联博控股 2025年度报告

FORM 10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF1934 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF1934 For the transition period fromtoCommission file number 001-09818 ALLIANCEBERNSTEIN HOLDING L.P. (Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code: (615) 622-0000Securities registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Which Registered Trading Symbol New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company”in Rule 12b-2 of the Exchange Act. (Check one): Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.Yes☒No☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☒ If securities are registered pursuant to Section 12 (b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the units representing assignments of beneficial ownership of limited partnership interests held by non-affiliates computedby reference to the price at which such units were last sold on the New York Stock Exchange as of June 30, 2025 was approximately $4.5billion. The number of units representing assignments of beneficial ownership of limited partnership interests outstanding as of December31, 2025 was92,284,367. (This figure includes 100,000 general partnership units having economic interests equivalent to the economic interests of the unitsrepresenting assignments of beneficial ownership of limited partnership interests.) DOCUMENTS INCORPORATED BY REFERENCEThis Form 10-K does not incorporate any document by reference. Table of Contents Glossary of Certain Defined Termsii Part I Item 1.BusinessItem 1A.Risk FactorsItem 1B.Unresolved Staff CommentsItem 1C.CybersecurityItem 2.PropertiesItem 3.Legal ProceedingsItem 4.Mine Safety Disclosures Item 10.Directors, Executive Officers and Corporate Governance125Item 11.Executive Compensation139Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholderMatters165Item 13.Certain Relationships and Related Transactions, and Director Independence169Item 14.Principal Accounting Fees and Services170 Part IVItem 15.Exhibits, Financial Statement SchedulesItem 16.Form 10-K Summary 171173 Signatures Glossary of Certain Defined Terms BernsteinTransaction Part I Item 1. Business The words “we” and “our” in this Form 10-K refer collectively to AB Holding and AB and its subsidiaries, or to their officers andemployees. Similarly, the words “company” and “firm” refer to both AB Holding and AB. Where the context requires distinguishingbetween AB Holding and AB, we identify which company is being discussed. Cross-references are in italics. We use “global” in this Form 10-K to refer to all nations, including the United States; we use “international” or “non-U