{
  "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 adjusted share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.18 vs. cons $1.17",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Assets under management",
      "prediction": "IN-LINE",
      "answer": "pred ~$794B vs. cons $788B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "2026 adjusted net income per share / monetization outlook",
      "prediction": "LOWER",
      "answer": "guide ~$6.85 vs. cons $6.95 (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Strategic Holdings operating earnings",
      "prediction": "UNCHANGED",
      "answer": "guide ~$350M vs. cons $350M (FY2026)",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A modest reported EPS beat (~$1.48 vs. $1.43) is likely outweighed by an implied FY2026 ANI reset (~$6.85 vs. $6.95 consensus): delayed realizations shift earnings power into 2027, prompting out-period estimate cuts despite resilient FRE and AUM.",
  "day5_confidence": "MEDIUM"
}