US Market News
2月前
ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST QUARTER RESULTSApril 28, 2026 6:15 AM
PR Newswire (US)
GAAP Net Income of $0.92 per Unit
Adjusted Net Income of $0.83 per Unit
Cash Distribution of $0.83 per UnitNASHVILLE, Tenn., April 28, 2026 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today reported financial and operating results for the quarter ended March 31, 2026."The first quarter of 2026 unfolded against a difficult geopolitical backdrop associated with market volatility," said Seth Bernstein, CEO of AllianceBernstein. "Firmwide net active outflows totaled $6.3 billion, reflecting a more risk-averse environment, despite continued momentum across structurally growing areas—including private markets, active ETFs, SMAs, insurance, and wealth management. Active equity outflows remained elevated at $10.9 billion across channels, primarily within growth-oriented US strategies. Our market-leading municipal franchise continued to demonstrate its income-oriented appeal, supported by strong high-net-worth demand, generating $3.3 billion net inflows in the quarter. Taxable fixed income demand diverged by channel and region, with institutional net inflows more than offset by APAC retail net outflows, resulting in $1.7 billion net outflows. Alternatives/multi-asset strategies recorded $3.4 billion net inflows, reflecting continued institutional deployments into private markets and customized retirement solutions, along with multi-asset retail inflows. Compared to prior year, average AUM and advisory base fees grew 8% and 5%, respectively. Adjusted operating income increased 3% and adjusted earnings per Unit and distributions to Unitholders rose 4%."(US $ Thousands except per Unit amounts)1Q 2026
1Q 2025
% Change
4Q 2025
% ChangeU.S. GAAP Financial Measures
Net revenues$ 1,201,726
$ 1,080,607
11.2 %
$ 1,223,991
(1.8 %)Operating income$ 326,800
$ 236,369
38.3 %
$ 308,534
5.9 %Operating margin26.1 %
21.8 %
430 bps
25.1 %
100 bpsAB Holding EPU $ 0.92
$ 0.67
37.3 %
$ 0.90
2.2 %
Adjusted Financial Measures (1)
Net revenues$ 871,135
$ 838,214
3.9 %
$ 957,307
(9.0 %)Operating income$ 291,180
$ 282,748
3.0 %
$ 329,947
(11.7 %)Operating margin33.4 %
33.7 %
(30 bps)
34.5 %
(110 bps)AB Holding EPU $ 0.83
$ 0.80
3.7 %
$ 0.96
(13.5 %)AB Holding cash distribution per Unit$ 0.83
$ 0.80
3.7 %
$ 0.96
(13.5 %)
(US $ Billions)
Assets Under Management ("AUM")
Ending AUM$ 838.6
$ 784.5
6.9 %
$ 866.9
(3.3 %)Average AUM$ 865.0
$ 797.5
8.5 %
$ 865.1
— %(1) The adjusted financial measures represent non-GAAP financial measures. See page 11 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 12-14 for notes describing the adjustments.Bernstein further elaborated, "Retail engagement remained selective in the first quarter of 2026, reflecting continued active equity redemptions of $4.3 billion, partially offset by ongoing market-share gains in our municipal platform, which generated $3.2 billion of net inflows. Taxable fixed-income outflows totaled $4.5 billion, concentrated in American Income and Global High Yield. Retail alternatives/MAS recorded $0.9 billion of net inflows, driven by the continued expansion of our multi-asset offerings within APAC. Institutional activity was largely constructive outside of active equities, where we registered $5.1 billion of outflows. A steady cadence of private-market deployments coupled with inflows into our defined-contribution platform, resulted in $1.6 billion alternatives/multi-asset inflows during the first quarter. Institutional taxable fixed income also generated $2.3 billion inflows. Institutional client engagement was strong, with our pipeline AUM surpassing $27 billion, highest on record, supported by expanding insurance partnerships and deepening existing client relationships. Bernstein Private Wealth continued to deliver strong growth, with net new assets increasing at 5% annualized rate including $0.6 billion of organic inflows across asset classes. Advisor productivity and client engagement remained strong, marking the third consecutive quarter of positive flows and driving deeper penetration across the ultra-high-net-worth channel."In conclusion, Bernstein remarked, "Market volatility is elevated as investors recalibrate risk exposure against a backdrop of slower growth, unsettled inflationary pressures, and ongoing geopolitical instability. Our long-term perspective, differentiated investment capabilities, and deep client partnerships position us well to navigate the evolving environment. We are focused on delivering high-quality investment outcomes, executing against our strategic priorities, and creating durable value for our clients, unitholders, and stakeholders."The firm's cash distribution per Unit of $0.83 is payable on May 21, 2026, to holders of record of AB Holding Units at the close of business on May 8, 2026.Market PerformanceGlobal equity and fixed income markets were mostly down in the first quarter of 2026.
1Q 2026S&P 500 Total Return(4.3) %MSCI EAFE Total Return(1.1)Bloomberg Barclays US Aggregate Return(0.1)Bloomberg Barclays Global High Yield Index - Hedged(0.9)Assets Under Management ($ Billions)Total assets under management as of March 31, 2026 were $838.6 billion, down $28.3 billion, or 3%, from December 31, 2025 and up $54.1 billion, or 7%, from March 31, 2025.
Institutional
Retail
Private
Wealth
TotalAssets Under Management 3/31/2026
$347.7
$335.5
$155.4
$838.6Net Flows for Three Months Ended 3/31/2026:
Active
($1.2)
($4.7)
($0.4)
($6.3) Passive
(0.7)
(1.1)
1.0
(0.8)Total
($1.9)
($5.8)
$0.6
($7.1)Total net outflows were $7.1 billion in the first quarter, compared to net outflows of $4.7 billion in the fourth quarter of 2025 and net inflows of $2.4 billion in the prior year first quarter.Institutional channel first quarter net outflows of $1.9 billion compared to net outflows of $1.9 billion in the fourth quarter of 2025. Institutional gross sales of $5.6 billion increased sequentially from $4.5 billion. The pipeline of awarded but unfunded Institutional mandates increased sequentially to $27.5 billion at March 31, 2026 compared to $19.7 billion at December 31, 2025.Retail channel first quarter net outflows of $5.8 billion compared to net outflows of $3.5 billion in the fourth quarter of 2025. Retail gross sales of $23.1 billion increased sequentially from $22.5 billion.Private Wealth channel first quarter net inflows of $0.6 billion compared to net inflows of $0.7 billion in the fourth quarter of 2025. Private Wealth gross sales of $6.9 billion increased sequentially from $6.7 billion.First Quarter Financial ResultsWe are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and non-GAAP, adjusted earnings information in this release. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. Please note, however, that these non-GAAP measures are provided in addition to, and not as a substitute for, any measures derived in accordance with US GAAP and they may not be comparable to non-GAAP measures presented by other companies. Management uses both 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.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.US GAAP EarningsRevenuesFirst quarter net revenues of $1.2 billion increased 11% from $1.1 billion in the first quarter of 2025. The increase was primarily due to investment gains as compared to losses in the prior year, higher investment advisory base fees, higher performance-based fees and higher shareholder servicing fees.Sequentially, net revenues of $1.2 billion decreased 2% from the fourth quarter of 2025. The slight decrease was primarily due to lower investment advisory base fees and lower performance-based fees and lower distribution revenue, partially offset by higher investment gains.ExpensesFirst quarter operating expenses of $875 million increased 4% from $844 million in the first quarter of 2025. The increase is primarily due to higher employee compensation and benefits expense, partially offset by lower general and administrative ("G&A") expense. Employee compensation and benefits expense increased due to higher incentive compensation, commissions, fringe benefits and base compensation. The decrease in G&A expenses is driven by a retirement plan settlement loss of $20.8 million in the prior year quarter, partially offset by higher office-related expenses and professional fees.Sequentially, operating expenses of $875 million decreased 4% from $915 million, driven primarily by lower promotion and servicing expense, lower G&A expense and lower employee compensation and benefits expense. Promotion and servicing expense decreased primarily due to lower distribution-related payments, lower marketing and communications expense and lower transfer fees. G&A expense decreased primarily due to an impairment charge of $4.0 million in the prior period associated with a smaller historical acquisition in 2020, lower professional fees and lower portfolio services and related expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and base compensation, partially offset by higher fringe benefits and commissions.Operating Income, Margin and Net Income Per UnitFirst quarter operating income of $327 million increased 38% from $236 million in the first quarter of 2025 and the operating margin of 26.1% in the first quarter of 2026 increased 430 basis points from 21.8% in the first quarter of 2025.Sequentially, operating income of $327 million increased 6% from $309 million in the fourth quarter of 2025 and the operating margin of 26.1% increased 100 basis points from 25.1% in the fourth quarter of 2025.First quarter net income per Unit was $0.92 compared to $0.67 in the first quarter of 2025 and increased from $0.90 in the fourth quarter of 2025.Non-GAAP Earnings
