Primary Disclosure
Calculus Management LLC (d/b/a Calculus Research) and its affiliated entity Calculus Labs LLC are not licensed lenders, mortgage brokers, loan originators, registered investment advisers, broker-dealers, securities dealers, or financial planners.
We do not hold any NMLS registration, SEC or state RIA registration, FINRA registration, or state lending or mortgage license. Nothing we publish, say, or provide constitutes licensed financial, investment, mortgage, securities, legal, or tax advice or services.
1. Not a Licensed Lender or Mortgage Company
Calculus Research operates as a private capital company. Where we engage in lending, we do so as a private lender deploying our own proprietary capital. This means:
- We are not registered or licensed as a mortgage lender, mortgage broker, or mortgage loan originator under the SAFE Act, the Dodd-Frank Act, or any state mortgage licensing law
- We do not hold an NMLS number as a company or through any individual loan originator
- Our lending activities are limited to commercial real estate and business lending — we do not originate consumer mortgage loans or any loans for personal, family, or household purposes
- Loan availability, terms, and eligibility are determined by Calculus Research at its sole discretion; nothing on our website constitutes a pre-approval, commitment to lend, or guarantee of any terms
- Private lending of the nature we conduct may be subject to state-specific regulations and usury laws; prospective borrowers should consult independent legal counsel regarding applicable requirements in their jurisdiction
2. Not a Registered Investment Adviser or Broker-Dealer
Calculus Management LLC is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities regulatory authority. Calculus Management LLC is not registered as a broker-dealer with FINRA or the SEC.
This means:
- We do not provide personalized investment advice for compensation
- We do not manage securities portfolios, execute securities transactions, or act as a fiduciary investment adviser
- References to our "asset management" activities refer to the management of our own proprietary capital and investments held by affiliated entities — not the management of third-party investor funds pursuant to an investment advisory relationship
- Any description of investment returns, deal performance, or portfolio results on our website is for informational and marketing purposes only and does not represent an offer to manage investments or provide advisory services
3. Not a Securities Dealer or Placement Agent
Calculus Research is not a registered broker-dealer, placement agent, or securities dealer. We do not facilitate the purchase or sale of securities on behalf of third parties for compensation. If we refer to investment opportunities, such references are either:
- Descriptions of past transactions by Calculus Management LLC deploying its own capital, or
- Information provided to qualified institutional counterparties under applicable exemptions from securities registration requirements
Any actual offer or sale of securities is or would be conducted strictly pursuant to applicable exemptions (e.g., Rule 506(b) or 506(c) of Regulation D) and only to verified accredited investors, with appropriate offering documentation.
4. Not a Licensed Financial Planner or Tax Adviser
No individual at Calculus Research is acting as a licensed financial planner, Certified Financial Planner (CFP), Certified Public Accountant (CPA), Enrolled Agent, or tax adviser in their capacity representing Calculus Research. Nothing we communicate should be treated as tax or financial planning advice. Consult a licensed CPA or financial planner for tax and financial planning needs.
5. Equal Credit Opportunity Act (ECOA) Notice
ECOA Notice
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
Calculus Research's commercial lending activities are directed exclusively at commercial borrowers and are not subject to the consumer provisions of ECOA. However, we are committed to evaluating all commercial lending requests on the basis of creditworthiness and business merit, without unlawful discrimination.
6. SBA and USDA Loan Programs
Calculus Research may assist qualifying businesses in identifying and pursuing U.S. Small Business Administration (SBA) loan programs and USDA Business and Industry (B&I) loan guarantees. In this context:
- Calculus Research is not itself an SBA Preferred Lender, SBA-approved lender, or USDA-approved lender
- Any SBA or USDA financing would be originated through licensed, approved lenders with which Calculus Research may have relationships
- We make no guarantee that any client will qualify for or receive SBA or USDA financing; eligibility is determined by the lender and the applicable government program requirements
- SBA and USDA loan programs have specific eligibility criteria, fees, and requirements that prospective borrowers should review directly with an approved lender or program administrator
7. Performance Data and Deal Statistics
References on the Calculus Research website to capital deployed, deals closed, AUM, loan amounts, or investment returns (including statements such as "$150M+ capital deployed" or "120+ deals closed") are provided for illustrative purposes and general context only. Such figures:
- May include completed, closed, or partially closed transactions
- Are not independently audited or verified
- Are not representations or warranties of future performance
- Do not constitute an offer to invest or a promise of returns
Past results are not indicative of future outcomes. All lending and investment activities involve risk of loss.
8. AI-Powered Underwriting Disclosure
Calculus Research uses proprietary AI systems (including UnderwriteAI) to assist in the analysis of lending opportunities. These tools are analytical aids for internal use by Calculus Research personnel. They:
- Do not make final credit decisions autonomously
- Are not validated or certified by any banking regulator or credit bureau
- Do not constitute a consumer report under the Fair Credit Reporting Act (FCRA)
- Are not a substitute for a full underwriting review by qualified personnel
9. Jurisdictional Limitations
Calculus Research's activities and this website are not directed at persons in any jurisdiction where applicable law would require additional licensing, registration, or disclosure beyond what is provided here. Persons in such jurisdictions who access this website do so on their own initiative and are responsible for compliance with local laws.
In particular, lending activities vary significantly by state. Prospective borrowers should obtain independent legal advice regarding the laws applicable to commercial lending transactions in their state.
10. Contact
Calculus Management LLC (d/b/a Calculus Research)
Providence, RI · London, UK
finance@calculusresearch.io