Core Points - AllianceBernstein Holding L.P. has made its 2024 Schedule K-3 available for download, which contains items of international tax relevance for unitholders [1] - The Schedule K-3 is particularly relevant for a limited number of unitholders, including foreign unitholders and those computing a foreign tax credit [2] - Unitholders can obtain an electronic copy of the Schedule K-3 by contacting Tax Package Support [3] Company Overview - AllianceBernstein is a prominent global investment management firm that provides diversified investment services to institutional investors, individuals, and private wealth clients [4] - As of July 31, 2025, AllianceBernstein manages $829 billion in assets [4]

Core Insights - AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported that preliminary assets under management remained stable at $829 billion at the end of July 2025, unchanged from June 2025, as market gains were offset by net outflows during the month [1][2] Summary by Category Assets Under Management - Total assets under management as of July 31, 2025, were $829 billion, with no change from June 30, 2025 [1][2] - Institutional net outflows were approximately $4.0 billion, primarily due to the completion of the EQH-RGA reinsurance transaction [1] - Excluding the impact of the transaction, institutional and retail net flows were slightly negative, while private wealth posted roughly flat net flows [1] Breakdown of Assets - Total equity assets amounted to $347 billion, with actively managed equity at $273 billion and passive equity at $74 billion [2] - Total fixed income assets were $299 billion, with taxable fixed income at $209 billion and tax-exempt fixed income at $80 billion [2] - Alternatives and multi-asset solutions accounted for $183 billion in assets [2]

Acquisition Overview - iA Financial Group will acquire 100% of RF Capital Group for $20.00 per share[8] - The purchase price is $597 million, representing 1.5% of RF Capital's AUA as of June 30, 2025[8] - The transaction is valued at 6.7x RF Capital's last 12 months fully synergized EBITDA as of March 31, 2025[8] Strategic Benefits - The partnership adds over $40 billion in AUA and 189 advisors to iA Wealth[6] - iA Wealth's advisory network will increase to over 2,750 partners with a combined ~$175 billion in AUA[6] - The acquisition strengthens iA Wealth's presence in the high-net-worth segment[6] Financial Impact - The transaction is expected to be neutral to core earnings in the first year and accretive to core EPS by $0.15+ in the second year[6] - Transaction and integration costs are estimated at $60 million before tax, to be incurred over the first three years[8] - The purchase price is expected to reduce iA's solvency ratio by approximately 6 percentage points and reduce capital available for deployment by ~$0.6 billion[8] RF Capital Overview - RF Capital has $40 billion in AUA[14] - RF Capital's revenue is segmented with 82% from wealth management[13] - RF Capital has 189 advisors/143 teams with an average AUA of $270 million per team[15]

Core Insights - KeyCorp reported a revenue of $1.8 billion for Q2 2025, reflecting a 21% increase year-over-year, driven by a 10% growth in noninterest income and a 4% increase in net interest income [1][2][6] - The net income attributable to Key common shareholders for Q2 2025 was $387 million, or $0.35 per diluted common share, compared to $370 million, or $0.33 per diluted common share in Q1 2025, and $237 million, or $0.25 per diluted common share in Q2 2024 [1][5][49] - The company experienced a decline in net loan charge-offs by 8% quarter-over-quarter, indicating stable to improved credit metrics [1][20] Revenue and Income - Total revenue for Q2 2025 was $1.84 billion, up 20.6% from $1.526 billion in Q2 2024, with net interest income at $1.15 billion, a 27.9% increase year-over-year [6][49] - Noninterest income reached $690 million, a 10% increase from $627 million in Q2 2024, driven by higher investment banking and debt placement fees [10][11][49] Expenses - Noninterest expenses increased to $1.154 billion, a 7% rise from $1.079 billion in Q2 2024, primarily due to higher personnel expenses related to incentive compensation [13][14][49] - The company managed to keep deposit costs below 2%, with average deposits totaling $147.4 billion, reflecting a 2.3% increase year-over-year [18][19] Asset Quality - Net loan charge-offs for Q2 2025 were $102 million, or 0.39% of average total loans, compared to $91 million, or 0.34%, in Q2 2024 [20][22] - Nonperforming loans at the end of Q2 2025 totaled $696 million, representing 0.65% of period-end portfolio loans, stable compared to previous quarters [23][22] Capital Position - KeyCorp's Common Equity Tier 1 ratio was 11.7% as of June 30, 2025, maintaining a strong capital position above regulatory benchmarks [25][27] - The company declared a dividend of $0.205 per common share in May 2025, consistent with previous quarters [28][49] Business Segments Performance - The Consumer Bank segment generated $912 million in revenue, a 20.3% increase from Q2 2024, with net income of $122 million [32][35] - The Commercial Bank segment reported $974 million in revenue, up 26.8% year-over-year, with net income of $349 million [31][38]

Core Insights - AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported a preliminary increase in assets under management (AUM) to $829 billion in June 2025, up from $803 billion at the end of May, representing a 3% month-over-month growth driven by market appreciation and modest net inflows [1][2] - The firm experienced net outflows totaling $6.7 billion for the quarter ending June 2025, with institutional net inflows being partially offset by net outflows from retail and private wealth segments during June [1][2] AUM Breakdown - As of June 30, 2025, the total AUM was composed of: - Total Equity: $344 billion, up from $332 billion in May, with actively managed equity at $273 billion and passive equity at $71 billion [2] - Total Fixed Income: $304 billion, an increase from $295 billion in May, with taxable fixed income at $215 billion and tax-exempt fixed income at $79 billion [2] - Alternatives/Multi-Asset: $181 billion, up from $176 billion in May [2] - The AUM for private wealth was $144 billion, reflecting a slight increase from $140 billion in May [2] Company Overview - AllianceBernstein is recognized as a leading global investment management firm, providing diversified investment services to institutional investors, individuals, and private wealth clients across major world markets [5][6] - As of June 30, 2025, AllianceBernstein Holding owned approximately 37.5% of AllianceBernstein, while Equitable Holdings, Inc. owned an approximate 68.6% economic interest in the firm [6]

Core Insights - AllianceBernstein L.P. and AllianceBernstein Holding L.P. reported a preliminary increase in assets under management (AUM) to $803 billion in May 2025, up from $781 billion at the end of April, representing a 2.8% month-over-month growth driven by market appreciation, despite net outflows [1][4] Summary by Category Assets Under Management - AUM increased to $803 billion as of May 31, 2025, from $781 billion at April 30, 2025 [1][4] - The increase was attributed to market appreciation, which was partially offset by net outflows [1] Breakdown by Channel - Private wealth saw slight inflows, while institutional and retail channels experienced outflows [1] - The total AUM breakdown includes: - Total Equity: $332 billion, up from $315 billion - Total Fixed Income: $296 billion, up from $295 billion - Alternatives/Multi-Asset: $175 billion, up from $171 billion [3][4] Detailed AUM Composition - Actively Managed Equity: $263 billion - Passive Equity: $69 billion - Total Fixed Income: $296 billion, with Taxable Fixed Income at $207 billion and Tax-Exempt at $79 billion - Alternatives/Multi-Asset: $175 billion [3][4]