10-Q 1 ben-20220630.htm 10-Q ben-20220630
00000387779/30NYSE2022Q3FALSE00000387772021-10-012022-06-3000000387772022-07-21xbrli:shares0000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-04-012022-06-30iso4217:USD0000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-04-012021-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-10-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-10-012021-06-300000038777ben:SalesAndDistributionFeesMember2022-04-012022-06-300000038777ben:SalesAndDistributionFeesMember2021-04-012021-06-300000038777ben:SalesAndDistributionFeesMember2021-10-012022-06-300000038777ben:SalesAndDistributionFeesMember2020-10-012021-06-300000038777us-gaap:ShareholderServiceMember2022-04-012022-06-300000038777us-gaap:ShareholderServiceMember2021-04-012021-06-300000038777us-gaap:ShareholderServiceMember2021-10-012022-06-300000038777us-gaap:ShareholderServiceMember2020-10-012021-06-300000038777us-gaap:ServiceOtherMember2022-04-012022-06-300000038777us-gaap:ServiceOtherMember2021-04-012021-06-300000038777us-gaap:ServiceOtherMember2021-10-012022-06-300000038777us-gaap:ServiceOtherMember2020-10-012021-06-3000000387772022-04-012022-06-3000000387772021-04-012021-06-3000000387772020-10-012021-06-300000038777ben:ConsolidatedInvestmentProductsMember2022-04-012022-06-300000038777ben:ConsolidatedInvestmentProductsMember2021-04-012021-06-300000038777ben:ConsolidatedInvestmentProductsMember2021-10-012022-06-300000038777ben:ConsolidatedInvestmentProductsMember2020-10-012021-06-30iso4217:USDxbrli:shares0000038777ben:FranklinResourcesInc.Member2022-06-300000038777ben:FranklinResourcesInc.Member2021-09-3000000387772022-06-3000000387772021-09-300000038777ben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:CommonStockMember2021-09-300000038777us-gaap:AdditionalPaidInCapitalMember2021-09-300000038777us-gaap:RetainedEarningsMember2021-09-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000038777us-gaap:ParentMember2021-09-300000038777us-gaap:NoncontrollingInterestMember2021-09-300000038777us-gaap:RetainedEarningsMember2021-10-012021-12-310000038777us-gaap:ParentMember2021-10-012021-12-310000038777us-gaap:NoncontrollingInterestMember2021-10-012021-12-3100000387772021-10-012021-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012021-12-310000038777us-gaap:CommonStockMember2021-10-012021-12-310000038777us-gaap:AdditionalPaidInCapitalMember2021-10-012021-12-310000038777us-gaap:CommonStockMember2021-12-310000038777us-gaap:AdditionalPaidInCapitalMember2021-12-310000038777us-gaap:RetainedEarningsMember2021-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000038777us-gaap:ParentMember2021-12-310000038777us-gaap:NoncontrollingInterestMember2021-12-3100000387772021-12-310000038777us-gaap:RetainedEarningsMember2022-01-012022-03-310000038777us-gaap:ParentMember2022-01-012022-03-310000038777us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100000387772022-01-012022-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000038777us-gaap:CommonStockMember2022-01-012022-03-310000038777us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000038777us-gaap:CommonStockMember2022-03-310000038777us-gaap:AdditionalPaidInCapitalMember2022-03-310000038777us-gaap:RetainedEarningsMember2022-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000038777us-gaap:ParentMember2022-03-310000038777us-gaap:NoncontrollingInterestMember2022-03-3100000387772022-03-310000038777us-gaap:RetainedEarningsMember2022-04-012022-06-300000038777us-gaap:ParentMember2022-04-012022-06-300000038777us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000038777us-gaap:CommonStockMember2022-04-012022-06-300000038777us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000038777us-gaap:CommonStockMember2022-06-300000038777us-gaap:AdditionalPaidInCapitalMember2022-06-300000038777us-gaap:RetainedEarningsMember2022-06-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000038777us-gaap:ParentMember2022-06-300000038777us-gaap:NoncontrollingInterestMember2022-06-300000038777us-gaap:CommonStockMember2020-09-300000038777us-gaap:AdditionalPaidInCapitalMember2020-09-300000038777us-gaap:RetainedEarningsMember2020-09-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000038777us-gaap:ParentMember2020-09-300000038777us-gaap:NoncontrollingInterestMember2020-09-3000000387772020-09-300000038777srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMemberus-gaap:AccountingStandardsUpdate201613Member2020-09-300000038777srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Memberus-gaap:ParentMember2020-09-300000038777srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate201613Member2020-09-300000038777us-gaap:RetainedEarningsMember2020-10-012020-12-310000038777us-gaap:ParentMember2020-10-012020-12-310000038777us-gaap:NoncontrollingInterestMember2020-10-012020-12-3100000387772020-10-012020-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-012020-12-3100000387772021-01-012021-03-310000038777us-gaap:CommonStockMember2020-10-012020-12-310000038777us-gaap:AdditionalPaidInCapitalMember2020-10-012020-12-310000038777us-gaap:CommonStockMember2020-12-310000038777us-gaap:AdditionalPaidInCapitalMember2020-12-310000038777us-gaap:RetainedEarningsMember2020-12-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000038777us-gaap:ParentMember2020-12-310000038777us-gaap:NoncontrollingInterestMember2020-12-3100000387772020-12-310000038777us-gaap:RetainedEarningsMember2021-01-012021-03-310000038777us-gaap:ParentMember2021-01-012021-03-310000038777us-gaap:NoncontrollingInterestMember2021-01-012021-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000038777us-gaap:CommonStockMember2021-01-012021-03-310000038777us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000038777