{
  "report_rows": [
    {
      "kpi": "Fee-Related Earnings (FRE)",
      "prediction": "BEAT",
      "answer": "pred ~$810M vs. cons $767M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "SRE (Operating)",
      "prediction": "MISS",
      "answer": "pred ~$850M vs. cons $872M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Gross Capital Deployment",
      "prediction": "BEAT",
      "answer": "pred ~$100B vs. cons $97B",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 FRE (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide reaffirm ~$3,100-3,200M vs. cons $3,109M",
      "confidence": "HIGH"
    },
    {
      "kpi": "FY 2026 SRE (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide reaffirm ~$3,500M vs. cons $3,510M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 Origination/Pipeline Commentary (Q3 2026)",
      "prediction": "BETTER",
      "answer": "guide 'strong/in line with Q2' vs. cons ~$97B",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 1.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "STABILIZE \u2014 FRE beat provides floor; SRE miss and implicit FY out-period cut cap upside; no meaningful follow-through",
  "day5_confidence": "MEDIUM"
}