<SEC-DOCUMENT>0001193125-24-114370.txt : 20240604
<SEC-HEADER>0001193125-24-114370.hdr.sgml : 20240604
<ACCEPTANCE-DATETIME>20240425172557
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-114370
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20240425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hudson Pacific Properties, Inc.
		CENTRAL INDEX KEY:			0001482512
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				271430478
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BLVD.
		STREET 2:		NINTH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		(310) 445-5700

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BLVD.
		STREET 2:		NINTH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hudson Pacific Properties, L.P.
		CENTRAL INDEX KEY:			0001496264
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				800579682
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		11601 WILSHIRE BLVD.
		STREET 2:		SUITE 1600
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		310-445-5700

	MAIL ADDRESS:	
		STREET 1:		11601 WILSHIRE BLVD.
		STREET 2:		SUITE 1600
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="62%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">355 South Grand Avenue, Suite 100</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Los Angeles, California 90071-1560</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3">Tel: +1.213.485.1234 Fax: +1.213.891.8763</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ROWSPAN="3">


<IMG SRC="g825151g0426011718947.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">www.lw.com</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">FIRM / AFFILIATE OFFICES</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Austin</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Milan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Beijing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Munich</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Boston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">New York</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Brussels</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Orange County</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">April&nbsp;25, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Century City</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Paris</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chicago</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Riyadh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Dubai</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">San Diego</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">D&uuml;sseldorf</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">San Francisco</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Frankfurt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Seoul</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ROWSPAN="6"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR</U></B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation
Finance</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Office of Real Estate&nbsp;&amp; Construction</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Hamburg</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Silicon Valley</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Hong Kong</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Singapore</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Houston</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tel Aviv</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">London</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tokyo</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Los Angeles</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Washington, D.C.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Madrid</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kellie Kim</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Shannon Menjivar</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="right"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hudson Pacific Properties, Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Hudson Pacific Properties, L.P.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2023</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed on February&nbsp;16, 2024</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-34789</FONT> and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">333-202799-01</FONT></FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of Hudson Pacific Properties, Inc. (the &#147;<B><I>Company</I></B>&#148;) and Hudson Pacific Properties, L.P. (the
&#147;<B><I>Operating Partnership</I></B>&#148;), set forth below are the Company&#146;s responses to the comments of the Staff (the &#147;<B><I>Staff</I></B>&#148;) of the Division of Corporation Finance of the Securities and Exchange Commission
(the &#147;<B><I>Commission</I></B>&#148;) in its letter dated March&nbsp;21, 2024, relating to the Company&#146;s and the Operating Partnership&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended
December&nbsp;31, 2023 (the &#147;<B><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT></I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For convenience of reference,
the text of the comment in the Staff&#146;s letter has been reproduced in bold and italics herein. The Company has also provided its response immediately after the comment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2023 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Goodwill and Acquired Intangible Assets, page <FONT STYLE="white-space:nowrap">F-22</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note your disclosure that no impairment resulted during the years ended December&nbsp;31, 2023, 2022
and 2021. We also note in your fourth quarter 2023 earnings call transcript, your CEO&#146;s statement relative to the studio segment&#146;s financial performance in 2023 and projection for 2024. &#147;Turning to our studio segment, following
SAG&#146;s contract ratification in December, production companies have been slow to greenlight new productions, and in January, production counts remained approximately 20% below 2021 and 2022. Based on the level of activity we&#146;re seeing real
time, we now anticipate that production levels may not materially improve until the second half of the year.&#148; Given the reduction in studio income in 2023 and slower ramp up in 2024, please tell us how you considered the guidance in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-30</FONT></FONT></FONT> when assessing your goodwill for impairment. Please include within your response how you considered your market
capitalization compared to your book value when performing the impairment analysis. </I></B></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>April 25, 2024</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Page 2</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g825151g0426011719381.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Response</B>: The Company respectfully advises the Staff that it evaluates its goodwill for impairment on
a quarterly basis, which includes consideration of the Company&#146;s market capitalization. The Company&#146;s December&nbsp;31, 2023 goodwill balance comprises $255.4&nbsp;million assigned to the studio reporting unit and $8.8&nbsp;million
assigned to the management entity reporting unit and approximates 3% of the Company&#146;s total assets. In accordance with Accounting Standards Codification (&#147;ASC&#148;) ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">350-20-35-3,</FONT></FONT></FONT> the Company assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. At December&nbsp;31,
2023, there were no indicators of impairment related to the $8.8&nbsp;million goodwill assigned to the management entity reporting unit. The Company considered the following in relation to the factors within ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-35-3C</FONT></FONT></FONT> for the quarterly evaluation performed for the goodwill assigned to the studio reporting unit during the quarter ended December&nbsp;31, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As the Company evaluated the impact of the strike and the subsequent mobilization period in 2024, the Company concluded that the Company&#146;s studio
business activities and cash flows would return to <FONT STYLE="white-space:nowrap">pre-strike</FONT> levels in the foreseeable future. Accordingly, the Company concluded that future cash flows were expected to be sufficient to support the reported
value of the related goodwill. While the total forecasted cash flows generated from the studio reporting unit would be delayed 1 &#150; 1.5 years from those estimated by the Company during the respective acquisitions due to the impact of the strike,
the total cash flows expected to be generated from the studio business remained consistent with those utilized in the development of forecasts during the respective business combinations that were consummated in 2021 and 2022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Given that the strikes ended prior to December&nbsp;31, 2023, the most recent date the impairment analysis was completed, the Company had certainty that the
strikes were temporary events. The Company&#146;s documentation at December&nbsp;31, 2023 supported it was more likely than not the fair value of the goodwill assigned to the studio reporting unit exceeded its carrying value. The documentation
included fair value estimates of the studio reporting unit as derived from third-party analysts as well as the Company&#146;s internal documentation consisting of both projected cash flows and market comparables. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the Company considered its market capitalization at December&nbsp;31, 2023 compared to its book value and determined the difference was
primarily attributable to the office reporting unit for a variety reasons, including (i)&nbsp;the significant disruption to the market for office properties caused by the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and its impact on <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">work-from-home/return-to-office,</FONT></FONT> (ii)&nbsp;rising interest rates and their impact on available financing and the market price for equity securities of publicly traded REITs
