00000387779/302024Q2FALSEP5Y00000387772023-10-012024-03-3100000387772024-04-22xbrli:shares0000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-03-31iso4217:USD0000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-01-012023-03-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-10-012024-03-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-10-012023-03-310000038777ben:SalesAndDistributionFeesMember2024-01-012024-03-310000038777ben:SalesAndDistributionFeesMember2023-01-012023-03-310000038777ben:SalesAndDistributionFeesMember2023-10-012024-03-310000038777ben:SalesAndDistributionFeesMember2022-10-012023-03-310000038777us-gaap:ShareholderServiceMember2024-01-012024-03-310000038777us-gaap:ShareholderServiceMember2023-01-012023-03-310000038777us-gaap:ShareholderServiceMember2023-10-012024-03-310000038777us-gaap:ShareholderServiceMember2022-10-012023-03-310000038777us-gaap:ServiceOtherMember2024-01-012024-03-310000038777us-gaap:ServiceOtherMember2023-01-012023-03-310000038777us-gaap:ServiceOtherMember2023-10-012024-03-310000038777us-gaap:ServiceOtherMember2022-10-012023-03-3100000387772024-01-012024-03-3100000387772023-01-012023-03-3100000387772022-10-012023-03-310000038777ben:ConsolidatedInvestmentProductsMember2024-01-012024-03-310000038777ben:ConsolidatedInvestmentProductsMember2023-01-012023-03-310000038777ben:ConsolidatedInvestmentProductsMember2023-10-012024-03-310000038777ben:ConsolidatedInvestmentProductsMember2022-10-012023-03-31iso4217:USDxbrli:shares0000038777ben:FranklinResourcesInc.Member2024-03-310000038777ben:FranklinResourcesInc.Member2023-09-3000000387772024-03-3100000387772023-09-300000038777ben:ConsolidatedInvestmentProductsMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMember2023-09-300000038777us-gaap:CommonStockMember2023-09-300000038777us-gaap:AdditionalPaidInCapitalMember2023-09-300000038777us-gaap:RetainedEarningsMember2023-09-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000038777us-gaap:ParentMember2023-09-300000038777us-gaap:NoncontrollingInterestMember2023-09-300000038777us-gaap:RetainedEarningsMember2023-10-012023-12-310000038777us-gaap:ParentMember2023-10-012023-12-310000038777us-gaap:NoncontrollingInterestMember2023-10-012023-12-3100000387772023-10-012023-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-012023-12-310000038777us-gaap:CommonStockMember2023-10-012023-12-310000038777us-gaap:AdditionalPaidInCapitalMember2023-10-012023-12-310000038777us-gaap:CommonStockMember2023-12-310000038777us-gaap:AdditionalPaidInCapitalMember2023-12-310000038777us-gaap:RetainedEarningsMember2023-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000038777us-gaap:ParentMember2023-12-310000038777us-gaap:NoncontrollingInterestMember2023-12-3100000387772023-12-310000038777us-gaap:RetainedEarningsMember2024-01-012024-03-310000038777us-gaap:ParentMember2024-01-012024-03-310000038777us-gaap:NoncontrollingInterestMember2024-01-012024-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000038777us-gaap:CommonStockMember2024-01-012024-03-310000038777us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000038777us-gaap:CommonStockMember2024-03-310000038777us-gaap:AdditionalPaidInCapitalMember2024-03-310000038777us-gaap:RetainedEarningsMember2024-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000038777us-gaap:ParentMember2024-03-310000038777us-gaap:NoncontrollingInterestMember2024-03-310000038777us-gaap:CommonStockMember2022-09-300000038777us-gaap:AdditionalPaidInCapitalMember2022-09-300000038777us-gaap:RetainedEarningsMember2022-09-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000038777us-gaap:ParentMember2022-09-300000038777us-gaap:NoncontrollingInterestMember2022-09-3000000387772022-09-300000038777us-gaap:RetainedEarningsMember2022-10-012022-12-310000038777us-gaap:ParentMember2022-10-012022-12-310000038777us-gaap:NoncontrollingInterestMember2022-10-012022-12-3100000387772022-10-012022-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-012022-12-310000038777us-gaap:CommonStockMember2022-10-012022-12-310000038777us-gaap:AdditionalPaidInCapitalMember2022-10-012022-12-310000038777us-gaap:CommonStockMember2022-12-310000038777us-gaap:AdditionalPaidInCapitalMember2022-12-310000038777us-gaap:RetainedEarningsMember2022-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000038777us-gaap:ParentMember2022-12-310000038777us-gaap:NoncontrollingInterestMember2022-12-3100000387772022-12-310000038777us-gaap:RetainedEarningsMember2023-01-012023-03-310000038777us-gaap:ParentMember2023-01-012023-03-310000038777us-gaap:NoncontrollingInterestMember2023-01-012023-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000038777us-gaap:CommonStockMember2023-01-012023-03-310000038777us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000038777us-gaap:CommonStockMember2023-03-310000038777us-gaap:AdditionalPaidInCapitalMember2023-03-310000038777us-gaap:RetainedEarningsMember2023-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000038777us-gaap:ParentMember2023-03-310000038777us-gaap:NoncontrollingInterestMember2023-03-3100000387772023-03-310000038777ben:ConsolidatedInvestmentProductsMemberben:PutnamInvestmentsMember2024-01-010000038777srt:ScenarioPreviouslyReportedMember2023-01-012023-03-310000038777srt:RestatementAdjustmentMember2023-01-012023-03-310000038777ben:AsAmendedMember2023-01-012023-03-310000038777srt:ScenarioPreviouslyReportedMember2022-10-012023-03-310000038777srt:RestatementAdjustmentMember2022-10-012023-03-310000038777ben:AsAmendedMember2022-10-012023-03-3100000387772024-01-012024-01-010000038777ben:PutnamInvestmentsMember2024-01-012024-01-010000038777ben:PutnamInvestmentsMember2024-01-010000038777ben:GreatWestLifecoInc.Memberben:PutnamInvestmentsMember2024-01-01xbrli:pure0000038777ben:GreatWestLifecoInc.Memberben:FiveYearMemberben:PutnamInvestmentsMember2024-01-010000038777ben:A4.9HoldingMemberben:PutnamInvestmentsMember2024-01-010000038777ben:RemainingSharesMemberben:PutnamInvestmentsMember2024-01-010000038777ben:RedeemableNoncontrollingInterestMemberben:PutnamInvestmentsMember2024-01-010000038777ben:NonredeemableNoncontrollingInterestMemberben:PutnamInvestmentsMember2024-01-010000038777ben:PutnamInvestmentsMember2024-03-310000038777ben:PutnamInvestmentsMember2023-10-012024-03-310000038777us-gaap:GeneralAndAdministrativeExpenseMemberben:PutnamInvestmentsMember2023-10-012024-03-310000038777ben:PutnamInvestmentsMemberben:CompensationAndBenefitsMember2023-10-012024-03-310000038777country:USus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-03-310000038777country:LUus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-03-310000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2024-01-012024-03-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2024-01-012024-03-310000038777ben:SalesAndDistributionFeesMembercountry:US2024-01-012024-03-310000038777country:LUben:SalesAndDistributionFeesMember2024-01-012024-03-310000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2024-01-012024-03-310000038777ben:SalesAndDistributionFeesMemberben:AmericasExcludingUnitedStatesMember2024-01-012024-03-310000038777ben:SalesAndDistributionFeesMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2024-01-012024-03-310000038777country:USus-gaap:ShareholderServiceMember2024-01-012024-03-310000038777country:LUus-gaap:ShareholderServiceMember2024-01-012024-03-310000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2024-01-012024-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