Goldman Sachs Group Inc SEC Filings

Goldman Sachs Group has announced a new offering of Callable Fixed Rate Notes due 2028, featuring a 4.60% annual interest rate. The notes are expected to be issued on July 22, 2025, with maturity on July 21, 2028.

Key features include:

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

The notes are not bank deposits and lack FDIC insurance. Goldman Sachs will release Q2 2025 earnings around July 16, 2025, before the trade date. Distribution will be handled by Goldman Sachs & Co. LLC and InspereX LLC. The offering is made under Registration Statement No. 333-284538 as part of the Medium-Term Notes, Series N program.

The Goldman Sachs Group, Inc. is offering unsecured, senior Callable Fixed Rate Notes due July 21, 2045 under its Medium-Term Notes, Series N program. The notes will carry a fixed 5.70% annual coupon, payable each July 22 beginning in 2026 through maturity in 2045.

Issue mechanics: the expected trade date is July 18, 2025 and the original issue date is July 22, 2025. Denominations are $1,000 and integral multiples thereof, and settlement will be through DTC in global book-entry form. The offering price may vary between a discount and 100% of principal for different investors; underwriting discounts will be disclosed at pricing.

Issuer call option: Goldman Sachs may redeem the notes, in whole but not in part, at par plus accrued interest on any quarterly redemption date (January 22, April 22, July 22, October 22) beginning July 22, 2028, with at least five business days’ notice. There is no sinking fund.

Key terms & protections:

• Credit risk: the notes are senior unsecured obligations of GS and are not FDIC-insured or bank-guaranteed.
• Day-count: 30/360 (ISDA).
• Defeasance: both full and covenant defeasance provisions apply.
• Tax: Sidley Austin LLP opines that interest is ordinary income; gain/loss on disposition is capital in nature.
• CUSIP / ISIN: 38151FLF8 / US38151FLF89.

Conditionality: Investors may withdraw orders before the trade date if GS’s Q2-2025 earnings release (expected July 16, 2025) changes their view. GS can terminate the issuance entirely if it determines there has been a significant adverse movement in its credit spread prior to the trade date.

No exchange listing is planned. Goldman Sachs & Co. LLC and InspereX LLC are acting as underwriters and may engage in market-making transactions after the initial sale.

Goldman Sachs is offering Market Linked Securities - Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities linked to Robinhood Markets Class A Common Stock, due June 29, 2028. The securities are issued by GS Finance Corp. and guaranteed by Goldman Sachs Group.

Key features include:

• Contingent quarterly coupon payments of at least 23.50% per annum ($58.75 per $1,000) if stock price is above threshold
• Automatic call feature triggers if stock price equals/exceeds starting price on any call date after September 2025
• Downside threshold price set at 50% of starting price
• Risk of principal loss if ending price falls below downside threshold

The estimated value at pricing is expected between $925-$955 per $1,000 face amount. Investors face significant risks including potential loss of entire investment, credit risk of issuer/guarantor, and limited upside participation in stock appreciation. The underwriting discount is up to 2.325% of face amount.

Goldman Sachs Finance Corp has filed a prospectus supplement for Callable S&P 500® Futures Excess Return Index-Linked Notes, guaranteed by Goldman Sachs Group, due July 3, 2030. The notes offer unique features combining index-linked returns with call options:

Key features include:

• No regular interest payments
• Callable monthly starting July 2026 at premiums ranging from 18% to 88.5%
• At maturity: 1.80x upside participation if index is above initial level
• Positive return equal to absolute value of index decline between 0% and -40%
• One-to-one downside exposure below 60% of initial level with potential for significant losses

The estimated value at issuance is $885-$935 per $1,000 face amount, below the issue price. The notes track S&P 500 futures performance rather than the direct index. The structure offers enhanced upside potential but with meaningful downside risk below the 60% buffer level.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $2.557 million of Autocallable Equity-Linked Notes (Series F) tied equally to Micron Technology (MU), Netflix (NFLX) and Palo Alto Networks (PANW). The notes pay no periodic interest and mature on 23 June 2028, unless automatically called as early as 18 June 2026.