This section discusses our first quarter 2026 non-GAAP financial results, compared to the first quarter of 2025 and the fourth quarter of 2025. The phrases "adjusted net revenues", "adjusted operating expenses", "adjusted operating income", "adjusted operating margin" and "adjusted net income per Unit" are used in the following earnings discussion to identify non-GAAP information.Adjusted RevenuesFirst quarter adjusted net revenues of $871 million increased 4% from $838 million in the first quarter of 2025. The increase was primarily due to higher investment advisory base fees, lower investment losses and higher shareholder servicing fees, partially offset by lower performance-based fees.Sequentially, adjusted net revenues of $871 million decreased 9% from $957 million. The decrease was primarily due to lower performance-based fees, lower investment advisory base fees and investment losses as compared to gains in the prior quarter.Adjusted ExpensesFirst quarter adjusted operating expenses of $580 million increased 4% from $555 million in the first quarter of 2025 primarily due to higher employee compensation and benefits expense and higher G&A expense. Employee compensation and benefits expense increased primarily due to higher commissions, fringe benefits and base compensation, partially offset by lower incentive compensation. G&A expense increased primarily due to higher office-related expenses, portfolio services and related expense and professional fees.Sequentially, adjusted operating expenses of $580 million decreased 8% from $627 million. The decrease was driven primarily by lower employee compensation and benefits expense, lower promotion and servicing expense, and lower G&A expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and base compensation, partially offset by higher fringe benefits and commissions. Promotion and servicing expense decreased primarily due to lower marketing and communication expense and lower transfer fees. G&A expense decreased primarily due to lower professional fees, technology and related expense and portfolio services and related expense.Adjusted operating Income, Margin and Net Income Per UnitFirst quarter adjusted operating income of $291 million increased 3% from $283 million in the first quarter of 2025, and the adjusted operating margin of 33.4% decreased 30 basis points from 33.7%.Sequentially, adjusted operating income of $291 million decreased 12% from $330 million and the adjusted operating margin of 33.4% decreased 110 basis points from 34.5%.First quarter adjusted net income per Unit was $0.83 compared to $0.80 in the first quarter of 2025 and $0.96 in the fourth quarter of 2025.HeadcountAs of March 31, 2026, we had 4,454 employees, compared to 4,369 employees as of March 31, 2025 and 4,468 employees as of December 31, 2025.Unit Repurchases
Three Months EndedMarch 31,
2026
2025
(in millions)Total amount of AB Holding Units Purchased/Retained (1)
0.2
0.8Total Cash Paid for AB Holding Units Purchased/Retained (1)
$ 8.8
$ 30.5Open Market Purchases of AB Holding Units Purchased (1)
0.1
0.7Total Cash Paid for Open Market Purchases of AB Holding Units (1)
$ 4.7
$ 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.First Quarter 2026 Earnings Conference Call InformationManagement will review first quarter 2026 financial and operating results during a conference call beginning at 9:00 a.m. (CST) on Tuesday, April 28, 2026. The conference call will be hosted by Seth Bernstein, Chief Executive Officer; Tom Simeone, Chief Financial Officer; and Onur Erzan, President.Parties may access the conference call by either webcast or telephone:1. To listen by webcast, please visit AB's Investor Relations website at https://www.alliancebernstein.com/corporate/en/investor-relations.html at least 15 minutes prior to the call to download and install any necessary audio software.2. To listen by telephone, please dial (888) 440-3310 in the U.S. or +1 (646) 960-0513 outside the U.S. 10 minutes before the scheduled start time. The conference ID# is 6072615.The presentation management will review during the conference call will be available on AB's Investor Relations website shortly after the release of our first quarter 2026 financial and operating results on April 28, 2026.A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call.Cautions Regarding Forward-Looking StatementsCertain statements provided by management in this news release 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, 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. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes 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" and "Cautions Regarding Forward-Looking Statements" in AB's Form 10-K for the year ended December 31, 2025 and subsequent Forms 10-Q. Any or all of the forward-looking statements made in this news release, Form 10-K, Forms 10-Q, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn out to be wrong. It is important to remember that other factors besides those listed in "Risk Factors" and "Cautions Regarding Forward-Looking Statements", and those listed below, could also adversely affect AB's revenues, financial condition, results of operations and business prospects.The forward-looking statements referred to in the preceding paragraph include statements regarding:The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated, or that mandates ultimately will not be funded.The possibility that AB will engage in open market purchases of AB Holding Units for anticipated obligations under our incentive compensation award program: The number of AB Holding Units AB may decide to buy in future periods, if any, for 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.Qualified Tax NoticeThis announcement is intended to be a qualified notice under Treasury Regulation §1.1446-4(b)(4). Please note that 100% of AB Holding's distributions to foreign investors is attributable to income that is effectively connected with a United States trade or business. Accordingly, AB Holding's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate, 37% effective January 1, 2018.About AllianceBernsteinAllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.As of March 31, 2026, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.4% of AllianceBernstein and Equitable Holdings ("EQH"), directly and through various subsidiaries, owned an approximate 68.0% economic interest in AllianceBernstein.Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com. AB (The Operating Partnership)
US GAAP Consolidated Statement of Income (Unaudited)
(US $ Thousands)1Q 2026
1Q 2025
% Change
4Q 2025
% Change
GAAP revenues:
Base fees$ 849,182
$ 817,866
3.8 %
$ 870,809
(2.5) %Performance fees66,032
37,246
77.3
87,374
(24.4)Distribution revenues202,818
199,020
1.9
210,400
(3.6)Dividends and interest30,470
34,350
(11.3)
33,936
(10.2)Investments gains (losses) 31,059
(20,538)
n/m
238
n/mOther revenues35,170
30,180
16.5
35,848
(1.9) Total revenues1,214,731
1,098,124
10.6
1,238,605
(1.9)Less: Broker-dealer related interest expense13,005
17,517
(25.8)
14,614
(11.0)Total net revenues1,201,726
1,080,607
11.2
1,223,991
(1.8)
GAAP operating expenses:
Employee compensation and benefits467,557
420,531
11.2
479,574
(2.5)Promotion and servicing
Distribution-related payments196,596
200,659
(2.0)
206,574
(4.8)Amortization of deferred sales commissions21,495
20,161
6.6
21,331
0.8Trade execution, marketing, T&E and other40,517
36,513
11.0
48,372
(16.2)General and administrative130,391
147,935
(11.9)
142,875
(8.7)Interest on borrowings7,207
7,138
1.0
5,503
31.0Amortization of intangible assets11,163
11,301
(1.2)
11,228
(0.6)Total operating expenses874,926
844,238
3.6
915,457
(4.4)Operating income326,800
236,369
38.3
308,534
5.9Income taxes 18,164
14,675
23.8
15,033
20.8Net income 308,636
221,694
39.2
293,501
5.2Net income of consolidated entities attributable to non-controlling interests13,151
895
n/m
1,541
n/mNet income attributable to AB Unitholders $ 295,485
$ 220,799
33.8 %
$ 291,960
1.2 %
AB Holding L.P. (The Publicly-Traded Partnership)
SUMMARY STATEMENTS OF INCOME
(US $ Thousands)1Q 2026
1Q 2025
% Change
4Q 2025
% Change
Equity in Net Income Attributable to AB Unitholders $ 92,255
$ 82,753
11.5 %
$ 89,761
2.8 %Income Taxes7,017
8,719
(19.5)
7,957
(11.8)Net Income $ 85,238
$ 74,034
15.1 %
$ 81,804
4.2 %Net Income per Unit$ 0.92
$ 0.67
37.3 %
$ 0.90
2.2 %Distribution per Unit$ 0.83
$ 0.80
3.7 %
$ 0.96
(13.5) %
Units Outstanding 1Q 2026
1Q 2025
% Change
4Q 2025
% ChangeAB L.P.