2024-01-012024-03-310000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2024-01-012024-03-310000038777country:USus-gaap:ServiceOtherMember2024-01-012024-03-310000038777country:LUus-gaap:ServiceOtherMember2024-01-012024-03-310000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2024-01-012024-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2024-01-012024-03-310000038777us-gaap:ServiceOtherMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2024-01-012024-03-310000038777country:US2024-01-012024-03-310000038777country:LU2024-01-012024-03-310000038777srt:AsiaPacificMember2024-01-012024-03-310000038777ben:AmericasExcludingUnitedStatesMember2024-01-012024-03-310000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2024-01-012024-03-310000038777country:USus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-10-012024-03-310000038777country:LUus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-10-012024-03-310000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-10-012024-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-10-012024-03-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-10-012024-03-310000038777ben:SalesAndDistributionFeesMembercountry:US2023-10-012024-03-310000038777country:LUben:SalesAndDistributionFeesMember2023-10-012024-03-310000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2023-10-012024-03-310000038777ben:SalesAndDistributionFeesMemberben:AmericasExcludingUnitedStatesMember2023-10-012024-03-310000038777ben:SalesAndDistributionFeesMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-10-012024-03-310000038777country:USus-gaap:ShareholderServiceMember2023-10-012024-03-310000038777country:LUus-gaap:ShareholderServiceMember2023-10-012024-03-310000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2023-10-012024-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2023-10-012024-03-310000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-10-012024-03-310000038777country:USus-gaap:ServiceOtherMember2023-10-012024-03-310000038777country:LUus-gaap:ServiceOtherMember2023-10-012024-03-310000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2023-10-012024-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2023-10-012024-03-310000038777us-gaap:ServiceOtherMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-10-012024-03-310000038777country:US2023-10-012024-03-310000038777country:LU2023-10-012024-03-310000038777srt:AsiaPacificMember2023-10-012024-03-310000038777ben:AmericasExcludingUnitedStatesMember2023-10-012024-03-310000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-10-012024-03-310000038777country:USus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-01-012023-03-310000038777country:LUus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-01-012023-03-310000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-01-012023-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2023-01-012023-03-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-01-012023-03-310000038777ben:SalesAndDistributionFeesMembercountry:US2023-01-012023-03-310000038777country:LUben:SalesAndDistributionFeesMember2023-01-012023-03-310000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2023-01-012023-03-310000038777ben:SalesAndDistributionFeesMemberben:AmericasExcludingUnitedStatesMember2023-01-012023-03-310000038777ben:SalesAndDistributionFeesMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-01-012023-03-310000038777country:USus-gaap:ShareholderServiceMember2023-01-012023-03-310000038777country:LUus-gaap:ShareholderServiceMember2023-01-012023-03-310000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2023-01-012023-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2023-01-012023-03-310000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-01-012023-03-310000038777country:USus-gaap:ServiceOtherMember2023-01-012023-03-310000038777country:LUus-gaap:ServiceOtherMember2023-01-012023-03-310000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2023-01-012023-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2023-01-012023-03-310000038777us-gaap:ServiceOtherMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-01-012023-03-310000038777country:US2023-01-012023-03-310000038777country:LU2023-01-012023-03-310000038777srt:AsiaPacificMember2023-01-012023-03-310000038777ben:AmericasExcludingUnitedStatesMember2023-01-012023-03-310000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2023-01-012023-03-310000038777country:USus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-10-012023-03-310000038777country:LUus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-10-012023-03-310000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-10-012023-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-10-012023-03-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-10-012023-03-310000038777ben:SalesAndDistributionFeesMembercountry:US2022-10-012023-03-310000038777country:LUben:SalesAndDistributionFeesMember2022-10-012023-03-310000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2022-10-012023-03-310000038777ben:SalesAndDistributionFeesMemberben:AmericasExcludingUnitedStatesMember2022-10-012023-03-310000038777ben:SalesAndDistributionFeesMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-10-012023-03-310000038777country:USus-gaap:ShareholderServiceMember2022-10-012023-03-310000038777country:LUus-gaap:ShareholderServiceMember2022-10-012023-03-310000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2022-10-012023-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2022-10-012023-03-310000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-10-012023-03-310000038777country:USus-gaap:ServiceOtherMember2022-10-012023-03-310000038777country:LUus-gaap:ServiceOtherMember2022-10-012023-03-310000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2022-10-012023-03-310000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2022-10-012023-03-310000038777us-gaap:ServiceOtherMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-10-012023-03-310000038777country:US2022-10-012023-03-310000038777country:LU2022-10-012023-03-310000038777srt:AsiaPacificMember2022-10-012023-03-310000038777ben:AmericasExcludingUnitedStatesMember2022-10-012023-03-310000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-10-012023-03-310000038777ben:SponsoredFundsAndSeparateAccountsMember2024-03-310000038777ben:SponsoredFundsAndSeparateAccountsMember2023-09-300000038777ben:LongTermIncentiveCompensationPlansMember2024-03-310000038777ben:LongTermIncentiveCompensationPlansMember2023-09-300000038777ben:DebtAndEquitySecuritiesMember2024-03-310000038777ben:DebtAndEquitySecuritiesMember2023-09-300000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:SponsoredFundsAndSeparateAccountsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2024-03-310000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2023-09-300000038777ben:NonredeemableFundsWithUnknownLiquidationPeriodsMember2024-03-310000038777ben:NonredeemableFundsWithUnknownLiquidationPeriodsMember2023-09-300000038777ben:RedeemableFundsMember2024-03-310000038777ben:RedeemableFundsMember2023-09-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2023-10-012024-03-310000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2022-10-012023-09-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000038777us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000038777us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000038777us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777us-gaap:EquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000038777us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000038777us-gaap:EquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000038777us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-30ben:CIPs0000038777us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMemberben:NonredeemableFundsWithUnknownLiquidationPeriodsMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMemberben:NonredeemableFundsWithUnknownLiquidationPeriodsMember2023-09-300000038777ben:RedeemableFundsMemberben:ConsolidatedInvestmentProductsMember2024-03-310000038777ben:RedeemableFundsMemberben:ConsolidatedInvestmentProductsMember2023-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-12-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-12-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2024-01-012024-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2024-01-012024-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-10-012024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-10-012024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-12-310000038777us-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-12-310000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-12-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-12-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-01-012023-03-310000038777us-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-01-012023-03-310000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-01-012023-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-01-012023-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-03-310000038777us-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-03-310000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2023-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-09-300000038777us-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-09-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-10-012023-03-310000038777us-gaap:RealEstateInvestmentMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-10-012023-03-310000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-10-012023-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-10-012023-03-310000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777srt:MinimumMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMembersrt:MaximumMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberben:MarketPricingValuationApproachMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:MeasurementInputDiscountForLackOfLiquidityMembersrt:MinimumMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:MeasurementInputDiscountForLackOfLiquidityMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:MeasurementInputDiscountForLackOfLiquidityMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberben:MarketPricingValuationApproachMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777srt:MinimumMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777srt:MinimumMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:IncomeApproachValuationTechniqueMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountRateMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777srt:MinimumMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMembersrt:MaximumMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputQuotedPriceMemberben:MarketPricingValuationApproachMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:MeasurementInputDiscountForLackOfLiquidityMemberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberben:MarketPricingValuationApproachMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777srt:MinimumMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777srt:MinimumMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:DebtAndEquitySecuritiesMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2024-03-310000038777us-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2023-09-300000038777us-gaap:FairValueInputsLevel1Memberben:ConsolidatedInvestmentProductsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-03-310000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300000038777srt:MinimumMemberben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMembersrt:MaximumMember2024-03-310000038777srt:MinimumMemberben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMemberus-gaap:CollateralizedLoanObligationsMembersrt:MaximumMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMember2024-03-310000038777us-gaap:CollateralizedLoanObligationsMember2024-03-310000038777us-gaap:CollateralizedLoanObligationsMember2023-09-300000038777us-gaap:CollateralizedLoanObligationsMember2024-01-012024-03-310000038777us-gaap:CollateralizedLoanObligationsMember2023-10-012024-03-310000038777us-gaap:CollateralizedLoanObligationsMember2023-01-012023-03-310000038777us-gaap:CollateralizedLoanObligationsMember2022-10-012023-03-310000038777ben:ConsolidatedInvestmentProductsMember2023-12-310000038777ben:MinorityInterestsMember2023-12-310000038777ben:RedeemableNoncontrollingInterestMember2023-12-310000038777ben:ConsolidatedInvestmentProductsMember2022-12-310000038777ben:MinorityInterestsMember2022-12-310000038777ben:RedeemableNoncontrollingInterestMember2022-12-310000038777ben:MinorityInterestsMember2024-01-012024-03-310000038777ben:RedeemableNoncontrollingInterestMember2024-01-012024-03-310000038777ben:MinorityInterestsMember2023-01-012023-03-310000038777ben:RedeemableNoncontrollingInterestMember2023-01-012023-03-310000038777ben:MinorityInterestsMember2024-03-310000038777ben:RedeemableNoncontrollingInterestMember2024-03-310000038777ben:ConsolidatedInvestmentProductsMember2023-03-310000038777ben:MinorityInterestsMember2023-03-310000038777ben:RedeemableNoncontrollingInterestMember2023-03-310000038777ben:MinorityInterestsMember2023-09-300000038777ben:RedeemableNoncontrollingInterestMember2023-09-300000038777ben:ConsolidatedInvestmentProductsMember2022-09-300000038777ben:MinorityInterestsMember2022-09-300000038777ben:RedeemableNoncontrollingInterestMember2022-09-300000038777ben:MinorityInterestsMember2023-10-012024-03-310000038777ben:RedeemableNoncontrollingInterestMember2023-10-012024-03-310000038777ben:MinorityInterestsMember2022-10-012023-03-310000038777ben:RedeemableNoncontrollingInterestMember2022-10-012023-03-310000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2024-03-310000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:InvestmentsMember2023-09-300000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:TradeAccountsReceivableMember2024-03-310000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMemberus-gaap:TradeAccountsReceivableMember2023-09-300000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2024-03-310000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2023-09-3000000387772023-11-012023-11-010000038777ben:TimeBasedSharesMember2023-09-300000038777us-gaap:PerformanceSharesMember2023-09-300000038777ben:TimeBasedSharesMember2023-10-012024-03-310000038777us-gaap:PerformanceSharesMember2023-10-012024-03-310000038777ben:TimeBasedSharesMember2024-03-310000038777us-gaap:PerformanceSharesMember2024-03-31
Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission File Number: 001-09318
FRANKLIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware13-2670991
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

