Terms

Series

5.375% Non-Cumulative Preferred Stock, Series C

Liquidation Preference

$25.00

Coupon Rate

5.375%

Rate Type

Fixed

Annual Dividend

$1.34

Payment Frequency

Quarterly

Cumulative

No

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

December 25, 2025

First Call Price

$25.00

Capital Stack Ranking

Junior To: All Debt Obligations Of Brighthouse Financial, Inc.; Pari Passu With: 6.600% Non-Cumulative Preferred Stock, Series A, 6.750% Non-Cumulative Preferred Stock, Series B, Other Parity Stock; Senior To: Common Stock, Junior Stock

Tax Classification

Qualified Dividend

Qualifies for QDI

Yes

Qualifies for DRD

Yes

Depositary Share Fraction

0.001

Shares Offered

20,000,000

Prospectus Summary

Brighthouse Financial, Inc. is offering 20,000,000 depositary shares (Series C), each representing a 1/1,000th interest in a share of its 5.375% Non-Cumulative Preferred Stock, Series C, with a liquidation preference of $25.00 per depositary share ($25,000 per underlying preferred share). Dividends are paid quarterly on March 25, June 25, September 25, and December 25, commencing March 25, 2021. Critically, the stock is non-cumulative: if the board does not declare a dividend for any period, that dividend is permanently lost — holders have no right to recover it in future periods. The Series C preferred stock ranks senior to Brighthouse Financial's common stock and all other junior equity, and on a parity basis with the existing Series A (6.600%) and Series B (6.750%) preferred stock. As a holding company issue, it is structurally subordinated to all liabilities of Brighthouse Financial's operating insurance subsidiaries (Brighthouse Life Insurance Company, New England Life Insurance Company, and Brighthouse Life Insurance Company of NY), meaning creditors of those subsidiaries have priority over preferred holders at the subsidiary level. It is also junior to all senior and subordinated debt at the holding company. The prospectus excerpt does not explicitly describe a regulatory capital call provision in the text provided. At the $25.00 depositary share price, the annual dividend yield is 5.375%, equating to approximately $0.3359 per depositary share per quarter ($1.34 annually). Dividends on corporate preferred stock issued by a C-corporation like Brighthouse Financial typically qualify for the preferential 15%/20% qualified dividend income (QDI) rate for individual investors and the dividends-received deduction (DRD) for eligible corporate holders, though investors should confirm this with their tax advisors. The dividend stopper mechanism prevents Brighthouse from paying dividends on common stock or repurchasing junior equity unless all Series C dividends for the most recently completed period have been paid in full.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Brighthouse Financial has not paid full dividends on the Series C preferred stock for the latest completed dividend period, it is blocked from paying dividends on or repurchasing common stock or any other junior-ranking stock.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 57 (Average)