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v3.24.4

Consolidated Investment Products (Tables) | 3 Months Ended
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Dec. 31, 2024
Consolidated Investment Products [Abstract] |
Schedule of balances of CIPs | The balances related to CIPs included in the Company’s consolidated balance sheets were as follows:
(in millions) |  | December 31, 2024 |  | September 30, 2024
Assets |  |  |  |
Cash and cash equivalents |  | $ | 837.1 |  |  | $ | 1,099.4 |
Receivables |  | 141.5 |  |  | 217.5 |
Investments, at fair value |  | 11,897.4 |  |  | 11,034.9 |
Total Assets |  | $ | 12,876.0 |  |  | $ | 12,351.8 |
Liabilities |  |  |  |
Accounts payable and accrued expenses |  | $ | 861.2 |  |  | $ | 861.3 |
Debt |  | 9,055.3 |  |  | 9,341.5 |
Other liabilities |  | 11.2 |  |  | 39.9 |
Total liabilities |  | 9,927.7 |  |  | 10,242.7 |
Redeemable Noncontrolling Interests |  | 1,466.5 |  |  | 687.8 |
Stockholders’ Equity |  |  |  |
Franklin Resources, Inc.’s interests |  | 1,098.0 |  |  | 1,080.9 |
Nonredeemable noncontrolling interests |  | 383.8 |  |  | 340.4 |
Total stockholders’ equity |  | 1,481.8 |  |  | 1,421.3 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity |  | $ | 12,876.0 |  |  | $ | 12,351.8 |
Schedule of assets measured at fair value on a recurring basis | Assets of CIPs measured at fair value on a recurring basis were as follows:
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV as a Practical Expedient |  | Total
as of December 31, 2024 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents of CLOs |  | $ | 519.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 519.3 |
Receivables of CLOs |  | — |  |  | 80.8 |  |  | — |  |  | — |  |  | 80.8 |
Investments |  |  |  |  |  |  |  |  |  |
Equity and debt securities |  | 485.5 |  |  | 1,501.9 |  |  | 573.5 |  |  | 124.0 |  |  | 2,684.9 |
Loans |  | — |  |  | 9,212.3 |  |  | 0.2 |  |  | — |  |  | 9,212.5 |
Total Assets Measured at Fair Value |  | $ | 1,004.8 |  |  | $ | 10,795.0 |  |  | $ | 573.7 |  |  | $ | 124.0 |  |  | $ | 12,497.5 |
(in millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV as a Practical Expedient |  | Total
as of September 30, 2024 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents of CLOs |  | $ | 764.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 764.3 |
Receivables of CLOs |  | — |  |  | 149.6 |  |  | — |  |  | — |  |  | 149.6 |
Investments |  |  |  |  |  |  |  |  |  |
Equity and debt securities |  | 229.7 |  |  | 889.4 |  |  | 550.1 |  |  | 187.1 |  |  | 1,856.3 |
Loans |  | — |  |  | 9,178.1 |  |  | 0.5 |  |  | — |  |  | 9,178.6 |
Total Assets Measured at Fair Value |  | $ | 994.0 |  |  | $ | 10,217.1 |  |  | $ | 550.6 |  |  | $ | 187.1 |  |  | $ | 11,948.8 |
Schedule of CIPs investments measured at NAV | Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows:
(in millions) |  | December 31, 2024 |  | September 30, 2024
Nonredeemable investments 1 |  |  |  |
Investments with unknown liquidation periods |  | $ | 53.8 |  |  | $ | 49.0 |
Redeemable investments 2 |  | 70.2 |  |  | 138.1 |
Unfunded commitments 3 |  | 42.8 |  |  | 42.8 |
Schedule of changes in Level 3 assets of CIPs | Changes in Level 3 assets were as follows:
(in millions) |  | Equity and Debt Securities |  |  |  |  |  |
for the three months ended December 31, 2024
Balance at October 1, 2024 |  | $ | 550.1 |  |  |  |  |  |  |
Gains included in investment and other income (losses) of consolidated investment products, net |  | 22.0 |  |  |  |  |  |  |
Purchases |  | 9.2 |  |  |  |  |  |  |
Sales |  | (11.6) |  |  |  |  |  |  |
Net consolidations |  | 3.8 |  |  |  |  |  |  |