One Franklin Parkway, San Mateo, CA 94403
(Address of principal executive offices) (Zip code)

(650) 312-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareBENNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒
Accelerated Filer
☐
Non-accelerated Filer☐
Smaller Reporting Company
☐
Emerging Growth Company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐  Yes    ☒  No
Number of shares of the registrant’s common stock outstanding at April 22, 2024: 526,091,302.

Table of Contents

INDEX TO FORM 10-Q
Page
Financial Information
Item 1.Financial Statements (unaudited)
Item 2.
Item 3.
Item 4.
Other Information
Item 1.
Item 1A.
Item 2.
Item 6.

2
Table of Contents
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
 
Three Months Ended
March 31,
Six Months Ended
March 31,
(in millions, except per share data)2024202320242023
Operating Revenues
Investment management fees$1,713.9 $1,573.3 $3,366.1 $3,205.1 
Sales and distribution fees358.3 301.4 654.7 593.3 
Shareholder servicing fees68.0 43.3 100.5 76.7 
Other12.6 9.2 22.6 19.2 
Total operating revenues2,152.8 1,927.2 4,143.9 3,894.3 
Operating Expenses
Compensation and benefits1,028.2 847.3 1,996.5 1,826.5 
Sales, distribution and marketing484.3 406.6 885.1 795.2 
Information systems and technology155.1 128.0 286.1 249.4 
Occupancy76.2 59.7 142.9 114.2 
Amortization of intangible assets84.6 86.0 170.4 169.2 
General, administrative and other195.1 144.5 327.1 290.7 
Total operating expenses2,023.5 1,672.1 3,808.1 3,445.2 
Operating Income129.3 255.1 335.8 449.1 
Other Income (Expenses)
Investment and other income, net52.5 60.6 225.7 150.5 
Interest expense(27.7)(33.5)(46.5)(64.4)
Investment and other income of consolidated investment products, net89.9 87.2 66.1 73.6 
Expenses of consolidated investment products(5.9)(3.4)(11.8)(14.9)
Other income, net108.8 110.9 233.5 144.8 
Income before taxes238.1 366.0 569.3 593.9 
Taxes on income62.8 92.9 137.7 153.2 
Net income175.3 273.1 431.6 440.7 
Less: net income (loss) attributable to
Redeemable noncontrolling interests42.8 83.2 52.3 81.7 
Nonredeemable noncontrolling interests8.3 (4.3)3.8 (0.8)
Net Income Attributable to Franklin Resources, Inc.$124.2 $194.2 $375.5 $359.8 
Earnings per Share
Basic$0.23 $0.38 $0.71 $0.70 
Diluted0.23 0.38 0.71 0.70 

See Notes to Consolidated Financial Statements.

3
Table of Contents
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
(in millions)Three Months Ended
March 31,		Six Months Ended
March 31,
2024202320242023
Net Income$175.3 $273.1 $431.6 $440.7 
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax(29.5)15.9 29.6 143.2 
Net unrealized gains (losses) on defined benefit plans, net of tax0.5 1.8 0.4 (0.8)
Net unrealized gains on investments, net of tax0.1 0.2 0.1 0.2 
Total other comprehensive income (loss)(28.9)17.9 30.1 142.6 
Total comprehensive income146.4 291.0 461.7 583.3 
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests42.8 83.2 52.3 81.7 
Nonredeemable noncontrolling interests8.3 (4.3)3.8 (0.8)
Comprehensive Income Attributable to Franklin Resources, Inc.$95.3 $212.1 $405.6 $502.4 

See Notes to Consolidated Financial Statements.

