	$	3,669

9. Derivative Instruments

See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of derivative instruments held by our consolidated company-sponsored investment funds.

We enter various futures, forwards, options and swaps to economically hedge certain seed capital investments. Also, we have currency forwards that help us to economically hedge certain balance sheet exposures. In addition, our options desk trades long and short exchange-traded equity options. We do not hold any derivatives designated in a formal hedge relationship under ASC 815-10, Derivatives and Hedging.

The notional value and fair value as of March 31, 2025 and December 31, 2024 for derivative instruments (excluding derivative instruments relating to our options desk trading activities discussed below) not designated as hedging instruments were as follows:


			Fair Value
	Notional Value		Derivative Assets		Derivative Liabilities
	(in thousands)
March 31, 2025:
Exchange-traded futures	$	170,508	$	876	$	324
Currency forwards	75,686		4,811		5,268
Interest rate swaps	17,282		87		117
Credit default swaps	241,508		735		5,774
Total return swaps	192,631		1,396		7,640
Option swaps	50,522		6,399		30
Total derivatives	$	748,137	$	14,304	$	19,153

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

As of March 31, 2025 and December 31, 2024, the derivative assets and liabilities are included in both receivables and payables to brokers and dealers on our condensed consolidated statements of financial condition.

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The gains and losses for derivative instruments for the three months ended March 31, 2025 and 2024 recognized in investment gains (losses) in the condensed consolidated statements of income were as follows:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Exchange-traded futures		$	258	$	(1,579)
Currency forwards		(655)		364
Interest rate swaps		(352)		143
Credit default swaps		434		(829)
Total return swaps		(11,417)		(3,256)
Option swaps		(1,044)		207
Net (losses) on derivative instruments		$	(12,776)	$	(4,950)

We may be exposed to credit-related losses in the event of non-performance by counterparties to derivative financial instruments. We minimize our counterparty exposure through a credit review and approval process. In addition, we have executed various collateral arrangements with counterparties to the over-the-counter derivative transactions that require both pledging and accepting collateral in the form of cash. As of March 31, 2025 and December 31, 2024, we held $7.2 million and $10.4 million, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in payables to brokers and dealers in our condensed consolidated statements of financial condition.

Although notional amount typically is utilized as the measure of volume in the derivatives market, it is not used as a measure of credit risk. Generally, the current credit exposure of our derivative contracts is limited to the net positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received. A derivative with positive value (a derivative asset) indicates existence of credit risk because the counterparty would owe us if the contract were closed. Alternatively, a derivative contract with negative value (a derivative liability) indicates we would owe money to the counterparty if the contract were closed. Generally, if there is more than one derivative transaction with a single counterparty, a master netting arrangement exists with respect to derivative transactions with that counterparty to provide for aggregate net settlement.

Our standardized contracts for over-the-counter derivative transactions, known as ISDA master agreements, provide for collateralization. As of March 31, 2025 and December 31, 2024, we delivered $11.6 million and $5.2 million, respectively, of cash collateral into brokerage accounts. We report this cash collateral in cash and cash equivalents in our condensed consolidated statement of financial condition.

For the three months ended March 31, 2024 (prior to our deconsolidation of the BRS business on April 1, 2024), we recognized losses of $2.0 million on equity options activity.

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10. Offsetting Assets and Liabilities

See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of offsetting assets and liabilities of our consolidated company-sponsored investment funds.

Offsetting of assets as of March 31, 2025 and December 31, 2024 was as follows:


	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)
March 31, 2025:
Securities borrowed	$	13,243	$	—	$	13,243	$	(13,202)	$	—	$	41
Derivatives	$	14,304	$	—	$	14,304	$	—	$	(7,161)	$	7,143

December 31, 2024:
Securities borrowed	$	1,144	$	—	$	1,144	$	(1,044)	$	—	$	100
Derivatives	$	20,941	$	—	$	20,941	$	—	$	(10,357)	$	10,584

Offsetting of liabilities as of March 31, 2025 and December 31, 2024 was as follows:


	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)
March 31, 2025:
Securities loaned	$	44	$	—	$	44	$	(43)	$	—	$	1
Derivatives	$	19,153	$	—	$	19,153	$	—	$	(11,573)	$	7,580

December 31, 2024:

Derivatives	$	14,944	$	—	$	14,944	$	—	$	(5,188)	$	9,756

Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.

11. Fair Value

See Note 14, Consolidated Company-Sponsored Investment Funds, for disclosure of fair value of our consolidated company-sponsored investment funds.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. The three broad levels of fair value hierarchy are as follows:

• Level 1 – Quoted prices in active markets are available for identical assets or liabilities as of the reported date.

• Level 2 – Quoted prices in markets that are not active or other pricing inputs that are either directly or indirectly observable as of the reported date.

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• Level 3 – Prices or valuation techniques that are both significant to the fair value measurement and unobservable as of the reported date. These financial instruments do not have two-way markets and are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of March 31, 2025 and December 31, 2024 was as follows (in thousands):


	Level 1		Level 2		Level 3		NAV Expedient(1)		Total
March 31, 2025:
Money markets	$	137,086	$	—	$	—	$	—	$	137,086
Securities segregated (U.S. Treasury Bills)	—		771,497		—		—		771,497
Derivatives	876		13,428		—		—		14,304


Equity securities	181,459		30,526		119		1,980		214,084




Other investments	8,231		—		—		—		8,231

Total assets measured at fair value	$	327,652	$	815,451	$	119	$	1,980	$	1,145,202




Derivatives	$	324	$	18,829	$	—	$	—	$	19,153
Contingent payment arrangements	—		—		8,478		—		8,478
Total liabilities measured at fair value	$	324	$	18,829	$	8,478	$	—	$	27,631

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

(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient.

Other investments included in Level 1 of the fair value hierarchy include our investment in a mutual fund measured at fair value.

We provide below a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy:

• Money markets: We invest excess cash in various money market funds that are valued based on quoted prices in active markets; these are included in Level 1 of the valuation hierarchy.

• Treasury Bills: We hold U.S. Treasury Bills, which are primarily segregated in a special reserve bank custody account as required by Rule 15c3-3 of the Exchange Act. These securities are valued based on quoted yields in secondary markets and are included in Level 2 of the valuation hierarchy.

• Equity securities: Our equity securities consist principally of company-sponsored mutual funds with NAVs and various separately-managed portfolios consisting primarily of equity and fixed income mutual funds with quoted

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prices in active markets, which are included in Level 1 of the valuation hierarchy. In addition, some securities are valued based on observable inputs from recognized pricing vendors, which are included in Level 2 of the valuation hierarchy.

• Derivatives: We hold exchange-traded futures with counterparties that are included in Level 1 of the valuation hierarchy. In addition, we also hold currency forward contracts, interest rate swaps, credit default swaps, option swaps and total return swaps with counterparties that are valued based on observable inputs from recognized pricing vendors, which are included in Level 2 of the valuation hierarchy.

• Contingent payment arrangements: Contingent payment arrangements relate to contingent payment liabilities associated with various acquisitions. At each reporting date, we estimate the fair values of the contingent consideration expected to be paid based upon probability-weighted AUM and revenue projections, using unobservable market data inputs, which are included in Level 3 of the valuation hierarchy.

During the three months ended March 31, 2025 there were no transfers between Level 2 and Level 3 securities.

The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Balance as of beginning of period		$	121	$	118



Unrealized (losses), net		(2)		(4)
Balance as of end of period		$	119	$	114

Realized and unrealized gains and losses on Level 3 financial instruments are recorded in investment gains and losses in the condensed consolidated statements of income.

Our acquisitions may include contingent consideration arrangements as part of the purchase price. The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as contingent payment arrangements, is as follows:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Balance as of beginning of period		$	9,385	$	252,690

Accretion		64		2,558

Payments		(971)		(1,140)

Balance as of end of period		$	8,478	$	254,108

As of March 31, 2025, the expected revenue growth rates ranged from 2.0% to 13.3%, with a weighted average of 6.8%, calculated using cumulative revenues and range of revenue growth rates and a discount rate of 1.9%. As of March 31, 2024, the expected revenue growth rates ranged from 2.0% to 29.3%, with a weighted average of 7.9%, calculated using cumulative revenues and a range of revenue growth rates. The discount rates ranged from 1.9% to 10.4%, with a weighted average of 4.6%, calculated using total contingent liabilities and range of discount rates.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

We did not have any material assets or liabilities that were measured at fair value for impairment on a nonrecurring basis during the three months ended March 31, 2025 or during the year ended December 31, 2024.

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12. Commitments and Contingencies

Legal Proceedings

Guarantees

In 2024, AB and Societe General ("SocGen") completed a transaction forming two joint ventures, one outside of North America and one within North America ("NA JV"). In connection with the transaction, Bernstein Institutional Services LLC (“BIS”), the U.S. broker-dealer subsidiary of the NA JV, entered into a credit facility agreement with SocGen, as lender, providing for up to $60.0 million of working capital. As a condition of the credit facility and until SocGen’s ownership exceeds 50% of NA JV, AB will provide a limited guarantee under which AB will guarantee up to its percentage ownership, currently 66.7%, of any unpaid obligations of BIS. As of March 31, 2025, there were no unpaid obligations under this facility requiring a guarantee by AB. Effective February 28, 2025, the agreement was amended and the original maturity date of April 1, 2025 was extended to March 31, 2026. The current commitment under the facility has also been reduced from $60.0 million to $30.0 million. There were no other material amendments to the credit facility.

In addition, AB will indemnify SocGen Canada ("SG Canada") for certain obligations and liabilities in relation to Sanford C. Bernstein Canada ("SCB Canada") until such time as SocGen exceeds 50% ownership of NA JV (the “Canadian Regulatory Guarantee”). Under the terms of the Canadian Regulatory Guarantee, SG Canada must guarantee the customer liabilities of SCB Canada to the full extent of its regulatory capital which fluctuates based upon business activity. AB has agreed to indemnify SG Canada for 66.7% of any amounts paid by SG Canada under the Canadian Regulatory Guarantee. As of March 31, 2025, there were no unpaid obligations requiring a guarantee by AB.

Commitments

During the fourth quarter of 2024, we entered into a non-exclusive partnership with Reinsurance Group of America, Incorporated (“RGA”) under which we committed to invest $100.0 million in a reinsurance sidecar vehicle sponsored by RGA and focused on the U.S. asset-intensive reinsurance market. AB intends to manage private alternative assets for RGA’s general account as part of a separate transaction. As of March 31, 2025, we have funded $0.1 million of this commitment.

13. Leases

We lease office space, furniture and office equipment under various operating and financing leases. Our current leases have initial lease terms of one year to 20 years, some of which include options to extend the leases for up to five years, and some of which include options to terminate the leases within one year.

Leases included in the condensed consolidated statement of financial condition as of March 31, 2025 and December 31, 2024 were as follows:

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	Classification	March 31, 2025		December 31, 2024
		(in thousands)
Operating Leases
Operating lease right-of-use assets	Right-of-use assets	$	437,026	$	441,662
Operating lease liabilities	Lease liabilities	499,473		504,171

Finance Leases
Property and equipment, gross	Right-of-use assets	19,570		19,548
Amortization of right-of-use assets	Right-of-use assets	(12,434)		(11,333)
Property and equipment, net		7,136		8,215
Finance lease liabilities	Lease liabilities	7,504		8,444

The components of lease expense included in the condensed consolidated statement of income as of March 31, 2025 and March 31, 2024 were as follows:


		Three Months Ended March 31,
	Classification		2025		2024
			(in thousands)
Operating lease cost	General and administrative		$	16,012	$	27,936
Financing lease cost:
Amortization of right-of-use assets	General and administrative		1,139		1,052
Interest on lease liabilities	Interest expense		69		84
Total finance lease cost			1,208		1,136
Variable lease cost (1)	General and administrative		3,286		9,610
Sublease income	General and administrative		(527)		(7,723)
Net lease cost			$	19,979	$	30,959

(1) Variable lease expense includes operating expenses, real estate taxes and employee parking.