Period-end294,626,407
292,273,197
0.8 %
293,508,421
0.4 %Weighted average293,728,550
292,187,179
0.5
291,888,777
0.6AB Holding L.P.
Period-end93,403,853
110,699,699
(15.6 %)
92,284,367
1.2 %Weighted average92,505,013
110,611,006
(16.4)
90,664,000
2.0 AllianceBernstein L.P.
ASSETS UNDER MANAGEMENT | March 31, 2026
($ Billions)
Ending and AverageThree Months Ended
3/31/26
3/31/25
Ending Assets Under Management$838.6
$784.5
Average Assets Under Management$865.0
$797.5 Three-Month Changes By Distribution Channel
Institutions
Retail
Private Wealth
Total
Beginning of Period$ 354.2
$ 356.4
$ 156.3
$ 866.9
Sales/New accounts5.6
23.1
6.9
35.6
Redemption/Terminations(3.2)
(26.3)
(6.3)
(35.8)
Net Cash Flows (4.3)
(2.6)
—
(6.9)
Net Flows(1.9)
(5.8)
0.6
(7.1)
Transfers0.4
(0.4)
—
—
Investment Performance(5.0)
(14.7)
(1.5)
(21.2)
End of Period$ 347.7
$ 335.5
$ 155.4
$ 838.6 Three-Month Changes By Investment Service
Equity
Active
Equity
Passive(1)
Fixed
Income
Taxable
Fixed
Income
Tax-Exempt
Fixed
Income
Passive(1)
Alternatives/
Multi-Asset
Solutions(2)
Total
Beginning of Period$ 278.0
$ 78.3
$ 213.1
$ 90.8
$ 9.7
$ 197.0
$ 866.9
Sales/New accounts11.9
0.5
10.4
7.1
—
5.7
35.6
Redemption/Terminations(17.6)
(0.6)
(11.9)
(3.7)
(0.1)
(1.9)
(35.8)
Net Cash Flows(5.2)
(0.8)
(0.2)
(0.1)
(0.2)
(0.4)
(6.9)
Net Flows(10.9)
(0.9)
(1.7)
3.3
(0.3)
3.4
(7.1)
Investment Performance(14.6)
(2.7)
(1.7)
(0.2)
—
(2.0)
(21.2)
End of Period$ 252.5
$ 74.7
$ 209.7
$ 93.9
$ 9.4
$ 198.4
$ 838.6 Three-Month Net Flows By Investment Service (Active versus Passive)
Actively
Managed
Passively
Managed (1)
Total
Equity$ (10.9)
(0.9)
$ (11.8)
Fixed Income 1.6
(0.3)
1.3
Alternatives/Multi-Asset Solutions (2)3.0
0.4
3.4
Total$ (6.3)
$ (0.8)
$ (7.1)(1) Includes index and enhanced index services.(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. By Client Domicile
Institutions
Retail
Private Wealth
Total
U.S. Clients$ 277.0
$ 208.4
$ 151.7
$ 637.1
Non-U.S. Clients70.7
127.1
3.7
201.5
Total$ 347.7
$ 335.5
$ 155.4
$ 838.6 AB L.P.
RECONCILIATION OF GAAP
FINANCIAL RESULTS TO
ADJUSTED FINANCIAL RESULTS
Three Months Ended
(US $ Thousands, unaudited)
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Net Revenues, GAAP basis
$ 1,201,726
$ 1,223,991
$ 1,137,147
$ 1,088,907
$ 1,080,607
$ 1,257,556
Exclude:
Distribution-related adjustments:
Distribution revenues(202,818)
(210,400)
(210,658)
(198,367)
(199,020)
(198,859)
Investment advisory services fees(15,274)
(17,494)
(18,642)
(20,297)
(21,796)
(16,281)
Pass through adjustments:
Investment advisory services fees(14,816)
(17,680)
(13,970)
(13,659)
(12,756)
(42,364)
Other revenues(15,686)
(17,510)
(15,433)
(15,203)
(15,835)
(18,742)
Impact of consolidated company-sponsored investment funds3,500
(1,886)
(7,059)
2,295
85
(1,126)
Acquisition related investment advisory services fees(42,990)
—
—
—
—
—
Incentive compensation-related items485
(1,059)
(2,404)
(9,821)
856
(8,058)
Equity (gain) loss on JV(48,396)
3,450
16,162
13,371
6,073
1,168
Loss (gain) on other equity method investments5,404
(4,105)
(471)
(2,792)
—
—
Adjusted Net Revenues
$ 871,135
$ 957,307
$ 884,672
$ 844,434
$ 838,214
$ 973,294
Operating Income, GAAP basis
$ 326,800
$ 308,534
$ 283,477
$ 222,094
$ 236,369
$ 317,507
Exclude:
Real estate—
—
—
—
—
(206)
Incentive compensation-related items146
(554)
1,214
1,284
258
(198)
EQH award compensation405
229
344
426
246
291
Retirement plan settlement (gain) loss—
—
(2,442)
(581)
20,756
13,130
Acquisition-related expenses12,765
18,431
12,545
13,224
12,803
19,292
Equity (gain) loss on JVs(48,396)
3,450
16,162
13,371
6,073
1,168
Loss (gain) on other equity method investments5,404
(4,105)
(471)
(2,792)
—
—
AB Funds reimbursement (income) expense—
—
(8,500)
14,296
—
—
Interest on borrowings7,207
5,503
7,167
8,463
7,138
6,370
Total non-GAAP adjustments(22,469)
22,954
26,019
47,691
47,274
39,847
Less: Net income (loss) of consolidated entities attributable to non-controlling interests13,151
1,541
7,129
(3,179)
895
2,975
Adjusted Operating Income$ 291,180
$ 329,947
$ 302,367
$ 272,964
$ 282,748
$ 354,379
Operating Margin, GAAP basis excl. non-controlling interests26.1 %
25.1 %
24.3 %
20.7 %
21.8 %
25.0 %
Adjusted Operating Margin33.4 %
34.5 %
34.2 %
32.3 %
33.7 %
36.4 %
AB Holding L.P.
