The Financial Statements of Holding Companies (FR Y-9 Reports) collects standardized financial statements from domestic holding companies (HCs). This is pursuant to the Bank Holding Company Act of 1956, as amended (BHC Act), and the Home Owners Loan Act (HOLA). The FR Y-9C is used to identify emerging financial risks and monitor the safety and soundness of HC operations. HCs file the FR Y-9C and FR Y-9LP quarterly, the FR Y-9SP semiannually, the FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined when this supplement is used.

The Board’s Regulation XX - Concentration Limit (12 CFR Part 251) implements section 14 of the Bank Holding Company Act of 1956 (BHC Act), which establishes a financial sector concentration limit that generally prohibits a financial company from merging or consolidating with, or otherwise acquiring, another company if the resulting company’s liabilities upon consummation would exceed 10 percent of the aggregate liabilities of all financial companies (a covered acquisition). Under section 14 of the BHC Act and Regulation XX, a financial company means (1) an insured depository institution, (2) a bank holding company, (3) a savings and loan holding company, (4) any other company that controls an insured depository institution, (5) a nonbank financial company designated by the Financial Stability Oversight Council (Council) for supervision by the Board, or (6) a foreign bank or company that is treated as a bank holding company for purposes of the BHC Act. Regulation XX includes certain reporting requirements that apply to financial companies, and the FR XX-1 report collects information from certain financial companies that do not otherwise report consolidated financial information to the Board or another Federal banking agency.

The FR Y-7N and FR Y-7NS collect financial information for non-functionally regulated U.S. nonbank subsidiaries held by foreign banking organizations (FBOs) other than through a U.S. bank holding company (BHC), financial holding company (FHC), or U.S. bank. FBOs file the FR Y-7N quarterly or annually or the FR Y-7NS annually predominantly based on asset size thresholds. The FR Y-7Q collects consolidated regulatory capital information from all FBOs either quarterly or annually. Part 1A of the FR Y-7Q is filed quarterly by FBOs that have effectively elected to become U.S. FHCs and by FBOs that have total consolidated assets of $50 billion or more, regardless of FHC status. Part 1B of the FR Y-7Q is filed quarterly by FBOs with combined U.S. assets of $100 billion or more, or combined U.S. assets of less than $100 billion but total consolidated assets of $250 billion or more. All other FBOs file the FR Y-7Q annually.

This information collection is comprised of the following reporting forms: • Application to Become a Bank Holding Company and/or Acquire an Additional Bank or Bank Holding Company (FR Y-3), • Notification to Become a Bank Holding Company and/or Acquire an Additional Bank or Bank Holding Company (FR Y-3N), and • Notification by a Bank Holding Company to Acquire a Nonbank Company and/or Engage in Nonbanking Activities (FR Y-4). These filings collect information on proposals by bank holding companies (BHCs) and companies seeking to become BHCs involving certain formations, acquisitions, mergers, and nonbanking activities. The Board requires the submission of these filings for regulatory and supervisory purposes and to fulfill its statutory obligations under the Bank Holding Company Act of 1956 (BHC Act). The Board uses the information submitted in these filings to evaluate each individual transaction with respect to the relevant statutory factors and to ensure that the transaction complies with other applicable requirements.

Historical ownership data of BHC by Financial Sense Advisors Inc

Historical ownership data of BHC by Lombard Odier Asset Management USA Corp

The Board has implemented the Single-Counterparty Credit Limits (FR 2590) reporting form, associated notice requirements, and recordkeeping requirements. The FR 2590 is being implemented in connection with the Board’s single-counterparty credit limits rule (SCCL rule), which has been codified in the Board’s Regulation YY - Enhanced Prudential Standards (12 CFR 252). The information collected by the Single-Counterparty Credit Limits reporting form (FR 2590) will allow the Board to monitor a covered company’s or a covered foreign entity’s compliance with the SCCL rule. A covered company is any U.S. bank holding company (BHC) or savings and loan holding company (SLHC) that is subject to Category I, II, or III standards. A covered foreign entity is a foreign banking organization (FBO) that is subject to Category II or III standards or that has total global consolidated assets of $250 billion or more, and any U.S. intermediate holding company (IHC) that is subject to Category II or III standards. In addition to the FR 2590 report, the FR 2590 information collection incorporates notice requirements pertaining to requests that may be made by a covered company or covered foreign entity to request temporary relief from specific requirements of the SCCL rule. A respondent must retain one exact copy of each completed FR 2590 report in electronic form and these records must be kept for at least three years.