Balance at December 31, 2024 |  | $ | 573.5 |  |  |  |  |  |  |
Change in unrealized gains included in net income relating to assets held at December 31, 2024 |  | $ | 22.3 |  |  |  |  |  |  |
(in millions) |  | Equity and Debt Securities |  |  |  | Loans |  | Total Level 3 Assets
for the three months ended December 31, 2023
Balance at October 1, 2023 |  | $ | 584.9 |  |  |  |  | $ | — |  |  | $ | 584.9 |
Losses included in investment and other income (losses) of consolidated investment products, net |  | (38.1) |  |  |  |  | — |  |  | (38.1) |
Purchases |  | 3.8 |  |  |  |  | — |  |  | 3.8 |
Sales |  | (0.2) |  |  |  |  | — |  |  | (0.2) |
Transfers into Level 3 |  | 1.1 |  |  |  |  | 0.6 |  |  | 1.7 |
Balance at December 31, 2023 |  | $ | 551.5 |  |  |  |  | $ | 0.6 |  |  | $ | 552.1 |
Change in unrealized losses included in net income relating to assets held at December 31, 2023 |  | $ | (37.8) |  |  |  |  | $ | — |  |  | $ | (37.8) |
Schedule of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements | Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:
(in millions) |  |  |  |  |  |  |  |
as of December 31, 2024 |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range (Weighted Average 1)
Equity and debt securities |  | $ | 302.2 |  |  | Market comparable companies |  | Enterprise value/ Revenue multiple |  | 1.4–28.7 (11.0)
|  |  |  |  |  | Discount for lack of marketability |  | 5.8%–11.8% (8.0%)
|  | 219.1 |  |  | Market pricing |  | Private sale pricing |  | $0.01–$1,120.00 ($82.93) per share
|  |  |  |  | Discount for lack of marketability |  | 9.7%–13.3% (10.4%)
| 52.2 |  |  | Discounted cash flow |  | Discount rate |  | 6.3%–6.4% (6.3%)
(in millions) |  |  |  |  |  |  |  |
as of September 30, 2024 |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range (Weighted Average 1)
Equity and debt securities |  | $ | 291.6 |  |  | Market comparable companies |  | Enterprise value/ Revenue multiple |  | 1.2–22.8 (10.9)
|  |  |  | Discount for lack of marketability |  | 0.1%–10.4% (8.1%)
| 214.5 |  | Market pricing |  | Private sale pricing |  | $0.01–$1,000.00 ($73.04) per share
|  |  | Discount for lack of marketability |  | 9.8%–17.5% (11.5%)
| 44.0 |  | Discounted cash flow | Discount rate |  | 6.8%
Schedule of financial instruments of CIPs not measured at fair value | Financial instruments of CIPs that were not measured at fair value were as follows:
(in millions) |  | Fair Value Level |  | December 31, 2024 |  | September 30, 2024
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Financial Asset |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | $ | 317.8 |  |  | $ | 317.8 |  |  | $ | 335.1 |  |  | $ | 335.1 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Debt of CLOs 1 |  | 2 or 3 |  | $ | 9,055.3 |  |  | $ | 8,858.1 |  |  | $ | 9,341.5 |  |  | $ | 9,167.3 |
Schedule of contractual maturities for debt of CIPs | The contractual maturities for the debt of CLOs at December 31, 2024 were as follows:
(in millions) |  |
for the fiscal years ending September 30, | Amount
2025 (remainder of year) |  | $ | 120.1 |
2026 |  | — |
2027 |  | — |
2028 |  | — |
2029 |  | — |
Thereafter |  | 8,935.2 |
Total |  | $ | 9,055.3 |
Schedule of unpaid principal balance and fair value of investments of CLOs | The unpaid principal balance and fair value of the investments of CLOs were as follows:
(in millions) |  | December 31, 2024 |  | September 30, 2024
Unpaid principal balance |  | $ | 9,420.8 |  |  | $ | 9,371.9 |
Difference between unpaid principal balance and fair value |  | (24.1) |  |  | (19.8) |
Fair Value |  | $ | 9,396.7 |  |  | $ | 9,352.1 |

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