AB Issues 19.68M Units; Equitable Holdings Controls 68.17% Stake

Q: What did AllianceBernstein (AB) announce in the July 10 2025 Schedule 13D/A?

AB entered an Amended Exchange Agreement issuing 19,682,946 AB Units to Equitable Holdings in exchange for retiring the same number of AB Holding Units.

Q: How many AB Units does Equitable Holdings directly own after the exchange?

Equitable Holdings directly owns 81,445,154 AB Units , equal to 27.87% of units outstanding.

Q: Did the reporting persons conduct other transactions in the past 60 days?

No. The filing states no additional AB Unit or AB Holding Unit trades occurred within 60 days prior to the amendment.

Q: Does the filing signal future strategic changes for AllianceBernstein?

No. The reporting persons state they have no plans or proposals under Items 4(a)-(j) of Schedule 13D beyond the exchange.

[SCHEDULE 13D/A] AllianceBernstein Holding, L.P. SEC Filing

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

SCHEDULE 13D/A

Rhea-AI Filing Summary

AllianceBernstein Holding L.P. (NYSE: AB) 鈥� Schedule 13D/A Amendment No. 36 (dated 10 July 2025)

The filing discloses an Amended & Restated Master Exchange Agreement between AllianceBernstein L.P. ("AB") and Equitable Holdings, Inc. ("EQH") and its wholly-owned subsidiaries Alpha Units Holdings, Inc. and Alpha Units Holdings II, Inc.

Issuance & Exchange: AB issued 19,682,946 new AB Units to EQH and its subsidiaries in exchange for an equal number of AB Holding Units, which were immediately retired.
Post-transaction ownership:
- EQH 鈥� 81,445,154 AB Units (27.87% of units outstanding)
- Alpha Units Holdings 鈥� 75,851,289 units (25.95%)
- Alpha Units Holdings II 鈥� 41,934,582 units (14.34%)
- Combined indirect control via Equitable Holdings totals 199,231,025 units, or 68.17% of all AB Units outstanding.
Purpose: The amendment updates Items 3, 4 and 5 of the original 13D to reflect the exchange and current ownership. No additional strategic plans or proposals under Items 4(a)-(j) are reported.
Transaction window: Other than the exchange described, the reporting persons executed no transactions in the past 60 days.

The filing is administrative in nature, clarifying capital-structure changes and reaffirming EQH鈥檚 majority economic interest in AB.

Positive

Clear disclosure of Equitable Holdings鈥� 68.17% direct and indirect ownership provides transparency for investors.
Elimination of AB Holding Units simplifies the partnership鈥檚 equity structure, potentially reducing complexity in future filings.

Negative

19.68 million new AB Units increase the unit count, creating headline dilution although economic impact is offset by retirement of AB Holding Units.
Concentration of control鈥擡quitable Holdings now wields nearly 70% of voting power, limiting minority influence.

Insights

TL;DR: Internal unit exchange boosts AB Unit count by 19.7 M, leaves Equitable Holdings with 68% control; limited immediate valuation impact.

The exchange replaces AB Holding Units with AB Units on a one-for-one basis. Economically, Equitable Holdings already owned the underlying interests, so cash flow rights remain unchanged. The market-free-float could shrink because the 19.7 M units issued went to an insider that already owned the economic stake, while AB Holding Units were retired. Headline dilution to outstanding AB Units (鈮�+7%) is counterbalanced by retirement of an economically equivalent class; therefore EPS or distribution per unit should not materially move. Control concentration is now more transparent: Equitable鈥檚 combined vehicles own 68.17% of outstanding units, reinforcing its ability to influence governance and distributions. Given that no further strategic moves are signaled, I view the filing as neutral for valuation but helpful for capital-structure clarity.

TL;DR: Exchange simplifies equity architecture and confirms Equitable鈥檚 super-majority voting power.

From a governance lens, converting AB Holding Units into AB Units collapses a dual-unit structure and eliminates potential misalignment between economic and voting rights. Equitable Holdings now exercises direct voting and dispositive control over nearly 70% of units, making minority-holder influence minimal. While this centralization can streamline decision-making, it also heightens control risk for public unitholders. Absence of future plans suggests the move is structural rather than strategic. Overall impact is neutral-to-slightly negative for governance balance but not overtly detrimental given long-standing majority status.

07/14/2025 - 09:31 AM

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 36)

ALLIANCEBERNSTEIN HOLDING L.P.

