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

# 1Introduction
Source: [https://arxiv.org/html/2608.11381](https://arxiv.org/html/2608.11381)
From Numbers to Judgment: Specialist LLM Agents and Reinforcement Learning for European Listed Real EstatePardis Taghavi, Santosh Bhavani∗∗Corresponding author:[santosh@ikmail\.com](mailto:[email protected])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\.

## 1Introduction

European listed real estate is an income asset class whose rules change at the border\. A French SIIC must distribute the bulk of its recurring income by statute; Aroundtown, a Luxembourg\-registered landlord managing properties primarily in Germany and the Netherlands, has no statutory distribution obligation and paid no FY2024 dividend; and the correct measure of recurring performance alternates between EPRA Earnings, FFO I, and earnings per share excluding revaluation\[[4](https://arxiv.org/html/2608.11381#bib.bib4),[6](https://arxiv.org/html/2608.11381#bib.bib6),[10](https://arxiv.org/html/2608.11381#bib.bib10)\]\. Dividend\-sustainability calls, covenant headroom, and valuation therefore hinge on a threshold classification made before any number is computed: which legal and reporting regime governs this firm\. Applying one regime’s rule to another regime’s firm is not approximately but confidently, mechanically wrong\. Language\-model agents face the same trap: they can extract the correct figure from the correct filing and still apply the wrong regime’s rule, and the fluency of their output makes the mistake hard to detect\. The setting thus exposes two distinct demands on financial LLMs: modular numerical operations, such as extracting a regime\-appropriate metric or executing a defined calculation, and integrative judgments that reconcile evidence across accounting, regulatory, and risk dimensions\.

Specialist decomposition is a natural response to this heterogeneity, but its effect need not be uniform across the two demands\. Restricting a model to a narrow analytical lens reduces irrelevant context and makes required intermediate fields explicit, which should aid localized numerical execution; integrative judgment, by contrast, requires evidence combined across disclosures and analytical lenses, and partitioning that evidence among specialists may yield no benefit: narrow prompt scope may omit cross\-lens evidence required for integrative decisions\. Existing financial multi\-agent systems demonstrate role\-based workflows and end\-to\-end decision pipelines\[[20](https://arxiv.org/html/2608.11381#bib.bib19),[23](https://arxiv.org/html/2608.11381#bib.bib22),[24](https://arxiv.org/html/2608.11381#bib.bib23)\], but their reported gains confound decomposition itself with additional domain instructions and model differences\. We therefore ask when specialist decomposition improves a fixed frontier LLM, where that intervention fails, and whether task\-aligned post\-training can improve a substantially smaller model’s integrative financial judgment beyond its own zero\-shot behavior\.

We investigate these questions through Larix, which maps a 16\-lens European listed\-real\-estate framework to eight lens\-aligned specialists with structured outputs; the empirical unit in this paper is the specialist layer, with downstream synthesis, conviction calibration, and position sizing outside the present evaluation\. To isolate the effect of decomposition itself, we compare three conditions using the same frontier model: a monolithic financial\-analysis prompt, a monolithic prompt given the complete 16\-lens framework, and lens\-aligned specialist prompting, under identical source evidence, task instructions, output schemas, and scoring within each task\. The benchmark separates source\-grounded numerical tasks from judgment\-intensive tasks that require reconciling multiple disclosures and regime\-specific constraints\. Separately, we optimize Qwen3\.5\-9B with GRPO using task\-aligned structured rewards and evaluate the zero\-shot and post\-trained checkpoints against the same held\-out benchmark\.

Across 19 firms spanning seven regulatory wrappers, decomposition improves the numerical\-task aggregate by 15\.8 percentage points while the judgment\-task aggregate is unchanged in the primary dispatch; the full\-framework monolithic control scores below the generic monolith on the extraction tasks, so scoped lens ownership rather than framework disclosure drives the gain\. GRPO post\-training then raises the 9B model’s judgment\-task aggregate by 14\.2 points on the development split, and the gains transfer to unseen firms, unseen regulatory wrappers, and later periods, with the largest out\-of\-distribution gain on the covenant\-stress judgment task \(Sec\.[5](https://arxiv.org/html/2608.11381#S5)\)\. These results suggest a task\-dependent division of labor: prompt\-level decomposition improves modular numerical execution, whereas targeted parameter adaptation improves integrative financial judgment\.

#### Contributions\.

We make four contributions\. First, we provide a controlled same\-model evaluation of lens\-aligned specialist decomposition for regime\-aware financial analysis, holding source evidence, task instructions, output schemas, and scoring fixed and including a full\-framework monolithic control\. Second, we identify a task\-dependent trade\-off: decomposition improves modular numerical analysis but does not reliably improve, and can reduce, performance on tasks requiring integrative financial judgment\. Third, we develop a structured\-reward GRPO post\-training procedure for the same analytical interface and show that a post\-trained Qwen3\.5\-9B improves the judgment tasks that prompt\-level decomposition cannot, with gains that transfer to unseen firms and unseen regulatory wrappers\. Fourth, we release the evaluation asset behind these findings: a 25\-firm, eight\-wrapper benchmark of source\-grounded numerical and judgment tasks with a corrected, per\-cell\-provenance rubric, a frozen repeat\-dispatch panel, and a hardened scoring harness\.

## 2Related Work

#### Financial LLMs and multi\-agent systems\.

The literature has evolved from instruction\-tuned general\-purpose models\[[19](https://arxiv.org/html/2608.11381#bib.bib18)\]to role\-specialized multi\-agent architectures\[[5](https://arxiv.org/html/2608.11381#bib.bib5),[20](https://arxiv.org/html/2608.11381#bib.bib19),[23](https://arxiv.org/html/2608.11381#bib.bib22),[24](https://arxiv.org/html/2608.11381#bib.bib23),[25](https://arxiv.org/html/2608.11381#bib.bib24),[16](https://arxiv.org/html/2608.11381#bib.bib27)\], with multi\-agent designs from software engineering\[[7](https://arxiv.org/html/2608.11381#bib.bib7),[8](https://arxiv.org/html/2608.11381#bib.bib8)\]informing financial deployments\[[22](https://arxiv.org/html/2608.11381#bib.bib21)\]under orchestrator\-plus\-specialists topologies with structured message passing\. Larix differs in anchoring specialist scope to an explicit domain framework and treating the specialist layer, not the end\-to\-end pipeline, as the unit of RL optimization\.

