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

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.