Form ABS-15G STORE CAPITAL Corp For: May 12

Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________.

Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Findings and conclusions of a Third Party Due Diligence Report Obtained by the Issuer

/s/ Chad A. Freed

Exhibit No.

Description

Ernst & Young LLP

5 Times Square

New York, NY 10036-6530

Tel: +1 212 773 3000

Fax: +1 212 773 6350

ey.com

STORE Capital Corporation

STORE Master Funding I, LLC

STORE Master Funding II, LLC

STORE Master Funding III, LLC

STORE Master Funding IV, LLC

STORE Master Funding V, LLC

STORE Master Funding VI, LLC

STORE Master Funding VII, LLC

STORE Master Funding XIV, LLC

STORE Master Funding XIX, LLC

STORE Master Funding XX, LLC

8377 East Hartford Drive, Suite 100

Scottsdale, Arizona 85255

Re:  STORE Master Funding I, LLC, STORE Master Funding II, LLC, STORE Master Funding III, LLC, STORE Master Funding IV, LLC, STORE Master Funding V, LLC, STORE Master Funding VI, LLC, STORE Master Funding VII, LLC, STORE Master Funding XIV, LLC, STORE Master XIX, LLC and STORE Master Funding XX, LLC (together, the “Issuers”)

Net-Lease Mortgage Notes, Series 2021-1 (the “Notes”)

Electronic data files:

Labeled “3-15-21 Data Tape FinalCSv2—with schedules (DF).xlsx” and the corresponding record layout and decode information, as applicable, with a tab labeled “8-15-19” (the “2019-1 Data File”) that the Property Manager, on behalf of the Issuers, indicated contains information as of 15 August 2019 (the “2019-1 Cut-off Date”) relating to a pool consisting primarily of fee title to, and leasehold interests in ground leases on, commercial real estate properties and each of the corresponding leases and all payments required thereunder (the “Related Series Owned Properties and Leases”),

Labeled “3-15-21 Data Tape Final 4.9.xlsx” and the corresponding record layout and decode information, as applicable (the “Data File”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the Owned Properties and Leases as of 15 March 2021 (the “Statistical Cut-off Date”) (or with respect to certain appraisal information, as of 1 April 2021, the (“Appraisal Cut-off Date”)),

Labeled “3-15-21 Data Tape Final 4.21.xlsx” and the corresponding record layout and decode information, as applicable (the “Updated Data File,” together with the Data File, the “Provided Data Files”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the Owned Properties and Leases as of the Statistical Cut-off Date (or with respect to certain appraisal information, as of the Appraisal Cut-off Date),

Labeled “03.2021 Portfolio Trial Balance (run 04.09.21).xls” and the corresponding record layout and decode information, as applicable (the “Investment Portfolio Trial Balance Schedule”), that the Property Manager, on behalf of the Issuers, indicated contains certain information relating to the property ID (the “Property ID”) for each Owned Property and Lease as of the Statistical Cut-off Date,

Labeled “Cash Flow Report—Audit Sample.xlsx” and the corresponding record layout and decode information, as applicable (the “STORE Cash Flow Reports Schedule”), that the Property Manager, on behalf of the Issuers, indicated contains certain information relating to the current consolidated payment for certain Owned Properties and Leases as of the Statistical Cut-off Date and

Labeled “FCCR Report—Audit Sample.xlsx” and the corresponding record layout and decode information, as applicable (the “Unit Financial Support Schedule,” together with the Investment Portfolio Trial Balance Schedule and STORE Cash Flow Reports Schedule, the “Source Schedules”), that the Property Manager, on behalf of the Issuers, indicated contains certain information relating to the most recent aggregated unit FCCR for certain Owned Properties and Leases as of the Statistical Cut-off Date,

Certain schedules and the corresponding record layout and decode information, as applicable (the “Exempt Lease Schedules”), that the Property Manager, on behalf of the Issuers, indicated contain certain information relating to the Related Series Owned Properties and Leases that have Sample Characteristic (as defined herein) values that have changed since the 2019-1 Cut-off Date,