The sub-lease income represents all revenues received from sub-tenants. It is primarily fixed base rental payments combined with variable reimbursements such as operating expenses, real estate taxes and employee parking. The vast majority of sub-tenant income is derived from our New York metro sub-tenant agreements. Sub-tenant income related to base rent is recorded on a straight-line basis.

Maturities of lease liabilities were as follows:


	Operating Leases		Financing Leases		Total
Year ending December 31,	(in thousands)
2025 (excluding the three months ended March 31, 2025)	$	44,842	$	3,335	$	48,177
2026	63,389		2,976		66,365
2027	60,001		1,218		61,219
2028	52,975		298		53,273
2029	49,460		—		49,460
Thereafter	415,804		—		415,804
Total lease payments	686,471		7,827		694,298
Less interest	(186,998)		(323)
Present value of lease liabilities	$	499,473	$	7,504

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Lease term and discount rate:
Weighted average remaining lease term (years):
Operating leases	13.42
Finance leases	2.12
Weighted average discount rate:
Operating leases	4.42	%
Finance leases	3.80	%

Supplemental non-cash activity related to leases was as follows:


	Three Months Ended March 31,
	2025	2024
	(in thousands)




Right-of-use assets obtained in exchange for lease obligations(1):
Operating leases	77	204,729

(1) Represents non-cash activity and, accordingly, is not reflected in the condensed consolidated statement of cash flows.

14. Consolidated Company-Sponsored Investment Funds

We regularly provide seed capital to new company-sponsored investment funds. As such, we may consolidate or de-consolidate a variety of company-sponsored investment funds each quarter. Due to the similarity of risks related to our involvement with each company-sponsored investment fund, disclosures required under the VIE model are aggregated, such as disclosures regarding the carrying amount and classification of assets.

We are not required to provide financial support to company-sponsored investment funds, and only the assets of such funds are available to settle each fund's own liabilities. Our exposure to loss regarding consolidated company-sponsored investment funds is limited to our investment in, and our management fee earned from, such funds. Equity and debt holders of such funds have no recourse to AB’s assets or to the general credit of AB.

The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:


	March 31, 2025						December 31, 2024
	(in thousands)
	VIEs		VOEs		Total		VIEs		VOEs		Total
Cash and cash equivalents	$	14,651	$	95	$	14,746	$	1,671	$	318	$	1,989
Investments	284,582		56,546		341,128		82,027		58,765		140,792
Other assets	9,358		2,983		12,341		1,317		13,484		14,801
Total assets	$	308,591	$	59,624	$	368,215	$	85,015	$	72,567	$	157,582

Liabilities	$	15,674	$	3,224	$	18,898	$	345	$	1,371	$	1,716
Redeemable non-controlling interest	188,779		12,877		201,656		31,670		16,819		48,489
Partners' capital attributable to AB Unitholders	104,138		43,523		147,661		53,000		54,377		107,377
Total liabilities, redeemable non-controlling interest and partners' capital	$	308,591	$	59,624	$	368,215	$	85,015	$	72,567	$	157,582

During the three-month period ended March 31, 2025, we deconsolidated two funds in which we had a seed investment of approximately $10.4 million as of December 31, 2024, due to no longer having a controlling financial interest.

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Changes in the redeemable non-controlling interest balance during the three-month period ended March 31, 2025 are as follows (in thousands):



Redeemable non-controlling interest as of December 31, 2024	$	48,489
Deconsolidated funds	(968)
Changes in third-party seed investments in consolidated funds	154,135
Redeemable non-controlling interest as of March 31, 2025	$	201,656

Fair Value

Cash and cash equivalents include cash on hand, demand deposits, overnight commercial paper and highly liquid investments with original maturities of three months or less. Due to the short-term nature of these instruments, the recorded value has been determined to approximate fair value.

Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of March 31, 2025 and December 31, 2024 was as follows (in thousands):


	Level 1		Level 2		Total
March 31, 2025:
Investments - VIEs	$	16,828	$	267,754	$	284,582
Investments - VOEs	718		55,828		56,546
Derivatives - VIEs	76		33		109

Total assets measured at fair value	$	17,622	$	323,615	$	341,237

Derivatives - VIEs	$	81	$	59	$	140

Total liabilities measured at fair value	$	81	$	59	$	140

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

See Note 11 for a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

There were no Level 3 financial instruments carried at fair value within the consolidated company-sponsored investment funds during the three months ended March 31, 2025 and 2024, respectively.

Derivative Instruments

As of March 31, 2025 and December 31, 2024, the VIEs held zero (net), respectively, of futures, forwards and swaps within their portfolios. For the three months ended March 31, 2025 and March 31, 2024, we recognized $0.1 million and $0.5 million of losses, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statements of income.

As of March 31, 2025 and December 31, 2024, the VIEs held zero, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in the liabilities of consolidated company-sponsored investment funds in our condensed consolidated statements of financial condition.

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As of March 31, 2025 and December 31, 2024, the VIEs delivered $0.4 million and $0.3 million, respectively, of cash collateral into brokerage accounts. The VIEs report this cash collateral in the consolidated company-sponsored investment funds cash and cash equivalents in our condensed consolidated statements of financial condition.

As of March 31, 2025 and December 31, 2024, the VOEs held zero and $11.5 million futures, forwards, options or swaps within their portfolios. For the three months ended March 31, 2025 and March 31, 2024, we recognized no gains or losses on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed statements of income.

As of March 31, 2025 and December 31, 2024, the VOEs held no cash collateral payable to trade counterparties.

As of March 31, 2025 and December 31, 2024, the VOEs delivered no cash collateral in brokerage accounts.

Offsetting Assets and Liabilities

Offsetting of derivative assets of consolidated company-sponsored investment funds as of March 31, 2025 and December 31, 2024 was as follows:


	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)
March 31, 2025:
Derivatives - VIEs	$	109	$	—	$	109	$	—	$	(21)	$	88

December 31, 2024:
Derivatives - VIEs	$	101	$	—	$	101	$	—	$	(2)	$	99
Derivatives - VOEs	11,483		—		11,483		—		—		11,483

Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of March 31, 2025 and December 31, 2024 was as follows:


	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)
March 31, 2025:
Derivatives - VIEs	$	140	$	—	$	140	$	—	$	(140)	$	—

December 31, 2024:
Derivatives - VIEs	$	85	$	—	$	85	$	—	$	(85)	$	—

Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.

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Non-Consolidated VIEs

As of March 31, 2025, the net assets of company-sponsored investment products that are non-consolidated VIEs are approximately $44.5 billion, and our maximum risk of loss is our investment of $13.1 million in these VIEs and our advisory fee receivables from these VIEs is $91.1 million. As of December 31, 2024, the net assets of company-sponsored investment products that are non-consolidated VIEs are approximately $46.9 billion; our maximum risk of loss is our investment of $17.3 million in these VIEs and our advisory fees receivable from these VIEs are $115.2 million.

15. Units Outstanding

Changes in AB Units outstanding during the three-month period ended March 31, 2025 were as follows:


Outstanding as of December 31, 2024			292,107,907

Units issued			868,861
Units retired (1)			(703,571)
Outstanding as of March 31, 2025			292,273,197

(1) During the three months ended March 31, 2025, we purchased 4,080 AB Units in private transactions and retired them.

16. Debt

Credit Facility

AB has an $800.0 million committed, unsecured senior revolving credit facility (the “Credit Facility”) with a group of commercial banks and other lenders, which matures on October 13, 2026. The Credit Facility provides for possible increases in the principal amount by up to an aggregate incremental amount of $200.0 million; any such increase is subject to the consent of the affected lenders. The Credit Facility is available for AB and Sanford C. Bernstein & Co., LLC ("SCB LLC") business purposes, including the support of AB’s commercial paper program. Both AB and SCB LLC can draw directly under the Credit Facility and management may draw on the Credit Facility from time to time. AB has agreed to guarantee the obligations of SCB LLC under the Credit Facility.

The Credit Facility contains affirmative, negative and financial covenants, which are customary for facilities of this type, including restrictions on dispositions of assets, restrictions on liens, a minimum interest coverage ratio and a maximum leverage ratio. As of March 31, 2025, we were in compliance with these covenants. The Credit Facility also includes customary events of default (with customary grace periods, as applicable), including provisions under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or lender’s commitments may be terminated. Also, under such provisions, upon the occurrence of certain insolvency- or bankruptcy-related events of default, all amounts payable under the Credit Facility would automatically become immediately due and payable, and the lender’s commitments automatically would terminate.

Amounts under the Credit Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. Voluntary prepayments and commitment reductions requested by us are permitted at any time without a fee (other than customary breakage costs relating to the prepayment of any drawn loans) upon proper notice and subject to a minimum dollar requirement. Borrowings under the Credit Facility bear interest at a rate per annum, which will be, at our option, a rate equal to an applicable margin, which is subject to adjustment based on the credit ratings of AB, plus one of the following indices: a term Secured Overnight Financial Rate; a Prime rate; or the Federal Funds rate.

As of March 31, 2025 and December 31, 2024, we had no amounts outstanding under the Credit Facility. Furthermore, during the first three months of 2025 and the full year 2024, we did not draw upon the Credit Facility.

EQH Facility

AB also has a $900.0 million committed, unsecured senior credit facility (“EQH Facility”) with EQH. The EQH Facility matures on August 31, 2029 and is available for AB's general business purposes. Borrowings under the EQH Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates.

The EQH Facility contains affirmative, negative and financial covenants which are substantially similar to those in AB’s committed bank facilities. As of March 31, 2025, we were in compliance with these covenants. The EQH Facility also includes customary events of default substantially similar to those in AB’s committed bank facilities, including provisions

Index

under which, upon the occurrence of an event of default, all outstanding loans may be accelerated and/or the lender’s commitment may be terminated.

Amounts under the EQH Facility may be borrowed, repaid and re-borrowed by us from time to time until the maturity of the facility. AB or EQH may reduce or terminate the commitment at any time without penalty upon proper notice. EQH also may terminate the facility immediately upon a change of control of our general partner.

As of March 31, 2025 and December 31, 2024, AB had $740.0 million and $710.0 million outstanding under the EQH Facility, with interest rates of approximately 4.3% for both periods. Average daily borrowings on the EQH Facility for the first three months of 2025 and the full year 2024 were $409.4 million and $494.2 million, respectively, with weighted average interest rates of approximately 4.3% and 5.2%, respectively.

EQH Uncommitted Facility

In addition to the EQH Facility, AB has a $300.0 million uncommitted, unsecured senior credit facility (“EQH Uncommitted Facility”) with EQH. The EQH Uncommitted Facility matures on August 31, 2029 and is available for AB's general business purposes. Borrowings under the EQH Uncommitted Facility generally bear interest at a rate per annum based on prevailing overnight commercial paper rates. The EQH Uncommitted Facility contains affirmative, negative and financial covenants which are substantially similar to those in the EQH Facility. As of March 31, 2025, we were in compliance with these covenants. As of March 31, 2025 and December 31, 2024 we had no amounts outstanding on the EQH Uncommitted Facility. During the first three months of 2025 and full year 2024, we did not draw upon the EQH Uncommitted Facility.

Commercial Paper

As of both March 31, 2025 and December 31, 2024 we had no commercial paper outstanding. The commercial paper is short term in nature, and as such, recorded value is estimated to approximate fair value (and considered a Level 2 security in the fair value hierarchy). Average daily borrowings of commercial paper during the first three months of 2025 and full year 2024 were $182.8 million and $268.2 million, respectively, with weighted average interest rates of approximately 4.5% and 5.4%, respectively.

SCB Lines of Credit

SCB LLC has three uncommitted lines of credit with three financial institutions. Two of these lines of credit permit us to borrow up to an aggregate of approximately $150.0 million, with AB named as an additional borrower, while the other line has no stated limit. AB has agreed to guarantee the obligations on SCB LLC under these lines of credit. As of March 31, 2025 and December 31, 2024, SCB LLC had no outstanding balance on these lines of credit. Average daily borrowings on these lines of credit during the first three months of 2025 and full year 2024 were $0.7 million and $0.6 million, respectively, with weighted average interest rates of approximately 7.5% and 8.5%, respectively.

