Business Context and Reporting Period
This Form 10-K is an annual report for the fiscal year ended December 31, 2025, filed on behalf of Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust (the "Trust"). The Trust is a common law trust formed in 2001 with SCS LABS Corporation as the Depositor and U.S. Bank Trust National Association as the Trustee. The Trust's assets consist solely of capital securities issued by Goldman Sachs Capital I. The Certificates are listed on the New York Stock Exchange (NYSE) and are held by "Cede & Co." as nominee for The Depository Trust Company.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. As a pass-through trust structure, the Trust does not generate operating revenue or profit in the traditional corporate sense; its financial activity is limited to the receipt of distributions from the underlying securities and the subsequent distribution to certificateholders.
- Revenue/Profit: Not applicable; the filing states "Not Applicable" for Selected Financial Data and Management's Discussion and Analysis.
- Cash Flow/Liquidity: No specific cash flow figures are provided in this summary document.
- Distributions: The Trust made distributions to certificateholders on February 15, 2025 and August 15, 2025. The specific dollar amounts of these distributions are not listed in this text but are incorporated by reference from Form 8-K filings.
Material Changes
The filing does not disclose material changes in financial condition or results of operations compared to prior periods. Items regarding Business, Risk Factors, Properties, Legal Proceedings, and Management's Discussion and Analysis are explicitly marked as "Not Applicable" or "None." The Trust structure and underlying asset composition (Goldman Sachs Capital I securities) remain consistent with prior reporting.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing contains no forward-looking guidance, outlook, or management commentary regarding future performance.
Risks and Contingencies: The filing states "Not Applicable" for Risk Factors and Legal Proceedings. However, the Introductory Note includes a standard disclaimer that neither the Depositor nor the Trustee has verified the accuracy of reports filed by the underlying issuer (The Goldman Sachs Group, Inc.) and that events affecting the underlying securities may not yet be publicly disclosed.
Investor Verification Checklist
- Verify the specific distribution amounts for the February 15, 2025, and August 15, 2025, payments by reviewing the referenced Form 8-K filings.
- Review periodic reports filed by The Goldman Sachs Group, Inc. (File No. 001-14965) to assess the credit quality and performance of the underlying junior subordinated debentures held by the Trust.
- Confirm the status of the underlying securities, as the Trust's value is entirely dependent on the assets held by Goldman Sachs Capital I.
- Note that the Trust has no voting stock or common equity held by non-affiliates.