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      "text": "4Q'23 Watch List\nTotal Principal: $512 million\nMountain View Office\nMinneapolis Office\nSeattle Life Science\nTotal Principal: $476 million\nBoston Office\nWest Hollywood Multifamily\nRaleigh Multifamily\nSan Diego Multifamily",
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      "text": "3Q'23 Watch List\nTotal Principal: $551 million\nMountain View Office\nMinneapolis Office\nPhiladelphia Office\nTotal Principal: $636 million\nBoston Office\nWest Hollywood Multifamily\nWashington, D.C. Office\n(4Q'23 Principal Amount: $173 million)\nWashington, D.C. Office\n(4Q'23 Principal Amount: $163 million)",
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      "text": "Intra-Quarter Activity\nRisk Rating: 5\nTransferred to REO\nDowngraded from 3 to 5\nRisk Rating: 4\nUpgraded from 4 to 3 (repaid in January 2024)\nUpgraded from 4 to 3\nDowngraded from 3 to 4\nDowngraded from 3 to 4",
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