INDEPENDENT VALIDATION — CHARTIS RESEARCH

Numerix #1 Overall — Chartis Quantitative Analytics50 2026  |  PolyPaths: Chartis RiskTech Quadrant — Pricing & Valuation Securitization 2024

Numerix holds the #1 overall position in the Chartis Quantitative Analytics50 2026. PolyPaths was specifically recognized in the Chartis RiskTech Quadrant for Pricing and Valuation Systems — Securitization in 2024. PolyPaths brings institutional analytical depth to structured finance, private credit, mortgage analytics, and fixed income ALM.

 

PARTNER ECOSYSTEM

Open data and model integrations across the industry


PARTNER ECOSYSTEM — DATA AND MODEL INTEGRATIONS
PolyPaths integrates directly with the industry's leading data and model providers — giving clients the flexibility to use best-in-class sources for each asset class rather than accepting a single-vendor data bundle.

Andrew Davidson & Co.  Leading provider of risk analytics for MBS, ABS, and mortgage whole loans. Industry-standard prepayment and OAS models for agency and non-agency RMBS.

Moody's Analytics  Sophisticated structured product analysis combining Moody's breadth of global market coverage with PolyPaths' analytical toolkit.

Black Knight AFT  AFT Prepayment and Credit Model — combines default, prepayment, loss, and valuation into a single holistic view of mortgage performance across residential loans, agency/non-agency MBS, multifamily, and HECM.

Intex Solutions  The world's leading provider of structured fixed-income cash flow models — the most complete library of RMBS, ABS, CMBS, and CDO deal models for accurate cash flow projections and price/yield analytics.

Trepp  Announced partnership bringing Trepp's loan-level CMBS cash flow modeling into PolyPaths — enabling prepayment and default scenario simulation with seamless integration into valuation and risk workflows.

MSCI  Newly announced partnership expanding PolyPaths' data and analytics integration ecosystem.


PLATFORM OVERVIEW

What PolyPaths covers

PolyPaths is the fixed income, structured finance, and private credit analytics platform acquired by Numerix in August 2023. Founded in 1996, PolyPaths has 27+ years of analytical software heritage serving the front and middle office. It covers pre-trade analysis, portfolio risk measurement, ALM (with and without accounting), hedge analysis, and VaR across the full spectrum of fixed income and structured finance instruments.

Instrument coverage:  MBS, ARM, CMO, ABS, CMBS, CLOs, whole loans, MSRs, non-agency RMBS, non-QM, private credit loans, structured notes, bonds, agency debt, derivatives, CDS. Private credit analytics including loan-level modeling, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios.

PolyPaths ALM:  Unified accounting and income simulation with market value economics; BatchALM automation; 50+ standard reports; private credit and whole loan coverage included

Deployment:  On-premises and client-managed cloud instance; distributed processing for large-scale Monte Carlo workloads

Client base:  Major and regional broker-dealers, hedge funds, banks, insurance companies, asset managers, REITs, mortgage servicers, credit funds

 

THE POSITIONING PRINCIPLE

Model ownership is the differentiator

Both QRM and LSEG Yield Book deliver analytics to clients. PolyPaths gives clients control of the analytics. QRM co-develops models through a consulting engagement — institutional knowledge stays with the QRM team. Yield Book delivers proprietary prepayment outputs — clients cannot inspect or override assumptions. PolyPaths is built on the principle that the institution's internal quant team should own every assumption, validate every model independently, and run scenarios without compute metering or vendor dependency.

The open partner ecosystem reinforces this independence. PolyPaths integrates with Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex Solutions, Trepp, and the newly announced MSCI — giving institutions the flexibility to use the right data and model for each asset class rather than accepting any single vendor's ecosystem.


COMPARISON PAGES
 

Full comparison pages by competitor

PolyPaths vs. QRM RiskFramework
Model transparency and internal ownership versus consulting dependency and lock-in. Full structured finance and private credit depth versus pipeline-focused mortgage analytics. Open partner ecosystem versus bundled consulting engagement.
https://www.numerix.com/polypaths-compare-qrm-riskframework

PolyPaths vs. LSEG Yield Book
Open multi-partner data ecosystem versus single-vendor LSEG bundle. User-controlled prepayment and OAS assumptions versus proprietary black-box models. Private credit and whole-loan depth versus securities-first platform. No compute metering versus CPU-minute Boost licensing.
https://www.numerix.com/polypaths-compare-lseg-yield-book

 

COMMON QUESTIONS

Questions that span both competitors

What makes PolyPaths different from both QRM and LSEG Yield Book?
Both QRM and Yield Book deliver analytics to clients. PolyPaths gives clients control of the analytics. QRM co-develops models through consulting — institutional knowledge stays with the QRM team. Yield Book delivers proprietary outputs clients cannot inspect or override. PolyPaths gives the institution's quant team ownership of every assumption, independent model validation capability, private credit and structured finance depth across MBS, ABS, CMBS, CLOs, whole loans, MSRs, non-agency, and private credit loans, and an open partner ecosystem spanning Andrew Davidson & Co., Moody's Analytics, Black Knight AFT, Intex, Trepp, and MSCI.


Does PolyPaths cover private credit?
Yes. PolyPaths covers private credit through loan-level analytics, scenario-based default and prepayment simulation, and cash flow analysis for direct lending and credit fund portfolios — alongside its full structured finance coverage of MBS, ABS, CMBS, CLOs, whole loans, and MSRs. The Trepp partnership extends CMBS loan-level modeling directly into PolyPaths workflows, and Moody's Analytics and Intex integrations strengthen credit analytics across structured credit vehicles.


What data and model partners does PolyPaths integrate with?
PolyPaths integrates with Andrew Davidson & Co. for MBS and ABS risk analytics; Moody's Analytics for structured product analysis; Black Knight AFT for its comprehensive prepayment, default, loss, and valuation model across residential loans and MBS; Intex Solutions for RMBS, ABS, CMBS, and CDO cash flow models; Trepp for CMBS loan-level cash flow modeling; and MSCI (newly announced). This open ecosystem gives institutions the flexibility to use best-in-class data and models for each asset class rather than a single-vendor bundle.


Can PolyPaths run alongside QRM or Yield Book?
Yes. Many institutions run PolyPaths as the specialist analytical layer for structured products, private credit, non-agency, MSRs, or whole loans alongside their ALM or bond analytics platform. PolyPaths operates as a file-based system or through its API, integrating with existing infrastructure without requiring a platform replacement.


Does PolyPaths cover ALM?
Yes. PolyPaths ALM unifies accounting and income simulation with market value economics and risk. It covers the full fixed income and structured finance product suite including private credit and whole loans, with automated BatchALM, 50+ standard reports, 400+ descriptive fields, and multiple balance sheet outlooks.
PolyPaths capabilities and partner integrations sourced from numerix.com and polypaths.com. Chartis Quantitative Analytics50 2026 and Chartis RiskTech Quadrant 2024 data from published Chartis Research reports. This page is produced by Numerix for informational purposes.

 

PolyPaths capabilities and partner integrations sourced from numerix.com and polypaths.com. Chartis Quantitative Analytics50 2026 and Chartis RiskTech Quadrant 2024 data from published Chartis Research reports. This page is produced by Numerix for informational purposes.