From Numbers to Judgment: Specialist LLM Agents and Reinforcement Learning for European Listed Real Estate

Pardis Taghavi; Santosh Bhavani

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arXiv · 2608.11381

From Numbers to Judgment: Specialist LLM Agents and Reinforcement Learning for European Listed Real Estate

Pardis Taghavi·Santosh Bhavani

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Abstract

We study whether the localized numerical operations and integrative judgments of financial analysis benefit from the same form of LLM specialization. Larix maps a 16-lens European listed-real-estate analysis framework to eight lens-aligned specialists; we compare a frontier LLM under monolithic versus specialist-decomposed prompting while holding the model, source evidence, task instructions, output schema, and scoring fixed. Across 19 firms spanning seven regulatory wrappers, decomposition improves the numerical-task aggregate by 15.8 percentage points but does not reliably improve, and can reduce, performance on judgment tasks, a pattern stable across four frozen-template dispatches; a single-agent control given the complete framework does not reproduce the numerical gain. Post-training Qwen3.5-9B with GRPO using task-aligned structured rewards then raises the development-split score by 12.0 points and the judgment aggregate by 14.2 points, with gains on all four sub-ceiling tasks; the gains transfer to unseen firms (+15.2 points overall; +40.4 on covenant stress) and to unseen regulatory wrappers (+4.3), with positive transfer on all three anti-memorization splits. Prompt-level decomposition thus improves modular numerical execution, whereas targeted parameter adaptation improves integrative financial judgment.

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Pardis Taghavi, Santosh Bhavani. 2026-08-11. From Numbers to Judgment: Specialist LLM Agents and Reinforcement Learning for European Listed Real Estate. https://arxiv.org/abs/2608.11381

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