Goldman Sachs Group Inc SEC Filings

GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc., is issuing $1.483 million of Absolute Return Trigger S&P 500 Index-Linked Notes due July 2 2027 (Series F, CUSIP 40058J7L3). The notes are senior, unsecured obligations that do not pay periodic interest and are fully and unconditionally guaranteed by Goldman Sachs.

The payout is driven by S&P 500 performance between the trade date (25 Jun 2025) and the determination date (25 Jun 2027), subject to a “barrier event”:

• Barrier thresholds: 77 % < Index < 123 % of the 6,092.16 initial level at any time in the measurement period.
• If a barrier event occurs (index breaches either threshold even once) investors receive a fixed $1,030 (3 % return) per $1,000 at maturity, regardless of final index level.
• If no barrier event occurs, maturity value equals $1,000 + |Index return|, floored at $1,000 and capped at $1,230 (23 % maximum).

The estimated initial value of each note is $967, below the $1,000 issue price, reflecting structuring costs, hedging and GS credit spreads. Goldman Sachs & Co. LLC may make a market, but is not obliged to; any bid/ask will include customary spreads and a time-decaying premium (initially $8.568) through 24 Sep 2025.

Key terms

• Issue price: 100 %  |  Underwriting discount: 2.5 %  |  Net proceeds: 97.5 %
• Principal protected minimum: $1,000 if no barrier breach; $1,030 if breached.
• No FDIC insurance; subject to GS and GS Finance Corp. credit risk.

The structure suits investors who expect the S&P 500 to stay within ±23 % over two years and are willing to accept capped upside and credit risk in exchange for limited downside (no loss of principal) and a small contingent gain if volatility exceeds the barriers.

Goldman Sachs (GS) has filed a Rule 424(b)(2) pricing supplement for a new $9.541 million issuance of Autocallable Contingent Coupon Underlier-Linked Notes due July 2, 2030. The notes are senior, unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Key structural terms:

• Underliers: Russell 2000 Index (RTY), EURO STOXX 50 Index (SX5E) and Utilities Select Sector SPDR ETF (XLU).
• Quarterly coupon: 2.1875% ($21.875 per $1,000) paid only if each underlier is ≥70% of its initial level on the relevant observation date; maximum annualized rate 8.75%.
• Automatic call: Beginning June 2026 and on each quarterly observation through March 2030, the notes are redeemed at 100% of face plus coupon if each underlier is ≥ its initial level.
• Principal protection: Soft buffer only. At maturity investors receive: (i) face plus coupon if every underlier ≥70%; (ii) face with no coupon if worst underlier ≥65% but <70%; (iii) a loss proportional to the worst underlier if any underlier <65%, exposing investors to up to 100% loss beyond a 35% decline.
• Issue economics: Original issue price 100%; estimated value $983 (98.3% of face); underwriting discount 3.65%; net proceeds 96.35%.
• Dates: Trade 6/25/2025, issue 6/30/2025, first coupon observation 9/25/2025, final determination 6/25/2030, maturity 7/2/2030.
• Denomination: $1,000 minimum with $1,000 increments; CUSIP 40058JC37.

The filing stresses that the notes are not FDIC-insured, are subject to the credit risk of GS Finance Corp. and its parent guarantee, and may be sold after the initial offering at prices/discounts that differ from those disclosed.

Goldman Sachs (GS) is offering $995,000 aggregate principal amount of Autocallable Variable Coupon Equity-Linked Notes due July 2, 2030 under its Medium-Term Note, Series F program. The notes are senior unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

• Underlying stocks: Alphabet Class C (initial price $171.49), NVIDIA common ($154.31), Meta Platforms Class A ($708.68) and Tesla common ($327.55).
• Coupon structure: On each monthly payment date investors receive either: (i) the maximum coupon of $6.792 per $1,000 (0.6792% monthly; up to 8.1504% p.a.) if every stock’s closing price is ≥ 75 % of its initial price; or (ii) the minimum coupon of $0.209 per $1,000 (0.0209% monthly; up to ~0.25% p.a.) if any stock is below the 75 % trigger.
• Automatic call: Beginning June 2026, the notes will be redeemed at par on any monthly observation date when each stock closes at or above its initial price. Investors then receive par plus the applicable coupon and the instrument terminates early.
• Maturity payment: If not earlier called, holders receive 100 % of face value ($1,000 per note) plus the final coupon on July 2, 2030.
• Pricing: Original issue price 100 %; underwriting discount 3.75 %; net proceeds 96.25 %. The estimated value at pricing is approximately $938 per $1,000, reflecting fees and dealer spread.
• Liquidity: GS & Co. may, but is not obligated to, make a market; any secondary price before Sept. 25, 2025 will include a declining premium of up to $24.50 per $1,000.
• Risk factors: Variable coupon may fall to near-zero; early redemption caps upside; credit risk of GS Finance Corp./Goldman Sachs; no FDIC insurance.

