Brighthouse Financial, Inc.BHF
Brighthouse Financial, Inc. Debt Disclosure
11. Long-term Debt
Long-term debt outstanding was as follows at:
December 31, | ||||||||||||||||||||||||||||||||||||||
2025 | 2024 | |||||||||||||||||||||||||||||||||||||
Stated Interest Rate | Maturity | Face Value | Carrying Value | Face Value | Carrying Value | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Senior notes (1) | 3.700% | 2027 | $ | 757 | $ | 757 | $ | 757 | $ | 756 | ||||||||||||||||||||||||||||
Senior notes (1) | 5.625% | 2030 | 615 | 615 | 615 | 615 | ||||||||||||||||||||||||||||||||
Senior notes (1) | 4.700% | 2047 | 1,014 | 1,002 | 1,014 | 1,002 | ||||||||||||||||||||||||||||||||
Senior notes (1) | 3.850% | 2051 | 400 | 397 | 400 | 397 | ||||||||||||||||||||||||||||||||
Junior subordinated debentures (1) | 6.250% | 2058 | 375 | 364 | 375 | 364 | ||||||||||||||||||||||||||||||||
Other long-term debt (2) | 7.028% | 2030 | 20 | 20 | 21 | 21 | ||||||||||||||||||||||||||||||||
Total long-term debt (3) | $ | 3,181 | $ | 3,155 | $ | 3,182 | $ | 3,155 | ||||||||||||||||||||||||||||||
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(1)Interest on senior notes is payable semi-annually. Interest on junior subordinated debentures is payable quarterly subject to BHF’s right to defer interest payments in accordance with the terms of the debentures.
(2)Represents non-recourse debt for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment companies.
(3)Includes unamortized debt issuance costs, discounts and premiums, as applicable, totaling net $26 million and $27 million for the senior notes and junior subordinated debentures on a combined basis at December 31, 2025 and 2024, respectively.
The aggregate maturities of long-term debt at December 31, 2025 were $3 million in 2026, $761 million in 2027, $3 million in 2028, $4 million in 2029, $619 million in 2030, and $1.8 billion thereafter.
Unsecured senior notes rank highest in priority, followed by subordinated debt consisting of junior subordinated debentures.
Interest expense related to long-term debt of $152 million, $152 million and $153 million for the years ended December 31, 2025, 2024 and 2023, respectively, is included in other expenses.
The Company’s debt instruments and credit and committed facilities contain certain administrative, reporting and legal covenants. Additionally, the Revolving Credit Facility (as defined below) contain financial covenants, including requirements to maintain a specified minimum adjusted consolidated net worth, to maintain a ratio of total indebtedness to total capitalization not in excess of a specified percentage and that place limitations on the dollar amount of indebtedness that may be incurred by the Company’ subsidiaries. At December 31, 2025, the Company was in compliance with these financial covenants.
Credit Facilities
Revolving Credit Facility
BHF has a $1.0 billion senior unsecured revolving credit facility maturing April 15, 2027, all of which may be used for revolving loans or letters of credit. At December 31, 2025, there were no borrowings or letters of credit outstanding under this facility.
Committed Facilities
Reinsurance Financing Arrangement
Brighthouse Reinsurance Company of Delaware (“BRCD”) maintains a $15.0 billion financing arrangement with a pool of highly rated third-party reinsurers consisting of credit-linked notes that each mature in 2039. At December 31, 2025, there were no borrowings and there was $15.0 billion of funding available under this financing arrangement. For the years ended December 31, 2025, 2024 and 2023, the Company recognized commitment fees of $22 million, $21 million and $21 million, respectively, in other expenses associated with this financing arrangement.
Repurchase Facilities
At December 31, 2025, Brighthouse Life Insurance Company maintains secured committed repurchase facilities (the “Repurchase Facilities”) with terms of up to three years under which Brighthouse Life Insurance Company may enter into repurchase transactions in an aggregate amount up to $2.5 billion. Under the Repurchase Facilities, Brighthouse Life Insurance Company may sell certain eligible securities at a purchase price based on the market value of the securities less an applicable margin based on the types of securities sold, with a concurrent agreement to repurchase such securities at a predetermined future date (up to three months) and at a price which represents the original purchase price plus interest. At December 31, 2025, there were no borrowings under the Repurchase Facilities.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 16, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.