Historical holdings data showing quarterly positions, market values, shares held, and portfolio percentages for BHC held by Financial Sense Advisors Inc from Q3 2018 to Q3 2024

Historical holdings data showing quarterly positions, market values, shares held, and portfolio percentages for BHC held by X-Square Capital LLC from Q3 2018 to Q2 2025

The Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC) (collectively, the agencies) adopted a final rule that implemented section 13 of the Bank Holding Company Act of 1956 (BHC Act), which was added by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 13 contains certain prohibitions and restrictions on the ability of a banking entity supervised by the agencies to engage in proprietary trading or to have certain interests in, or relationships with, a hedge fund or private equity fund. Section 248.20 and Appendix A of Regulation VV - Proprietary Trading and Certain Interests in and Relationships with Covered Funds require certain of the largest banking entities engaged in significant trading activities to collect, evaluate, and furnish data regarding covered trading activities as an indicator of areas meriting additional attention by the banking entity and the Board. The new FR VV-1 report must be filed by firms with 'significant' trading assets and liabilities beginning with the quarterly report for the first quarter of 2021, due April 30, 2020.

Description Executive Summary Bausch Health Companies Inc. (BHC) is an attractive and timely event-driven short idea. On 02/06/25 BHC announced that the sale process for its subsidiary Bausch + Lomb Corporation (BLCO) “will not result in a transaction at this time.” With the sale process now dead, BHC has failed in its remaining attempt to transfer corporate value away from creditors to shareholders. BHC is highly and unsustainably leveraged. Up to this point the value of BHC stock has essentially been an option that BHC management might find a way to separate off BLCO in a manner which is beneficial to the equity. BHC originally tried to accomplish this through a spinoff of BLCO (May 2022). The full separation was never completed. Management then tried to sell the BLCO subsidiary outright. That process has now failed as well. With no more realistic avenues for management to pursue to try to strip value away from creditors for the benefit of shareholders, the most likely path forward for BHC is a financial restructuring through bankruptcy which should leave little value to the existing equity. As discussed below, the Company might be able to meet its November and December 2025 debt maturities through a combination of FCF generation, revolver draw and refinancing, but this will only delay the inevitable restructuring which should take place no later than early 2027. Is Apple undervalued? Is Apple a buy? Is Apple a good investment Is Nvidia undervalued? Is Nvidia a buy? Is Nvidia a good investment The main event to play for is the restructuring of BHC which should take place no later than early 2027. Other catalysts which are nearer-term include: BHC potentially defaulting on its November and December 2025 debt maturities Insertion of “going concern” language in its SEC filings Currently, the short interest in BHC is 3% of the float at the short interest ratio for the stock is 5.4x. Background BHC was written up on VIC by dsteiner84 in February 2022. Please reference that write-up for additional detail on BHC and BLCO. BHC is the former Valeant Pharmaceuticals (VRX). Benefitting from a favorable tax structure, Valeant pursued a “growth through acquisition” strategy, primarily funded through debt. As the Company grew, its balance sheet steadily expanded and its stock price soared. However, Valeant collapsed in 2015-2016 due to an accounting scandal and regulatory inquiries into its pharmaceutical pricing. The history of Valeant is quite a saga and typing “what happened to Valeant Pharmaceuticals” into Google search will yield many articles which will tell the story. After its collapse Valeant rebranded itself as Bausch Health Companies, Inc. and has been struggling to manage under its high debt load. Company Description BHC is a global, diversified specialty pharmaceutical and medical device company that develops, manufactures and markets, primarily in the therapeutic areas of gastroenterology (GI), hepatology, neurology and dermatology, a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (OTC) products and aesthetic medical devices. The Company has five reportable segments: Salix (26% of 2023 Revenues) – consists of sales in the US of GI products. Sales of Xifaxan represented ~80% of Salix revenues. Xifaxan is used for the treatment of irritable bowel syndrome in adults. International (12% of 2023 Revenues) – consists of sales outside the US of branded pharmaceutical products, branded generic pharmaceutical products and OTC products Solta Medical (4% of 2023 Revenues) – consists of global sales of Solta Medical aesthetic medical devices Diversified (11% of 2023 Revenues) – consists of sales in the US of (i) pharmaceutical products in the areas of neurology and certain other therapeutic classes, (ii) dermatology products, (iii) generic pharmaceutical products, and (iv) dentistry products. Bausch + Lomb (BLCO) (47% of 2023 Revenues) – consists of global sales of Bausch + Lomb Vision Care, Surgical and Pharmaceutical products. Although BHC reports in five segments, it is easiest to think about BHC as being composed of two parts: Bausch Health (excl. B+L) – composed of Salix, International, Solta and Diversified Bausch + Lomb (BLCO) This is also how BHC presents