like the Company, (iii)&nbsp;inflation and other general economic conditions, and (iv)&nbsp;the size of the Company&#146;s office reporting unit as compared to the rest of the Company. The office segment represented 85% of total revenues during
fiscal 2023 and 89% of total assets at December&nbsp;31, 2023. The Company believes the lower trading price of the Company&#146;s stock through 2023 is predominantly related to the office reporting unit, which has no goodwill at December&nbsp;31,
2023. Furthermore, the Company gave consideration to the understanding that, as a sector, other real estate investment trusts predominantly invested in office real estate are also trading at a discount. At December&nbsp;31, 2023, the Company
performed an assessment of the carrying values of the properties included in the office reporting unit under ASC <FONT STYLE="white-space:nowrap">360-10.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>April 25, 2024</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Page 3</B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g825151g0426011719381.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As referenced in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">350-20-35-3D,</FONT></FONT></FONT> after assessing the totality of events and circumstances, including those above, the Company concluded that its goodwill was not impaired as of December&nbsp;31, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">********* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any
questions or comments with regard to these responses or other matters, please call the undersigned at (213) <FONT STYLE="white-space:nowrap">891-8371.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Julian Kleindorfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Julian Kleindorfer, Esq.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">of Latham&nbsp;&amp; Watkins LLP</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Harout K. Diramerian, Chief Financial Officer </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Kay L. Tidwell, Executive Vice President, General Counsel, Chief Risk Officer and Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brent T. Epstein, Latham&nbsp;&amp; Watkins LLP </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g825151g0426011718947.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g825151g0426011718947.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  1 .T# 2(  A$! Q$!_\0
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MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#O/@C-+/\
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M<8STS57X, ^;XS..#KTW-2?$G3[/5?B%X L-0MX[FUFGNQ)#(,JP$:GD?7%
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M< ]*=X>UD:_HZSRQQ1S'<LL4<OF+@.R!E. 2C;25.!D53\3:->ZG-I>I:?\
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MYZC->4?%/4OAMK>B:C<K=VC^)(LQVSVRL+@S+P%; R1GC)_ \5W-GH>JZ_\
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K &G6;\-_^1,MO]X_THHH \%\'_\ )P=U_P!A*?\ ]&U]3T44 %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g825151g0426011719381.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g825151g0426011719381.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  , *(# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#TWX4.\GPN
MT!W8LQMSDDY)^=JXOXD^("/%[75M?B,^%HH;D6X?'VB6212Z>^(E_P#'J[;P
M[\/;/PQ-:&QUG67M[4$1VLUPC18((P0$![YZ]:T;;P=HL']HF6T2[DU"XDN)
MY+E%=LN , XX4   =J .;^*5CIFK_#B_UU4$DT-EYMI.&(*AL$$8J#X@Z7:>
M'?@]J46DP&!3+:R[48Y+&>('GWQ74'P?I[^!_P#A$GGNWT_[/]FWLX\W8#P,
MXQQP.G05<U_0+/Q'H,NC7K2K;2F,L8F ;Y'5QR0>ZCM0!PU]K^J:GX^\&Q7F
MA7>EQB[N#NFD!$G^COQQ^=4?BUJDEUJUOIEIJ(M)M)M&U<?-CS)U($*?4@.<
M>XKTK4-$M=2U32]1G:43:9*\L 1@%)9"AW<<C!/I5>'PKI,>JZCJ4ULMU<W\
MB/(URBOLVJ%55XX&!^9- &!XNUY-4^#UUJMD^T:E91I&0>5,Q5,?4%\?A7GF
MLWVHWWPZ7P/'/+_:>GSWD5RX/S&&T0R(3[-N@&:]53P+I2>&H= 66[^P078N
MXT\P9!$GF!,X^YN[=<=ZFB\&:1%XGU/Q J2F]U*W%O."PV!< $J,<$A5SSVH
M SY?$EZW@S0[^P0/=7]HD_./^>6\CGC); QZ9[U1\7:FCP>%/%=H[+;VVJ)'
M*W0>1-F)B?Q*FNKTG0+'2- L]%C4W%I:1B./[2 YP.F>,?I1KF@6/B#0+K1K
MM62TN5PWDD*RG<&R..#D9Z4 >-P^*+W1KKQ'K\LLGD>(].NKC3P3TDAE:*(#
MZHZ&NL\6+'HGP_\ #OA"2\^S2:@T%E/.7PRQ( TSY^@(_P"!5T6H?#W0M3T[
M0;"=)Q!H;1M:A' +! !M?CD':,],XK3O?#>G:CKUOJ][&;B6WMWMXH90&B4,
MP+-M(^]\H&<]* .7\"-9^,?AY!IFKA+Q].E-E<?,<.T1PK9]UVG\:9\(=&L+
M?PA;ZK'!B]GDN8I)2Q)95N) !^ 5?RKJ]*\.:?HNJ:E?6"M$=0:-I8%P(E9%
MV@JH'!(QGUQ4N@:):^'-&BTNR:5K>)Y'4RL"V7=G/( [L: /)?AO-)XEETK2
M-4E>*STM)+R"W9O^/Z0SR#>3W6/IM]>:[LN__"Z$CW'9_P (\QVYXS]H'-6(
M/ .D6MCH]O;RW<3Z3,\UM<+(OF_.Q9D8[<%3N.1CTK7_ +$M3XF&O[I?M@LS
M9;=PV>67#],9SD>M 'D^DZI>^&?B!KFNSSN^AWFNRZ7>*Q^6W8*C12>PR[*?
MK6UIEAK&K_ FQM=*F87SH"P\PH9$$Q+IN'(RH(KL&\&Z3)I>N:;,LLMMK-Q)
M<W*NP)#NJJ=O'&-@(Z\TV/PO;Z;X,CT"QOKZV@M4_=SQR+YPPV[J5QR>O'2@
M#$\*:KI-EX9U<:1IDVFW5A*#>V5P2S12%5[]P5 Y%;%WXE;R[U;(K),DUN(%
M5"Q:-VC#-COC>WY5:\.^&;'P_;7(@>>YFO)/.N;BZ</)*V,#)  P!P!BM@11
C*<K&@(&,A10 VT>>2S@>Y18[AHU,J*>%;'('XT5+10!__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