#### Evaluation and the listed\-real\-estate domain\.

Financial NLP evaluation has progressed from numerical reasoning over financial reports\[[2](https://arxiv.org/html/2608.11381#bib.bib2)\]to open\-book QA against primary\-source documents\[[9](https://arxiv.org/html/2608.11381#bib.bib9)\]and holistic multi\-task suites\[[21](https://arxiv.org/html/2608.11381#bib.bib20)\]\. Two lessons bear directly on our design: benchmark scores are conditional on the prompting and scoring protocol \(our harness\-hardening findings, Appendix[A\.1](https://arxiv.org/html/2608.11381#A1.SS1), are an instance\), and chain\-of\-thought decomposition\[[18](https://arxiv.org/html/2608.11381#bib.bib17)\]is the informative baseline a specialist condition must beat\. The listed\-real\-estate literature establishes the regularities our tasks encode: FFO provides incremental information content beyond GAAP net income\[[17](https://arxiv.org/html/2608.11381#bib.bib16)\], listed property shares trade at persistent discounts and premia to NAV\[[1](https://arxiv.org/html/2608.11381#bib.bib1)\], regulatory structure and payout requirements link to performance cross\-country\[[6](https://arxiv.org/html/2608.11381#bib.bib6)\], and the choice between earnings\-type and FFO\-type measures is empirically contested\[[10](https://arxiv.org/html/2608.11381#bib.bib10)\]\. Our benchmark differs from these evaluation suites in being cross\-regime across eight European wrappers, deterministically rubric\-scored against expert\-blinded ground truth, and evaluated with the underlying model held fixed across conditions\.

#### RL post\-training for LLMs\.

RL fine\-tuning of LLMs has progressed from human\-feedback alignment\[[12](https://arxiv.org/html/2608.11381#bib.bib12)\]to outcome\-reward reasoning post\-training with group\-relative objectives\[[3](https://arxiv.org/html/2608.11381#bib.bib3),[14](https://arxiv.org/html/2608.11381#bib.bib14),[26](https://arxiv.org/html/2608.11381#bib.bib25)\], and open frameworks such as veRL\[[15](https://arxiv.org/html/2608.11381#bib.bib15)\]support GRPO\-style post\-training at scale\. Domain applications have followed: recent financial reasoning models post\-train monolithic 7B backbones with supervised fine\-tuning followed by GRPO over mixed financial QA corpora\[[11](https://arxiv.org/html/2608.11381#bib.bib11),[27](https://arxiv.org/html/2608.11381#bib.bib26)\]\. We build on this line but post\-train lens\-aligned financial specialists against the same deterministic rubric used for evaluation, enabling a direct comparison between prompt\-level and parameter\-level specialization on identical tasks\.

## 3Method

### 3\.1Task Formulation

For each evaluation instanceii, let

xi=\(di,qi,ti,𝒴ti\),x\_\{i\}=\(d\_\{i\},q\_\{i\},t\_\{i\},\\mathcal\{Y\}\_\{t\_\{i\}\}\),\(1\)wheredid\_\{i\}is the primary\-source evidence supplied for the company,qiq\_\{i\}is the task instruction,tit\_\{i\}identifies the task, and𝒴ti\\mathcal\{Y\}\_\{t\_\{i\}\}is its structured output schema\. The targetyi⋆∈𝒴tiy\_\{i\}^\{\\star\}\\in\\mathcal\{Y\}\_\{t\_\{i\}\}is obtained from the pre\-committed ground\-truth protocol described in Sec\.[4](https://arxiv.org/html/2608.11381#S4)\.

We separate the benchmark into two task classes\. Numerical tasks

𝒯num=\{T​1,T​3,T​6\}\\mathcal\{T\}\_\{\\mathrm\{num\}\}=\\\{T1,T3,T6\\\}require localized extraction or deterministic calculation: identifying the regime\-appropriate operating metric, computing an implied cap rate, or extracting a payout regime that is mechanically derivable from disclosed distributions and the wrapper’s statutory rules\. Judgment tasks

𝒯judg=\{T​2,T​5\}\\mathcal\{T\}\_\{\\mathrm\{judg\}\}=\\\{T2,T5\\\}require combining multiple fields or disclosures to produce a structured classification or covenant assessment\. This distinction is fixed before evaluating the effect of decomposition\.

For a given instance, every compared condition receives the same source evidence, task instruction, output schema, and generation settings\. The intervention changes only how the analytical framework is presented to the model and whether the task is assigned to a specialist prompt\.

### 3\.2Lens\-Aligned Specialist Decomposition

Larix assigns 16 analytical lenses to eight specialists: financials, asset quality, management, valuation, macro overlay, catalyst, bear, and screen sourcing\. Each lens corresponds to a defined disclosure or inference operation rather than a general persona\. A deterministic router

r:𝒯→𝒜r:\\mathcal\{T\}\\rightarrow\\mathcal\{A\}\(2\)maps each taskttto the specialistr⁡\(t\)r\(t\)that owns its corresponding lenses\.

The current benchmark exercises three of the eight specialists: financials for T1, T2, and T6; asset quality for T3; and macro overlay for T5\. Each benchmark item invokes exactly one specialist agent\. The specialists do not exchange messages during this evaluation, and the downstream synthesis agent is not invoked\. The experiment therefore tests the effect of lens\-aligned specialist agent assignment, rather than cross\-agent collaboration or end\-to\-end conviction synthesis\.

