Franklin Templeton (BEN) official guidance

And then the tax rate, we guided last time for the year, 26%-28%. We're keeping that guide, but we're now on the lower end of the guide or low to mid, let's say, in that guide.

In terms of our tax rate, we expect fiscal 2026 to be in the range of 26%-28% due to a high proportion of U.S. income and the effect of increased tax rates globally.

For further perspective, we end up at the level illustrated on the page, which is about 1.5% higher versus 2025.

At flat markets, as we mentioned, the assumptions and excluding performance fee comp, we do expect expenses to be in line with 2025.

This is consistent with previous commentary on margin expansion going into our fiscal year-end that would result in fiscal fourth quarter margin in the high 29s and for the year in the 27s for the full year, both representing meaningful margin expansion ahead of plan and on our way to 30%+ margins later in 2027, all ahead of plan and as presented last quarter.

As I mentioned, where we should end this year, all else remaining equal, in the high 20s, going into 2027 fiscal, at some point we'll be 30%.

All else remaining equal from this point, we expect to end fiscal 2026 at or below adjusted expenses versus fiscal 2025 and at a higher operating margin.

This is consistent with previous commentary on margin expansion going into our fiscal year-end that would result in fiscal fourth quarter margin in the high 29s and for the year in the 27s for the full year, both representing meaningful margin expansion ahead of plan and on our way to 30%+ margins later in 2027, all ahead of plan and as presented last quarter.

And we said we'd be in excess of 30% by the time that's finished. The, the reality is, we are well on our way to the 30% margin, all else remaining equal, going into 2027, let's say, fiscal 2027. So at some time in 2027, we'll be there.

This is consistent with previous commentary on margin expansion going into our fiscal year-end that would result in fiscal fourth quarter margin in the high 29s and for the year in the 27s for the full year, both representing meaningful margin expansion ahead of plan and on our way to 30%+ margins later in 2027, all ahead of plan and as presented last quarter.

This year we raised that to $25 billion-$30 billion. Just we would expect to actually be above the $30 billion.

With respect to alts, you know, as Matt said, so we had a very strong quarter. You know, our target for the year is 25-30. We're gonna, it's, you know, still early, so we're gonna maintain that target.

In fiscal 2026, we anticipate an increase to private market fundraising to between $25 billion and $30 billion.