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Consolidated Investment Products (Tables)

3 Months Ended

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 investments1
Investments with unknown liquidation periods						$	53.8					$	49.0
Redeemable investments2						70.2						138.1
Unfunded commitments3						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 Average1)

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 Average1)

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 CLOs1						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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