RECONCILIATION OF GAAP EPU TO ADJUSTED EPU
Three Months Ended
($ Thousands except per Unit amounts, unaudited)3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Net Income, GAAP basis$ 85,238
$ 81,804
$ 73,751
$ 70,248
$ 74,034
$ 105,434
Impact on net income of AB non-GAAP adjustments(8,522)
5,129
5,695
13,630
14,128
12,465
Adjusted Net Income$ 76,716
$ 86,933
$ 79,446
$ 83,878
$ 88,162
$ 117,899
Net Income per Holding Unit, GAAP basis$ 0.92
$ 0.90
$ 0.79
$ 0.64
$ 0.67
$ 0.94
Impact of AB non-GAAP adjustments(0.09)
0.06
0.07
0.12
0.13
0.11
Adjusted Net Income per Holding Unit$ 0.83
$ 0.96
$ 0.86
$ 0.76
$ 0.80
$ 1.05AB
Notes to Consolidated Statements of Income and Supplemental Information
(Unaudited)Adjusted Net RevenuesNet 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 service fees passed through to our investment advisors. We also adjust for certain pass through costs associated with the transition of services to the JV entered into with Societe Generale ("SocGen"). These amounts are expensed by us and passed to the JV 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.We also adjust investment advisory and services fees for pass through performance fees, primarily related to acquisition-related funds in which we do not participate in the performance.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 equity method investments, including our investment in the JV and reinsurance sidecars, as we don't consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. Effective April 1, 2024 following the close of the transaction with SocGen, we record all income or loss associated with the JV 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. On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the "Amendment Agreement") and exercised the AB option to deliver a 17.7% interest in the NA JV to SocGen resulting in AB owning a 49% interest in the NA JV and SocGen having a majority interest of 51% in the NA JV. The prepaid consideration received was in excess of the carrying value of the 17.7% equity in the NA JV resulting in a gain of $48.4 million recognized in the first quarter of 2026.Adjusted Operating IncomeAdjusted 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, as discussed below, (4) retirement plan settlement (gain) loss, (5) acquisition-related expenses (income), (6) income (loss) related to our equity method investments, (7) AB Funds reimbursement (income) expense, (8) interest on borrowings and (9) the impact of consolidated company-sponsored investment funds.Real estate charges (credits) incurred 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. However, beginning in the fourth quarter of 2019, real estate charges (credits), while excluded in the period in which the charges (credits) are recorded, are 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 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 P. Bernstein, our CEO, equity awards in connection with EQH's IPO. Additionally, equity awards were 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 (gains) 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 (income) 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 (income) include professional fees, the recording of changes in estimates or fair value remeasurements 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 exclude our portion of the equity income or loss associated with our equity method investments, including our investment in the JVs and reinsurance sidecars, as we don't consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. 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. On January 1, 2026, AB entered into an Amended and Restated Shareholder agreement with SocGen (the "Amendment Agreement") and exercised the AB option to deliver a 17.7% interest in the NA JV to SocGen resulting in AB owning a 49% interest in the NA JV and SocGen having a majority interest of 51% in the NA JV. The prepaid consideration received was in excess of the carrying value of the 17.7% equity in the NA JV resulting in a gain of $48.4 million recognized in the first quarter of 2026.During the first quarter of 2025, we identified an error in the billing practices of a third-party service provider, who had over billed certain AB mutual funds for omnibus account services, sub-accounting services, and related transfer agency expenses in prior years. In the second quarter, at the request of the mutual fund Board, AB agreed to reimburse the affected funds for the entirety of the overpayment plus interest. During the third quarter of 2025, we resolved this matter with the service provider and recovered a portion of the overbilled amounts. We have adjusted operating income to exclude these amounts. We believe adjusting for these costs is useful for our investors and other users of our financial statements as such presentation appropriately reflects the non-core nature of this expenditure or recovery.We adjust operating income to exclude interest on borrowings in order to align with our industry peer group.We adjusted 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 excluded the limited partner interests we do not own.Adjusted Operating MarginAdjusted 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.
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-holding-lp-announces-first-quarter-results-302754703.htmlSOURCE AllianceBernstein
Original: ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FIRST QUARTER RESULTS
US Market News
4月前
ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTSFebruary 5, 2026 6:20 AM
PR Newswire (US)
GAAP Diluted Net Income of $0.90 per Unit
Adjusted Diluted Net Income of $0.96 per Unit
Cash Distribution of $0.96 per Unit NASHVILLE, Tenn., Feb. 5, 2026 /PRNewswire/ -- AllianceBernstein L.P. ("AB") and AllianceBernstein Holding L.P. ("AB Holding") (NYSE: AB) today reported financial and operating results for the quarter and year ended December 31, 2025."2025 marked a year of disciplined execution and strategic progress for AllianceBernstein as we broadened our platform and deepened client relationships," said Seth Bernstein, CEO of AllianceBernstein. "Against a volatile macro backdrop weighing on client sentiment and net flows, we closed the year with a record $867 billion in assets under management and delivered targeted organic growth across structurally growing areas including ultra-high-net-worth, insurance, SMAs, active ETFs, and private markets. While firmwide active net flows turned negative in 2025, with $9.4 billion net outflows driven primarily by $22.5 billion net redemptions in active equities, we accomplished more than $140 billion sales during the year. In active fixed income, our market-leading tax-exempt platform generated $11.6?billion net inflows in 2025, offsetting $9.1?billion taxable net outflows. Alternatives/multi-asset registered $10.6?billion active net inflows, lifting private markets AUM to $82?billion, up 18% year over year, and keeping us on track for our 2027 target of $90–$100?billion. Full-year 2025 adjusted base management fees grew 5% versus prior-year. Adjusted operating income grew 4% and operating margins expanded 140 basis points to 33.7% in 2025. Full-year adjusted earnings per unit grew 2% and unitholder distributions increased 4% versus prior-year."(US $ Thousands except per Unit amounts)Q4 2025
Q4 2024
% Change
2025
2024
% Change
U.S. GAAP Financial Measures
Net revenues$ 1,223,991
$ 1,257,556
(2.7) %
$ 4,530,652
$ 4,475,139
1.2 %Operating income$ 308,534
$ 317,507
(2.8) %
$ 1,050,475
$ 1,124,073
(6.5) %Operating margin25.1 %
25.0 %
10 bps
23.0 %
24.7 %
(170) bpsAB Holding EPU $ 0.90
$ 0.94
(4.3) %
$ 2.97
$ 3.71
(19.9) %
Adjusted Financial Measures1
Net revenues$ 957,307
$ 973,294
(1.6) %
$ 3,524,626
$ 3,528,398
(0.1 %)Operating income$ 329,947
$ 354,379
(6.9) %
$ 1,188,026
$ 1,140,144
4.2 %Operating margin 34.5 %
36.4 %
(190) bps
33.7 %
32.3 %
140 bpsAB Holding EPU $ 0.96
$ 1.05
(8.6) %
$ 3.33
$ 3.25
2.5 %AB Holding cash distribution per Unit$ 0.96
$ 1.05
(8.6) %
$ 3.38
$ 3.26
3.7 %
(US $ Billions)
Assets Under Management ("AUM")
Ending AUM$ 866.9
$ 792.2
9.4 %
$ 866.9
$ 792.2
9.4 %Average AUM$ 865.1
$ 801.0
8.0 %
$ 826.0
$ 768.5
7.5 %
1 The adjusted financial measures represent non-GAAP financial measures. See page 14-15 for reconciliations of GAAP Financial Results to Adjusted Financial Results and pages 16-18 for notes describing the adjustments. Bernstein elaborated: "Retail demand softened in 2025, interrupting two years of consecutive organic growth, with the channel posting $9.1 billion net outflows. Active equity net outflows totaled $11.8 billion while taxable fixed income recorded $5.5 billion net outflows, driven by overseas redemptions. Tax-exempt fixed income extended its record of uninterrupted organic inflows to 13 consecutive years, growing 23% organically in 2025. Retail alternatives/multi-asset attracted $1.4 billion net inflows, supported by continued traction in Asia-Pacific. Institutional demand improved versus prior-year, with net outflows of $4.6 billion in 2025, or $0.6 billion excluding the RGA-EQH reinsurance transaction. Institutional alternatives/multi-asset registered $7.9 billion net inflows, reflecting accelerated private markets deployments and helping offset net redemptions across other asset classes. Our institutional pipeline AUM stood at $19.7 billion and is positioned to grow by an additional $3 billion as we expand our strategic insurance partnerships. We also continue to strengthen our partnership with Equitable as we expand our commercial mortgage loan capabilities and expect to onboard more than $10 billion of incremental general account assets by the end of 2026. Bernstein Private Wealth delivered its fifth consecutive year of positive flows, generating $2.4 of net inflows and 6% net-new-asset growth in 2025, driven by record advisor productivity and continued market share gains within the ultra-high-net-worth client channel."In conclusion, Bernstein remarked, "With a constructive 2026 growth backdrop but elevated political and macroeconomic uncertainty, we remain focused on high-quality security selection and disciplined capital deployment. Supported by our long-term perspective, increasingly diversified business mix, and proven execution capabilities, we are confident in our ability to capture compelling opportunities and deliver durable value for clients, unitholders, and stakeholders." The firm's cash distribution per Unit of $0.96 is payable on March 12, 2026, to holders of record of AB Holding Units at the close of business on February 20, 2026.Market PerformanceGlobal equity and fixed income markets were up for the fourth quarter and up for the full year of 2025.
