GS Group and Goldman Sachs & Co. File Schedule 13G Reporting 5.1% TRP Holding

Rhea-AI Filing Summary

The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC filed a Schedule 13G reporting beneficial ownership of 53,294,607.28 common shares of TC Energy Corporation, representing 5.1% of the class. The filing shows shared voting power of 53,289,943.28 and shared dispositive power of 53,290,791.28. The statement certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control. A joint filing agreement is included and an exhibit identifies Goldman Sachs & Co. LLC as a GS Group subsidiary with broker-dealer and investment-adviser classifications. Signatures are dated 07/17/2025.

Positive

• Disclosed beneficial ownership of 53,294,607.28 shares (5.1% of the class)
• Filing reports shared voting and dispositive power, clarifying control arrangements
• Includes a joint filing agreement and Item 7 exhibit identifying the subsidiary relationship
• Certification states holdings were acquired and are held in the ordinary course of business

Negative

• None.

Insights

Financial Analyst

TL;DR: Goldman Sachs reports a disclosed 5.1% beneficial stake (53.29M shares) in TC Energy, disclosed via Schedule 13G.

The Schedule 13G shows the GS entities together beneficially own 53,294,607.28 shares, equal to 5.1% of TC Energy common shares. Voting and dispositive powers are reported as shared rather than sole, indicating the holdings are managed across affiliated entities. The filing includes a certification that the holdings are held in the ordinary course of business and not for the purpose of influencing control, and a joint filing agreement further clarifies the reporting relationship between the parent and its subsidiary. This disclosure is material in that it crosses the 5% reporting threshold and updates public ownership records.

Corporate Governance Expert

TL;DR: This is a regulatory disclosure of a >5% position with shared control, accompanied by a joint filing agreement and standard certification.

The filing identifies shared voting power of 53,289,943.28 and shared dispositive power of 53,290,791.28, and formally attaches a joint filing agreement and an Item 7 exhibit identifying Goldman Sachs & Co. LLC as a GS Group subsidiary. The certification language states the securities are held in the ordinary course and not to affect control. From a governance perspective, the report documents a material passive stake and clarifies the reporting and legal relationships among the reporting persons.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TC ENERGY CORPORATION

(Name of Issuer)

Common Shares(including Rights under Shareholder Rights Plan) of TC Energy Corporation

(Title of Class of Securities)

87807B107

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87807B107

1

Names of Reporting Persons

THE GOLDMAN SACHS GROUP, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 53,289,943.28
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 53,290,791.28

9

Aggregate Amount Beneficially Owned by Each Reporting Person

53,294,607.28

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

CUSIP No. 87807B107

1

Names of Reporting Persons

GOLDMAN SACHS & CO. LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 53,289,943.28
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 53,290,791.28

9

Aggregate Amount Beneficially Owned by Each Reporting Person

53,294,607.28

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.1 %

12

Type of Reporting Person (See Instructions)

BD, OO, IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TC ENERGY CORPORATION
(b)	Address of issuer's principal executive offices: 450 1ST STREET SOUTH WEST, CALGARY, Z4, T2P 5H1
Item 2.
(a)	Name of person filing: THE GOLDMAN SACHS GROUP, INC.| GOLDMAN SACHS & CO. LLC
(b)	Address or principal business office or, if none, residence: The Goldman Sachs Group, Inc. 200 West Street New York, NY 10282| Goldman Sachs & Co. LLC 200 West Street New York, NY 10282
(c)	Citizenship: THE GOLDMAN SACHS GROUP, INC. - Delaware| GOLDMAN SACHS & CO. LLC - New York
(d)	Title of class of securities: Common Shares(including Rights under Shareholder Rights Plan) of TC Energy Corporation
(e)	CUSIP No.: 87807B107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: See the response(s)to Item 11 on the attached cover page(s).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit (99.2)
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

THE GOLDMAN SACHS GROUP, INC.

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/17/2025

GOLDMAN SACHS & CO. LLC

Signature:	Name: AMEEN SOETAN
Name/Title:	Attorney-in-fact
Date:	07/17/2025

Exhibit Information

EXHIBIT (99.1) JOINT FILING AGREEMENT In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on Schedule 13G (including any and all amendments thereto) with respect to the Common Shares(including Rights under Shareholder Rights Plan) of TC Energy Corporation, par value $ per share, of TC ENERGY CORPORATION and further agree to the filing of this agreement as an Exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G. Date: 07/17/2025 THE GOLDMAN SACHS GROUP, INC. By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact GOLDMAN SACHS & CO. LLC By:/s/ AMEEN SOETAN ---------------------------------------- Name: AMEEN SOETAN Title: Attorney-in-fact EXHIBIT (99.2) ITEM 7 INFORMATION The securities being reported on by The Goldman Sachs Group, Inc. ("GS Group"), as a parent holding company, are owned, or may be deemed to be beneficially owned, by Goldman Sachs & Co. LLC ("Goldman Sachs"), a broker or dealer registered under Section 15 of the Act and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Goldman Sachs is a subsidiary of GS Group.

FAQ

How many TRP shares does Goldman Sachs report owning?

The filing reports 53,294,607.28 shares, representing 5.1% of TC Energy common shares.

What voting and dispositive powers are reported for the TRP holdings?

The filing shows shared voting power of 53,289,943.28 and shared dispositive power of 53,290,791.28.

When was the Schedule 13G signed for the TRP filing?

The signatures on the filing are dated 07/17/2025.

Does the filing say the shares are intended to influence control of TRP?

No. The certification states the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Which Goldman entities filed the Schedule 13G for TRP?

The filers are The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC.

Is there an agreement between the reporting persons in the TRP filing?

Yes. The filing includes a joint filing agreement (Exhibit 99.1) authorizing joint filing and amendments.