Disclaimers

1. No Licensing — Financial Services

Calculus Management LLC (d/b/a Calculus Research) and its affiliated entity Calculus Labs LLC are not licensed as any of the following:

• Mortgage broker or mortgage lender under any state or federal law
• Loan originator (MLO) registered with the Nationwide Multistate Licensing System (NMLS)
• Registered Investment Adviser (RIA) with the SEC or any state securities regulator
• Broker-dealer registered under the Securities Exchange Act of 1934
• Investment company registered under the Investment Company Act of 1940
• Financial planner, financial advisor, or financial consultant of any licensed variety
• Insurance producer or agent
• Certified Public Accountant (CPA) or tax advisor
• Attorney or legal counsel

We do not hold, and do not claim to hold, any such licenses, registrations, or credentials. You should consult a licensed professional in the relevant field before making any financial, investment, legal, or tax decision.

2. Not Financial or Investment Advice

All content published on this website — including descriptions of capital solutions, lending products, deal structures, market commentary, AI-generated analysis, case studies, and portfolio information — is provided for general informational and illustrative purposes only. It does not constitute and should not be construed as:

• A recommendation to purchase, sell, or hold any security or financial instrument
• Personalized investment advice tailored to your individual financial situation
• An offer or solicitation to invest in any fund, security, or investment vehicle
• A commitment to lend, guarantee a loan, or provide financing on any particular terms
• Legal, tax, accounting, or regulatory advice of any kind

Past performance of any deal, portfolio, or investment described on this site is not indicative of future results. All lending and investment activities involve risk, including the risk of loss of principal.

3. Not a Securities Offering

Nothing on this website constitutes an offer to sell, or a solicitation of an offer to buy, any securities. Any such offer or solicitation will be made only pursuant to a confidential private placement memorandum (PPM) or other offering document delivered to qualified investors in compliance with applicable securities laws. References to potential returns, interest rates, or investment opportunities are illustrative only and do not represent a guarantee or promise of any specific outcome.

4. Private Lending — Nature of Activities

To the extent Calculus Research engages in direct private lending activities, such activities are conducted through Calculus Management LLC as a private lender deploying its own capital or capital from affiliated entities to qualified borrowers. These activities:

• Are not conducted through a licensed mortgage company, bank, or credit union
• May be subject to state usury and lending laws depending on the transaction and jurisdiction
• Do not involve federally insured deposits and are not regulated by the FDIC, OCC, or Federal Reserve in any banking capacity
• Are available only to qualified commercial borrowers and not to consumer borrowers for personal, family, or household purposes

Prospective borrowers are encouraged to seek independent legal and financial advice before entering into any lending arrangement.

5. AI-Powered Tools — Not a Substitute for Professional Judgment

Calculus Research uses proprietary AI tools, including its UnderwriteAI underwriting engine and other models available through Calculus Labs, to assist in the analysis and evaluation of lending and investment opportunities. These tools:

• Are analytical aids only and do not make final credit or investment decisions independently
• May produce inaccurate, incomplete, or outdated outputs
• Do not constitute a credit decision, pre-approval, or commitment to lend
• Should not be relied upon as the sole basis for any financial decision
• Are not audited, certified, or validated by any regulatory authority

All material credit and investment decisions involve human review by authorized personnel at Calculus Research. AI outputs are one input among many.

6. Forward-Looking Statements

This website may contain forward-looking statements, including projections, expectations, estimates, and statements about future events or results. These statements involve known and unknown risks and uncertainties and are based on assumptions that may prove incorrect. Actual results may differ materially from those projected. You should not place undue reliance on forward-looking statements. Calculus Research undertakes no obligation to update any forward-looking statement after the date of publication.

7. Third-Party Information

This website may include references to third-party data, research, reports, or market information. Such information is provided for context only and does not constitute an endorsement of the source. Calculus Research makes no representation as to the accuracy, completeness, or timeliness of third-party information.

8. Geographic Limitations

The information on this website is directed primarily at persons in the United States and the United Kingdom. It is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. Persons outside these jurisdictions who choose to access this website do so on their own initiative and are responsible for compliance with applicable local laws.

9. No Warranty

This website and all content herein are provided on an "as is" and "as available" basis without any warranty of any kind, express or implied, including but not limited to warranties of accuracy, completeness, merchantability, or fitness for a particular purpose. Calculus Research does not warrant that this website will be available at all times or free from errors or viruses.

10. Limitation of Liability

To the fullest extent permitted by applicable law, Calculus Management LLC, Calculus Labs LLC, and their officers, directors, employees, and agents shall not be liable for any direct, indirect, incidental, special, consequential, or punitive damages arising from your use of or reliance on this website or its content. This limitation applies regardless of the form of action and even if Calculus Research has been advised of the possibility of such damages.

11. Legal and Tax Advice

Nothing on this website constitutes legal advice. You should not act on any information on this website without seeking advice from a qualified attorney licensed in your jurisdiction. Similarly, nothing on this website constitutes tax advice. You should consult a qualified tax professional before taking any action with tax implications.

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