4
Table of Contents
FRANKLIN RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
(in millions, except share and per share data)March 31,
2024		September 30,
2023
Assets
Cash and cash equivalents$3,300.2 $3,686.4 
Receivables1,449.6 1,348.4 
Investments (including $899.7 and $872.8 at fair value at March 31, 2024 and September 30, 2023)
2,377.7 2,222.0 
Assets of consolidated investment products
Cash and cash equivalents824.1 716.0 
Investments, at fair value11,149.1 9,637.2 
Property and equipment, net899.3 800.1 
Goodwill6,198.9 6,003.8 
Intangible assets, net5,331.3 4,902.2 
Operating lease right-of-use assets895.9 406.3 
Other481.6 398.8 
Total Assets$32,907.7 $30,121.2 
Liabilities
Compensation and benefits$1,412.6 $1,665.1 
Accounts payable and accrued expenses573.7 530.0 
Income taxes333.3 513.5 
Debt3,041.0 3,052.8 
Liabilities of consolidated investment products
Accounts payable and accrued expenses744.4 349.7 
Debt9,131.0 8,231.8 
Deferred tax liabilities438.1 450.4 
Operating lease liabilities983.2 467.8 
Other1,414.8 1,286.2 
Total liabilities18,072.1 16,547.3 
Commitments and Contingencies (Note 11)
Redeemable Noncontrolling Interests1,253.9 1,026.1 
Stockholders’ Equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; none issued
— — 
Common stock, $0.10 par value, 1,000,000,000 shares authorized; 526,185,104 and 495,937,891 shares issued and outstanding at March 31, 2024 and September 30, 2023
52.6 49.6 
Capital in excess of par
1,022.3 — 
Retained earnings12,265.4 12,376.6 
Accumulated other comprehensive loss(479.2)(509.3)
Total Franklin Resources, Inc. stockholders’ equity12,861.1 11,916.9 
Nonredeemable noncontrolling interests720.6 630.9 
Total stockholders’ equity13,581.7 12,547.8 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$32,907.7 $30,121.2 

See Notes to Consolidated Financial Statements.

5
Table of Contents
FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Unaudited
Franklin Resources, Inc.Non-
redeemable
Non-
controlling
Interests		Total
Stockholders’
Equity
Common StockCapital
in
Excess
of Par
Value		Retained
Earnings		Accum-
ulated
Other
Compre-
hensive
Loss		Stockholders’
Equity
(in millions)
for the six months ended
March 31, 2024		SharesAmount
Balance at October 1, 2023495.9 $49.6 $— $12,376.6 $(509.3)$11,916.9 $630.9 $12,547.8 
Net income (loss)251.3 251.3 (4.5)246.8 
Other comprehensive income59.0 59.0 59.0 
Dividends declared on common stock ($0.31 per share)
(167.6)(167.6)(167.6)
Repurchase of common stock
(2.4)(0.2)(66.6)8.0 (58.8)(58.8)
Issuance of common stock
1.2 0.1 26.7 26.8 26.8 
Stock-based compensation
39.9 39.9 39.9 
Net subscriptions and other9.6 9.6 
Adjustment to fair value of redeemable noncontrolling interests(65.9)(65.9)(65.9)
Balance at December 31, 2023494.7 $49.5 $— $12,402.4 $(450.3)$12,001.6 $636.0 $12,637.6 
Net income124.2 124.2 8.3 132.5 
Other comprehensive loss(28.9)(28.9)(28.9)
Dividends declared on common stock ($0.31 per share)
(169.3)(169.3)(169.3)
Repurchase of common stock(0.4)(0.1)(11.6)— (11.7)(11.7)
Issuance of common stock0.3 — 10.7 10.7 10.7 
Stock-based compensation86.3 86.3 86.3 
Acquisition
31.6 3.2 936.9 940.1 25.8 965.9 
Net subscriptions and other63.1 63.1 
Net deconsolidation of investment products(12.6)(12.6)
Adjustment to fair value of redeemable noncontrolling interests(91.9)(91.9)(91.9)
Balance at March 31, 2024526.2 $52.6 $1,022.3 $12,265.4 $(479.2)$12,861.1 $720.6 $13,581.7 
See Notes to Consolidated Financial Statements.

6
Table of Contents

Franklin Resources, Inc.Non-
redeemable
Non-
controlling
Interests		Total
Stockholders’
Equity
Common StockCapital
in
Excess
of Par
Value		Retained
Earnings		Accum-
ulated
Other
Compre-
hensive
Loss		Stockholders’
Equity
(in millions)
for the six months ended
March 31, 2023		SharesAmount
Balance at October 1, 2022499.6 $50.0 $— $12,045.6 $(621.0)$11,474.6 $824.3 $12,298.9 
Net income165.6 165.6 3.5 169.1 
Other comprehensive income124.7 124.7 124.7 
Dividends declared on common stock ($0.30 per share)
(153.6)(153.6)(153.6)
Repurchase of common stock(0.5)(0.1)(69.1)55.0 (14.2)(14.2)
Issuance of common stock1.2 0.1 33.5 33.6 33.6 
Stock-based compensation35.6 35.6 35.6 
Net subscriptions and other97.1 97.1 
Net deconsolidation of investment products(35.7)(35.7)
Balance at December 31, 2022500.3 $50.0 $— $12,112.6 $(496.3)$11,666.3 $889.2 $12,555.5 
Net income (loss)194.2 194.2 (4.3)189.9 
Other comprehensive income17.9 17.9 17.9 
Dividends declared on common stock ($0.30 per share)
(153.8)(153.8)(153.8)
Repurchase of common stock(0.1)— (66.0)62.4 (3.6)(3.6)
Issuance of common stock0.7 0.1 25.2 25.3 25.3 
Stock-based compensation40.8 40.8 40.8 
Net subscriptions and other50.1 50.1 
Net deconsolidation of investment products(324.2)(324.2)
Adjustment to fair value of redeemable noncontrolling interests
44.7 44.7 44.7 
Balance at March 31, 2023500.9 $50.1 $— $12,260.1 $(478.4)$11,831.8 $610.8 $12,442.6 
See Notes to Consolidated Financial Statements.

