GS Finance Corp. Files 424B2 Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. is prepping a new securities offering; watch for details on what they're selling.**

AI Summary

GS Finance Corp. filed a 424B2 prospectus on March 24, 2026, detailing an offering under its parent company, The Goldman Sachs Group Inc. This filing indicates GS Finance Corp. is likely issuing new securities, potentially debt or equity, to raise capital. For investors, this matters because new offerings can dilute existing shares if equity, or increase debt obligations if bonds, impacting the company's financial structure and potentially future earnings per share.

Why It Matters

This filing signals GS Finance Corp. is raising capital, which could impact its financial leverage or shareholder value depending on the type and terms of the securities offered.

Risk Assessment

Risk Level: medium — The risk is medium because while capital raising can be positive, the specific terms of the offering (e.g., interest rates, dilution) are not yet detailed, creating uncertainty.

Analyst Insight

Investors should monitor subsequent filings or announcements from GS Finance Corp. or The Goldman Sachs Group Inc. for details on the type and terms of the securities being offered, as this will determine the impact on existing shareholders or bondholders.

Key Numbers

• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed by GS Finance Corp.)
• 333-284538-03 — File No. (Unique identifier for GS Finance Corp.'s specific offering under the Act 33 registration statement.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• The Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for The Goldman Sachs Group Inc.
• 2026-03-24 (date) — Filing date of the 424B2
• 333-284538-03 (person) — File number for GS Finance Corp.'s offering

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., type, amount, price) of the securities being offered. (GS Finance Corp.) — high confidence, target: 2026-04-24

FAQ

Key Financial Figures

• $1,180 — ect to the maximum settlement amount of $1,180. If the final basket level is less than
• $1,000 — ial basket level. At maturity, for each $1,000 face amount of your notes, you will rec
• $925 — he trade date is expected to be between $925 and $955 per $1,000 face amount. For a
• $955 — date is expected to be between $925 and $955 per $1,000 face amount. For a discussio

Filing Documents

• bskmk236_prelim.htm (424B2) — 328KB
• img1870287_0.jpg (GRAPHIC) — 26KB
• img1870287_1.jpg (GRAPHIC) — 76KB
• img1870287_2.jpg (GRAPHIC) — 57KB
• img1870287_3.jpg (GRAPHIC) — 48KB
• img1870287_4.jpg (GRAPHIC) — 55KB
• img1870287_5.jpg (GRAPHIC) — 6KB
• 0001193125-26-121126.txt ( ) — 699KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. GS Finance Corp. $ Basket-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest. The amount that you will be paid on your notes on the stated maturity date (expected to be September 28, 2028) is based on the performance of an equally weighted basket comprised of the Russell 2000 Index and the S&P 500 Equal Weight Index as measured from the trade date (expected to be March 24, 2026) to and including the determination date (expected to be September 25, 2028). Each basket index has an initial weighting of 50% and an initial weighted value of 50. The initial basket level is 100 and the final basket level will equal the sum of the products, as calculated for each basket index, of: (i) its final index level divided by its initial index level (set on the trade date and will be an intra-day level or the closing level of such basket index on the trade date) multiplied by (ii) its initial weighted value. If the final basket level on the determination date is greater than the initial basket level, the return on your notes will be positive and will equal the basket return, subject to the maximum settlement amount of $1,180. If the final basket level is less than the initial basket level, you will receive the face amount of your notes. To determine your payment at maturity, we will calculate the basket return, which is the percentage increase or decrease in the final basket level from the initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: ● if the basket return is positive (the final basket level is greater than the initial basket level), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the basket return, subject to the maximum settlement amount; or ● if the basket return is zero or negative (the final basket level is equal to or less than the initial basket level), $1,000 Declines in one basket index may offset increases in the other basket index. You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-13. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page. Original issue date: expected to be March 27, 2026 Original issue price: 100% of the face amount Underwriting discount: 1.85% of the face amount* Net proceeds to the issuer: 98.15% of the face amount * This includes a selling concession of up to 1.75% and a structuring fee of up to 0.1%. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC Pricing Supplement No. dated , 2026. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide to sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay for such notes. GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is expected to be between $925 and $955 per $1,000 face amount, which is less than the original issue price. The value of your notes at any time will reflect many factors

View Full Filing

View this 424B2 filing on SEC EDGAR