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17. Business Segment Information

Management has assessed the requirements of ASC 280, Segment Reporting, and determined that, because we utilize a consolidated approach to assess performance and allocate resources, we have only one operating segment. We provide diversified investment management, research and related services globally to a broad range of clients through our three distribution channels: Institutions, Retail and Private Wealth Management.

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer of AB. The CODM evaluates the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. Significant segment expenses are part of the CODM review and are critically important to understand the level of profitability and overall performance of the company. This assessment will determine the way in which the CODM allocates resources to our respective business operations.

Measurement of Segment Profit or Loss and How the CODM Uses the Reported Measure

The CODM regularly receives financial information and management reports that are prepared on a consolidated basis. When assessing profitability, allocating resources and evaluating the underlying performance of our business, the CODM uses condensed consolidated net income as reported on the condensed consolidated statements of income. In applying the requirements under ASC 280, the company has identified significant segment expenses and other segment items related to our one operating segment. The significant expenses considered by the CODM in evaluating the performance of our business are consistent with the financial information included on the company's condensed consolidated statements of income. The measurement of assets as evaluated by the CODM is reported as "Total assets" on the condensed consolidated statements of financial condition. As an additional measure of segment profit or loss, the CODM considers certain adjustments to condensed consolidated net income. While management uses these additional adjusted metrics in assessing and allocating resources to the business, management recognizes that US GAAP principles are the basis of our performance. The accounting policies of our one operating segment are described in Note 2 "Significant Accounting Policies".

Enterprise-wide disclosures as of and for the three months ended March 31, 2025 and 2024 were as follows:

Services

Net revenues derived from our investment management, research and related services for the three months ended March 31, 2025 and 2024 were as follows:


	Three Months Ended March 31,
	2025			2024
	(in thousands)
Institutions(1)		$	172,005	$	157,273
Retail(1)		599,972		536,177
Private Wealth Management(1)		298,797		278,308
Bernstein Research Services (2)		—		96,222


Other		27,350		59,888
Total revenues		1,098,124		1,127,868
Less: Broker-dealer related Interest expense		17,517		23,717
Net revenues		$	1,080,607	$	1,104,151

(1) Institutions, Retail and Private Wealth management revenues by channel include investment advisory base fees, performance-based fees, distribution revenues and shareholder servicing fees by channel.

(2) Effective April 1, 2024, AB deconsolidated the Bernstein Research Services business.

Our AllianceBernstein U.S. Growth Stock, an open-end fund incorporated in Japan, generated approximately 15% and 13% of our investment advisory and service fees and 12% and 9% of our net revenues for the three months ended March 31, 2025 and 2024, respectively.

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Geographic Information

Net revenues related to our U.S. and international operations, for the three months ended March 31, 2025 and 2024, were as follows:


		Three Months Ended March 31,
		2025		2024
	(in thousands)
Net revenues:
United States		$	628,369	$	660,543
International:
Luxembourg		264,193		246,499
Japan		139,829		108,282
Other International		48,216		88,827
Total International		452,238		443,608
Total		$	1,080,607	$	1,104,151

Long-lived assets related to our U.S. and international operations, as of March 31, 2025 and December 31, 2024, were as follows:


		March 31, 2025		December 31, 2024
	(in thousands)
Long-lived assets:
United States		$	4,184,662	$	4,187,885
International		55,929		57,140



Total		$	4,240,591	$	4,245,025

Major Customers

No single customer or individual client accounted for more than 10% of our total revenues for the three months ended March 31, 2025 and 2024.

18. Qualified Employee Benefit Plans

We maintained a qualified, noncontributory, defined benefit retirement plan (the “Retirement Plan”) covering current and former employees who were employed by AB in the United States prior to October 2, 2000. During 2024, the Compensation Committee of the AB Board of Directors approved the termination of the Retirement Plan, effective May 22, 2024. We began the process of settling benefits with vested participants and all lump sum disbursements elected by plan participants were distributed in December 2024 in the amount of $35.0 million. The remaining retirement plan participants who did not elect a lump sum disbursement elected to roll over their benefit to a group annuity contract from a qualified insurance company to administer all future payments. During the three months ended March 31, 2025, we settled all future obligations under the Retirement Plan and transferred the remaining benefit obligations to a qualified third party insurance provider under a group annuity contract. The final annuity premium transferred was $59.4 million. Following the settlement related to the annuity purchase, the plans funded status was in a deficit and the company funded an additional $1.7 million to cover all remaining obligations. As a result of the settlement, we recognized a non-cash settlement charge of approximately $20.8 million related to Retirement Plan losses and the reclassification from accumulated other comprehensive loss to general and administrative expenses in the condensed consolidated statements of income.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Executive Overview

Our total assets under management (“AUM”) as of March 31, 2025 were $784.5 billion, down $7.7 billion, or 1.0%, compared to December 31, 2024, and up $25.8 billion, or 3.4%, compared to March 31, 2024. During the first quarter of 2025 AUM decreased due to market depreciation of $10.1 billion, offset by net inflows of $2.4 billion (Retail net inflows of $0.9 billion, Private Wealth net inflows of $0.8 billion and Institutional net inflows of $0.7 billion).

Institutional AUM increased $2.7 billion, or 0.8%, to $324.1 billion during the first quarter of 2025, primarily due to market appreciation of $1.6 billion and net inflows of $0.7 billion. Gross sales increased sequentially from $2.0 billion during the fourth quarter of 2024 to $4.6 billion during the first quarter of 2025. Redemptions and terminations decreased sequentially from $3.9 billion to $2.5 billion.

Retail AUM decreased $10.2 billion, or 3.1%, to $324.1 billion during the first quarter of 2025, due to market depreciation of $11.1 billion, offset by inflows of $0.9 billion. Gross sales decreased sequentially from $26.4 billion during the fourth quarter of 2024 to $25.7 billion during the first quarter of 2025. Redemptions and terminations increased sequentially from $20.5 billion to $22.2 billion.

Private Wealth AUM decreased $0.2 billion, or 0.1%, to $136.3 billion during the first quarter of 2025, due to market depreciation of $0.6 billion and a transfer of assets of $0.4 billion, offset by net inflows of $0.8 billion. Gross sales increased sequentially from $5.2 billion during the fourth quarter of 2024 to $5.8 billion during the first quarter of 2025. Redemptions and terminations increased sequentially from $4.8 billion to $5.0 billion.

Bernstein Research Services ("BRS") revenue decreased $96.2 million, or 100.0%, compared to the first quarter of 2024. The decrease was due to the deconsolidation of the BRS business and contribution of the business to the joint ventures, effective April 1, 2024.

Net revenues of $1.1 billion for the first quarter of 2025 decreased $23.5 million, or 2.1%, compared to the first quarter of 2024. The decrease was primarily due to lower BRS revenues of $96.2 million resulting from the BRS deconsolidation, higher investment losses of $32.3 million and lower net dividend and interest revenues of $4.0 million, partially offset by higher investment advisory base fees of $63.6 million, higher distribution revenues $33.3 million and higher performance-based fees of $7.1 million.

Operating expenses for the first quarter of 2025 decreased $17.9 million, or 2.1%, to $844.2 million from $862.2 million in the first quarter of 2024. The decrease was primarily due to lower employee compensation and benefits expense $32.2 million, lower interest on borrowings of $10.2 million and lower contingent payment arrangements of $2.5 million, partially offset by higher promotion and servicing expense of $17.6 million and higher general and administrative ("G&A") expense of $10.0 million.

Operating income decreased $5.6 million, or 2.3%, to $236.4 million from $242.0 million in the first quarter of 2024 and our operating margin increased to 21.8% in the first quarter of 2025 from 21.2% in the first quarter of 2024.

Market Environment

U.S. Equities

US equity indices posted losses in the first quarter of 2025, with the market-cap weighted S&P 500 returning -4.3% (including dividends), primarily due to steep declines in the information technology and consumer discretionary sectors. However, sectors like energy and healthcare showed strength, helping to mitigate the impact on the equal-weighted S&P 500 index which saw modestly negative returns of -0.6% during the quarter. Growth underperformed value-oriented sectors during the first quarter of 2025, as investors reassessed their expectations around artificial intelligence (“AI”) including U.S. leadership in the industry and potential returns on investment in AI projects. Small-capitalization stocks underperformed large-capitalization stocks, influenced by the new administration's proposed trade tariffs and efforts to curb public sector spending, which impacted consumer sentiment and the overall outlook for the U.S. economy. In March, the U.S. Federal Reserve (“Fed”) adjusted its forecasts, lowering the U.S. growth forecast for 2025 to 1.7% from the previous estimate of 2.1%. Additionally, the Federal Reserve raised its inflation outlook to 2.7% from 2.5%.

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Global and Non-U.S. Equities

Record-high valuations in U.S. equities, combined with a dimming economic outlook for the U.S., triggered a rotation cycle that favored non-U.S. equities. In the Eurozone, an improved growth forecast supported by expectations of accommodative fiscal spending propelled the MSCI Eurozone to a return of +7.6% in the first quarter of 2025 (in local currency terms). U.K. equities also benefited from this rotation trade, with the MSCI U.K. delivering +6.4% (in local currency terms) during the same period. Conversely, the Japanese equity market experienced a decline in Q1, closing the quarter with a negative return of -3.4% for the TOPIX index in Yen terms. Selling pressure in Japanese equities was fueled by uncertainties surrounding tariff policies and growing concerns about the potential for a U.S. recession. Asia ex Japan equities saw modest gains with varying performance across markets. Chinese shares surged in the quarter, buoyed by government stimulus measures such as interest rate cuts, support for the property sector, and liquidity injections, which helped stabilize the economy and boost investor confidence. Despite the backdrop of trade tariffs and U.S. policy uncertainties, a decline in the U.S. 10-year Treasury yield and a weaker dollar provided support for emerging market equities.

Global Bonds

Despite heightened rates volatility driven by inflationary pressures and uncertainty surrounding fiscal and monetary policies, bonds served as a safe haven during the first quarter of 2025. The Bloomberg U.S. Aggregate index delivered a return of +2.8%, showcasing the divergence across government and corporate bonds. U.S. treasury yields declined and prices rose, reflecting subdued U.S. growth expectations and government spending reductions. In contrast, the fiscal spending outlook for European countries eased on account of higher defense spending expectations and a pro-growth agenda. The new German government's expansionary fiscal proposals pushed German bond yields higher. Japanese government bonds faced challenges as yields rose amid robust GDP growth and increasing inflation. Weakening corporate fundamentals and balance sheets resulted in wider spreads, prompting a flight to quality where investment-grade corporate bonds outperformed high-yield counterparts.

Relationship with EQH and its Subsidiaries

EQH (our parent company) and its subsidiaries are our largest client. EQH is collaborating with AB in order to improve the risk-adjusted yield for the General Accounts of EQH's insurance subsidiaries by investing additional assets at AB, including the utilization of AB's higher-fee, longer-duration alternative offerings. During the second quarter of 2023, Equitable Financial Life Insurance Company, a subsidiary of EQH ("Equitable Financial"), committed to an additional $10 billion in permanent capital to build out AB's private illiquid offerings, including private alternatives and private placements, deployment of which is approximately 40% complete. The initial $10 billion commitment from 2021 has been fully deployed. We expect this anticipated capital from EQH's insurance subsidiaries will continue to accelerate both organic and inorganic growth in our private alternatives business, allowing us to continue to deliver for our clients, employees, unitholders and other stakeholders. For example, included in the initial $10 billion commitment by EQH is $750 million in capital deployed through AB CarVal.

Permanent capital means investment capital of indefinite duration, for which commitments may be withdrawn under certain conditions. Such conditions primarily include potential regulatory restrictions, lacking sufficient liquidity to fund the capital commitments to AB and AB's inability to identify attractive investment opportunities which align with the investment strategy. Although EQH’s insurance subsidiaries have indicated their intention over time to provide this investment capital to AB, they have no binding commitment to do so. While the withdrawal of their commitment could potentially slow down our introduction of certain products, the impact to our overall operations would not be material.

