Terms of Service

1. Parties and Acceptance

These Terms of Service ("Terms") govern your access to and use of the website located at calculusresearch.io and any associated services, tools, or portals (collectively, the "Site"), operated by Calculus Management LLC, a Delaware limited liability company operating under the brand Calculus Research and through its managed entity Calculus Labs LLC (Delaware) (collectively, "Calculus Research," "we," "us," or "our").

By accessing or using the Site, you confirm that you have read, understood, and agree to be bound by these Terms. If you are using the Site on behalf of an organization, you represent that you have authority to bind that organization. If you do not agree, do not use the Site.

2. Nature of the Platform — What We Are Not

It is essential that you understand the nature of Calculus Research before relying on anything on this Site:

• We are not a licensed mortgage broker, loan originator, or mortgage lender under any state or federal law
• We are not registered with the Nationwide Multistate Licensing System (NMLS) as a mortgage loan originator
• We are not a registered investment adviser (RIA), broker-dealer, or financial planner
• We are not a bank, credit union, or federally regulated depository institution
• We are not providing personalized financial, investment, legal, or tax advice of any kind

Where we engage in private lending activities, we do so as a private capital company deploying our own capital to qualified commercial borrowers. Such activities are not conducted through a licensed lending institution and are not available to consumer borrowers for personal, family, or household purposes.

3. Description of Services

Through the Site, Calculus Research provides:

• Information services — content about private lending, capital solutions, market commentary, and deal case studies for informational purposes
• Enquiry facilitation — forms and contact mechanisms for qualified commercial borrowers or partners to initiate discussions about potential transactions
• AI Labs and portal access — access to AI-powered analytical and research tools through Calculus Labs for authorized institutional users, governed by our AI Portal Terms
• Consulting information — general information about consulting and advisory services available from Calculus Research to businesses and real estate developers

The Site does not execute or originate loans. Any lending, financing, or investment activity described on the Site reflects transactions conducted by Calculus Management LLC as a private lender, and only as specifically agreed in a separate written agreement with the relevant counterparty.

4. Eligibility

The Site is intended for use by:

• Businesses, developers, and commercial real estate professionals seeking information about private lending products
• Institutional investors and qualified partners seeking information about Calculus Research
• Authorized users of the Calculus AI Labs portal

Use by individual consumers for personal, family, or household financial purposes is not intended and is expressly outside the scope of these Terms. You must be at least 18 years of age.

5. Intellectual Property

All content on the Site — including text, graphics, data, AI model outputs, the UnderwriteAI brand, logos, and software — is owned by or licensed to Calculus Management LLC and is protected by applicable intellectual property laws. You may not:

• Copy, reproduce, or redistribute Site content for commercial purposes without written permission
• Reverse engineer, decompile, or extract source code from any AI tools or portal software
• Use our brand names, logos, or trademarks without prior written authorization
• Scrape or systematically extract data from the Site

Limited personal, non-commercial use of Site content is permitted provided you retain all copyright and proprietary notices.

6. AI-Powered Tools — Specific Terms

Calculus Research uses and offers AI-powered tools including UnderwriteAI and the Calculus AI Labs portal. Your use of these tools is subject to the following:

• AI outputs are analytical aids only and do not constitute advice, decisions, or commitments
• You are solely responsible for any action taken in reliance on AI-generated content
• AI models may produce inaccurate, incomplete, or outdated results — always apply independent professional judgment
• Institutional portal access is separately governed by our AI Portal Terms and any applicable order form
• You may not use AI portal tools to violate applicable laws, generate harmful content, or circumvent safety measures

7. User Conduct

You agree not to use the Site to:

• Submit false, misleading, or fraudulent information in any enquiry or application
• Violate any applicable law or regulation
• Interfere with or disrupt the Site's infrastructure or security
• Attempt unauthorized access to any account, system, or data
• Engage in scraping, data harvesting, or automated querying beyond normal browsing
• Misrepresent your identity, organization, or qualifications

8. No Warranties

9. Limitation of Liability

10. Indemnification

You agree to defend, indemnify, and hold harmless Calculus Management LLC, Calculus Labs LLC, and their officers, employees, and agents from any claims, damages, losses, or expenses (including reasonable legal fees) arising from: (a) your use of the Site in violation of these Terms; (b) any information you submit; (c) your violation of any applicable law; or (d) any claim by a third party arising from your reliance on Site content.

11. Third-Party Links

The Site may contain links to third-party websites. Such links are provided for convenience only. Calculus Research does not endorse, control, or take responsibility for the content or privacy practices of any third-party site. Your use of third-party sites is at your own risk and subject to their own terms.

12. Privacy

Your use of the Site is also governed by our Privacy Policy, which is incorporated into these Terms by reference.

13. Modifications to the Site and Terms

We reserve the right to modify or discontinue the Site (or any part of it) at any time without notice. We may also update these Terms from time to time. The "Effective Date" at the top indicates the current version. Continued use after an update constitutes acceptance. For material changes, we will provide reasonable advance notice where practicable.

14. Governing Law and Dispute Resolution

These Terms are governed by the laws of the State of Delaware, without regard to conflict of law principles. Any dispute arising under these Terms shall be resolved exclusively by binding arbitration in accordance with the JAMS Streamlined Arbitration Rules, with proceedings in Wilmington, Delaware, USA. The parties waive any right to a jury trial. Notwithstanding the foregoing, either party may seek injunctive relief in any court of competent jurisdiction.

For users in the United Kingdom: nothing in these Terms affects statutory rights under UK law that cannot be excluded by contract.

15. Entire Agreement and General

• Entire Agreement. These Terms, the Privacy Policy, Disclaimers, Cookie Policy, Financial Disclosures, and any applicable AI Portal Terms constitute the entire agreement between you and Calculus Research regarding your use of the Site.
• Severability. If any provision is found invalid, the remainder continues in effect.
• Waiver. Failure to enforce any provision is not a waiver of future enforcement.
• No Relationship. These Terms do not create any agency, partnership, joint venture, or employment relationship.

16. Contact