XML 46 R36.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Company-Sponsored Investment Funds (Tables)
 9 Months Ended
Sep. 30, 2022
Consolidated Company-Sponsored Investment Funds [Abstract]  
Balances of Consolidated VIEs and VOEs included in Statement of Financial Condition
The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:
September 30, 2022December 31, 2021
(in thousands)
VIEsVOEsTotalVIEsVOEsTotal
Cash and cash equivalents$21,123 $8 $21,131 $90,326 $— $90,326 
Investments445,575 26,045 471,620 613,025 — 613,025 
Other assets10,717 1,572 12,289 30,461 — 30,461 
Total assets$477,415 $27,625 $505,040 $733,812 $— $733,812 
Liabilities$25,769 $1,763 $27,532 $87,000 $— $87,000 
Redeemable non-controlling interest309,941 1,952 311,893 421,169 — 421,169 
Partners' capital attributable to AB Unitholders141,705 23,910 165,615 225,643 — 225,643 
Total liabilities, redeemable non-controlling interest and partners' capital$477,415 $27,625 $505,040 $733,812 $— $733,812 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of September 30, 2022 and December 31, 2021 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
September 30, 2022:
Money markets$162,391 $— $— $— $— $162,391 
Securities segregated (U.S. Treasury Bills)— 1,335,107 — — — 1,335,107 
Derivatives 8,053 29,295 — — — 37,348 
Investments:
  Equity securities 113,180 24,680 120 123 — 138,103 
Long exchange-traded options4,837 — — — — 4,837 
   Limited partnership hedge funds(2)
— — — — 42,227 42,227 
   Time deposits(3)
— — — — 17,298 17,298 
   Other investments6,107 — — — 2,978 9,085 
Total investments124,124 24,680 120 123 62,503 211,550 
Total assets measured at fair value$294,568 $1,389,082 $120 $123 $62,503 $1,746,396 
Securities sold not yet purchased:    
Short equities – corporate$51 $— $— $— $— $51 
Short exchange-traded options192 — — — — 192 
Derivatives— 11,758 — — — 11,758 
Contingent payment arrangements— — 273,145 — — 273,145 
Total liabilities measured at fair value$243 $11,758 $273,145 $— $— $285,146 
 Level 1Level 2Level 3
NAV Expedient(1)
Other Total
December 31, 2021:
Money markets$151,156 $— $— $— $— $151,156 
Securities segregated (U.S. Treasury Bills)— 1,503,828 — — — 1,503,828 
Derivatives 392 15,030 — — — 15,422 
Investments:
  Equity securities144,917 39,284 126 145 — 184,472 
  Long exchange-traded options1,893 — — — — 1,893 
    Limited partnership hedge funds(2)
— — — — 50,920 50,920 
    Time deposits(3)
— — — — 21,024 21,024 
    Other investments9,094 — — — 6,015 15,109 
Total investments155,904 39,284 126 145 77,959 273,418 
Total assets measured at fair value$307,452 $1,558,142 $126 $145 $77,959 $1,943,824 
Securities sold not yet purchased:    
Short equities – corporate$1,054 $— $— $— $— $1,054 
Short exchange-traded options2,774 — — — — 2,774 
Derivatives1,186 15,737 — — — 16,923 
Contingent payment arrangements— — 38,260 — — 38,260 
Total liabilities measured at fair value$5,014 $15,737 $38,260 $— $— $59,011 

(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient.
(2) Investments in equity method investees that are not measured at fair value in accordance with GAAP.
(3) Investments carried at amortized cost that are not measured at fair value in accordance with GAAP.
Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of September 30, 2022 and December 31, 2021 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2022:
  Investments - VIEs$83,699 $361,876 $— $445,575 
  Investments - VOEs— 26,045 — 26,045 
  Derivatives - VIEs2,176 2,452 — 4,628 
  Derivatives - VOEs— 9 — 9 
Total assets measured at fair value$85,875 $390,382 $— $476,257 
Derivatives - VIEs16,525 4,851 — 21,376 
Total liabilities measured at fair value$16,525 $4,851 $— $21,376 
December 31, 2021:
  Investments - VIEs$165,415 $444,253 $3,357 $613,025 
  Derivatives - VIEs622 5,265 — 5,887 
Total assets measured at fair value$166,037 $449,518 $3,357 $618,912 
Derivatives - VIEs$16,291 $2,051 $— $18,342 
Total liabilities measured at fair value$16,291 $2,051 $— $18,342 
Schedule of Change in Carrying Value Level 3 Financial Instruments
The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (in thousands)
Balance as of beginning of period$119 $126 $126 $125 
Purchases— — — — 
Sales— — — — 
Realized gains (losses), net— — — — 
Unrealized gains (losses), net1 1 (6)2 
Balance as of end of period$120 $127 $120 $127 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
 (in thousands)
Balance as of beginning of period$— $210 $3,357 $619 
Deconsolidated funds— — (3,351)(717)
Transfers (out)— (202)(6)(212)
Purchases— — 248 323 
Sales— (4)(248)(7)
Realized gains, net— — — 3 
Unrealized (losses), net— (4)— (9)
Balance as of end of period$— $— $— $— 
Schedule of Offsetting of Derivative Assets
Offsetting of assets as of September 30, 2022 and December 31, 2021 was as follows:
 
 Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Assets Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Received		Net
Amount
 (in thousands)
September 30, 2022:
Securities borrowed$73,685 $— $73,685 $(71,951)$— $1,734 
Derivatives$37,348 $— $37,348 $— $(15,965)$21,383 
Long exchange-traded options$4,837 $— $4,837 $— $— $4,837 
December 31, 2021:      
Securities borrowed$19,899 $— $19,899 $(18,327)$— $1,572 
Derivatives$15,422 $— $15,422 $— $(2,872)$12,550 
Long exchange-traded options$1,893 $— $1,893 $— $— $1,893 
Offsetting of derivative assets of consolidated company-sponsored investment funds as of September 30, 2022 and December 31, 2021 was as follows:
 
 Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Assets Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Received		Net
Amount
 (in thousands)
September 30, 2022:
Derivatives - VIEs$4,628 $— $4,628 $— $(1,649)$2,979 
Derivatives - VOEs$9 $— $9 $— $— $9 
December 31, 2021:     
Derivatives - VIEs$5,887 $— $5,887 $— $(904)$4,983 
Derivatives - VOEs$— $— $— $— $— $— 
Schedule of Offsetting of Derivative Liabilities
Offsetting of liabilities as of September 30, 2022 and December 31, 2021 was as follows:
 Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Liabilities Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Pledged		Net Amount
 (in thousands)
September 30, 2022:
Derivatives$11,758 $— $11,758 $— $— $11,758 
Short exchange-traded options$192 $— $192 $— $— $192 
December 31, 2021:      
Securities loaned$23,911 $— $23,911 $(23,373)$— $538 
Derivatives$16,923 $— $16,923 $— $(5,572)$11,351 
Short exchange-traded options$2,774 $— $2,774 $— $— $2,774 
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of September 30, 2022 and December 31, 2021 was as follows:
 Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Liabilities Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Pledged		Net Amount
 (in thousands)
September 30, 2022:
Derivatives - VIEs$21,376 $— $21,376 $— $(5,573)$15,803 
Derivatives - VOEs$— $— $— $— $— $— 
December 31, 2021:     
Derivatives - VIEs$18,342 $— $18,342 $— $(1,824)$16,518 
Derivatives - VOEs$— $— $— $— $— $—