4Q 20252025S&P 500 Total Return2.7 %17.9 %MSCI EAFE Total Return4.931.9Bloomberg Barclays US Aggregate Return1.17.3Bloomberg Barclays Global High Yield Index2.410.0 Assets Under Management ($ Billions)Total assets under management as of December 31, 2025 were $866.9 billion, up $6.8 billion, or 0.8%, from September 30, 2025, and up $74.7 billion, or 9.4%, from December 31, 2024.
Institutional
Retail
Private
Wealth
Management
TotalAssets Under Management 12/31/25$354.2
$356.4
$156.3
$866.9Net Flows for Three Months Ended 12/31/25:
Active$(1.2)
$(2.6)
$0.0
$(3.8) Passive(0.7)
(0.9)
0.7
$(0.9)Total$(1.9)
$(3.5)
$0.7
$(4.7)
Net Flows for Twelve Months Ended 12/31/25:
Active$(3.9)
$(5.5)
$0.0
$(9.4) Passive(0.7)
(3.6)
2.4
$(1.9)Total$(4.6)
$(9.1)
$2.4
$(11.3) Total net outflows were $4.7 billion in the fourth quarter versus net outflows of $2.3 billion in the third quarter, and net outflows of $4.8 billion in the prior year fourth quarter. Total net outflows were $11.3 billion for the full year of 2025 versus net outflows of $2.2 billion in the prior year.Institutional channel fourth quarter net outflows of $1.9 billion compared to net outflows of $1.8 billion in the third quarter. Institutional gross sales of $4.5 billion decreased sequentially from $14.0 billion. Full year 2025 net outflows of $4.6 billion compared to net outflows of $16.5 billion in the prior year. Full year 2025 gross sales of $26.7 billion increased from $13.0 billion in the prior year.Retail channel fourth quarter net outflows of $3.5 billion compared to net outflows of $1.7 billion in the third quarter. Retail gross sales of $22.5 billion decreased sequentially from $22.6 billion. Full year 2025 net outflows of $9.1 billion compared to net inflows of $13.4 billion in the prior year. Full year 2025 gross sales of $90.2 billion decreased from $99.9 billion in the prior year.Private Wealth channel fourth quarter net inflows of $0.7 billion compared to net inflows of $1.2 billion in the third quarter. Private Wealth gross sales of $6.7 billion increased sequentially from $5.8 billion. Full year 2025 net inflows of $2.4 billion compared to net inflows of $0.9 billion in the prior year. Full year 2025 gross sales of $23.1 billion increased from $20.8 billion in the prior year.Fourth Quarter and Full Year Financial ResultsWe are presenting both earnings information derived in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and non-GAAP, adjusted earnings information in this release. Management principally uses these non-GAAP financial measures in evaluating performance because we believe they present a clearer picture of our operating performance and allow management to see long-term trends without the distortion caused by long-term incentive compensation-related mark-to-market adjustments, acquisition-related expenses, interest expense and other adjustment items. Similarly, we believe that non-GAAP earnings information helps investors better understand the underlying trends in our results and, accordingly, provides a valuable perspective for investors. Please note, however, that these non-GAAP measures are provided in addition to, and not as a substitute for, any measures derived in accordance with US GAAP and they may not be comparable to non-GAAP measures presented by other companies. Management uses both 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.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 diluted 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 diluted 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.US GAAP EarningsRevenuesFourth quarter 2025 net revenues of $1.2 billion decreased 3% from $1.3 billion in the fourth quarter of 2024. The decrease was primarily due to lower performance-based fees, partially offset by higher investment advisory base fees and higher distribution revenues.Full year 2025 net revenues of $4.5 billion increased 1% from 2024. The increase was primarily due to higher investment advisory base fees and higher distribution revenues, partially offset by the Bernstein Research Services deconsolidation, lower performance-based fees and higher investment losses.ExpensesFourth quarter 2025 operating expenses of $915 million decreased 3% from the $940 million in the fourth quarter of 2024. The decrease was driven by lower employee compensation and benefits expense and general and administrative ("G&A") expense, partially offset by higher promotion and servicing expense. Employee compensation and benefits expense decreased primarily due to lower incentive compensation, partially offset by higher base compensation, commissions and fringe benefits. G&A expenses decreased primarily due to prior period settlement losses related to the retirement plan in 2024, lower charitable contributions, lower office and related expenses, partially offset by higher professional fees. Promotion and servicing expense increased due to higher distribution related payments and amortization of deferred sales commissions, partially offset by lower transfer fees.Full year 2025 operating expenses of $3.5 billion increased 4% from the $3.4 billion in 2024. The increase was primarily driven by a prior period contingent payment arrangement gain and higher promotion and servicing expense, partially offset by lower G&A expense, lower employee compensation and benefits expense and lower interest on borrowings. The prior period contingent payment arrangement gain was recognized in connection with the fair value adjustment related to our contingent payment liability associated with our acquisition of AB CarVal in 2022. Promotion and servicing expense increased due to higher distribution related payments and higher amortization of deferred sales commissions, partially offset by lower trade execution and clearance costs resulting from the Bernstein Research Services deconsolidation. G&A expenses decreased primarily due to lower office-related expense driven by our early exit from our previous New York office location in 2024, and lower professional fees, partially offset by a one time gain in the prior year related to the recognition of a $20.8 million incentive grant received in connection with our headquarters relocation to Nashville, Tennessee, a retirement plan settlement loss and an AB Funds reimbursement expense related to a disputed billing practice of a third-party service provider. Employee compensation and benefits expense decreased primarily due to lower incentive compensation and lower base compensation, partially offset by higher commissions.Operating Income and Net Income Per UnitFourth quarter 2025 operating income of $309 million decreased 3% from $318 million in the fourth quarter of 2024 and operating margin of 25.1% increased 10 basis points from 25.0% in the fourth quarter of 2024.Full year 2025 operating income of $1.1 billion decreased 7% from 2024, and operating margin of 23.0% decreased 170 basis points from 24.7% in 2024.Fourth quarter 2025 net income per Unit was $0.90 as compared to $0.94 in the fourth quarter of 2024.Full year 2025 net income per Unit was $2.97 as compared to $3.71 in 2024.Non-GAAP EarningsThis section discusses our fourth quarter and full year 2025 non-GAAP financial results, compared to the fourth quarter and full year 2024 financial results. The phrases "adjusted net revenues", "adjusted operating expenses", "adjusted operating income", "adjusted operating margin" and "adjusted diluted net income per Unit" are used in the following earnings discussion to identify non-GAAP information.Adjusted RevenuesFourth quarter 2025 adjusted net revenues of $957 million decreased 2% from $973 million in the fourth quarter of 2024. The decrease is primarily due to lower performance-based fees and lower investment gains, partially offset by higher investment advisory base fees.Full year 2025 adjusted net revenues of $3.5 billion remained flat from 2024. Investment advisory base fees increased, offset by decreases in Bernstein Research Services revenue due to the deconsolidation, performance-based fees, investment gains, net dividend and interest income and other revenues.Adjusted ExpensesFourth quarter 2025 adjusted operating expenses of $627 million increased by 1% from $619 million in the fourth quarter of 2024. The increase was primarily driven by higher employee compensation and benefits expense. Employee compensation and benefit expense increased due to higher base compensation, commissions and fringe