10:27 AM EDT, 07/09/2024 (MT Newswires) -- First Foundation ( FFWM ) said Tuesday it has closed a total of $228 million individual investments in the company from affiliates of Fortress Investment Group, Canyon Partners, Strategic Value Bank Partners, North Reef Capital, and others.

The company issued and sold about 11.3 million of its common shares at $4.10 apiece, 29,811 shares of series A noncumulative convertible preferred stock, and 14,490 shares of series B noncumulative convertible preferred stock, First Foundation ( FFWM ) said, adding investors also received seven-year warrants to buy series C non-voting common equivalent stock.

The individual investments were first announced last week.

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