The preliminary ratings assigned to MF1 2021-W10X's commercial mortgage pass-through certificates series 2021-W10X 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 140.0%, based on S&P Global Ratings' value. This transaction adopts a new interest rate benchmark, Term SOFR (Secured Overnight Financing Rate), as opposed to one-month LIBOR, which was utilized as the benchmark by transactions that contained floating-rate assets and liabilities.