ALLIANCEBERNSTEIN L.P.

CIK:0001109448|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Dividend and interest income	$ 29,201	$ 36,137	$ 59,671	$ 70,487
Investment gains (losses)	13,505	(7,825)	44,564	(28,363)
Other revenues	32,945	33,912	68,115	64,092
Total revenues	1,183,516	1,104,569	2,398,247	2,202,693
Less: Broker-dealer related interest expense	12,512	15,662	25,517	33,179
Net revenues	1,171,004	1,088,907	2,372,730	2,169,514
Expenses:
Employee compensation and benefits	471,127	439,554	938,684	860,085
Promotion and servicing:
Amortization of deferred sales commissions	21,156	21,150	42,651	41,311
Trade execution, marketing, T&E and other	42,082	40,819	82,599	77,332
General and administrative	135,133	148,018	265,524	295,953
Interest on borrowings	7,099	8,463	14,306	15,601
Amortization of intangible assets	11,181	11,288	22,344	22,589
Total expenses	881,852	866,813	1,756,778	1,711,051
Operating income	289,152	222,094	615,952	458,463
Income taxes	16,782	14,806	34,946	29,481
Net income	272,370	207,288	581,006	428,982
Net income (loss) of consolidated entities attributable to non-controlling interests	17,148	(3,179)	30,299	(2,284)
Net income attributable to AB Unitholders	$ 255,222	$ 210,467	$ 550,707	$ 431,266
Earnings Per Unit [Abstract]
Net income per AB Unit - basic (in dollars per share)	$ 0.86	$ 0.71	$ 1.85	$ 1.46
Net income per AB Unit - diluted (in dollars per share)	$ 0.86	$ 0.71	$ 1.85	$ 1.46
Investment advisory and services fees
Revenues:
Revenue subject to contracts with customers	$ 906,946	$ 843,978	$ 1,822,160	$ 1,699,090
Distribution revenues
Revenues:
Revenue subject to contracts with customers	200,919	198,367	403,737	397,387
Promotion and servicing:
Distribution-related payments	$ 194,074	$ 197,521	$ 390,670	$ 398,180

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 581,006	$ 428,982
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions	42,651	41,311
Non-cash long-term incentive compensation expense	22,647	10,809
Depreciation and other amortization	44,394	43,003
Non-cash lease expense	36,875	35,085
Retirement plan loss	0	20,756
Retirement plan funding	0	(1,700)
Other, net	6,026	3,663
Changes in assets and liabilities:
Decrease in securities, segregated	270,532	16,808
(Increase) decrease in receivables	(117,042)	69,369
(Increase) in deferred sales commissions	(19,851)	(35,214)
Increase in other liabilities of consolidated company-sponsored investment funds	3,229	35,217
Increase (decrease) in payables	52,054	(36,650)
(Decrease) in accounts payable and accrued expenses	(104,664)	(11,975)
Increase in accrued compensation and benefits	225,881	187,325
Cash payments to relieve operating lease liabilities	(33,661)	(32,682)
Net cash provided by operating activities	950,096	489,815
Cash flows from investing activities:
Purchases of furniture, equipment and leasehold improvements	(21,010)	(18,157)
Net cash (used in) investing activities	(21,010)	(18,157)
Cash flows from financing activities:
(Repayment of) debt, net	(230,000)	(60,000)
Distributions to General Partner and Unitholders	(579,190)	(599,035)
Capital contributions (to) AB Holding	(1,523)	(1,307)
Purchases of AB Holding Units for long-term incentive compensation plan awards, net	(27,751)	(43,646)
Other, net	(1,283)	(3,318)
Net cash (used in) financing activities	(818,203)	(491,720)
Effect of exchange rate changes on cash and cash equivalents	(5,133)	40,776
Net increase in cash and cash equivalents	105,750	20,714
Cash and cash equivalents as of beginning of the period	796,573	834,033
Cash and cash equivalents as of end of the period	902,323	854,747
Excluding Company-Sponsored Investment Funds
Adjustments to reconcile net income to net cash provided by operating activities:
Unrealized (gains) on investments	(4,277)	(3,823)
(Gains) losses on equity method investments	(43,962)	16,652
Changes in assets and liabilities:
Decrease (increase) in investments	146,520	2,156
(Increase) decrease in other assets	(53,158)	14,872
Company-Sponsored Investment Funds
Changes in assets and liabilities:
Decrease (increase) in investments	(100,606)	(302,058)
(Increase) in other assets of consolidated company-sponsored investment funds	(4,498)	(12,091)
Cash flows from financing activities:
Third-party capital invested into consolidated company-sponsored investment funds, net	$ 21,544	$ 215,586

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 896,480	$ 778,847
Cash and securities segregated, at fair value (cost: $227,580 and $496,263)	228,531	499,063
Receivables, net:
Brokers and dealers	29,635	32,829
Brokerage clients	1,801,225	1,607,527
Other fees	150,271	139,755
Investments:
Equity Method	197,109	255,034
Other	236,300	275,979
Assets of consolidated company-sponsored investment funds:
Furniture, equipment and leasehold improvements, net	246,463	248,030
Goodwill	3,598,591	3,598,591
Intangible assets, net	143,921	166,415
Deferred sales commissions, net	142,501	165,300
Right-of-use assets	458,900	454,988
Other assets	321,482	271,155
Total assets	9,241,119	9,277,776
Payables:
Brokers and dealers	151,279	214,454
Brokerage clients	2,051,355	1,936,726
Contingent consideration liability	8,689	8,605
Accounts payable and accrued expenses	277,662	381,211
Lease liabilities	522,784	518,578
Accrued compensation and benefits	592,198	367,498
Debt	580,000	810,000
Total liabilities	4,213,864	4,262,658
Commitments and contingencies (See Note 12)
Redeemable non-controlling interest of consolidated entities	230,809	178,967
Capital:
General Partner	48,729	48,694
Limited partners: 294,295,573 and 293,508,421 units issued and outstanding	4,920,729	4,916,978
Receivables from affiliates	147	(260)
AB Holding Units held for long-term incentive compensation plans	(111,111)	(72,869)
Accumulated other comprehensive (loss)	(63,157)	(57,389)
Partners’ capital attributable to AB Unitholders	4,795,337	4,835,154
Non-redeemable non-controlling interests in consolidated entities	1,109	997
Total capital	4,796,446	4,836,151
Total liabilities, non-controlling interest and capital	9,241,119	9,277,776
Company-Sponsored Investment Funds
Assets of consolidated company-sponsored investment funds:
Cash and cash equivalents	5,843	17,726
Investments	431,095	330,534
Other assets	29,618	25,120
Total assets	466,556	373,380
Payables:
Liabilities of consolidated company-sponsored investment funds	28,510	25,281
Total liabilities	28,510	25,281
Redeemable non-controlling interest of consolidated entities	230,809	178,967
Capital:
Total capital	207,237	169,132
Total liabilities, non-controlling interest and capital	466,556	373,380
AllianceBernstein L.P. (AB)
Receivables, net:
AB funds fees	323,154	410,883
Payables:
AB mutual funds	$ 1,387	$ 305