In their roles as fictionalized versions of real-life paranormal investigators Ed and Lorraine Warren, Patrick Wilson and Vera Farmiga have led a successful horror series primarily driven by their compelling performances and strong on-screen rapport. While the actual Warrens were surrounded by controversy, their counterparts in the “Conjuring” universe resemble ghost-hunting, demon-busting versions of Nick and Nora from “The Thin Man.” The formula is solid, and the leads’ charisma suggests these eerie tales could continue indefinitely, as long as the audience remains interested.

However, after three main films and five spin-offs, the franchise reaches its conclusion. “The Conjuring: Last Rites” delves into a fictionalized account of the last case worked on by the real Warrens. It’s admirable for the series to conclude gracefully before it risks overextending, offering fans a final adventure with the Warrens that ties up their story arc. At 135 minutes, “Last Rites” stands as the longest installment, tasked with introducing a new case, revisiting a connected case from their past, and expanding on the family’s life now that their daughter Judy (played by Mia Tomlinson) is an adult.

Though the film effectively closes the Warrens’ storyline, it lacks some of the magic of earlier entries, ultimately feeling more like a familiar rerun than a fresh horror experience.

Much of “The Conjuring: Last Rites” is set in 1986, with Ed and Lorraine mostly retired from new investigations. It begins in 1964, showcasing a case they were handling on the night their daughter Judy was born. This captivating prologue highlights Judy’s inherited sensitivity to the paranormal, akin to her mother’s ability to assist others. (Madison Lawlor and Orion Smith excel in their roles as younger versions of Lorraine and Ed.) From here, the film diverges into two storylines. One follows the Smurl family, comprised of eight individuals living in a small house troubled by a cursed mirror introduced in the prologue, from a case too eerie for the Warrens to resolve. The other explores the Warrens’ experience of semi-retirement.

Lorraine is content to leave the excitement of their past behind, focusing on helping her daughter fend off the darkness she’s battled for years. Ed, though still eager, must ease up after facing heart issues in “The Conjuring: The Devil Made Me Do It.” He nearly suffers a heart attack during a lively ping pong match against Judy’s boyfriend Tony (played by Ben Hardy), raising concerns about his health when eventually tackling the Smurls’ case.

Regarding the Smurls’ haunting, many scenes feel like creative revisits to previous films, but with such a large family, the varied experiences intricately entwine, amplifying the fear, despair, and conflict within the house. Although moments with the Warrens are touching and engaging, they begin to feel lengthy. There’s intelligent suspense in delaying the inevitable, but it also seems like we’re simply spending extra time with our beloved protagonists before their farewell. Combined with numerous Easter eggs and nods to the broader universe—featuring “Annabelle” aplenty—the intended melancholy increasingly feels celebratory. It’s both a blessing and a slight curse.

For all of director Michael Chaves’ skill, with this being a fourth film in the franchise, there’s not quite as much room to surprise and delight the viewer. Watching “The Conjuring: Last Rites” with an active audience familiar with the series, the reliable formula feels like seeing a magic trick after being taught how it’s done. Every jump scare set-up was met not with clenching and tension, but a knowing kind of excitement, like seeing a beloved band and hearing a familiar riff before they launch into one of their biggest hits. As such, the scares feel less, well, scary, and more like cozy callbacks. No matter how much otherworldly spookiness has occurred on the set of “The Conjuring” films, at this point, the movies feel more like episodes of someone’s comfort show, the kind you stream on repeat no matter how many times you’ve seen them.

There’s an early scene where Ed and Lorraine give a lecture, like we have seen in the prior films, but when the lights come up, the audience is revealed to be a handful of youths all itching to make “Ghostbusters” references and jokes about the paranormal. When the scene occurs and Ed laments no one taking things seriously anymore, it seems like it might be a thesis statement. Perhaps in earlier drafts, “Last Rites” had a little more boldness and bite as counter-programming to irony-laden, meta-horror.

But instead, the seriousness on display is largely about the emotional arcs of the family members and the love story of Ed and Lorraine seeing Judy find the man she’s going to spend the rest of her life with. And that’s fine! It makes for a pleasant viewing experience. It’s just a minor bummer that the heartstring tugging and sentimentality isn’t better weaved with the thrills and chills and charm that made these movies so fun in the first place.

“The Conjuring: Last Rites” premieres in theaters on September 5.