Table 1:Task\-to\-specialist mapping in the evaluated specialist layer\. The broader Larix architecture contains eight specialists, but the five\-task benchmark exercises the three shown here\.Letfθf\_\{\\theta\}denote the fixed frontier model\. We evaluate three prompting conditions:

y^imono\\displaystyle\\hat\{y\}^\{\\mathrm\{mono\}\}\_\{i\}=fθ​\(pmono⊕xi\),\\displaystyle=f\_\{\\theta\}\\left\(p\_\{\\mathrm\{mono\}\}\\oplus x\_\{i\}\\right\),\(3\)y^ifull\\displaystyle\\hat\{y\}^\{\\mathrm\{full\}\}\_\{i\}=fθ​\(pfull⊕xi\),\\displaystyle=f\_\{\\theta\}\\left\(p\_\{\\mathrm\{full\}\}\\oplus x\_\{i\}\\right\),\(4\)y^ispec\\displaystyle\\hat\{y\}^\{\\mathrm\{spec\}\}\_\{i\}=fθ​\(pr⁡\(ti\)⊕xi\)\.\\displaystyle=f\_\{\\theta\}\\left\(p\_\{r\(t\_\{i\}\)\}\\oplus x\_\{i\}\\right\)\.\(5\)
Here,pmonop\_\{\\mathrm\{mono\}\}is the generic financial\-analysis system prompt,pfullp\_\{\\mathrm\{full\}\}discloses the complete 16\-lens framework to a single model invocation, andpr⁡\(ti\)p\_\{r\(t\_\{i\}\)\}contains only the lens subset assigned to the selected specialist\. The first and third conditions isolate the effect of specialist decomposition at fixed model scale\. The second tests whether any gain follows merely from revealing additional framework content\.

### 3\.3Structured Output and Scoring Interface

Every condition must return the same task\-specific JSON schema\. The schema contains only fields that are explicitly requested in the prompt and evaluated by the scorer\. This alignment prevents a model from being penalized for fields that it was not instructed to produce\.

For tasktt, let𝒥t\\mathcal\{J\}\_\{t\}denote its set of scored fields\. The deterministic task score is

St​\(y^i,yi⋆\)=𝟏​\[y^i​is valid\]​∑j∈𝒥twt,j​st,j​\(y^i,j,yi,j⋆\),S\_\{t\}\(\\hat\{y\}\_\{i\},y\_\{i\}^\{\\star\}\)=\\mathbf\{1\}\[\\hat\{y\}\_\{i\}\\text\{ is valid\}\]\\sum\_\{j\\in\\mathcal\{J\}\_\{t\}\}w\_\{t,j\}\\,s\_\{t,j\}\\left\(\\hat\{y\}\_\{i,j\},y\_\{i,j\}^\{\\star\}\\right\),\(6\)with

∑j∈𝒥twt,j=1\.\\sum\_\{j\\in\\mathcal\{J\}\_\{t\}\}w\_\{t,j\}=1\.\(7\)
Here,st,j∈\[0,1\]s\_\{t,j\}\\in\[0,1\]is the pre\-specified field scorer andwt,jw\_\{t,j\}is its fixed weight\. Numeric fields use the fixed tolerance or normalized\-error rule specified before evaluation\. Categorical fields use exact matching after documented alias normalization\. Composite judgment outputs, such as covenant type, unit, threshold, and breach status, are scored according to their predeclared joint\-field rule\. Invalid or unparsable outputs receive zero\.

The same scorer implementation is used for the frontier comparison, the zero\-shot small\-model baseline, RL reward computation, and final held\-out evaluation\. No model\-based judge is used\. Two findings from hardening this interface, field\-request alignment and rubric sub\-classification for regime\-dependent reasoning, are summarized in Appendix[A\.1](https://arxiv.org/html/2608.11381#A1.SS1)\.

### 3\.4Task\-Aligned RL Post\-Training

We post\-train Qwen3\.5\-9B on the same structured task interface\. A training example consists of the source evidence, specialist instruction, output schema, and ground\-truth structured answer:

\(xi,yi⋆\)\.\(x\_\{i\},y\_\{i\}^\{\\star\}\)\.\(8\)
The policy action is the generated JSON responsey^i\\hat\{y\}\_\{i\}\. Its task\-specific reward is the deterministic benchmark score,

Ri=Sti​\(y^i,yi⋆\)\.R\_\{i\}=S\_\{t\_\{i\}\}\(\\hat\{y\}\_\{i\},y\_\{i\}^\{\\star\}\)\.\(9\)
Thus, post\-training optimizes the same fields and decision rules used during evaluation\. The reward is task\-aligned rather than based on a separate language\-model judge\. Numerical tasks reward accurate extraction and calculation, while judgment tasks reward the required classification and jointly consistent analytical fields\.

For each training prompt, GRPO samplesGGcandidate responses\{y^i,g\}g=1G\\\{\\hat\{y\}\_\{i,g\}\\\}\_\{g=1\}^\{G\}\. Rewards are normalized within the group to obtain relative advantages,

Ai,g=Ri,g−R¯iσ\(Ri,1:G\)\+ϵ,A\_\{i,g\}=\\frac\{R\_\{i,g\}\-\\bar\{R\}\_\{i\}\}\{\\sigma\(R\_\{i,1:G\}\)\+\\epsilon\},\(10\)which are used in the policy update\. We train a shared LoRA adapter for Qwen3\.5\-9B across the evaluated task mixture; the selected specialist prompt determines the analytical role at inference\. Training hyperparameters, sampling ratios, and reward weights are reported in Sec\.[4](https://arxiv.org/html/2608.11381#S4)\.

The data partition is constructed before post\-training\. Training rows are disjoint from held\-out companies, regulatory wrappers, and reporting periods used for evaluation\. Any counterfactual examples used to balance rare outcomes are restricted to training and are never included in the held\-out test sets\.

We evaluate four principal conditions: the frontier model under monolithic prompting, the frontier model under specialist prompting, zero\-shot Qwen3\.5\-9B under specialist prompting, and the post\-trained Qwen3\.5\-9B specialist\. The two frontier conditions are compared with one another on the 19\-firm benchmark; the Qwen comparison is strictly within\-model, zero\-shot versus post\-trained, on the RL evaluation splits\. This design separates the effect of prompt\-level decomposition from the effect of parameter\-level post\-training\.

#### Scope\.

The production Larix system also contains a downstream synthesizer that combines specialist outputs into conviction and position\-sizing decisions\. That layer is not invoked or scored in the experiments reported here\. We therefore make no empirical claim about cross\-agent synthesis, conviction calibration, or position sizing\.