The filing is a routine structured-product issuance that adds a small amount of senior unsecured debt to Goldman Sachs’ funding stack while offering investors equity-linked income potential with principal repayment at maturity, subject to issuer credit risk.

Goldman Sachs Finance Corp has issued $2.059 billion in Callable S&P 500 Index-Linked Notes due 2031, fully guaranteed by Goldman Sachs Group. Key features include:

• The notes will mature on June 30, 2031, unless redeemed earlier
• Initial index level set at 6,092.16 based on S&P 500 Index
• If not redeemed, at maturity investors will receive: - Positive return equal to index return if final level exceeds initial level - $1,000 per note if final level is equal to or below initial level
• Notes are callable monthly with increasing premium amounts from 8.6004% to 50.8857%

The estimated value of the notes at pricing is $944 per $1,000 face amount. Original issue price is 100% with 4.125% underwriting discount. The notes are not FDIC insured and subject to credit risk of Goldman Sachs.

Goldman Sachs Finance Corp has issued $856,000 in S&P 500 Futures Excess Return Index-Linked Notes, due June 28, 2030, guaranteed by Goldman Sachs Group. These structured notes track the performance of E-mini S&P 500 futures contracts rather than the direct S&P 500 Index.

Key features include:

• Initial index level: 505.71
• Estimated note value: $926 per $1,000 face amount
• No interest payments
• Performance-based returns with conditional protection: - Positive index return: Minimum 43% return - Negative return above -30%: Positive return equal to absolute value of loss - Negative return below -30%: Direct exposure to losses

The notes carry significant risks including potential loss of entire investment. Trading price will reflect many factors and Goldman Sachs & Co. LLC's initial trading price includes a 4.125% underwriting discount. Notes are not FDIC insured and are subject to issuer credit risk.

Goldman Sachs has filed a Free Writing Prospectus for Autocallable Momentum Builder Focus ER Index-Linked Notes due 2032. The notes, issued by GS Finance Corp and guaranteed by Goldman Sachs Group, feature an automatic call provision and are linked to the Goldman Sachs Momentum Builder Focus ER Index.

Key features include:

• No interest payments
• Automatic call feature if index closes above call levels (ranging from 100.75% to 104.5%)
• Call returns ranging from at least 10% to 60% depending on call date
• 100% principal protection at maturity if not called
• Upside participation rate of 100% if held to maturity

The underlying index tracks a base index composed of nine indices across U.S. equities, developed markets, fixed income, emerging markets, and commodities, subject to a 5% volatility control mechanism. The estimated value range of $850-$880 is below the issue price, indicating significant embedded costs. Trading date expected July 30, 2025, with maturity on August 6, 2032.

Goldman Sachs has filed a Free Writing Prospectus for Market Linked Securities - Autocallable with Contingent Coupon, linked to the performance of Alphabet, Amazon, and Meta Platforms Class A common stocks, due July 21, 2028.

Key features include:

• Issuer: GS Finance Corp. with Goldman Sachs Group as guarantor
• Contingent coupon payment of at least 16.50% per annum ($41.25 per $1,000 face amount)
• Automatic call feature triggers if lowest performing stock exceeds starting price
• Downside threshold price set at 70% of starting price
• Estimated security value between $925-$955 per $1,000 face amount

Significant risks include potential loss of entire investment, credit risk of issuer/guarantor, and dependence on lowest-performing stock. Securities will be distributed through Wells Fargo Securities with 2.575% underwriting discount. Investment involves complex features beyond conventional debt securities.

Goldman Sachs has filed a Free Writing Prospectus for Buffered Performance Leveraged Upside Securities (PLUS) linked to the S&P 500 Index, due February 3, 2028. The securities offer 200% leveraged upside potential with a maximum payment cap of 121.40% of principal.

Key features include:

• Principal protection against first 10% of index decline (buffer)
• No periodic interest payments
• Minimum payment of $100 per $1,000 principal (90% maximum loss)
• Estimated value range: $900-$960, below issue price

The PLUS are unsecured notes issued by GS Finance Corp and guaranteed by Goldman Sachs Group. Investment risks include credit risk, limited upside potential due to the cap, potential loss of principal beyond buffer, and lack of dividend participation. The securities will price around July 17, 2025, with settlement expected July 22, 2025.

Goldman Sachs Finance Corp has announced S&P 500 Futures Excess Return Index-Linked Notes due August 1, 2030, guaranteed by Goldman Sachs Group. The notes offer a unique return structure based on the performance of E-mini S&P 500 futures contracts.

Key features include:

• Initial pricing date expected July 28, 2025 with maturity on August 1, 2030
• No interest payments; return based on index performance
• If index return is positive/zero: Minimum threshold settlement of $1,400 per $1,000 face value
• For negative returns above -30%: Positive return equal to absolute value of index decline
• For returns below -30%: Investors face full downside risk with potential total loss

The estimated value at issuance is $885-$935 per $1,000 face amount, below the issue price. Notes are not FDIC insured and carry issuer credit risk.