Goldman Sachs Group Inc SEC Filings

Goldman Sachs has filed a prospectus supplement for Autocallable Momentum Builder Focus ER Index-Linked Notes due July 27, 2032. The notes, issued by GS Finance Corp and guaranteed by Goldman Sachs Group, track the Goldman Sachs Momentum Builder Focus ER Index.

Key features include:

• Notes will be automatically called if index closes at or above call level on annual observation dates
• At maturity, payment based on index performance from trade date (July 18, 2025) to determination date (July 20, 2032)
• Index tracks performance of base index and cash positions with 5% volatility control
• Base index composed of 9 underlying indices across U.S. equities, developed markets, fixed income, emerging markets, and commodities
• Subject to 0.65% annual deduction and federal funds rate deduction

The estimated value at pricing is $850-$880 per $1,000 face amount, below the issue price. Notes carry credit risk of GS Finance Corp and Goldman Sachs Group, and are not FDIC insured.

Goldman Sachs Finance Corp has issued $683,000 in Leveraged Buffered S&P 500® Futures Excess Return Index-Linked Notes due 2029, guaranteed by Goldman Sachs Group. The notes, priced at $953 per $1,000 face amount, track E-mini S&P 500 futures contracts performance with unique return characteristics:

• For positive index returns: Investors receive 1.438x the index return
• For negative returns above -20%: Investors receive positive returns equal to the absolute value of the loss
• For negative returns below -20%: Investors lose (index return + 20%)

Key details include an initial index level of 495.10, maturity date of June 25, 2029, and 1% underwriting discount. The notes do not bear interest and are not FDIC insured. Investors could lose significant value if the index declines more than 20% from initial levels.

Goldman Sachs Group has filed a prospectus supplement for Callable Fixed Rate Notes due 2035, offering $5.35% per annum interest rate. The notes are expected to be issued on July 22, 2025, with maturity on July 20, 2035.

Key features include:

• Interest payments will be made annually on July 22, starting July 22, 2026
• Notes are callable quarterly starting January 22, 2027, at 100% of principal plus accrued interest
• Minimum denomination of $1,000
• Notes will be issued in book-entry form through DTC

Important disclosures: The notes are not FDIC insured and not bank deposits. Goldman Sachs plans to release Q2 2025 earnings on July 16, 2025, before the trade date. The offering may terminate if there is significant adverse movement in credit spread. Distribution will be handled by Goldman Sachs & Co. LLC and InspereX LLC.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing $595,000 face amount of Leveraged Buffered S&P 500 Futures Excess Return Index-Linked Notes due June 23 2028. The notes are unsecured senior obligations sold at 100% of face with a 1% underwriting discount and an estimated value of $963 per $1,000, reflecting a 3.7% pricing premium to investors.

The notes pay no periodic interest. Performance is tied to the S&P 500 Futures Excess Return Index (initial level 495.10). Key payoff mechanics per $1,000:

• Upside: If the index return is ≥0%, investors receive $1,000 plus 118.1% of the index gain.
• Moderate downside (0% to –20%): Investors receive a positive return equal to the absolute value of the index loss (e.g., –10% index → +10% note return).
• Severe downside (<–20%): Principal is at risk; payoff equals $1,000 × (index return + 20%). Maximum loss is 80% of principal.

The product offers a 20% downside buffer and leveraged upside participation but exposes holders to credit risk of GS Finance Corp./GS and potentially limited liquidity. GS&Co. may make a market but is not obligated to do so; any bid price before 20 Sep 2025 will include a declining premium of up to $37.

Important dates: Trade date 20 Jun 2025, issue date 25 Jun 2025, determination date 20 Jun 2028, stated maturity 23 Jun 2028.

The notes are part of GS Finance Corp.’s Medium-Term Notes, Series F program and are offered under prospectus supplements dated February 14 2025 and later amendments.

