# FOLIO INVESTMENTS, INC. X-17A-5 (2024-02-27) — Broker-dealer annual report - Company: FOLIO INVESTMENTS, INC. - Form: X-17A-5 - Filed: 2024-02-27 - Period: 2023-12-31 - Accession: 0001092956-24-000004 - CIK: 1092956 - File #: 8-52009 - Type: Broker-dealer - Material weakness: No - Auditor: PricewaterhouseCoopers LLP - Auditor location: New York, NY - Contact: James C. Fyffe - Phone: 7032454920 - Email: jim.fyffe@gs.com - Website: gs.com - Signed by: James C. Fyffe (Chief Financial Officer) Original filing: https://www.sec.gov/Archives/edgar/data/1092956/000109295624000004/foliopub1.pdf --- {0}------------------------------------------------ ![](_page_0_Picture_0.jpeg) Folio Investments, Inc. d/b/a Goldman Sachs Custody Solutions Statement of Financial Condition December 31, 2023 {1}------------------------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12 SEC FILE NUMBER 8-52009 ## ANNUAL REPORTS FORM X-17A-5 PART III FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 | FILING FOR THE PERIOD BEGINNING 01/01/2023 | MM/DD/YY | AND ENDING 12/31/2023
MM/DD/YY | | |------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|--------------------------------------------| | | | A. REGISTRANT IDENTIFICATION | | | NAME OF FIRM: Goldman Sachs Custody Solutions | | | | | TYPE OF REGISTRANT (check all applicable boxes): | മ Broker-dealer □ Security-based swap dealer □ Major security-based swap participant
□ Check here if respondent is also an OTC derivatives dealer | | | | | ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) | | | | 8180 Greensboro Drive. 8th Floor
(No. and Street) | | | | | McLean | | Virginia | 22102 | | (City) | | (State) | (Zip Code) | | James C. Fyffe
(Name) | PERSON TO CONTACT WITH REGARD TO THIS FILING
(703) 245-4920
(Area Code - Telephone Number) | | jim.fyffe@gs.com
(Email Address) | | | | B. ACCOUNTANT IDENTIFICATION | | | PricewaterhouseCoopers LLP | INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing* | | | | (Name - if individual, state last, first, and middle name) | | | | | 300 Madison Ave | New York | NY | 10017 | | (Address) | (City) | (State) | (Zip Code) | | 10/20/2003 | | | PCAOB ID 238 | | (Date of Registration with PCAOB)(if applicable) | | | (PCAOB Registration Number, if applicable) | | | | FOR OFFICIAL
USE ONLY | | | | * Claims for exemption from the requirement that the annual reports of an independent public | | | accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. {2}------------------------------------------------ ## **%12;/24260,76<\*26;,1.,3\*44\*8842,\*+4.+7@.;** - -0(C0C4<4=C>558=0=280;2>=38C8>= - -1\$>C4BC>2>=B>;830C43BC0C4<4=C>558=0=280;2>=38C8>= - 2(C0C4<4=C>58=2><4;>BB>A85C74A48B>C74A2><48=C74?4A8>3B?A4B4=C430BC0C4<4=C >52><40B3458=438=J >5'46D;0C8>=(- - 3(C0C4<4=C>520B75;>FB - 4(C0C4<4=C>5270=64B8=BC>2:7>;34ABL>A?0AC=4ABL>AB>;4?A>?A84C>ALB4@D8CH - 5(C0C4<4=C>5270=64B8=;8018;8C84BBD1>A38=0C43C>2;0852A438C>AB - 6\$>C4BC>2>=B>;830C4358=0=280;BC0C4<4=CB - 7>=>5=4C20?8C0;D=34A ' 2 >A ' 0 0B0??;8201;4 - 8>=>5C0=681;4=4CF>AC7D=34A ' 0 - 9>=5>A34C4A<8=0C8>=>52DBC><4AA4B4AE4A4@D8A4<4=CB?DABD0=CC>G7818CC> ' 2 - :>=5>A34C4A<8=0C8>=>5B42DA8CH10B43BF0?A4B4AE4A4@D8A4<4=CB?DABD0=CC>G7818CC> ' 2>AG7818CC> ' 00B0??;8201;4 - ;>=5>A4C4A<8=0C8>=>5&'4@D8A4<4=CBD=34AG7818CC>J 2 - < =5>A<0C8>=A4;0C8=6C>?>BB4BB8>=>A2>=CA>;A4@D8A4<4=CB5>A2DBC><4ABD=34A ' 2 - = =5>A<0C8>=A4;0C8=6C>?