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 a new offering under its existing shelf registration (File No. 333-284538-03). This filing indicates that GS Finance Corp., a subsidiary of Goldman Sachs Group Inc., is preparing to issue new securities. For investors, this means potential dilution if the offering involves new shares, or new debt instruments that could impact the company's financial leverage and future interest expenses, which could affect the stock's valuation.

Why It Matters

This filing signals GS Finance Corp.'s intent to raise capital, which could impact the company's balance sheet and potentially dilute existing shareholders or increase debt obligations.

Risk Assessment

Risk Level: medium — The risk is medium because while the filing itself is procedural, the actual terms of the offering (not yet detailed) could significantly impact the company's financial health and stock value.

Analyst Insight

Investors should monitor subsequent filings from GS Finance Corp. for details on the specific 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 Number (The specific registration statement under which GS Finance Corp. is offering securities.)
• 0001419828 — CIK (Central Index Key for GS Finance Corp., identifying it in SEC filings.)

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 (dollar_amount) — File number for GS Finance Corp.'s registration statement
• 0001419828 (dollar_amount) — CIK for GS Finance Corp.

Forward-Looking Statements

• GS Finance Corp. will announce the specific terms (e.g., type, amount, price) of the new securities offering in a subsequent filing. (GS Finance Corp.) — high confidence, target: Within the next 30-90 days

FAQ

Key Financial Figures

• $2,011,000 — ent No. 333-284538 GS Finance Corp. $2,011,000 Leveraged S&P 500 Futures Excess Retu
• $1,000 — ty date, the company will pay, for each $1,000 face amount of the notes, an amount in
• $964 — amount / Additional amount end date: $964 per $1,000 face amount, which is less t
• $36 — l issue price. The additional amount is $36 and the additional amount end date is J

Filing Documents

• gs-20260324.htm (424B2) — 191KB
• gs_exfilingfees.htm (EX-FILING FEES) — 6KB
• img262706491_0.jpg (GRAPHIC) — 4KB
• img262706491_1.jpg (GRAPHIC) — 57KB
• img262706491_2.jpg (GRAPHIC) — 53KB
• 0001193125-26-121977.txt ( ) — 448KB
• 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. $2,011,000 Leveraged S&P 500 Futures Excess Return 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 on the stated maturity date is based on the performance of the underlier as measured from the trade date to and including the determination date. • If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will be positive and will equal the upside participation rate times the underlier return. • If the final underlier level is equal to or less than the initial underlier level, but not by more than the trigger buffer amount, you will receive the face amount of your notes. • If the final underlier level is less than the initial underlier level by more than the trigger buffer amount, the return on your notes will be negative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below the initial underlier level. You could lose your entire investment in the notes. Interest: The notes do not bear interest. 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-6. Key Terms Company (Issuer) / Guarantor: GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount: $2,011,000 Cash settlement amount: On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to: • if the final underlier level is greater than the initial underlier level: $1,000 + ($1,000 × the upside participation rate × the underlier return); • if the final underlier level is equal to or less than the initial underlier level, but greater than or equal to the trigger buffer level: $1,000; or • if the final underlier level is less than the trigger buffer level: $1,000 + ($1,000 × the underlier return) Underlier: the S&P 500 Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”) The underlier tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500 Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. Upside participation rate: 171.5% Trigger buffer level: 60% of the initial underlier level Trigger buffer amount: 40% Trade date: March 20, 2026 Original issue date: March 25, 2026 Determination date: March 20, 2030* March 25, 2030* Initial underlier level: 526.41, which is an intra-day level or the closing level of the underlier on the trade date Final underlier level: the closing level of the underlier on the determination date* Underlier return: (the final underlier level - the initial underlier level) ÷ the initial underlier level Calculation agent: Goldman Sachs & Co. LLC (“GS&Co.”) CUSIP / ISIN: 40058Y6Q0 / US40058Y6Q05 * 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: $964 per $1,000 face amount, which is less than the original issue price. The additional amount is $36 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 0.75% of the face amount 99.25% of the face amount 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. 22,891 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, Goldma

View Full Filing

View this 424B2 filing on SEC EDGAR