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Fair Value Measurements
 9 Months Ended
Jun. 30, 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 June 30, 2025
Assets
Investments, at fair value
Sponsored funds and separate accounts$497.2 $214.7 $3.2 $37.8 $752.9 
Investments related to long-term incentive plans227.5 2.9 — 30.7 261.1 
Other equity and debt investments11.6 9.3 1.8 27.8 50.5 
Total Assets Measured at Fair Value$736.3 $226.9 $5.0 $96.3 $1,064.5 
Liabilities
Securities sold short$261.7 $— $— $— $261.7 
Contingent consideration liabilities— — 21.5 — 21.5 
Total Liabilities Measured at Fair Value$261.7 $— $21.5 $— $283.2 
As of June 30, 2025, there were $16.1 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)June 30,
2025		September 30,
2024
Nonredeemable investments1
Investments with known liquidation periods$19.5 $32.4 
Investments with unknown liquidation periods15.3 16.1 
Redeemable investments2
61.5 60.3 
Unfunded commitments12.5 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 2.4 years and 1.9 years at June 30, 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		June 30, 2025September 30, 2024
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial Assets
Cash and cash equivalents1$3,253.9 $3,253.9 $3,309.5 $3,309.5 
Other investments
Time deposits29.1 9.1 9.8 9.8 
Equity securities3372.8 372.8 270.9 270.9 
Financial Liability
Debt2$2,666.7 $2,247.2 $2,780.3 $2,387.0