Imaged copies of:

The lease agreement or master lease agreement, unconditional guaranty of payment and performance and any corresponding amendments, addendums, estoppels, assignment and assumptions, notice of name changes or other related documents (collectively and as applicable, the “Lease Agreement”),

The credit memorandum and any corresponding schedules and addendums or other related documents (collectively and as applicable, the “Credit Memorandum”),

The appraisal and any appraiser supplied confirmations or other related documents (collectively and as applicable, the “Appraisal”),

The settlement statement, purchaser’s statement, buyer/seller disbursement statement or other related documents (collectively and as applicable, the “Settlement Statement”),

The survey, floor plan, tax lookup—property card or other related documents (collectively and as applicable, the “Survey”),

The phase I environmental report (the “Phase I Environmental Report”),

The property condition report (the “Property Condition Report”),

The detailed balance sheet (the “Detailed Balance Sheet”),

The certificate of use and occupancy (the “Certificate of Use and Occupancy,” together with the Lease Agreement, Credit Memorandum, Appraisal, Settlement Statement, Survey, Phase I Environmental Report, Property Condition Report and Detailed Balance Sheet, the “Source Documents”),

A schedule and the corresponding record layout and decode information, as applicable (the “NAICS and SIC Code Schedule”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the sector and industry group for the Sample 2021-1 Owned Properties and Leases,

A schedule and the corresponding record layout and decode information, as applicable (the “Industry Group Mapping File”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the industry group Sample Characteristic for certain Sample 2021-1 Owned Properties and Leases,

A schedule and the corresponding record layout and decode information, as applicable (the “March 2021 Master Trust Report Schedule”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the current consolidated payment Sample Characteristic for Sample 2021-1 Owned Property and Lease Numbers (as defined herein) 4, 31 and 44,

A schedule and the corresponding record layout and decode information, as applicable (the “L0001163 Financial Support Schedule”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the most recent aggregate unit FCCR Sample Characteristic for Sample 2021-1 Owned Property and Lease Numbers 50 and 55,

A schedule and the corresponding record layout and decode information, as applicable (the “Budget Schedule,” together with the Source Schedules, Source Documents, NAICS and SIC Code Schedule, Industry Group Mapping File, March 2021 Master Trust Report Schedule and L0001163 Financial Support Schedule, the “Sources”), that the Property Manager, on behalf of the Issuers, indicated contains information relating to the year built and consolidated appraised value Sample Characteristics for Sample 2021-1 Owned Property and Lease Number 14,

The list of relevant characteristics (the “Sample Characteristics”) on the 2019-1 Data File, Data File and Updated Data File, which is shown on Exhibit 1 to Attachment A,

The following list of certain Sample Characteristics:

Tenant,

Sector,

Industry group,

Concept,

Master lease,

Personal guarantee,

Corporate guarantee,

Land FT,

Building FT,

Lease term start date,

Lease expiration year,

Original lease term (months),

Initial lease rate,

Rent increase type,

Rent bump % cap,

Tenant purchase option (Y/N),

Next lease renewal option date,

Year built,

Appraisal date,

Raw land value and

Consolidated appraisal value,

An imaged copy of a lease agreement (the “L0000345 Lease Agreement”), that the Property Manager, on behalf of the Issuers, indicated relates to the Owned Properties corresponding to contract ID L0000345, as shown on the Updated Data File, and

Instructions, assumptions and methodologies, which are described in Attachment A.

Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or

Making any findings with respect to:

Whether the origination of the Leases conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

The value of the collateral securing the Leases,

Whether the originator(s) of the Leases complied with federal, state or local laws or regulations or

Any other factor or characteristic of the Leases that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions.

Attachment A

Page 1 of 5

For each Sample 2021-1 Owned Property and Lease, we compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Sources or Data File, as applicable, subject to the instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described in the notes to Exhibit 1 to Attachment A and the succeeding paragraph(s) of this Item. Except for the information shown on Exhibit 2 to Attachment A, all such compared information was in agreement.

