{
  "report_rows": [
    {
      "kpi": "FRE/share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.17 vs. cons $1.161",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "ANI/share",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.43 vs. cons $1.419",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Ending AUM",
      "prediction": "IN-LINE",
      "answer": "pred ~$790.0B vs. cons $788.3B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FRE/share (FY2026)",
      "prediction": "UNCHANGED",
      "answer": "reaffirm qualitative $4.50+ target vs. cons $4.831; no numeric upper bound",
      "confidence": "LOW"
    },
    {
      "kpi": "ANI/share / realization framing (FY2026)",
      "prediction": "UNCHANGED",
      "answer": "maintain below $7 timing caution vs. cons $6.087",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.0,
  "day1_confidence": "LOW",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 no forward ANI reacceleration",
  "day5_confidence": "LOW"
}