Compass Datacenters Issuer LLC's series 2020-1 class A-1 and A-2, and series 2020-2 A-2 note issuances are the securitization of real estate and tenant lease payments for space and electrical capacity in Compass Management LLC's (Compass; the manager) 13 completed and operating wholesale data centers located in North Carolina, Tennessee, Minnesota, Texas, Oklahoma, Toronto, and Montréal. Compass will use the proceeds for refinancing its existing debt and general corporate purposes, including acquiring and developing new data centers. The vast majority of the data centers are leased by hyperscale tenants, which typically require 500 kilowatts (kW) or more of capacity to operate their computing equipment and networks (consisting of racks and servers, network gear, electrical distribution, containment, and network wiring). These