For each commercial real estate property and related lease on the 2019-1 Data File and Data File, we compared the Property ID, as shown on the 2019-1 Data File, to the corresponding Property ID on the Data File and noted that:

101 of the Related Series Owned Properties and Leases included on the 2019-1 Data File were not included on the Data File and

149 of the Owned Properties and Leases on the Data File were not included on the 2019-1 Data File (the “2021-1 Owned Properties and Leases”).

Attachment A

Page 2 of 5

For each Related Series Owned Property and Lease on the Data File, we compared the Sample Characteristics (except as described in the succeeding paragraph(s) of this Item and subject to the additional instruction(s) described in the succeeding paragraph(s) of this Item), all as shown on the 2019-1 Data File, to the corresponding information as shown on the Data File. All such compared information was in agreement.

The date of last bump in rent, date of next bump in rent, current consolidated payment and most recent aggregate unit FCCR Sample Characteristics, which the Property Manager, on behalf of the Issuers, instructed us not to compare due to the passage of time between the 2019-1 Cut-off Date and Statistical Cut-off Date and

Any Related Series Owned Property and Lease with any one or more, of the Variable Sample Characteristics, as applicable, indicated on the Exempt Lease Schedules, which the Property Manager, on behalf of the Issuers, indicated was expected to have changed due to certain amendments and other changes between the 2019-1 Cut-off Date and the Statistical Cut-off Date corresponding to the Variable Sample Characteristics.

For each Owned Property and Lease on the Data File and Updated Data File, we compared the Property ID, as shown on the Data File, to the corresponding Property ID, as shown on the Updated Data File, and noted that:

All of the Owned Properties and Leases were included on both the Data File and Updated Data File and

No commercial real estate properties and related leases other than the Owned Properties and Leases were included on the Data File or Updated Data File.

For each Sample 2021-1 Owned Property and Lease, we compared the Sample Characteristics, as shown on the Data File, to the corresponding information, as shown on the Updated Data File. All such compared information was in agreement.

Attachment A

Page 3 of 5

For each Related Series Owned Property and Lease on the Updated Data File, we compared the Sample Characteristics (except as described in the succeeding paragraph(s) of this Item and subject to the additional instruction(s) described in the succeeding paragraph(s) of this Item), all as shown on the 2019-1 Data File, to the corresponding information as shown on the Updated Data File. All such compared information was in agreement.

The date of last bump in rent, date of next bump in rent, current consolidated payment and most recent aggregate unit FCCR Sample Characteristics, which the Property Manager, on behalf of the Issuers, instructed us not to compare due to the passage of time between the 2019-1 Cut-off Date and Statistical Cut-off Date and

Any Related Series Owned Property and Lease with any one or more, of the Variable Sample Characteristics, as applicable, indicated on the Exempt Lease Schedules, which the Property Manager, on behalf of the Issuers, indicated was expected to have changed due to certain amendments and other changes between the 2019-1 Cut-off Date and the Statistical Cut-off Date corresponding to the Variable Sample Characteristics.

Attachment A

Page 4 of 5

Using:

Information on the Updated Data File and

The additional information, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, which are described in the succeeding paragraph(s) of this Item,

Multiplying the current consolidated payment, as shown on the Updated Data File, by twelve,

Dividing the result of i. by the sum of the consolidated contract price for each unique Property ID corresponding to the same contract ID, as shown on the Updated Data File, and

Rounding the result of ii. to the nearest 0.01%.

Any Owned Property and Lease that is a “Hybrid Investment,” as shown on the Updated Data File,

Any Owned Property and Lease that is subject to a percentage rent clause, as indicated on the Updated Data File, or

The Owned Property and Lease corresponding to Property ID P0002356 and contract ID I0000001, both as shown on the Updated Data File, which the Property Manager, on behalf of the Issuers, indicated is subject to an intercompany lease.

