Consolidated Company-Sponsored Investment Funds (Tables)

12 Months Ended

Dec. 31, 2023

Consolidated Company-Sponsored Investment Funds [Abstract]

Balances of Consolidated VIEs and VOEs Included In Condensed Consolidated Statements of Financial Condition

The balances of consolidated VIEs and VOEs included in our consolidated statements of financial condition were as follows:

	December 31, 2023							December 31, 2022
	(in thousands)
		VIEs		VOEs		Total			VIEs		VOEs		Total
Cash and cash equivalents		$	7,572	$	167	$	7,739		$	19,751	$	—	$	19,751
Investments		286,619		110,555		397,174			516,536		—		516,536
Other assets		15,010		10,289		25,299			44,424		—		44,424
Total assets		$	309,201	$	121,011	$	430,212		$	580,711	$	—	$	580,711
Liabilities		$	9,699	$	2,838	$	12,537		$	55,529	$	—	$	55,529
Redeemable non-controlling interest		202,882		6,538		209,420			368,656		—		368,656
Partners' capital attributable to AB Unitholders		96,620		111,635		208,255			156,526		—		156,526
Total liabilities, redeemable non-controlling interest and partners' capital		$	309,201	$	121,011	$	430,212		$	580,711	$	—	$	580,711

Redeemable Non-controlling Interest

Changes in the redeemable non-controlling interest balance during the twelve-month period ended December 31, 2023 are as follows (in thousands):

Redeemable non-controlling interest as of December 31, 2022	$	368,656
Deconsolidated funds	(196,277)
Changes in third-party seed investments in consolidated funds	37,041
Redeemable non-controlling interest as of December 31, 2023	$	209,420

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of December 31, 2023 and 2022 was as follows (in thousands):

	Level 1			Level 2			Level 3			NAV Expedient(1)			Other			Total
December 31, 2023
Money markets		$	146,906		$	—		$	—		$	—		$	—		$	146,906
Securities segregated (U.S. Treasury Bills)		—			867,679			—			—			—			867,679
Derivatives		1			14,517			—			—			—			14,518
Investments:
Equity securities		113,833			32,104			118			1,598			—			147,653
Limited partnership hedge funds(2)		—			—			—			—			78,775			78,775
Time deposits(3)		—			—			—			—			6,517			6,517
Other investments		7,870			—			—			—			2,739			10,609
Total investments		121,703			32,104			118			1,598			88,031			243,554
Total assets measured at fair value		$	268,610		$	914,300		$	118		$	1,598		$	88,031		$	1,272,657
Derivatives		3,511			14,669			—			—			—			18,180
Contingent payment arrangements		—			—			252,690			—			—			252,690
Total liabilities measured at fair value		$	3,511		$	14,669		$	252,690		$	—		$	—		$	270,870
December 31, 2022:
Money markets		$	95,521		$	—		$	—		$	—		$	—		$	95,521
Securities segregated (U.S. Treasury Bills)		—			1,521,705			—			—			—			1,521,705
Derivatives		1,768			22,944			—			—			—			24,712
Investments:
Equity securities		129,655			27,799			129			1,484			—			159,067
Limited partnership hedge funds(2)		—			—			—			—			42,526			42,526
Time deposits(3)		—			—			—			—			7,750			7,750
Other investments		6,689			—			—			—			1,486			8,175
Total investments		136,344			27,799			129			1,484			51,762			217,518
Total assets measured at fair value		$	233,633		$	1,572,448		$	129		$	1,484		$	51,762		$	1,859,456
Derivatives		162			13,550			—			—			—			13,712
Contingent payment arrangements		—			—			247,309			—			—			247,309
Total liabilities measured at fair value		$	162		$	13,550		$	247,309		$	—		$	—		$	261,021

(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 December 31, 2023 and 2022 was as follows (in thousands):

