4 unchanged sentences
Results of Operations
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 % Change 2025 2024 % Change
+Added: Three Months Ended March 31,
+Added: 2026 2025 % Change
(in thousands, except per unit amounts)
5 unchanged sentences
Net income per AB Holding Unit $ 0.92 $ 0.67 37.3
−Removed: Distribution declared per AB Holding Unit (1)
+Added: Distribution per AB Holding Unit (1)
$ 0.83 $ 0.80 3.7 %
1 unchanged sentence
(1) Distributions reflect the impact of AB’s non-GAAP adjustments.
−Removed: AB Holding's net income for the three and nine months ended September 30, 2025 decreased $53.4 million and $99.9 million, respectively, compared to the corresponding periods in 2024, primarily due to lower weighted average equity ownership interest in AB ( as discussed in Note 1 to the condensed financial statements in Item 1 ) and lower net income attributable to AB Unitholders primarily due to the recognition of a prior period gain of $128.5 million related to a fair value remeasurement of the contingent payment liability associated with AB's acquisition of AB CarVal in 2022 ( as discussed in Note 11 to AB's condensed financial statements in Exhibit 99.1 ).
+Added: AB Holding's net income for the three months ended March 31, 2026 increased $11.2 million, compared to the three months ended March 31, 2025, primarily due to higher net income attributable to AB Unitholders, partially offset by lower weighted average equity ownership interest in AB.
AB Holding’s partnership gross income is derived from its interest in AB.
2 unchanged sentences
investment advisory fees.
−Removed: AB Holding's effective tax rate was 9.4% during the three months ended September 30, 2025, compared to 6.7% during the three months ended September 30, 2024.
−Removed: AB Holding's effective tax rate was 10.3% during the nine months ended September 30, 2025, compared to 7.9% during the nine months ended September 30, 2024.
+Added: AB Holding's effective tax rate was 7.6% during the three months ended March 31, 2026 and 10.5% during the three months ended March 31, 2025.
See Note 7 to the condensed financial statements in Item 1 for the calculation of income tax expense.
Management Operating Metrics
−Removed: 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.
+Added: As supplemental information, AB provides the performance measures “adjusted net revenues,” “adjusted operating income” and “adjusted operating margin,” which are additional operating 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.
8 unchanged sentences
The impact of these adjustments on AB Holding’s net income and net income per AB Holding Unit is as follows:
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31,
(in thousands, except per Unit amounts)
1 unchanged sentence
$ (29,676) $ 40,136
−Removed: AB income tax (expense) benefit on non-GAAP adjustments (714) 4,282 (5,891) 10,337
+Added: AB income tax benefit (expense) on non-GAAP adjustments 2,381 (2,441)
AB non-GAAP adjustments, after taxes (27,295) 37,695
12 unchanged sentences
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.
−Removed: 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.
+Added: Management anticipates that Available Cash Flow will continue to be based on adjusted net income per Unit.
+Added: If management determines, with the concurrence of the Board of Directors, that certain adjustments to Available Cash Flow are necessary or unnecessary, such adjustments will be made in future periods.
See Note 2 to the condensed financial statements in Item 1 for a description of Available Cash Flow.
Capital Resources and Liquidity
−Removed: During the nine months ended September 30, 2025, net cash provided by operating activities was $275.1 million, compared to $253.0 million during the corresponding 2024 period.
−Removed: The increase primarily resulted from higher cash distributions received from AB of $19.8 million.
−Removed: During the nine months ended September 30, 2025, net cash used in financing activities was $275.1 million, compared to $253.0 million during the corresponding 2024 period.
−Removed: The increase was primarily due to higher cash distributions to Unitholders of $20.4 million.
+Added: During the three months ended March 31, 2026, net cash provided by operating activities was $88.5 million, compared to $115.3 million during the corresponding 2025 period.
+Added: The decrease primarily resulted from lower cash distributions received from AB of $30.1 million.
+Added: During the three months ended March 31, 2026, net cash used in financing activities was $88.5 million, compared to $115.3 million during the corresponding 2025 period.
+Added: The decrease was primarily due to lower cash distributions to Unitholders of $27.4 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.
15 unchanged sentences
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.
−Removed: 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:
+Added: The forward-looking statements referred to in the preceding paragraph , most of which directly affect AB and may 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:
13 unchanged sentences
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.
+Added: • Our initiative to replace our investment management technology:
+Added: While we believe that our initiative to replace our existing investment management technology will result in long term savings to the business based on reasonable assumptions as of the date of this report, the duration and complexity of the project creates a significant risk that our current assumptions may not be realized.
Quantitative and Qualitative Disclosures About Market Risk
−Removed: During the third 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.
+Added: During the first quarter of 2026, 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, 2025.
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.