Terms of Use as of 03/25/2026

Last updated March 13, 2026.
By using this website you understand and agree that these Terms of Use ( Terms ) form an agreement or contract between you and Townsend Holdings LLC (d/b/a Townsend) that governs your use of this website and any information you submit to Townsend using this website. By using this website, you confirm that you have read and understand the Terms and agree to be bound by them.

1. Acceptance of Terms.

  1. By using this website (the Site ) you agree to be bound by these Terms. IF YOU DO NOT AGREE TO THESE SITE TERMS OR ANY SUBSEQUENT MODIFICATION, DO NOT ACCESS, BROWSE OR OTHERWISE USE THIS SITE.
  2. The Site is provided for the convenience of clients of Townsend and investment managers ( Users ) to access and provide information to Townsend for the purposes authorized by these Terms. By using the Site, you represent that you are a User properly authorized by Townsend to provide Information via the Site.
  3. Please note that Townsend may change the Terms from time to time at its sole discretion. When such changes are made, Townsend will make a new copy of the Terms available on the Site. Townsend reserves the right to amend and update the Terms without notice to you. Your continued use of the Site is subject to the most current version of the Terms posted on the Site at the time of such use. Please check the Site regularly to view new the current Terms.

2. Use of the Information.

By providing Information to Townsend via the Site, you grant Townsend a nonexclusive license to use the submitted Information for analysis related to Townsend s business.

3. Ownership.

  1. Townsend reserves all intellectual property and other proprietary rights in the Site and in any materials generated by Townsend using the Information as permitted by these Terms. Townsend grants you a limited license to make personal use only of the Site. Such grant does not include, without limitation: (a) any resale or commercial use of the Site or content therein; or (b) use of any data mining, robots, or similar data gathering and extraction methods. Except as noted above, you are not conveyed any right or license by implication, estoppel, or otherwise in or under any patent, trademark, copyright, or proprietary right of Townsend or any third party.
  2. The trademarks, logos, and service marks displayed on the Site (the Marks ) are the property of Townsend or third parties. You are not permitted to use the Marks without the prior, express consent of Townsend or the third party that owns the applicable Marks.

4. Townsend Rights.

  1. Townsend may, in its sole discretion,
    1. choose not to use Information you provide via the Site,
    2. terminate your status as a User at any time or
    3. discontinue the Site.
  2. Except to the extent prohibited by applicable Law, Townsend is entitled to disclose any Information or data about you in Townsend s possession in connection with your use of the Site to:
    1. comply with applicable law, legal process or governmental request;
    2. enforce the Terms;
    3. protect the rights, property or personal safety of Townsend, its Users or the public, and law enforcement or other government officials, as Townsend in its sole discretion believes to be necessary or appropriate.

6. Modifications.

Townsend may at any time and from time to time modify or discontinue, temporarily or permanently, the Site or any portion thereof, with or without notice to you. You agree that Townsend shall not be liable to you for any modification, suspension or discontinuance of the Site.

7. Termination.

  1. Townsend may at any time terminate this agreement with you.
  2. Except for the license granted to Townsend with respect to the Information, which shall survive termination, the Terms will continue to apply until terminated by you or Townsend as set forth herein.
  3. You agree that all terminations for cause shall be made at Townsend s sole discretion and that Townsend shall not be liable to you or any third party for any termination of your access to the Site or any portion thereof.

8. Links to External Websites

 

The Site may include links to external websites. When you follow such links, the external website may appear as a separate full screen or, in some cases, within a frame of the Site. Linked websites are not under the control of Townsend and Townsend is not responsible for the contents of any linked website, any link contained in a linked website, or any changes or updates to such websites. Accordingly, Townsend makes no representations whatsoever concerning the content of those sites. Townsend is providing these links to you only as a convenience, and the inclusion of any linked website does not imply that Townsend sponsors, licenses, endorses, is affiliated with, or otherwise connected to the website, the products or services identified on the website, or the owner of the website. Townsend has not tested any information, software or products found on these sites and therefore cannot make any representations whatsoever with respect thereto.