us-gaap:CommonStockMember2021-03-310000038777us-gaap:AdditionalPaidInCapitalMember2021-03-310000038777us-gaap:RetainedEarningsMember2021-03-310000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000038777us-gaap:ParentMember2021-03-310000038777us-gaap:NoncontrollingInterestMember2021-03-3100000387772021-03-310000038777us-gaap:RetainedEarningsMember2021-04-012021-06-300000038777us-gaap:ParentMember2021-04-012021-06-300000038777us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000038777us-gaap:CommonStockMember2021-04-012021-06-300000038777us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000038777us-gaap:CommonStockMember2021-06-300000038777us-gaap:AdditionalPaidInCapitalMember2021-06-300000038777us-gaap:RetainedEarningsMember2021-06-300000038777us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000038777us-gaap:ParentMember2021-06-300000038777us-gaap:NoncontrollingInterestMember2021-06-3000000387772021-06-300000038777ben:LexingtonPartnersLPMember2022-04-012022-04-010000038777ben:LexingtonPartnersLPMember2022-04-01xbrli:pure0000038777srt:MinimumMemberben:LexingtonPartnersLPMember2021-10-012022-06-300000038777srt:MaximumMemberben:LexingtonPartnersLPMember2021-10-012022-06-300000038777ben:LexingtonPartnersLPMember2021-10-012022-06-300000038777ben:LexingtonPartnersLPMember2022-06-300000038777ben:LexingtonPartnersLPMember2022-04-012022-06-300000038777ben:OShaughnessyAssetManagementMember2021-12-312021-12-310000038777ben:OShaughnessyAssetManagementMember2021-12-310000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:US2022-04-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:LU2022-04-012022-06-300000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-04-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2022-04-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-04-012022-06-300000038777ben:SalesAndDistributionFeesMembercountry:US2022-04-012022-06-300000038777country:LUben:SalesAndDistributionFeesMember2022-04-012022-06-300000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2022-04-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberben:SalesAndDistributionFeesMember2022-04-012022-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberben:SalesAndDistributionFeesMember2022-04-012022-06-300000038777us-gaap:ShareholderServiceMembercountry:US2022-04-012022-06-300000038777us-gaap:ShareholderServiceMembercountry:LU2022-04-012022-06-300000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2022-04-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2022-04-012022-06-300000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-04-012022-06-300000038777us-gaap:ServiceOtherMembercountry:US2022-04-012022-06-300000038777country:LUus-gaap:ServiceOtherMember2022-04-012022-06-300000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2022-04-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2022-04-012022-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberus-gaap:ServiceOtherMember2022-04-012022-06-300000038777country:US2022-04-012022-06-300000038777country:LU2022-04-012022-06-300000038777srt:AsiaPacificMember2022-04-012022-06-300000038777ben:AmericasExcludingUnitedStatesMember2022-04-012022-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2022-04-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:US2021-10-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:LU2021-10-012022-06-300000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-10-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-10-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2021-10-012022-06-300000038777ben:SalesAndDistributionFeesMembercountry:US2021-10-012022-06-300000038777country:LUben:SalesAndDistributionFeesMember2021-10-012022-06-300000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2021-10-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberben:SalesAndDistributionFeesMember2021-10-012022-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberben:SalesAndDistributionFeesMember2021-10-012022-06-300000038777us-gaap:ShareholderServiceMembercountry:US2021-10-012022-06-300000038777us-gaap:ShareholderServiceMembercountry:LU2021-10-012022-06-300000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2021-10-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2021-10-012022-06-300000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2021-10-012022-06-300000038777us-gaap:ServiceOtherMembercountry:US2021-10-012022-06-300000038777country:LUus-gaap:ServiceOtherMember2021-10-012022-06-300000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2021-10-012022-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2021-10-012022-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberus-gaap:ServiceOtherMember2021-10-012022-06-300000038777country:US2021-10-012022-06-300000038777country:LU2021-10-012022-06-300000038777srt:AsiaPacificMember2021-10-012022-06-300000038777ben:AmericasExcludingUnitedStatesMember2021-10-012022-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2021-10-012022-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:US2021-04-012021-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:LU2021-04-012021-06-300000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-04-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2021-04-012021-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2021-04-012021-06-300000038777ben:SalesAndDistributionFeesMembercountry:US2021-04-012021-06-300000038777country:LUben:SalesAndDistributionFeesMember2021-04-012021-06-300000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2021-04-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberben:SalesAndDistributionFeesMember2021-04-012021-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberben:SalesAndDistributionFeesMember2021-04-012021-06-300000038777us-gaap:ShareholderServiceMembercountry:US2021-04-012021-06-300000038777us-gaap:ShareholderServiceMembercountry:LU2021-04-012021-06-300000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2021-04-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2021-04-012021-06-300000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2021-04-012021-06-300000038777us-gaap:ServiceOtherMembercountry:US2021-04-012021-06-300000038777country:LUus-gaap:ServiceOtherMember2021-04-012021-06-300000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2021-04-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2021-04-012021-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberus-gaap:ServiceOtherMember2021-04-012021-06-300000038777country:US2021-04-012021-06-300000038777country:LU2021-04-012021-06-300000038777srt:AsiaPacificMember2021-04-012021-06-300000038777ben:AmericasExcludingUnitedStatesMember2021-04-012021-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2021-04-012021-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:US2020-10-012021-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMembercountry:LU2020-10-012021-06-300000038777srt:AsiaPacificMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-10-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember2020-10-012021-06-300000038777us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2020-10-012021-06-300000038777ben:SalesAndDistributionFeesMembercountry:US2020-10-012021-06-300000038777country:LUben:SalesAndDistributionFeesMember2020-10-012021-06-300000038777srt:AsiaPacificMemberben:SalesAndDistributionFeesMember2020-10-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberben:SalesAndDistributionFeesMember2020-10-012021-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberben:SalesAndDistributionFeesMember2020-10-012021-06-300000038777us-gaap:ShareholderServiceMembercountry:US2020-10-012021-06-300000038777us-gaap:ShareholderServiceMembercountry:LU2020-10-012021-06-300000038777srt:AsiaPacificMemberus-gaap:ShareholderServiceMember2020-10-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ShareholderServiceMember2020-10-012021-06-300000038777us-gaap:ShareholderServiceMemberben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2020-10-012021-06-300000038777us-gaap:ServiceOtherMembercountry:US2020-10-012021-06-300000038777country:LUus-gaap:ServiceOtherMember2020-10-012021-06-300000038777srt:AsiaPacificMemberus-gaap:ServiceOtherMember2020-10-012021-06-300000038777ben:AmericasExcludingUnitedStatesMemberus-gaap:ServiceOtherMember2020-10-012021-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMemberus-gaap:ServiceOtherMember2020-10-012021-06-300000038777country:US2020-10-012021-06-300000038777country:LU2020-10-012021-06-300000038777srt:AsiaPacificMember2020-10-012021-06-300000038777ben:AmericasExcludingUnitedStatesMember2020-10-012021-06-300000038777ben:EuropeMiddleEastandAfricaExcludingLuxembourgMember2020-10-012021-06-300000038777ben:SponsoredFundsAndSeparateAccountsMember2022-06-300000038777ben:SponsoredFundsAndSeparateAccountsMember2021-09-300000038777ben:LongTermIncentiveCompensationPlansMember2022-06-300000038777ben:LongTermIncentiveCompensationPlansMember2021-09-300000038777ben:DebtAndEquitySecuritiesMember2022-06-300000038777ben:DebtAndEquitySecuritiesMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2022-06-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2022-06-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2022-06-300000038777us-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2022-06-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2021-09-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2021-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2021-09-300000038777us-gaap:FairValueMeasurementsRecurringMemberben:SponsoredFundsAndSeparateAccountsMember2021-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777ben:LongTermIncentiveCompensationPlansMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777ben:NonredeemableFundsWithUnknownLiquidationPeriodsMember2022-06-300000038777ben:NonredeemableFundsWithUnknownLiquidationPeriodsMember2021-09-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2022-06-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2021-09-300000038777ben:RedeemableFundsMember2022-06-300000038777ben:RedeemableFundsMember2021-09-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2021-10-012022-06-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMember2020-10-012021-09-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2022-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2022-03-310000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-03-310000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMemberus-gaap:InvestmentIncomeMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMemberben:ContingentConsiderationLiabilitiesMember2022-04-012022-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMemberus-gaap:InvestmentIncomeMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMemberben:ContingentConsiderationLiabilitiesMember2021-04-012021-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-04-012022-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2022-04-012022-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2022-04-012022-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-04-012021-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-04-012021-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-04-012021-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2022-04-012022-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-04-012021-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2022-