Goldman Sachs trades Inflection Point Acquisition (BACQ) shares as market maker

Rhea-AI Filing Summary

INFLECTION POINT ACQUISITION CORP. IV reported mixed insider trading activity by The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC in its Class A common stock. Between November 28 and December 9, 2025, Goldman Sachs, acting as a market maker, executed multiple open-market purchases and sales.

The transactions totaled 4,328 shares purchased and 4,872 shares sold, for a small net sale of 544 shares, at prices generally around $10.71–$11.00 per share. After these trades, indirect ownership stood at roughly 3.25 million shares.

The common stock is held directly by Goldman Sachs and indirectly by The Goldman Sachs Group, Inc., which disclaim beneficial ownership except to any pecuniary interest. They state that any profit potentially recoverable under Section 16(b) from these trades will be remitted to the issuer, and that on February 5, 2026, they ceased to be greater-than-10% beneficial owners of the Class A common stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GOLDMAN SACHS GROUP INC

(Last) (First) (Middle)

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INFLECTION POINT ACQUISITION CORP. IV [ BACQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		1	D	$10.74	2,833,419	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		1	D	$10.74	2,833,418	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		13	D	$10.73	2,833,405	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		4	D	$10.73	2,833,401	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		2	D	$10.73	2,833,399	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		16	D	$10.73	2,833,383	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		3	D	$10.72	2,833,380	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		4	D	$10.72	2,833,376	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	11/28/2025		S		2	D	$10.7	2,833,374	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		P		14	A	$11	3,286,228	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		P		14	A	$11	3,286,242	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		P		1,465	A	$10.8	3,287,707	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		P		1,500	A	$10.8	3,289,207	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		P		451	A	$10.79	3,289,658	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		P		500	A	$10.71	3,290,158	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		S		14	D	$11	3,290,144	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		S		3,300	D	$10.82	3,286,844	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		S		630	D	$10.79	3,286,214	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/05/2025		S		500	D	$10.71	3,285,714	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		P		250	A	$11	3,252,488	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		P		3	A	$10.98	3,252,491	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		P		63	A	$10.98	3,252,554	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		P		63	A	$10.98	3,252,617	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		S		63	D	$11	3,252,554	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		S		250	D	$11	3,252,304	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		S		3	D	$10.98	3,252,301	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/08/2025		S		63	D	$10.98	3,252,238	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/09/2025		P		2	A	$10.98	3,251,388	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/09/2025		P		3	A	$10.95	3,251,391	I	See footnotes(3)(4)
Class A Common Stock, par value $0.0001 per share(1)(2)	12/09/2025		S		3	D	$10.95	3,251,388	I	See footnotes(3)(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

GOLDMAN SACHS GROUP INC

(Last) (First) (Middle)

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GOLDMAN SACHS & CO. LLC

(Last) (First) (Middle)

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. This statement is being filed by The Goldman Sachs Group, Inc. ("GS Group") and Goldman Sachs & Co. LLC. ("Goldman Sachs" and, together with GS Group, the "Reporting Persons"). Goldman Sachs is a wholly-owned subsidiary of GS Group. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. On February 5, 2026, the Reporting Persons ceased to be a greater than 10% beneficial owner of Inflection Point Acquisition Corp. IV's (the "Issuer") Class A Common Stock (the "Common Stock").

2. These transactions in the Common Stock of the Issuer have not previously been reported and were effected by Goldman Sachs acting as a market maker in the ordinary course of business.

3. Without conceding market making trades in the ordinary course of business can result in liability under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that they were subject to Section 16(b) will be remitted to the Issuer.

4. The Common Stock of the Issuer reported herein as indirectly owned was beneficially owned directly by Goldman Sachs and indirectly by GS Group.

Remarks:

Balance of trades included in attached schedule. (See Exhibit 99.1)

	/s/ Crystal Orgill, Attorney-in-fact	02/26/2026
	/s/ Crystal Orgill, Attorney-in-fact	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

What insider transactions did Goldman Sachs report for BACQ?

Goldman Sachs reported multiple open-market trades in Inflection Point Acquisition Corp. IV Class A common stock, with both purchases and sales. The activity occurred between November 28 and December 9, 2025, and was conducted while acting as a market maker in the ordinary course of business.

How many BACQ shares did Goldman Sachs buy and sell?

Across the reported period, the filing shows 4,328 Class A shares purchased and 4,872 shares sold, resulting in a small net sale of 544 shares. These trades were broken into many small transactions at prices near $10.71–$11.00 per share.

Were Goldman Sachs’ BACQ trades market-making transactions?

Yes. A footnote explains that the transactions in Inflection Point Acquisition Corp. IV common stock were effected by Goldman Sachs acting as a market maker. They are described as occurring in the ordinary course of business, rather than as a traditional investment position change.

How many BACQ shares did Goldman Sachs hold after these trades?

After the reported transactions, indirect ownership is shown at about 3.25 million Class A shares. The filing notes that the stock is held directly by Goldman Sachs & Co. LLC and indirectly by The Goldman Sachs Group, Inc., which disclaim beneficial ownership beyond any pecuniary interest.

Is Goldman Sachs still a greater-than-10% owner of BACQ?

No. The footnotes state that on February 5, 2026, the reporting persons ceased to be greater-than-10% beneficial owners of Inflection Point Acquisition Corp. IV Class A common stock. This change in status is noted explicitly as part of the ownership narrative in the filing.

What does the filing say about potential Section 16(b) profit on BACQ trades?

The reporting persons state that, if the reported trades were subject to Section 16(b) short-swing profit rules, any profit potentially recoverable by Inflection Point Acquisition Corp. IV will be remitted to the issuer. This is presented without conceding that such market-making trades create liability.