ab-20250331

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


	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


	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


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


	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 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


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


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	—	—


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	—	—


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).


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


	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


	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		%


	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

SEC Form 10-Q filed by AllianceBernstein Holding L.P.