Terms

Series

Fixed Rate Noncumulative Perpetual Preferred Stock, Series C

Liquidation Preference

$25.00

Rate Type

Fixed

Payment Frequency

Quarterly

Cumulative

No

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

March 15, 2026

First Call Price

$25.00

Capital Stack Ranking

Pari Passu With: Series A Fixed Rate Noncumulative Perpetual Preferred Stock, Series B Fixed Rate Reset Noncumulative Perpetual Preferred Stock; Senior To: Common Stock, Junior Stock

Regulatory (Basel III) Call

No

Tax Classification

Qualified Dividend

Qualifies for QDI

Yes

Qualifies for DRD

Yes

Depositary Share Fraction

0.001

Prospectus Summary

Equitable Holdings, Inc. is offering Depositary Shares (each representing a 1/1,000th interest in a share) of its Fixed Rate Noncumulative Perpetual Preferred Stock, Series C, with a liquidation preference of $25 per Depositary Share and a $1.00 par value per underlying preferred share. The dividend rate was not yet fixed at the time of this preliminary prospectus. The Series C Preferred Stock is non-cumulative, meaning that if the board does not declare a dividend for any quarter, that dividend is permanently forfeited — holders have no claim to missed payments in future periods. The Series C Preferred Stock ranks senior to Equitable Holdings' common stock and all other junior equity, and on a parity with the existing Series A Fixed Rate and Series B Fixed Rate Reset Noncumulative Perpetual Preferred Stock. As obligations of the holding company rather than any operating subsidiary, these preferred shares are structurally subordinated to all debt and policy obligations of Equitable's insurance subsidiaries. The issuer may redeem at $25.50 per Depositary Share within 90 days of a 'rating agency event' (prior to March 15, 2026) and is expected to have a standard optional redemption right at par on or after March 15, 2026. No Tier 1 or regulatory capital call provision was disclosed. Dividends are paid quarterly on March 15, June 15, September 15, and December 15, commencing March 15, 2021, computed on a 30/360 basis. As dividends of a U.S. C-corporation, they are expected to 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 this was not explicitly confirmed in the provided text. The dividend stopper prevents Equitable Holdings from paying dividends on or repurchasing common stock or junior equity if full Series C dividends for the prior period have not been paid, providing a meaningful — though non-cumulative — layer of protection for preferred holders.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If Equitable Holdings has not paid full dividends on the Series C Preferred Stock for the preceding period, it may not pay dividends on or repurchase its common stock or other junior securities, and may not repurchase parity preferred stock (Series A and Series B) except pro rata.

Other Preferreds from Axa Equitable Holdings Inc

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 44 (Average)