{
  "report_rows": [
    {
      "kpi": "After-tax FRE/share",
      "prediction": "BEAT",
      "answer": "pred ~$0.870 vs. cons $0.859",
      "confidence": "LOW"
    },
    {
      "kpi": "FPAUM",
      "prediction": "IN-LINE",
      "answer": "pred ~$417.0B vs. cons $414.2B",
      "confidence": "LOW"
    },
    {
      "kpi": "Capital deployment",
      "prediction": "BEAT",
      "answer": "pred ~$35.0B vs. cons $33.9B",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FRE-margin expansion (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide at high end of 0-150 bps vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "European-style realized performance income (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$350M vs. cons UNVERIFIED",
      "confidence": "LOW"
    },
    {
      "kpi": "Fundraising (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide as good as/better than 2025 record vs. cons UNVERIFIED",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -3.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 maintained forward targets outweigh a modest operating beat",
  "day5_confidence": "LOW"
}