## 4Experimental Setup

### 4\.1Evaluation Universe and Task Taxonomy

The evaluation universe contains 25 European listed\-real\-estate firms spanning eight legal and reporting wrappers\. The primary same\-model comparison uses a 19\-firm continental cohort covering six French SIICs, one Austrian Immobilien\-AG, three Belgian GVV/SIRs, four German AGs,111Aroundtown SA, one of the four names grouped here, is registered in Luxembourg and manages properties primarily in Germany and the Netherlands; it shares the group’s defining regime property for this benchmark, the absence of a statutory distribution obligation\.one Italian SIIQ, two Spanish SOCIMIs, and two Dutch FBIs\. This produces 95 task–firm instances per condition across the five\-task benchmark\. Six Swiss AGs form the eighth wrapper and are used in the cross\-wrapper and homogeneous\-wrapper analyses\.

We group the benchmark according to the analytical operation rather than document availability\. The numerical class𝒯num=\{T​1,T​3,T​6\}\\mathcal\{T\}\_\{\\mathrm\{num\}\}=\\\{T1,T3,T6\\\}contains localized, verifiable operations: identifying the regime\-appropriate operating metric, computing an implied cap rate, and extracting the mechanically derivable payout regime\. The judgment class𝒯judg=\{T​2,T​5\}\\mathcal\{T\}\_\{\\mathrm\{judg\}\}=\\\{T2,T5\\\}contains tasks that require reconciling multiple fields, disclosures, or regime\-specific constraints\. Table[1](https://arxiv.org/html/2608.11381#S3.T1)summarizes the task definitions and deterministic specialist assignment\.

Two evidence regimes are used by design\. The numerical tasks T1 and T3 are closed\-book probes: no filing is injected, so they measure whether regime\-specific reporting conventions and firm\-level figures are available to the model without retrieval\. The judgment tasks T2/T5 and the payout\-regime task T6 inject company\-specific primary\-source extracts\. Within each task, every condition receives identical evidence, task instructions, output schemas, and scoring, so condition differences within a task cannot be attributed to document access\.

The final T2 answer key identifies the relevant name\-specific reconciliation adjustment rather than assigning a modal category to the full cohort\. The final T6 task uses a closed, source\-supported payout\-regime schema whose categories and statutory denominator are stated in the prompt: a five\-way DPS regime \(increased, maintained, cut, resumed, no dividend\), a binary statutory\-floor regime \(statutory floor vs\. no statutory floor\), and the fiscal\-year payout ratio \(headline DPS over headline recurring EPS\), scored under AND semantics with 10% numeric tolerance on the ratio\. Tasks that lack name\-specific ground truth, including the previous T8 NAV\-share task, are excluded from all reported aggregates\.

### 4\.2Model Conditions and Controls

We evaluate three frontier\-model prompting conditions using Claude Opus 4\.8\. Claude\-Mono uses a single general listed\-real\-estate analysis prompt without specialist decomposition or disclosure of the Larix framework\. Claude\-Full uses the same monolithic invocation but adds the complete 16\-lens framework to the system prompt\. The current framework disclosure contains approximately 4,800 characters of lens names, metric definitions, and diagnostic questions\. Claude\-Spec uses the same base model but deterministically routes each task to the corresponding lens\-aligned specialist prompt\.

All three frontier conditions receive identical source evidence, task instructions, JSON schemas, maximum output lengths, and scoring\. All three share the same invocation path with its default decoding settings, and the final evaluation usesK=4K=4frozen\-template dispatches\. Prompt contents and configuration hashes are frozen before the reported runs\. Each Claude\-Spec instance invokes exactly one specialist; the synthesis agent, conviction score, and position\-sizing layer are not invoked\.

We additionally evaluate Qwen3\.5\-9B under two conditions\. Qwen\-ZS applies the zero\-shot checkpoint with the same specialist prompts and output schemas\. Qwen\-RL applies the GRPO\-post\-trained checkpoint under the identical inference interface\. The comparison between Qwen\-ZS and Qwen\-RL isolates parameter\-level post\-training at fixed model scale\.

### 4\.3Ground Truth, Metrics, and Statistical Protocol

Each output is scored against a precommitted answer key indexed by firm, reporting period, and task\. For the 19\-firm continental cohort, nine firms, corresponding to 45 task–firm tuples, were labeled by an external listed\-real\-estate expert who was independent of the Larix framework construction, prompt engineering, and evaluation implementation\. The remaining ten firms, corresponding to 50 tuples, were curated from primary\-source annual reports and EPRA disclosures\[[4](https://arxiv.org/html/2608.11381#bib.bib4)\]by the framework authors\. The six Swiss firms were also included in the expert\-blinded protocol, giving 15 expert\-reviewed firms and 75 expert\-reviewed tuples across the full universe\.

The external expert received only the primary\-source evidence and task definition and did not observe model outputs, specialist prompts, scorer implementation, or the 16\-lens framework\.

Every condition returns the same task\-specific JSON schema\. Invalid or unparsable responses receive a score of zero\. T1 requires the correct regime\-specific metric identity, using a documented alias map for equivalent local reporting terms, and applies a±5%\\pm 5\\%tolerance to its numerical field\. T3 applies a±15%\\pm 15\\%tolerance to the implied cap\-rate calculation\. T2 uses exact matching to the name\-specific reconciliation adjustment after alias normalization\. T5 uses joint, or AND, semantics over covenant type, unit, threshold value, and breach determination\. T6 uses exact categorical matching on the DPS regime and the statutory\-floor regime after alias normalization, plus a±10%\\pm 10\\%tolerance on the payout ratio, under AND semantics\.

For tasktt, letSt∈\[0,1\]S\_\{t\}\\in\[0,1\]denote the deterministic task score\. We define the two primary aggregates as

Snum=13​\(ST1\+ST3\+ST6\),S\_\{\\mathrm\{num\}\}=\\frac\{1\}\{3\}\\left\(S\_\{\\mathrm\{T1\}\}\+S\_\{\\mathrm\{T3\}\}\+S\_\{\\mathrm\{T6\}\}\\right\),\(11\)and

Sjudg=12​\(ST2\+ST5\)\.S\_\{\\mathrm\{judg\}\}=\\frac\{1\}\{2\}\\left\(S\_\{\\mathrm\{T2\}\}\+S\_\{\\mathrm\{T5\}\}\\right\)\.\(12\)
The five\-task overall score is reported as a secondary descriptive metric because the tasks differ substantially in construct and difficulty\.

