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

TL;DR

**GS Finance Corp. is prepping to issue new securities, likely to raise capital for Goldman Sachs.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026. This filing is a standard procedure for offering securities, indicating that GS Finance Corp. is likely preparing to issue new financial products to investors. For shareholders of Goldman Sachs, this means the company is actively managing its capital structure and seeking to raise funds, which could support future growth initiatives or refinance existing debt, potentially impacting the parent company's financial health and stock valuation.

Why It Matters

This filing signals GS Finance Corp.'s intent to offer new securities, which could provide capital for Goldman Sachs Group Inc. and influence its financial strategy.

Risk Assessment

Risk Level: low — A 424B2 filing is a routine prospectus for offering securities and does not inherently indicate high risk, though the terms of the eventual offering will determine specific risks.

Analyst Insight

Investors should monitor subsequent filings for details on the specific securities being offered by GS Finance Corp., including terms, pricing, and use of proceeds, to assess potential impacts on Goldman Sachs Group Inc.'s financial position.

Key Numbers

• 333-284538-03 — File No. for GS Finance Corp. (Identifies the specific registration statement under which the securities are offered.)
• 333-284538 — File No. for Goldman Sachs Group Inc. (Identifies the specific registration statement for the parent company.)
• 2026-03-24 — Filing Date (The date the 424B2 prospectus was filed with the SEC.)

Key Players & Entities

• GS Finance Corp. (company) — Filer of the 424B2 prospectus
• Goldman Sachs Group Inc. (company) — Parent company of GS Finance Corp.
• March 24, 2026 (date) — Filing date of the 424B2 prospectus
• 0001419828 (person) — CIK for GS Finance Corp.
• 0000886982 (person) — CIK for Goldman Sachs Group Inc.

Forward-Looking Statements

• GS Finance Corp. will proceed with an offering of new securities. (GS Finance Corp.) — high confidence, target: 2026-06-30

FAQ

Key Financial Figures

• $1,070,000 — ent No. 333-284538 GS Finance Corp. $1,070,000 Digital iShares Semiconductor ETF-Lin
• $332.51 — qual to 70% of the initial ETF level of $332.51 (which is an intra-day level or the clo
• $1,310 — eceive the maximum settlement amount of $1,310 for each $1,000 face amount of your not
• $1,000 — um settlement amount of $1,310 for each $1,000 face amount of your notes. If the fin
• $978 — he trade date is equal to approximately $978 per $1,000 face amount. For a discussio
• $22 — n additional amount (initially equal to $22 per $1,000 face amount). Prior to Jun
• $332 — rlier return Initial underlier level: $332.51, which is an intra-day level or the
• $1,310 M — er level Threshold settlement amount: $1,310 Maximum settlement amount: the threshold

Filing Documents

• gs-20260324.htm (424B2) — 255KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.gif (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 124KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• img262706491_3.gif (GRAPHIC) — 3KB
• 0001193125-26-121444.txt ( ) — 609KB
• gs_exfilingfees_htm.xml (XML) — 3KB

From the Filing

424B2 Filed Pursuant to Rule 424(b)(2) Registration Statement No. 333-284538 GS Finance Corp. $1,070,000 Digital iShares Semiconductor ETF-Linked Notes due 2028 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 (March 23, 2028) is based on the performance of the iShares Semiconductor ETF (ETF) as measured from the trade date (March 20, 2026) to and including the determination date (March 20, 2028). The return on your notes is linked to the performance of the ETF, and not to that of the index on which the ETF is based. If the final ETF level on the determination date is greater than or equal to 70% of the initial ETF level of $332.51 (which is an intra-day level or the closing level of the index on the trade date), you will receive the maximum settlement amount of $1,310 for each $1,000 face amount of your notes. If the final ETF level declines by more than 30% from the initial ETF level, the return on your notes will be negative and will equal the ETF return. You could lose your entire investment in the notes. To determine your payment at maturity, we will calculate the ETF return, which is the percentage increase or decrease in the final ETF level from the initial ETF level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: ● if the ETF return is greater than or equal to -30% (the final ETF level is greater than or equal to 70% of the initial ETF level), the maximum settlement amount; or ● if the ETF return is negative and is below -30% (the final ETF level is less than the initial ETF level by more than 30%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the ETF return. You will receive less than 70% of the face amount of your notes. 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- 10 . The estimated value of your notes at the time the terms of your notes are set on the trade date is equal to approximately $978 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: March 25, 2026 Original issue price: 100% of the face amount Underwriting discount: 1% of the face amount* Net proceeds to the issuer: 99% of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-22 for additional information regarding the fees comprising the underwriting discount. 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. 23,199 dated March 20, 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 equal to approximately $978 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 and cannot be predicted; however, the price (not including GS&Co. ’ s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equal to $22 pe

View Full Filing

View this 424B2 filing on SEC EDGAR