The preliminary rating assigned to SREIT Commercial Mortgage Trust 2021-MFP's (SREIT 2021-MFP) commercial mortgage pass-through certificates reflect S&P Global Ratings' view of the collateral's historic 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 111.0%, based on S&P Global Ratings' value. Unless otherwise indicated, all S&P Global Ratings' metrics herein refer to the total portfolio of 62 properties, comprising of 15,465 units located in 10 states. Our rating analysis considers a transaction's potential exposure to ESG credit factors. For commercial mortgage-backed securities (CMBS), we view the exposure to environmental credit factors as above average, social