Attachment A

Page 5 of 5

Using:

Information on the Updated Data File and

The additional instructions, assumptions and methodologies provided by the Property Manager, on behalf of the Issuers, described in the succeeding paragraph(s) of this Item,

Recalculating the difference in years between the year of the Statistical Cut-off Date and the year of the rent commencement date (original start date), as shown on the Updated Data File,

Multiplying the result of i. by twelve,

Recalculating the difference in months between the month of the Statistical Cut-off Date and the month of the rent commencement date (original start date), as shown on the Updated Data File,

Adding the results of ii. and iii. and

Subtracting the result of iv. from the original lease term (months), as shown on the Updated Data File.

Sample Characteristic

Source(s)

Note(s)

(a)   NAICS and SIC Code Schedule or

(b)   NAICS and SIC Code Schedule and Industry Group Mapping File

(a)   Survey or

(b)   Survey and recalculation

(a)   Survey and recalculation,

(b)   Survey,

(c)   Property Condition Report or

(d)   Survey, Property Condition Report and recalculation

(a)   STORE Cash Flow Reports Schedule and recalculation or

(b)   Master 2021 Master Trust Report Schedule

Sample Characteristic

Source(s)

Note(s)

(a)   Appraisal,

(b)   Phase I Environmental Report,

(c)   Property Condition Report or

(d)   Budget Schedule and Appraisal

(a)   Appraisal or

(b)   Appraisal and Certificate of Use and Occupancy

(a)   Appraisal or

(b)   Appraisal and Budget Schedule

For the purpose of comparing the indicated Sample Characteristics for each Sample 2021-1 Owned Property and Lease, the Property Manager, on behalf of the Issuers, instructed us to ignore differences due to punctuation, abbreviation, truncation or misspelling.

For the purpose of comparing the sector Sample Characteristic for each Sample 2021-1 Owned Property and Lease, the Property Manager, on behalf of the Issuers, instructed us to use the first two digits of the NAICS code, as shown on the Data File, to identify the sector description, as shown on the NAICS and SIC Code Schedule, and compare the sector description information on the NAICS and SIC Code Schedule to the corresponding sector Sample Characteristic that is shown on the Data File.

For the purpose of comparing the industry group Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for the Sample 2021-1 Owned Properties and Leases with a STORE Shortened Industry Group (as defined in the succeeding paragraph(s) of this note)), the Property Manager, on behalf of the Issuers, instructed us to use the first four digits of the NAICS code, as shown on the Data File, to identify the industry group description, as shown on the NAICS and SIC Code Schedule, and compare the industry group description information on the NAICS and SIC Code Schedule to the corresponding industry group Sample Characteristic that is shown on the Data File.

Use the first four digits of the NAICS code, as shown on the Data File, to identify the industry group description, as shown on the NAICS and SIC Code Schedule,

Use the industry group description, as shown on the NAICS and SIC Code Schedule, to identify the Property Manager’s shortened industry group description, as shown on the Industry Group Mapping File, and

Compare the Property Manager’s shortened industry group description, as shown on the Industry Group Mapping File to the STORE Shortened Industry Group.

For the purpose of comparing the master lease Sample Characteristic for each Sample 2021-1 Owned Property and Lease, the Property Manager, on behalf of the Issuers, instructed us to note agreement with a master lease Sample Characteristic value of “N” or “N/A,” as shown on the Data File, if no master lease agreement was included in the Lease Agreement for the related Sample 2021-1 Owned Property and Lease.

For the purpose of comparing the indicated Sample Characteristics for each Sample 2021-1 Owned Property and Lease, the Property Manager, on behalf of the Issuers, instructed us to round any square footage amounts shown in the Survey to the nearest square foot.

For the purpose of comparing the land FT Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 9 and 45), the Property Manager, on behalf of the Issuers, instructed us to use the Survey as the Source (and in accordance with any other applicable note(s)).

Summing the land areas of TRACT I, TRACT II and TRACT III, all as shown in the Survey (and in accordance with any other applicable note(s)) and

Rounding the result of a. to the nearest square foot.

Multiplying:

The land area in acres, as shown in the Survey (and in accordance with any other applicable note(s)),

43,560 and

Rounding the result of a. to the nearest square foot.

