Consolidated Company-Sponsored Investment Funds (Tables)

6 Months Ended

Jun. 30, 2026

Consolidated Company-Sponsored Investment Funds [Abstract]

Summary of 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:

	June 30, 2026						December 31, 2025
	(in thousands)
	VIEs		VOEs		Total		VIEs		VOEs		Total
Cash and cash equivalents	$	5,510	$	333	$	5,843	$	17,617	$	109	$	17,726
Investments	405,249		25,846		431,095		304,035		26,499		330,534
Other assets	29,279		339		29,618		24,778		342		25,120
Total assets	$	440,038	$	26,518	$	466,556	$	346,430	$	26,950	$	373,380
Liabilities	$	28,478	$	32	$	28,510	$	25,132	$	149	$	25,281
Redeemable non-controlling interest	221,047		9,762		230,809		169,091		9,876		178,967
Partners' capital attributable to AB Unitholders	190,513		16,724		207,237		152,207		16,925		169,132
Total liabilities, redeemable non-controlling interest and partners' capital	$	440,038	$	26,518	$	466,556	$	346,430	$	26,950	$	373,380

Summary of Redeemable Noncontrolling Interest

Changes in the redeemable non-controlling interest balance during the six-month period ended June 30, 2026 are as follows (in thousands):

Redeemable non-controlling interest as of December 31, 2025	$	178,967
Deconsolidated funds	(9,807)
Changes in third-party seed investments in consolidated funds	61,649
Redeemable non-controlling interest as of June 30, 2026	$	230,809

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Valuation of our financial instruments by pricing observability levels as of June 30, 2026 and December 31, 2025 was as follows (in thousands):

	Level 1		Level 2		Level 3		NAV Expedient(1)		Total
June 30, 2026:
Money markets	$	80,111	$	—	$	—	$	—	$	80,111
Securities segregated (U.S. Treasury Bills)	—		227,722		—		—		227,722
Derivatives	470		12,277		—		—		12,747
Equity securities	121,555		55,546		126		40		177,267
Other investments	8,482		—		—		—		8,482
Total assets measured at fair value	$	210,618	$	295,545	$	126	$	40	$	506,329
Derivatives	$	1,728	$	16,003	$	—	$	—	$	17,731
Contingent payment arrangements	—		—		8,689		—		8,689
Total liabilities measured at fair value	$	1,728	$	16,003	$	8,689	$	—	$	26,420
December 31, 2025:
Money markets	$	175,029	$	—	$	—	$	—	$	175,029
Securities segregated (U.S. Treasury Bills)	—		498,649		—		—		498,649
Derivatives	832		12,153		—		—		12,985
Equity securities	145,217		66,519		127		37		211,900
Other investments	9,003		—		—		—		9,003
Total assets measured at fair value	$	330,081	$	577,321	$	127	$	37	$	907,566
Derivatives	$	366	$	17,249	$	—	$	—	$	17,615
Contingent payment arrangements	—		—		8,605		—		8,605
Total liabilities measured at fair value	$	366	$	17,249	$	8,605	$	—	$	26,220

(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 June 30, 2026 and December 31, 2025 was as follows (in thousands):

	Level 1		Level 2		Total
June 30, 2026:
Investments - VIEs	$	40,780	$	364,469	$	405,249
Investments - VOEs	335		25,511		25,846
Derivatives - VIEs	401		21,975		22,376
Total assets measured at fair value	$	41,516	$	411,955	$	453,471
Derivatives - VIEs	$	141	$	21,678	$	21,819
Total liabilities measured at fair value	$	141	$	21,678	$	21,819
December 31, 2025:
Investments - VIEs	$	22,477	$	271,558	$	294,035
Investments - VOEs	225		26,274		26,499
Derivatives - VIEs	70		20,007		20,077
Total assets measured at fair value	$	22,772	$	317,839	$	340,611
Derivatives - VIEs	$	112	$	19,972	$	20,084
Total liabilities measured at fair value	$	112	$	19,972	$	20,084

Summary of Offsetting of Derivative Assets

Offsetting of assets as of June 30, 2026 and December 31, 2025 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 Collateral		Cash Collateral		Net Amount
	(in thousands)
June 30, 2026:
Securities borrowed	$	13,425	$	—	$	13,425	$	(13,425)	$	—	$	—
Derivatives	$	12,747	$	—	$	12,747	$	—	$	(4,836)	$	7,911
December 31, 2025:
Securities borrowed	$	14,689	$	—	$	14,689	$	(14,539)	$	—	$	150
Derivatives	$	12,985	$	—	$	12,985	$	—	$	(5,547)	$	7,438

Offsetting of derivative assets of consolidated company-sponsored investment funds as of June 30, 2026 and December 31, 2025 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 Collateral		Cash Collateral Received		Net Amount
	(in thousands)
June 30, 2026:
Derivatives - VIEs	$	22,376	$	—	$	22,376	$	—	$	(260)	$	22,116
December 31, 2025:
Derivatives - VIEs	$	20,077	$	—	$	20,077	$	—	$	—	$	20,077

Summary of Offsetting of Derivative Liabilities

Offsetting of liabilities as of June 30, 2026 and December 31, 2025 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 Collateral		Cash Collateral		Net Amount
	(in thousands)
June 30, 2026:
Securities loaned	$	44	$	—	$	44	$	—	$	(43)	$	1
Derivatives	$	17,731	$	—	$	17,731	$	—	$	(13,132)	$	4,599
December 31, 2025:
Securities loaned	$	51,488	$	—	$	51,488	$	—	$	(50,170)	$	1,318
Derivatives	$	17,615	$	—	$	17,615	$	—	$	(10,293)	$	7,322

Offsetting of derivative liabilities of consolidated company-sponsored investment funds as of June 30, 2026 and December 31, 2025 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 Collateral		Cash Collateral Pledged		Net Amount
	(in thousands)
June 30, 2026:
Derivatives - VIEs	$	21,819	$	—	$	21,819	$	—	$	(745)	$	21,074
December 31, 2025:
Derivatives - VIEs	$	20,084	$	—	$	20,084	$	—	$	(492)	$	19,592