GS Finance Corp. Files Prospectus for New Securities Offering

TL;DR

**GS Finance Corp. is gearing up to issue new securities, likely debt, under a recent prospectus.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, for an offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is preparing to issue new securities, likely debt, to raise capital. For investors, this matters because new debt offerings can impact the company's financial leverage and future interest expenses, potentially affecting the profitability and risk profile of its parent company, Goldman Sachs Group Inc.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could influence the financial health and strategic direction of its parent, Goldman Sachs Group Inc.

Risk Assessment

Risk Level: medium — The risk level is medium because while the filing itself is procedural, the actual terms of the securities offered (not detailed here) could significantly impact the company's financial health.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. or Goldman Sachs Group Inc. for details on the specific terms, size, and type of securities being offered, as these will determine the actual impact on the company's financials.

Key Players & Entities

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

FAQ

Key Financial Figures

• $1,000 — expected to be April 14, 2027) for each $1,000 face amount of your notes equal to at l
• $1,218 — amount of your notes equal to at least $1,218 (set on the trade date). If your note
• $900 — he trade date is expected to be between $900 and $930 per $1,000 face amount. For a
• $930 — date is expected to be between $900 and $930 per $1,000 face amount. For a discussio
• $10,000 — rade date. Authorized denominations : $10,000 or any integral multiple of $1,000 in e

Filing Documents

• bskca285_prelim.htm (424B2) — 539KB
• img263329461_0.jpg (GRAPHIC) — 26KB
• img263329461_1.jpg (GRAPHIC) — 60KB
• img263329461_2.jpg (GRAPHIC) — 56KB
• img263329461_3.jpg (GRAPHIC) — 56KB
• img263329461_4.jpg (GRAPHIC) — 57KB
• img263329461_5.jpg (GRAPHIC) — 55KB
• img263329461_6.jpg (GRAPHIC) — 7KB
• 0001193125-26-121127.txt ( ) — 977KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus 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. $ Autocallable Buffered 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 is based on the performance of an equally weighted basket comprised of the common stock (the basket stocks) of 4 companies. For a full list of the basket stocks, see page S-3. Each basket stock has an initial weighting of 25% and an initial weighted value of 25. The notes will mature on the stated maturity date (expected to be March 30, 2028), unless they are automatically called on the call observation date (expected to be April 9, 2027). The initial basket level is 100 and the closing level of the basket on the call observation date and on the determination date (expected to be March 27, 2028), as applicable, will equal the sum of the products , as calculated for each basket stock, of: (i) its closing price on the call observation date or determination date, as applicable, divided by its initial basket stock price (set on the trade date, expected to be March 27, 2026) multiplied by (ii) its initial weighted value. Your notes will be automatically called on the call observation date if the closing level of the basket on such date is greater than or equal to the initial basket level, resulting in a payment on the call payment date (expected to be April 14, 2027) for each $1,000 face amount of your notes equal to at least $1,218 (set on the trade date). If your notes are not automatically called on the call observation date, we will determine your payment at maturity by calculating the basket return, which is the percentage increase or decrease in the closing level of the basket on the determination date (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) 1.25 times (c) the basket return; • if the basket return is zero or negative but not below -15% (the final basket level is equal to or less than the initial basket level but not by more than 15%), $1,000; or • if the basket return is negative and is below -15% (the final basket level is less than the initial basket level by more than 15%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the buffer rate of approximately 117.65% times (c) the sum of the basket return plus 15%. You will receive less than the face amount of your notes. Declines in one basket stock may offset increases in the other basket stocks. 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 S- 22 . 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 $900 and $930 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 April 1, 2026 Original issue price: 100% of the face amount 1 Underwriting discount: % of the face amount 1,2 Net proceeds to the issuer: % of the face amount 1 Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchase agents to pay a purchase price of % of the face amount, and as a result of such agreements, the agents with respect to sales to be made to such accounts will not receive any portion of the underwriting discount. 2 This includes a selling concession of up to 1.5%. 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 JPMorgan Placement Agent Prospectus 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 prospectus supplement, at issue prices and with underwriting discounts and net proc

View Full Filing

View this 424B2 filing on SEC EDGAR