ab-20250630

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 June 30, 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 June 30, 2025 was 110,537,295.*

*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	12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	14

Item 4.	Controls and Procedures	15

	Part II

	OTHER INFORMATION

Item 1.	Legal Proceedings	16

Item 1A.	Risk Factors	16

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16

Item 3.	Defaults Upon Senior Securities	17

Item 4.	Mine Safety Disclosures	17

Item 5.	Other Information	17

Item 6.	Exhibits	18

SIGNATURE		19


	June 30, 2025		December 31, 2024
ASSETS
Investment in AB	$	1,980,980	$	2,034,632

Other assets	1,092		—
Total assets	$	1,982,072	$	2,034,632

LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:

Other liabilities	$	449	$	2,770
Total liabilities	449		2,770

Commitments and contingencies (See Note 8)

Partners’ capital:
General Partner: 100,000 general partnership units issued and outstanding	1,346		1,401
Limited partners: 110,437,295 and 110,430,329 limited partnership units issued and outstanding	2,034,533		2,095,248
AB Holding Units held by AB to fund long-term incentive compensation plans	(35,382)		(23,363)
Accumulated other comprehensive loss	(18,874)		(41,424)
Total partners’ capital	1,981,623		2,031,862
Total liabilities and partners’ capital	$	1,982,072	$	2,034,632


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Equity in net income attributable to AB Unitholders	$	78,830	$	122,705	$	161,583	$	208,986

Income taxes	8,582		9,182		17,301		18,241

Net income	$	70,248	$	113,523	$	144,282	$	190,745


Net income per Unit	$	0.64	$	0.99	$	1.31	$	1.66


EQH and its subsidiaries	61.9	%
AB Holding	37.5
Unaffiliated holders	0.6
	100.0	%


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands, except per unit amounts)

Net income	$	70,248	$	113,523	$	144,282	$	190,745



Weighted average Units outstanding	$	110,495	$	115,034	110,553		114,869



Net income per Unit	$	0.64	$	0.99	$	1.31	$	1.66


Investment in AB as of December 31, 2024	$	2,034,632
Equity in net income attributable to AB Unitholders	161,583
Changes in accumulated other comprehensive income	22,550
Cash distributions received from AB	(224,636)


Capital contributions (from) AB	(1,307)
AB Holding Units retired	(39,388)
AB Holding Units issued to fund long-term incentive compensation plans	39,565

Change in AB Holding Units held by AB to fund long-term incentive compensation plans	(12,019)


Investment in AB as of June 30, 2025	$	1,980,980


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

Units issued			1,054,928
Units retired			(1,047,962)
Outstanding as of June 30, 2025			110,537,295


EQH and its subsidiaries	68.5	%
AB Holding	30.8
Unaffiliated holders	0.7
	100.0	%


Period	Total Number of AB Holding Units Purchased	Average Price Paid Per AB Holding Unit, Net of Commissions		Total Number of AB Holding Units Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of AB Holding Units that May Yet Be Purchased Under the Plans or Programs
4/1/25 - 4/30/25(1)	338,900	36.43		—	—
5/1/25 - 5/31/25(2)	22,682	$	39.63	—	—
6/1/25 - 6/30/25	—	—		—	—
Total	361,582	$	36.63	—	—


Period	Total Number of AB Units Purchased	Average Price Paid Per AB Unit, net of Commissions		Total Number of AB Units Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of AB Units that May Yet Be Purchased Under the Plans or Programs
4/1/25 - 4/30/25	—	—		—	—
5/1/25 - 5/31/25	—	—		—	—
6/1/25 - 6/30/25(1)	30,200	$	39.88	—	—
Total	30,200	$	39.88	—	—


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

31.2			Certification of Mr. 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 Mr. 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 June 3 0 , 2025.

101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH			XBRL Taxonomy Extension Schema.

101.CAL			XBRL Taxonomy Extension Calculation Linkbase.

101.LAB			XBRL Taxonomy Extension Label Linkbase.

101.PRE			XBRL Taxonomy Extension Presentation Linkbase.

101.DEF			XBRL Taxonomy Extension Definition Linkbase.

104			The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL (included in Exhibit 101).


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024

Net income	$	70,248	$	113,523	$	144,282	$	190,745
Other comprehensive income (loss):
Foreign currency translation adjustment, before reclassification and tax	9,867		(538)		13,868		(4,736)
Less: reclassification adjustment for (losses) included in net income upon liquidation	—		(4,039)		—		(4,039)
Foreign currency translation adjustments, before tax	9,867		3,501		13,868		(697)
Income tax (expense) benefit	(88)		(14)		(70)		19
Foreign currency translation adjustments, net of tax	9,779		3,487		13,798		(678)






Changes in employee benefit related items:
Amortization of prior service cost	—		4		229		5
Recognized actuarial gain	—		203		—		209
Less: reclassification adjustment for (losses) included in net income upon retirement plan liquidation	—		—		(8,578)		—

Changes in employee benefit related items	—		207		8,807		214
Income tax (expense)	—		(2)		(55)		(3)
Employee benefit related items, net of tax	—		205		8,752		211

Other comprehensive income (loss)	9,779		3,692		22,550		(467)
Comprehensive income	$	80,027	$	117,215	$	166,832	$	190,278


	Three Months Ended June 30,								Six Months Ended June 30,
	2025			2024			% Change		2025			2024			% Change
									(in thousands)
Net income attributable to AB Unitholders	$	210,467		$	309,572		(32.0)	%	$	431,266		$	527,499		(18.2)	%
Multiplied by: weighted average equity ownership interest	37.5		%	39.6		%			37.5		%	39.6		%
Equity in net income attributable to AB Unitholders	$	78,830		$	122,705		(35.8)		$	161,583		$	208,986		(22.7)

AB qualifying revenues	$	711,826		$	690,585		3.1		$	1,412,596		$	1,386,565		1.9
Multiplied by: weighted average equity ownership interest for calculating tax	33.6		%	37.1		%			34.1		%	36.7		%
Multiplied by: federal tax	3.5		%	3.5		%			3.5		%	3.5		%
Federal income taxes	8,383			8,968					16,869			17,804
State income taxes	199			214					432			437
Total income taxes	$	8,582		$	9,182		(6.5)	%	$	17,301		$	18,241		(5.2)	%

Effective tax rate	10.9		%	7.5		%			10.7		%	8.7		%


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
	(in thousands, except per Unit amounts)

AB non-GAAP adjustments (1)	$	39,228		$	(86,791)		$	79,364		$	(70,705)
AB income tax (expense) benefit on non-GAAP adjustments	(2,836)			5,471			(5,248)			5,227
AB non-GAAP adjustments, after taxes	36,392			(81,320)			74,116			(65,478)
AB Holding’s weighted average equity ownership interest in AB	37.5		%	39.6		%	37.5		%	39.6		%
Impact on AB Holding’s net income of AB non-GAAP adjustments	$	13,630		$	(32,232)		$	27,769		$	(25,941)

Net income, GAAP basis	$	70,248		$	113,523		$	144,282		$	190,745
Impact on AB Holding’s net income of AB non-GAAP adjustments	13,630			(32,232)			27,769			(25,941)
Adjusted net income	$	83,878		$	81,291		$	172,051		$	164,804


Net income per AB Holding Unit, GAAP basis	$	0.64		$	0.99		$	1.31		$	1.66
Impact of AB non-GAAP adjustments	0.12			(0.28)			0.25			(0.23)
Adjusted net income per AB Holding Unit	$	0.76		$	0.71		$	1.56		$	1.43


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

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

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

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