The preliminary ratings assigned to BX Commercial Mortgage Trust 2021-VOLT's commercial mortgage pass-through certificates series 2021-VOLT reflect S&P Global Ratings' view of the collateral's historical and projected performance, the sponsor's and the manager's experience, the trustee-provided liquidity, the loan terms, and the transaction's structure. We determined that the mortgage loan has a beginning and ending loan-to-value (LTV) ratio of 116.7%, based on S&P Global Ratings' value. Our rating analysis considers a transaction's potential exposure to ESG credit factors. For CMBS, we view the exposure to environmental credit factors as above average, exposure to social credit factors as average, and exposure to governance credit factors as average (see "ESG Industry Report Card: Commercial Mortgage-Backed Securities," published March 31, 2021). The sector's