(Name of Issuer)

Units of Limited Partnership Interest

(Title of Class of Securities)

01855A101

(CUSIP Number)

Robin M. Raju
1345 Avenue of the Americas,
New York, NY, 10105
(212) 554-1234

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/10/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 搂搂 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Units of Limited Partnership Interest

(b)

Name of Issuer:

ALLIANCEBERNSTEIN HOLDING L.P.

(c)

Address of Issuer's Principal Executive Offices:

501 COMMERCE STREET, NASHVILLE, TENNESSEE , 37203.

Item 1 Comment:

This Amendment No. 36 amends the Statement on Schedule 13D ("Schedule 13D") initially filed on June 30, 2000 with the Securities and Exchange Commission, as amended by Amendment No. 1 to the Schedule 13D filed on November 27, 2002, Amendment No. 2 to the Schedule 13D filed on March 9, 2004, Amendment No. 3 to the Schedule 13D filed on December 22, 2004, Amendment No. 4 to the Schedule 13D filed on March 7, 2007, Amendment No. 5 to the Schedule 13D filed on December 19, 2008, Amendment No. 6 to the Schedule 13D filed on January 8, 2009, Amendment No.7 to the Schedule 13D filed on April 1, 2009, Amendment No. 8 to the Schedule 13D filed on December 16, 2011, Amendment No. 9 to the Schedule 13D filed on September 23, 2013, Amendment No. 10 to the Schedule 13D filed on December 20, 2013, Amendment No. 11 to the Schedule 13D filed on January 5, 2016, Amendment No. 12 to the Schedule 13D filed on May 1, 2017, Amendment No. 13 to the Schedule 13D filed on July 3, 2017, Amendment No. 14 to the Schedule 13D filed on December 13, 2017, Amendment No. 15 to the Schedule 13D filed on March 6, 2018, Amendment No. 16 to the Schedule 13D filed on April 25, 2018, Amendment No. 17 to the Schedule 13D filed on October 1, 2018, Amendment No. 18 to the Schedule 13D filed on December 21, 2018, Amendment No. 19 to the Schedule 13D filed on January 3, 2019, Amendment No. 20 to the Schedule 13D filed on March 25, 2019, Amendment No. 21 to the Schedule 13D filed on May 14, 2021, Amendment 22 to the Schedule 13D filed November 6, 2024, Amendment 23 to the Schedule 13D filed on December 20, 2024, Amendment 24 to the Schedule 13D filed on February 24, 2025, Amendment No. 1 to the Schedule TO filed on March 12, 2025, Amendment No. 1 to the Schedule TO filed on March 17, 2025, Amendment No. 2 to the Schedule TO filed on March 26, 2025, Amendment No. 3 to the Schedule TO filed on April 2, 2025, and Amendment No. 4 to the Schedule TO filed April 3, 2025, which Schedule 13D relates to the units of limited partnership interests ("AB Units") of AllianceBernstein L.P. (formerly known as Alliance Capital Management L.P.), a Delaware limited partnership ("AllianceBernstein"). This Amendment No. 36 is being filed to amend Items 3, 4 and 5 of the Schedule 13D as follows:

Item 3.

Source and Amount of Funds or Other Consideration

Item 3 of the Schedule 13D is hereby amended by inserting the following paragraph at the end thereof: See Item 4 below.

Item 4.

Purpose of Transaction

Item 4 of the Schedule 13D is hereby amended by inserting the following paragraph at the end thereof: On July 10, 2025, AllianceBernstein L.P. ("AB") entered into an Amended and Restated Master Exchange Agreement ("Amended Exchange Agreement") providing for the issuance by AB of 19,682,946 AB Units to EQH and any of its wholly-owned subsidiaries in exchange for an equal number of units ("AB Holding Units") representing assignments of beneficial ownership of limited partnership interests in AB Holding owned by EQH and such subsidiary. Each AB Holding Unit so exchanged will be retired following the exchange. At the time the Amended Exchange Agreement was entered into, AB and EQH exchanged 19,682,946 AB Units for an equal number of AB Holding Units, and the acquired AB Holding Units were retired. Except as set forth in this statement, none of the Reporting Persons has any plans or proposals described in Item 4(a)-(j) of Schedule 13D.

Item 5.