Assets Under Management

Assets under management by distribution channel are as follows:


	As of March 31,
	2025		2024		$ Change		% Change
	(in billions)

Institutions	$	324.1	$	322.5	$	1.6	0.5	%
Retail	324.1		308.0		16.1		5.2
Private Wealth	136.3		128.2		8.1		6.3
Total	$	784.5	$	758.7	$	25.8	3.4	%

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Assets under management by investment service are as follows:


	As of March 31,
	2025		2024		$ Change		% Change
	(in billions)
Equity
Actively Managed	$	249.0	$	264.1	$	(15.1)	(5.7)	%
Passively Managed(1)	65.8		64.7		1.1		1.6
Total Equity	314.8		328.8		(14.0)		(4.3)

Fixed Income
Actively Managed
Taxable	211.6		212.1		(0.5)		(0.2)
Tax–exempt	78.4		64.0		14.4		22.4
	290.0		276.1		13.9		5.0
Passively Managed(1)	10.1		11.2		(1.1)		(8.8)
Total Fixed Income	300.1		287.3		12.8		4.5

Alternatives/Multi-Asset Solutions(2)
Actively Managed	158.5		133.1		25.4		19.1
Passively Managed(1)	11.1		9.5		1.6		17.0
Total Alternatives/Multi-Asset Solutions	169.6		142.6		27.0		19.0
Total	$	784.5	$	758.7	$	25.8	3.4	%

(1)Includes index and enhanced index services.

(2)Includes certain multi-asset solutions and services not included in equity or fixed income services.

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Changes in assets under management for the three-month and twelve-month periods ended March 31, 2025 are as follows:


	Distribution Channel
	Institutions		Retail		Private Wealth		Total
	(in billions)
Balance as of December 31, 2024	$	321.4	$	334.3	$	136.5	$	792.2
Long-term flows:
Sales/new accounts	4.6		25.7		5.8		36.1
Redemptions/terminations	(2.5)		(22.2)		(5.0)		(29.7)
Cash flow/unreinvested dividends	(1.4)		(2.6)		—		(4.0)
Net long-term inflows	0.7		0.9		0.8		2.4
Transfers	0.4		—		(0.4)		—


Market appreciation (depreciation)	1.6		(11.1)		(0.6)		(10.1)
Net change	2.7		(10.2)		(0.2)		(7.7)
Balance as of March 31, 2025	$	324.1	$	324.1	$	136.3	$	784.5














Balance as of March 31, 2024	$	322.5	$	308.0	$	128.2	$	758.7
Long-term flows:
Sales/new accounts	14.3		101.8		21.1		137.2
Redemptions/terminations	(14.1)		(77.0)		(19.9)		(111.0)
Cash flow/unreinvested dividends	(11.9)		(14.6)		—		(26.5)
Net long-term (outflows) inflows	(11.7)		10.2		1.2		(0.3)
Adjustments(1)	—		—		0.7		0.7
Transfers	0.5		(0.1)		(0.4)		—

Market appreciation	12.8		6.0		6.6		25.4
Net change	1.6		16.1		8.1		25.8
Balance as of March 31, 2025	$	324.1	$	324.1	$	136.3	$	784.5

(1) This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.

Index


	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 December 31, 2024	$	263.4	$	68.3	$	209.3	$	76.2	$	10.3	$	164.7	$	792.2
Long-term flows:
Sales/new accounts	13.2		0.5		12.4		5.8		—		4.2		36.1
Redemptions/terminations	(13.9)		(0.1)		(10.9)		(3.5)		(0.1)		(1.2)		(29.7)
Cash flow/unreinvested dividends	(1.8)		(0.2)		(2.9)		0.1		(0.4)		1.2		(4.0)
Net long-term (outflows) inflows	(2.5)		0.2		(1.4)		2.4		(0.5)		4.2		2.4


Market (depreciation) appreciation	(11.9)		(2.7)		3.7		(0.2)		0.3		0.7		(10.1)
Net change	(14.4)		(2.5)		2.3		2.2		(0.2)		4.9		(7.7)
Balance as of March 31, 2025	$	249.0	$	65.8	$	211.6	$	78.4	$	10.1	$	169.6	$	784.5













Balance as of March 31, 2024	$	264.1	$	64.7	$	212.1	$	64.0	$	11.2	$	142.6	$	758.7
Long-term flows:
Sales/new accounts	50.5		1.3		44.7		24.8		—		15.9		137.2
Redemptions/terminations	(53.9)		(0.6)		(37.9)		(12.2)		(0.6)		(5.8)		(111.0)
Cash flow/unreinvested dividends	(17.0)		(3.8)		(1.8)		0.4		(0.8)		(3.5)		(26.5)
Net long-term (outflows) inflows	(20.4)		(3.1)		5.0		13.0		(1.4)		6.6		(0.3)
Adjustments(3)	—		—		0.2		0.5		—		—		0.7
Transfers	—		—		(12.1)		—		—		12.1		—
Market appreciation	5.3		4.2		6.4		0.9		0.3		8.3		25.4
Net change	(15.1)		1.1		(0.5)		14.4		(1.1)		27.0		25.8
Balance as of March 31, 2025	$	249.0	$	65.8	$	211.6	$	78.4	$	10.1	$	169.6	$	784.5

(1)Includes index and enhanced index services.

(2)Includes certain multi-asset solutions and services not included in equity or fixed income services

(3)This adjustment is due to a change in fee policy related to certain fixed income assets effective October 1, 2024.

Index

Net long-term inflows (outflows) for actively managed investment services as compared to passively managed investment services for the three-month and twelve-month periods ended March 31, 2025 are as follows:


	Periods Ended March 31, 2025
		Three-months		Twelve-months
	(in billions)
Actively Managed
Equity		$	(2.5)	$	(20.4)
Fixed Income		1.0		18.0
Alternatives/Multi-Asset Solutions		4.2		5.7
Total Actively Managed		2.7		3.3

Passively Managed
Equity		0.2		(3.1)
Fixed Income		(0.5)		(1.4)
Alternatives/Multi-Asset Solutions		—		0.9
Total Passively Managed		(0.3)		(3.6)
Total net long-term inflows (outflows)		$	2.4	$	(0.3)

Average assets under management by distribution channel and investment service are as follows:


		Three Months Ended March 31,
			2025		2024		$ Change		% Change
	(in billions)
Distribution Channel:
Institutions			$	325.2	$	317.8	$	7.4	2.3	%
Retail			334.4		296.9		37.5		12.6
Private Wealth			137.9		124.2		13.7		11.1
Total			$	797.5	$	738.9	$	58.6	7.9	%
Investment Service:
Equity Actively Managed			$	261.8	$	254.2	$	7.6	3.0	%
Equity Passively Managed(1)			68.4		63.8		4.6		7.3
Fixed Income Actively Managed – Taxable			211.5		209.3		2.2		1.0
Fixed Income Actively Managed – Tax-exempt			77.7		62.5		15.2		24.3
Fixed Income Passively Managed(1)			10.3		11.2		(0.9)		(8.2)
Alternatives/Multi-Asset Solutions(2)			167.8		137.9		29.9		21.6
Total			$	797.5	$	738.9	$	58.6	7.9	%

(1)Includes index and enhanced index services.

(2)Includes certain multi-asset solutions and services not included in equity of fixed income services.

Our Institutional channel first quarter average AUM of $325.2 billion increased $7.4 billion, or 2.3%, compared to the first quarter of 2024, while Institutional channel first quarter ending AUM increased $1.6 billion, or 0.5%, to $324.1 billion from March 31, 2024. The $1.6 billion increase in AUM resulted primarily from market appreciation of $12.8 billion, offset by net outflows of $11.7 billion from March 31, 2024. The difference between the changes in average and ending Institutional channel first quarter AUM is primarily due to heightened market depreciation in March of 2025 of $5.2 billion.

Index

Our Retail channel first quarter average AUM of $334.4 billion increased $37.5 billion, or 12.6%, compared to the first quarter of 2024, while Retail channel first quarter ending AUM increased $16.1 billion, or 5.2%, to $324.1 billion from March 31, 2024. The $16.1 billion increase resulted primarily from market appreciation of $6.0 billion and net inflows of $10.2 billion from March 31, 2024. The difference between the changes in average and ending Retail channel first quarter AUM is primarily due to heightened market depreciation in March of 2025 of $12.9 billion.

Our Private Wealth channel first quarter average AUM of $137.9 billion increased $13.7 billion, or 11.1%, compared to the first quarter of 2024, while Private Wealth channel first quarter ending AUM increased $8.1 billion, or 6.3%, to $136.3 billion from March 31, 2024. The $8.1 billion increase resulted from market appreciation of $6.6 billion and net inflows of $1.2 billion from March 31, 2024. The difference between the changes in average and ending Private Wealth channel first quarter AUM is primarily due to heightened market depreciation in March of 2025 of $3.6 billion.

Absolute investment composite returns, gross of fees, and relative performance as of March 31, 2025 compared to benchmarks for certain representative Institutional equity and fixed income services are as follows:


	1-Year		3-Year(1)		5-Year(1)


Income (fixed income)
Absolute return	7.0	%	2.9	%	4.0	%
Relative return (vs. Bloomberg Barclays U.S. Aggregate Index)	2.2		2.4		4.4
High Income (fixed income)
Absolute return	7.6		5.8		8.5
Relative return (vs. Bloomberg Barclays Global High Yield Index - Hedged)	(1.5)		(0.3)		1.0
Global Plus - Hedged (fixed income)
Absolute return	4.2		1.6		1.5
Relative return (vs. Bloomberg Barclays Global Aggregate Index - Hedged)	(0.4)		—		1.0
Intermediate Municipal Bonds (fixed income)
Absolute return	2.8		2.6		2.2
Relative return (vs. Lipper Short/Int. Blended Muni Fund Avg)	0.3		0.6		0.9
U.S. Core Plus (fixed income)
Absolute return	6.5		1.4		1.0
Relative return (vs. Bloomberg Barclays U.S. Aggregate Index)	1.6		0.8		1.4
Emerging Market Debt (fixed income)
Absolute return	9.1		4.0		5.2
Relative return (vs. JPM EMBI Global/JPM EMBI)	2.4		0.8		1.9
Sustainable Global Thematic
Absolute return	(4.9)		0.4		12.3
Relative return (vs. MSCI ACWI Index)	(12.0)		(6.6)		(2.9)
International Strategic Core Equity
Absolute return	13.1		8.1		11.9
Relative return (vs. MSCI EAFE Index)	8.3		2.0		0.1
U.S. Small & Mid Cap Value
Absolute return	(2.4)		3.3		18.6
Relative return (vs. Russell 2500 Value Index)	(1.0)		1.1		2.0
U.S. Large Cap Value
Absolute return	5.7		9.9		19.1
Relative return (vs. Russell 1000 Value Index)	(1.5)		3.2		2.9
U.S. Small Cap Growth
Absolute return	(7.0)		(1.6)		9.9

Index


	1-Year	3-Year(1)	5-Year(1)
Relative return (vs. Russell 2000 Growth Index)	(2.2)	(2.4)	(0.9)
U.S. Large Cap Growth
Absolute return	2.2	8.9	17.3
Relative return (vs. Russell 1000 Growth Index)	(5.5)	(1.2)	(2.7)
U.S. Small & Mid Cap Growth
Absolute return	(8.6)	(0.9)	10.4
Relative return (vs. Russell 2500 Growth Index)	(2.2)	(1.4)	(1.0)
Concentrated U.S. Growth
Absolute return	(0.2)	3.9	14.6
Relative return (vs. S&P 500 Index)	(8.4)	(5.2)	(4.0)
Select U.S. Equity
Absolute return	11.3	10.6	19.9
Relative return (vs. S&P 500 Index)	3.0	1.5	1.3
Strategic Equities
Absolute return	4.8	8.5	17.9
Relative return (vs. Russell 3000 Index)	(2.5)	0.3	(0.3)
Global Core Equity
Absolute return	6.4	6.0	13.0
Relative return (vs. MSCI ACWI Index)	(0.8)	(0.9)	(2.2)
U.S. Strategic Core Equity
Absolute return	10.1	11.0	17.1
Relative return (vs. S&P 500 Index)	1.8	1.9	(1.5)
Select U.S. Equity Long/Short
Absolute return	10.2	8.1	12.9
Relative return (vs. S&P 500 Index)	2.0	(1.0)	(5.7)
Global Strategic Core Equity
Absolute return	10.0	9.6	15.1
Relative return (vs. S&P 500 Index)	2.9	2.1	(1.1)

(1)Reflects annualized returns.

