Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

			Three Months Ended September												Nine Months Ended September
in millions, except per share amounts			2025						2024						2025						2024
Revenues
Investment banking			$	2,659					$	1,864					$	6,769					$	5,682
Investment management			2,952						2,649						8,548						7,673
Commissions and fees			1,110						873						3,537						3,001
Market making			3,868						4,127						14,324						14,557
Other principal transactions			743						839						1,800						3,019
Total non-interest revenues			11,332						10,352						34,978						33,932
Interest income			20,822						21,448						59,994						61,443
Interest expense			16,970						19,101						50,143						55,732
Net interest income			3,852						2,347						9,851						5,711
Total net revenues			15,184						12,699						44,829						39,643
Provision for credit losses			339						397						1,010						997
Operating expenses
Compensation and benefits			4,680						4,122						14,241						12,947
Transaction based			1,968						1,701						5,773						4,852
Market development			171						159						494						465
Communications and technology			545						498						1,581						1,468
Depreciation and amortization			531						621						1,655						1,894
Occupancy			242						242						709						733
Professional fees			432						400						1,296						1,177
Other expenses			884						572						2,073						1,970
Total operating expenses			9,453						8,315						27,822						25,506
Pre-tax earnings			5,392						3,987						15,997						13,140
Provision for taxes			1,294						997						3,438						2,975
Net earnings			4,098						2,990						12,559						10,165
Preferred stock dividends			238						210						643						563
Net earnings applicable to common shareholders			$	3,860					$	2,780					$	11,916					$	9,602
Earnings per common share
Basic			$	12.42					$	8.52					$	37.75					$	28.98
Diluted			$	12.25					$	8.40					$	37.33					$	28.64
Average common shares
Basic			309.6						324.8						314.6						330.0
Diluted			315.0						330.8						319.2						335.3

Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended September												Nine Months Ended September
$ in millions			2025						2024						2025						2024
Net earnings			$	4,098					$	2,990					$	12,559					$	10,165
Other comprehensive income/(loss) adjustments, net of tax:
Currency translation			23						(25)						(47)						(3)
Debt valuation adjustment			(711)						(95)						(641)						(383)
Pension and postretirement liabilities			11						13						34						35
Available-for-sale securities			185						504						878						766
Cash flow hedges			1						–						2						–
Other comprehensive income/(loss)			(491)						397						226						415
Comprehensive income			$	3,607					$	3,387					$	12,785					$	10,580

The accompanying notes are an integral part of these consolidated financial statements.

1						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

			As of
			September			December
$ in millions			2025			2024
Assets
Cash and cash equivalents			$	169,577		$	182,092
Collateralized agreements:
Securities purchased under agreements to resell (includes $129,786 and $179,793 at fair value)			129,786			180,062
Securities borrowed (includes $48,253 and $46,902 at fair value)			217,708			194,645
Customer and other receivables (includes $122 and $23 at fair value)			176,598			133,717
Trading assets (at fair value and includes $159,299 and $148,417 pledged as collateral)			652,585			570,555
Investments:
Available-for-sale securities (at fair value; amortized cost of $104,105 and $80,777)			103,962			79,458
Held-to-maturity securities			73,632			78,713
Other investments (includes $25,214 and $25,284 at fair value)			26,163			26,343
Loans (net of allowance of $4,508 and $4,666, and includes $5,498 and $5,460 at fair value)			222,379			196,200
Other assets (includes $190 and $194 at fair value)			35,592			34,187
Total assets			$	1,807,982		$	1,675,972
Liabilities and shareholders’ equity
Deposits (includes $83,146 and $44,855 at fair value)			$	490,249		$	433,013
Collateralized financings:
Securities sold under agreements to repurchase (at fair value)			217,797			274,380
Securities loaned (includes $12,837 and $10,246 at fair value)			57,609			56,060
Other secured financings (includes $24,595 and $27,985 at fair value)			24,784			28,150
Customer and other payables			256,835			223,255
Trading liabilities (at fair value)			261,830			202,555
Unsecured short-term borrowings (includes $59,524 and $50,367 at fair value)			72,385			69,709
Unsecured long-term borrowings (includes $111,925 and $89,189 at fair value)			276,914			242,634
Other liabilities (includes $90 and $84 at fair value)			25,177			24,220
Total liabilities			1,683,580			1,553,976
Commitments, contingencies and guarantees
Shareholders’ equity
Preferred stock; aggregate liquidation preference of $15,153 and $13,253			15,153			13,253
Common stock; 931,995,320 and 927,499,667 shares issued, and 300,124,881 and 310,653,708 shares outstanding			9			9
Share-based awards			5,555			5,148
Nonvoting common stock; no shares issued and outstanding			–			–
Additional paid-in capital			61,907			61,376
Retained earnings			162,143			153,412
Accumulated other comprehensive loss			(2,476)			(2,702)
Stock held in treasury, at cost; 631,870,441 and 616,845,961 shares			(117,889)			(108,500)
Total shareholders’ equity			124,402			121,996
Total liabilities and shareholders’ equity			$	1,807,982		$	1,675,972

