{
  "report_rows": [
    {
      "kpi": "After-tax realized EPS",
      "prediction": "BEAT",
      "answer": "pred ~$1.35 vs. cons $1.30",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fee-related earnings",
      "prediction": "BEAT",
      "answer": "pred ~$495M vs. cons $487M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Management fees",
      "prediction": "BEAT",
      "answer": "pred ~$1.092B vs. cons $1.080B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Fee-related earnings growth",
      "prediction": "BETTER",
      "answer": "guide ~20% vs. cons 19% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fee-related earnings margin expansion",
      "prediction": "BETTER",
      "answer": "guide ~140 bps vs. cons 125 bps (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 4.6,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Above-consensus management fees and FRE, plus FY2026 growth of ~20% versus consensus of 19%, should lift FY2026-FY2027 estimates; limited deployment acceleration and wealth-redemption concerns cap the follow-through.",
  "day5_confidence": "LOW"
}