[Form 4] AllianceBernstein Holding, L.P. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: Equitable Holdings, Inc. ("EQH")—a greater-than-10% owner and affiliate of the general partner of AllianceBernstein Holding L.P. (NYSE: AB)—reported an internal equity exchange completed on 10 July 2025.

• Under a newly Amended & Restated Exchange Agreement, the number of AB operating-partnership units ("AB Units") available for swap rose from 4,788,806 to 19,682,946.
• Immediately on signing, 19,682,946 AB Holding Units were exchanged by EQH for an equal number of AB Units. Transaction code “J” confirms it was a non-open-market, zero-dollar exchange.
• The surrendered AB Holding Units were retired, reducing the publicly traded float by the same amount.
• Post-transaction beneficial ownership of AB Units (not reported in Table I but disclosed in footnotes): EQH 81.445 million, Alpha Units Holdings, Inc. 75.851 million, and Alpha Units Holdings II, Inc. 41.935 million.
• EQH continues to file as a single reporting person and remains a 10%+ holder.

Investor take-away: The swap consolidates EQH’s economic interest in the operating partnership while shrinking AB Holding’s outstanding units. Although no cash changed hands, the retirement of nearly 20 million units could modestly improve per-unit metrics and may influence liquidity and ownership structure.

Positive

• Retirement of 19.68 million AB Holding Units decreases outstanding publicly traded units, potentially improving per-unit distribution metrics.

Negative

• Public float and trading liquidity may shrink, and EQH’s increased concentration of non-public AB Units heightens governance and minority-holder risk.

Insights

Sell-side Financial Analyst

TL;DR: 19.7 M AB Holding Units retired; EQH shifts stake into operating partnership units, slightly tightening public float—fundamentally neutral, marginally positive for per-unit metrics.

The exchange is non-cash and internal but does remove roughly 10 % of AB Holding’s 194 M units (latest public count) from circulation, a constructive supply-side change. Because AB Units are not publicly traded, the move increases EQH’s economic exposure while marginally reducing public liquidity. No change to aggregate economic ownership or cash flows, so valuation impact is limited; however, fewer outstanding units can lift distribution per unit and EPS-equivalent figures. We therefore view the filing as low to medium impact: positive for holders focused on per-unit metrics, neutral on cash generation and fundamental enterprise value.

Governance & Ownership Specialist

TL;DR: Exchange deepens parent-level control and reduces float; governance balance tilts further toward EQH—investors should note increased concentration risk.

By converting 19.7 M publicly traded AB Holding Units into privately held AB Units, EQH reinforces its influence at the operating partnership level without SEC-registered units. The retirement tightens float but also diminishes minority investors’ proportional voice. While not dilutive, liquidity could decline and tracking transparency for underlying units weakens. I classify the transaction as moderately impactful, trending negative from a governance standpoint.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Equitable Holdings, Inc.

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS

(Street)

NEW YORK NY 10105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ALLIANCEBERNSTEIN HOLDING L.P. [ AB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)	X	Other (specify below)
			See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
07/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Units(1)	07/10/2025		J(2)(3)		19,682,946	D	$0	0	D(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Units Representing Assignments of Beneficial Ownership of Limited Partnership Interests ("AB Holding Units") in AllianceBernstein Holding L.P.

2. As previously disclosed by the Reporting Person ("EQH") on a Form 4 filed with the Securities and Exchange Commission on December 19, 2024, EQH and AllianceBernstein L.P. ("AB") entered into a Master Exchange Agreement (the "Exchange Agreement") providing for the issuance by AB of up to 10,000,000 units representing assignments of beneficial ownership of limited partnership interests in AB ("AB Units") to EQH and any of its wholly-owned subsidiaries in exchange for an equal number of AB Holding Units owned by EQH or any such subsidiary. At the time the Exchange Agreement was entered into, AB and EQH exchanged 5,211,194 AB Holding Units for AB Units (thereby reducing the 10,000,000 AB Units available for future exchange to 4,788,806 AB Units), and the acquired AB Holding Units were retired.

3. On July 10, 2025, AB entered into an Amended and Restated Exchange Agreement (the "Amended Exchange Agreement") to increase the AB Units that remain available for exchange from 4,788,806 AB Units to 19,682,946 AB Units. At the time the Amended Exchange Agreement was entered into, AB and EQH exchanged 19,682,946 AB Holding Units for AB Units and the acquired AB Holding Units were retired.

4. In addition to the AB Holding Units reported on this Form 4, the Reporting Person and its affiliates beneficially own AB Units as follows. As of July 10, 2025, EQH beneficially owned directly 81,445,154 AB Units; Alpha Units Holdings, Inc. beneficially owned 75,851,289 AB Units; and Alpha Units Holdings II, Inc. beneficially owned directly 41,934,582 AB Units. For more information on the Reporting Person and its affiliates' holdings of AB Units, see their separate Form 4 filings with respect to AB Units.

Remarks:

Affiliate of holder of general partnership units.

	/s/ Michael Brudoley, Assistant Secretary, Equitable Holdings, Inc.	07/14/2025
	** Signature of Reporting Person	Date
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FAQ

What did Equitable Holdings (EQH) report in the July 2025 Form 4 for AB?

EQH exchanged 19,682,946 AB Holding Units for an equal number of AB Units under an amended exchange agreement.

How many AB Holding Units were retired as part of the exchange?

All 19.68 million surrendered AB Holding Units were retired, reducing outstanding publicly traded units.

Does the transaction involve any cash consideration?

No. The Form 4 lists transaction code "J" at a price of $0, indicating a non-cash internal exchange.

What is EQH’s current beneficial ownership of AB Units after the exchange?

EQH directly owns 81,445,154 AB Units; affiliates own an additional 117.8 million units combined.

Why is the exchange potentially important to AB investors?

Retiring nearly 10 % of AB Holding’s units could enhance per-unit distributions but also reduce market liquidity and increase ownership concentration.