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-09-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2020-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2020-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2020-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2020-10-012021-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMemberus-gaap:InvestmentIncomeMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMemberben:ContingentConsiderationLiabilitiesMember2021-10-012022-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMember2020-10-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMemberus-gaap:InvestmentIncomeMember2020-10-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:InvestmentIncomeMemberben:ContingentConsiderationLiabilitiesMember2020-10-012021-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-10-012022-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-10-012022-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2021-10-012022-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2020-10-012021-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2020-10-012021-06-300000038777us-gaap:GeneralAndAdministrativeExpenseMemberus-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationLiabilitiesMember2020-10-012021-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2021-10-012022-06-300000038777us-gaap:InvestmentsMemberus-gaap:FairValueInputsLevel3Member2020-10-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ContingentConsiderationAssetMember2020-10-012021-06-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000038777us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2022-06-300000038777us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2021-09-300000038777us-gaap:EquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300000038777us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300000038777us-gaap:EquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000038777us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000038777us-gaap:RevolvingCreditFacilityMember2022-01-10ben:CIPs0000038777us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:LoansReceivableMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:NonredeemableFundsWithKnownLiquidationPeriodsMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:NonredeemableFundsWithUnknownLiquidationPeriodsMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:NonredeemableFundsWithUnknownLiquidationPeriodsMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:RedeemableFundsMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:RedeemableFundsMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:NonredeemableFundsMemberben:ConsolidatedInvestmentProductsMember2021-10-012022-06-300000038777ben:NonredeemableFundsMemberben:ConsolidatedInvestmentProductsMember2020-10-012021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2022-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-03-310000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2022-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-03-310000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-04-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2021-10-012022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2021-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-03-310000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2021-03-310000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2021-03-310000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2021-04-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2020-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2020-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2020-09-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2020-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:ConsolidatedInvestmentProductsMember2020-10-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2020-10-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:LoansReceivableMemberben:ConsolidatedInvestmentProductsMember2020-10-012021-06-300000038777us-gaap:FairValueInputsLevel3Memberben:ConsolidatedInvestmentProductsMember2020-10-012021-06-300000038777ben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777srt:MinimumMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputQuotedPriceMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777ben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberben:MeasurementInputPriceBookValueRatioMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777srt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777srt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberben:MeasurementInputExitCapitalizationRateMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberben:MeasurementInputExitCapitalizationRateMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberben:MeasurementInputExitCapitalizationRateMemberus-gaap:RealEstateInvestmentMember2022-06-300000038777ben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputQuotedPriceMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:MarketPricingValuationApproachMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputQuotedPriceMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:MeasurementInputPriceBookValueRatioMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberben:MeasurementInputPriceBookValueRatioMultipleMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberben:MeasurementInputPriceBookValueRatioMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMemberus-gaap:MeasurementInputControlPremiumMember2021-09-300000038777us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberben:MeasurementInputPriceEarningsRatioMultipleMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MarketApproachValuationTechniqueMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberben:DebtAndEquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberben:DebtAndEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777srt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777srt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberben:MeasurementInputExitCapitalizationRateMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:MaximumMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberben:MeasurementInputExitCapitalizationRateMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:FairValueMeasurementsRecurringMemberben:ConsolidatedInvestmentProductsMemberben:MeasurementInputExitCapitalizationRateMemberus-gaap:RealEstateInvestmentMember2021-09-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CollateralizedLoanObligationsMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Memberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CollateralizedLoanObligationsMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Memberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:CollateralizedLoanObligationsMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:CollateralizedLoanObligationsMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberus-gaap:CollateralizedLoanObligationsMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:CollateralizedLoanObligationsMembersrt:MaximumMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777srt:MinimumMemberus-gaap:CollateralizedLoanObligationsMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777us-gaap:CollateralizedLoanObligationsMembersrt:MaximumMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MinimumMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777srt:MaximumMemberben:ConsolidatedInvestmentProductsMember2022-06-300000038777srt:MinimumMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777srt:MaximumMemberben:ConsolidatedInvestmentProductsMember2021-09-300000038777ben:ConsolidatedInvestmentProductsMember2022-06-300000038777us-gaap:CollateralizedLoanObligationsMember2022-06-300000038777us-gaap:CollateralizedLoanObligationsMember2021-09-300000038777us-gaap:CollateralizedLoanObligationsMember2022-04-012022-06-300000038777us-gaap:CollateralizedLoanObligationsMember2021-10-012022-06-300000038777us-gaap:CollateralizedLoanObligationsMember2021-04-012021-06-300000038777us-gaap:CollateralizedLoanObligationsMember2020-10-012021-06-300000038777ben:ConsolidatedInvestmentProductsMember2022-03-310000038777ben:MinorityInterestsMember2022-03-310000038777ben:RedeemableNoncontrollingInterestMember2022-03-310000038777ben:ConsolidatedInvestmentProductsMember2021-03-310000038777ben:MinorityInterestsMember2021-03-310000038777ben:RedeemableNoncontrollingInterestMember2021-03-310000038777ben:MinorityInterestsMember2022-04-012022-06-300000038777ben:RedeemableNoncontrollingInterestMember2022-04-012022-06-300000038777ben:MinorityInterestsMember2021-04-012021-06-300000038777ben:RedeemableNoncontrollingInterestMember2021-04-012021-06-300000038777ben:MinorityInterestsMember2022-06-300000038777ben:RedeemableNoncontrollingInterestMember2022-06-300000038777ben:ConsolidatedInvestmentProductsMember2021-06-300000038777ben:MinorityInterestsMember2021-06-300000038777ben:RedeemableNoncontrollingInterestMember2021-06-300000038777ben:MinorityInterestsMember2021-09-300000038777ben:RedeemableNoncontrollingInterestMember2021-09-300000038777ben:ConsolidatedInvestmentProductsMember2020-09-300000038777ben:MinorityInterestsMember2020-09-300000038777ben:RedeemableNoncontrollingInterestMember2020-09-300000038777ben:MinorityInterestsMember2021-10-012022-06-300000038777ben:RedeemableNoncontrollingInterestMember2021-10-012022-06-300000038777ben:MinorityInterestsMember2020-10-012021-06-300000038777ben:RedeemableNoncontrollingInterestMember2020-10-012021-06-300000038777us-gaap:InvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300000038777us-gaap:InvestmentsMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-09-300000038777us-gaap:TradeAccountsReceivableMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300000038777us-gaap:TradeAccountsReceivableMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-09-300000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2022-06-300000038777us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember2021-09-300000038777ben:TimeBasedSharesMember2021-09-300000038777us-gaap:PerformanceSharesMember2021-09-300000038777ben:TimeBasedSharesMember2021-10-012022-06-300000038777us-gaap:PerformanceSharesMember2021-10-012022-06-300000038777ben:TimeBasedSharesMember2022-06-300000038777us-gaap:PerformanceSharesMember2022-06-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000038777us-gaap:AccumulatedTranslationAdjustmentMember2022-04-012022-06-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-04-012022-06-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2021-09-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-09-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2021-10-012022-06-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-10-012022-06-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000038777us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-04-012021-06-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-06-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2020-09-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-09-300000038777us-gaap:AccumulatedTranslationAdjustmentMember2020-10-012021-06-300000038777us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-012021-06-30
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 June 30, 2022
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 July 21, 2022: 498,357,111.



