What changed in this filing

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Item 1. Financial Statements

2026-05-01 compared with 2025-10-23 · 45 added, 69 removed, 192 unchanged (37% of the section changed)

3 unchanged sentences

(in thousands, except unit amounts)

September 30,

2026 December 31,

Investment in AB $ 1,261,074 $ 1,240,042

Other assets 271 —

Total assets $ 1,261,345 $ 1,240,042

17 unchanged sentences

(in thousands, except per unit amounts)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Equity in net income attributable to AB Unitholders $ 92,255 $ 82,753

6 unchanged sentences

(in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Net income $ 85,238 $ 74,034

Other comprehensive income:

Foreign currency translation adjustment, before reclassification and tax 673 7,521 14,541 2,785

reclassification adjustment for (losses) included in net income upon liquidation — — — ( 4,039 )

Foreign currency translation adjustments, before tax 673 7,521 14,541 6,824

Income tax benefit (expense) 400 ( 48 ) 330 ( 29 )

Other comprehensive (loss) income:

Foreign currency translation adjustment, before tax ( 1,899 ) 4,001

Income tax (expense) benefit ( 33 ) 18

Foreign currency translation adjustments, net of tax ( 1,932 ) 4,019

1 unchanged sentence

Amortization of prior service cost — 229

Recognized actuarial (loss) gain ( 32 ) 111 ( 32 ) 320

reclassification adjustment for gains (losses) included in net income upon retirement plan liquidation — — ( 8,578 ) —

reclassification adjustment for (losses) included in net income upon retirement plan liquidation — ( 8,578 )

Changes in employee benefit related items — 8,807

Income tax benefit (expense) 8 1 ( 47 ) ( 2 )

Income tax (expense) — ( 55 )

Employee benefit related items, net of tax — 8,752

Other comprehensive income 1,049 7,588 23,599 7,121

Other comprehensive (loss) income ( 1,932 ) 12,771

Comprehensive income $ 83,306 $ 86,805

3 unchanged sentences

(in thousands)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

General Partner’s Capital

9 unchanged sentences

Issuance of AB Holding Units for long-term incentive compensation plan awards 47,605 32,171

Retirement of AB Holding Units in connection with EQH Amended Exchange Agreement ( 820,188 ) — ( 820,188 ) —

Balance, end of period 1,316,715 2,058,858

13 unchanged sentences

(in thousands)

Nine Months Ended September 30,

Three Months Ended March 31,

Cash flows from operating activities:

9 unchanged sentences

Cash distributions to Unitholders ( 89,012 ) ( 116,364 )

Capital contributions (to) from AB ( 807 ) 902

Capital contributions from AB 493 1,109

Net cash used in financing activities ( 88,519 ) ( 115,255 )

2 unchanged sentences

Cash and cash equivalents as of end of period $ — $ —

Non-cash financing activities:

Retirement of AB Holding Units in connection with EQH Amended Exchange Agreement $ ( 820,188 ) $ —

See Accompanying Notes to Condensed Financial Statements.

1 unchanged sentence

Notes to Condensed Financial Statements

September 30, 2025

March 31, 2026

The words “we” and “our” refer collectively to AllianceBernstein Holding L.P.

15 unchanged sentences

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.

AB’s high-quality, in-depth research is the foundation of our asset management and private wealth management businesses.

AB’s research disciplines include economic, 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;

• Passively managed equity and fixed income strategies, including index, ESG index and enhanced index strategies.

• Equities, including actively managed strategies across global and regional markets and capitalization ranges, spanning growth, value, core, defensive, thematic, and sustainable approaches, with varying degrees of active risk, concentration, and benchmark sensitivity;

• Fixed Income , including actively managed traditional and unconstrained strategies across taxable and tax-exempt markets, encompassing government, corporate, securitized, emerging market, and municipal securities, with a focus on income generation, risk management, liquidity, and diversification;

• Multi-Asset Solutions , including outcome-oriented and asset-allocation strategies such as target-date, target-risk, income, and total-return portfolios, as well as customized multi-asset solutions designed to meet specific client objectives;

• Hedge Fund Strategies , including fundamental and systematic hedge funds, equity market neutral, event-driven, macro, and fund-of-funds strategies, focused on delivering diversified, idiosyncratic return streams with controlled market exposure;

• Private Alternatives , including private credit, asset-based finance, real assets, real estate debt, and specialty finance strategies, where returns are driven by underwriting discipline, structure, selectivity, and active portfolio management rather than public market beta;

• Systematic Strategies , including alpha-seeking and risk-controlled approaches that apply quantitative research, data-driven signals, and disciplined portfolio construction across equity and fixed income markets, as well as passive index, ESG index, and enhanced index solutions designed to provide efficient market exposure.

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 September 30, 2025, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:

As of March 31, 2026, the ownership structure of AB, expressed as a percentage of general and limited partnership interests, was as follows:

EQH and its subsidiaries 68.0 %

1 unchanged sentence

Unaffiliated holders 0.6

On July 10, 2025, AB entered into an amended and restated Exchange Agreement (the “Amended Exchange Agreement”) with EQH to increase the AB Units that remain available for exchange from 4,788,806 AB Units to 19,682,946 AB Units.

At the time the Amended Exchange Agreement was entered into, AB issued and exchanged 19,682,946 AB Units for an equal number of AB Holding Units held by EQH.

The acquired AB Holding Units from the exchange were retired, along with an equal number of AB Units.

Following the exchange, the Amended Exchange Agreement was terminated.

After giving effect to such exchange and related retirements, including both the general partnership and limited partnership interest in AB Holding and AB, EQH has an approximate 68.5 % economic interest in AB as of September 30, 2025.