	Level 1			Level 2			Level 3			Total
December 31, 2023:
Investments - VIEs		$	49,455		$	237,164		$	—		$	286,619
Investments - VOEs		9,036			101,519			—			110,555
Derivatives - VIEs		2,139			2,763			—			4,902
Derivatives - VOEs		—			8,775			—			8,775
Total assets measured at fair value		$	60,630		$	350,221		$	—		$	410,851
Derivatives - VIEs		$	944		$	1,587		$	—		$	2,531
Total liabilities measured at fair value		$	944		$	1,587		$	—		$	2,531
December 31, 2022:
Investments - VIEs		$	129,706		$	386,830		$	—		$	516,536
Derivatives - VIEs		1,529			6,023			—			7,552
Total assets measured at fair value		$	131,235		$	392,853		$	—		$	524,088
Derivatives - VIEs		$	14,932		$	6,608		$	—		$	21,540
Total liabilities measured at fair value		$	14,932		$	6,608		$	—		$	21,540

Change in Carrying Value Associated with Level 3 Financial Instruments Carried at Fair Value

The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:

	December 31
	2023			2022
	(in thousands)
Balance as of beginning of period		$	129		$	126
Purchases		—			—
Sales		—			—
Realized gains (losses), net		—			—
Unrealized (losses) gains, net		(11)			3
Balance as of end of period		$	118		$	129

The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:

	December 31
	2023			2022
	(in thousands)
Balance as of beginning of period		$	—		$	3,357
Deconsolidated funds		—			(3,351)
Transfers (out)		—			(6)
Purchases		—			248
Sales		—			(248)
Balance as of end of period		$	—		$	—

Offsetting of Derivative Assets

Offsetting of assets as of December 31, 2023 and 2022 was as follows:

	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Assets Presented in the Statement of Financial Condition			Financial Instruments Collateral			Cash Collateral Received			Net Amount
	(in thousands)
December 31, 2023
Securities borrowed		$	23,229		$	—		$	23,229		$	(23,229)		$	—		$	—
Derivatives		14,518			—			14,518			—			(5,691)			8,827
December 31, 2022
Securities borrowed		$	62,063		$	—		$	62,063		$	(62,058)		$	—		$	5
Derivatives		24,712			—			24,712			—			(8,361)			16,351

Offsetting of derivative assets of consolidated company-sponsored investment funds as of December 31, 2023 and 2022 was as follows:

	Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Assets Presented in the Statement of Financial Condition			Financial Instruments			Cash Collateral Received			Net Amount
	(in thousands)
December 31, 2023:
Derivatives - VIEs		$	4,902		$	—		$	4,902		$	—		$	(1,415)		$	3,487
December 31, 2022:
Derivatives - VIEs		$	7,552		$	—		$	7,552		$	—		$	(2,731)		$	4,821

Offsetting of Derivative Liabilities

Offsetting of liabilities as of December 31, 2023 and 2022 was as follows:

	Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Liabilities Presented in the Statement of Financial Condition			Financial Instruments Collateral			Cash Collateral Pledged			Net Amount
	(in thousands)
December 31, 2023
Securities loaned		$	125,101		$	—		$	125,101		$	(122,369)		$	—		$	2,732
Derivatives		18,180			—			18,180			—			(7,795)			10,385
December 31, 2022
Securities loaned		$	272,580		$	—		$	272,580		$	(267,053)		$	—		$	5,527
Derivatives		13,712			—			13,712			—			(4,158)			9,554

Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of December 31, 2023 and 2022 was as follows:

	Gross  Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Financial Condition			Net Amounts of Liabilities Presented in the Statement of Financial Condition			Financial Instruments			Cash Collateral Pledged			Net Amount
	(in thousands)
December 31, 2023:
Derivatives - VIEs		$	2,531		$	—		$	2,531		$	—		$	(1,408)		$	1,123
December 31, 2022:
Derivatives - VIEs		$	21,540		$	—		$	21,540		$	—		$	(5,444)		$	16,096