For repeated evaluations, scores are first averaged across theK=4K=4dispatches for each task–firm instance\. Dispatches of the same item are not treated as independent observations\. The primary effect is the paired difference between conditions inSnumS\_\{\\mathrm\{num\}\}andSjudgS\_\{\\mathrm\{judg\}\}\. We report 95% confidence intervals from paired McNemar statistics and two\-sided exact sign\-flip tests at the firm level, with condition labels permuted jointly within firm \(2192^\{19\}enumerated assignments\)\. Per\-task comparisons are secondary and use Holm correction within each experiment family\. Exact accuracy and paired McNemar counts are additionally reported for tasks with binary scorers\.

### 4\.4RL Post\-Training Setup

We post\-train Qwen3\.5\-9B\[[13](https://arxiv.org/html/2608.11381#bib.bib13)\]using the structured task interface described in Sec\.[3](https://arxiv.org/html/2608.11381#S3)\. The current corpus contains 195 rows derived from the benchmark ground truth and five training\-only counterfactual covenant\-breach\-positive rows, for 200 rows in total\. Counterfactual rows alter documented stress assumptions while retaining the structure of real source disclosures; they are never included in held\-out evaluation\.

Three disjoint evaluation splits isolate different forms of generalization\. The held\-out\-firm split contains 35 rows from unseen firms within wrappers represented during training\. The held\-out\-wrapper split contains 25 rows from regulatory wrappers excluded from training\. The held\-out\-period split contains 45 later\-period T1 and T3 rows and serves as an anti\-memorization check\. After applying these splits, training uses 70 rows: 65 real rows plus the five counterfactual rows, which are present from the first update step\. The remaining 25 real rows form a development split that is disjoint from training but drawn from the same firm and wrapper distribution; it is used for checkpoint selection and early stopping\.

We train a LoRA adapter of rank 32 using GRPO\[[3](https://arxiv.org/html/2608.11381#bib.bib3)\]implemented in veRL with vLLM rollouts on a single H100 GPU\. Each step samples 64 prompts from the 70\-row training corpus spanning all five tasks and generatesG=8G=8candidate responses at temperature 1\.0\. We planned 90 update steps and stopped at step 30 for budget reasons; the step\-20 checkpoint, the latest preserved after the training pod’s storage was lost, is the model evaluated throughout\. T6 remains in the training corpus and is reported with the extraction tasks under the revised scoring\.

The reward is the deterministic task score used during evaluation \(no separate model\-based judge\); the rubric weights are unchanged from evaluation, with the boolean breach\-classification term carrying weightβ=0\.45\\beta=0\.45\. Development and held\-out evaluation use three dispatches at temperature 0\.7, with the mean task score reported\. Thinking mode is disabled, and all responses pass through the same hardened JSON parser\. A frontier\-model re\-dispatch on the identical phase\-5 held\-out instances is planned as future work; the comparisons reported here are within\-model against the zero\-shot checkpoint\.

## 5Results

Table[2](https://arxiv.org/html/2608.11381#S5.T2)reports the final task\-level and aggregate scores for all five evaluated conditions\.

Table 2:Performance on the final evidence\-controlled benchmark \(mean task scores, %\)\. Claude columns report the 19\-firm continental cohort; T6 uses the corrected rubric \(rubric v2\), and the Claude\-Full T2/T5/T6 cells come from a frozen\-template re\-dispatch \(2026\-08\-09\)\. Qwen\-ZS/Qwen\-RL report the 25\-row RL development split \(step\-20 checkpoint, three dispatches at temperature 0\.7\), disjoint from training but drawn from the same firm and wrapper distribution, and are not directly comparable to the 19\-firm cohort\.MetricClaude\-MonoClaude\-FullClaude\-SpecQwen\-ZSQwen\-RLNumerical aggregate78\.975\.494\.781\.391\.7T1: regime\-specific metric57\.947\.484\.299\.599\.5T3: implied cap rate78\.978\.9100\.079\.898\.7T6: payout\-regime classification100\.0100\.0100\.064\.677\.0Judgment aggregate47\.452\.647\.458\.672\.8T2: adjustment identification78\.989\.573\.780\.093\.3T5: covenant stress15\.815\.821\.137\.252\.2Five\-task overall66\.366\.375\.872\.284\.2### 5\.1Specialist Decomposition Has a Task\-Dependent Effect

On the 19\-firm continental cohort, specialist decomposition increases the numerical aggregate from 78\.9% under Claude\-Mono to 94\.7% under Claude\-Spec, a gain of 15\.8 percentage points\. The task\-level changes are \+26\.3 points on T1, \+21\.1 points on T3, and 0\.0 points on T6 \(both conditions at 19/19 under the corrected rubric\)\. The 95% confidence interval for the numerical aggregate difference, pooling the 57 numerical cells in a paired McNemar test \(10 specialist\-only vs\. 1 monolith\-only discordant\), is\[5\.1,26\.4\]\[5\.1,26\.4\]percentage points \(exact pairedp=0\.012p=0\.012\)\.

The same intervention does not improve the judgment aggregate\. Claude\-Mono scores 47\.4% and Claude\-Spec 47\.4%, a change of 0\.0 percentage points\. The task\-level changes are−5\.2\-5\.2points on T2 and\+5\.3\+5\.3points on T5\. The corresponding 95% confidence interval is\[−12\.6,12\.6\]\[\-12\.6,12\.6\]\(pairedp=1\.0p=1\.0\)\.

The numerical advantage is positive in four of four frozen\-template dispatches, while the judgment effect is null in the primary dispatch and positive in the three repeats\. Across dispatches, the numerical effect ranges from \+3\.5 to \+15\.8 points and the judgment effect ranges from 0\.0 to \+10\.5 points\. Averaging the four dispatches within each firm×\\timestask instance, an exact firm\-clustered sign\-flip test over the 95 instance\-level differences \(2192^\{19\}assignments\) givesp=0\.001p=0\.001for the suite\-level difference; firm\-level means split 13 positive, 2 negative, and 4 zero\. The five\-task overall score changes from 66\.3% to 75\.8%, but we treat this pooled value as secondary because it averages analytically distinct tasks\.