benefits, partially offset by lower incentive compensation.Full year 2025 adjusted operating expenses of $2.3 billion decreased by 2% from $2.4 billion in 2024. The decrease was driven by lower G&A and promotion and servicing expense, partially offset by higher employee compensation and benefits expense. G&A decreased primarily due to lower office-related expense primarily driven by our early exit from our previous New York office location in 2024, lower portfolio services and related expenses and lower other taxes, partially offset by a prior year recognition of a $20.8 million incentive grant received in connection with our headquarters relocation to Nashville, Tennessee. Promotion and servicing expenses decreased primarily due to lower trade execution costs driven by the Bernstein Research Services deconsolidation. Employee compensation and benefit expense increased due to higher commissions, partially offset by lower incentive compensation and base compensation.Adjusted Operating Income, Margin and Net Income Per UnitFourth quarter 2025 adjusted operating income of $330 million decreased 7% from $354 million in the fourth quarter of 2024. Adjusted operating margin of 34.5% decreased 190 basis points from 36.4%.Full year 2025 adjusted operating income of $1.2 billion increased 4% from $1.1 billion in 2024. Adjusted operating margin of 33.7% increased 140 basis points from 32.3%.Fourth quarter 2025 adjusted net income per Unit was $0.96 as compared to $1.05 in the fourth quarter of 2024.Full year adjusted net income per Unit was $3.33 as compared to $3.25 in 2024.HeadcountAs of December 31, 2025, we had 4,468 employees as compared with 4,341 employees as of December 31, 2024. Headcount was 4,457 as of September 30, 2025.Unit Repurchases
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
(in millions)Total amount of AB Holding Units Purchased/Retained(1)2.8
2.4
4.1
4.5Total Cash Paid for AB Holding Units Purchased/Retained(1)$ 114.3
$ 84.5
$ 162.1
$ 156.2Open Market Purchases of AB Holding Units Purchased(1)0.8
—
1.9
1.8Total Cash Paid for Open Market Purchases of AB Holding Units(1)$ 29.8
$ —
$ 72.1
$ 60.1
(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. Fourth Quarter 2025 Earnings Conference Call Information
Management will review Fourth Quarter 2025 financial and operating results during a conference call beginning at 7:30 a.m. (CT) on Thursday, February 5, 2026. The conference call will be hosted by Seth Bernstein, Chief Executive Officer; Tom Simeone, Chief Financial Officer; and Onur Erzan, President.Parties may access the conference call by either webcast or telephone:To listen by webcast, please visit AB's Investor Relations website at https://www.alliancebernstein.com/corporate/en/investor-relations.html at least 15 minutes prior to the call to download and install any necessary audio software.To listen by telephone, please dial (888) 440-3310 in the U.S. or +1 (646) 960-0513 outside the U.S. 10 minutes before the scheduled start time. The conference ID# is 6072615.The presentation management will review during the conference call will be available on AB's Investor Relations website shortly after the release of fourth quarter 2025 financial and operating results on February 5, 2026.A replay of the webcast will be made available beginning approximately one hour after the conclusion of the conference call.Availability of 2025 Form 10-KUnitholders may obtain a copy of our Form 10-K for the year ended December 31, 2025, available on February 12, 2026, in either electronic format or hard copy on www.alliancebernstein.com:Download Electronic Copy: Unitholders can download an electronic version of the report by visiting the "Investor & Media Relations" page of our website at www.alliancebernstein.com/investorrelations and clicking on the "Reports & SEC Filings" section.Order Hard Copy Electronically or by Phone: Unitholders may also order a hard copy of the report, which is expected to be available for mailing in approximately eight weeks, free of charge. Unitholders with internet access can follow the above instructions to order a hard copy electronically. Unitholders without internet access, or who would prefer to order by phone, can call 615-622-0000.Cautions Regarding Forward-Looking StatementsCertain statements provided by management in this news release 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, 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. AB cautions readers to carefully consider such factors. Further, such forward-looking statements speak only as of the date on which such statements are made; AB undertakes 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" and "Cautions Regarding Forward-Looking Statements" in AB's Form 10-K for the year ended December 31, 2025, available on February 12, 2026. Any or all of the forward-looking statements made in this news release, Form 10-K, other documents AB files with or furnishes to the SEC, and any other public statements issued by AB, may turn out to be wrong. It is important to remember that other factors besides those listed in "Risk Factors" and "Cautions Regarding Forward-Looking Statements", and those listed below, could also adversely affect AB's revenues, financial condition, results of operations and business prospects.The forward-looking statements referred to in the preceding paragraph include statements regarding:The pipeline of new institutional mandates not yet funded: Before they are funded, institutional mandates do not represent legally binding commitments to fund and, accordingly, the possibility exists that not all mandates will be funded in the amounts and at the times currently anticipated, or that mandates ultimately will not be funded.The possibility that AB 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.Qualified Tax NoticeThis announcement is intended to be a qualified notice under Treasury Regulation §1.1446-4(b)(4). Please note that 100% of AB Holding's distributions to foreign investors is attributable to income that is effectively connected with a United States trade or business. Accordingly, AB Holding's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate, 37% effective January 1, 2018.About AllianceBernsteinAllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.As of December 31, 2025, including both the general partnership and limited partnership interests in AllianceBernstein, AllianceBernstein Holding owned approximately 31.1% of AllianceBernstein and Equitable Holdings ("EQH"), directly and through various subsidiaries, owned an approximate 68.3% economic interest in AllianceBernstein.Additional information about AllianceBernstein may be found on our website, www.alliancebernstein.com.AB (The Operating Partnership)
US GAAP Consolidated Statement of Income (Unaudited)
(US $ Thousands)Q4 2025
Q4 2024
% Change
GAAP revenues:
Base fees$ 870,809
$ 829,296
5.0 %
Performance fees87,374
168,725
(48.2 %)
Distribution revenues210,400
198,859
5.8 %
Dividends and interest33,936
37,872
(10.4 %)
Investments gains238
1,912
(87.6 %)
Other revenues35,848
38,662
(7.3 %)
Total revenues1,238,605
1,275,326
(2.9 %)
Less: broker-dealer related interest expense14,614
17,770
(17.8 %)
Total net revenues1,223,991
1,257,556
(2.7 %)
GAAP operating expenses:
Employee compensation and benefits479,574
500,778
(4.2 %)
Promotion and servicing
Distribution-related payments206,574
197,310
4.7 %
Amortization of deferred sales commissions21,331
17,831
19.6 %
Trade execution, marketing, T&E and other48,372
47,902
1.0 %
General and administrative142,875
159,764
(10.6 %)
Contingent payment arrangements43
(1,066)
n/m
Interest on borrowings5,503
6,370
(13.6 %)
Amortization of intangible assets11,185
11,160
0.2 %
Total operating expenses915,457
940,049
(2.6 %)
Operating income308,534
317,507
(2.8 %)
Income taxes 15,033
14,755
1.9 %
Net income 293,501
302,752
(3.1 %)
Net income of consolidated entities attributable to non-
controlling interests1,541
2,975
(48.2 %)
Net income attributable to AB Unitholders $ 291,960
$ 299,777
(2.6 %)
AB Holding L.P. (The Publicly-Traded Partnership)
SUMMARY STATEMENTS OF INCOME
(US $ Thousands)Q4 2025
Q4 2024
% Change
Equity in Net Income Attributable to AB Unitholders $ 89,761
$ 116,589
(23.0 %)
Income Taxes7,957
11,155
(28.7 %)
Net Income 81,804
105,434
(22.4 %)
Net Income per Unit $ 0.90
$ 0.94
(4.3 %)
Distribution per Unit$ 0.96
$ 1.05
(8.6 %)
Units Outstanding Q4 2025
Q4 2024
% Change
AB L.P.
