Financial & Investment Disclaimer

1. No Investment Advice

The content published on Sturnus Ratings (sturnusratings.com), including but not limited to financial data tables, quantitative metrics, systematic fundamental reports, articles, educational guides, and any other materials, is provided for general informational and educational purposes only. It does not constitute, and must not be interpreted as, financial advice, investment advice, trading advice, securities advice, or any other form of professional advice regulated by any financial authority in any jurisdiction.

Sturnus Ratings is not a registered investment adviser, broker-dealer, financial planner, or any other type of regulated financial professional. No fiduciary relationship exists between Sturnus Ratings and any user of this platform. No content on this platform is personalised to any individual's financial situation, risk tolerance, investment horizon, or investment objectives.

2. Educational Purpose Only

This platform aggregates and analyses publicly available financial data — primarily from filings submitted to the U.S. Securities and Exchange Commission (SEC) via EDGAR — and presents that data in a structured format to help investors understand the financial characteristics of Business Development Companies (BDCs), Real Estate Investment Trusts (REITs), and Mortgage REITs (mREITs). The intent is educational: to reduce the information asymmetry between institutional and retail investors for these specific asset classes.

Quantitative metrics such as Net Asset Value (NAV), Net Investment Income (NII), Funds From Operations (FFO), Distributable Earnings, dividend yield, NII coverage ratios, and risk statistics such as annualised volatility and Sharpe Ratio are computed from reported financial data for the purpose of illustrating historical performance and financial structure. These metrics are not forecasts, predictions, or recommendations. They describe what has happened in the past, not what will happen in the future.

3. No Guarantee of Accuracy or Completeness

While Sturnus Ratings makes reasonable efforts to ensure the accuracy and timeliness of data presented on this platform, we make no representation, warranty, or guarantee — express or implied — that any information is accurate, complete, current, reliable, or suitable for any purpose. Financial data published by companies can be subject to restatement, revision, or correction after initial release. Market prices fluctuate continuously. Any data point shown on this platform may lag behind current market conditions.

Users are strongly encouraged to verify all material data against original source documents — SEC EDGAR filings, company investor relations publications, and exchange data — before relying on any figure for any purpose. Sturnus Ratings accepts no liability for any loss or damage, direct or indirect, arising from reliance on any content provided on this platform.

4. Investment Risk

All investments involve risk. The value of investments can go down as well as up. Past performance is not a reliable indicator of future results. Income from investments is not guaranteed and may fluctuate. Dividends and distributions can be cut, suspended, or eliminated at any time at the discretion of the issuing company's board of directors. A company that has historically paid a consistent dividend may reduce or eliminate that dividend without advance notice to shareholders.

BDCs, REITs, and mREITs carry specific risks including but not limited to:

• Credit risk (BDCs): Portfolio companies may default on loans, leading to principal losses and reductions in NII.
• Real estate market risk (REITs): Property values, occupancy rates, and rental income can decline due to local or national economic conditions, changes in demand, or oversupply.
• Interest rate risk (mREITs): Rising interest rates reduce the market value of mortgage-backed securities and can compress net interest margins, leading to book value declines and dividend cuts.
• Leverage risk (all sectors): BDCs, REITs, and mREITs all use debt financing to amplify returns. Leverage also amplifies losses and can lead to forced asset sales in adverse market conditions.
• Liquidity risk: Smaller companies in these sectors may have limited trading volume, making it difficult to buy or sell shares at a desired price.
• Regulatory risk: Changes to laws governing BDCs, REITs, or the mortgage markets — including changes to the tax treatment of distributions — could adversely affect investment returns.

5. Systematic Fundamental Reports

Sturnus Ratings produces Systematic Fundamental Reports for companies in our coverage universe. These reports are generated using a structured analytical template applied to verified SEC filing data and audited quarterly financial statements. They are designed to present a consistent, comparable synthesis of key financial metrics across companies and sectors.

These reports are explicitly and entirely not buy or sell recommendations. They do not constitute stock analysis, research reports, or investment recommendations as those terms are defined by any regulatory authority. They are educational summaries of historical public data. A positive characterisation in a systematic report does not mean a security is suitable for any investor; a negative characterisation does not mean the security will decline in value. Users must not act on these reports as if they were recommendations from a registered investment adviser.

6. Forward-Looking Statements

This platform may include statements that could be considered forward-looking — for example, projections of future dividend payments, estimated price targets, or analysis of trends. All such content is clearly speculative and based on historical patterns. Actual results will differ from any projection. No reliance should be placed on any such forward-looking characterisation for the purpose of making an investment decision.

7. Third-Party Content

This platform may include links to third-party websites, SEC filings, press releases, or other external content. Sturnus Ratings does not control, endorse, or take responsibility for any third-party content. Links are provided for informational convenience only. Users access third-party content at their own risk and subject to the terms and policies of those third parties.

8. Tax Disclaimer

Tax treatment of dividends and distributions from BDCs, REITs, and mREITs is complex and varies depending on the investor's country of residence, tax status, and the nature of the distribution (qualified dividend, ordinary income, return of capital, capital gain). The tax guides on this platform are general educational overviews of U.S. tax rules and are not tax advice. You should consult a qualified tax professional in your jurisdiction before making any investment decision based on tax considerations.

9. Regulatory Status

Sturnus Ratings is an independent financial data and education platform. It is not authorised, regulated, or supervised by any financial regulatory authority, including the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), or any equivalent body in any jurisdiction. Using this platform does not constitute entering into any regulated financial service relationship.

10. Consult a Professional

Before making any investment decision, you should consider whether it is appropriate for your individual circumstances and, if necessary, seek independent financial, legal, and tax advice from a suitably qualified professional. The financial products covered on this platform — BDCs, REITs, and mREITs — are not suitable for all investors. You should fully understand the risks associated with any investment before committing capital.

11. Changes to This Disclaimer

Sturnus Ratings reserves the right to amend this Disclaimer at any time without notice. The current version is always available at sturnusratings.com/disclaimer. Continued use of the platform following any amendment constitutes acceptance of the revised Disclaimer.

12. Contact

If you have questions about this Disclaimer or the nature of the content on this platform, please contact us via our contact form.

---

Last updated: July 2026