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Consolidated Investment Products (Tables)
 6 Months Ended
Mar. 31, 2024
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,
2024		September 30,
2023
Assets
Cash and cash equivalents$824.1 $716.0 
Receivables185.6 166.7 
Investments, at fair value11,149.1 9,637.2 
Total Assets$12,158.8 $10,519.9 
Liabilities
Accounts payable and accrued expenses$744.4 $349.7 
Debt9,131.0 8,231.8 
Other liabilities49.2 25.1 
Total liabilities9,924.6 8,606.6 
Redeemable Noncontrolling Interests643.5 580.1 
Stockholders’ Equity
Franklin Resources, Inc.’s interests1,255.5 1,033.9 
Nonredeemable noncontrolling interests335.2 299.3 
Total stockholders’ equity1,590.7 1,333.2 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity
$12,158.8 $10,519.9 
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 March 31, 2024
Assets
Cash and cash equivalents of CLOs$548.3 $— $— $— $548.3 
Receivables of CLOs— 76.1 — — 76.1 
Investments
Equity and debt securities307.7 865.8 591.0 160.2 1,924.7 
Loans— 9,224.4 — — 9,224.4 
Total Assets Measured at Fair Value$856.0 $10,166.3 $591.0 $160.2 $11,773.5 
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2023
Assets
Cash and cash equivalents of CLOs$352.3 $— $— $— $352.3 
Receivables of CLOs— 116.7 — — 116.7 
Investments
Equity and debt securities210.9 642.6 584.9 154.0 1,592.4 
Loans— 8,044.8 — — 8,044.8 
Total Assets Measured at Fair Value$563.2 $8,804.1 $584.9 $154.0 $10,106.2 
Schedule of CIPs investments measured at NAV
Investments for which fair value was estimated using reported NAV as a practical expedient consist of a redeemable U.S. equity fund, a redeemable global hedge fund and nonredeemable private debt funds. These investments were as follows:
(in millions)March 31,
2024		September 30,
2023
Nonredeemable investments1
Investments with unknown liquidation periods$23.9 $21.8 
Redeemable investments2
136.3 132.2 
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, 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)
Purchases22.8 
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)
Purchases26.6 
Sales
(0.5)
Net deconsolidations(12.5)
Transfers into Level 31.1 
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)
(in millions)Equity and Debt
Securities		Real EstateLoansTotal 
Level 3
Assets
for the three months ended March 31, 2023
Balance at January 1, 2023$555.8 $358.0 $64.7 $978.5 
Losses included in investment and other income of consolidated investment products, net(18.4)(12.7)— (31.1)
Purchases13.5 0.4 31.1 45.0 
Sales
(19.4)— — (19.4)
Net (deconsolidations) consolidations7.5 (345.7)(90.5)(428.7)
Transfers into Level 3— — 3.1 3.1 
Transfers out of Level 3— — (5.3)(5.3)
Balance at March 31, 2023$539.0 $— $3.1 $542.1 
Change in unrealized losses included in net income relating to assets held at March 31, 2023$(25.0)$— $— $(25.0)
(in millions)Equity and Debt
Securities		Real EstateLoansTotal 
Level 3
Assets
for the six months ended March 31, 2023
Balance at October 1, 2022$555.8 $268.6 $239.4 $1,063.8 
Gains (losses) included in investment and other income of consolidated investment products, net(24.7)(9.0)0.1 (33.6)
Purchases22.5 86.1 58.6 167.2 
Sales
(25.0)— (0.2)(25.2)
Net (deconsolidations) consolidations10.4 (345.7)(292.6)(627.9)
Transfers into Level 3— — 3.1 3.1 
Transfers out of Level 3— — (5.3)(5.3)
Balance at March 31, 2023$539.0 $— $3.1 $542.1 
Change in unrealized losses included in net income relating to assets held at March 31, 2023$(22.3)$— $— $(22.3)
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, 2024Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$298.3 Market pricingPrivate sale pricing
$0.37–$1,000.00 ($60.33) per share
Discount for lack of marketability
18.8%–24.5% (22.2%)
248.7 Market comparable companiesEnterprise value/ Revenue multiple
1.5–22.4 (15.1)
Discount for lack of marketability
7.4%–9.9% (8.8%)
44.0 Discounted cash flowDiscount rate
6.4%
(in millions)
as of September 30, 2023Fair ValueValuation TechniqueSignificant Unobservable Inputs
Range (Weighted Average1)
Equity and debt securities$346.0 Market pricingPrivate sale pricing
$0.01–$1,000.00 ($23.88) per share
Discount for lack of marketability21.9%
238.9 Market comparable companiesEnterprise value/ Revenue multiple
11.4–13.5 (12.1)
Discount for lack of marketability
11.2%–13.6% (12.2%)
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, 2024September 30, 2023
Carrying
Value		Estimated
Fair Value		Carrying
Value		Estimated
Fair Value
Financial Asset
Cash and cash equivalents1$275.8 $275.8 $363.7 $363.7 
Financial Liabilities
Debt of CLOs1
2 or 3$9,116.0 $8,867.4 $8,210.0 $8,013.2 
Other debt2 or 315.0 15.0 21.8 8.6 
Schedule of debt of CIPs
Debt of CIPs consisted of the following:
March 31, 2024September 30, 2023
(in millions)AmountWeighted-
Average
Effective
Interest Rate		AmountWeighted-
Average
Effective
Interest Rate
Debt of CLOs
$9,116.0 7.54%$8,210.0 7.12%
Other debt
15.0 5.57%21.8 6.00%
Total
$9,131.0 $8,231.8 
Schedule of contractual maturities for debt of CIPs
The contractual maturities for the debt of CIPs at March 31, 2024 were as follows:
(in millions)
for the fiscal years ending September 30,Amount
2024 (remainder of year)$191.5 
202515.0 
2026— 
2027— 
2028— 
Thereafter8,924.5 
Total$9,131.0 
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,
2024		September 30,
2023
Unpaid principal balance$9,365.9 $8,317.5 
Difference between unpaid principal balance and fair value22.4 (120.7)
Fair Value$9,388.3 $8,196.8