its financials in its earnings releases. Importantly, Bausch Health (excl. B+L) is the parent company which owns 88% of BLCO. The Problem The problem Bausch Health (excl. B+L) faces is twofold: First, Bausch Health (excl. B+L) EBITDA will decline significantly in 2028 when it loses exclusivity on Xifaxan and faces competition from generics. Presented below are historical and estimated financials for Bausch Health (excl. B+L). Several things to note: Is Google undervalued? Is Google a buy? Is Google a good investment Is Walmart undervalued? Is Walmart a buy? Is Walmart a good investment Financials for 2024 are estimated and fall within management’s guidance of $4.775-4.850bn in Revenues and $2.425-2.475bn in EBITDA (see 3Q24 earnings release). The Company is scheduled to report 4Q24 earnings on 02/19/25 Xifaxan sales are based on its percentage of Salix revenues provided by BHC in its earnings presentations (as an example, see slide 11 of BHC’s 3Q24 earnings presentation). Bausch Health (excl. B+L) will lose exclusivity on Xifaxan no later than 01/01/28 and will face competition from generic versions of the drug. Branded drug revenues typically decline by 80% once generic competition is introduced and this assumption is used here. While BHC doesn’t disclose its EBITDA margin on Xifaxan, conversations with multiple sell-side analysts estimate it is ~70%. Inputting this margin estimate, one can back out that the remainder of Bausch Health (excl. B+L)’s portfolio has an EBITDA margin of ~37%. One can then apply these margins to 2028E revenues and the resulting margin is about 41%, as shown in the table below. Based on the above financial estimates, Bausch Health (excl. B+L) EBITDA will decline to ~$1.5bn in 2028. On a consolidated basis, BHC generates ~$1.0bn/year in FCF. The FCF from BLCO is actually minimal, as one can see in its separately published financial filings. Accordingly, Bausch Health (excl. B+L) generates almost all of the $1.0bn/year in FCF. When Bausch Health (excl. B+L) loses Xifaxan exclusivity and EBITDA drops by ~$1.0bn, Bausch Health (excl. B+L)’s FCF will drop to ~$0. Second, Bausch Health (excl. B+L) has $15.3bn in Net Debt and will not be able to meet its maturity schedule, as shown in the chart below (slide 28, 3Q24 earnings presentation). Several things to note: In 2025 BHC has the following maturities: $1.68bn outstanding of 5.500% 1L Notes due 11/01/25 $535mm outstanding of 9.000% Sr. Unsec. Notes due 12/15/25, and $125mm of mandatory amortization ($31.25mm quarterly) on its Term Loan B maturing on 02/01/27 As of 9/30/24, BHC has the following sources of liquidity: $719mm in cash $975mm in undrawn revolver capacity The Company might meet its 2025 debt maturities through a combination of FCF generation, revolver draw and refinancing. It’s not a sure thing but possible. Given the magnitude of the 2025 maturities vs. the Company’s liquidity, BHC might insert “going concern” language into its SEC filings. This would be a negative catalyst for the stock. In addition, failure to meet these maturities would be a significant, negative catalyst for the stock. It does not appear possible for the Company to meet the $4.1bn in debt maturing in 2027, most of which matures in early 2027: $643mm of 8.500% Sr. Unsec. Notes due 01/31/27 $1,000mm of 6.125% 1L Notes due 02/01/27 $1,937mm of SOFR + 525 Term Loan B due 02/01/27, and $500mm of 5.750% 1L Notes due 08/15/27 Based on $15.3bn in current Net Debt outstanding and 2024E EBITDA of $2.468bn, Bausch Health (excl. B+L)’s current Net Leverage is already an elevated 6.2x. The Net Leverage will then jump higher with Bausch Health (excl. B+L)’s EBITDA projected to decline to ~$1.5bn in 2028. With Bausch Health (excl. B+L) being unable to meet its debt maturities in early 2027 or generate any FCF starting in 2028, it appears inevitable that it will need to pursue a significant financial restructuring, likely through bankruptcy. Attempted Separation of BLCO BHC management has been well aware of the twofold problem above for years. Management has significant exposure to BHC’s equity and has been trying shift as much “corporate value” as possible away from creditors to the equity. This is why management has been trying to separate off BLCO from BHC. In May 2022 BHC executed a partial spinoff of BLCO. The stock of BLCO became publicly traded and BHC retained an 88% interest. Management then tried to distribute BHC’s remaining 88% interest in BLCO to BHC shareholders, including themselves. The concept was to take the value of BLCO assets, separate it from BHC, distribute that value to BHC shareholders in the form of BLCO stock, and leave BHC creditors with only a claim on the assets remaining at Bausch Health (excl. B+L). However, in order to consummate the full spinoff of BLCO, BHC needed to get (i) a financial advisor’s opinion that both BLCO and Bausch Health (excl. B+L) would be financially viable entities as separate companies and (ii) Canadian regulatory approval. It appears that BHC was not able to find a financial advisor to issue such an opinion given the high leverage that would be left on Bausch Health (excl. B+L). BHC then pursued an outright sale of BLCO to private equity, with interested parties including Blackstone, Advent International, and TPG Capital. According to industry chatter, a large bid/ask spread existed between BHC and the financial buyer(s) with BHC looking for an unreasonable price. This was not surprising. Given the leverage at Bausch Health (excl. B+L), the sale price of BLCO had to be high enough for BHC management to receive any value to their equity. On 02/06/25