INDEX TO FORM 10-Q

2

PART I – FINANCIAL INFORMATION
Item 1. Financial Statements.

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
 Three Months Ended
June 30,
Nine Months Ended
June 30,
(in millions, except per share data)2022202120222021
Operating Revenues
Investment management fees$1,636.1 $1,697.3 $5,045.8 $4,836.1 
Sales and distribution fees335.6 416.9 1,104.0 1,227.4 
Shareholder servicing fees46.9 50.5 146.8 155.6 
Other12.7 8.2 39.7 25.4 
Total operating revenues2,031.3 2,172.9 6,336.3 6,244.5 
Operating Expenses
Compensation and benefits766.7 771.4 2,321.8 2,229.2 
Sales, distribution and marketing440.3 531.0 1,432.8 1,579.3 
Information systems and technology125.9 121.8 376.6 355.8 
Occupancy53.8 54.6 163.1 164.1 
Amortization of intangible assets81.8 58.0 200.5 174.1 
General, administrative and other158.1 158.0 416.1 398.5 
Total operating expenses1,626.6 1,694.8 4,910.9 4,901.0 
Operating Income404.7 478.1 1,425.4 1,343.5 
Other Income (Expenses)
Investment and other income, net13.0 52.9 97.7 197.2 
Interest expense(28.9)(25.7)(71.1)(71.3)
Investment and other income (losses) of consolidated investment products, net(74.4)61.0 33.3 263.3 
Expenses of consolidated investment products(1.3)(10.9)(10.1)(26.5)
Other income (expenses), net(91.6)77.3 49.8 362.7 
Income before taxes313.1 555.4 1,475.2 1,706.2 
Taxes on income89.5 83.8 347.7 354.4 
Net income223.6 471.6 1,127.5 1,351.8 
Less: net income (loss) attributable to
Redeemable noncontrolling interests(0.5)33.7 (50.2)64.4 
Nonredeemable noncontrolling interests(32.3)(0.5)118.5 121.9 
Net Income Attributable to Franklin Resources, Inc.$256.4 $438.4 $1,059.2 $1,165.5 
Earnings per Share
Basic$0.50 $0.86 $2.07 $2.27 
Diluted0.50 0.86 2.07 2.27 

See Notes to Consolidated Financial Statements.