Index

Consolidated Results of Operations


	Three Months Ended March 31,
		2025			2024			$ Change		% Change
		(in thousands, except per unit amounts)
Net revenues		$	1,080,607		$	1,104,151		$	(23,544)	(2.1)	%
Expenses		844,238			862,154			(17,916)		(2.1)
Operating income		236,369			241,997			(5,628)		(2.3)
Income taxes		14,675			16,042			(1,367)		(8.5)
Net income		221,694			225,955			(4,261)		(1.9)
Net income of consolidated entities attributable to non-controlling interests		895			8,028			(7,133)		(88.9)
Net income attributable to AB Unitholders		$	220,799		$	217,927		$	2,872	1.3	%



Distributions per AB Unit		$	0.88		$	0.81		$	0.07	8.6	%

Operating margin (1)		21.8		%	21.2		%

(1)Operating income excluding net income (loss) attributable to non-controlling interests as a percentage of net revenues.

Net income attributable to AB Unitholders for the three months ended March 31, 2025 increased $2.9 million, or 1.3%, from the three months ended March 31, 2024. The increase primarily is due to (in millions):


Higher base advisory fees	$	63.6
Higher distribution revenues	33.3
Lower employee compensation and benefits expense	32.2
Lower interest on borrowings	10.2
Higher performance-based fees	7.1
Lower net gains of consolidated entities attributable to non-controlling interest	7.1
Higher other revenue	4.9
Lower Bernstein Research Services revenue	(96.2)
Higher investment losses	(32.3)
Higher promotion and servicing expense	(17.6)
Higher general and administrative expense	(10.0)
Other	0.6
	$	2.9

Units Outstanding; Unit Repurchases

Each quarter, we consider 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 we select has the authority to repurchase AB Holding Units on our behalf in accordance with the terms and limitations specified in the plan. Repurchases are subject to regulations promulgated by the SEC, as well as certain price, market volume and timing constraints specified in the plan. The plan adopted during the first quarter of 2025 expired at the close of business on April 23, 2025. We may adopt additional plans in the future to engage in open-market purchases of AB Holding Units to help fund anticipated obligations under our incentive compensation award program and for other corporate purposes.

Index

Cash Distributions

We are required to distribute all of our Available Cash Flow, as defined in the AB Partnership Agreement, to our Unitholders and the General Partner. Available Cash Flow typically is the adjusted net income per Unit for the quarter multiplied by the number of general and limited partnership interests at the end of the quarter. In future periods, management anticipates that Available Cash Flow will continue to be based on adjusted net income per unit, unless management determines, with concurrence of the Board of Directors, that one or more adjustments that are made for adjusted net income should not be made with respect to the Available Cash Flow calculation. See Note 6 to our condensed consolidated financial statements contained in Item 1 for a description of Available Cash Flow.

Management Operating Metrics

We are providing the non-GAAP measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin” because they are additional operating metrics management uses in evaluating and comparing period-to-period operating performance. Management uses these additional metrics in evaluating performance because they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion primarily caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that these management operating metrics help investors better understand the underlying trends in our results and, accordingly, provide a valuable perspective for investors.

These non-GAAP measures are provided in addition to, and not as substitutes for, net revenues, operating income and operating

margin, and they may not be comparable to non-GAAP measures presented by other companies. Management uses both accounting principles generally accepted in the United States of America ("US GAAP") and non-GAAP measures in evaluating our financial performance. The non-GAAP measures alone may pose limitations because they do not include all of our revenues and expenses.


	Three Months Ended March 31,
		2025		2024
		(in thousands, except per unit amounts)
Net revenues, US GAAP basis		$	1,080,607	$	1,104,151
Adjustments:
Distribution-related adjustments:
Distribution revenues		(199,020)		(165,690)
Investment advisory services fees		(21,796)		(19,090)
Pass-through adjustments:
Investment advisory services fees		(12,756)		(15,513)
Other revenues		(15,835)		(8,761)
Impact of consolidated company-sponsored investment funds		85		(8,374)
Incentive compensation-related items		856		(2,547)
Equity loss on JVs		6,073		—

Adjusted net revenues		$	838,214	$	884,176

Index


	Three Months Ended March 31,
		2025			2024
Operating income, US GAAP basis		$	236,369		$	241,997
Adjustments:
Real estate		—			(206)
Incentive compensation-related items		258			1,097
EQH award compensation		246			215
Retirement plan settlement loss		20,756			—
Acquisition-related expenses		12,803			14,981
Equity loss on JVs		6,073			—
Total of non-GAAP adjustments before interest on borrowings		40,136			16,087
Interest on borrowings		7,138			17,370

Sub-total of non-GAAP adjustments		47,274			33,457
Less: Net income of consolidated entities attributable to non-controlling interests		895			8,028
Adjusted operating income		282,748			267,426
Less: Interest on borrowings		7,138			17,370
Adjusted pre-tax income		275,610			250,056
Less: Adjusted income taxes		17,115			16,529
Adjusted net income		$	258,495		$	233,527

Net income per AB Unit, GAAP basis		$	0.75		$	0.75
Impact of non-GAAP adjustments		0.13			0.06
Adjusted net income per AB Unit		$	0.88		$	0.81

Operating margin, GAAP basis		21.8		%	21.2		%
Impact of non-GAAP adjustments		11.9			9.1
Adjusted operating margin		33.7		%	30.3		%

Adjusted operating income for the three months ended March 31, 2025 increased $15.3 million, or 5.7%, from the three months ended March 31, 2024, primarily due to higher investment advisory base fees of $58.2 million, lower employee compensation and benefits expense of $27.5 million, lower general and administrative ("G&A") expense of $17.0 million, lower promotion and servicing expense of $16.8 million and higher performance-based fees of $12.6 million, partially offset by lower BRS revenues of $96.2 million due to the BRS deconsolidation, higher investment losses of $14.4 million and lower net dividend and interest revenues of $3.8 million.

Adjusted Net Revenues

Net Revenue, as adjusted, is reduced to exclude all of the company's distribution revenues, which are recorded as a separate line item on the consolidated statement of income, as well as a portion of investment advisory services fees received that is used to pay distribution and servicing costs. For certain products, based on the distinct arrangements, certain distribution fees are collected by us and passed through to third-party client intermediaries, while for certain other products, we collect investment advisory services fees and a portion is passed through to third-party client intermediaries. In both arrangements, the third-party client intermediary owns the relationship with the client and is responsible for performing services and distributing the product to the client on our behalf. We believe offsetting distribution revenues and certain investment advisory services fees is useful for our investors and other users of our financial statements because such presentation appropriately reflects the nature of these costs as pass-through payments to third parties that perform functions on behalf of our sponsored mutual funds and/or shareholders of these funds. Distribution-related adjustments fluctuate each period based on the type of investment products sold, as well as the average AUM over the period. Also, we adjust distribution revenues for the amortization of deferred sales commissions as these costs, over time, will offset such revenues.

We adjust investment advisory and services fees and other revenues for pass through costs, primarily related to our transfer agent and shareholder servicing fees. Also, we adjust for certain investment advisory and services fees passed through to our

Index

investment advisors. These fees do not affect operating income, as such, we exclude these fees from adjusted net revenues. We also adjust for certain pass through costs associated with the transition of services to the JVs entered into with Societe Generale ("SocGen"). These amounts are expensed by us and passed to the JVs for reimbursement. These fees do not affect operating income, as such, we exclude these fees from adjusted net revenues

We adjust for the revenue impact of consolidating company-sponsored investment funds by eliminating the consolidated company-sponsored investment funds' revenues and including AB's fees from such consolidated company-sponsored investment funds and AB's investment gains and losses on its investments in such consolidated company-sponsored investment funds that were eliminated in consolidation.

Adjusted net revenues exclude investment gains and losses and dividends and interest on employee long-term incentive compensation-related investments. Also, we adjust for certain acquisition-related pass-through performance-based fees and performance related compensation.

We also adjust net revenues to exclude our portion of the equity income or loss associated with our investment in the JVs. Effective April 1, 2024 following the close of the transaction with SocGen, we record all income or loss associated with the JVs as an equity method investment income (loss). As we no longer consider this activity part of our core business operations and our intent is to fully divest from both joint ventures, we consider these amounts temporary, and as such, we exclude these amounts from our adjusted net revenues.

Adjusted Operating Income

Adjusted operating income represents operating income on a US GAAP basis excluding (1) real estate charges (credits), (2) the impact on net revenues and compensation expense of the investment gains and losses (as well as the dividends and interest) associated with employee long-term incentive compensation-related investments, (3) the equity compensation paid by EQH to certain AB executives, (4) retirement plan settlement loss, (5) acquisition-related expenses, (6) equity (income) loss on JVs, (7) interest on borrowings and (8) the impact of consolidated company-sponsored investment funds.

Real estate charges (credits) incurred during the fourth quarter of 2019 through the fourth quarter of 2020, while excluded in the period in which the charges (credits) were recorded, were included ratably over the remaining applicable lease term.

Prior to 2009, a significant portion of employee compensation was in the form of long-term incentive compensation awards that were notionally invested in AB investment services and generally vested over a period of four years. AB economically hedged the exposure to market movements by purchasing and holding these investments on its balance sheet. All such investments had vested as of year-end 2012 and the investments have been delivered to the participants, except for those investments with respect to which the participant elected a long-term deferral. Fluctuation in the value of these investments, which also impacts compensation expense, is recorded within investment gains and losses on the income statement. Management believes it is useful to reflect the offset achieved from economically hedging the market exposure of these investments in the calculation of adjusted operating income and adjusted operating margin. The non-GAAP measures exclude gains and losses and dividends and interest on employee long-term incentive compensation-related investments included in revenues and compensation expense.

The board of directors of EQH granted to Seth Bernstein, our CEO, equity awards in connection with EQH's IPO. Additionally, equity awards have been granted to Mr. Bernstein and other AB executives for their membership on the EQH Management Committee. These individuals may receive additional equity or cash compensation from EQH in the future related to their service on the Management Committee. Any awards granted to these individuals by EQH are recorded as compensation expense in AB’s consolidated statement of income. The compensation expense associated with these awards has been excluded from our non-GAAP measures because they are non-cash and are based upon EQH's, and not AB's, financial performance.

The losses associated with the termination of our defined benefit retirement plan are non-cash, short term in nature and not considered a part of our core operating results when comparing financial results from period to period.

Acquisition-related expenses have been excluded because they are not considered part of our core operating results when comparing financial results from period to period and to industry peers. Acquisition-related expenses include professional fees, the recording of changes in estimates to, and accretion expense related to, our contingent payment arrangements associated with our acquisitions, certain compensation-related expenses and amortization of intangible assets for contracts acquired.

We also adjust operating income to exclude our portion of the equity income or loss associated with our investment in the JVs. Effective April 1, 2024 following the close of the transaction with SocGen, we record all income or loss associated with the JVs as an equity method investment (income) loss. As we no longer consider this activity part of our core business operations and our intent is to fully divest from both joint ventures, we consider these amounts temporary, and as such, we exclude these amounts from our adjusted operating income.

Index

We adjust operating income to exclude interest on borrowings in order to align with our industry peer group.

We adjust for the operating income impact of consolidating certain company-sponsored investment funds by eliminating the consolidated company-sponsored funds' revenues and expenses and including AB's revenues and expenses that were eliminated in consolidation. We also exclude the limited partner interests we do not own.

Adjusted Net Income per AB Unit

As previously discussed, our quarterly distribution is typically our adjusted net income per Unit (which is derived from adjusted net income) for the quarter multiplied by the number of general and limited partnership interests outstanding at the end of the quarter. Adjusted net income is derived from adjusted operating income less interest expense and adjusted income taxes. Adjusted income taxes, used in calculating adjusted net income, are calculated using the GAAP effective tax rate adjusted for non-GAAP income tax adjustments.

