GOLDMAN SACHS GROUP INC SEC Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable contingent coupon index-linked notes due January 27, 2028, linked to the Nasdaq‑100, Russell 2000 and S&P 500 indices. Each note has a $1,000 face amount.

Investors may receive a monthly contingent coupon of $11.042 per $1,000 (1.1042% monthly, up to about 13.25% per year) only if, on each observation date, all underliers are at or above 70% of their initial level. The same 70% level serves as a trigger buffer at maturity. If the notes are not automatically called and any index finishes below its trigger buffer, repayment of principal is reduced one‑for‑one with the worst index performance, and investors could lose their entire investment.

The notes are automatically called if, on any call observation date from October 26, 2026 through December 27, 2027, all underliers are at or above their initial levels, returning $1,000 per note plus the applicable coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and are expected to be sold off an existing medium‑term note shelf program without listing on an exchange.

GS Finance Corp. is offering Trigger Autocallable GEARS, unsecured notes linked to the S&P 500® Index and guaranteed by The Goldman Sachs Group, Inc. The notes are issued in $10 denominations with a minimum purchase of $1,000, maturing in August 2031 unless automatically called in August 2027.

The structure provides leveraged upside if the final index level exceeds the initial level, with upside gearing expected between 1.43 and 1.631. Principal is protected at maturity only if the final index level is at or above the 75% downside threshold; below that, losses mirror the index and can reach 100%. An automatic call occurs if, on the call observation date, the index is at or above 100% of its initial level, paying back principal plus an 8.00% call return.

The estimated value is between $9.35 and $9.65 per $10 face amount, below the 100% issue price, reflecting structuring costs and dealer compensation, including a 2.50% underwriting discount. Investors receive no coupons or dividends and are fully exposed to both market risk of the S&P 500 Index and the credit risk of GS Finance Corp. and its parent.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk, auto-callable notes linked to the Class A common stock of Palantir Technologies Inc. The notes may be automatically called quarterly if Palantir’s closing price on a call observation date is at least the initial share price, which is defined as the lowest closing price during a roughly one‑month initial observation period starting on the pricing date. Upon an automatic call, holders receive $1,000 principal plus a fixed call premium, targeted to range from at least 20.00% on early dates up to at least 100.00% on later dates; no further payments occur after a call.

If not called, at maturity in August 2031 investors receive $1,000 plus a maturity premium (at least 100.00%) if the final share price is at or above a downside threshold price equal to 70.00% of the initial share price. If the final share price is below this threshold, repayment is reduced 1‑for‑1 with the stock decline (final price/initial price), so the payout can be well below 70% of principal and can be zero. Investors do not receive dividends or any participation in stock gains beyond the capped premium amounts and are exposed to both Palantir stock risk and the credit risk of GS Finance Corp. and its guarantor. The estimated value is disclosed as $895 to $955 per $1,000 security versus a 100% issue price, reflecting fees, structuring features and dealer margins.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, with an aggregate face amount of $17,991,000. These notes pay a contingent monthly coupon of $11.667 per $1,000 face amount (1.1667% monthly, up to approximately 14.00% per annum) only if on each coupon observation date the closing level of all three underliers — the Nasdaq-100 Index, the Russell 2000 Index and the S&P 500 Index — is at or above its coupon trigger level of 75% of its initial level.

At maturity on July 19, 2029, if the notes have not been redeemed and the final level of every underlier is at or above its trigger buffer level of 70% of its initial level, investors receive $1,000 per note plus any final coupon. If any underlier finishes below its trigger buffer level, repayment of principal is reduced in proportion to the lesser performing underlier return, and investors can lose up to their entire investment.

The issuer may, at its option, redeem the notes early in whole (but not in part) on any coupon payment date from October 2026 through June 2029 by paying $1,000 per $1,000 face amount plus any due coupon. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, offer no equity ownership or dividends in the underliers, may not pay any coupons for the life of the notes, and may have limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked buffered notes under its Medium-Term Notes, Series F program with an aggregate face amount of $6,530,000. Each note has a $1,000 face amount and pays no interest.

At maturity on January 21, 2028, investors receive a cash amount based on the arithmetic average S&P 500® level on five January 2028 averaging dates versus the initial level 7,533.77. Upside is leveraged at a 200% upside participation rate but capped at a maximum settlement amount of $1,197.50 per $1,000 note, corresponding to a capped return once the index has risen to 109.875% of its initial level.

