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Fair Value Measurements
 12 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 10 – Consolidated Investment Products for information related to fair value measurements of the assets and liabilities of these entities.
The assets and liabilities measured at fair value on a recurring basis were as follows:  
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts
$463.9 $305.2 $2.2 $38.3 $809.6 
Investments related to long-term incentive plans
253.4 3.3 — 31.4 288.1 
Other equity and debt investments12.4 9.4 1.8 29.2 52.8 
Total Assets Measured at Fair Value$729.7 $317.9 $4.0 $98.9 $1,150.5 
Liabilities
Securities sold short$193.7 $— $— $— $193.7 
Contingent consideration liabilities— — 20.4 — 20.4 
Total Liabilities Measured at Fair Value$193.7 $— $20.4 $— $214.1 
As of September 30, 2025, there were $29.0 million of other investments which were adjusted to fair value on a nonrecurring basis and excluded from the table above.

(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts
$306.3 $157.4 $5.2 $40.2 $509.1 
Investments related to long-term incentive plans
242.5 — — 29.1 271.6 
Other equity and debt investments
4.1 11.1 2.6 39.5 57.3 
Total Assets Measured at Fair Value$552.9 $168.5 $7.8 $108.8 $838.0 
Liabilities
Securities sold short
$178.1 $— $— $— $178.1 
Contingent consideration liabilities— — 28.2 — 28.2 
Total Liabilities Measured at Fair Value$178.1 $— $28.2 $— $206.3 
Investments for which fair value was estimated using reported NAV as a practical expedient primarily consist of nonredeemable private equity, debt and infrastructure funds, and redeemable alternative credit, global equity, private real estate funds and alternatives. These investments were as follows:
(in millions)
as of September 30,20252024
Nonredeemable investments1
Investments with known liquidation periods$19.7 $32.4 
Investments with unknown liquidation periods15.2 16.1 
Redeemable investments2
64.0 60.3 
Unfunded commitments13.3 14.0 
_______________
1The investments are expected to be returned through distributions over the life of the funds as a result of liquidations of the funds’ underlying assets. Investments with known liquidation periods have an expected weighted-average life of 2.2 years and 1.9 years at September 30, 2025 and 2024.
2Investments are redeemable on a semi-monthly, monthly and quarterly basis.
Financial instruments that were not measured at fair value were as follows:
Fair
Value
Level		20252024
(in millions)Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
as of September 30,
Financial Assets
Cash and cash equivalents1$3,088.1 $3,088.1 $3,309.5 $3,309.5 
Other investments
Time deposits29.2 9.2 9.8 9.8 
Equity securities3291.4 291.4 270.9 270.9 
Financial Liability
Debt2$2,362.0 $1,970.9 $2,780.3 $2,387.0