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Fair Value Measurements
 6 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Note 6 – Fair Value Measurements
The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 7 – 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 March 31, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$54.7 $178.0 $9.0 $36.3 $278.0 
Investments related to long-term incentive plans226.2 2.8 — 29.2 258.2 
Other equity and debt investments13.2 11.5 1.6 34.2 60.5 
Total Assets Measured at Fair Value$294.1 $192.3 $10.6 $99.7 $596.7 
Liabilities
Securities sold short$116.6 $— $— $— $116.6 
Contingent consideration liabilities— — 27.5 — 27.5 
Total Liabilities Measured at Fair Value$116.6 $— $27.5 $— $144.1 
As of March 31, 2025, there were $39.7 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 plans242.5 — — 29.1 271.6 
Other equity and debt investments4.1 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)March 31,
2025		September 30,
2024
Nonredeemable investments1
Investments with known liquidation periods$25.8 $32.4 
Investments with unknown liquidation periods15.4 16.1 
Redeemable investments2
58.5 60.3 
Unfunded commitments11.0 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 2.1 years and 1.9 years at March 31, 2025 and September 30, 2024.
2Investments are redeemable on a semi-monthly, monthly and quarterly basis.
Financial instruments that were not measured at fair value were as follows:
(in millions)Fair Value
Level		March 31, 2025September 30, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial Assets
Cash and cash equivalents1$2,754.0 $2,754.0 $3,309.5 $3,309.5 
Other investments
Time deposits212.8 12.8 9.8 9.8 
Equity securities3401.5 401.5 270.9 270.9 
Financial Liability
Debt2$2,671.3 $2,234.4 $2,780.3 $2,387.0