Equitable Holdings, Inc. (NYSE: EQH-PC)

Equitable Holdings is one of America’s leading financial services companies and has helped clients prepare for their financial future with confidence since 1859. The firm provides retirement, asset management and wealth management solutions to individual and institutional clients across the United States and globally. As of December 31, 2025 it reported approximately $1.1 trillion of assets under management and administration. Equitable Holdings operates through three franchises: Equitable which acts as an insurer offering retirement income and protection strategies; AllianceBernstein which serves as a global active asset manager delivering investment services to institutions, retail investors and private wealth clients; and Equitable Advisors which functions as a wealth management platform offering holistic financial advice, investment, protection and risk management services. The company’s strategy is to participate across the retirement value chain by acting as a product manufacturer through Equitable, an asset manager through AllianceBernstein and a distributor through Equitable Advisors. This integrated model is intended to create flywheel benefits where higher investment returns from its asset management and advice activities translate into increased sales and net flows of its retirement products. Equitable Holdings is structured as a holding company that conducts its business through numerous direct and indirect subsidiaries.

Equitable Holdings generates revenue primarily from fee income, investment income and insurance premiums. The Asset Management segment earns investment advisory and services fees that are calculated as a percentage of assets under management, consisting of base fees and performance-based fees across its institutional, retail and private wealth distribution channels. Additional revenue for this segment includes distribution revenues, dividend and interest income, investment gains or losses and other miscellaneous income. The Retirement segment derives revenue from investment income and fee revenue on its annuity and savings products, including registered indexed linked annuities, traditional variable annuities, group variable annuities and institutional savings agreements; it also earns spread-based income from its funding agreement backed notes and collateralized borrowings from the Federal Home Loan Bank. The Wealth Management segment produces revenue from advisory fees charged on discretionary and non-discretionary investment advisory accounts, brokerage commissions on retail client transactions, insurance product sales from its proprietary and non-proprietary life insurance and annuity offerings and financial planning fees for personalized advice and related services. Together these streams form the company’s diversified earnings base.

The company operates through the following segments: Retirement, Asset Management, and Wealth Management.

• Retirement segment provides individual annuities, workplace retirement savings plans, institutional savings products and a spread lending program. It earns revenue from investment income and fee revenue on products such as registered indexed linked annuities, traditional variable annuities, group variable annuities and institutional savings agreements. The segment also generates spread-based income by selling funding agreement backed notes to institutional investors and by entering into collateralized borrowings with the Federal Home Loan Bank. Its products are distributed through Equitable Advisors and third‑party channels including banks, broker‑dealers, investment advisers and insurance partners. The Retirement segment serves affluent and high net worth individuals saving for retirement, as well as plans sponsored by educational entities, municipalities, not‑for‑profit organizations and small and medium‑sized businesses.

• Asset Management segment consists of AllianceBernstein which offers diversified investment management services globally to institutional, retail and private wealth clients. It manages assets across equity, fixed income, multi‑asset, alternatives and systematic strategies and generates revenue principally from investment advisory and services fees based on assets under management. The segment’s institutional channel serves private and public pension plans, foundations, endowments, insurance companies, central banks and governments worldwide. Its retail channel reaches individual investors through sponsored mutual funds, sub‑advisory relationships and separately managed account programs. The private wealth channel provides tailored solutions to high net worth individuals and families, family offices and other entities. AllianceBenstein’s competitive edge stems from its deep research platform, broad product array, global distribution network and ability to attract and retain skilled investment professionals.

• Wealth Management segment is conducted through Equitable Advisors which delivers holistic financial advice, investment advisory accounts, life insurance and annuity products, brokerage services and financial planning to individual clients across the United States. It earns revenue from advisory fees based on assets held in advisory accounts, brokerage commissions on retail transactions, a portion of the proceeds from the sale of proprietary and non‑proprietary insurance and annuity products and fees for financial planning and related services. The segment supports approximately 4600 financial advisors through a national branch footprint, an integrated digital platform, a robust training program and advanced client management tools. Its value proposition centers on deep client relationships, integrated technology and supported independence, aiming to differentiate its advisor platform in the wealth management marketplace.

Equitable Holdings holds a strong position in the United States retirement and wealth management markets as one of the nation’s largest providers of annuity products and asset management services. In the Retirement business it competes with other life insurers, banks, mutual fund companies and independent investment managers for individual annuity sales, while its group annuity offerings face competition from select insurance companies, asset managers, record keepers and diversified financial institutions. The Asset Management business contends with numerous global investment management firms, mutual fund sponsors, broker‑dealers and other financial institutions for assets under management. Competitive advantages include its integrated product manufacturer asset manager distributor model, an extensive distribution network that combines internal advisors with third‑party partners, proprietary investment platforms such as the Structured Capital Strategies brand, strong research capabilities from AllianceBernstein, a large and productive advisor base and solid financial strength ratings that support customer confidence.

Equitable Holdings serves a broad customer base that includes individual retail investors, high net worth individuals seeking retirement income and protection, institutional clients such as pension plans, foundations, endowments, insurance companies, central banks and governments, as well as small and medium‑sized businesses, educational entities, municipalities and not‑for‑profit organizations. Specific customer names referenced in the filing include AllianceBernstein, which is the company’s largest client representing approximately sixteen percent of AllianceBernstein’s total assets under management, BlackRock and JPMorgan Asset Management with which it maintains relationships for in‑plan annuity offerings and guaranteed investment contract arrangements. The firm also distributes its products through a wide network of third‑party distributors that comprise banks, broker‑dealers, investment advisers and insurance partners.