Automatic call feature: On any semi-annual call observation date, if the closing price of each index stock is at or above the applicable step-down call level, the notes are redeemed for 100% principal plus a call premium that increases over time (see page S-4). If not called, investors face three payoff scenarios at maturity: (1) all three final prices ≥80% of initial price ➔ $2,179 per $1,000 note (117.9% maturity premium); (2) all ≥70% but any <80% ➔ return of principal; (3) any final price <70% ➔ principal reduced one-for-one with the worst-performing stock, exposing investors to losses below the 70% trigger buffer.

Pricing economics & risks: Issue price is 100%, but Goldman’s estimated value at trade date is ~$970 per $1,000 note, reflecting dealer margin and structuring fee of up to 0.8%. Before 18 Sept 2025, secondary market quotations (if any) will include an additional amount that amortises to zero; thereafter pricing will approximate the dealer’s model value. The notes carry credit risk of GS Finance Corp./Goldman Sachs, lack FDIC insurance, and may be illiquid.

Goldman Sachs Group has filed a Free Writing Prospectus for Market Linked Securities - Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities linked to Robinhood Markets Class A Common Stock, due June 29, 2028.

Key features include:

• Contingent coupon payments of at least 23.50% per annum ($58.75 per $1,000) if stock price meets threshold
• Automatic call feature triggers if stock price equals/exceeds starting price on call dates
• Downside threshold price set at 50% 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 limited participation in stock appreciation. Securities will be issued by GS Finance Corp and guaranteed by Goldman Sachs Group, with Wells Fargo Securities as distribution agent receiving up to 2.325% underwriting discount.

Goldman Sachs Finance Corp has filed a prospectus supplement for Autocallable EURO STOXX 50® Index-Linked Notes due 2030, guaranteed by The Goldman Sachs Group. The notes feature:

• Automatic Call Feature: Notes will be automatically called if the EURO STOXX 50 Index closes at or above initial level on June 30, 2027, paying $1,168.50 per $1,000 face amount
• Maturity Payment Structure: If not called early, payment at maturity will be $1,000 plus 100% participation in any index gains; principal protected if index declines
• Key Dates: Trade date June 30, 2025; Maturity date July 5, 2030
• Pricing: Original issue price 100% with 2.2% underwriting discount (including 2% selling concession and 0.2% structuring fee)
• Estimated Value: $885-$915 per $1,000 face amount, below issue price, reflecting Goldman's pricing models and credit spreads

Notes are not FDIC insured and subject to credit risk of GS Finance Corp and Goldman Sachs Group as guarantor.

Two Roads Shared Trust – Anfield Dynamic Fixed Income ETF filed its monthly Form N-PORT for the period ended 30 April 2025. The report covers the Fund’s balance sheet, recent performance, and shareholder activity.

Balance sheet (Part B.1)

• Total assets: $47.01 million
• Total liabilities: $0.05 million
• Net assets: $46.95 million – liabilities represent roughly 0.12 % of assets, indicating a low leverage profile
• Cash & cash equivalents not in Parts C/D: $71 k

Performance (Part B.5)

• Month 1: +1.77 %
• Month 2: -0.33 %
• Month 3: +0.14 %

Flows (Part B.6)

• Month 1 gross sales: $1.48 million; redemptions: $0
• Month 2 gross sales: $0.64 million; redemptions: $0

Risk metrics & leverage: The Fund reported no borrowings, no delayed-delivery payables, and no credit-spread sensitivity disclosures, implying debt exposure remained below the 25 % threshold that would otherwise trigger mandatory reporting.

Key takeaway: The ETF maintains a modest asset base just under $47 million with minimal liabilities and no leverage. Recent flows are positive, though returns have been mixed, reflecting the dynamic fixed-income strategy’s sensitivity to market movements. No information indicates material credit or liquidity stress.

Note: The filing text references Anfield Dynamic Fixed Income ETF, not Hypatia Women CEO ETF (WCEO) cited in the metadata. Analysis is limited to the data explicitly provided in the filing.