Cut Carbon Note®

$400 million, with the first three series supporting a current portfolio of $100.8 million. Most recent offering of:

• $44,296,000 of Class A that has been assigned a provisional rating of AAA by Morningstar DBRS as of February 2025
• $452,000 of Class B that has been assigned a provisional rating of AA by Morningstar DBRS as of February 2025
• $452,000 of Class C that has been assigned a provisional rating of BBB by Morningstar DBRS as of February 2025

Note: Different Classes have materially different risks. In certain situations, losses are first borne by Class C, then Class B, and lastly by Class A. See prospectus for further details.

The offering periods for the first three Cut Carbon Notes® series have closed. If you would like to be notified about upcoming availability of future series, please reach out to us at info@calvertimpact.org.

Finance sustainability upgrades for commercial buildings, with the objective of reducing carbon emissions

Certain specific Commercial Property Assessed Clean Energy (“CPACE”) bond (“CPACE Bonds”) or assessment (“CPACE Assessments”) instruments that provide low-cost, long-term funding for energy efficiency improvements to commercial, industrial, multi-family, and non-profit buildings in the United States.

$1000

Fixed interest rates for each class set at time of issuance, please refer to current pricing supplement for details

Final legal maturity of 12/15/2053. The expected weighted-average life, based on a 6% constant prepayment rate assumption to a 10% clean-up call option, is 8.6 years. Please see prospectus supplement for further details.

Calvert Impact Climate, Inc., is the issuer of the Cut Carbon Notes®. The Cut Carbon Notes® are an asset-backed security and will be issued by, and payable exclusively from the assets of, Calvert Impact Climate, Inc., a special purpose vehicle. The only material asset of Calvert Impact Climate, Inc., is the Asset Pool. If the Asset Pool does not produce sufficient cash flow, investors may suffer a loss.

Calvert Impact, Inc. is the Sponsor of the Cut Carbon Notes®. The Sponsor is responsible for (i) structuring the Notes, (ii) selecting the CPACE Assets and arranging their transfer to the Issuer, and (iii) retaining a first-loss position (an “Eligible Risk Retention Interest”) in the Notes. The Notes are not obligations of the Sponsor or backed by the assets of the Sponsor or any other affiliate of the Issuer.

Fixed Income

Impact Reporting​ is provided semi-annually, including portfolio-level impact data, as well as alignment with the Green Bond Principles, The Impact Principles, and other relevant industry standards.

Calvert Impact Climate, Inc., a 501(c)(3) nonprofit and a subsidiary of Calvert Impact, Inc., offers the Cut Carbon Note®. The Cut Carbon Note® is subject to certain risks, is not a mutual fund, and is not FDIC or SIPC insured. Past performance is no guarantee of future results. This is not an offer or solicitation to buy our securities, the offering is made solely by the applicable prospectus (including any applicable prospectus supplement and pricing supplement), and any decision to invest should only be made after reading these documents which details the terms, conditions, and risks the Cut Carbon Note® is subject to, including risk of possible loss of the amount invested. Payment is dependent on Calvert Impact Climate's financial condition at the time payment is due. The Cut Carbon Note® is not registered with the SEC, is only offered and sold in states where authorized, and may be subject to specific state eligibility requirements.