Historical ownership data of BHC by X-Square Capital LLC

Financial overview and grant giving statistics of Bhc Foundation

Comprehensive dataset containing 1 verified BHC Chicken locations in United States with complete contact information, ratings, reviews, and location data.

Explore the Benzene Hexachloride (BHC) Manufacturing Plant Project Report 2025 by Procurement Resource. Stay updated on Benzene Hexachloride (BHC) manufacturing cost analysis, procurement insights, ROI, and market evaluation.

Bridge Housing Corporation (BHC) and Mission Housing Development Corporation (MHD) are planning to build a residential complex in Mission District, California, the US.The project involves the construction of a 157-unit apartment complex on 0.3ha of land. It includes the construction of a community center, a media lab, and parking facilities.David Baker Architects has been appointed as architect, Cervantes Design Associates as the design consultant, GLS Landscape as the landscape architect, Rockridge Geotechnical as the geotechnical engineer and Carlile Macy as civil engineer.On July 23, 2015, City and County of San Francisco (CCoSF) granted development rights to BHC and MHD for the project.On February 9, 2016, BHC issued request for qualification (RFQ) for the firms to undertake the professional services such as Landscape Architect, Civil Engineer, Structural, Mechanical/Electrical/Plumbing, Lighting, Waterproofing, Geotechnical, Green Point Rater/LEED Professional, Environmental Engineer, Elevator Consultant, Security System and Acoustical works with the submission deadline as February 26, 2016.On September 7, 2016, BHC and MHD submitted a conditional use authorization application including design concepts for the project.The proposals are under a streamlined environmental review. Read More

