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

Rhea-AI Filing Summary

Goldman Sachs Group (GS) has filed a Form 144 indicating an intended sale of 9,539 common shares through Goldman Sachs & Co. LLC on or about 25 July 2025. The shares, valued at an estimated $6.86 million, were acquired the same day via employee compensation awards. No other Rule 144 sales by the filer occurred in the past three months. The proposed sale equates to roughly 0.003% of GS’s 306.84 million shares outstanding, suggesting minimal dilution or ownership impact. Because the filing does not identify the seller, disclose motive, or involve a significant percentage of shares, it is best viewed as a routine insider liquidity event rather than a strategic signal.

Insights

Equity Analyst

TL;DR: Small Rule 144 insider sale; negligible ownership impact, neutral signal.

The filing covers a proposed disposition of 9,539 GS shares, roughly $6.9 million in value, representing only 0.003% of shares outstanding. Volume is far below thresholds that typically influence float or governance, and the shares stem from recent compensation awards, implying standard liquidity management. No prior related sales were reported in the last quarter. Given the size and context, I classify market impact as not material; investors generally view such filings as routine unless coupled with broader insider-selling trends.

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

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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).

1. Name and Address of Reporting Person^*

COLEMAN DENIS P.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/25/0025

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	07/25/2025		S		5,455	D	$723.83(1)	22,678	D
Common Stock, par value $0.01 per share	07/25/0025		S		2,076	D	$724.57(2)	20,602	D
Common Stock, par value $0.01 per share	07/25/2025		S		1,681	D	$725.6(3)	18,921	D
Common Stock, par value $0.01 per share	07/25/2025		S		327	D	$727.79(4)	18,594	D
Common Stock, par value $0.01 per share								4,118	I	See footnote(5)

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. Reflects a weighted average sale price of $723.83 per share, at prices ranging from $723.18 to $724.17 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

2. Reflects a weighted average sale price of $724.57 per share, at prices ranging from $724.21 to $725.09 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

3. Reflects a weighted average sale price of $725.60 per share, at prices ranging from $725.25 to $726.02 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

4. Reflects a weighted average sale price of $727.79 per share, at prices ranging from $727.77 to $727.83 per share. The Reporting Person will provide, upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate price.

5. Held through trusts, 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	07/25/2025
	** 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

How many Goldman Sachs (GS) shares are being sold under this Form 144?

The notice covers 9,539 common shares.

What is the estimated market value of the GS shares to be sold?

The aggregate market value is approximately $6.86 million.

When is the anticipated sale date for the GS shares?

The filer lists an approximate sale date of 25 July 2025.

How large is this sale relative to Goldman Sachs’ total shares outstanding?

The sale equals about 0.003% of 306.84 million shares outstanding, a negligible amount.

How were the shares acquired prior to the proposed sale?

They were received on 25 July 2025 as employee compensation awards.