Including both the general partnership and limited partnership interests in AB Holding and AB, EQH and its subsidiaries had an approximate 68.0 % economic interest in AB as of March 31, 2026.

Basis of Presentation

14 unchanged sentences

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 October 23, 2025, the General Partner declared a distribution of $ 0.86 per Unit, representing a distribution of Available Cash Flow for the three months ended September 30, 2025.

On April 28, 2026, the General Partner declared a distribution of $ 0.83 per Unit, representing a distribution of Available Cash Flow for the three months ended March 31, 2026.

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 November 20, 2025 to holders of record at the close of business on November 3, 2025.

The distribution is payable on May 21, 2026 to holders of record at the close of business on May 8, 2026.

Long-term Incentive Compensation Plans

AB has several unfunded, non-qualified long-term incentive compensation plans, under which we grant awards of restricted units representing assignments of beneficial ownership of limited partnership interests in AB Holding (“AB Holding Units”) to employees, generally in the fourth quarter, and to members of the Board of Directors of the General Partner, who are not employed by our company or by any of our affiliates (“Eligible Directors”).

AB 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 Holding Units are maintained in a consolidated rabbi trust either by purchasing AB Holding Units on the open market or by purchasing newly-issued AB Holding Units from AB Holding until delivering them or retiring them.

1 unchanged sentence

AB Holding Units held in the consolidated rabbi trust are corporate assets in the name of the trust and are available to the general creditors of AB.

Repurchases of AB Holding Units for the three and nine months ended September 30, 2025 and 2024 consisted of the following:

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Repurchases of AB Holding Units for the three months ended March 31, 2026 and 2025 consisted of the following:

Three Months Ended March 31,

(in millions)

Total amount of AB Holding Units Purchased (1)

0.1 1.1 1.3 2.1

Total Cash Paid for AB Holding Units Purchased (1)

$ 4.1 $ 38.6 $ 47.8 $ 71.7

Total amount of AB Holding Units Purchased/Retained (1)

Total Cash Paid for AB Holding Units Purchased/Retained (1)

Open Market Purchases of AB Holding Units Purchased (1)

0.1 1.1 1.1 1.8

Total Cash Paid for Open Market Purchases of AB Holding Units (1)

$ 3.9 $ 38.6 $ 42.3 $ 60.1

(1) Purchased on a trade date basis.

The difference between open-market purchases and total amount of units purchased reflects the retention of AB Holding Units from employees to fulfill statutory tax withholding requirements at the time of delivery of long-term incentive compensation awards.

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”).

2 unchanged sentences

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 third quarter of 2025 expired at the close of business on October 22, 2025.

The plan adopted during the first quarter of 2026 expired at the close of business on April 27, 2026.

AB may adopt additional plans in the future to engage in open-market purchases of AB Holding Units for anticipated obligations under its incentive compensation award program and for other corporate purposes.

During the first nine months of 2025 and 2024, AB awarded to employees and Eligible Directors 1.6 million and 1.2 million restricted AB Holding Unit awards, respectively.

During the first three months of 2026 and 2025, AB awarded to employees and Eligible Directors 1.4 million and 1.0 million restricted AB Holding Unit awards, respectively.

AB used AB Holding Units repurchased during the applicable period and newly-issued AB Holding Units for these restricted AB Holding Unit awards.

2 unchanged sentences

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 September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Three Months Ended

(in thousands, except per unit amounts)

3 unchanged sentences

Investment in AB

Changes in AB Holding’s investment in AB during the nine-month period ended September 30, 2025 are as follows (in thousands):

Changes in AB Holding’s investment in AB during the three-month period ended March 31, 2026 are as follows (in thousands):

Investment in AB as of December 31, 2025 $ 1,240,042

2 unchanged sentences

Cash distributions received from AB ( 97,370 )

Capital contributions to AB 807

Capital contributions (from) AB ( 493 )

AB Holding Units (retired) ( 4,689 )

AB Holding Units issued for long-term incentive compensation plans 47,605

Retirement of AB Holding Units in connection with EQH Amended Exchange Agreement ( 820,188 )

Change in AB Holding Units held by AB for long-term incentive compensation plans ( 14,344 )

Investment in AB as of September 30, 2025 $ 1,178,765

Investment in AB as of March 31, 2026 $ 1,261,074

Units Outstanding

Changes in AB Holding Units outstanding during the nine-month period ended September 30, 2025 are as follows:

Changes in AB Holding Units outstanding during the three-month period ended March 31, 2026 are as follows:

Outstanding as of December 31, 2025 92,284,367

1 unchanged sentence

Units retired ( 127,193 )

( 20,833,912 )

Outstanding as of September 30, 2025 90,993,251

(1) Includes 19,682,946 AB Holding Units retired in connection with the Amended Exchange Agreement entered into with EQH on July 10, 2025.

Outstanding as of March 31, 2026 93,403,853

AB Holding is a publicly-traded partnership ("PTP") for federal tax purposes and, accordingly, is not subject to federal or state corporate income taxes.

1 unchanged sentence

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.

AB Holding’s federal income tax is computed by multiplying certain AB qualifying revenues by AB Holding’s ownership interest in AB, multiplied by the 3.5 % tax rate.

Certain 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.

Three Months Ended September 30, Nine Months Ended

September 30,

2025 2024 % Change 2025 2024 % Change

Three Months Ended

2026 2025 % Change

(in thousands)

6 unchanged sentences

weighted average equity ownership interest for calculating tax 25.4 % 34.6 %

29.5 % 35.7 % 32.6 % 36.4 %

Multiplied by:

4 unchanged sentences

Effective tax rate 7.6 % 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.

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) enter into a substantial new line of business.

If AB Holding were to lose or surrender 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.

Commitments and Contingencies

10 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements