{
  "report_rows": [
    {
      "kpi": "Adjusted diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.76 vs. cons $2.70",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Investment advisory fees",
      "prediction": "IN-LINE",
      "answer": "pred ~$1.76B vs. cons $1.75B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Annualized effective fee rate excluding performance fees",
      "prediction": "MISS",
      "answer": "pred ~37.6 bps vs. cons 38.1 bps",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 adjusted operating-expense growth excluding accrued carried-interest compensation",
      "prediction": "UNCHANGED",
      "answer": "guide ~4.5% vs. cons 4.5% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY2026 adjusted effective tax rate",
      "prediction": "UNCHANGED",
      "answer": "guide ~24.5% vs. cons 24.5% (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Q3 net-flow trajectory excluding large institutional mandates",
      "prediction": "LOWER",
      "answer": "guide ~($10.0)B vs. cons ~($6.0)B (Q3 2026)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH: adjusted EPS ~ $2.76 vs. cons $2.70 is outweighed by fee-rate pressure at ~37.6 bps vs. cons 38.1 bps, implying FY2026 EPS revisions toward ~$10.85 vs. preprint cons ~$11.05.",
  "day5_confidence": "MEDIUM"
}