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Goldman Sachs Finance Corp has issued $888,000 in Autocallable Contingent Coupon Equity-Linked Notes due 2026, guaranteed by Goldman Sachs Group. The notes are linked to the performance of Marvell Technology stock (MRVL).

Key features include:

• Monthly contingent coupon of $7.667 (9.20% p.a.) if MRVL closes at/above 60% of initial level ($73.51)
• Automatic call feature starting March 2026 if MRVL closes at/above initial level
• At maturity, if not called: Full principal returned if MRVL is above 60% buffer level; otherwise losses 1:1 below buffer
• Estimated value of $974 per $1,000 face amount, below issue price

The notes carry significant risks including potential loss of principal if MRVL falls below buffer level. They are not FDIC insured and are subject to Goldman Sachs credit risk. The estimated value is less than the issue price, reflecting costs and projected profits built into the terms.

GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc. (NYSE: GS), is offering $6.34 million of Autocallable S&P 500 Index-Linked Notes due June 25, 2030 under its Series F MTN program. The notes are senior, unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by the parent company.

Principal protection: Investors will receive at least the $1,000 face amount at maturity if the notes are not called, regardless of S&P 500 performance. No downside market risk is therefore embedded.

Automatic call feature: If on the call observation date (22 Jun 2026) the S&P 500 closes at or above the initial level of 5,967.84, the notes are redeemed early for $1,070 (7.0% return) per $1,000 face amount. If not called, they remain outstanding until maturity.

Upside participation after year 1: At maturity investors receive 100% of any positive index return (no cap) in addition to principal. Example: a 25% index gain would pay $1,250.

Economic value: Goldman鈥檚 estimated value on trade date is $975 (97.5% of face), reflecting a $25 sales concession amortising through 19 Oct 2025. The original issue price is 100% with a 0.25% underwriting discount; net proceeds of 99.75% accrue to the issuer.

Key risks include: credit risk of GS Finance Corp./Goldman Sachs, no interim interest, early-redemption reinvestment risk, limited secondary liquidity, taxation under contingent payment debt instrument rules, and the fact that the 7% call premium caps total return if the note is called.

The product primarily serves Goldman鈥檚 funding needs and offers investors a capital-protected, equity-linked return profile with a one-year 7% call incentive and uncapped upside thereafter, at the cost of liquidity and a 2.5-point issue premium over model value.

Goldman Sachs Group, Inc. (GS) is marketing a new tranche of senior unsecured debt under its Medium-Term Notes, Series N program: the Callable Fixed Rate Notes due 2045 (the 鈥渘otes鈥�). This preliminary pricing supplement (filed under Form 424B2) lays out the binding terms that supersede the base prospectus dated February 14 2025 and related supplement.

Principal Terms

• Coupon: 6.00% fixed, calculated on a 30/360 (ISDA) basis.
• Payment Frequency: Annual; each July 22 beginning July 22 2026 and at maturity.
• Maturity: July 21 2045 (20-year tenor).
• Denominations: US$1,000 and integral multiples thereof; settlement through DTC in global note form.
• Issue/Trade Dates (expected): Trade 鈥� July 18 2025; Issue 鈥� July 22 2025.
• Call Feature: Goldman Sachs may redeem in whole but not in part at 100% of principal plus accrued interest on any quarterly redemption date (Jan 22, Apr 22, Jul 22, Oct 22) on or after July 22 2026, with 鈮�5 business-day notice. No sinking fund; investors cannot put the notes.
• Listing: None.
• CUSIP / ISIN: 38151FLE1 / US38151FLE15.
• Tax treatment: Sidley Austin LLP opines coupon is ordinary interest income; gain/loss on disposition generally capital.
• Defeasance: Both full and covenant defeasance available under the Senior Debt Indenture.
• Underwriters: Goldman Sachs & Co. LLC (book-runner) and InspereX LLC. Initial price to public may vary by investor; underwriting discount not yet specified.

Special Investor Notices

• GS intends to file its Q2-25 earnings release on Form 8-K around July 16 2025, before pricing. Investors that have ordered notes may withdraw prior to trade date after reviewing that release.
• If GS determines that its credit spread has moved materially wider between this supplement and trade date, the offering will be cancelled without liability.
• The notes are senior unsecured obligations of GS, are not FDIC-insured, and carry standard FATCA withholding risk.

Key Investor Considerations

• At-par quarterly call from year 1 exposes buyers to significant reinvestment risk if rates fall or GS funding needs change.
• Annual payment schedule and 6% nominal coupon may appeal to income-focused investors, but effective yield is capped by callability.
• Absence of listing may reduce secondary market liquidity; pricing post-issuance likely driven by prevailing GS credit spreads.

Overall, the document provides the comprehensive contractual framework for a 20-year, fixed-rate, non-FDIC-insured, callable senior note, enabling investors to assess coupon adequacy, call risk, and GS credit exposure ahead of final pricing.

Goldman Sachs Group announces Market Linked Securities offering through GS Finance Corp., featuring Autocallable Securities with Contingent Coupon linked to GE Vernova stock, due July 7, 2028. The securities offer potential quarterly coupon payments of at least 14.40% per annum if certain conditions are met.

Key features include:

• Automatic call feature triggers if stock price equals/exceeds starting price on call dates
• Downside threshold price set at 60% of starting price
• Memory feature allows recovery of previously unpaid coupons
• Estimated security value between $925-$955 per $1,000 face amount
• Wells Fargo Securities acts as distribution agent with 2.325% underwriting discount

Investors face significant risks including potential loss of principal if the ending price falls below downside threshold, credit risk of issuer/guarantor, and limited participation in stock appreciation. The securities offer conditional downside protection but expose investors to full downside risk below the threshold level.

Goldman Sachs announces Callable Fixed Rate Notes due 2040, offering a 5.55% annual interest rate. The notes, expected to be issued on July 22, 2025, with maturity on July 20, 2040, will make annual interest payments every July 22, beginning July 22, 2026.

Key features include:

• Optional redemption by Goldman Sachs starting January 22, 2028, on quarterly dates at 100% of principal plus accrued interest
• Notes will be issued in book-entry form with $1,000 denominations
• Not FDIC insured or bank guaranteed
• Interest calculated using 30/360 (ISDA) day count convention

The offering is jointly underwritten by Goldman Sachs & Co. LLC and InspereX LLC. Interest payments will be taxable to U.S. holders as ordinary income. Goldman Sachs plans to release Q2 2025 earnings on July 16, 2025, prior to the notes' trade date, and investors may withdraw orders before the trade date if significant adverse credit spread movements occur.

Goldman Sachs (NYSE:GS) filed a preliminary prospectus supplement (Rule 424B2) for a new tranche of Callable Fixed Rate Notes due 2030 under its Medium-Term Notes, Series N program.

The notes will bear 4.90% fixed annual interest from the expected issue date of 22 Jul 2025 until maturity on 22 Jul 2030. Interest is payable once a year on 22 Jul, beginning 22 Jul 2026. Minimum denomination is $1,000.

Issuer call option: Goldman Sachs may redeem the notes in whole (not in part) on any 22 Jan, 22 Apr, 22 Jul or 22 Oct on or after 22 Jul 2026 at 100% of principal plus accrued interest, with five business days鈥� notice. No sinking fund applies.

The initial price to the public will vary (up to par); after the initial sale, underwriters may re-offer the notes at prevailing market or negotiated prices. Investors may withdraw commitments at any time before the expected 18 Jul 2025 trade date. The entire issuance may be cancelled if the issuer determines that its credit spread has widened materially prior to pricing.

Structural terms include book-entry settlement through DTC, 30/360 (ISDA) day-count convention, full and covenant defeasance options and senior unsecured ranking. The notes are not FDIC-insured.

Tax counsel Sidley Austin opines that interest is taxable as ordinary income; gains or losses on disposition are capital in nature. FATCA withholding may apply to certain holders.

Goldman Sachs Group has announced a new offering of Callable Fixed Rate Notes due 2028, featuring a 4.60% annual interest rate. The notes are expected to be issued on July 22, 2025, with maturity on July 21, 2028.

Key features include:

• Interest payments will be made annually on July 22, starting July 22, 2026
• Notes are callable quarterly starting January 22, 2026, at 100% of principal plus accrued interest
• Minimum denomination of $1,000
• Notes will be issued in book-entry form through DTC

The notes are not bank deposits and lack FDIC insurance. Goldman Sachs will release Q2 2025 earnings around July 16, 2025, before the trade date. Distribution will be handled by Goldman Sachs & Co. LLC and InspereX LLC. The offering is made under Registration Statement No. 333-284538 as part of the Medium-Term Notes, Series N program.

The Goldman Sachs Group, Inc. is offering unsecured, senior Callable Fixed Rate Notes due July 21, 2045 under its Medium-Term Notes, Series N program. The notes will carry a fixed 5.70% annual coupon, payable each July 22 beginning in 2026 through maturity in 2045.

Issue mechanics: the expected trade date is July 18, 2025 and the original issue date is July 22, 2025. Denominations are $1,000 and integral multiples thereof, and settlement will be through DTC in global book-entry form. The offering price may vary between a discount and 100% of principal for different investors; underwriting discounts will be disclosed at pricing.

Issuer call option: Goldman Sachs may redeem the notes, in whole but not in part, at par plus accrued interest on any quarterly redemption date (January 22, April 22, July 22, October 22) beginning July 22, 2028, with at least five business days鈥� notice. There is no sinking fund.

Key terms & protections:

• Credit risk: the notes are senior unsecured obligations of GS and are not FDIC-insured or bank-guaranteed.
• Day-count: 30/360 (ISDA).
• Defeasance: both full and covenant defeasance provisions apply.
• Tax: Sidley Austin LLP opines that interest is ordinary income; gain/loss on disposition is capital in nature.
• CUSIP / ISIN: 38151FLF8 / US38151FLF89.

Conditionality: Investors may withdraw orders before the trade date if GS鈥檚 Q2-2025 earnings release (expected July 16, 2025) changes their view. GS can terminate the issuance entirely if it determines there has been a significant adverse movement in its credit spread prior to the trade date.

No exchange listing is planned. Goldman Sachs & Co. LLC and InspereX LLC are acting as underwriters and may engage in market-making transactions after the initial sale.

Goldman Sachs is offering Market Linked Securities - Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities linked to Robinhood Markets Class A Common Stock, due June 29, 2028. The securities are issued by GS Finance Corp. and guaranteed by Goldman Sachs Group.

Key features include:

• Contingent quarterly coupon payments of at least 23.50% per annum ($58.75 per $1,000) if stock price is above threshold
• Automatic call feature triggers if stock price equals/exceeds starting price on any call date after September 2025
• Downside threshold price set at 50% of starting price
• Risk of principal loss if ending price falls below downside threshold

The estimated value at pricing is expected between $925-$955 per $1,000 face amount. Investors face significant risks including potential loss of entire investment, credit risk of issuer/guarantor, and limited upside participation in stock appreciation. The underwriting discount is up to 2.325% of face amount.