Equitable Holdings, Inc. and AXA Equitable Financial Services LLC filed an amendment to a Schedule 13G reporting beneficial ownership of Class I Common Shares of AB Private Lending Fund. The filing states 4,400,000 shares, representing 68.02% of the class, based on December 31, 2025.
The filing says the shares were acquired solely for investment purposes on behalf of client discretionary investment advisory accounts. Signatures show reporting representatives dated February 17, 2026.
Positive
None.
Negative
None.
Insights
Large passive stake disclosed by institutional holders.
The amendment reports 4,400,000 Class I shares or 68.02% as of December 31, 2025, held by institutional advisory accounts controlled by Equitable Holdings and its subsidiary. The filing describes the position as acquired "solely for investment purposes."
Governance implications depend on whether these holdings are passive under applicable rules; subsequent disclosures or Form 13D would indicate active intent. Future filings could clarify voting coordination or plans.
Concentrated exposure reported for advisory accounts.
The disclosed position shows discretionary client accounts collectively holding 4,400,000 shares, equal to 68.02% of Class I shares outstanding as of December 31, 2025. The filing attributes sole voting and dispositive power to the reporting persons.
Cash-flow treatment is not discussed; the filing ties the holdings to advisory accounts. Investment activity and any change in classification would appear in subsequent amendments.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
AB Private Lending Fund
(Name of Issuer)
Class I Common Shares of Beneficial Interest
(Title of Class of Securities)
00254B306
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
00254B306
1
Names of Reporting Persons
Equitable Holdings, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6
Shared Voting Power
7
Sole Dispositive Power
8
Shared Dispositive Power
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
12
Type of Reporting Person (See Instructions)
SCHEDULE 13G
CUSIP No.
00254B306
1
Names of Reporting Persons
AXA EQUITABLE FINANCIAL SERVICES LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
6
Shared Voting Power
7
Sole Dispositive Power
8
Shared Dispositive Power
9
Aggregate Amount Beneficially Owned by Each Reporting Person
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
This statement on Schedule 13G is being filed jointly by AXA EQUITABLE FINANCIAL SERVICES LLC and Equitable Holdings, Inc. (Holdings), pursuant to the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended (the Exchange Act), as separate persons and not as members of a group. See Exhibit 99.1 to this Schedule 13G for their Joint Filing Agreement.
(b)
Address or principal business office or, if none, residence:
Equitable Holdings, Inc Holdings, a Delaware corporation, has its principal business office at 1345 Avenue of the Americas, New York, New York 10105.
AXA EQUITABLE FINANCIAL SERVICES LLC Equitable Financial Services LLC, a Delaware corporation, is an indirect wholly owned subsidiary of Holdings. Equitable Financial Services principal business office is located at 1345 Avenue of the Americas, New York, New York 10105.
All media outlets, please contact Erik Bass (212-314-2476) with any questions.
(c)
Citizenship:
Equitable Holdings
Delaware
AXA EQUITABLE FINANCIAL SERVICES LLC
Delaware
(d)
Title of class of securities:
Class I Common Shares of Beneficial Interest
(e)
CUSIP No.:
00254B306
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
4,400,000 shares acquired solely for investment purposes on behalf of client discretionary investment advisory accounts.*
(b)
Percent of class:
68.02% based upon 4,400,000 Class I Shares outstanding as of December 31, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
4,400,000
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
4,400,000
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
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.
What stake did Equitable Holdings report in AB Private Lending Fund (EQH)?
The filing reports 4,400,000 Class I shares, representing 68.02% of the class. The percentage is based on share counts "as of December 31, 2025" and is disclosed in the Schedule 13G/A amendment.
Who filed the Schedule 13G/A for AB Private Lending Fund?
The filing was made jointly by Equitable Holdings, Inc. and AXA Equitable Financial Services LLC. They state the filing is joint under Rule 13d-1(k)(1) and include a joint filing agreement in Exhibit 99.1.
How were the shares described in the Schedule 13G/A acquired?
The filing states the 4,400,000 shares were acquired "solely for investment purposes" on behalf of client discretionary investment advisory accounts. The disclosure ties ownership to advisory accounts rather than direct corporate treasury holdings.
What voting and disposition powers were reported?
The Schedule 13G/A reports the filers have sole power to vote 4,400,000 shares and sole power to dispose of 4,400,000 shares. The filing shows 0 for shared voting and dispositive power in the submitted table.
When was the ownership percentage measured in the filing?
The ownership percentage (68.02%) is calculated based on 4,400,000 Class I shares outstanding as of December 31, 2025, as stated explicitly in the amendment to the Schedule 13G.
