SCHEDULE: Equitable Holdings Consolidates Majority Ownership in AllianceBernstein Through Strategic Unit Exchange

Equitable Holdings, along with its subsidiaries Alpha Units Holdings and Alpha Units Holdings II, has solidified its controlling stake in AllianceBernstein L.P. by exchanging AB Holding Units for AB Units, resulting in a combined beneficial ownership of approximately 68.17%.

Summary

• This filing, Amendment No. 36 to the Schedule 13D, updates the beneficial ownership information for AllianceBernstein Holding L.P. following a significant unit exchange.
• On July 10, 2025, AllianceBernstein L.P. (AB) entered into an Amended and Restated Master Exchange Agreement with Equitable Holdings, Inc. (EQH) and its wholly-owned subsidiaries.
• Under this agreement, AB issued 19,682,946 AB Units to EQH and its subsidiaries.
• In exchange, an equal number of AB Holding Units (representing beneficial ownership in AB Holding) owned by EQH and its subsidiaries were transferred to AB.
• The acquired AB Holding Units were subsequently retired following the exchange.
• Immediately after these transactions on July 10, 2025, EQH directly beneficially owned 81,445,154 AB Units, representing approximately 27.87% of the outstanding AB Units.
• Alpha Units Holdings directly beneficially owned 75,851,289 AB Units, representing approximately 25.95% of the outstanding AB Units.
• Alpha Units Holdings II directly beneficially owned 41,934,582 AB Units, representing approximately 14.34% of the outstanding AB Units.
• Collectively, EQH, through its direct ownership and its ownership interest in Alpha Units Holdings and Alpha Units Holdings II, is deemed to beneficially own approximately 68.17% of the outstanding AB Units.
• None of the Reporting Persons engaged in other transactions in AB Holding Units or AB Units during the 60 days preceding this amendment, other than those described.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of an ownership restructuring and does not contain subjective language or performance metrics that would indicate a positive or negative sentiment. It is neutral and informative.

Positives

• The transaction consolidates Equitable Holdings' control over AllianceBernstein L.P., potentially streamlining governance and strategic alignment.
• The retirement of AB Holding Units simplifies the ownership structure by reducing the number of outstanding AB Holding Units.

Negatives

• The document does not explicitly detail any negative aspects of the transaction.

Future Outlook

No new future plans or proposals are disclosed by the Reporting Persons beyond the described unit exchange transaction.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct." Robin M. Raju, Chief Financial Officer of Equitable Holdings, Inc., and Chairman of Board, President and Chief Executive Officer of Alpha Units Holdings, Inc. and Alpha Units Holdings II, Inc.

Industry Context

This filing primarily details an internal ownership restructuring within the Equitable Holdings and AllianceBernstein corporate family, rather than reflecting broader industry trends or competitive shifts. It solidifies the existing relationship and control structure.

Stakeholder Impact

• Shareholders of AllianceBernstein Holding L.P. will see a consolidation of control by Equitable Holdings, which could impact future strategic decisions and liquidity of the remaining public float.
• The retirement of AB Holding Units simplifies the capital structure, which may be beneficial for clarity.

Key Dates

Keywords

AllianceBernstein Holding L.P., Equitable Holdings Inc., Schedule 13D, Beneficial Ownership, Unit Exchange, Limited Partnership Interest, Corporate Governance, Asset Management, Investment Management