{
  "report_rows": [
    {
      "kpi": "ANI per Adjusted Share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.60 vs. cons $1.42",
      "confidence": "HIGH"
    },
    {
      "kpi": "FRE per Adjusted Share (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$1.19 vs. cons $1.16",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "AUM End of Period (Q2 2026)",
      "prediction": "IN-LINE",
      "answer": "pred ~$790B vs. cons $788B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "ANI per Share \u2014 FY 2026 (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide ~$6.75 vs. cons $6.09",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FRE per Share \u2014 FY 2026 (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide $4.50+ reiterated vs. cons $4.83",
      "confidence": "HIGH"
    },
    {
      "kpi": "Strategic Holdings OE (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide $350M+ reiterated vs. cons $348M",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 4.0,
  "day1_confidence": "HIGH",
  "day5_residual_pct": 5.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 sell-side estimate revisions on ANI guidance upgrade drive continued buying; short covering extends over multiple sessions",
  "day5_confidence": "MEDIUM"
}