7
Table of Contents

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Six Months Ended
March 31,
(in millions)20242023
Net Income$431.6 $440.7 
Adjustments to reconcile net income to net cash used in operating activities:
Stock-based compensation132.0 122.0 
Amortization of deferred sales commissions28.3 25.0 
Depreciation and other amortization57.5 52.9 
Amortization of intangible assets170.4 169.2 
Net gains on investments(41.6)(48.5)
Income from investments in equity method investees(81.3)(52.6)
Net (gains) losses on investments of consolidated investment products(3.0)57.5 
Net purchase of investments by consolidated investment products(232.2)(613.0)
Deferred income taxes(15.0)(55.7)
Other57.4 28.8 
Changes in operating assets and liabilities:
Increase in receivables and other assets(55.1)(144.4)
Decrease (increase) in investments, net10.0 (36.0)
Decrease in accrued compensation and benefits(316.0)(336.1)
Decrease in income taxes payable(177.2)(28.5)
Increase in accounts payable, accrued expenses and other liabilities22.6 85.4 
Increase (decrease) in accounts payable and accrued expenses of consolidated investment products(103.7)3.7 
Net cash used in operating activities(115.3)(329.6)
Purchase of investments(501.0)(504.7)
Liquidation of investments543.6 385.4 
Purchase of investments by consolidated collateralized loan obligations(2,294.3)(2,097.6)
Liquidation of investments by consolidated collateralized loan obligations1,769.9 618.8 
Additions of property and equipment, net(61.2)(42.8)
Acquisitions, net of cash acquired (including $281.4 in cash and cash equivalents of consolidated investment products in fiscal year 2024)
177.9 (500.5)
Payments of contingent consideration asset— 5.5 
Payments of deferred consideration liability(60.8)— 
Net consolidation (deconsolidation) of investment products15.1 (85.4)
Net cash used in investing activities(410.8)(2,221.3)
[Table continued on next page]

See Notes to Consolidated Financial Statements.

8
Table of Contents

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
[Table continued from previous page]
 Six Months Ended
March 31,
(in millions)20242023
Issuance of common stock$7.3 $13.4 
Dividends paid on common stock(321.4)(301.8)
Repurchase of common stock(70.5)(17.8)
Proceeds from repurchase agreement— 174.8 
Proceeds from debt of consolidated investment products587.4 2,258.7 
Payments on debt of consolidated investment products(35.5)(688.3)
Payments on contingent consideration liabilities(2.9)(4.2)
Noncontrolling interests67.7 552.0 
Net cash provided by financing activities232.1 1,986.8 
Effect of exchange rate changes on cash and cash equivalents15.9 60.2 
Decrease in cash and cash equivalents(278.1)(503.9)
Cash and cash equivalents, beginning of period4,402.4 4,782.5 
Cash and Cash Equivalents, End of Period$4,124.3 $4,278.6 
Supplemental Disclosure of Cash Flow Information
Cash paid for income taxes$318.4 $204.6 
Cash paid for interest51.3 47.1 
Cash paid for interest by consolidated investment products
345.6 128.6 

See Notes to Consolidated Financial Statements.