Adjusted Operating Margin

Adjusted operating margin allows us to monitor our financial performance and efficiency from period to period without the volatility noted above in our discussion of adjusted operating income and to compare our performance to industry peers on a basis that better reflects our performance in our core business. Adjusted operating margin is derived by dividing adjusted operating income by adjusted net revenues.

Index

Net Revenues

The components of net revenues are as follows:


		Three Months Ended March 31,
			2025		2024		$ Change		% Change
	(in thousands)
Investment advisory and services fees:
Institutions:
Base fees			$	151,293	$	151,389	$	(96)	(0.1)	%
Performance-based fees			20,576		5,822		14,754		n/m
			171,869		157,211		14,658		9.3
Retail:
Base fees			391,887		351,361		40,526		11.5
Performance-based fees			517		2,640		(2,123)		(80.4)
			392,404		354,001		38,403		10.8
Private Wealth:
Base fees			274,686		251,489		23,197		9.2
Performance-based fees			16,153		21,704		(5,551)		(25.6)
			290,839		273,193		17,646		6.5
Total:
Base fees			817,866		754,239		63,627		8.4
Performance-based fees			37,246		30,166		7,080		23.5
			855,112		784,405		70,707		9.0

Bernstein Research Services			—		96,222		(96,222)		(100.0)
Distribution revenues			199,020		165,690		33,330		20.1
Dividend and interest income			34,350		44,515		(10,165)		(22.8)
Investment gains			(20,538)		11,743		(32,281)		n/m
Other revenues			30,180		25,293		4,887		19.3
Total revenues			1,098,124		1,127,868		(29,744)		(2.6)
Less: broker-dealer related interest expense			17,517		23,717		(6,200)		(26.1)
Net revenues			$	1,080,607	$	1,104,151	$	(23,544)	(2.1)	%

Investment Advisory and Services Fees

Investment advisory and services fees are the largest component of our revenues. These fees generally are calculated as a percentage of the value of AUM as of a specified date, or as a percentage of the value of average AUM for the applicable billing period, and vary with the type of investment service, the size of account and the total amount of assets we manage for a particular client. Accordingly, fee income generally increases or decreases as AUM increase or decrease and is affected by market appreciation or depreciation, the addition of new client accounts or client contributions of additional assets to existing accounts, withdrawals of assets from and termination of client accounts, purchases and redemptions of mutual fund shares, shifts of assets between accounts or products with different fee structures, and acquisitions. Our average basis points realized (investment advisory and services fees divided by average AUM) generally approximate 30 to 105 basis points for actively managed equity services, 10 to 65 basis points for actively-managed fixed income services and 1 to 50 basis points for passively managed services. Average basis points realized for other services could range from 3 basis points for certain Institutional third party managed services to over 190 basis points for certain Retail and Private Wealth Management alternative services. These ranges include all-inclusive fee arrangements (covering investment management, trade execution and other services) for our Private Wealth Management clients.

We calculate AUM using established market-based valuation methods and fair valuation (non-observable market) methods. Market-based valuation methods include: last sale/settle prices from an exchange for actively-traded listed equities, options and

Index

futures; evaluated bid prices from recognized pricing vendors for fixed income, asset-backed or mortgage-backed issues; mid prices from recognized pricing vendors and brokers for credit default swaps; and quoted bids or spreads from pricing vendors and brokers for other derivative products. Fair valuation methods include: discounted cash flow models or any other methodology that is validated and approved by our Valuation Committee and sub-committee (the "Valuation Committee") (see paragraph immediately below for more information regarding our Valuation Committee). Fair valuation methods are used only where AUM cannot be valued using market-based valuation methods, such as in the case of private equity or illiquid securities.

The Valuation Committee, consists of senior officers and employees, which oversees a consistent framework of pricing and valuation of all investments held in client and AB portfolios. The Valuation Committee has adopted a Statement of Pricing Policies describing principles and policies that apply to pricing and valuing investments held in these portfolios. We also have a Pricing Group, which is overseen by the Valuation Committee and is responsible for managing the pricing process for all investments.

We sometimes charge our clients performance-based fees. In these situations, we charge a base advisory fee and are eligible to earn an additional performance-based fee or incentive allocation that is calculated as either a percentage of absolute investment results or a percentage of investment results in excess of a stated benchmark over a specified period of time. Some performance-based fees include a high-watermark provision, which generally provides that if a client account underperforms relative to its performance target (whether absolute or relative to a specified benchmark), it must gain back such underperformance before we can collect future performance-based fees. Therefore, if we fail to achieve our performance target for a particular period, we will not earn a performance-based fee for that period and, for accounts with a high-watermark provision, our ability to earn future performance-based fees will be impaired. We are eligible to earn performance-based fees on 7.9%, 7.2% and 0.3% of the assets we manage for private wealth clients, institutional clients and retail clients, respectively (in total, 4.5% of our AUM).

For the three months ended March 31, 2025, our investment advisory and services fees increased by $70.7 million, or 9.0%, from the three months ended March 31, 2024, due to a $63.6 million, or 8.4%, increase in base fees and a $7.1 million, or 23.5%, increase in performance-based fees. The increase in base fees is primarily due to a 7.9% increase in average AUM. Performance-based fees increased primarily due to higher performance fees earned on our International Small Cap and U.S. Select Equity, partially offset by lower performance fees earned on our Strategic Equities Large Cap, U.S. Select Equity Long/Short, Private Credit, Emerging Markets Value and Global Multi-Strategy.

Institutional base fees for the three months ended March 31, 2025 decreased slightly by $0.1 million, or 0.1%, from the three months ended March 31, 2024, primarily due to a slight decrease in portfolio fee rate, partially offset by a 2.3% increase in average AUM. Retail base fees for the three months ended March 31, 2025 increased $40.5 million, or 11.5%, from the three months ended March 31, 2024, primarily due to a 12.6% increase in average AUM. Private Wealth base fees for the three months ended March 31, 2025 increased $23.2 million, or 9.2%, from the three months ended March 31, 2024, primarily due to a 11.1% increase in average AUM.

Bernstein Research Services

Bernstein Research Services revenue decreased $96.2 million, or 100.0%, compared to the first quarter of 2024 due to the deconsolidation of the BRS business and contribution of the business to the JVs, effective April 1, 2024.

Distribution Revenues

Two of our subsidiaries act as distributors and/or placement agents of company-sponsored mutual funds and receive distribution services fees from certain of those funds as full or partial reimbursement of the distribution expenses they incur. Period-over-period fluctuations of distribution revenues typically are in line with fluctuations of the corresponding average AUM of these mutual funds.

Distribution revenues for the three months ended March 31, 2025 increased $33.3 million, or 20.1%, compared to the three months ended March 31, 2024, primarily due to the corresponding average AUM of these mutual funds increasing 16.4% and a shift in product mix to mutual funds that have higher distribution rates.

Dividend and Interest Income and Broker-Dealer Related Interest Expense

Dividend and interest income consists primarily of investment income and interest earned on customer margin balances and U.S. Treasury Bills as well as dividend and interest income in our consolidated company-sponsored investment funds. Broker-dealer related interest expense principally reflects interest accrued on cash balances in customers’ brokerage accounts.

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For the three months ended March 31, 2025, dividend and interest income decreased $10.2 million, or 22.8%, compared to the three months ended March 31, 2024, primarily due to lower interest earned on U.S. Treasury Bills and customer margin accounts, as a result of lower interest rates. Broker-dealer related interest expense for the three months ended March 31, 2025 decreased $6.2 million, or 26.1%, compared to the three months ended March 31, 2024, primarily due to lower interest paid on cash balances in customers' brokerage accounts, as a result of lower interest rates.

Investment Gains (Losses)

Investment gains (losses) consist primarily of realized and unrealized investment gains or losses on: (i) employee long-term incentive compensation-related investments, (ii) U.S. Treasury Bills, (iii) seed capital investments, (iv) derivatives and (v) investments in our consolidated company-sponsored investment funds. Investment gains (losses) also include equity in earnings of proprietary investments in limited partnership hedge funds that we sponsor and manage and equity gains (losses) related to our equity investments in JVs.

Investment gains (losses) are as follows:


	Three Months Ended March 31,
		2025		2024
		(in thousands)
Long-term incentive compensation-related investments:
Realized gains		$	966	$	7,089
Unrealized (losses)		(1,648)		(4,481)

Investments held by consolidated company-sponsored investment funds:
Realized gains (losses)		293		(1,416)
Unrealized (losses) gains		(1,744)		7,481

Seed capital and other investments:
Realized gains (losses):
Seed capital and other		3,604		362
Derivatives		(11,660)		(10,312)
Unrealized (losses) gains:
Seed capital and other		(3,010)		7,977
Derivatives		(1,022)		5,455

Brokerage-related investments:
Realized gains (losses)		41		(480)
Unrealized (losses) gains		(285)		68

Equity investment in JVs:
Equity (loss)		(6,073)		—
		$	(20,538)	$	11,743

Other Revenues

Other revenues consist of fees earned for transfer agency services provided to company-sponsored mutual funds, fees earned for administration and recordkeeping services provided to company-sponsored mutual funds and the General Accounts of EQH and its subsidiaries, and other miscellaneous revenues. Other revenues for the three months ended March 31, 2025 increased $4.9 million, or 19.3%, compared to the three months ended March 31, 2024, primarily due to certain reimbursements for services provided to the JVs, partially offset by lower shareholder servicing fees.

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Expenses

The components of expenses are as follows:


		Three Months Ended March 31,
			2025		2024		$ Change		% Change
	(in thousands)
Employee compensation and benefits			$	420,531	$	452,772	$	(32,241)	(7.1)	%
Promotion and servicing:
Distribution-related payments			200,659		172,982		27,677		16.0
Amortization of deferred sales commissions			20,161		11,799		8,362		70.9
Trade execution, marketing, T&E and other			36,513		54,991		(18,478)		(33.6)
			257,333		239,772		17,561		7.3

General and administrative			147,935		137,910		10,025		7.3


Contingent payment arrangements			64		2,558		(2,494)		(97.5)
Interest on borrowings			7,138		17,370		(10,232)		(58.9)
Amortization of intangible assets			11,237		11,772		(535)		(4.5)
Total			$	844,238	$	862,154	$	(17,916)	(2.1)	%

Employee Compensation and Benefits

Employee compensation and benefits expense consists of base compensation (including salaries and severance), annual short-term incentive compensation awards (cash bonuses), annual long-term incentive compensation awards, commissions, fringe benefits and other employment costs (including recruitment, training, temporary help and meals).

Compensation expense as a percentage of net revenues was 38.9% and 41.0% for the three months ended March 31, 2025 and 2024, respectively. Compensation expense generally is determined on a discretionary basis and is primarily a function of our firm’s current-year financial performance. The amounts of incentive compensation we award are designed to motivate, reward and retain top talent while aligning our executives' interests with the interests of our Unitholders. Senior management, with the approval of the Compensation and Workplace Practices Committee of the Board of Directors of AllianceBernstein Corporation (“Compensation Committee”), periodically confirms that the appropriate metric to consider in determining the amount of incentive compensation is the ratio of adjusted employee compensation and benefits expense to adjusted net revenues. Adjusted net revenues used in the adjusted compensation ratio are the same as the adjusted annual net revenues presented as a non-GAAP measure (discussed earlier in this Item 2). Adjusted employee compensation and benefits expense is total employee compensation and benefits expense minus other employment costs such as recruitment, training, temporary help and meals (which was 0.9% and 1.0% of adjusted net revenues for the three months ended March 31, 2025 and March 31, 2024, respectively), and excludes the impact of mark-to-market vesting expense, as well as dividends and interest expense, associated with employee incentive compensation-related investments and the amortization expense associated with the awards issued by EQH to some of our firm's executive officers relating to their roles as members of the EQH Management Committee. Senior management, with the approval of the Compensation Committee, has established as an objective that adjusted employee compensation and benefits expense, excluding the impact of performance-based fees, generally should not exceed 50.0% of our adjusted net revenues in any year, except in unexpected or unusual circumstances. Our ratio of adjusted compensation expense as a percentage of adjusted net revenues was 48.5% for the three months ended March 31, 2025 and 49.0% for the three months ended March 31, 2024, respectively.