Historical holdings data showing quarterly positions, market values, shares held, and portfolio percentages for BHC held by Lombard Odier Asset Management USA Corp from Q3 2018 to Q2 2025

Measurements of alpha-BHC collected at Coalinga Canal. Currently collected twice a year, previously collected quarterly. Access further information for this data set by contacting Bureau of Reclamation, California-Great Basin Region, Environmental Affairs Division (CGB-157). See ResultAttributes for STAFF_GAUGE, SMPL_DEPTH, SMPL_CATEGORY_NAME, METHOD_CODE, RESULT_RL, RESULT_RL-UNIT_STD_NAME, RESULT_MDL, RESULT_MDL-UNIT_STD_NAME, USBR_QA_SUBTYPE_NAME, USBR_QULFR_DESCRIPTION. STAFF_GAUGE is the water height in decimal feet measured by gauge (e.g., 15.2). SMPL_DEPTH is the vertical depth at which sample is collected (e.g., 0 - 15 cm). For water samples: depth below water/air interface. For sediment and soil samples: depth below water/solid or air/solid interface. SMPL_CATEGORY_NAME is the category type of sample (e.g., Composite). METHOD_CODE is the name of method used to obtain result (e.g., EPA 200.8). RESULT_RL is the result reporting limit (accounting for dilution) (e.g., 0.02). RESULT_RL-UNIT_STD_NAME is the unit associated with RESULT_RL (e.g., mg/L). RESULT_MDL is the result method detection limit (e.g., 0.007). RESULT_MDL-UNIT_STD_NAME is the unit associated with RESULT_MDL (e.g., mg/L). USBR_QA_SUBTYPE_NAME is the quality control type of the sample (e.g., USBR_BLANK_SPIKE). USBR_QULFR_DESCRIPTION is the quality assurance description (if any) (e.g., Result may have a high bias.).

Measurements of gamma-BHC (Lindane) collected at Coyote Pumping Plant - Morgan Hill. Currently collected twice a year, previously collected quarterly. Access further information for this data set by contacting Bureau of Reclamation, California-Great Basin Region, Environmental Affairs Division (CGB-157). See ResultAttributes for STAFF_GAUGE, SMPL_DEPTH, SMPL_CATEGORY_NAME, METHOD_CODE, RESULT_RL, RESULT_RL-UNIT_STD_NAME, RESULT_MDL, RESULT_MDL-UNIT_STD_NAME, USBR_QA_SUBTYPE_NAME, USBR_QULFR_DESCRIPTION. STAFF_GAUGE is the water height in decimal feet measured by gauge (e.g., 15.2). SMPL_DEPTH is the vertical depth at which sample is collected (e.g., 0 - 15 cm). For water samples: depth below water/air interface. For sediment and soil samples: depth below water/solid or air/solid interface. SMPL_CATEGORY_NAME is the category type of sample (e.g., Composite). METHOD_CODE is the name of method used to obtain result (e.g., EPA 200.8). RESULT_RL is the result reporting limit (accounting for dilution) (e.g., 0.02). RESULT_RL-UNIT_STD_NAME is the unit associated with RESULT_RL (e.g., mg/L). RESULT_MDL is the result method detection limit (e.g., 0.007). RESULT_MDL-UNIT_STD_NAME is the unit associated with RESULT_MDL (e.g., mg/L). USBR_QA_SUBTYPE_NAME is the quality control type of the sample (e.g., USBR_BLANK_SPIKE). USBR_QULFR_DESCRIPTION is the quality assurance description (if any) (e.g., Result may have a high bias.).

Historical ownership data of BHC by REDWOOD CAPITAL MANAGEMENT LLC