9
Table of Contents
FRANKLIN RESOURCES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)
Note 1 – Basis of Presentation
The unaudited interim financial statements of Franklin Resources, Inc. (“Franklin”) and its consolidated subsidiaries (collectively, the “Company”) included herein have been prepared in accordance with the instructions to Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission. Under these rules and regulations, some information and footnote disclosures normally included in financial statements prepared under accounting principles generally accepted in the United States of America have been shortened or omitted. Management believes that all adjustments necessary for a fair statement of the financial position and the results of operations for the periods shown have been made. All adjustments are normal and recurring. Management also believes that the accounting estimates are appropriate, and the resulting balances are reasonable; however, due to the inherent uncertainties in making estimates, actual amounts may differ from these estimates. These financial statements should be read together with the Company’s audited financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (“fiscal year 2023”).
During the quarter ended March 31, 2024, the Company identified that it did not eliminate the investment income from certain consolidated limited partnerships for the fiscal year ended September 30, 2023, resulting in offsetting adjustments to investment and other income, net and net income attributable to nonredeemable noncontrolling interest. The Company is not entitled to the economic returns associated with the underlying investments held by these limited partnerships.
There is no impact on operating income, net income attributable to Franklin Resources, Inc., earnings per share, total assets, total liabilities, retained earnings or total shareholders’ equity. There is no impact on the financial results attributable to the Company’s shareholders. The Company has determined this did not result in a material misstatement to its previously issued consolidated financial statements. For comparability, the Company has revised the comparative prior period amounts included in the consolidated statements of income, consolidated statements of stockholders’ equity, consolidated statements of cash flows, and related footnote disclosures.
The impacts on the consolidated statements of income for the three and six months ended March 31, 2023 are as follows:
(in millions)Three Months Ended
March 31, 2023		Six Months Ended
March 31, 2023
As Reported
Adjustments
As Revised
As Reported
Adjustments
As Revised
Operating Income$255.1 $— $255.1 $449.1 $— $449.1 
Other income, net
Investment and other income, net
125.6 (65.0)60.6 216.7 (66.2)150.5 
Other income, net
175.9 (65.0)110.9 211.0 (66.2)144.8 
Income before taxes
431.0 (65.0)366.0 660.1 (66.2)593.9 
Net income
338.1 (65.0)273.1 506.9 (66.2)440.7 
Less: net income (loss) attributable to nonredeemable noncontrolling interest
60.7 (65.0)(4.3)65.4 (66.2)(0.8)
Net Income Attributable to Franklin Resources, Inc.194.2 — 194.2 359.8 — 359.8 
The impact on the consolidated statement of cash flows for the six months ended March 31, 2023 are as follows:
(in millions)Six Months Ended
March 31, 2023
As Reported
Adjustments
As Revised
Net cash used in operating activities
$(289.7)$(39.9)$(329.6)
Net cash used in investing activities
(2,195.0)(26.3)(2,221.3)
Net cash provided by financing activities1,920.6 66.2 1,986.8 
Decrease to cash and cash equivalents
(503.9)— (503.9)
10
Table of Contents
Note 2 – New Accounting Guidance
Accounting Guidance Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued an amendment to the existing segment reporting guidance. The amendment requires annual and interim disclosures of significant segment expenses that are regularly provided to the chief operating decision maker by reportable segment and clarifies that single reportable segment entities are required to apply all existing segment disclosures in the guidance. The amendment is effective for the Company on October 1, 2024, and is retrospectively applicable to all prior periods presented in its consolidated financial statements. The Company is currently evaluating the impact that the adoption will have on its consolidated financial statements.
In December 2023, the FASB issued an amendment to the existing income taxes guidance. The amendment requires the disclosure of additional information with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes and requires greater detail about significant reconciling items in the reconciliation. Additionally, the amendment requires disaggregated information pertaining to taxes paid, net of refunds received, for federal, state, and foreign income taxes. The amendment allows for either a prospective or retrospective approach on adoption and is effective for the Company on October 1, 2025. The Company is currently evaluating the impact that the adoption will have on its consolidated financial statements and has not yet determined its transition approach.
Note 3 – Acquisition
Putnam Investments
On January 1, 2024, the Company acquired Putnam Investments (“Putnam”) from Great-West Lifeco Inc. (“Great-West”) for 31.61 million shares of its common stock, cash consideration paid at close of $221.7 million for investments and other purchase-related amounts, and deferred cash consideration of $100.0 million to be paid during the third quarter of fiscal year 2024. The cash consideration paid at close was funded from existing cash and we expect to fund the deferred cash consideration from existing cash and sources of liquidity. See below for a summary of the total purchase consideration transferred at closing:
(in millions)
Total
Equity consideration1, 2
$940.1 
Cash consideration
221.7 
Deferred cash consideration
100.0 
Less: Other adjustments3
(30.2)
Total Purchase Consideration
$1,231.6 
1Excludes shares to be granted under a deferred compensation program.
2Market price on closing date of $29.79.
3Primarily relates to payments treated as future compensation expense.

Great-West became a long-term shareholder of the Company with an approximate 6.0% stake in the common stock of the Company as of the acquisition date. Shares representing 4.9% of the Company’s outstanding Common Stock at closing are subject to a five-year lock-up, and the remaining shares are subject to a 180-day lock-up following the date of closing.

The acquisition of Putnam accelerates the Company’s growth in the retirement sector by increasing the amount of the Company’s defined contribution AUM and expanding insurance assets, further strengthening the Company’s presence in these key market segments to better serve clients.

11
Table of Contents
The following table summarizes the estimated fair value amounts recognized for the assets acquired and liabilities assumed and resulting goodwill as of the acquisition date. The issuance of common stock consideration represents a non-cash financing activity related to the statement of cash flows.

(in millions)
Estimated Fair Value
as of January 1, 2024
Cash and cash equivalents$101.1 
Receivables118.9 
Investments111.2 
Assets of consolidated investment products
Cash and cash equivalents281.4 
Investments, at fair value849.5 
Property and equipment
87.1 
Goodwill
189.8 
Indefinite-lived intangible assets
542.5 
Definite-lived intangible asset
52.9 
Operating lease right-of-use assets
109.2 
Other assets20.4 
Compensation and benefits
(57.8)
Accounts payable and accrued expenses
(40.9)
Liabilities of consolidated investment products
Accounts payable and accrued expenses(259.6)
Debt(706.8)
Operating lease liabilities
(109.2)
Other liabilities
(12.1)
Redeemable noncontrolling interests
(20.2)
Nonredeemable noncontrolling interests
(25.8)
Total Identifiable Net Assets$1,231.6 

The purchase price allocation is preliminary and subject to change during the measurement period, which is not to exceed one year from the acquisition date. At this time, the Company does not expect material changes to the assets acquired or liabilities assumed.

The goodwill is primarily attributable to expected growth opportunities from the combined operations and is expected to be deductible for tax purposes. The definite-lived intangible asset relates to trade name, which is amortized over its estimated useful life of 10.0 years. Amortization expense related to the trade name was $1.3 million for the period ended March 31, 2024. The estimated remaining amortization expense is $5.3 million per year.

Transaction costs incurred in connection with the acquisition were $17.8 million for the six months ended March 31, 2024. These costs are primarily comprised of professional fees, recorded in general, administrative and other expenses. The Company also incurred $103.0 million of acquisition-related compensation and benefits expense during the period, primarily related to the acceleration of expense for historical Putnam compensation arrangements, retention bonuses and termination benefits.

In addition, the Company will pay up to $375.0 million between the third and seventh anniversaries of the closing date related to revenue growth targets from the strategic partnership with Great-West and its affiliates which will be recognized in operating income.

