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Consolidated Investment Products (Tables)

6 Months Ended

Mar. 31, 2025

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)						March 31, 2025						September 30, 2024
Assets
Cash and cash equivalents						$	785.1					$	1,099.4
Receivables						165.3						217.5
Investments, at fair value						11,859.6						11,034.9
Total Assets						$	12,810.0					$	12,351.8
Liabilities
Accounts payable and accrued expenses						$	535.2					$	861.3
Debt						9,532.3						9,341.5
Other liabilities						11.0						39.9
Total liabilities						10,078.5						10,242.7
Redeemable Noncontrolling Interests						1,196.1						687.8
Stockholders’ Equity
Franklin Resources, Inc.’s interests						1,110.9						1,080.9
Nonredeemable noncontrolling interests						424.5						340.4
Total stockholders’ equity						1,535.4						1,421.3
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity						$	12,810.0					$	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 March 31, 2025
Assets
Cash and cash equivalents of CLOs						$	537.9					$	—					$	—					$	—					$	537.9
Receivables of CLOs						—						122.3						—						—						122.3
Investments
Equity and debt securities						511.6						1,331.3						545.0						155.4						2,543.3
Loans						—						9,307.8						8.5						—						9,316.3
Total Assets Measured at Fair Value						$	1,049.5					$	10,761.4					$	553.5					$	155.4					$	12,519.8

(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 nonredeemable private debt and equity funds, a redeemable global hedge fund and a redeemable U.S. equity fund. These investments were as follows:

(in millions)						March 31, 2025						September 30, 2024
Nonredeemable investments1
Investments with unknown liquidation periods						$	97.1					$	49.0
Redeemable investments2						58.3						138.1
Unfunded commitments3						—						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 March 31, 2025
Balance at January 1, 2025						$	573.5
Gains included in investment and other income (losses) of consolidated investment products, net						2.3
Purchases						10.9
Sales						(2.7)
Transfers into Level 3						0.2
Transfers out of Level 3						(39.2)
Balance at March 31, 2025						$	545.0
Change in unrealized losses included in net income relating to assets held at March 31, 2025						$	(17.1)

(in millions)						Equity and Debt Securities
for the six months ended March 31, 2025
Balance at October 1, 2024						$	550.1
Gains included in investment and other income (losses) of consolidated investment products, net						24.3
Purchases						20.1
Sales						(14.3)
Net consolidations						3.8
Transfers into Level 3						0.2
Transfers out of Level 3						(39.2)
Balance at March 31, 2025						$	545.0
Change in unrealized gains included in net income relating to assets held at March 31, 2025						$	2.8

(in millions)						Equity and Debt Securities
for the three months ended March 31, 2024
Balance at January 1, 2024						$	551.5
Acquisition						29.6
Losses included in investment and other income of consolidated investment products, net						(0.1)
Purchases						22.8
Sales						(0.3)
Net deconsolidations						(12.5)
Balance at March 31, 2024						$	591.0
Change in unrealized gains included in net income relating to assets held at March 31, 2024						$	—

(in millions)						Equity and Debt Securities
for the six months ended March 31, 2024
Balance at October 1, 2023						$	584.9
Acquisition						29.6
Losses included in investment and other income of consolidated investment products, net						(38.2)
Purchases						26.6
Sales						(0.5)
Net deconsolidations						(12.5)
Transfers into Level 3						1.1
Balance at March 31, 2024						$	591.0
Change in unrealized losses included in net income relating to assets held at March 31, 2024						$	(37.6)

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 March 31, 2025

Fair Value

Valuation Technique

Significant Unobservable Inputs

Range (Weighted Average1)

Equity and debt securities

$

260.5

Market pricing

Private sale pricing

$0.37–$1,850.00 ($162.84) per share

Discount for lack of marketability

10.0%–50.0% (22.2%)

234.5

Market comparable companies

Enterprise value/ Revenue multiple

1.3–27.3 (10.4)

Discount for lack of marketability

8.2%–11.6% (10.9%)

39.9

Discounted cash flow

Discount rate

6.8%–7.1% (6.9%)

10.1

Option pricing model

Volatility

40.8%–101.7% (46.6%)

Discount for lack of marketability

10.3%–21.1% (11.3%)

(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						March 31, 2025												September 30, 2024
												Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Financial Asset
Cash and cash equivalents						1						$	247.2					$	247.2					$	335.1					$	335.1
Financial Liabilities
Debt of CLOs1						2 or 3						$	9,532.3					$	9,343.8					$	9,341.5					$	9,167.3

Schedule of contractual maturities for debt of CIPs

The contractual maturities for the debt of CLOs at March 31, 2025 were as follows:

(in millions)
for the fiscal years ending September 30,						Amount
2025 (remainder of year)						$	—
2026						—
2027						12.0
2028						—
2029						—
Thereafter						9,520.3
Total						$	9,532.3

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)						March 31, 2025						September 30, 2024
Unpaid principal balance						$	9,481.8					$	9,371.9
Difference between unpaid principal balance and fair value						8.9						(19.8)
Fair Value						$	9,490.7					$	9,352.1

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