The Property Manager, on behalf of the Issuers, instructed us not to compare the building FT Sample Characteristic for Sample 2021-1 Owned Property and Lease Numbers 1, 6, 8, 12, 14, 15, 17, 23, 26, 28, 35, 41, 43, 45, 46, 48, 51 and 58, which they indicated were mezzanine or multi-story buildings.

To use the Survey as the Source (and in accordance with any other applicable note(s)) and

Not to include the area of any sheds, as applicable, as shown in the Survey.

Building FT, as shown in the Survey (and in accordance with any other applicable note(s)), and

Building FT of the mezzanine space, as shown in the Property Condition Report.

For the purpose of comparing the lease term start date Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 24 and 49), the Property Manager, on behalf of the Issuers, instructed us to use the Lease Agreement as the Source (and in accordance with any other applicable note(s)).

For the purpose of comparing the original lease term (months) Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 4, 24 and 49), the Property Manager, on behalf of the Issuers, instructed us to recalculate the original lease term (months) by:

Calculating the difference in years between the year of the lease term expiration date and the year of the lease term start date, both as shown in the Lease Agreement,

Multiplying the result of a. by twelve,

Calculating the difference in months between the month of the lease term expiration date and the month of the lease term start date, both as shown in the Lease Agreement,

Adding the results of b. and c and

Adding 1 to the result of d. only if:

The day of the lease term start date, as shown in the Lease Agreement, is the first day of the month and

The day of the lease term expiration date, as shown in the Lease Agreement, is the last day of the month.

Calculating the difference in years between the year of the lease term expiration date, as shown in the Lease Agreement, and the year of the rent commencement date (original start date), as shown on the Data File,

Multiplying the result of a. by twelve,

Calculating the difference in months between the month of the lease term expiration date, as shown in the Lease Agreement, and the month of the rent commencement date (original start date), as shown on the Data File, and

Adding the results of b. and c.

For the purpose of comparing the rent bump % cap Sample Characteristic for each Sample 2021-1 Owned Property and Lease with more than one rent bump % cap, as shown in the Lease Agreement, the Property Manager, on behalf of the Issuers, instructed us to use the first rent bump % cap occurring after the Statistical Cut-off Date, as shown in the Lease Agreement.

For the purpose of comparing the current consolidated payment Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 4, 31 and 44), the Property Manager, on behalf of the Issuers, instructed us to recalculate the current consolidated payment by adding the “Apr-21” payment for each unique Property ID, as shown on the STORE Cash Flow Reports Schedule, that corresponds to the same contract ID.

For the purpose of comparing the most recent aggregate unit FCCR Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 15, 50, 54, 55 and 60), the Property Manager, on behalf of the Issuers, instructed us to use the Unit Financial Support Schedule as the Source.

For the purpose of comparing the city Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Number 7), the Property Manager, on behalf of the Issuers, instructed us to use the Appraisal as the Source (and in accordance with any other applicable note(s)).

For the purpose of comparing the zip code Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 5, 13 and 54), the Property Manager, on behalf of the Issuers, instructed us to use the Appraisal as the Source.

For the purpose of comparing the year built Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 14 and 34), the Property Manager, on behalf of the Issuers, instructed us to use the Appraisal, Phase I Environmental Report or Property Condition Report, as applicable, as the Source (subject to the additional instruction(s) provided by the Property Manager, on behalf of the Issuers, described in the succeeding paragraph(s) of this Item).

Data File Value

1990

For the purpose of comparing the appraisal date Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Numbers 18 and 54), the Property Manager, on behalf of the Issuers, instructed us to use the appraisal date corresponding to the “’as is’ fair value,” as shown in the Appraisal, if there were multiple appraisal dates shown in the Appraisal.

For the purpose of comparing the consolidated appraised value Sample Characteristic for each Sample 2021-1 Owned Property and Lease (except for Sample 2021-1 Owned Property and Lease Number 14), the Property Manager, on behalf of the Issuers, instructed us to use the Appraisal as the Source.

Sample 2021-1

Owned Property

and Lease Number

14