Period-end293,508,421
292,107,907
0.5 %
Weighted average - basic291,888,777
286,218,616
2.0 %
AB Holding L.P.
Period-end92,284,367
110,530,329
(16.5 %)
Weighted average - basic90,664,000
112,735,281
(19.6 %)
AB (The Operating Partnership)
US GAAP Consolidated Statement of Income (Unaudited)
(US $ Thousands)
2025
2024
% ChangeGAAP revenues:
Base fees
$ 3,346,239
3,171,175
5.5 %Performance fees
185,251
270,964
(31.6) %Bernstein research services1
—
96,222
n/mDistribution revenues
818,444
726,670
12.6 %Dividends and interest
140,368
165,313
(15.1) %Investments (losses) gains
(30,846)
(13,486)
(128.7) %Other revenues
134,192
142,794
(6.0) % Total revenues
4,593,648
4,559,652
0.7 %Less: broker-dealer related interest expense
62,996
84,513
(25.5) %Total net revenues
4,530,652
4,475,139
1.2 %
GAAP operating expenses:
Employee compensation and benefits
1,790,452
1,801,767
(0.6) %Promotion and servicing
Distribution-related payments
813,188
742,429
9.5 % Amortization of deferred sales commissions
83,514
57,983
44.0 % Trade execution, marketing, T&E and other
162,611
182,146
(10.7) %General & administrative
557,032
599,215
(7.0) %Contingent payment arrangements
191
(121,896)
n/mInterest on borrowings
28,271
43,509
(35.0) %Amortization of intangible assets
44,918
45,913
(2.2) % Total operating expenses
3,480,177
3,351,066
3.9 %
Operating income
1,050,475
1,124,073
(6.5) %Gain on divestiture
—
134,555
n/mNon-operating income
—
134,555
n/mPre-tax income
1,050,475
1,258,628
(16.5) %Income taxes
61,600
65,143
(5.4) %
Net income
988,875
1,193,485
(17.1) %
Net income of consolidated entities attributable to non-controlling interests
6,386
20,238
(68.4) %
Net income attributable to AB Unitholders
$ 982,489
$ 1,173,247
(16.3) %
1 On April 1, 2024, AB and Societe Generale, a leading European bank, completed their transaction to form a jointly owned equity research provider and cash equity trading partner for institutional investors. AB deconsolidated the Bernstein Research Services business and contributed the business to the joint venture. AB Holding L.P. (The Publicly-Traded Partnership)
SUMMARY STATEMENTS OF INCOME
(US $ Thousands)
2025
2024
% ChangeEquity in Net Income Attributable to AB Unitholders
$ 332,756
$ 461,949
(28.0) %Income Taxes
32,920
38,575
(14.7) %Net Income
299,836
423,374
(29.2) %Net Income per Unit
$2.97
$3.71
(19.9) %Distribution per Unit
$3.38
$3.26
3.7 %
Units Outstanding
2025
2024
% ChangeAB L.P.
Period-end
293,508,421
292,107,907
0.5 %Weighted average - basic
292,063,403
286,618,229
1.9 %AB Holding L.P.
Period-end
92,284,367
110,530,329
(16.5) %Weighted average - basic
101,068,941
114,124,881
(11.4) %
AllianceBernstein L.P.
ASSETS UNDER MANAGEMENT | December 31, 2025
(US $ Billions)
Ending and AverageThree Months Ended
12/31/259/30/25
Ending Assets Under Management$866.9$860.1
Average Assets Under Management$865.1$840.8 Three-Month Changes by Distribution Channel
Institutions
Retail
Private Wealth
Management
Total
Beginning of Period$ 351.4
$ 356.2
$ 152.5
$ 860.1
Sales/New accounts4.5
22.5
6.7
33.7
Redemption/Terminations(3.6)
(23.0)
(6.0)
(32.6)
Net Cash Flows(2.8)
(3.0)
—
(5.8)
Net Flows(1.9)
(3.5)
0.7
(4.7)
Market Appreciation4.7
3.7
3.1
11.5
End of Period$ 354.2
$ 356.4
$ 156.3
$ 866.9 Three-Month Changes by Investment Service
Equity
Active
Equity
Passive (1)
Fixed
Income
Taxable
Fixed
Income
Tax-
Exempt
Fixed
Income
Passive (1)
Alternatives
/Multi-
Asset
Solutions (2)
Total
Beginning of Period$ 281.3
$ 77.3
$ 214.3
$ 85.8
$ 10.1
$ 191.3
$ 860.1
Sales/New accounts11.8
0.7
8.6
7.3
—
5.3
33.7
Redemption/Terminations(15.5)
(0.9)
(10.2)
(3.8)
(0.5)
(1.7)
(32.6)
Net Cash Flows(3.9)
(0.8)
(0.4)
0.4
0.1
(1.2)
(5.8)
Net Flows(7.6)
(1.0)
(2.0)
3.9
(0.4)
2.4
(4.7)
Market Appreciation4.3
2.0
0.8
1.1
—
3.3
11.5
End of Period$ 278.0
$ 78.3
$ 213.1
$ 90.8
$ 9.7
$ 197.0
$ 866.9
Three-Month Net Flows by Investment Service (Active versus Passive)
Actively
Managed
Passively
Managed (1)
Total
Equity$ (7.6)
$ (1.0)
$ (8.6)
Fixed Income 1.9
(0.4)
1.5
Alternatives/Multi-Asset Solutions (2)1.9
0.5
2.4
Total$ (3.8)
$ (0.9)
$ (4.7)
(1) Includes index and enhanced index services.(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. AllianceBernstein L.P.
ASSETS UNDER MANAGEMENT | December 31, 2025
(US $ Billions)
Ending and AverageTwelve Months Ended
12/31/2512/31/24
Ending Assets Under Management$866.9$792.2
Average Assets Under Management$826.0$768.5 Twelve-Month Changes by Distribution Channel
Institutions
Retail
Private Wealth
Management
Total
Beginning of Period$ 321.4
$ 334.3
$ 136.5
$ 792.2
Sales/New accounts26.7
90.2
23.1
140.0
Redemption/Terminations(12.6)
(87.5)
(20.7)
(120.8)
Net Cash Flows(18.7)
(11.8)
—
(30.5)
Net Flows(4.6)
(9.1)
2.4
(11.3)
Transfers0.4
(0.1)
(0.3)
—
Market Appreciation37.0
31.3
17.7
86.0
End of Period$ 354.2
$ 356.4
$ 156.3
$ 866.9 Twelve-Month Changes by Investment Service
Equity
Active
Equity
Passive (1)
Fixed
Income
Taxable
Fixed
Income
Tax-
Exempt
Fixed
Income
Passive (1)
Alternatives
/Multi-
Asset
Solutions (2)
Total
Beginning of Period$ 263.4
$ 68.3
$ 209.3
$ 76.2
$ 10.3
$ 164.7
$ 792.2
Sales/New accounts44.2
4.4
45.8
26.6
0.2
18.8
140.0
Redemption/Terminations(55.7)
(2.9)
(40.6)
(15.4)
(0.7)
(5.5)
(120.8)
Net Cash Flows(11.0)
(3.0)
(14.3)
0.4
(0.7)
(1.9)
(30.5)
Net Flows(22.5)
(1.5)
(9.1)
11.6
(1.2)
11.4
(11.3)
Transfers0.5
(0.5)
—
—
—
—
—
Market Appreciation36.6
12.0
12.9
3.0
0.6
20.9
86.0
End of Period$ 278.0
$ 78.3
$ 213.1
$ 90.8
$ 9.7
$ 197.0
$ 866.9 Twelve-Month Net Flows by Investment Service (Active versus Passive)
Actively
Managed
Passively
Managed (2)
Total
Equity$ (22.5)
$ (1.5)
$ (24.0)
Fixed Income 2.5
(1.2)
$ 1.3
Alternatives/Multi-Asset Solutions (3)10.6
0.8
$ 11.4
Total$ (9.4)
$ (1.9)
$ (11.3)
(1) Includes index and enhanced index services.(2) Includes certain multi-asset solutions and services not included in equity or fixed income services. By Client Domicile
Institutions
Retail
Private Wealth
Total
U.S. Clients$ 278.7
$ 215.3
$ 152.9
$ 646.9
Non-U.S. Clients75.5
141.1
3.4
220.0
Total$ 354.2
$ 356.4
$ 156.3
$ 866.9 AB L.P.
