Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 04-6 A1 3.50

What they do

The registrant is a passive trust vehicle that holds Goldman Sachs Capital I securities and passes distributions through to holders of its publicly offered Certificates. The Trust's Certificates, which represent investors' interests in the Trust, are held through one or more physical Certificates registered in the name of Cede & Co., the nominee of The Depository Trust Company. Lehman ABS Corporation acts as Depositor for the Trust and filed the annual report for the period covered.

Revenue drivers

• Trust distributions to certificateholders — The Trust makes distributions to certificateholders from the underlying Goldman Sachs Capital I securities-backed assets, with distribution statements filed on Form 8-K for the period from January 1, 2025 through December 31, 2025.
• Underlying securities-backed collateral — Cash flow for certificateholder distributions is generated by the Goldman Sachs Capital I securities held by the Trust; no other business segments or product lines are disclosed.
• Trustee distribution statements — Distribution reports for the Trust were filed on Form 8-K with distribution dates of 02/15/2025 and 08/15/2025, and filed with the SEC on 02/28/2025 and 08/28/2025.

Recent performance

The 10-K states that the Trustee's Distribution Statements on Form 8-K regarding distributions from the Trust to certificateholders for the period from January 1, 2025 through December 31, 2025 have been filed with the SEC and are incorporated by reference. Distribution dates reported were 02/15/2025 and 08/15/2025, filed on 02/28/2025 and 08/28/2025. No financial statements, selected financial data, or management's discussion and analysis are included because the registrant reports those items as Not Applicable. Recent 8-K events were filed on 2026-08-28 and 2026-03-18 as Other events, following similar Other events filings in 2025, 2024 and 2023. No revenue, earnings, or per-certificate distribution figures were provided in the source excerpts.

Strategy

The filing discloses no business strategy, investment plans, or management priorities because Item 1 (Business), Item 7 (Management's Discussion and Analysis), and Item 1A (Risk Factors) are each marked Not Applicable. The Trust continues to operate as a passive pass-through vehicle, with its publicly offered Certificates listed on the NYSE. Ongoing activities consist of the Trustee filing distribution statements on Form 8-K, including dates from the period from January 1, 2025 through December 31, 2025. The 10-K signature is dated March 31, 2026 and was filed by Lehman ABS Corporation as Depositor for the Trust.

Risks

• Concentration in a single underlying security — The Trust's distributions depend entirely on the Goldman Sachs Capital I securities held as collateral, so adverse developments in that underlying security directly affect certificateholders.
• Passive trust with no operating business — The registrant reports Not Applicable for Business, Risk Factors, Properties, Legal Proceedings, MD&A, and Financial Statements, so there is no operating diversification or earnings cushion.
• Reliance on third-party trustee and depositor — Trust administration, distribution reporting, and compliance certifications are performed by the Trustee and the Depositor (Lehman ABS Corporation) rather than by in-house staff of the Trust.
• Distribution timing and reporting dependence — Certificateholder payments are evidenced only through periodic Form 8-K distribution statements, and any delay or failure in those filings or in underlying payments would affect certificateholders.

Outlook

The filing includes no forward-looking statements or management outlook because Items 7 and 7A are marked Not Applicable. The Trust's stated ongoing activity is limited to making distributions to certificateholders and filing related Form 8-K reports. No new investments, strategic initiatives, or changes in the trust structure were disclosed.