Item 7A. Quantitative and Qualitative Disclosures About Market Risk [135](i80ead4b9bab24e2d875ba62e1943d20b292)

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk [135](i80ead4b9bab24e2d875ba62e1943d20b292)

| Quantitative and Qualitative Disclosures About Market Risk | | | 135 | | |


Goldman Sachs 2025 Form 10-K

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

INDEX


Page No.
Item 8.
Financial Statements and Supplementary Data			135
Management’s Report on Internal Control over Financial Reporting			135
Report of Independent Registered Public Accounting Firm			136
Consolidated Financial Statements			138
Consolidated Statements of Earnings			138
Consolidated Statements of Comprehensive Income			138
Consolidated Balance Sheets			139
Consolidated Statements of Changes in Shareholders’ Equity			140
Consolidated Statements of Cash Flows			141
Notes to Consolidated Financial Statements			142
Note 1. Description of Business			142
Note 2. Basis of Presentation			143
Note 3. Significant Accounting Policies			143
Note 4. Fair Value Measurements			150
Note 5. Fair Value Hierarchy			155
Note 6. Trading Assets and Liabilities			169
Note 7. Derivatives and Hedging Activities			170
Note 8. Investments			176
Note 9. Loans			179
Note 10. Fair Value Option			188
Note 11. Collateralized Agreements and Financings			190
Note 12. Other Assets			193
Note 13. Deposits			196
Note 14. Unsecured Borrowings			196
Note 15. Other Liabilities			199
Note 16. Securitization Activities			200
Note 17. Variable Interest Entities			202
Note 18. Commitments, Contingencies and Guarantees			205
Note 19. Shareholders’ Equity			209
Note 20. Regulation and Capital Adequacy			212
Note 21. Earnings Per Common Share			216
Note 22. Transactions with Affiliated Funds			216
Note 23. Interest Income and Interest Expense			217
Note 24. Income Taxes			217
Note 25. Business Segments			221
Note 26. Credit Concentrations			224
Note 27. Legal Proceedings			225
Note 28. Employee Benefit Plans			234
Note 29. Employee Incentive Plans			235
Note 30. Parent Company			237


Page No.
Supplemental Financial Information			239
Common Stock Performance			239
Statistical Disclosures			239
Item 9.
Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure			244
Item 9A.
Controls and Procedures			244
Item 9B.
Other Information			244

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