Downside is partially buffered: investors receive full principal if the final underlier level is at or above the buffer level of 90% of the initial level. Below that, losses increase at a buffer rate of approximately 111.11% of the index decline beyond the 10% buffer, and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, will not be listed, may have limited secondary liquidity, and have uncertain U.S. tax treatment characterized as a pre-paid derivative contract in counsel’s opinion.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering digital notes linked to the EURO STOXX® Banks Index. The notes pay no interest and return at maturity depends solely on index performance over roughly 23–26 months.

If the final index level is at least 80% of the initial level, investors receive a capped payment, the maximum settlement amount, expected to be between $1,218 and $1,255.7 per $1,000 face amount. If the index falls more than 20%, repayment of principal is reduced at a buffer rate of 125%, so investors lose 1.25% of face amount for every 1% the index ends below 80%, potentially losing their entire investment.

The notes are unsecured obligations of GS Finance Corp, fully guaranteed by The Goldman Sachs Group, Inc., and carry their credit risk. The estimated value on the trade date is expected between $945 and $975 per $1,000, below issue price, reflecting fees, hedging costs and model valuation.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing structured notes with an aggregate face amount of $6,532,000 linked to three ETFs: VanEck Gold Miners ETF (GDX), State Street SPDR S&P 500 ETF Trust (SPY) and State Street Energy Select Sector SPDR ETF (XLE). Each $1,000 note pays a contingent quarterly coupon of $28.375 (2.8375% per quarter, up to 11.35% per year) only if on the observation date the closing level of each underlier is at or above its coupon trigger level, set at 50% of its initial level; otherwise the coupon is zero.

Initial underlier levels are $71.40 (GDX), $750.72 (SPY) and $57.02 (XLE). At maturity on July 19, 2029, if none of the underliers has fallen below its trigger buffer level (also 50% of initial), investors receive $1,000 per note plus any final coupon. If any underlier finishes below its trigger buffer, the redemption is reduced to $1,000 plus $1,000 times the lesser performing underlier return, which can result in a total loss of principal.

The issuer may redeem the notes early, in whole but not in part, at 100% of face value plus any due coupon on any coupon payment date from January 2027 through April 2029. The original issue price is 100% of face amount, with a 1.85% underwriting discount and 98.15% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, may have limited secondary market liquidity, and feature complex tax treatment and valuation, with the estimated initial value lower than the issue price.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due July 20, 2029, linked to the common stock of NVIDIA Corporation. The initial underlier level is $202.81, set on July 17, 2026.

The notes pay a contingent quarterly coupon of $37.50 per $1,000 (3.75% quarterly, up to 15.00% per annum) only if, on each coupon observation date, the NVIDIA share price is at or above the coupon trigger level, set at 60% of the initial level. If the underlier is below this level, no coupon is paid.

The notes are subject to an automatic call feature: if on any call observation date the underlier is at or above the initial level, the notes are redeemed early at $1,000 per note plus the due coupon. If not called, principal repayment at maturity is contingent on the final NVIDIA level versus the trigger buffer level of 50% of the initial level. If the final level is at or above 50%, investors receive $1,000 per note; if below 50%, repayment is reduced one-for-one with the underlier return, and investors can lose their entire investment.

The estimated value of the notes on the trade date is less than the 100% issue price, reflecting fees and dealer economics. Investors are exposed to the credit risk of both GS Finance Corp. and the guarantor, face uncertain U.S. tax treatment (treated as an income-bearing prepaid derivative contract), and have no shareholder rights in NVIDIA.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., offers autocallable contingent coupon notes linked to the Russell 2000 Index, S&P 500 Index and the State Street SPDR S&P Regional Banking ETF. Each note has a $1,000 face amount.

The notes pay a contingent monthly coupon of $10.417 per $1,000 (1.0417% per month, up to approximately 12.5% per year) only if, on the observation date, the closing level of each underlier is at or above 70% of its initial level. The same 70% level serves as the trigger buffer for principal.

The notes are autocallable beginning February 1, 2027: if, on any call observation date, each underlier is at or above its initial level, investors receive $1,000 per note plus the due coupon, and the notes terminate early. If not called, they mature on August 4, 2031.

At maturity, if the notes have not been called and the final level of every underlier is at or above 70% of its initial level, investors receive $1,000 per note plus any final coupon. If any underlier finishes below 70%, repayment is reduced one-for-one with the return of the worst-performing underlier, and investors can lose up to 100% of principal.

Key risks include: the estimated value being lower than the issue price, full credit risk of GS Finance Corp. and Goldman Sachs, possible no coupons over the life of the notes, potential illiquidity, concentration risk in regional banks via KRE, and uncertain U.S. tax treatment, including potential application of constructive ownership rules.