The results show a task\-dependent effect rather than a uniform specialist advantage\. Scoped specialist prompting improves tasks with localized evidence and mechanically verifiable outputs\. It does not provide the same benefit on tasks that require the model to reconcile several disclosures, constraints, and analytical fields within one decision\.

### 5\.2Framework Disclosure Does Not Explain the Numerical Gain

Providing the complete 16\-lens framework to a monolithic Claude invocation does not reproduce the numerical benefit of specialist decomposition\. At the suite level, Claude\-Full scores at exact parity with Claude\-Mono \(66\.3% in both conditions\), but the parity masks a task\-dependent split\. Giving the model more framework text reduces T1 by 10\.5 points \(47\.4% vs\. 57\.9%\) with parity on T3 \(78\.9%\) and T6 \(100\.0%\), while improving the judgment task T2 by 10\.5 points \(89\.5% vs\. 78\.9%\), the same task on which scoped decomposition reduces performance \(73\.7%\)\. T5 is near floor across all three conditions \(15\.8–21\.1%\)\. The specialist condition therefore exceeds the full\-framework control by 36\.8 points on T1 and 21\.1 points on T3, while trailing it by 15\.8 points on T2\.

The control thus tells a symmetric story: adding framework text to a monolith helps the integrative judgment task and harms the localized extraction task, whereas scoping the framework to a specialist does the reverse\. Access to more framework text is not sufficient to explain the numerical improvement; the benefit is instead associated with presenting a task\-relevant lens subset and assigning the operation to a scoped specialist\. This conclusion is limited to the tested full\-framework control: the 4,800\-character prompt does not exactly reproduce the shorter lens subset or role conditioning seen by an individual specialist, and therefore does not separately identify the effects of routing, prompt length, and specialist identity\.

### 5\.3RL Post\-Training Improves Integrative Judgment

GRPO post\-training improves the development\-split score of Qwen3\.5\-9B from 72\.2% for Qwen\-ZS to 84\.2% for Qwen\-RL, an improvement of 12\.0 percentage points \(Fig\.[1](https://arxiv.org/html/2608.11381#S5.F1)\); scores are averaged over three dispatches at temperature 0\.7 on the 25 unique development rows\. T1 is unchanged at its zero\-shot ceiling \(99\.5% in both conditions\); every other task improves\. The judgment aggregate \(T2 and T5\) increases by 14\.2 points, from 58\.6% to 72\.8%\.

The task\-level development gains are 0\.0 points on T1, \+13\.3 points on T2 \(80\.0% to 93\.3%\), \+18\.9 points on T3 \(79\.8% to 98\.7%\), \+15\.0 points on T5 \(37\.2% to 52\.2%\), and \+12\.4 points on T6 \(64\.6% to 77\.0%\)\. The judgment\-task gains carry the paper’s claim: T2 and T5 are the tasks on which prompt\-level specialist decomposition provides no consistent advantage, and post\-training improves both\. T3’s gain partly recovers a zero\-shot baseline depressed by temperature\-0\.7 sampling: under greedy decoding the zero\-shot model already scores 98\.7% on T3, and the post\-trained model matches it\. The same direction holds under greedy decoding, the protocol most favorable to the zero\-shot baseline: the overall gain is 3\.4 points \(79\.2% to 82\.6%\), the judgment\-aggregate gain is 7\.5 points \(64\.2% to 71\.7%\), and T1 and T3 are unchanged\. We report the sampled protocol as primary because it matches the held\-out evaluation protocol \(Sec\.[5\.4](https://arxiv.org/html/2608.11381#S5.SS4)\)\.

The within\-model comparison isolates the effect of post\-training: the architecture, specialist prompt, evidence, output schema, and scorer are unchanged between Qwen\-ZS and Qwen\-RL\. Two scope limits apply\. First, this 30\-step training run evaluates one preserved checkpoint and establishes feasibility but does not characterize convergence\. Second, the development split is disjoint from training but drawn from the same firm and wrapper distribution; the out\-of\-distribution evidence is Sec\.[5\.4](https://arxiv.org/html/2608.11381#S5.SS4)\.

![Refer to caption](https://arxiv.org/html/2608.11381v1/rl_learning_curve.png)Figure 1:Training reward \(blue, 5\-step rolling\) and in\-training development validation \(red, deduplicated over unique task–firm rows\) over the 30\-update GRPO run of Qwen3\.5\-9B, stopped early for budget\. The preserved step\-20 checkpoint is evaluated throughout \(Sec\.[4](https://arxiv.org/html/2608.11381#S4)\)\.
### 5\.4Out\-of\-Distribution Transfer and Reward Diagnostics

Held\-out evaluation uses three dispatches at temperature 0\.7 against the identical zero\-shot checkpoint, scored with the same rubric \(Table[3](https://arxiv.org/html/2608.11381#S5.T3)\)\. The development and held\-out evaluations both use the preserved step\-20 checkpoint under the identical standalone protocol\. Mean score increases on all three anti\-memorization splits: from 67\.4% to 82\.6% \(\+15\.2 points\) on the 35\-row held\-out\-firm split, from 64\.8% to 69\.1% \(\+4\.3\) on the 25\-row held\-out\-wrapper split, and from 93\.1% to 95\.6% \(\+2\.5\) on the 45\-row held\-out\-period split\.

The task\-level pattern is consistent with the development split: the largest out\-of\-distribution gains occur on the judgment tasks\. T5 improves by 40\.4 points on unseen firms \(38\.1% to 78\.5%\) and is flat on unseen wrappers \(51\.7% in both conditions\); T2 improves by 9\.5 and 10\.0 points respectively\. The numerical tasks also transfer: T1 gains 9\.3 points on both unseen firms and unseen wrappers and 1\.9 on later periods, T3 is stable \(\+1\.0,−0\.3\-0\.3, \+4\.2\), and T6 gains 16\.2 points on unseen firms but remains near floor on unseen wrappers \(24\.4% to 26\.9%\), the one regime where neither checkpoint has reliable signal\. With 21 and 15 scored generations per task cell on the firm and wrapper splits, movements under roughly 7 points are directional; the headline gains—T5 on unseen firms, T1 and T2 on both splits—exceed that threshold\.

