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BENFranklin Resources

Financials · Asset Management · NYSE
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The 10-K against last year's

78 changes: 9 added, 5 removed, 62 reworded, 2 quiet changes

10-K Nov 9, 2026 vs Nov 10, 2025
Risk FactorsRedline ↓
3.6%
of the text changed · 8,678 words now
13.1%
of the text changed · 10,405 words now
Legal ProceedingsRedline ↓
36.7%
of the text changed · 2,045 words now
Accounting PoliciesRedline ↓
0.4%
of the text changed · 4,304 words now

10-K 0000038777-26-000289 (2026-11-09) vs 10-K 0000038777-25-000238 (2025-11-10)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Legal Proceedings 209 words changed in this paragraph; it is 45% similar to last year's version.
Western Asset Management Investigations and Litigation. As previously disclosed, the Company launched an internal investigation into certain trade allocations of treasury derivatives in select WAM Western Asset Management (“WAM”) managed accounts. accounts by its then-co-Chief Investment Officer, Ken Leech. WAM received notification of parallel investigations by the SEC and the U.S. Department of Justice (“DOJ”). WAM also received notice of an investigation into these trading activities by the CFTC. On June 30, 2025, The Company and WAM fully cooperated with these investigations. As previously disclosed, the CFTC informed WAM that it closed its investigation. The SEC and On June 3, 2026, the DOJ investigations remain ongoing. The Company and notified WAM have fully cooperated, and will continue to fully cooperate with the SEC and DOJ investigations. Ken Leech, the former co-Chief Investment Officer of WAM, received a “Wells Notice” from the staff of the SEC in August 2024, and was placed on administrative leave at that time. Mr. Leech retired and it is no longer with a subject of the Company, as previously disclosed. DOJ investigation and that it will take no further action. On November 25, 2024, June 5, 2026, the SEC filed issued an order resolving its investigation of WAM in its entirety (the “Settlement”). Under the Settlement, WAM, without admitting any wrongdoing, agreed to pay a complaint in the United States District Court civil penalty of $100.0 million to be paid into a Fair Fund for the Southern District benefit of New York against Mr. Leech alleging violations investors. These outcomes end the investigations of certain laws related to trade allocations. Concurrently, WAM by the DOJ filed an indictment with the United States District Court for the Southern District of New York against Mr. Leech for similar allegations and for false statements made to the SEC.

Source: Item 3, via Note 15 – Commitments and Contingencies, 10-K 0000038777-26-000289 vs Item 3, via Note 15 – Commitments and Contingencies, 10-K 0000038777-25-000238

MD&A 151 words changed in this paragraph; it is 53% similar to last year's version.
During fiscal year 2026, we borrowed an aggregate of $850.0 million under the revolving credit facility, of which $150.0 million was repaid on February 9, 2026, and the remaining $700.0 million was repaid on August 15, 2026. No borrowings were outstanding under the facility at September 30, 2026. On April 30, 2025, October 19, 2026, we entered into an Amended and Restated Revolving Credit Agreement (the “Amended and Restated Credit Agreement”) with a five-year term and $1.1 billion of aggregate available borrowings. As of April 30, 2025, the borrowed $300.0 million of borrowings outstanding under our prior credit facility were transferred to the Amended and Restated Credit Agreement. The borrowing remains outstanding at the time of this filing and the proceeds were used for general corporate purposes. Interest is payable semi-annually on any outstanding amounts and is based on the Term Secured Overnight Financing Rate (“Term SOFR”) plus a credit spread of 87.5 basis points and a Term SOFR adjustment of 10 basis points. On September 5, 2025, the Company repaid all of the outstanding $300.0 million borrowings at the principal amount plus accrued interest of $5.5 million. The Amended and Restated Credit Agreement contains a financial performance covenant requiring that the Company maintain a consolidated net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 3.25 to 1.00. We were in compliance with all debt covenants at September 30, 2025. 2026.

Source: Item 7, 10-K 0000038777-26-000289 vs Item 7, 10-K 0000038777-25-000238

Risk Factors 82 words changed in this paragraph; it is 71% similar to last year's version.
Due to market volatility, reputational harm or other events or conditions described above, our funds may need to sell securities or instruments that they hold, possibly at a loss, or draw on any available lines of credit, to obtain cash to maintain sufficient liquidity or settle redemptions, or settle in-kind with securities held in the applicable fund. While we have no legal or contractual obligation to do so, we have in the past provided, and may in the future at our discretion provide, financial support to our funds to enable them to maintain sufficient liquidity in any such event. Changes in investor preferences regarding our more popular products have in the past caused, and could in the future cause, sizable redemptions and lower the value of our AUM, which would result in lower revenue and operating results. Increased market volatility and changes in investor preferences also increase the risk of fund closures. Any decrease in the level of our AUM resulting from market declines, credit or interest rate volatility or uncertainty, increased redemptions or other factors could negatively impact our revenues and income.

