secwatch.observer — SEC 8-K summary
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Issuer:     First Foundation Inc. (—)
CIK:        0001413837
Form:       8-K
Filed at:   2024-10-03T23:59:59+00:00
Accession:  0001104659-24-105619
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 3.03, 5.03, 5.02, 5.07, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1413837/000110465924105619/0001104659-24-105619-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1413837/000110465924105619/tm2425485d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-105619

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