 

You may not frame or link or otherwise associate yourself with this Site without our express permission. We reserve the right to withdraw linking permission without notice. There are risks in using any information, software or products found on the Internet, and Townsend cautions you to make sure that you completely understand these risks before retrieving, using, relying upon anything via the Internet.

 

9. No Offer of Securities No Investment Advice

 

Under no circumstances should any material at this Site be used or considered as an offer to sell or a solicitation of any offer to buy an interest in any security, investment fund, or real estate or other real asset. The material on this website does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation. Access to information about any accounts is limited to investors and managers who, among other requirements, either qualify as accredited investors within the meaning of the Securities Act of 1933, as amended, or those investors who generally are sophisticated in financial matters, such that they can evaluate the merits and risks of prospective investments. The information contained herein is not investment advice. Any specific investments listed or discussed do not represent any or all investments purchased, sold or recommended for advisory clients since inception. One should not assume that all investments are or will be profitable.

 

You are responsible for ensuring that a back-up copy is made of any document that you upload to the Site or create using the Site. We do not accept responsibility for any document which is lost or corrupted due to user error, transmission failure or error or for any other reason whatsoever.

 

Commentary and other materials posted on the Site are not intended to amount to advice on which reliance should be placed. We therefore disclaim all liability and responsibility arising from any reliance placed on such materials.

 

10. Limitation of Liability.

IN NO EVENT WILL TOWNSEND, ITS OFFICERS, DIRECTORS, EMPLOYEES, PARTNERS, OR CLIENTS BE LIABLE TO YOU OR TO ANY THIRD PARTY FOR ANY SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM LOST PROFITS, LOST DATA OR BUSINESS INTERRUPTION), ARISING OUT OF THE USE, INABILITY TO USE, OR THE RESULTS OF USE OF THIS SITE, ANY WEB SITES LINKED TO THIS SITE, OR THE MATERIALS OR INFORMATION CONTAINED AT ANY OR ALL SUCH SITES, WHETHER BASED ON WARRANTY, CONTRACT, TORT OR ANY OTHER LEGAL THEORY AND WHETHER OR NOT FORESEEABLE OR WHETHER TOWNSEND HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

11. Dispute Resolution.

  1. All matters relating to your access to, or use of, the Site, including any use by Townsend of Information submitted via the Site, shall be governed by the Laws of the State of Ohio, without regard to conflict of laws principles. You agree that any claim or dispute you may have against Townsend must be resolved by a court located in Cuyahoga County, Ohio, except as otherwise agreed by and between the parties. You agree to submit to the personal jurisdiction of the courts located in Cuyahoga County, Ohio for the purpose of litigating such claims or disputes.
  2. Notwithstanding the foregoing, in the event of your or others unauthorized access to or use of the Site or any part thereof in violation of the Terms you agree that Townsend shall be entitled to apply for injunctive remedies (or an equivalent type of urgent legal relief) in any jurisdiction.

12. General.

  1. Any notice provided to Townsend pursuant to the Terms should be sent to:

Townsend Holdings LLC
d/b/a The Townsend Group
Attn: Legal Department
950 Main Avenue
Suite 1600
Cleveland, Ohio 44113

  1. In the case that you have a client agreement with Townsend, these Terms shall only govern your use of this Website in case of any conflict between this agreement and your client agreement. Notwithstanding the foregoing, these Terms shall not otherwise modify your client agreement with Townsend.
  2. If for any reason a court of competent jurisdiction finds any provision of the Terms, or portion thereof, to be unenforceable, that provision shall be enforced to the maximum extent permissible so as to effect the intent of the parties as reflected by that provision, and the remainder of the Terms shall continue in full force and effect.
  3. Any failure by Townsend to enforce or exercise any provision of the Terms, or any related right, shall not constitute a waiver of that provision or right.