3

FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Unaudited
(in millions)Three Months Ended
June 30,
Nine Months Ended
June 30,
2022202120222021
Net Income$223.6 $471.6 $1,127.5 $1,351.8 
Other Comprehensive Income (Loss)
Currency translation adjustments, net of tax(100.6)22.6 (123.8)81.3 
Net unrealized gains (losses) on defined benefit plans, net of tax(2.4)(0.2)(2.2)0.2 
Total other comprehensive income (loss)(103.0)22.4 (126.0)81.5 
Total comprehensive income120.6 494.0 1,001.5 1,433.3 
Less: comprehensive income (loss) attributable to
Redeemable noncontrolling interests(0.5)33.7 (50.2)64.4 
Nonredeemable noncontrolling interests(32.3)(0.5)118.5 121.9 
Comprehensive Income Attributable to Franklin Resources, Inc.$153.4 $460.8 $933.2 $1,247.0 

See Notes to Consolidated Financial Statements.

4

FRANKLIN RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
Unaudited
(in millions, except share and per share data)June 30,
2022
September 30,
2021
Assets
Cash and cash equivalents$3,806.3 $4,357.8 
Receivables1,414.8 1,428.2 
Investments (including $660.8 and $588.3 at fair value at June 30, 2022 and September 30, 2021)
1,658.5 1,510.3 
Assets of consolidated investment products
Cash and cash equivalents672.4 289.4 
Investments, at fair value7,475.3 5,820.1 
Property and equipment, net759.1 770.0 
Goodwill5,807.1 4,457.7 
Intangible assets, net5,177.4 4,710.2 
Operating lease right-of-use assets486.8 448.4 
Other338.3 376.3 
Total Assets$27,596.0 $24,168.4 
Liabilities
Compensation and benefits$1,234.3 $1,179.3 
Accounts payable and accrued expenses541.7 479.3 
Commissions209.8 259.8 
Income taxes521.2 693.6 
Debt3,382.2 3,399.4 
Liabilities of consolidated investment products
Accounts payable and accrued expenses451.4 558.0 
Debt5,496.5 3,671.0 
Deferred tax liabilities290.9 311.7 
Operating lease liabilities555.3 518.4 
Other1,133.9 354.3 
Total liabilities13,817.2 11,424.8 
Commitments and Contingencies (Note 11)
Redeemable Noncontrolling Interests1,493.7 933.0 
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; 498,356,132 and 501,807,677 shares issued and outstanding at June 30, 2022 and September 30, 2021
49.8 50.2 
Retained earnings11,997.5 11,550.8 
Accumulated other comprehensive loss(503.6)(377.6)
Total Franklin Resources, Inc. stockholders’ equity11,543.7 11,223.4 
Nonredeemable noncontrolling interests741.4 587.2 
Total stockholders’ equity12,285.1 11,810.6 
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity$27,596.0 $24,168.4 

See Notes to Consolidated Financial Statements.

5

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 nine months ended
June 30, 2022
SharesAmount
Balance at October 1, 2021501.8 $50.2 $ $11,550.8 $(377.6)$11,223.4 $587.2 $11,810.6 
Net income453.2 453.2 84.1 537.3 
Other comprehensive loss(12.0)(12.0)(12.0)
Dividends declared on common stock ($0.29 per share)
(148.9)(148.9)(148.9)
Repurchase of common stock
(0.7) (58.8)37.1 (21.7)(21.7)
Issuance of common stock
1.4 0.1 47.6 47.7 47.7 
Stock-based compensation
11.2 11.2 11.2 
Net distributions and other(27.8)(27.8)
Balance at December 31, 2021502.5 $50.3 $ $11,892.2 $(389.6)$11,552.9 $643.5 $12,196.4 
Net income349.6 349.6 66.7 416.3 
Other comprehensive loss(11.0)(11.0)(11.0)
Dividends declared on common stock ($0.29 per share)
(148.3)(148.3)(148.3)
Repurchase of common stock(2.7)(0.4)(66.7)(13.7)(80.8)(80.8)
Issuance of common stock0.6 0.1 18.5 18.6 18.6 
Stock-based compensation48.2 48.2 48.2 
Net distributions and other(21.7)(21.7)
Net deconsolidation of investment products(39.6)(39.6)
Adjustment to fair value of redeemable noncontrolling interests(188.5)(188.5)(188.5)
Balance at March 31, 2022500.4 $50.0 $ $11,891.3 $(400.6)$11,540.7 $648.9 $12,189.6 
Net income (loss)256.4 256.4 (32.3)224.1 
Other comprehensive loss(103.0)(103.0)(103.0)
Dividends declared on common stock ($0.29 per share)
(147.7)(147.7)(147.7)
Repurchase of common stock(2.0)(0.2)(48.3)(2.5)(51.0)(51.0)
Issuance of common stock  1.8 1.8 1.8 
Stock-based compensation46.5 46.5 46.5 
Net distributions and other(24.8)(24.8)
Net deconsolidation of investment products(0.3)(0.3)
Acquisition149.9 149.9 
Balance at June 30, 2022498.4 $49.8 $ $11,997.5 $(503.6)$11,543.7 $741.4 $12,285.1 
See Notes to Consolidated Financial Statements.