>BB4BB8>=>A2>=CA>;A4@D8A4<4=CB5>AB42DA8CH10B43BF0?2DBC><4ABD=34A ' 2? >A ' 00B0??;8201;4 - >'42>=28;80C8>=B8=2;D38=60??A>?A80C44G?;0=0C8>=B>5C74%\*('4?>ACF8C7 2>=>5=4C 20?8C0;>A C0=681;4=4CF>AC7D=34A ' 2 ' 0 >A ' 0 0B0??;8201;40=3C74 A4B4AE4A4@D8A4<4=CBD=34A ' 2>A ' 00B0??;8201;485<0C4A80;38554A4=24B4G8BC >A0BC0C4<4=CC70C=><0C4A80;38554A4=24B4G8BC - ?(D<<0AH>558=0=280;30C05>ABD1B8380A84B=>C2>=B>;830C438=C74BC0C4<4=C>558=0=280;2>=38C8>= - @ %0C7 >A 0558A<0C8>= 8= 022>A30=24 F8C7 ' 0 ' 0 >A ' 0 0B 0??;8201;4 - A>AC8=022>A30=24F8C7 ' 0>A ' 00B0??;8201;4 - BG4=A4?>AC8=022>A30=24F8C7 ' 0>A ' 00B0??;8201;4 - -C =34?4=34=C?D1;82022>D=C0=CLBA4?>AC10B43>=0=4G0<8=0C8>=>5C74BC0C4<4=C>558=0=280;2>=38C8>= - D =34?4=34=C?D1;82022>D=C0=CLBA4?>AC10B43>=0=4G0<8=0C8>=>5C7458=0=280;A4?>AC>A58=0=280;BC0C4<4=CB D=34A ' 0 ' 0>A ' 0 0B0??;8201;4 - E =34?4=34=C ?D1;82 022>D=C0=CLB A4?>AC 10B43 >= 0= 4G0<8=0C8>= >5 24AC08= BC0C4<4=CB 8= C74 2>ACD=34A ' 0>A ' 00B0??;8201;4 - F =34?4=34=C?D1;82022>D=C0=CLBA4?>AC10B43>=0A4E84F>5C744G4=A4?>ACD=34A ' 0>A ' 00B0??;8201;4 - G (D??;4<4=C0; A4?>ACB >= 0??;H8=6 06A443D?>= ?A>243DA4B 8= 022>A30=24 F8C7 ' 2 4 >A ' 0 0B0??;8201;4 - H '4?>AC 34B2A818=6 0=H <0C4A80; 8=034@D0284B 5>D=3 C> 4G8BC >A 5>D=3 C> 70E4 4G8BC43 B8=24 C74 30C4 >5 C74 ?A4E8>DB0D38C>A0BC0C4<4=CC70C=><0C4A80;8=034@D0284B4G8BCD=34A ' 0 : - I%C74A *! \$#'%& ! & &\$& & ! \$& "!\$&! % ! &% % !\$ %""* {3}------------------------------------------------ #### **)** | | | "*0. 7 | |------|--------------------------------|--------| | |
| | | | | | | | '@-@191:@;25:-:/5-8;:05@5;: | | | | | | | #;@1 | 1?/>5<@5;:;2A?5:1?? | | | #;@1 | -?5?;2%>1?1:@-@5;: | | | #;@1 | '53:525/-:@//;A:@5:3%;85/51? | | | #;@1 | -5>*-8A1"1-?A>191:@? | | | #;@1 | 5:-:/5-8:?@>A91:@? | | | #;@1 | '1/A>105:-:/5:3? | | | #;@1 | \$@41>??1@? | | | #;@1 | ):?1/A>10;>>;C5:3? | | | #;@1 | \$@41>!5-.585@51? | | | #;@1 | ;:@5:31:/51?-:0A->-:@11? | | | #;@1 | (>-:?-/@5;:?C5@4&18-@10%->@51? | | | #;@1 | :/;91(-D1? | | | #;@1 | >105@;:/1:@>-@5;:? | | | #;@1 | !13-8%>;/1105:3? | | | #;@1 | 9<8;E11:/1:@5B1%8-:? | | | #;@1 | #1@-<5@-8&1=A5>191:@? | | | #;@1 | 'A.?1=A1:@B1:@? | | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## **Report of Independent Registered Public Accounting Firm** To the Board of Directors and the Stockholder of Folio Investments, Inc. d/b/a Goldman Sachs Custody Solutions: ## *Opinion on the Financial Statement – Statement of Financial Condition* We have audited the accompanying statement of financial condition of Folio Investments, Inc. d/b/a Goldman Sachs Custody Solutions (the "Company") as of December 31, 2023, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. ## *Basis for Opinion* The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion. New York, New York February 2, 2024 We have served as the Company's auditor since 2020. {5}------------------------------------------------ | | | As of | | |------------------------------------------------------------------------------------|----|---------------|--| | \$ in thousands | | December 2023 | | | Assets | | | | | Cash | ಳಿ | 100,853 | | | Receivables: | | | | | Brokers, dealers and clearing organizations | | 15,681 | | | Customers and counterparties (net of an allowance for credit losses of \$797) | | 10,881 | | | Financial instruments (at fair value and includes \$395,583 pledged as collateral) | | 405,289 | | | Other assets | | 35,686 | | | Total assets | ಳಿ | 568,390 | | | | | | | | Liabilities and stockholder's equity | | | | | Payables: | | | | | Brokers, dealers and clearing organizations | క | 345 | | | Customers and counterparties | | 17,995 | | | Secured financings (at fair value) | | 395,583 | | | Unsecured short-term borrowings | | 39,000 | | | Other liabilities | | 9,559 | | | Total liabilities | | 462,452 | | | Contingencies and guarantees | | | | | Stockholder's equity | | | | | Common stock (\$0.0001 par value; 1,000 shares authorized, issued and outstanding) | | | | | Additional paid-in capital | | 127,354 | | | Accumulated deficit | | (21,416) | | 105,938 568,390 \$ Accumulated deficit Total stockholder's equity Total liabilities and stockholder's equity The accompanying notes are an integral part of this statement of financial condition. {6}------------------------------------------------ #### **7<.** ## **.;,:28<2767/=;26.;;** ;85;:B1?@91:@?:/ 0.-;809-:'-/4?A?@;0E';8A@5;:? @41 ;9<-:E - \*5>35:5- /;><;>-@5;: >135?@1>10 -? - ) ' .>;71> 01-81>5?-C4;88E ;C:10?A.?505->E;2;85;5:-:/5-8 :/ 0.-;809-:'-/4?';805:3?@41%->1:@ (41%->1:@ 5? - C4;88E ;C:10 ?A.?505->E ;2 (41 ;809-: '-/4? >;A< :/ >;A< :/ -:0 /;881/@5B18E C5@4 5@? /;:?;850-@10 ?A.?505->51?'>;A<-18-C->1/;><;>-@5;: (41 ;9<-:E ;221>? 5:@1>:1@ .-?10 <;>@2;85; />1-@5;: @>-05:3 -:0 9-:-3191:@ ?1>B5/1? @ -8?; <>;B501? @>-01 1D1/A@5;: /81->-:/1-:0?1@@8191:@?1>B5/1? # **7<.** ## **\*;2;7/":.;.6<\*<276** (45? ?@-@191:@;2 25:-:/5-8/;:05@5;:5?<>1<->105:-//;>0-:/1 C5@4 -//;A:@5:3 <>5:/5<81? 31:1>-88E -//1<@10 5: @41 ):5@10 '@-@1?) 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C5@4.-:7?;2- 95885;:-?;21/19.1> '11#;@1 2;>2A>@41>5:2;>9-@5;:-.;A@/-?4 (41;9<-:E?13>13-@1?/-?42;>>13A8-@;>E-:0;@41><;?1? >18-@10 @; /851:@ -/@5B5@E -?4 ?13>13-@10 2;> >13A8-@;>E -:0 ;@41><;?1?C-?- 95885;:-?;21/19.1> {7}------------------------------------------------ ## Receivables from and Payables to Brokers, Dealers and Clearing Organizations Receivables from and payables to brokers, dealers and clearing organizations are accounted for at cost plus accrued interest, which generally approximates fair value. The receivables primarily relate to deposits with a clearing corporation and Goldman Sachs & Co LLC (GS&Co.). See Note 11 for further information about the deposit held with GS&Co. Such receivables generally do not give rise to material credit risk for the Company. As such, generally no allowance for credit losses is held against these receivables. Payables to brokers, dealers and clearing organizations primarily includes payables related to unsettled trades, including payables when the Company has failed to receive securities from a seller by the settlement date. As these receivables and payables are not accounted for at fair value, they are not included in the Company's fair value hierarchy in Note 4. Had these receivables and payables been included in the Company's fair value hierarchy, substantially all would have been classified in level 2 as of December 2023. ## Receivables from Customers and Counterparties Substantially all receivables from customers and counterparties consist of customer margin loans and fee receivables. These receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As of December 2023, the Company held an allowance for credit losses of \$0.8 million against these receivables. To mitigate credit exposure on customer margin loans, the Company monitors the market value of these transactions and delivers or obtains additional collateral due to changes in the market value of