Interest in Securities of the Issuer

(a)

Item 5(a) of the Schedule 13D is hereby amended by replacing the first paragraph thereof with the following paragraphs: At the close of business on July 10, 2025 and immediately following the transactions described in Item 4 above, EQH did not beneficially own directly any AB Holding Units and beneficially owned 81,445,154 AB Units representing approximately 27.87% of the AB Units outstanding; Alpha Units Holdings did not beneficially own directly any AB Holding Units and beneficially owned 75,851,289 AB Units, representing approximately 25.95% of the AB Units outstanding, and Alpha Units Holdings II did not beneficially own directly any AB Holding Units and beneficially owned directly 41,934,582 AB Units representing approximately 14.34% of the AB Units outstanding. EQH, Alpha Units Holdings, and Alpha Units Holdings II have the sole power to vote or direct the vote and the sole power to dispose or direct the dispositions of each of their AB Units. By reason of its ownership interest in Alpha Units Holdings and Alpha Units Holdings II, Equitable may be deemed to beneficially own indirectly, and to have voting and dispositive power with respect to the 75,851,289 AB Units owned directly by Alpha Units Holdings and the 41,934,582 AB Units owned directly by Alpha Units Holdings II, which, together with the 81,445,154AB Units owned directly by EQH, represent approximately 68.17% of the AB Units outstanding. (This excludes Units acquired by the Reporting Persons and their affiliates solely for investment purposes on behalf of client discretionary accounts.)

(b)

See (a).

(c)

Other than as described in this Amendment No.36, no transactions in AB Holding Units or AB Units were made by the Reporting Persons during the 60 days preceding the filing of this Amendment.

SIGNATURE

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.

Equitable Holdings, Inc.

Signature:	/s/ Robin M. Raju
Name/Title:	Robin M. Raju, Chief Financial Officer
Date:	07/10/2025

Alpha Units Holdings, Inc.

Signature:	/s/ Robin M. Raju
Name/Title:	Robin M. Raju, Chairman of Board, President and Chief Executive Officer
Date:	07/10/2025

Alpha Units Holdings II, Inc.

Signature:	/s/ Robin M. Raju
Name/Title:	Robin M. Raju, Chairman of Board, President and Chief Executive Officer
Date:	07/10/2025

Source:

FAQ

What did AllianceBernstein (AB) announce in the July 10 2025 Schedule 13D/A?

AB entered an Amended Exchange Agreement issuing 19,682,946 AB Units to Equitable Holdings in exchange for retiring the same number of AB Holding Units.

How many AB Units does Equitable Holdings directly own after the exchange?

Equitable Holdings directly owns 81,445,154 AB Units, equal to 27.87% of units outstanding.

What is the combined ownership percentage of Equitable Holdings and its subsidiaries?

Together EQH, Alpha Units Holdings and Alpha Units Holdings II control 68.17% of all AB Units.

Did the reporting persons conduct other transactions in the past 60 days?

No. The filing states no additional AB Unit or AB Holding Unit trades occurred within 60 days prior to the amendment.

Will the issuance of 19.68 M units dilute existing AB unitholders?

The unit count increases, but because AB Holding Units were retired, economic dilution is largely offset; control remains with Equitable Holdings.

Does the filing signal future strategic changes for AllianceBernstein?

No. The reporting persons state they have no plans or proposals under Items 4(a)-(j) of Schedule 13D beyond the exchange.

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[SCHEDULE 13D/A] AllianceBernstein Holding, L.P. SEC Filing

Insights

FAQ

What did AllianceBernstein (AB) announce in the July 10 2025 Schedule 13D/A?

How many AB Units does Equitable Holdings directly own after the exchange?

What is the combined ownership percentage of Equitable Holdings and its subsidiaries?

Did the reporting persons conduct other transactions in the past 60 days?

Will the issuance of 19.68 M units dilute existing AB unitholders?

Does the filing signal future strategic changes for AllianceBernstein?

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[SCHEDULE 13D/A] AllianceBernstein Holding, L.P. SEC Filing

Insights

Financial Analyst neutral

Corporate Governance Specialist neutral

FAQ

What did AllianceBernstein (AB) announce in the July 10 2025 Schedule 13D/A?

How many AB Units does Equitable Holdings directly own after the exchange?

What is the combined ownership percentage of Equitable Holdings and its subsidiaries?

Did the reporting persons conduct other transactions in the past 60 days?

Will the issuance of 19.68 M units dilute existing AB unitholders?

Does the filing signal future strategic changes for AllianceBernstein?

NYSE:AB

AB Rankings

AB Latest News

AB Latest SEC Filings

AB Stock Data