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

TL;DR

**GS Finance Corp. is raising capital; watch for details on new security issuance.**

AI Summary

GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., filed a 424B2 prospectus on March 24, 2026, related to a securities offering under File No. 333-284538-03. This filing indicates that GS Finance Corp. is actively raising capital, likely through the issuance of new securities. For investors, this means potential dilution if new shares are issued, or increased debt obligations if bonds are offered, which could impact the company's financial structure and future earnings per share.

Why It Matters

This filing signals GS Finance Corp. is preparing to issue new securities, which could affect the company's capital structure and potentially dilute existing shareholders or increase debt.

Risk Assessment

Risk Level: medium — The filing itself is procedural, but the underlying offering could introduce market risk depending on the type and terms of the securities issued.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. for the specific terms of the securities offering, such as interest rates, maturity dates, or share counts, to assess potential impact on existing investments.

Key Numbers

• 0001419828 — CIK of GS Finance Corp. (Unique identifier for GS Finance Corp. with the SEC)
• 0000886982 — CIK of Goldman Sachs Group Inc. (Unique identifier for the parent company with the SEC)
• 2026-03-24 — Filing Date (Date the 424B2 prospectus was filed)
• 333-284538-03 — File No. (Registration statement number for the offering)

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
• 333-284538-03 (dollar_amount) — File number for the securities offering

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms of a new securities offering. (GS Finance Corp.) — high confidence, target: Within 30 days of March 24, 2026

FAQ

Key Financial Figures

• $423,000 — ent No. 333-284538 GS Finance Corp. $423,000 Callable Contingent Coupon Index-Link
• $1,000 — hen due, the company will pay, for each $1,000 face amount of the notes, an amount in
• $969 — amount / Additional amount end date: $969 per $1,000 face amount, which is less t
• $31 — l issue price. The additional amount is $31 and the additional amount end date is J
• $6.667 — n or equal to its coupon trigger level: $6.667 (0.6667% monthly, or the potential for
• $0 — is less than its coupon trigger level: $0 Company's redemption right: The com
• $0.000 — 7 2 60.000% 140.000% 140.000% $0.000 3 75.000% 80.000% 77.000% $6.
• $20.001 — $0.000 Total Hypothetical Coupons $20.001 In Scenario 1, the hypothetical closi

Filing Documents

• gs-20260324.htm (424B2) — 305KB
• gs_exfilingfees.htm (EX-FILING FEES) — 5KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 57KB
• img262706491_2.jpg (GRAPHIC) — 57KB
• img262706491_3.jpg (GRAPHIC) — 58KB
• 0001193125-26-121702.txt ( ) — 648KB
• 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. $423,000 Callable Contingent Coupon Index-Linked Notes due 2030 guaranteed by The Goldman Sachs Group, Inc. Payment at Maturity: The amount that you will be paid on your notes at maturity, if they have not been redeemed by us, in addition to the final coupon, if any, is based on the performance of the underlier with the lowest underlier return. You could lose a significant portion of your investment in the notes. Coupon Payments: The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of each underlier is greater than or equal to its coupon trigger level on the related coupon observation date. Company's Redemption Right: Prior to the stated maturity date, we may redeem your notes at our option on any coupon payment date commencing in June 2026. 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-8. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $423,000 Cash settlement amount: • if the final underlier level of each underlier is greater than or equal to its buffer level: $1,000; or • if the final underlier level of any underlier is less than its buffer level: $1,000 + ($1,000 × the buffer rate × (the lesser performing underlier return + the buffer amount)) Underliers: the Nasdaq-100 Technology Sector Index (current Bloomberg symbol: “NDXT Index”), the Russell 2000 Index (current Bloomberg symbol: “RTY Index”) and the S&P 500 Index (current Bloomberg symbol: “SPX Index”) Coupon trigger level: for each underlier, 70% of its initial underlier level Buffer level: for each underlier, 70% of its initial underlier level Buffer amount: 30% Buffer rate: 100% Initial underlier level: 12,031.58 with respect to the Nasdaq-100 Technology Sector Index, 2,438.451 with respect to the Russell 2000 Index and 6,506.48 with respect to the S&P 500 Index. The initial underlier level of each underlier is an intra-day level or the closing level of such underlier on the trade date Final underlier level: with respect to an underlier, the closing level of such underlier on the determination date* Underlier return: with respect to an underlier: (its final underlier level - its initial underlier level) ÷ its initial underlier level Lesser performing underlier return: the underlier return of the lesser performing underlier (the underlier with the lowest underlier return) Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058YDZ2 / US40058YDZ25 * subject to adjustment as described in the accompanying general terms supplement Our estimated value of the notes on trade date / Additional amount / Additional amount end date: $969 per $1,000 face amount, which is less than the original issue price. The additional amount is $31 and the additional amount end date is June 19, 2026. See “The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of Your Notes.” Original issue price Underwriting discount Net proceeds to the issuer 100% of the face amount 0.85% of the face amount 1 99.15% of the face amount 1 See Supplemental Plan of Distribution; Conflicts of Interest 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. 23,051 dated March 20, 2026. Key Terms (continued) Coupon: • if the closing level of each underlier on the related coupon observation date is greater than or equal to its coupon trigger level: $6.667 (0.6667% monthly, or the potential for up to approximately 8.00% per annum); or • if the closing level of any underlier on the related coupon observation date is less than its coupon trigger level: $0 Company's redemption right: The company may redeem the notes, at its option, in whole but not in part, on each coupon payment date commencing in June 2026 and ending in February 2030, subject to at least five business days’ prior notice to the holder of your notes and the trustee. In that case, the company will pay, for each $1,000 of the outstanding face amount, an amo

View Full Filing

View this 424B2 filing on SEC EDGAR