AllianceBernstein Reports Q1 2025 Financial Results with $74M Net Income

AllianceBernstein Holding L.P. reported its financial results for the first quarter of 2025, revealing a net income of $74.0 million, a decrease of 4.1% from $77.2 million in the same period of 2024. The net income per unit remained stable at $0.67, reflecting a consistent performance despite the overall decline in net income. The company’s equity in net income attributable to AB Unitholders also fell by 4.1%, from $86.3 million in 2024 to $82.8 million in 2025. The decline in net income was primarily attributed to a lower weighted average equity ownership interest in AB, although this was partially offset by an increase in net income attributable to AB Unitholders.

Total assets for AllianceBernstein Holding as of March 31, 2025, were reported at $1.997 billion, down from $2.035 billion at the end of 2024. The decrease in total assets was primarily due to a reduction in the investment in AB, which fell from $2.035 billion to $1.996 billion. Total liabilities also decreased significantly from $2.77 million to $258,000, indicating a strong reduction in obligations. Partners' capital decreased from $2.032 billion to $1.997 billion, reflecting cash distributions to unitholders and the retirement of AB Holding Units.

In terms of operational metrics, the company reported an increase in cash distributions received from AB, which rose to $127.4 million from $97.7 million year-over-year. This increase contributed to a net cash provided by operating activities of $115.3 million, compared to $87.7 million in the prior year. The number of units representing assignments of beneficial ownership of limited partnership interests outstanding as of March 31, 2025, was 110,699,699, which includes 100,000 units of general partnership interest. The company also declared a distribution of $0.80 per unit, up from $0.73 in the previous year, reflecting a 9.6% increase.

Looking ahead, AllianceBernstein Holding expressed confidence in its ability to meet financial obligations, relying on the cash flow generated from its investment in AB. The company noted that its cash inflow is entirely derived from distributions received from AB, which are subsequently distributed to unitholders. Management anticipates that the cash flow will continue to support its financial commitments, although it remains vigilant regarding market conditions and potential impacts on performance. The firm also indicated that it may engage in open-market purchases of AB Holding Units to fund anticipated obligations under its incentive compensation award program, depending on market conditions.