XML 49 R38.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Company-Sponsored Investment Funds (Tables)
 9 Months Ended
Sep. 30, 2025
Consolidated Company-Sponsored Investment Funds [Abstract]  
Balances of Consolidated VIEs and VOEs included in Statement of Financial Condition
The balances of consolidated VIEs and VOEs included in our condensed consolidated statements of financial condition were as follows:
September 30, 2025December 31, 2024
(in thousands)
VIEsVOEsTotalVIEsVOEsTotal
Cash and cash equivalents$12,027 $38 $12,065 $1,671 $318 $1,989 
Investments320,922 32,721 353,643 82,027 58,765 140,792 
Other assets29,235 708 29,943 1,317 13,484 14,801 
Total assets$362,184 $33,467 $395,651 $85,015 $72,567 $157,582 
Liabilities$33,488 $557 $34,045 $345 $1,371 $1,716 
Redeemable non-controlling interest152,494 7,179 159,673 31,670 16,819 48,489 
Partners' capital attributable to AB Unitholders176,202 25,731 201,933 53,000 54,377 107,377 
Total liabilities, redeemable non-controlling interest and partners' capital$362,184 $33,467 $395,651 $85,015 $72,567 $157,582 
Schedule of Redeemable Noncontrolling Interest
Changes in the redeemable non-controlling interest balance during the nine-month period ended September 30, 2025 are as follows (in thousands):
Redeemable non-controlling interest as of December 31, 2024
$48,489 
Deconsolidated funds(12,857)
Changes in third-party seed investments in consolidated funds124,041 
Redeemable non-controlling interest as of September 30, 2025
$159,673 
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Valuation of our financial instruments by pricing observability levels as of September 30, 2025 and December 31, 2024 was as follows (in thousands):
 Level 1Level 2Level 3
NAV Expedient(1)
Total
September 30, 2025:
Money markets$159,958 $— $— $— $159,958 
Securities segregated (U.S. Treasury Bills)— 424,119 — — 424,119 
Derivatives 75 13,939 — — 14,014 
Equity securities172,654 43,885 124 2,276 218,939 
Other investments9,194 — — — 9,194 
Total assets measured at fair value$341,881 $481,943 $124 $2,276 $826,224 
Derivatives$1,569 $16,043 $— $— $17,612 
Contingent payment arrangements— — 8,562 — 8,562 
Total liabilities measured at fair value$1,569 $16,043 $8,562 $— $26,174 
December 31, 2024:
Money markets$146,781 $— $— $— $146,781 
Securities segregated (U.S. Treasury Bills)— 499,245 — — 499,245 
Derivatives 2,835 18,106 — — 20,941 
Equity securities193,766 5,921 121 2,016 201,824 
Other investments8,593 — — — 8,593 
Total assets measured at fair value$351,975 $523,272 $121 $2,016 $877,384 
Derivatives$33 $14,911 $— $— $14,944 
Contingent payment arrangements— — 9,385 — 9,385 
Total liabilities measured at fair value$33 $14,911 $9,385 $— $24,329 

(1) Investments measured at fair value using NAV (or its equivalent) as a practical expedient.
Valuation of consolidated company-sponsored investment funds' financial instruments by pricing observability levels as of September 30, 2025 and December 31, 2024 was as follows (in thousands):
 Level 1Level 2Level 3Total
September 30, 2025:
  Investments - VIEs$35,276 $253,736 $31,910 $320,922 
  Investments - VOEs6,269 26,452 — 32,721 
  Derivatives - VIEs1,183 18,728 — 19,911 
  Derivatives - VOEs39 — — 39 
Total assets measured at fair value$42,767 $298,916 $31,910 $373,593 
Derivatives - VIEs$1,127 $18,559 $— $19,686 
Total liabilities measured at fair value$1,127 $18,559 $— $19,686 
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 
Schedule of Change in Carrying Value Level 3 Financial Instruments
The change in carrying value associated with Level 3 financial instruments carried at fair value, classified as equity securities, is as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 (in thousands)
Balance as of beginning of period$121 $116 $121 $118 
Unrealized gains (losses), net3 22 3 20 
Balance as of end of period$124 $138 $124 $138 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 (in thousands)
Balance as of beginning of period$— $— $— $— 
Newly consolidated funds:
Consumer loan securities27,347 — 27,347 — 
Aviation securities4,563 — 4,563 — 
Transfers in— 73 — 73 
Unrealized gains, net— 20 — 20 
Balance as of end of period$31,910 $93 $31,910 $93 
Schedule of Offsetting of Derivative Assets
Offsetting of assets as of September 30, 2025 and December 31, 2024 was as follows:
 
 Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Assets Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Received		Net
Amount
 (in thousands)
September 30, 2025:
Securities borrowed$12,767 $— $12,767 $(12,767)$— $— 
Derivatives$14,014 $— $14,014 $— $(8,152)$5,862 
December 31, 2024:      
Securities borrowed$1,144 $— $1,144 $(1,044)$— $100 
Derivatives$20,941 $— $20,941 $— $(10,357)$10,584 
Offsetting of derivative assets of consolidated company-sponsored investment funds as of September 30, 2025 and December 31, 2024 was as follows:
 
 Gross Amounts of Recognized AssetsGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Assets Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Received		Net
Amount
 (in thousands)
September 30, 2025:
Derivatives - VIEs$19,911 $— $19,911 $— $(13)$19,898 
Derivatives - VOEs$39 $— $39 $— $— $39 
December 31, 2024:     
Derivatives - VIEs$101 $— $101 $— $(2)$99 
Derivatives - VOEs11,483 — 11,483 — — 11,483 
Schedule of Offsetting of Derivative Liabilities
Offsetting of liabilities as of September 30, 2025 and December 31, 2024 was as follows:
 Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Liabilities Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Pledged		Net Amount
 (in thousands)
September 30, 2025:
Derivatives$17,612 $— $17,612 $— $(11,039)$6,573 
December 31, 2024:      
Derivatives$14,944 $— $14,944 $— $(5,188)$9,756 
Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of September 30, 2025 and December 31, 2024 was as follows:
 Gross Amounts of Recognized LiabilitiesGross Amounts Offset in the Statement of Financial ConditionNet Amounts of Liabilities Presented in the Statement of Financial ConditionFinancial
Instruments Collateral		Cash Collateral
Pledged		Net Amount
 (in thousands)
September 30, 2025:
Derivatives - VIEs$19,686 $— $19,686 $— $(404)$19,282 
December 31, 2024:     
Derivatives - VIEs$85 $— $85 $— $(85)$—