{
  "report_rows": [
    {
      "kpi": "Distributable earnings per common share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.35 vs. cons $1.33",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fee-related earnings per share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.30 vs. cons $1.30",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total inflows",
      "prediction": "BEAT",
      "answer": "pred ~$58B vs. cons $54B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Base-management-fee growth cadence",
      "prediction": "LOWER",
      "answer": "guide ~5% vs. cons 7% (2H26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "BCRED net-flow trajectory",
      "prediction": "LOWER",
      "answer": "guide ~-$1.0B vs. cons -$0.5B (3Q26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Net realizations outlook",
      "prediction": "UNCHANGED",
      "answer": "guide ~$1.6B vs. cons $1.6B (2H26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -3,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "An in-line DE result and inflow beat are likely outweighed by lower implied second-half base-fee growth and persistent BCRED outflows; those out-period assumptions should pull 2026-27 DE estimates lower after the report.",
  "day5_confidence": "MEDIUM"
}