For the three months ended March 31, 2025, employee compensation and benefits expense decreased $32.2 million, or 7.1%, compared to the three months ended March 31, 2024, primarily due to lower base compensation of $32.1 million primarily driven by the BRS deconsolidation and lower fringe benefits of $8.8 million, partially offset by higher commissions of $6.1 million and higher incentive compensation of $3.5 million.

Promotion and Servicing

Promotion and servicing expenses include distribution-related payments to financial intermediaries for distribution of AB mutual funds and amortization of deferred sales commissions paid to financial intermediaries for the sale of back-end load shares of AB mutual funds. Also included in this expense category are costs related to trade execution and clearance, travel and entertainment, advertising and promotional materials.

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Promotion and servicing expenses increased $17.6 million, or 7.3%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to higher distribution-related payments of $27.7 million and higher amortization of deferred sales commissions of $8.4 million, partially offset by lower trade execution and clearance expense of $16.4 million due to the BRS deconsolidation and lower travel and entertainment expenses of $1.2 million.

General and Administrative

General and administrative expenses include portfolio services expenses, technology expenses, professional fees and office-related expenses (occupancy, communications and similar expenses). General and administrative expenses as a percentage of net revenues were 13.7% and 12.5% for the three months ended March 31, 2025 and 2024, respectively. General and administrative expenses increased $10.0 million, or 7.3%, during the three months ended March 31, 2025 compared to the corresponding period in 2024, primarily due to a retirement plan settlement loss of $20.8 million in the current quarter and a one time gain in the prior year quarter related to the recognition of a $20.8 million government incentive grant received in connection with our headquarters relocation to Nashville, Tennessee. These were partially offset by lower office-related expenses of $18.5 million, lower other taxes of $5.8 million and lower professional fees of $4.3 million.

Contingent Payment Arrangements

Contingent payment arrangements reflect changes in estimates of contingent payment liabilities associated with acquisitions in current and previous periods, as well as accretion expense of these liabilities. During the three months ended March 31, 2025 and 2024, we recognized $0.1 million and $2.6 million in accretion expense related to our contingent considerations payable.

There were no changes in our estimates during the three months ended March 31, 2025 and 2024.

Interest on Borrowings

Interest on borrowings reflects interest expense related to our debt and credit facilities. See Note 16 to AB's condensed consolidated financial statements contained in Item 1, for disclosures relating to our debt and credit facilities. For the three months ended March 31, 2025 interest on borrowings decreased $10.2 million, or 58.9%, compared to the three months ended March 31, 2024. The decrease was primarily due to lower weighted average interest rates and lower weighted average borrowings.

Amortization of Intangible Assets

Amortization of intangible assets reflects our amortization of costs assigned to acquired investment management contracts with a finite life. These assets are recognized at fair value and generally are amortized on a straight-line basis over their estimated useful life. Amortization of intangible assets decreased $0.5 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024.

Income Taxes

AB, a private limited partnership, is not subject to federal or state corporate income taxes. However, AB is subject to a 4.0% New York City unincorporated business tax (“UBT”). Our domestic corporate subsidiaries are subject to federal, state and local income taxes and generally are included in the filing of a consolidated federal income tax return. Separate state and local income tax returns also are filed. Foreign corporate subsidiaries generally are subject to taxes in the jurisdictions where they are located.

Income tax expense for the three months ended March 31, 2025 decreased $1.4 million, or 8.5%, compared to the three months ended March 31, 2024. The decrease was primarily due to higher income in jurisdictions that carry a lower tax rate. There were no material changes to uncertain tax positions (FIN 48 reserves) or valuation allowances against deferred tax assets for the three months ended March 31, 2025.

Net Income (Loss) of Consolidated Entities Attributable to Non-Controlling Interests

Net income (loss) of consolidated entities attributable to non-controlling interests primarily consists of limited partner interests owned by other investors in our consolidated company-sponsored investment funds. For the three months ended March 31, 2025, we had $0.9 million of net income of consolidated entities attributable to non-controlling interests compared to net

Index

income of $8.0 million for the three months ended March 31, 2024. The decrease is driven by lower net income of consolidated entities attributable to non-controlling interests. Period-to-period fluctuations result primarily from the number of consolidated company-sponsored investment funds and their respective market performance.

CAPITAL RESOURCES AND LIQUIDITY

Cash flows from operating activities primarily include the receipt of investment advisory and services fees and other revenues offset by the payment of operating expenses incurred in the normal course of business. Our cash flows from operating activities have historically been positive and sufficient in supporting our operations. We do not anticipate this to change in the foreseeable future. Cash flows from investing activities generally consist of small capital expenditures and, when applicable, business acquisitions. Cash flows from financing activities primarily consist of issuance and repayment of debt and the repurchase of AB Holding Units to fund our long-term deferred compensation plans. We are required to distribute all of our Available Cash Flow to our Unitholders and the General Partner.

During the first three months of 2025, net cash provided by operating activities was $148.8 million compared to net cash provided by operating activities of $353.7 million during the corresponding 2024 period. The decrease is primarily due to the net activity of our consolidated company-sponsored investment funds of $304.9 million, a decrease in accounts payable and accrued liabilities of $62.7 million and an increase in investments of $59.8 million, partially offset by a decrease in fees receivable of $134.9 million and a decrease in other assets of $93.1 million.

During the first three months of 2025, net cash used in investing activities was $7.5 million, compared to net cash provided by investing activities of $272.7 million during the corresponding 2024 period. The change is due to a $304.0 million equalization payment received related to the BRS joint venture transaction in the prior year period, offset by lower purchases of furniture, equipment and leasehold improvements of $23.8 million.

During the first three months of 2025, net cash used in financing activities was $190.7 million, compared to $556.7 million during the corresponding 2024 period. The change is primarily due to lower repayments of debt of $284.3 million and lower distributions to our consolidated funds of $244.8 million, partially offset by higher cash distributions to Unitholders of $93.6 million and a decrease in overdrafts payable of $45.7 million.

As of March 31, 2025, AB had $782.8 million of cash and cash equivalents (excluding cash and cash equivalents of consolidated company-sponsored investment funds), all of which is available for liquidity but consists primarily of cash on deposit for our broker-dealers related to various customer clearing activities, and cash held by foreign subsidiaries of $507.7 million.

See Note 16 to AB’s condensed consolidated financial statements contained in Item 1, for disclosures relating to our debt and credit facilities. We use our debt and credit facilities to seed certain new investment products which may expose us to market risk, credit risk and material gains and losses. To reduce our exposure, we enter into various futures, forwards, options and swaps primarily to economically hedge certain of our seed money investments. While in most cases broad market risks are hedged and are effective in reducing our exposure, our hedges are imperfect and we may remain exposed to some market risk and credit-related losses in the event of non-performance by counterparties on these derivative instruments.

Our financial condition and access to public and private debt markets should provide adequate liquidity for our general business needs. Management believes that cash flow from operations and the issuance of debt and AB Units or AB Holding Units will provide us with the resources we need to meet our financial obligations. See “Cautions Regarding Forward-Looking Statements” for a discussion of credit markets and our ability to renew our credit facilities at expiration.

COMMITMENTS AND CONTINGENCIES

AB’s capital commitments, which consist primarily of operating leases for office space, generally are funded from future operating cash flows. See Note 13 for discussion of lease commitments.

See Note 12 for discussion of commitments and contingencies.

CRITICAL ACCOUNTING ESTIMATES

The preparation of the condensed consolidated financial statements and notes to condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses.

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There have been no updates to our critical accounting estimates during the first quarter of 2025 from those disclosed in “Management’s Discussion and Analysis of Financial Condition” in our Form 10-K for the year ended December 31, 2024.

ACCOUNTING PRONOUNCEMENTS

See Note 2 to AB’s condensed consolidated financial statements contained in Item 1.

CAUTIONS REGARDING FORWARD-LOOKING STATEMENTS

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in AB’s market risk during the first quarter of 2025 from the information provided under “Quantitative and Qualitative Disclosures About Market Risk” in Part II, Item 7A of AB's Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting occurred during the first quarter of 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Cover Page	3 Months Ended
Cover Page	Mar. 31, 2025 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-09818
Entity Registrant Name	ALLIANCEBERNSTEIN HOLDING L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3434400
Entity Address, Address Line One	501 Commerce Street
Entity Address, City or Town	Nashville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37203
City Area Code	615
Local Phone Number	622-0000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Units Rep. Assignments of Beneficial Ownership of LP Interests in AB Holding ("Units")
Trading Symbol	AB
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	110,699,699
Entity Central Index Key	0000825313
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
ASSETS
Investment in AB	$ 1,996,177	$ 2,034,632
Other assets	952	0
Total assets	1,997,129	2,034,632
Liabilities:
Other liabilities	258	2,770
Total liabilities	258	2,770
Commitments and contingencies (See Note 8)
Partners’ capital:
General Partner: 100,000 general partnership units issued and outstanding	1,362	1,401
Limited partners: 110,599,699 and 110,430,329 limited partnership units issued and outstanding	2,058,858	2,095,248
AB Holding Units held by AB to fund long-term incentive compensation plans	(34,696)	(23,363)
Accumulated other comprehensive loss	(28,653)	(41,424)
Total partners’ capital	1,996,871	2,031,862
Total liabilities and partners’ capital	$ 1,997,129	$ 2,034,632

Condensed Statements of Financial Condition (Parenthetical) - shares	Mar. 31, 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)	110,599,699	110,599,699
Limited partners units outstanding (in shares)	110,430,329	110,430,329

Condensed Statements of Income - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Income - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Statement [Abstract]
Equity in net income attributable to AB Unitholders	$ 82,753	$ 86,281
Income taxes	8,719	9,059
Net income	$ 74,034	$ 77,222
Net income per Unit
Basic (in dollars per share)	$ 0.67	$ 0.67
Diluted (in dollars per share)	$ 0.67	$ 0.67

Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 74,034	$ 77,222
Other comprehensive (loss) income:
Foreign currency translation adjustments, before tax	4,001	(4,198)
Income tax benefit	18	33
Foreign currency translation adjustments, net of tax	4,019	(4,165)
Changes in employee benefit related items:
Amortization of prior service cost	229	1
Recognized actuarial gain	0	6
Less: reclassification adjustment for (losses) included in net income upon retirement plan liquidation	(8,578)	0
Changes in employee benefit related items	8,807	7
Income tax (expense)	(55)	(1)
Employee benefit related items, net of tax	8,752	6
Other comprehensive income (loss)	12,771	(4,159)
Comprehensive income	$ 86,805	$ 73,063

Condensed Statements of Changes in Partners’ Capital - USD ($) $ in Thousands	Total	AB Holding Units held by AB to fund long-term incentive compensation plans	Accumulated Other Comprehensive (Loss)	General Partner’s Capital	Limited Partners’ Capital
Balance, beginning of period at Dec. 31, 2023		$ (30,185)	$ (42,044)	$ 1,327	$ 2,147,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 77,222			67	77,155
Cash distributions to Unitholders				(77)	(88,489)
Retirement of AB Holding Units					(531)
Issuance of AB Holding Units to fund long-term incentive compensation plan awards					16,014
Change in AB Holding Units held by AB to fund long-term incentive compensation plans		(7,853)
Foreign currency translation adjustment, net of tax	(4,165)		(4,165)
Changes in employee benefit related items, net of tax	6		6
Balance, end of period at Mar. 31, 2024	2,068,372	(38,038)	(46,203)	1,317	2,151,296
Balance, beginning of period at Dec. 31, 2024	2,031,862	(23,363)	(41,424)	1,401	2,095,248
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	74,034			67	73,967
Cash distributions to Unitholders				(106)	(116,258)
Retirement of AB Holding Units	(26,270)				(26,270)
Issuance of AB Holding Units to fund long-term incentive compensation plan awards	32,171				32,171
Change in AB Holding Units held by AB to fund long-term incentive compensation plans		(11,333)
Foreign currency translation adjustment, net of tax	4,019		4,019
Changes in employee benefit related items, net of tax	8,752		8,752
Balance, end of period at Mar. 31, 2025	$ 1,996,871	$ (34,696)	$ (28,653)	$ 1,362	$ 2,058,858

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 74,034	$ 77,222
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income attributable to AB Unitholders	(82,753)	(86,281)
Cash distributions received from AB	127,438	97,650
Changes in assets and liabilities:
(Increase) in other assets	(952)	(10)
(Decrease) in other liabilities	(2,512)	(906)
Net cash provided by operating activities	115,255	87,675
Cash flows from financing activities:
Cash distributions to Unitholders	(116,364)	(88,566)
Capital contributions from AB	1,109	891
Net cash used in financing activities	(115,255)	(87,675)
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

Business Description, Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description, Organization and Basis of Presentation

Business Description

AB provides diversified investment management and related services globally to a broad range of clients. Its principal services include:

AB also provides distribution, shareholder servicing, transfer agency services and administrative services to certain of the mutual funds it sponsors.

