Preferred Stock

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Preferred Stock

Preferred Stock

The following table presents a summary of FHN's non-cumulative perpetual preferred stock.

PREFERRED STOCK
(Dollars in millions)									March 31, 2026		December 31, 2025
	Issuance Date	Earliest Redemption Date (a)	Annual Dividend Rate		Dividend Payments	Shares Outstanding	Liquidation Amount		Carrying Amount		Carrying Amount
Series C	7/2/2020	5/1/2026	6.600%	(b)	Quarterly	5,750	$	58	$	59	$	59
Series E	5/28/2020	10/10/2025	6.500%		Quarterly	1,500	150		145		145
Series F	5/3/2021	7/10/2026	4.700%		Quarterly	1,500	150		145		145
Series H	3/12/2026	4/10/2031	6.750%		Quarterly	4,000	400		392		—
						12,750	$	758	$	741	$	349

(a)Denotes earliest optional redemption date. Earlier redemption is possible, at FHN's election, if certain regulatory capital events occur.

(b)On April 1, 2026, FHN provided notice of its intent to redeem all outstanding shares of its Series C Preferred Stock on May 1, 2026. The fixed dividend rate was set to convert to three-month CME Term SOFR plus 5.18161% (0.26161% plus 4.920%) on May 1, 2026. See Note 17 — Subsequent Events for more information.

On March 12, 2026, FHN issued $400 million of 6.75% Series H Non-Cumulative Perpetual Preferred Stock (the "Series H Preferred Stock"). The Series H Preferred Stock is redeemable at FHN's option, in whole or in part, on any dividend payment date on or after April 10, 2031. Earlier redemption is possible, at FHN's option, if certain regulatory capital events occur. The $392 million carrying value of the Series H Preferred Stock currently qualifies as Tier 1 capital.

Subsidiary Preferred Stock

First Horizon Bank has issued 300,000 shares of Class A Non-Cumulative Perpetual Preferred Stock ("Class A Preferred Stock") with a liquidation preference of $1,000 per share. Dividends on the Class A Preferred Stock, if declared, accrue and are payable each quarter, in arrears, at a floating rate equal to the greater of three-month CME Term SOFR plus 1.11161% (0.26161% plus 0.85%) or 3.75% per annum. These securities qualify fully as Tier 1 capital for both First Horizon Bank and FHN. On March 31, 2026 and December 31, 2025, $295 million of Class A Preferred Stock was recognized as noncontrolling interest on the Consolidated Balance Sheets.

FT Real Estate Securities Company, Inc. ("FTRESC"), an indirect subsidiary of FHN, has issued 50 shares of 9.50% Cumulative Preferred Stock, Class B ("Class B Preferred Shares"), with a liquidation preference of $1 million per share; of those shares, 47 were issued to nonaffiliates. FTRESC is a real estate investment trust established for the purpose of acquiring, holding, and managing real estate mortgage assets. Dividends on the Class B Preferred Shares are cumulative and are payable semi-annually. At March 31, 2026 and December 31, 2025, the Class B Preferred Shares qualified as Tier 2 capital. For all periods

presented, these securities are presented in the Consolidated Balance Sheets as term borrowings.

The Class B Preferred Shares are mandatorily redeemable on March 31, 2031, and redeemable at the discretion of FTRESC in the event that the Class B Preferred Shares cannot be accounted for as Tier 2 capital or there is more than an insubstantial risk that dividends paid with respect to the Class B Preferred Shares will not be fully deductible for tax purposes.