Goldman Sachs Finance Corp has issued $15,443,000 in Contingent Income Auto-Callable Securities linked to Amazon.com stock, due June 23, 2028. These structured notes offer investors potential quarterly coupon payments of $25.25 per $1,000 principal amount, subject to Amazon's stock performance.

Key features include:

• Initial share price: $209.69
• Downside threshold price: $136.2985 (65% of initial price)
• Automatic call feature if Amazon stock closes at or above initial price on observation dates
• Risk of principal loss if final share price falls below downside threshold
• Estimated value of $965 per $1,000 principal amount

The securities carry significant risks including potential loss of principal, no guaranteed coupons, and no participation in Amazon stock appreciation. The offering includes a 2.25% underwriting discount with Morgan Stanley Wealth Management receiving a $22.50 selling concession per security. These notes are guaranteed by The Goldman Sachs Group.

Goldman Sachs Group has filed a prospectus supplement for Callable Fixed Rate Notes due 2033. The notes will pay 5.05% interest annually, with payments made each July 22 from 2026 until maturity in 2033.

Key features include:

• Expected issue date: July 22, 2025
• Maturity date: July 22, 2033
• Callable quarterly starting October 22, 2026
• Redemption price: 100% of principal plus accrued interest
• Denominations: $1,000 and integral multiples

The notes will be issued in book-entry form through DTC and are not FDIC insured. Goldman Sachs & Co. LLC and InspereX LLC are the underwriters. The company plans to release Q2 2025 earnings on July 16, 2025, prior to the trade date. Investors can withdraw purchase orders before the trade date if there is significant adverse movement in credit spread.

Goldman Sachs Finance Corp has issued $888,000 in Autocallable Contingent Coupon Equity-Linked Notes due 2026, guaranteed by Goldman Sachs Group. The notes are linked to the performance of Marvell Technology stock (MRVL).

Key features include:

• Monthly contingent coupon of $7.667 (9.20% p.a.) if MRVL closes at/above 60% of initial level ($73.51)
• Automatic call feature starting March 2026 if MRVL closes at/above initial level
• At maturity, if not called: Full principal returned if MRVL is above 60% buffer level; otherwise losses 1:1 below buffer
• Estimated value of $974 per $1,000 face amount, below issue price

The notes carry significant risks including potential loss of principal if MRVL falls below buffer level. They are not FDIC insured and are subject to Goldman Sachs credit risk. The estimated value is less than the issue price, reflecting costs and projected profits built into the terms.

GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc. (NYSE: GS), is offering $6.34 million of Autocallable S&P 500 Index-Linked Notes due June 25, 2030 under its Series F MTN program. The notes are senior, unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by the parent company.

Principal protection: Investors will receive at least the $1,000 face amount at maturity if the notes are not called, regardless of S&P 500 performance. No downside market risk is therefore embedded.

Automatic call feature: If on the call observation date (22 Jun 2026) the S&P 500 closes at or above the initial level of 5,967.84, the notes are redeemed early for $1,070 (7.0% return) per $1,000 face amount. If not called, they remain outstanding until maturity.

Upside participation after year 1: At maturity investors receive 100% of any positive index return (no cap) in addition to principal. Example: a 25% index gain would pay $1,250.

Economic value: Goldman’s estimated value on trade date is $975 (97.5% of face), reflecting a $25 sales concession amortising through 19 Oct 2025. The original issue price is 100% with a 0.25% underwriting discount; net proceeds of 99.75% accrue to the issuer.

Key risks include: credit risk of GS Finance Corp./Goldman Sachs, no interim interest, early-redemption reinvestment risk, limited secondary liquidity, taxation under contingent payment debt instrument rules, and the fact that the 7% call premium caps total return if the note is called.

The product primarily serves Goldman’s funding needs and offers investors a capital-protected, equity-linked return profile with a one-year 7% call incentive and uncapped upside thereafter, at the cost of liquidity and a 2.5-point issue premium over model value.