BHFAP

Brighthouse Financial, Inc. Depositary Shares Series P represent fractional interests in Series P preferred stock, with each depositary share representing a 1/1,000th ownership in a preferred share. This structure provides investors with access to Brighthouse preferred stock at more accessible price points while maintaining proportional economic rights. Series P preferred stock ranks senior to common stock for dividend payments and in liquidation but is subordinated to all of Brighthouse's debt obligations, positioning it between debt and common equity in the capital structure. The Series P preferred shares pay fixed quarterly dividends as specified in the offering terms, providing income investors with regular, predictable cash flows. Preferred dividend payments take priority over any common stock dividends, offering income seniority. Preferred shareholders typically have no voting rights in normal circumstances, though they may gain limited voting rights if dividends are suspended for multiple periods or if Brighthouse proposes actions that would adversely affect preferred shareholder rights. These securities are perpetual, with no maturity date, though the company may have the option to call (redeem) them after an initial non-call period. Series P depositary shares appeal to income-focused investors seeking stable dividends, priority over common equity, and exposure to Brighthouse Financial, a major participant in the U.S. life insurance and annuity markets. The securities' credit profile depends on Brighthouse's financial strength indicators including regulatory capital ratios, investment portfolio quality and diversification, effectiveness of hedging strategies mitigating risks from variable annuity living benefit guarantees, underwriting profitability, and overall enterprise risk management. Preferred share values respond to interest rate movements (inverse correlation) and credit spread changes reflecting assessments of Brighthouse's financial health. Investors should evaluate insurance industry risks (including market risks on product guarantees, mortality/longevity assumptions, and regulatory requirements) alongside preferred security characteristics (interest rate sensitivity, call risk, limited upside participation, and junior position to debt while senior to common stock).