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Consolidated Investment Products (Tables)
 9 Months Ended
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 
Receivables507.9 217.5 
Investments, at fair value11,420.7 11,034.9 
Total Assets$12,631.7 $12,351.8 
Liabilities
Accounts payable and accrued expenses$1,111.3 $861.3 
Debt9,577.6 9,341.5 
Other liabilities14.2 39.9 
Total liabilities10,703.1 10,242.7 
Redeemable Noncontrolling Interests541.1 687.8 
Stockholders’ Equity
Franklin Resources, Inc.’s interests928.8 1,080.9 
Nonredeemable noncontrolling interests458.7 340.4 
Total stockholders’ equity1,387.5 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 1Level 2Level 3NAV 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 securities212.3 728.9 550.6 168.7 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 1Level 2Level 3NAV 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 securities229.7 889.4 550.1 187.1 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 investments1
Investments with unknown liquidation periods$105.2 $49.0 
Redeemable investments2
63.5 138.1 
Unfunded commitments3
— 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)
2025202420252024
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)
Purchases19.1 17.5 39.2 44.1 
Sales
(17.2)(0.7)(31.5)(1.2)
Net (deconsolidations) consolidations8.4 — 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, 2025Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$286.7 Market pricingPrivate 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 companiesEnterprise value/ Revenue multiple
1.4–18.1 (9.3)
Discount for lack of marketability
8.3%–16.1% (12.8%)
48.6 Discounted cash flowDiscount rate
6.7%–6.8% (6.8%)
9.7 Option pricing modelVolatility
49.1%–76.9% (51.1%)
Discount for lack of marketability
11.1%–14.7% (11.3%)
(in millions)
as of September 30, 2024Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$291.6 Market comparable companiesEnterprise value/ Revenue multiple
1.2–22.8 (10.9)
Discount for lack of marketability
0.1%–10.4% (8.1%)
214.5 Market pricingPrivate 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 flowDiscount rate6.8%
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, 2025September 30, 2024
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Asset
Cash and cash equivalents1$303.8 $303.8 $335.1 $335.1 
Financial Liabilities
Debt of CLOs1
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 
202638.2 
202756.0 
202844.6 
2029— 
Thereafter9,384.0 
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