6

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 nine months ended
June 30, 2021
SharesAmount
Balance at October 1, 2020495.1 $49.5 $ $10,472.6 $(407.6)$10,114.5 $754.6 $10,869.1 
Adoption of new accounting guidance
(3.3)(3.3)(3.3)
Net income345.3 345.3 30.8 376.1 
Other comprehensive income92.9 92.9 92.9 
Dividends declared on common stock ($0.28 per share)
(144.0)(144.0)(144.0)
Repurchase of common stock(2.1)(0.2)(39.9)(5.5)(45.6)(45.6)
Issuance of common stock12.5 1.2 32.5 33.7 33.7 
Stock-based compensation7.4 7.4 7.4 
Net subscriptions and other93.3 93.3 
Balance at December 31, 2020505.5 $50.5 $ $10,665.1 $(314.7)$10,400.9 $878.7 $11,279.6 
Net income381.8 381.8 91.6 473.4 
Other comprehensive loss(33.8)(33.8)(33.8)
Dividends declared on common stock ($0.28 per share)
(143.7)(143.7)(143.7)
Repurchase of common stock(1.7)(0.2)(56.2)10.6 (45.8)(45.8)
Issuance of common stock0.5 0.1 14.1 14.2 14.2 
Stock-based compensation42.1 42.1 42.1 
Net subscriptions and other16.5 16.5 
Net deconsolidation of investment products(31.6)(31.6)
Adjustment to fair value of redeemable noncontrolling interests
(52.3)(52.3)(52.3)
Balance at March 31, 2021504.3 $50.4 $ $10,861.5 $(348.5)$10,563.4 $955.2 $11,518.6 
Net income (loss)438.4 438.4 (0.5)437.9 
Other comprehensive income22.4 22.4 22.4 
Dividends declared on common stock ($0.28 per share)
(143.3)(143.3)(143.3)
Repurchase of common stock(1.4)(0.1)(40.7)(5.6)(46.4)(46.4)
Issuance of common stock  0.2 0.2 0.2 
Stock-based compensation40.5 40.5 40.5 
Net subscriptions and other87.9 87.9 
Net deconsolidation of investment products(487.0)(487.0)
Balance at June 30, 2021502.9 $50.3 $ $11,151.0 $(326.1)$10,875.2 $555.6 $11,430.8 
See Notes to Consolidated Financial Statements.

7


FRANKLIN RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
 Nine Months Ended
June 30,
(in millions)20222021
Net Income$1,127.5 $1,351.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation160.9 126.6 
Amortization of deferred sales commissions49.6 58.8 
Depreciation and other amortization68.8 70.9 
Amortization of intangible assets200.5 174.1 
Net losses (gains) on investments32.9 (67.7)
Income from investments in equity method investees(51.6)(123.8)
Net losses (gains) on investments of consolidated investment products22.0 (176.1)
Net purchase of investments by consolidated investment products(312.2)(434.4)
Deferred income taxes55.9 (42.3)
Other33.0 12.3 
Changes in operating assets and liabilities:
Increase in receivables and other assets(97.3)(115.2)
Decrease (increase) in investments, net(