Subsequent Events

6 Months Ended

Jun. 30, 2025

EQH Exchange

On December 19, 2024, the company entered into a master exchange agreement with EQH providing for the issuance by AB of up to 10,000,000 units representing assignments of beneficial ownership of limited partnership interests in AB (“AB Units”) to EQH in exchange for an equal number of units representing assignments of beneficial ownership of limited partnership interests in AllianceBernstein Holding L.P. (“AB Holding Units”) owned by EQH. At the time the Exchange Agreement was entered into, AB and EQH exchanged 5,211,194 AB Units for AB Holding Units (thereby reducing the 10,000,000 AB Units available for future exchange to 4,788,806 AB Units), and the acquired AB Holding Units were retired.

On July 10, 2025, AB entered into an amended and restated Exchange Agreement (the “Amended Exchange Agreement”) to increase the AB Units that remain available for exchange from 4,788,806 AB Units to 19,682,946 AB Units. At the time the Amended Exchange Agreement was entered into, AB and EQH exchanged 19,682,946 AB Units for AB Holding Units and the acquired AB Holding Units were retired. Following the exchange, the Amended Exchange Agreement was terminated.

After giving effect to such exchange, EQH continues to have a 68.6% economic interest in AB and the ownership structure of AB, including limited partnership units outstanding as well as the general partner's 1.0% interest, was as follows:


EQH and its subsidiaries	68.5	%
AB Holding	30.8
Unaffiliated holders	0.7
	100.0	%

Joint Ventures

Effective April 1, 2024, AB and Societe General ("SocGen") formed a global joint venture with two joint venture holding companies, one outside of North America and one within North America ("NA JV", and together the "JVs"). AB owns a 66.7% majority interest in the NA JV while SocGen owns a 51% majority interest in the joint venture outside of North America.

At the close of the transaction, SocGen paid AB $304.0 million in cash which included $102.6 million of prepaid consideration for an option, exercisable by AB during the five years following the close of the transaction, that would result in SocGen having a 51% ownership of the NA JV (the "AB option"). AB's option may only be exercised upon receipt of appropriate regulatory approvals. Under the terms of the transaction and assuming AB exercises its option as noted above, SocGen would increase its ownership to a majority interest of the NA JV, without further consideration payable.

During July 2025, appropriate regulatory approval for SocGen to increase its ownership to 51% was received and AB has issued formal notice of its intent to exercise the AB Option. AB will deliver the additional equity once the remaining AB option conditions have been fulfilled by the parties, at a future date, expected within the first half of 2026. Upon delivery of the additional equity, SG will own a majority interest in the NA JV. Until such time the equity is delivered, AB will maintain a 66.7% interest in the NA JV and a 49% interest in the JV outside of North America.