{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.66 vs. cons $2.52",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.94B vs. cons $1.92B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Investment advisory effective fee rate, excluding performance fees",
      "prediction": "IN-LINE",
      "answer": "pred ~38.1 bps vs. cons 38.2 bps",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted operating-expense growth, excluding carried-interest compensation",
      "prediction": "LOWER",
      "answer": "guide ~4.0% midpoint vs. cons 4.5% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.2,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "FADE",
  "day5_rationale": "The initial EPS beat should be supported by higher average AUM and expense discipline, but fee-rate compression means FY2026 EPS revisions of roughly +1.5% likely trail the approximately +5.6% quarterly EPS surprise, producing a partial fade.",
  "day5_confidence": "MEDIUM"
}