[Form 4] Goldman Sachs Group Inc. Insider Trading Activity

Rhea-AI Filing Summary

David M. Solomon, Chairman and CEO of Goldman Sachs Group Inc. (GS), reported a small disposal of common stock on 08/19/2025. The filing shows 377 shares were disposed of under Code G (a gift) at $0, leaving the reporting person with 125,799 shares held directly and 16,171 shares held indirectly through a trust whose beneficiaries are immediate family members.

The Form 4 was signed by an attorney-in-fact on 08/21/2025 and discloses that the reporting person disclaims beneficial ownership of the trust-held shares.

Positive

• Timely disclosure of the transaction under Section 16, filed and signed by an attorney-in-fact
• Small transaction size (377 shares disposed as a gift) indicating no material reduction in insider stake
• Substantial retained ownership with 125,799 shares direct and 16,171 indirect, maintaining alignment with shareholders

Negative

• None.

Insights

Financial Analyst

TL;DR: Small, non-sale disposal by CEO; ownership largely retained, unlikely to be material to valuation.

The 377-share disposal reported under Code G indicates a gift rather than a market sale, and it carried no price. With 125,799 direct shares and 16,171 indirect shares retained, the transaction represents a de minimis change in the CEO's economic stake. For investors focused on insider activity, this is a routine, low-impact disclosure showing compliance with Section 16 reporting.

Corporate Governance Expert

TL;DR: Filing demonstrates timely Section 16 disclosure and clarifies indirect ownership through a family trust.

The Form 4 specifies the relationship of the reporting person as Chairman and CEO and discloses indirect ownership via a trust for immediate family members, with an explicit disclaimer of beneficial ownership for those trust shares. The use of Code G and the attorney-in-fact signature are consistent with standard governance and disclosure practices for minor transfers.

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
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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^*

SOLOMON DAVID M

(Last) (First) (Middle)

C/O GOLDMAN SACHS & CO. LLC

200 WEST STREET

(Street)

NEW YORK NY 10282

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GOLDMAN SACHS GROUP INC [ GS ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman of the Board and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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

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

X	Form filed by One Reporting Person
	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
Common Stock, par value $0.01 per share	08/19/2025		G		377	D	$0	125,799	D
Common Stock, par value $0.01 per share								16,171	I	See footnote(1)

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

Explanation of Responses:

1. Held through a trust, the sole beneficiaries of which are immediate family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares.

Remarks:

	/s/ Jamie A. Greenberg, Attorney-in-fact	08/21/2025
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did David M. Solomon report on Form 4 for GS?

He reported a disposal of 377 shares on 08/19/2025 under Code G (a gift), and retains 125,799 direct shares plus 16,171 indirect shares.

Does the Form 4 show a market sale by the CEO of GS?

No. The transaction code is G, indicating a gift; the price is listed as $0, not a market sale.

How is the 16,171 indirect GS shares held?

They are held through a trust whose sole beneficiaries are immediate family members, and the reporting person disclaims beneficial ownership of those shares.

When was the Form 4 filed and who signed it?

The transaction date is 08/19/2025; the Form 4 was signed by an attorney-in-fact, Jamie A. Greenberg, on 08/21/2025.

Does this Form 4 indicate a material change in insider ownership of GS?

No. The reported disposal is de minimis relative to the total shares reported held by the insider, so it is not a material ownership change.