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.


	June 30, 2025						December 31, 2024
	(in thousands)
	VIEs		VOEs		Total		VIEs		VOEs		Total
Cash and cash equivalents	$	15,518	$	45	$	15,563	$	1,671	$	318	$	1,989
Investments	379,850		63,165		443,015		82,027		58,765		140,792
Other assets	25,958		934		26,892		1,317		13,484		14,801
Total assets	$	421,326	$	64,144	$	485,470	$	85,015	$	72,567	$	157,582

Liabilities	$	35,285	$	1,648	$	36,933	$	345	$	1,371	$	1,716
Redeemable non-controlling interest	241,556		20,235		261,791		31,670		16,819		48,489
Partners' capital attributable to AB Unitholders	144,485		42,261		186,746		53,000		54,377		107,377
Total liabilities, redeemable non-controlling interest and partners' capital	$	421,326	$	64,144	$	485,470	$	85,015	$	72,567	$	157,582

During the six-month period ended June 30, 2025, we deconsolidated two funds in which we had a seed investment of approximately $10.4 million as of December 31, 2024, due to no longer having a controlling financial interest.



Redeemable non-controlling interest as of December 31, 2024	$	48,489
Deconsolidated funds	(873)
Changes in third-party seed investments in consolidated funds	214,175
Redeemable non-controlling interest as of June 30, 2025	$	261,791

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 June 30, 2025 and December 31, 2024 was as follows (in thousands):


	Level 1		Level 2		Total
June 30, 2025:
Investments - VIEs	$	30,330	$	349,520	$	379,850
Investments - VOEs	5,806		57,359		63,165
Derivatives - VIEs	810		17,206		18,016
Derivatives - VOEs	—		197		197
Total assets measured at fair value	$	36,946	$	424,282	$	461,228

Derivatives - VIEs	$	799	$	17,240	$	18,039
Derivatives - VOEs	—		184		184
Total liabilities measured at fair value	$	799	$	17,424	$	18,223

December 31, 2024:
Investments - VIEs	$	15,240	$	66,787	$	82,027
Investments - VOEs	249		58,516		58,765
Derivatives - VIEs	48		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

See Note 11 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 six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025 and December 31, 2024, the VIEs held zero (net), respectively, of futures, forwards and swaps within their portfolios. For the three and six months ended June 30, 2025, we recognized $0.2 million and $0.3 million of losses, respectively, on these derivatives. For the three and six months ended June 30, 2024, we recognized $0.5 million and $0.9 million of losses, respectively, on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed consolidated statements of income.

As of June 30, 2025 and December 31, 2024, the VIEs held zero, 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 condensed consolidated statements of financial condition.

As of June 30, 2025 and December 31, 2024, the VIEs delivered $0.7 million and $0.3 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 condensed consolidated statements of financial condition.

As of June 30, 2025 and December 31, 2024, the VOEs held zero and $11.5 million futures, forwards, options or swaps within their portfolios. For the three and six months ended June 30, 2025 and June 30, 2024, we recognized no gains or losses on these derivatives. These gains and losses are recognized in investment gains (losses) in the condensed statements of income.


	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)
June 30, 2025:
Derivatives - VIEs	$	18,016	$	—	$	18,016	$	—	$	(28)	$	17,988
Derivatives - VOEs	$	197	$	—	$	197	$	—	$	—	$	197
December 31, 2024:
Derivatives - VIEs	$	101	$	—	$	101	$	—	$	(2)	$	99
Derivatives - VOEs	11,483		—		11,483		—		—		11,483


	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)
June 30, 2025:
Derivatives - VIEs	$	18,039	$	—	$	18,039	$	—	$	(722)	$	17,317
Derivatives - VOEs	$	184	$	—	$	184	$	—	$	—	$	184
December 31, 2024:
Derivatives - VIEs	$	85	$	—	$	85	$	—	$	(85)	$	—

Cash collateral, whether pledged or received on derivative instruments, is not considered material and, accordingly, is not disclosed by counterparty.