Interest rate environment: As a junior subordinated debenture, BHFAL's value is sensitive to changes in prevailing interest rates. Rising rates can make existing fixed-rate debt less attractive.

Creditworthiness of Brighthouse Financial: The ability of Brighthouse Financial, Inc. to make its coupon payments and ultimately repay the principal on the debentures is directly tied to its overall financial health, profitability, and credit ratings.

Market sentiment towards the financial and insurance sectors: Broader economic conditions, regulatory changes affecting the insurance industry, and investor confidence in financial services companies can impact the perceived risk and value of Brighthouse Financial's debt instruments.