{
  "report_rows": [
    {
      "kpi": "Adjusted net income per share",
      "prediction": "BEAT",
      "answer": "pred ~$1.48 vs. cons $1.43",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Fee-related earnings per share",
      "prediction": "BEAT",
      "answer": "pred ~$1.20 vs. cons $1.18",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Total AUM",
      "prediction": "BEAT",
      "answer": "pred ~$798B vs. cons $788B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Fee-related earnings growth",
      "prediction": "BETTER",
      "answer": "guide ~21% vs. cons 20% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Adjusted net income per share",
      "prediction": "BETTER",
      "answer": "guide ~$6.60 vs. cons $6.55 (FY2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Strategic Holdings operating earnings",
      "prediction": "UNCHANGED",
      "answer": "guide ~$350M vs. cons $350M (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Forward gross monetization pipeline",
      "prediction": "BETTER",
      "answer": "guide ~$1.60B vs. cons $1.50B (2H2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 4.2,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Recurring-earnings and AUM upside should lift estimates, while implied FY2026 ANI of ~$6.60 versus consensus ~$6.55 avoids an incremental cut; delayed monetizations shifting into 2027 support out-period revisions rather than creating a post-beat estimate fade.",
  "day5_confidence": "MEDIUM"
}