Same problem dual monitors attached and time machine running. Happens even during active use.
panic(cpu 1 caller 0xffffff7f862f9ad5): userspace watchdog timeout: no successful checkins from com.apple.logd in 120 seconds
service returned not alive with context : unresponsive dispatch queue(s): com.apple.firehose.io-wl
service: com.apple.logd, total successful checkins since load (1940 seconds ago): 183, last successful checkin: 120 seconds ago
service: com.apple.WindowServer, total successful checkins since load (1910 seconds ago): 191, last successful checkin: 0 seconds ago
Backtrace (CPU 1), Frame : Return Address
0xffffff920eabb720 : 0xffffff800571f5cd
0xffffff920eabb770 : 0xffffff8005858b05
0xffffff920eabb7b0 : 0xffffff800584a68e
0xffffff920eabb800 : 0xffffff80056c5a40
0xffffff920eabb820 : 0xffffff800571ec97
0xffffff920eabb920 : 0xffffff800571f087
0xffffff920eabb970 : 0xffffff8005ec2858
0xffffff920eabb9e0 : 0xffffff7f862f9ad5
0xffffff920eabb9f0 : 0xffffff7f862f97fa
0xffffff920eabba10 : 0xffffff8005e54aae
0xffffff920eabba60 : 0xffffff7f862f8cfe
0xffffff920eabbb60 : 0xffffff8005e5dcd3
0xffffff920eabbca0 : 0xffffff80058082b2
0xffffff920eabbdb0 : 0xffffff8005725328
0xffffff920eabbe10 : 0xffffff80056fbcc5
0xffffff920eabbe70 : 0xffffff8005712aa2
0xffffff920eabbf00 : 0xffffff8005830d05
0xffffff920eabbfa0 : 0xffffff80056c6226
Kernel Extensions in backtrace:
com.apple.driver.watchdog(1.0)[B435C72B-B311-3C67-8AA1-1D5CE0FAD429]@0xffffff7f862f8000->0xffffff7f86300fff
BSD process name corresponding to current thread: watchdogd
Mac OS version:
19F96