BHFAL

Brighthouse Financial, Inc. Depositary Shares Series L represent fractional interests in Brighthouse Financial preferred stock. Each depositary share represents a 1/1,000th ownership interest in a share of the company's preferred stock, making these securities more accessible to retail investors at lower price points than purchasing whole preferred shares. Series L preferred stock ranks senior to Brighthouse common stock for dividend payments and liquidation proceeds but junior to all debt obligations. These securities provide investors with priority income from a major U.S. insurance company. The Series L preferred shares carry a fixed dividend rate (specified in the offering documents), paid quarterly. As preferred securities, they provide more predictable income than common stock dividends while offering priority in the capital structure. Preferred stockholders generally have limited or no voting rights except in specific circumstances such as dividend arrearages or certain corporate actions affecting preferred shareholders. The securities are perpetual with no stated maturity date, though Brighthouse may have optional redemption rights after a specified period. These depositary shares appeal to income-focused investors seeking fixed dividend payments, priority over common equity, and exposure to Brighthouse Financial's insurance and annuity business franchise. As securities of a large life insurance company, the preferred shares' credit quality reflects Brighthouse's financial strength, capital adequacy, investment portfolio quality, and ability to manage insurance liabilities and market risks. Preferred share prices are sensitive to interest rate movements (declining when rates rise, appreciating when rates fall) and credit spreads reflecting perceptions of Brighthouse's financial strength. Investors should understand both the insurance industry's risks and complexities as well as preferred stock characteristics including interest rate sensitivity, limited upside participation, and subordination to debt in the capital structure.