Operating revenues of the acquired business from January 1, 2024 through March 31, 2024 were approximately $210 million. Net Income is not available to be separately reported due to the ongoing integration of the combined businesses.
12
Table of Contents
Note 4 – Earnings per Share
The components of basic and diluted earnings per share were as follows: 
(in millions, except per share data)
Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
Net income attributable to Franklin Resources, Inc.$124.2 $194.2 $375.5 $359.8 
Less: allocation of earnings to participating nonvested stock and stock unit awards
7.2 9.0 16.3 16.7 
Net Income Available to Common Stockholders$117.0 $185.2 $359.2 $343.1 
Weighted-average shares outstanding – basic518.4 490.7 502.6 490.1 
Dilutive effect of nonparticipating nonvested stock unit awards
0.8 0.7 0.8 0.7 
Weighted-Average Shares Outstanding – Diluted519.2 491.4 503.4 490.8 
Earnings per Share
Basic$0.23 $0.38 $0.71 $0.70 
Diluted0.23 0.38 0.71 0.70 
Nonparticipating nonvested stock unit awards excluded from the calculation of diluted earnings per share because their effect would have been antidilutive were insignificant for the three and six months ended March 31, 2024 and 2023.
13
Table of Contents
Note 5 – Revenues
Operating revenues by geographic area were as follows:
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended March 31, 2024
Investment management fees
$1,285.5 $222.2 $69.9 $63.2 $73.1 $1,713.9 
Sales and distribution fees
256.3 87.1 5.0 9.9 — 358.3 
Shareholder servicing fees
59.4 7.9 0.7 — — 68.0 
Other
9.4 0.2 3.0 — — 12.6 
Total
$1,610.6 $317.4 $78.6 $73.1 $73.1 $2,152.8 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the six months ended March 31, 2024
Investment management fees
$2,546.1 $413.9 $138.4 $114.7 $153.0 $3,366.1 
Sales and distribution fees
462.0 163.6 9.6 19.5 — 654.7 
Shareholder servicing fees
83.6 15.5 1.3 0.1 — 100.5 
Other
18.4 0.7 3.2 — 0.3 22.6 
Total
$3,110.1 $593.7 $152.5 $134.3 $153.3 $4,143.9 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the three months ended March 31, 2023
Investment management fees
$1,165.8 $196.6 $82.5 $56.3 $72.1 $1,573.3 
Sales and distribution fees
212.4 73.6 5.0 10.4 — 301.4 
Shareholder servicing fees
34.6 7.8 0.7 0.2 — 43.3 
Other
8.5 0.3 0.1 — 0.3 9.2 
Total
$1,421.3 $278.3 $88.3 $66.9 $72.4 $1,927.2 
(in millions)United StatesLuxembourgAsia-PacificAmericas
Excluding
United
States		Europe,
Middle East
and Africa,
Excluding
Luxembourg		Total
for the six months ended March 31, 2023
Investment management fees
$2,440.6 $378.4 $150.1 $108.1 $127.9 $3,205.1 
Sales and distribution fees
420.6 142.0 10.0 20.7 — 593.3 
Shareholder servicing fees
59.9 15.5 1.1 0.2 — 76.7 
Other
18.2 0.3 0.4 — 0.3 19.2 
Total
$2,939.3 $536.2 $161.6 $129.0 $128.2 $3,894.3 
Operating revenues are attributed to geographic areas based on the locations of the subsidiaries that provide the services, which may differ from the regions in which the related investment products are sold.
Revenues earned from sponsored funds were 83% of the Company’s total operating revenues for the three and six months ended March 31, 2024 and March 31, 2023.
14
Table of Contents
Note 6 – Investments
The disclosures below include details of the Company’s investments, excluding those of consolidated investment products (“CIPs”). See Note 8 – Consolidated Investment Products for information related to the investments held by these entities.
Investments consisted of the following:
(in millions)March 31,
2024		September 30,
2023
Investments, at fair value
Sponsored funds and separate accounts$588.6 $630.5 
Investments related to long-term incentive plans258.5 191.6 
Other equity and debt investments52.6 50.7 
Total investments, at fair value899.7 872.8 
Investments in equity method investees1,216.7 1,089.2 
Other investments261.3 260.0 
Total$2,377.7 $2,222.0 
The Company has entered into repurchase agreements with a third-party financing company for certain investments held by the Company. As of March 31, 2024, other liabilities includes repurchase agreements of $150.6 million with investments of $158.2 million in carrying value pledged as collateral. The repurchase agreements have contractual maturity dates ranging between 2029 to 2035.
Note 7 – Fair Value Measurements
The disclosures below include details of the Company’s fair value measurements, excluding those of CIPs. See Note 8 – 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 March 31, 2024
Assets
Investments, at fair value
Sponsored funds and separate accounts$318.3 $211.6 $16.4 $42.3 $588.6 
Investments related to long-term incentive plans232.8 — — 25.7 258.5 
Other equity and debt investments3.6 9.0 1.0 39.0 52.6 
Total Assets Measured at Fair Value$554.7 $220.6 $17.4 $107.0 $899.7 
Liabilities
Securities sold short$199.3 $— $— $— $199.3 
Contingent consideration liabilities— — 51.4 — 51.4 
Total Liabilities Measured at Fair Value$199.3 $— $51.4 $— $250.7 
15
Table of Contents
(in millions)Level 1Level 2Level 3NAV as a
Practical
Expedient		Total
as of September 30, 2023
Assets
Investments, at fair value
Sponsored funds and separate accounts$356.5 $211.9 $18.5 $43.6 $630.5 
Investments related to long-term incentive plans168.2 — — 23.4 191.6 
Other equity and debt investments3.4 11.3 3.3 32.7 50.7 
Total Assets Measured at Fair Value$528.1 $223.2 $21.8 $99.7 $872.8 
Liabilities
Securities sold short$158.3 $— $— $— $158.3 
Contingent consideration liabilities— — 55.0 — 55.0 
Total Liabilities Measured at Fair Value$158.3 $— $55.0