First Foundation reclassifies $1.9B multifamily loans to held for sale, Series B preferred converted

First Foundation Inc.

$1.9B multifamily loans reclassified from held to maturity to held for sale; expected fair value >92% of principal.
Write-down to fair value will materially reduce Q3 earnings and tangible book value per share.
Series B Preferred automatically converted into 14,490,000 common shares as of Oct 2, 2024.
Post-conversion: 82,345,084 common shares outstanding; Series A Preferred convertible into 29,811,000 common shares.
Pro forma tangible book value per share (excluding reclassification) stands at $10.20.

item 3.03 item 5.03 item 5.02 item 5.07 item 7.01 item 9.01

Executive movements

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Role change

Ulrich E. Keller, Jr.

Executive Chairman of First Foundation Advisors

First Foundation Inc.

Effective: 2024-10-01
Filed: October 3, 2024, 7:59 PM ET

On October 1, 2024, Ulrich E. Keller, Jr. resigned from his position as Executive Chairman of First Foundation Advisors, a wholly-owned subsidiary of First Foundation Inc. (the “Company”).

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Ulrich E. Keller, Jr. resigned as Executive Chairman of First Foundation Advisors at First Foundation Inc..

Action: resigned
Role: Executive Chairman of First Foundation Advisors

Exact text from the filing

On October 1, 2024, Ulrich E. Keller, Jr. resigned from his position as Executive Chairman of First Foundation Advisors, a wholly-owned subsidiary of First Foundation Inc. (the “Company”).

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

First Foundation Inc.: Increased authorized common stock from 100,000,000 to 200,000,000 shares (effective 2024-09-30).

Change: charter amendment
Effective: 2024-09-30

Exact text from the filing

The Amendment, which was filed with the Secretary of State of the State of Delaware and was effective on September 30, 2024, is filed as Exhibit 3.1 to this Current Report on Form 8-K.

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Source: SEC EDGAR

accession 0001104659-24-105619

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