A final transfer check evaluates the zero\-shot and step\-20 checkpoints on the 95\-cell primary benchmark \(19 firms×\\times5 tasks, specialist prompts, the benchmark’s strict cell scorer;k=3k=3at temperature 0\.7\)\. Qwen\-RL improves the judgment aggregate from 34\.2% to 51\.8% \(\+17\.6 points; T2 \+8\.8, T5 \+26\.3\) while the numerical aggregate is unchanged \(30\.4%\), confirming that the development\-split judgment gain is an artifact of neither the rubric’s partial credit nor the training prompt distribution\. T1 and T3 sit at the floor in both conditions \(0\.0–1\.8%\): no\-document extraction demands parametric recall of FY2024 filings beyond an 8B model \(the frontier model scores 84–100% on identical prompts\), so these cells measure model scale rather than post\-training\. The document\-bearing tasks \(T2/T5/T6\) render under the v2 document budget and are not hash\-identical to the frozen frontier dispatches\.

All held\-out examples use real primary\-source ground truth; the five counterfactual breach\-positive rows appear only during training\. Reward\-term telemetry over all 15,360 training rollouts shows no degenerate optimization of theβ\\beta\-weighted boolean term: the breach\-positive bonus fires on only 5\.5% of rollouts, ruling out an “always predict breach” collapse, and the dense continuous terms saturate early \(0\.93–0\.98\), leaving the late\-training gradient in the threshold, unit, and calibrated\-probability fields rather than the breach\-classification component alone\.

Table 3:Held\-out per\-task scores, zero\-shot Qwen3\.5\-9B \(ZS\) vs\. the step\-20 GRPO checkpoint \(RL\), in percent;k=3k=3dispatches at temperature 0\.7 with the identical scorer, averaged over unique rows\. Scores increase on all three splits; the largest gains are the judgment tasks, led by T5 on unseen firms \(\+40\.4\); T6 remains near floor on unseen wrappers in both conditions\.

## 6Discussion and Limitations

Specialist decomposition has a task\-dependent effect\. Scoped prompts help localized numerical operations by removing unrelated instructions and making intermediate fields explicit, but not judgments requiring joint reasoning over accounting, regulatory, covenant, and company\-specific evidence; narrow prompt scope may omit cross\-lens evidence required for integrative decisions, although the present experiments do not isolate this mechanism\.

The full\-framework control shows that additional domain instructions alone do not reproduce the specialist gain, and GRPO post\-training instead changes the model’s decision policy and improves the judgment tasks, with gains that transfer to unseen firms and unseen regulatory wrappers\. Prompt decomposition and parameter adaptation thus address distinct bottlenecks; the post\-training result reflects task\-specific specialization, not general small\-model superiority\.

The evaluation is scoped to the specialist layer: 19 firms across seven wrappers, three lens\-aligned specialists, and five tasks, with synthesis and position sizing outside the present design; extending the benchmark across financial domains, wrappers, model families, and agent topologies is natural future work\. Per\-wrapper estimates rest on few firms, and the out\-of\-distribution transfer evidence comes from one preserved checkpoint\. Ground truth combines 45 expert\-blinded tuples with 50 author\-curated continental tuples carrying per\-cell provenance\. The RL corpus is compact \(195 real dispatches plus five training\-only counterfactual breach\-positive examples\), and the post\-training comparison uses one frontier model family and one 9B open model\.

## 7Conclusion

We evaluated lens\-aligned specialist decomposition and structured RL post\-training for regime\-aware analysis of European listed real estate\. On the 19\-firm, seven\-wrapper primary benchmark, specialist decomposition improves the numerical aggregate by 15\.8 percentage points but changes the judgment aggregate by only 5\.3 points on average across dispatches, with the judgment effect ranging from 0\.0 to \+10\.5 across the four dispatches\. A monolithic control given the complete 16\-lens framework does not reproduce the numerical gain, indicating that scoped lens assignment rather than framework disclosure alone drives the improvement\. GRPO post\-training raises the development score of Qwen3\.5\-9B by 12\.0 points, with the judgment aggregate up 14\.2 points and gains on all four sub\-ceiling tasks; the gains transfer to unseen firms \(\+15\.2 points overall; \+40\.4 on covenant stress\), unseen regulatory wrappers \(\+4\.3\), and later periods \(\+2\.5\)\. A frontier\-model comparison on the expanded held\-out splits remains future work\. Together, the results support a task\-dependent design principle: use decomposition to simplify localized, verifiable financial operations, and use targeted parameter adaptation when reliable performance depends on integrating multiple sources of financial evidence\. These conclusions remain bounded by the benchmark size, wrapper coverage, model families, and the unevaluated downstream synthesis layer\.