the transactions, as appropriate. As these receivables are not accounted for at fair value, they are not included in the Company's fair value hierarchy in Note 4. Had these receivables been included in the Company's fair value hierarchy, substantially all would have been classified in level 2 as of December 2023. Interest on receivables from customers and counterparties is recognized over the life of the transaction. Receivables from customers and counterparties includes receivables from contracts with clients and contract assets. Contract assets represent the Company's right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The Company's receivables from contracts with clients were \$0.9 million as of December 2023. As of December 2023, there were no contract assets. #### Payables to Customers and Counterparties Payables to customers and counterparties primarily consist of customer credit balances related to the Company's customers' securities activities. These payables are accounted for at cost, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the Company's fair value hierarchy in Note 4. Had these payables been included in the Company's fair value hierarchy, substantially all would have been classified in level 2 as of December 2023. #### Recent Accounting Developments Improvements to Reportable Segment Disclosures (ASC 280). In November 2023, the FASB issued ASU No. 2023-07, "Improvements to Reportable Segment Disclosures." This ASU requires enhanced disclosures primarily about significant segment expenses that are regularly provided to the chief operating decision maker. This ASU is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024 under a retrospective approach. Early adoption is permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company's financial condition. ## Improvements to Income Tax Disclosures (ASC 740). In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures." This ASU requires incremental disclosures primarily related to the reconciliation of the statutory income tax rate to the effective income tax rate, as well as income taxes paid. This ASU is effective for annual periods beginning after December 15, 2024 under a prospective approach with the option to apply it retrospectively. Early adoption is permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the Company's financial condition. ## Note 4 ## Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company's financial instruments and secured financings are marked to exchange-traded close prices. Fair value measurements do not include transaction costs. The Company measures financial assets and secured financings related to its fractional share program as a portfolio (i.e., based on its net exposure to market and/or credit risks). See Note 6 for further information about the accounting for the Company's fractional share program. {8}------------------------------------------------ #### %" % \$+()#\$)( \$ %"#\$((\*()%.(%"\*) %\$( **7<.;<7\$<\*<.5.6<7/26\*6,2\*476-2<276** (41 .1?@ 1B501:/1 ;2 2-5> B-8A1 5? - =A;@10 <>5/1 5: -: -/@5B1 9->71@ 2=A;@10<>5/1?5:-/@5B19->71@?->1:;@-B-58-.812-5> B-8A1 5? 01@1>95:10 .E >121>1:/1 @; <>5/1? 2;> ?5958-> 5:?@>A91:@? =A;@10 <>5/1? ;> >1/1:@ @>-:?-/@5;:? 5: 81?? -/@5B1 9->71@? ;> 5:@1>:-88E 01B18;<10 9;018? @4-@ <>59->58E A?1 9->71@ .-?10;>5:01<1:01:@8E?;A>/105:11 81B18 451>->/4E 2;> 05?/8;?A>1 ;2 2-5> B-8A1 91-?A>191:@? 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