The preliminary ratings assigned to Oak Street Investment Grade Net Lease Fund Series 2020-1 LLC's (the issuer) $2.114 billion net lease mortgage notes series 2020-1 reflect: The credit enhancement available in the form of subordination for the class A-1, A-2, A-3, A-4, A-5, and A-6 notes; Overcollateralization; The available cushion, as measured by the issuer debt service coverage ratio (DSCR): year one DSCR is expected to be at least 1.75x.