## References

- \[1\]\(1999\)Investor sentiment and noise traders: discount to net asset value in listed property companies in the U\.K\.\.Journal of Real Estate Research18\(2\),pp\. 291–312\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[2\]Z\. Chen W\. Chenet al\.\(2021\)FinQA: a dataset of numerical reasoning over financial data\.InProceedings of the 2021 Conference on Empirical Methods in Natural Language Processing \(EMNLP\),Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[3\]DeepSeek\-AI\(2025\)DeepSeek\-R1: incentivizing reasoning capability in LLMs via reinforcement learning\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1),[§4\.4](https://arxiv.org/html/2608.11381#S4.SS4.p3.1)\.
- \[4\]European Public Real Estate Association\(2024\)EPRA best practices recommendations \(BPR\) guidelines\.Note:[https://www\.epra\.com/finance/epra\-reporting\-bpr\-guidelines](https://www.epra.com/finance/epra-reporting-bpr-guidelines)Cited by:[§1](https://arxiv.org/html/2608.11381#S1.p1.1),[§4\.3](https://arxiv.org/html/2608.11381#S4.SS3.p1.1)\.
- \[5\]G\. Fatouros, K\. Metaxas, and J\. Soldatos\(2025\)MarketSenseAI 2\.0: enhancing stock analysis through LLM agents\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[6\]C\. Ghosh and M\. Petrova\(2021\)The effect of legal environment and regulatory structure on performance: cross\-country evidence from REITs\.Journal of Real Estate Finance and Economics\.Note:doi:10\.1007/s11146\-019\-09742\-8Cited by:[§1](https://arxiv.org/html/2608.11381#S1.p1.1),[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[7\]T\. Guo, X\. Chen, Y\. Wang,et al\.\(2024\)Large language model based multi\-agents: a survey of progress and challenges\.InProceedings of the 33rd International Joint Conference on Artificial Intelligence \(IJCAI\),Note:arXiv:2402\.01680Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[8\]S\. Hong, M\. Zhuge, J\. Chen,et al\.\(2023\)MetaGPT: meta programming for a multi\-agent collaborative framework\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[9\]P\. Islam A\. Kannappanet al\.\(2023\)FinanceBench: a new benchmark for financial question answering\.arXiv preprint arXiv:2311\.11944\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[10\]Q\. Ke\(2026\)Valuation of european\-listed real estate company: an accounting approach as alternative\.Journal of European Real Estate Research\.Note:doi:10\.1108/JERER\-10\-2025\-0085Cited by:[§1](https://arxiv.org/html/2608.11381#S1.p1.1),[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[11\]W\. Liuet al\.\(2025\)Fin\-R1: a large language model for financial reasoning through reinforcement learning\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1)\.
- \[12\]L\. Ouyang, J\. Wu, X\. Jiang,et al\.\(2022\)Training language models to follow instructions with human feedback\.Advances in Neural Information Processing Systems \(NeurIPS\)\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1)\.
- \[13\]Qwen Team\(2026\)Qwen3\.5\-9B \(hugging face model card\)\.Note:[https://huggingface\.co/Qwen/Qwen3\.5\-9B](https://huggingface.co/Qwen/Qwen3.5-9B)Cited by:[§4\.4](https://arxiv.org/html/2608.11381#S4.SS4.p1.1)\.
- \[14\]Z\. Shao, P\. Wang, Q\. Zhu,et al\.\(2024\)DeepSeekMath: pushing the limits of mathematical reasoning in open language models\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1)\.
- \[15\]G\. Sheng S\. Zhanget al\.\(2024\)HybridFlow: a flexible and efficient RL framework for LLMs \(veRL\)\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1)\.
- \[16\]P\. Taghavi and S\. Bhavani\(2026\)Spec kit agents: context\-grounded agentic workflows\.arXiv preprint arXiv:2604\.05278\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[17\]L\. Vincent\(1999\)The information content of funds from operations \(FFO\) for real estate investment trusts \(REITs\)\.Journal of Accounting and Economics26\(1–3\),pp\. 69–104\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[18\]J\. Wei, X\. Wang, D\. Schuurmans,et al\.\(2022\)Chain\-of\-thought prompting elicits reasoning in large language models\.InAdvances in Neural Information Processing Systems 35 \(NeurIPS\),Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[19\]S\. Wu, O\. Irsoy, S\. Lu,et al\.\(2023\)BloombergGPT: a large language model for finance\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[20\]Y\. Xiao, E\. Sun, D\. Luo, and W\. Wang\(2024\)TradingAgents: multi\-agents LLM financial trading framework\.arXiv preprint arXiv:2412\.20138\.Cited by:[§1](https://arxiv.org/html/2608.11381#S1.p2.1),[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[21\]Q\. Xie, W\. Han, Z\. Lai,et al\.\(2024\)FinBen: a holistic financial benchmark for large language models\.InAdvances in Neural Information Processing Systems \(NeurIPS\), Datasets and Benchmarks Track,Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px2.p1.1)\.
- \[22\]H\. Yang, B\. Zhang, N\. Wang,et al\.\(2024\)FinRobot: an open\-source AI agent platform for financial applications using large language models\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[23\]H\. Yuet al\.\(2023\)FinMem: a performance\-enhanced LLM trading agent with layered memory and character design\.InProceedings of the AAAI Conference on Artificial Intelligence,Cited by:[§1](https://arxiv.org/html/2608.11381#S1.p2.1),[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[24\]Y\. Yu, Z\. Yao, H\. Li,et al\.\(2024\)FinCon: a synthesized LLM multi\-agent system with conceptual verbal reinforcement for enhanced financial decision making\.InAdvances in Neural Information Processing Systems 37 \(NeurIPS\),pp\. 137010–137045\.Note:arXiv:2407\.06567Cited by:[§1](https://arxiv.org/html/2608.11381#S1.p2.1),[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[25\]T\. Zhao, J\. Lyu, S\. Jones,et al\.\(2025\)AlphaAgents: large language model based multi\-agents for equity portfolio constructions\.arXiv preprint arXiv:2508\.11152\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px1.p1.1)\.
- \[26\]C\. Zheng, S\. Liu, M\. Li,et al\.\(2025\)Group sequence policy optimization\.arXiv preprint arXiv:2507\.18071\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1)\.
- \[27\]J\. Zhuet al\.\(2025\)DianJin\-R1: evaluating and enhancing financial reasoning in large language models\.arXiv preprint\.Cited by:[§2](https://arxiv.org/html/2608.11381#S2.SS0.SSS0.Px3.p1.1)\.

## Appendix ASupplementary Material

### A\.1Harness\-Hardening Findings

Two methodological findings emerged from hardening the evaluation harness and generalize beyond this benchmark\.

#### Field\-request alignment\.

The evaluation prompt must explicitly request every structured field the rubric scores\. An earlier template variant asked only for surface fields while the scorer graded structured sub\-fields, producing 0%\-by\-construction cells on the judgment tasks that reflected prompt–scorer misalignment rather than model capability\. Aligning the schema, prompt, and scorer \(Sec\. 3\.3\) removes this artifact\.

#### Rubric sub\-classification\.

Rubrics for regime\-dependent reasoning require sub\-classification rather than coarse categoricals\. A four\-way covenant categorical saturated and could not differentiate conditions; the sub\-classified rubric \(covenant type, unit, and threshold value under AND semantics\) restored discrimination\. The same applies to free\-text judgment fields, where token\-overlap scoring is fragile\.

#### Numeric\-tolerance sensitivity\.

The±5%\\pm 5\\%\(T1\) and±15%\\pm 15\\%\(T3\) numeric bars are the one load\-bearing scoring choice on the numerical tasks\. Under the initial dispatch, no T1 cell sat within±1\\pm 1point of its bar, and the borderline T3 cells left the T3 condition gap between \+10\.5 and \+26\.3 points under any tolerance in\[14%,16%\]\[14\\%,16\\%\], never changing sign\.