---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-105619"
form_type: "8-K"
ticker: null
cik: "0001413837"
company_name: "First Foundation Inc."
filed_at: "2024-10-03T23:59:59+00:00"
generated_at: "2026-05-30T21:23:18.026005+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- $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.

## SEC filing metadata
- accession: 0001104659-24-105619
- form_type: 8-K
- cik: 0001413837
- company_name: First Foundation Inc.
- filed_at: 2024-10-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 3.03, 5.03, 5.02, 5.07, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1413837/000110465924105619/0001104659-24-105619-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1413837/000110465924105619/tm2425485d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-105619
- JSON: https://secwatch.observer/filing/0001104659-24-105619.json
- Plain text: https://secwatch.observer/filing/0001104659-24-105619.txt

## Key facts
- Executive change
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1413837/000110465924105619/0001104659-24-105619-index.htm
- Governance Changes
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1413837/000110465924105619/0001104659-24-105619-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.