[SCHEDULE 13G/A] First Foundation Inc. SEC Filing

Rhea-AI Filing Summary

First Foundation Inc.'s common stock is reported to be beneficially owned by North Reef Capital entities and James H. Hanna, III. The Reporting Persons disclose an aggregate holding of 7,615,000 shares, representing approximately 9.2% of the class. The filing shows shared voting and shared dispositive power over the entire block and reports zero sole voting or dispositive power.

The statement is submitted as a joint filing by North Reef Capital Management LP, its general partner and Mr. Hanna and is labeled as an amendment. The filing specifies that the shares are held in the ordinary course of business and asserts they were not acquired to change or influence control of the issuer. The report does not disclose any pledges, exclusions, or holdings on behalf of another person and reports no group affiliation.

Positive

• Material stake disclosed: Aggregate beneficial ownership of 7,615,000 shares (~9.2%) is large and clearly reported
• Passive intent stated: Filing asserts shares are held in the ordinary course of business and not to change or influence control

Negative

• None.

Insights

Institutional Investor Relations Analyst

TL;DR: A 9.2% passive stake is disclosed by North Reef and affiliates, showing material ownership without asserted intent to change control.

This Schedule 13G/A amendment reports an aggregate 7,615,000-share position representing ~9.2% of First Foundation's common stock. All voting and dispositive authority is reported as shared, with no sole voting or dispositive power disclosed. The filing expressly states the securities are held in the ordinary course of business and not for the purpose of influencing control, which aligns with a passive 13G filing profile rather than an active 13D campaign. For investors, the position size is material but the stated intent is non-hostile; market reaction will depend on whether further filings change that posture.

Corporate Governance Expert

TL;DR: Reporting Persons hold a significant block with shared authority; governance impact depends on whether shared powers translate to coordinated voting.

The joint filing indicates shared voting and dispositive power over the full 7.615M-share block, which can provide influence in shareholder votes if the parties coordinate. The submission includes a joint filing agreement and classifies the reporting entities under adviser/parent/individual roles, consistent with the organizational disclosures. The declaration that holdings are not intended to change control reduces immediate activist concern, but the concentration at 9.2% is large enough to matter for contested votes or strategic decisions if the Reporting Persons alter their stance.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

First Foundation Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

32026V104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 32026V104

1

Names of Reporting Persons

North Reef Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,615,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,615,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,615,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.2 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 32026V104

1

Names of Reporting Persons

North Reef Capital Management GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,615,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,615,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,615,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.2 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 32026V104

1

Names of Reporting Persons

James H. Hanna, III

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,615,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,615,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,615,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.2 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: First Foundation Inc.
(b)	Address of issuer's principal executive offices: 18101 VON KARMAN AVE, SUITE 700, IRVINE, CA 92612
Item 2.
(a)	Name of person filing: This statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons"): 1. North Reef Capital Management LP ("North Reef Capital"), a Delaware limited partnership and the investment manager of certain funds and accounts (collectively, "North Reef"), with respect to the shares of Common Stock (as defined in Item 2(d) below) directly held by North Reef. 2.North Reef Capital Management GP LLC ("North Reef GP"), a Delaware limited liability company, as the general partner of North Reef Capital, and 3.James H. Hanna, III, the managing member of North Reef GP. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the shares of Common Stock reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is: 1833 South Coast Highway, Suite 210, Laguna Beach, California 92651
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 32026V104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 7,615,000
(b)	Percent of class: 9.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote:
	(ii) Shared power to vote or to direct the vote: 7,615,000
	(iii) Sole power to dispose or to direct the disposition of:
	(iv) Shared power to dispose or to direct the disposition of: 7,615,000
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

North Reef Capital Management LP

Signature:	/s/ Daniel M. Locasto
Name/Title:	Chief Compliance Officer
Date:	08/14/2025

North Reef Capital Management GP LLC

Signature:	/s/ James H. Hanna, III
Name/Title:	Managing Member
Date:	08/14/2025

James H. Hanna, III

Signature:	/s/ James H. Hanna, III
Name/Title:	James H. Hanna, III
Date:	08/14/2025

Exhibit Information

EXHIBIT 99.1 - JOINT FILING AGREEMENT

FAQ

Who filed the Schedule 13G/A for First Foundation (FFWM)?

The filing was made jointly by North Reef Capital Management LP, North Reef Capital Management GP LLC, and James H. Hanna, III.

How many First Foundation (FFWM) shares do the Reporting Persons beneficially own?

The Reporting Persons disclose beneficial ownership of 7,615,000 shares of First Foundation common stock.

What percentage of First Foundation (FFWM) does this holding represent?

The disclosed position represents approximately 9.2% of the outstanding common stock class.

Do the Reporting Persons have sole or shared voting/dispositive power?

The filing reports zero sole voting or dispositive power and shared voting and dispositive power over all 7,615,000 shares.

Does the Schedule 13G/A state the purpose of the holdings?

Yes. The filing states the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.