The preliminary ratings assigned to CMFT Net Lease Master Issuer LLC's (the issuer) $565.00 million net lease mortgage notes series 2021-1 reflect: Overcollateralization (the aggregate appraised value minus the aggregate series' principal balance); The available cushion, as measured by the issuer debt service coverage ratio (DSCR); year one DSCR is expected to be at least 1.91x; CREI Advisors LLC's property management and special servicing abilities; KeyBank N.A.'s experience as backup manager; The projected cash flows supporting the notes; and The transaction's legal and payment structures. CMFT Net Lease Master Issuer LLC's series 2021-1 is the first transaction issued out of the master trust. The collateral will be shared between series 2021-1 and all future series issued. In our view, the