BEN — what changed in the latest 10-Q
A section-by-section comparison of BEN's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-31 vs the prior 10-Q · 2026-04-28
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +16 | −14 | ~54 | 68 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-31
Long-term inflows increased 61% to $122.0 billion, as compared to the prior year period, driven by higher inflows in equity and multi-asset open-end funds, equity and multi-asset separately managed accounts, equity exchange traded funds, fixed income and equity institutional separate accounts, alter…
AUM increased $130.4 billion, or 8%, during the nine months ended June 30, 2026 due to $63.3 billion of long-term net inflows, inclusive of $11.7 billion of long-term net outflows at WAM, the positive impact of $57.7 billion of net market change, distributions and other, $6.2 billion from the acquis…
Long-term inflows increased 38% to $358.8 billion, as compared to the prior year period, driven by higher inflows in equity and multi-asset open-end funds, equity and fixed income exchange traded funds, equity, multi-asset, and fixed income separately managed accounts, alternative private funds, fix…
Sales-based expenses increased $9.9 million and $9.3 million for the three and nine months ended June 30, 2026 primarily due to increases of 31% and 14% in commissionable sales, partially offset by a higher mix of non-U.S. sales.
We recognized impairment charges totaling $33.0 million during the three and nine months ended June 30, 2026, and $24.4 million during the nine months ended June 30, 2025. The impairment charges in both periods were primarily related to certain indefinite-lived intangible assets for acquired mutual …
Text removed vs the prior filing · source: 10-Q · 2026-04-28
Long-term inflows increased 36% to $118.2 billion, as compared to the prior period, driven by higher inflows in equity, multi-asset and fixed income open-end funds, alternative private funds, equity exchange traded funds, multi-asset sub-advised mutual funds, equity and multi-asset separately manage…
1Cash management at March 31, 2025 includes $6.3 billion of AUM and $3.7 billion of net inflows related to two money market mutual fund share classes previously closed to third-party investors.
AUM increased $20.9 billion, or 1%, during the six months ended March 31, 2026 due to $44.9 billion of long-term net inflows, inclusive of $10.6 billion of long-term net outflows at WAM, $10.2 billion of cash management net inflows, and $6.1 billion from the acquisition of Apera, partially offset by…
Long-term inflows increased 29% to $236.8 billion, as compared to the prior period, driven by higher inflows in equity, multi-asset, and fixed income open-end funds, alternative private funds, equity and fixed income exchange traded funds, fixed income, multi-asset, and equity separately managed acc…
Sales-based expenses increased $3.0 million for the three months ended March 31, 2026 primarily due to an increase of 20% in commissionable sales, partially offset by a higher mix of non-U.S. sales, and decreased $0.6 million for the six months ended March 31, 2026 primarily due to a higher mix of n…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice