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DTE Energy (NYSE: DTE) filed a Form 8-K on 29 Jul 2025 to furnish, not file, its Q2-25 earnings release and slide deck (Exhibits 99.1 & 99.2). The materials cover results for the quarter ended 30 Jun 2025 and outline 2025 operating-earnings guidance. Management notes that future non-recurring items, mark-to-market adjustments and discontinued operations will be excluded from the operating metric and states that a GAAP reconciliation cannot be provided because such items are unpredictable.

The disclosure is made under Items 2.02 and 7.01; therefore, it is not subject to Section 18 liability and will not be incorporated into other SEC filings unless expressly stated. No other material events were reported.

Deal Overview GS Finance Corp. is issuing Autocallable EURO STOXX 50庐 Index-Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of the Series F medium-term note programme, will price on 28 July 2025, settle on 31 July 2025 and trade under CUSIP 40058JMC6.

Key Economic Terms

• Face amount: $1,000 per note.
• Automatic call: single observation on 28 Jul 2027; if EURO STOXX 50 (SX5E) 鈮� initial level, investors receive $1,150 (115% of face) on 2 Aug 2027 and the note terminates.
• If not called, maturity on 1 Aug 2030. Cash settlement: 鈥� SX5E above initial 鈥� face plus 100% upside participation; 鈥� SX5E at or below initial 鈥� return of face only.
• No periodic coupons; the notes do not bear interest.
• Issuer鈥檚 estimated value on trade date: $885鈥�$915 per $1,000, below the 100% issue price.
• Issue price 100%; underwriting discount 2.2%; net proceeds 97.8%.
• Issuer: GS Finance Corp.; Guarantor: The Goldman Sachs Group, Inc.; Calculation agent: Goldman Sachs & Co. LLC.

Investor Implications

• Principal is scheduled to be repaid at maturity if the issuer and guarantor meet their obligations.
• Investors can earn a fixed 15% premium after two years if the index is flat-to-up.
• Unlimited upside from 2027-2030 if the note is not called.
• No downside participation, but zero total return if SX5E is flat or down at maturity.
• Secondary values are expected to start 8.5-11.5% below par and depend on Goldman鈥檚 market-making.
• Taxed as a contingent payment debt instrument; holders accrue ordinary income annually based on a comparable yield.

Principal Risks Highlighted

• Credit risk of GS Finance Corp. and the Goldman Sachs Group.
• Early-call risk caps gains at 15% and may shorten the investment horizon.
• No coupon income; opportunity cost versus interest-bearing debt.
• Market value volatility driven by rates, index performance and credit spreads; liquidity not assured.
• Complex tax treatment; potential FATCA/搂871(m) withholding for non-U.S. holders.

Morgan Stanley Finance LLC is offering $679,000 aggregate principal amount of Trigger Performance Leveraged Upside Securities (PLUS) due July 5 2030, fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the worst performing of three equity benchmarks鈥攖he EURO STOXX 50, Nasdaq-100 and Dow Jones Industrial Average鈥攁nd are designed for fee-based advisory accounts.

Key economic terms

• Issue price / Denomination: $1,000 per security
• Estimated value on pricing date: $980.90 (1.9% below issue price, reflects issuance, structuring and hedging costs)
• Upside participation: 280% of any positive return of the worst performing index, paid at maturity in addition to principal
• Downside threshold: 65% of each index鈥檚 initial level (SX5E 3,447.106; NDX 14,741.357; INDU 28,661.601)
• Principal risk: If any index closes below its threshold on the single observation date (July 1 2030), investors lose 1% of principal for every 1% decline of the worst performer; loss may be up to 100%
• Coupons: None; the securities pay no periodic interest
• Liquidity / listing: Not listed on any exchange; secondary trading, if any, will be made only by Morgan Stanley & Co. and may be limited
• Fees: Offered at par to clients; MS&Co. sells to an unaffiliated dealer at $992.50. Selected dealers may receive up to $6.25 structuring fee; no sales commission to MS&Co.
• Credit profile: Unsecured obligations of MSFL, guaranteed by Morgan Stanley; subject to issuer and guarantor credit risk

Investment profile

The Trigger PLUS appeal to investors who 1) are moderately bullish on the basket but comfortable assuming full downside risk, 2) accept a five-year lock-up with uncertain liquidity, and 3) value leveraged upside (2.8脳) with a 35% buffer before loss of principal. The 鈥渨orst-of鈥� structure removes any diversification benefit鈥攑erformance is driven solely by the laggard index鈥攚hile a single observation date introduces significant path-dependency. The estimated value below par, use of an internal funding rate, and absence of interest payments reduce long-term total return versus holding the indices directly.

Primary risks highlighted

• No principal protection; returns can be zero
• Performance measured only once at maturity鈥攊nterim gains are irrelevant if lost by observation date
• Market, correlation and volatility risks across U.S. and Eurozone equities
• Limited secondary market; bid-offer spreads and credit-spread changes likely to depress exit prices
• Tax treatment uncertain; prepaid open-transaction approach may be challenged by the IRS

Overall, the note offers enhanced upside potential in exchange for heightened downside and credit risk, making it suitable only for sophisticated investors seeking structured exposure rather than direct index holdings.

Form 4 filing overview: On 07/01/2025, DTE Energy Company (ticker: DTE) director David Brandon acquired 185 units of cash-settled phantom stock under the company鈥檚 non-employee director fee deferral plan. The units were credited at an implied value of $132.43 per unit, bringing Brandon鈥檚 total phantom stock holdings to 15,630.55 units. Phantom stock represents a deferred cash obligation that mirrors the value of DTE common shares and is not convertible into actual equity; settlement will occur in cash on a future date selected by the director. No transactions involving DTE common stock or other equity derivatives were reported, and Brandon鈥檚 ownership remains classified as direct. The filing is routine compensation-related and does not signal strategic or operational changes for DTE.

Bank of Montreal (BMO) is offering US$999,000 of Senior Medium-Term Notes, Series K, Autocallable Barrier Notes with Contingent Coupons due June 30 2028. The notes are linked to the worst performer between Delta Air Lines, Inc. (DAL) and lululemon athletica inc. (LULU).

• Contingent Coupon: 1.6375% monthly (鈮�19.65% p.a.) paid only if both stocks close on or above their Coupon Barrier (70% of initial level) on each monthly Observation Date.
• Automatic Redemption: From Sep 25 2025, if both stocks close above their Call Level (85% of initial level) on any Observation Date, the notes are redeemed early at par plus the applicable coupon.
• Principal Risk: If not called and any stock closes below its Trigger Level (70% of initial) on the Valuation Date (Jun 27 2028), investors lose 1% of principal for every 1% decline in the worst-performing stock; loss can reach 100%.
• Unsecured & Unlisted: Payments depend on BMO鈥檚 credit; the notes will not trade on an exchange, limiting liquidity.
• Issue Economics: Estimated initial value is $961.01 per $1,000 (鈮�3.9% discount to par); agent鈥檚 commission 2.75%.
• Denominations: $1,000 and multiples thereof; settlement Jun 30 2025; maturity Jun 30 2028.

These structured notes suit investors seeking high contingent income and willing to assume equity downside, early-call reinvestment, credit, and liquidity risks.

Overview: Morgan Stanley Finance LLC ("MSFL") is marketing $1,000-denominated Buffered Jump Securities with an Auto-Callable feature that mature on August 5, 2030 and are fully and unconditionally guaranteed by Morgan Stanley. The notes are linked to the S&P U.S. Equity Momentum 40% VT 4% Decrement Index and do not pay periodic interest.

Auto-call mechanics: Beginning with the first determination date on August 3, 2026, the notes will be automatically redeemed if the Underlier closes at or above 90 % of its initial level. Early-redemption payments escalate from roughly $1,152.50 (鈮� 15.25 % return) on the first call date to about $1,798.96 (鈮� 79.9 % return) on the last call date prior to maturity. Once called, no further payments are made.

Principal repayment scenarios at maturity:

• If the notes have not been called and the Underlier is 鈮� 90 % of its initial level, investors receive $1,762.50鈥�$1,812.50 (鈮� 76 %鈥�81 % upside).
• If the Underlier is < 90 % but 鈮� 80 % (the 20 % buffer), investors receive only the $1,000 principal.
• If the Underlier is < 80 %, repayment equals $1,000 脳 (final level / initial level + 0.20), subject to a minimum of 20 % of principal, exposing investors to up to 80 % loss.

Valuation & distribution: The estimated value on the July 31, 2025 pricing date is approximately $934.20鈥攁bout 6.6 % below the $1,000 issue price鈥攔eflecting structuring and hedging costs. The notes will be sold only to fee-based advisory accounts; MS&Co. receives no traditional sales commission but may pay dealers a structuring fee up to $6.25 per note.

Key risks: (i) principal at risk and limited upside participation; (ii) unsecured creditor exposure to Morgan Stanley; (iii) no exchange listing; (iv) secondary market prices expected to be below issue price; (v) reinvestment risk if auto-called early.

DTE Energy (NYSE:DTE) filed a Form 8-K disclosing a C-suite realignment effective September 8, 2025.

The Board elected Joi M. Harris (55) as President & Chief Executive Officer and added her to the Board. Harris has been President & Chief Operating Officer since 2023 and has held leadership roles at DTE since 1991, suggesting deep institutional knowledge and operational continuity.

Current Chairman & CEO Gerardo Norcia will become Executive Chairman, remaining a full-time employee and director. Compensation will adjust accordingly: Harris鈥� base salary rises to $1.2 million, with AIP target at 125% and LTIP target at 500%. She will also receive a $1 million restricted-stock grant that cliff-vests in three years.

Norcia鈥檚 base salary will decrease in stages to $900k on Sept 8 2025 and $750k on Jan 1 2027; his incentive targets will similarly decline. David Ruud moves from EVP & CFO to Vice Chairman & CFO; his base salary increases to $800k with higher AIP (100%) and LTIP (300%) targets plus a $1 million three-year cliff-vesting stock grant.

No other material contracts, financial results, or legal matters were reported. Exhibit 99.1 contains the related press release.