Revenue Recognition

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Revenues for the years ended December 31, 2024, 2023 and 2022 consisted of the following:

	Years Ended December 31
	2024			2023			2022
	(in thousands)
Subject to contracts with customers:
Investment advisory and services fees
Base fees		$	3,171,175		$	2,830,557		$	2,825,791
Performance-based fees		270,964			144,911			145,247
Bernstein research services(1)		96,222			386,142			416,273
Distribution revenues
All-in-management fees		337,999			284,057			290,740
12b-1 fees		67,611			63,127			69,041
Other distribution fees		321,060			239,079			247,414
Other revenues
Shareholder servicing fees		89,195			83,802			86,661
JV related revenues (2)		37,775			—			—
Other		14,317			17,061			18,120
		4,406,318			4,048,736			4,099,287
Not subject to contracts with customers:
Dividend and interest income, net of interest expense		80,800			91,902			56,653
Investment (losses) gains		(13,486)			14,206			(102,413)
Other revenues		1,507			479			763
		68,821			106,587			(44,997)
Total net revenues		$	4,475,139		$	4,155,323		$	4,054,290

(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 has deconsolidated the Bernstein Research Services business and contributed the business to the joint venture. For further discussion, see Note 24 Divestiture.

(2)We entered into certain transition service level agreements with the JVs in connection with the divestiture of the BRS business. From April 1, 2024 through December 31, 2024 we provided services and recognized revenues of $37.8 million associated with these transition services agreements.