{
  "report_rows": [
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$3.02 vs. cons $2.91",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Investment-banking revenue",
      "prediction": "BEAT",
      "answer": "pred ~$248M vs. cons $231M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Asset-management and related administrative fees",
      "prediction": "BEAT",
      "answer": "pred ~$2.08B vs. cons $2.05B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Asset-management and related administrative fee growth",
      "prediction": "BETTER",
      "answer": "guide ~3.0% q/q vs. cons 2.0% q/q (fiscal 4Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Combined net interest income and RJBDP third-party fee growth",
      "prediction": "LOWER",
      "answer": "guide ~0.0% q/q vs. cons 1.0% q/q (fiscal 4Q26)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted pretax margin",
      "prediction": "UNCHANGED",
      "answer": "guide ~20.0% vs. cons 20.1% (next 12 months)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Investment-banking revenue growth",
      "prediction": "LOWER",
      "answer": "guide ~5% vs. cons 7% (next 12 months)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Quarterly share repurchases",
      "prediction": "UNCHANGED",
      "answer": "guide ~$450M vs. cons $450M (fiscal 4Q26)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 2.4,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.1,
  "day5_path": "FADE",
  "day5_rationale": "A projected adjusted-EPS beat of ~$0.11 versus consensus is partly offset by fiscal-4Q26 NII growth guidance of ~0% versus 1% consensus and next-12-month investment-banking growth of ~5% versus 7% consensus, limiting out-period estimate revisions after the initial positive reaction.",
  "day5_confidence": "MEDIUM"
}