Source: Item 1A, 10-K 0000038777-26-000289 vs Item 1A, 10-K 0000038777-25-000238

Accounting Policies 32 words changed in this paragraph; it is 71% similar to last year's version.
Cash and Cash Equivalents primarily consist of nonconsolidated sponsored money market funds and deposits with financial institutions and are carried at cost. Due to the short-term nature and liquidity of these financial instruments, their carrying values approximate fair value. Cash equivalents also include investments in money market funds held in connection with the Company's deferred compensation plans. These amounts are restricted in use and are not available for general operating purposes.

Source: Item 8, Note 1 – Significant Accounting Policies, 10-K 0000038777-26-000289 vs Item 8, Note 1 – Significant Accounting Policies, 10-K 0000038777-25-000238

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of BEN's Risk Factors and MD&A, 10-K 2026-11-09 against 10-K 2025-11-10. Each links to the text at sec.gov.

AddedRisk Factors
adapt to, the ever changing, complex regulatory requirements in such jurisdictions or markets, which could further negatively impact our business.

Read it in 10-K 2026-11-09 at sec.gov ↗

AddedMD&A
1Beginning in fiscal year 2026, non-fee generating uncalled capital commitments, which were previously included in net market change, distributions, and other, are reflected in long-term inflows in the period the capital is committed. Prior periods have not been revised to reflect the current presentation.

Read it in 10-K 2026-11-09 at sec.gov ↗

AddedMD&A
1Beginning in fiscal year 2026, non-fee generating uncalled capital commitments, which were previously included in net market change, distributions, and other, are reflected in long-term inflows in the period the capital is committed. Prior periods have not been revised to reflect the current presentation.

Read it in 10-K 2026-11-09 at sec.gov ↗

AddedMD&A
1Effective in fiscal year 2026, Cayman-domiciled money market fund assets are included in United States reflecting the underlying investor base. This change resulted in an 11% reduction of AUM in the Americas, excluding U.S.

Read it in 10-K 2026-11-09 at sec.gov ↗

AddedMD&A
(in millions) 2026 vs. 2025 2025 vs. 2024 for the fiscal years ended September 30, 2026 2025 2024 Investment and other income, net: Dividend and interest income $ 157.3 $ 141.4 $ 176.9 11 (20 Gains (losses) on investments, net 13.0 (37.6) 57.6 NM NM Income from investments in equity method investees 90.8 78.0 137.5 16 (43 Losses on crypto assets, net (19.4) — — NM NM Rental income 45.6 44.1 43.7 3 1 Foreign currency exchange gains (losses), net 5.1 (11.6) (19.9) NM (42 Other, net 56.1 (1.5) (0.3) NM 400 Investment and other income, net 348.5 212.8 395.5 64 (46 Interest expense (95.1) (94.9) (97.2) 0 (2 Investment and other income of consolidated investment products, net 512.4 108.4 149.9 373 (28 Expenses of consolidated investment products (39.3) (43.6) (32.6) (10 34 Other income, net $ 726.5 $ 182.7 $ 415.6 298 (56

Read it in 10-K 2026-11-09 at sec.gov ↗

AddedMD&A
On December 11, 2025, we entered into a Joinder and Commitment Increase Agreement (the “Joinder Agreement”) which amended the Amended and Restated Revolving Credit Agreement dated April 30, 2025. Pursuant to the Joinder Agreement, aggregate commitments increased by $400.0 million to $1.5 billion. On July 30, 2026, we entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”), which, among other things, extended the maturity of the revolving credit facility to July 30, 2031. The Credit Agreement provides for a five-year revolving credit facility with $1.5 billion of aggregate commitments and an option to increase the commitments by a maximum of $500.0 million. We expect to utilize the Credit Agreement periodically as part of our normal operations.

Read it in 10-K 2026-11-09 at sec.gov ↗

Show the other 1
AddedMD&A
We performed a qualitative annual impairment test for goodwill and all indefinite-lived intangible assets as of August 1, 2026 and concluded it was more likely than not that the fair values of the reporting unit and the indefinite-lived intangible assets exceed their carrying values.

Read it in 10-K 2026-11-09 at sec.gov ↗

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