RECONCILIATION OF GAAP
FINANCIAL RESULTS TO
ADJUSTED FINANCIAL RESULTS
Three Months EndedTwelve Months Ended
(US $ Thousands,
unaudited)
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
2025
2024
Net Revenues, GAAP
basis
$ 1,223,991
$ 1,137,147
$ 1,088,907
$ 1,080,607
$ 1,257,556
$ 4,530,652
$ 4,475,139
Exclude:
Distribution-related
adjustments:
Distribution revenues(210,400)
(210,658)
(198,367)
(199,020)
(198,859)
(818,444)
(726,670)
Investment advisory
services fees(17,494)
(18,642)
(20,297)
(21,796)
(16,281)
(78,229)
(73,737)
Pass through adjustments:
Investment advisory
services fees(17,680)
(13,970)
(13,659)
(12,756)
(42,364)
(58,069)
(81,622)
Other revenues(17,510)
(15,433)
(15,203)
(15,835)
(18,742)
(63,979)
(68,939)
Impact of consolidated
company-sponsored
investment funds(1,886)
(7,059)
2,295
85
(1,126)
(6,565)
(17,974)
Incentive compensation-
related items(1,059)
(2,404)
(9,821)
856
(8,058)
(12,428)
(14,410)
Equity loss on investment3,450
16,162
13,371
6,073
1,168
39,056
36,611
(Gain) on other equity method
investments(4,105)
(471)
(2,792)
—
—
(7,368)
—
Adjusted Net
Revenues
$ 957,307
$ 884,672
$ 844,434
$ 838,214
$ 973,294
$ 3,524,626
$ 3,528,398
Operating Income,
GAAP basis
$ 308,534
$ 283,477
$ 222,094
$ 236,369
$ 317,507
$ 1,050,475
$ 1,124,073
Exclude:
Real estate—
—
—
—
(206)
—
(825)
Incentive compensation-related
items(554)
1,214
1,284
258
(198)
2,201
2,391
EQH award compensation229
344
426
246
291
1,246
1,088
Retirement plan settlement
(gain) loss—
(2,442)
(581)
20,756
13,130
17,733
13,130
Acquisition-related expenses
(income)18,431
12,545
13,224
12,803
19,292
57,002
(59,595)
Equity loss on JVs3,450
16,162
13,371
6,073
1,168
39,056
36,611
(Gain) loss on other equity
method investments(4,105)
(471)
(2,792)
—
—
(7,368)
—
AB Funds reimbursement
(income) expense—
(8,500)
14,296
—
—
5,796
—
Interest on borrowings5,503
7,167
8,463
7,138
6,370
28,271
43,509
Sub-total of non-GAAP
adjustments22,954
26,019
47,691
47,274
39,847
143,937
36,309
Less: Net income (loss) of
consolidated entities attributable
to non-controlling interests1,541
7,129
(3,179)
895
2,975
6,386
20,238
Adjusted Operating Income
$ 329,947
$ 302,367
$ 272,964
$ 282,748
$ 354,379
$ 1,188,026
$ 1,140,144
Operating Margin, GAAP basis
excl. non-controlling interests25.1 %
24.3 %
20.7 %
21.8 %
25.0 %
23.0 %
24.7 %
Adjusted Operating Margin34.5 %
34.2 %
32.3 %
33.7 %
36.4 %
33.7 %
32.3 %
AB Holding L.P.
RECONCILIATION OF GAAP EPU
TO ADJUSTED EPU
Three Months EndedTwelve Months Ended
($ Thousands except per Unit
amounts, unaudited)12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
2025
2024
Net Income - GAAP basis$ 81,804
$ 73,751
$ 70,248
$ 74,034
$ 105,434
$ 299,836
$ 423,374
Impact on net income of AB non-
GAAP adjustments5,129
5,695
13,630
14,128
12,465
37,020
(52,531)
Adjusted Net Income$ 86,933
$ 79,446
$ 83,878
$ 88,162
$ 117,899
$ 336,856
$ 370,843
Net Income per Holding Unit,
GAAP basis$ 0.90
$ 0.79
$ 0.64
$ 0.67
$ 0.94
$ 2.97
$ 3.71
Impact of AB non-GAAP
adjustments0.06
0.07
0.12
0.13
0.11
0.36
(0.46)
Adjusted Net Income per
Holding Unit$ 0.96
$ 0.86
$ 0.76
$ 0.80
$ 1.05
$ 3.33
$ 3.25 AB
Notes to Consolidated Statements of Income and Supplemental Information
(Unaudited)Adjusted Net RevenuesNet 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 service fees passed through to our investment advisors. 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 equity method investments, including our investment in the JVs and reinsurance sidecars, as we don't consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. 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 IncomeAdjusted 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, as discussed below, (4) retirement plan settlement (gain) loss, (5) acquisition-related expenses (income), (6) income (loss) related to our equity method investments, (7) AB Funds reimbursement (income) expense, (8) interest on borrowings and (9) the impact of consolidated company-sponsored investment funds.Real estate charges (credits) incurred 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. However, beginning in the fourth quarter of 2019, real estate charges (credits), while excluded in the period in which the charges (credits) are recorded, are 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 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 P. Bernstein, our CEO, equity awards in connection with EQH's IPO. Additionally, equity awards were 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 (gains) 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 (income) 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 (income) include professional fees, the recording of changes in estimates or fair value remeasurements 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. During the three months ended September 30, 2024 we recognized a gain of $128.5 million in the condensed consolidated statement of income related to a fair value adjustment of the contingent payment liability associated with our acquisition of AB Carval in 2022. The fair value adjustment was due to updated assumptions of future performance associated with the liability.We also adjust operating income to exclude our portion of the equity income or loss associated with our equity method investments, including our investment in the JVs and reinsurance sidecars, as we don't consider this activity part of our core business operations and these investments generate non-cash volatility which distort core earnings performance. 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.During the first quarter of 2025, we identified an error in the billing practices of a third-party service provider, who had over billed certain AB mutual funds for omnibus account services, sub-accounting services, and related transfer agency expenses in prior years. In the second quarter, at the request of the mutual fund Board, AB agreed to reimburse the affected funds for the entirety of the overpayment plus interest. During the third quarter, we resolved this matter with the service provider and recovered a portion of the overbilled amounts. We have adjusted operating income to exclude these amounts. We believe adjusting for these costs is useful for our investors and other users of our financial statements as such presentation appropriately reflects the non-core nature of this expenditure or recovery.We adjust operating income to exclude interest on borrowings in order to align with our industry peer group.We adjusted 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 excluded the limited partner interests we do not own.Adjusted Operating MarginAdjusted 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.
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-holding-lp-announces-fourth-quarter-results-302679450.htmlSOURCE AllianceBernstein
Original: ALLIANCEBERNSTEIN HOLDING L.P. ANNOUNCES FOURTH QUARTER RESULTS
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