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Consolidated Company-Sponsored Investment Funds
 12 Months Ended
Dec. 31, 2024
Consolidated Company-Sponsored Investment Funds [Abstract]  
Consolidated Company-Sponsored Investment Funds Consolidated Company-Sponsored Investment Funds
We regularly provide seed capital to new company-sponsored investment funds. As such, we may consolidate or de-consolidate a variety of company-sponsored investment funds each quarter. Due to the similarity of risks related to our involvement with each company-sponsored investment fund, disclosures required under the VIE model are aggregated, such as disclosures regarding the carrying amount and classification of assets.
We are not required to provide financial support to company-sponsored investment funds and only the assets of such funds are available to settle each fund's own liabilities. Our exposure to loss regarding consolidated company-sponsored investment funds is limited to our investment in, and our management fee earned from, such funds. Equity and debt holders of such funds have no recourse to AB’s assets or to the general credit of AB.
The balances of consolidated VIEs and VOEs included in our consolidated statements of financial condition were as follows:
December 31, 2024December 31, 2023
(in thousands)
VIEsVOEsTotalVIEsVOEsTotal
Cash and cash equivalents$1,671 $318 $1,989 $7,572 $167 $7,739 
Investments82,027 58,765 140,792 286,619 110,555 397,174 
Other assets1,317 13,484 14,801 15,010 10,289 25,299 
Total assets$85,015 $72,567 $157,582 $309,201 $121,011 $430,212 
Liabilities$345 $1,371 $1,716 $9,699 $2,838 $12,537 
Redeemable non-controlling interest31,670 16,819 48,489 202,882 6,538 209,420 
Partners' capital attributable to AB Unitholders53,000 54,377 107,377 96,620 111,635 208,255 
Total liabilities, redeemable non-controlling interest and partners' capital
$85,015 $72,567 $157,582 $309,201 $121,011 $430,212 
During 2024, we deconsolidated nine funds in which we had seed investments totaling approximately $129.0 million as of December 31, 2023 due to no longer having a controlling financial interest.
Changes in the redeemable non-controlling interest balance during the twelve-month period ended December 31, 2024 are as follows (in thousands):
Redeemable non-controlling interest as of December 31, 2023$209,420 
Deconsolidated funds(206,806)
Changes in third-party seed investments in consolidated funds45,875 
Redeemable non-controlling interest as of December 31, 2024
$48,489 
Fair Value
Cash and cash equivalents include cash on hand, demand deposits, overnight commercial paper and highly liquid investments with original maturities of three months or less. Due to the short-term nature of these instruments, the recorded value has been determined to approximate fair value.
Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of December 31, 2024 and 2023 was as follows (in thousands):
 Level 1Level 2Level 3Total
December 31, 2024:
Investments - VIEs$15,240 $66,787 $— $82,027 
Investments - VOEs249 58,516 — 58,765 
Derivatives - VIEs48 53 — 101 
Derivatives - VOEs— 11,483 — 11,483 
Total assets measured at fair value$15,537 $136,839 $— $152,376 
Derivatives - VIEs$72 $13 $— $85 
Total liabilities measured at fair value$72 $13 $— $85 
December 31, 2023:
Investments - VIEs$49,455 $237,164 $— $286,619 
Investments - VOEs9,036 101,519 — 110,555 
Derivatives - VIEs2,139 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 
See Note 9 for a description of the fair value methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.
There were no Level 3 financial instruments carried at fair value within the consolidated company-sponsored investment funds during the years ended December 31, 2024 and 2023.
Derivative Instruments
As of December 31, 2024 and 2023, the VIEs held zero and $2.4 million (net), respectively, of futures, forwards, options and swaps within their portfolios. For the years ended December 31, 2024 and 2023, we recognized zero and $0.1 million of gains, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the consolidated statements of income.
As of December 31, 2024 and 2023, the VIEs held zero and $1.4 million, respectively, of cash collateral payable to trade counterparties. This obligation to return cash is reported in the liabilities of consolidated company-sponsored investment funds in our consolidated statements of financial condition.
As of December 31, 2024 and 2023, the VIEs delivered $0.3 million and $1.4 million, respectively, of cash collateral into brokerage accounts. The VIEs report this cash collateral in the consolidated company-sponsored investment funds cash and cash equivalents in our consolidated statements of financial condition.
As of December 31, 2024 and 2023, the VOEs held $11.5 million and $8.8 million, respectively, of futures, forwards, options and swaps within their portfolios. For the year ended December 31, 2024 and 2023, we recognized zero and $0.1 million of losses, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the consolidated statements of income.
As of December 31, 2024 and 2023, the VOEs held no cash collateral payable to trade counterparties.
As of December 31, 2024 and 2023, the VOEs delivered no cash collateral in brokerage accounts.
Offsetting Assets and Liabilities
Offsetting of derivative assets of consolidated company-sponsored investment funds as of December 31, 2024 and 2023 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, 2024:
Derivatives - VIEs$101 $— $101 $— $(2)$99 
Derivatives - VOEs11,483 — 11,483 — — 11,483 
December 31, 2023:
Derivatives - VIEs$4,902 $— $4,902 $— $(1,415)$3,487 
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of December 31, 2024 and 2023 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, 2024:
Derivatives - VIEs$85 $— $85 $— $(85)$— 
December 31, 2023:
Derivatives - VIEs$2,531 $— $2,531 $— $(1,408)$1,123 
Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.
Non-Consolidated VIEs
As of December 31, 2024, the net assets of company-sponsored investment products that are non-consolidated VIEs are approximately $46.9 billion; our maximum risk of loss is our investment of $17.3 million in these VIEs and our advisory fees receivable from these VIEs are $115.2 million. As of December 31, 2023, the net assets of company-sponsored investment products that were non-consolidated VIEs was approximately $54.6 billion; our maximum risk of loss was our investment of $10.3 million in these VIEs and our advisory fees receivable from these VIEs were $114.5 million