v3.26.3
Consolidated Company-Sponsored Investment Funds (Tables)
 9 Months Ended
Sep. 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:
September 30, 2026December 31, 2025
(in thousands)
VIEsVOEsTotalVIEsVOEsTotal
Cash and cash equivalents$7,979 $158 $8,137 $17,617 $109 $17,726 
Investments440,354 26,369 466,723 304,035 26,499 330,534 
Other assets31,702 324 32,026 24,778 342 25,120 
Total assets$480,035 $26,851 $506,886 $346,430 $26,950 $373,380 
Liabilities$31,108 $102 $31,210 $25,132 $149 $25,281 
Redeemable non-controlling interest264,115 10,951 275,066 169,091 9,876 178,967 
Partners' capital attributable to AB Unitholders184,812 15,798 200,610 152,207 16,925 169,132 
Total liabilities, redeemable non-controlling interest and partners' capital$480,035 $26,851 $506,886 $346,430 $26,950 $373,380 
Summary of Redeemable Noncontrolling Interest
Changes in the redeemable non-controlling interest balance during the nine-month period ended September 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 funds105,906 
Redeemable non-controlling interest as of September 30, 2026
$275,066 
Summary 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, 2026 and December 31, 2025 was as follows (in thousands):
Level 1Level 2Level 3
NAV Expedient(1)
Total
September 30, 2026:
Money markets$82,295 $— $— $— $82,295 
Securities segregated (U.S. Treasury Bills)— 379,188 — — 379,188 
Derivatives 4,286 17,054 — — 21,340 
Investments:
U.S. Treasury Bills— 209,414 — — 209,414 
Equity securities94,645 42,112 126 1,040 137,923 
Other investments8,513 — — — 8,513 
Total investments103,158 251,526 126 1,040 355,850 
Total assets measured at fair value$189,739 $647,768 $126 $1,040 $838,673 
Derivatives$194 $15,593 $— $— $15,787 
Contingent payment arrangements— — 8,732 — 8,732 
Total liabilities measured at fair value$194 $15,593 $8,732 $— $24,519 
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 securities145,217 66,519 127 37 211,900 
Other investments9,003 — — — 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 September 30, 2026 and December 31, 2025 was as follows (in thousands):
Level 1Level 2Total
September 30, 2026:
  Investments - VIEs$76,248 $364,106 $440,354 
  Investments - VOEs445 25,924 26,369 
  Derivatives - VIEs574 23,338 23,912 
Total assets measured at fair value$77,267 $413,368 $490,635 
Derivatives - VIEs$1,006 $22,975 $23,981 
Total liabilities measured at fair value$1,006 $22,975 $23,981 
December 31, 2025:
  Investments - VIEs$22,477 $271,558 $294,035 
  Investments - VOEs225 26,274 26,499 
  Derivatives - VIEs70 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 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,
2026202520262025
(in thousands)
Balance as of beginning of period$126 $121 $127 $121 
Unrealized gains (losses), net— 3 (1)3 
Balance as of end of period$126 $124 $126 $124 
The change in carrying value associated with Level 3 financial instruments carried at fair value within consolidated company-sponsored investment funds was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in thousands)
Balance as of beginning of period$— $— $— $— 
Newly consolidated funds:
Consumer loan securities— 27,347 — 27,347 
Aviation securities— 4,563 — 4,563 
Transfers in— — — — 
Unrealized gains, net— — — — 
Balance as of end of period$— $31,910 $— $31,910 
Summary of Offsetting of Derivative Assets
Offsetting of assets as of September 30, 2026 and December 31, 2025 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 CollateralNet
Amount
(in thousands)
September 30, 2026:
Securities borrowed$17,415 $— $17,415 $(16,992)$— $423 
Derivatives$21,340 $— $21,340 $— $(6,762)$14,578 
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 September 30, 2026 and December 31, 2025 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, 2026:
Derivatives - VIEs$23,912 $— $23,912 $— $(330)$23,582 
December 31, 2025:
Derivatives - VIEs$20,077 $— $20,077 $— $— $20,077 
Summary of Offsetting of Derivative Liabilities
Offsetting of liabilities as of September 30, 2026 and December 31, 2025 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		Net Amount
(in thousands)
September 30, 2026:
Securities loaned$2,284 $— $2,284 $— $(2,214)$70 
Derivatives$15,787 $— $15,787 $— $(10,844)$4,943 
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 September 30, 2026 and December 31, 2025 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, 2026:
Derivatives - VIEs$23,981 $— $23,981 $— $(1,330)$22,651 
December 31, 2025:
Derivatives - VIEs$20,084 $— $20,084 $— $(492)$19,592