{
  "report_rows": [
    {
      "kpi": "DE/share",
      "prediction": "BEAT",
      "answer": "pred ~$1.38 vs. cons $1.358",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fee-related earnings",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.60B vs. cons $1.585B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Gross inflows",
      "prediction": "BEAT",
      "answer": "pred ~$55.0B vs. cons $54.44B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FRE trajectory (2H 2026)",
      "prediction": "UNKNOWN",
      "answer": "moderate near-term growth; later-2026 acceleration; no numerical guide vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "Realizations / performance revenue (2H 2026)",
      "prediction": "UNKNOWN",
      "answer": "conditional acceleration; no numerical guide vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "Wealth / private-credit flows (Q3 2026)",
      "prediction": "UNKNOWN",
      "answer": "aggregate recovery but BCRED remains softer; no numerical guide vs. cons UNVERIFIED",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 implicit forward caution should keep revisions soft",
  "day5_confidence": "LOW"
}