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v3.25.2

Consolidated Investment Products (Tables) | 9 Months Ended
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Jun. 30, 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) |  | June 30, 2025 |  | September 30, 2024
Assets |  |  |  |
Cash and cash equivalents |  | $ | 703.1 |  |  | $ | 1,099.4 |
Receivables |  | 507.9 |  |  | 217.5 |
Investments, at fair value |  | 11,420.7 |  |  | 11,034.9 |
Total Assets |  | $ | 12,631.7 |  |  | $ | 12,351.8 |
Liabilities |  |  |  |
Accounts payable and accrued expenses |  | $ | 1,111.3 |  |  | $ | 861.3 |
Debt |  | 9,577.6 |  |  | 9,341.5 |
Other liabilities |  | 14.2 |  |  | 39.9 |
Total liabilities |  | 10,703.1 |  |  | 10,242.7 |
Redeemable Noncontrolling Interests |  | 541.1 |  |  | 687.8 |
Stockholders’ Equity |  |  |  |
Franklin Resources, Inc.’s interests |  | 928.8 |  |  | 1,080.9 |
Nonredeemable noncontrolling interests |  | 458.7 |  |  | 340.4 |
Total stockholders’ equity |  | 1,387.5 |  |  | 1,421.3 |
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity |  | $ | 12,631.7 |  |  | $ | 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 June 30, 2025 |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents of CLOs |  | $ | 399.3 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 399.3 |
Receivables of CLOs |  | — |  |  | 353.0 |  |  | — |  |  | — |  |  | 353.0 |
Investments |  |  |  |  |  |  |  |  |  |
Equity and debt securities |  | 212.3 |  |  | 728.9 |  |  | 550.6 |  |  | 168.7 |  |  | 1,660.5 |
Loans |  | — |  |  | 9,750.3 |  |  | 9.9 |  |  | — |  |  | 9,760.2 |
Total Assets Measured at Fair Value |  | $ | 611.6 |  |  | $ | 10,832.2 |  |  | $ | 560.5 |  |  | $ | 168.7 |  |  | $ | 12,173.0 |
(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) |  | June 30, 2025 |  | September 30, 2024
Nonredeemable investments 1 |  |  |  |
Investments with unknown liquidation periods |  | $ | 105.2 |  |  | $ | 49.0 |
Redeemable investments 2 |  | 63.5 |  |  | 138.1 |
Unfunded commitments 3 |  | — |  |  | 42.8 |
Schedule of changes in Level 3 assets of CIPs | Changes in Level 3 assets of equity and debt securities were as follows:
|  | Three Months Ended June 30, |  | Nine Months Ended June 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period |  | $ | 545.0 |  |  | $ | 591.0 |  |  | $ | 550.1 |  |  | $ | 584.9 |
Acquisition |  | — |  |  | — |  |  | — |  |  | 29.6 |
Gains (losses) included in investment and other income (losses) of consolidated investment products, net |  | (4.6) |  |  | (29.8) |  |  | 19.7 |  |  | (68.0) |
Purchases |  | 19.1 |  |  | 17.5 |  |  | 39.2 |  |  | 44.1 |
Sales |  | (17.2) |  |  | (0.7) |  |  | (31.5) |  |  | (1.2) |
Net (deconsolidations) consolidations |  | 8.4 |  |  | — |  |  | 12.2 |  |  | (12.5) |
Transfers into Level 3 |  | — |  |  | — |  |  | 0.2 |  |  | 1.1 |
Transfers out of Level 3 |  | (0.1) |  |  | — |  |  | (39.3) |  |  | — |
Balance at End of Period |  | $ | 550.6 |  |  | $ | 578.0 |  |  | $ | 550.6 |  |  | $ | 578.0 |
Change in unrealized losses included in net income relating to assets held at end of period |  | $ | (3.9) |  |  | $ | (29.8) |  |  | $ | (8.0) |  |  | $ | (67.4) |
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 June 30, 2025 |  | Fair Value |  | Valuation Technique |  | Significant Unobservable Inputs |  | Range (Weighted Average 1)
Equity and debt securities |  | $ | 286.7 |  |  | Market pricing |  | Private sale pricing |  | $0.27–$1,850.00 ($148.20) per share
|  |  |  |  |  | Discount for lack of marketability |  | 5.0%–50.0% (21.4%)
|  | 205.6 |  |  | Market comparable companies |  | Enterprise value/ Revenue multiple |  | 1.4–18.1 (9.3)
|  |  |  |  | Discount for lack of marketability |  | 8.3%–16.1% (12.8%)
| 48.6 |  |  | Discounted cash flow |  | Discount rate |  | 6.7%–6.8% (6.8%)
| 9.7 |  |  | Option pricing model |  | Volatility |  | 49.1%–76.9% (51.1%)
|  |  |  |  | Discount for lack of marketability |  | 11.1%–14.7% (11.3%)
(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 |  | June 30, 2025 |  | September 30, 2024
|  | Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Financial Asset |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | $ | 303.8 |  |  | $ | 303.8 |  |  | $ | 335.1 |  |  | $ | 335.1 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |
Debt of CLOs 1 |  | 2 or 3 |  | $ | 9,577.6 |  |  | $ | 9,520.5 |  |  | $ | 9,341.5 |  |  | $ | 9,167.3 |
Schedule of contractual maturities for debt of CIPs | The contractual maturities for the debt of CLOs at June 30, 2025 were as follows:
(in millions) |  |
for the fiscal years ending September 30, | Amount
2025 (remainder of year) |  | $ | 54.8 |
2026 |  | 38.2 |
2027 |  | 56.0 |
2028 |  | 44.6 |
2029 |  | — |
Thereafter |  | 9,384.0 |
Total |  | $ | 9,577.6 |
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) |  | June 30, 2025 |  | September 30, 2024
Unpaid principal balance |  | $ | 10,056.6 |  |  | $ | 9,371.9 |
Difference between unpaid principal balance and fair value |  | (117.5) |  |  | (19.8) |
Fair Value |  | $ | 9,939.1 |  |  | $ | 9,352.1 |

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