AB provides a broad range of investment services with expertise in:

•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

As of March 31, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:


EQH and its subsidiaries	61.8	%
AB Holding	37.5
Unaffiliated holders	0.7
	100.0	%

Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 61.9% economic interest in AB as of March 31, 2025.

Basis of Presentation

Subsequent Events

We have evaluated subsequent events through the date that these financial statements were filed with the SEC.

No other subsequent events were identified that would require disclosure in these financial statements.

Cash Distributions	3 Months Ended
Cash Distributions	Mar. 31, 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 April 24, 2025, the General Partner declared a distribution of $0.80 per Unit, representing a distribution of Available Cash Flow for the three months ended March 31, 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 May 22, 2025 to holders of record at the close of business on May 5, 2025.

Long-term Incentive Compensation Plans

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Long-term Incentive Compensation Plans

Repurchases of AB Holding Units for the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
			2025		2024
		(in millions)
Total amount of AB Holding Units Purchased (1)			0.8		0.1
Total Cash Paid for AB Holding Units Purchased (1)			$	30.5	$	4.3
Open Market Purchases of AB Holding Units Purchased (1)			0.7		—
Total Cash Paid for Open Market Purchases of AB Holding Units (1)			$	26.1	$	—

Net Income per Unit

3 Months Ended

Mar. 31, 2025

Earnings Per Unit [Abstract]

Net Income per Unit


	Three Months Ended March 31,
			2025		2024
		(in thousands, except per unit amounts)

Net income			$	74,034	$	77,222



Weighted average units outstanding			110,611		114,704



Net income per unit			$	0.67	$	0.67

Investment in AB

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in AB

Changes in AB Holding’s investment in AB during the three-month period ended March 31, 2025 are as follows (in thousands):


Investment in AB as of December 31, 2024	$	2,034,632
Equity in net income attributable to AB Unitholders	82,753
Changes in accumulated other comprehensive income	12,771
Cash distributions received from AB	(127,438)


Capital contributions (from) AB	(1,109)
AB Holding Units retired	(26,270)
AB Holding Units issued to fund long-term incentive compensation plans	32,171

Change in AB Holding Units held by AB for long-term incentive compensation plans	(11,333)


Investment in AB as of March 31, 2025	$	1,996,177

Units Outstanding

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Units Outstanding

Changes in AB Holding Units outstanding during the three-month period ended March 31, 2025 are as follows:


Outstanding as of December 31, 2024			110,530,329

Units issued			868,861
Units retired			(699,491)
Outstanding as of March 31, 2025			110,699,699

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes


	Three Months Ended March 31,
		2025			2024			% Change
		(in thousands)
Net income attributable to AB Unitholders		$	220,799		$	217,927		1.3	%
Multiplied by: weighted average equity ownership interest		37.5		%	39.6		%
Equity in net income attributable to AB Unitholders		$	82,753		$	86,281		(4.1)

AB qualifying revenues		$	700,770		$	695,980		0.7
Multiplied by: weighted average equity ownership interest for calculating tax		34.6		%	36.3		%
Multiplied by: federal tax		3.5		%	3.5		%
Federal income taxes		8,486			8,836
State income taxes		233			223
Total income taxes		$	8,719		$	9,059		(3.8)	%

Effective tax rate		10.5		%	10.5		%

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 74,034	$ 77,222

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Description, Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 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.
Subsequent Events	Subsequent Events We have evaluated subsequent events through the date that these financial statements were filed with the SEC.

Business Description, Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Ownership Structure of Alliance Bernstein

As of March 31, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:


EQH and its subsidiaries	61.8	%
AB Holding	37.5
Unaffiliated holders	0.7
	100.0	%

Long-term Incentive Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Unit Award Repurchase Activity

Repurchases of AB Holding Units for the three months ended March 31, 2025 and 2024 consisted of the following:


	Three Months Ended March 31,
			2025		2024
		(in millions)
Total amount of AB Holding Units Purchased (1)			0.8		0.1
Total Cash Paid for AB Holding Units Purchased (1)			$	30.5	$	4.3
Open Market Purchases of AB Holding Units Purchased (1)			0.7		—
Total Cash Paid for Open Market Purchases of AB Holding Units (1)			$	26.1	$	—

Net Income per Unit (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Unit [Abstract]

Schedule of Earnings Per Unit, Basic and Diluted


	Three Months Ended March 31,
			2025		2024
		(in thousands, except per unit amounts)

Net income			$	74,034	$	77,222



Weighted average units outstanding			110,611		114,704



Net income per unit			$	0.67	$	0.67

Investment in AB (Tables)

3 Months Ended

Mar. 31, 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 three-month period ended March 31, 2025 are as follows (in thousands):


Investment in AB as of December 31, 2024	$	2,034,632
Equity in net income attributable to AB Unitholders	82,753
Changes in accumulated other comprehensive income	12,771
Cash distributions received from AB	(127,438)


Capital contributions (from) AB	(1,109)
AB Holding Units retired	(26,270)
AB Holding Units issued to fund long-term incentive compensation plans	32,171

Change in AB Holding Units held by AB for long-term incentive compensation plans	(11,333)


Investment in AB as of March 31, 2025	$	1,996,177

Units Outstanding (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Changes in Holding Units Outstanding

Changes in AB Holding Units outstanding during the three-month period ended March 31, 2025 are as follows:


Outstanding as of December 31, 2024			110,530,329

Units issued			868,861
Units retired			(699,491)
Outstanding as of March 31, 2025			110,699,699

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Computation of Effective Income Tax Rate and Changes in Components of Income Tax


	Three Months Ended March 31,
		2025			2024			% Change
		(in thousands)
Net income attributable to AB Unitholders		$	220,799		$	217,927		1.3	%
Multiplied by: weighted average equity ownership interest		37.5		%	39.6		%
Equity in net income attributable to AB Unitholders		$	82,753		$	86,281		(4.1)

AB qualifying revenues		$	700,770		$	695,980		0.7
Multiplied by: weighted average equity ownership interest for calculating tax		34.6		%	36.3		%
Multiplied by: federal tax		3.5		%	3.5		%
Federal income taxes		8,486			8,836
State income taxes		233			223
Total income taxes		$	8,719		$	9,059		(3.8)	%

Effective tax rate		10.5		%	10.5		%

Business Description, Organization and Basis of Presentation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 03, 2025	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Ownership structure of AB Holding
Units outstanding (in shares)		100,000		100,000
AB Holding units repurchased (in shares)		800,000	100,000
Aggregate purchase price		$ 30.5	$ 4.3
Tender Offer \| Subsequent Event
Ownership structure of AB Holding
Cash tender offer to purchase up to (in shares)	46,000,000
Stock repurchased during period (in dollars per share)	$ 38.50
Stock repurchased during period, amount	$ 1,800.0
AB Holding units repurchased (in shares)	19,682,946
Aggregate purchase price	$ 757.8
AB Holding \| Subsequent Event
Ownership structure of AB Holding
Economic interest, percentage	17.90%
AB Holding \| AllianceBernstein Corporation \| General Partnership Interest
Ownership structure of AB Holding
Units outstanding (in shares)		100,000
AB \| Subsequent Event
Ownership structure of AB Holding
Economic interest, percentage	68.50%
AB \| AllianceBernstein Corporation \| General and Limited Partnership Interests
Ownership structure of AB Holding
General partnership interest (percent)		61.90%
AB \| AllianceBernstein Corporation \| General Partnership Interest
Ownership structure of AB Holding
General partnership interest (percent)		1.00%

Business Description, Organization and Basis of Presentation - Limited Partnership Interests in AB Holdings (Details) - AllianceBernstein Corporation	3 Months Ended
	Mar. 31, 2025
EQH and its subsidiaries
Distribution Made to Limited Partner [Line Items]
Limited partners or members ownership interest in company (percent)	61.80%
AB Holding
Distribution Made to Limited Partner [Line Items]
Limited partners or members ownership interest in company (percent)	37.50%
Unaffiliated holders
Distribution Made to Limited Partner [Line Items]
Limited partners or members ownership interest in company (percent)	0.70%
AB
Distribution Made to Limited Partner [Line Items]
Limited partners or members ownership interest in company (percent)	100.00%

Cash Distributions (Details)	Apr. 24, 2025 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Subsequent cash distribution, distribution declared (in dollars per unit)	$ 0.80

Long-term Incentive Compensation Plans - Unit Purchase Activity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Total amount of AB Holding Units Purchased (in shares)	0.8	0.1
Total Cash Paid for AB Holding Units Purchased	$ 30.5	$ 4.3
Open Market Purchases of AB Holding Units Purchased (in shares)	0.7	0.0
Total Cash Paid for Open Market Purchases of AB Holding Units	$ 26.1	$ 0.0

Long-term Incentive Compensation Plans - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 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)	1.0	0.9

Net Income per Unit (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Unit [Abstract]
Net income	$ 74,034	$ 77,222
Weighted average units outstanding – basic (in shares)	110,611	114,704
Weighted average units outstanding - diluted (in shares)	110,611	114,704
Net income per unit - Basic (in dollars per share)	$ 0.67	$ 0.67
Net income per unit - Diluted (in dollars per share)	$ 0.67	$ 0.67

Investment in AB (Details) - USD ($) $ in Thousands	3 Months Ended
Investment in AB (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Change in Equity Method Investment [Roll Forward]
Beginning balance	$ 2,034,632
Equity in net income attributable to AB Unitholders	82,753	$ 86,281
Changes in accumulated other comprehensive income	12,771	(4,159)
Cash distributions received from AB	(127,438)	(97,650)
Capital contributions (from) AB	(1,109)	$ (891)
AB Holding Units retired	(26,270)
AB Holding Units issued to fund long-term incentive compensation plans	32,171
Change in AB Holding Units held by AB for long-term incentive compensation plans	11,333
Ending balance	$ 1,996,177

Units Outstanding (Details)	3 Months Ended
Units Outstanding (Details)	Mar. 31, 2025 shares
Units Outstanding
Outstanding, beginning balance (in shares)	110,530,329
Units issued (in shares)	868,861
Units retired (in shares)	(699,491)
Outstanding, ending balance (in shares)	110,699,699

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
New York City unincorporated business tax (percent)	4.00%
Multiplied by: federal tax (percent)	3.50%
Income Tax Contingency [Line Items]
Multiplied by: weighted average equity ownership interest (percent)	37.50%	39.60%
Equity in net income attributable to AB Unitholders	$ 82,753	$ 86,281
Computation of income tax [Abstract]
AB qualifying revenues	$ 700,770	$ 695,980
Multiplied by: weighted average equity ownership interest for calculating tax (percent)	34.60%	36.30%
Multiplied by: federal tax (percent)	3.50%	3.50%
Federal income taxes	$ 8,486	$ 8,836
State income taxes	233	223
Total income taxes	$ 8,719	$ 9,059
Effective tax rate (percent)	10.50%	10.50%
Changes in components for calculation of income tax [Abstract]
Change in net income attributable to AB Unitholders (percent)	1.30%
Change in equity in net income attributable to AB Unitholders (percent)	(4.10%)
Change in AB qualifying revenues (percent)	0.70%
Change in income taxes (percent)	(3.80%)
Variable Interest Entity, Primary Beneficiary
Income Tax Contingency [Line Items]
Net income attributable to AB Unitholders	$ 220,799	$ 217,927

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