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs September 2025 Form 10-Q						2

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

			Three Months Ended September												Nine Months Ended September
$ in millions			2025						2024						2025						2024
Preferred stock
Beginning balance			$	15,153					$	12,753					$	13,253					$	11,203
Issued			–						2,000						1,900						4,250
Redeemed			–						–						–						(700)
Redemption notice issued			–						(1,500)						–						(1,500)
Ending balance			15,153						13,253						15,153						13,253
Common stock
Beginning balance			9						9						9						9
Issued			–						–						–						–
Ending balance			9						9						9						9
Share-based awards
Beginning balance			5,365						5,058						5,148						5,121
Issuance and amortization of share-based awards			263						150						3,239						2,603
Delivery of common stock underlying share-based awards			(28)						(48)						(2,730)						(2,482)
Forfeiture of share-based awards			(45)						(70)						(102)						(152)
Ending balance			5,555						5,090						5,555						5,090
Additional paid-in capital
Beginning balance			61,888						61,350						61,376						60,247
Delivery of common stock underlying share-based awards			29						52						2,693						2,472
Cancellation of share-based awards in satisfaction of withholding tax requirements			(10)						(5)						(2,156)						(1,331)
Preferred stock issuance costs			–						–						(5)						10
Other			–						(25)						(1)						(26)
Ending balance			61,907						61,372						61,907						61,372
Retained earnings
Beginning balance			159,535						148,652						153,412						143,688
Net earnings			4,098						2,990						12,559						10,165
Dividends and dividend equivalents declared on common stock and share-based awards			(1,252)						(978)						(3,185)						(2,836)
Dividends declared on preferred stock			(238)						(192)						(643)						(529)
Preferred stock redemption premium			–						(18)						–						(34)
Ending balance			162,143						150,454						162,143						150,454
Accumulated other comprehensive income/(loss)
Beginning balance			(1,985)						(2,900)						(2,702)						(2,918)
Other comprehensive income/(loss)			(491)						397						226						415
Ending balance			(2,476)						(2,503)						(2,476)						(2,503)
Stock held in treasury, at cost
Beginning balance			(115,869)						(105,459)						(108,500)						(100,445)
Repurchased			(2,000)						(1,000)						(9,360)						(6,000)
Reissued			–						–						39						33
Other			(20)						(16)						(68)						(63)
Ending balance			(117,889)						(106,475)						(117,889)						(106,475)
Total shareholders’ equity			$	124,402					$	121,200					$	124,402					$	121,200

The accompanying notes are an integral part of these consolidated financial statements.

3						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

			Nine Months Ended September
$ in millions			2025						2024
Cash flows from operating activities
Net earnings			$	12,559					$	10,165
Adjustments to reconcile net earnings to net cash used for operating activities:
Depreciation and amortization			1,655						1,894
Deferred income taxes			(153)						(653)
Share-based compensation			3,187						2,559
Provision for credit losses			1,010						997
Changes in operating assets and liabilities:
Customer and other receivables and payables, net			(10,576)						7,543
Collateralized transactions (excluding other secured financings), net			(27,821)						19,644
Trading assets			(66,888)						(112,931)
Trading liabilities			58,129						13,100
Loans held for sale, net			(629)						450
Other, net			649						(2,746)
Net cash used for operating activities			(28,878)						(59,978)
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment			(1,533)						(1,505)
Proceeds from sales of property, leasehold improvements and equipment			504						1,152
Net cash received from business dispositions			1,536						3,622
Available-for-sale securities:
Purchases			(61,849)						(52,927)
Proceeds from sales			41,014						13,387
Proceeds from paydowns and maturities			1						12,784
Held-to-maturity securities:
Purchases			(10,025)						(20,660)
Proceeds from paydowns and maturities			16,952						12,598
Other investments:
Purchases			(6,365)						(5,150)
Proceeds from sales, paydowns and maturities			6,581						6,261
Loans (excluding loans held for sale), net			(26,010)						(12,071)
Net cash used for investing activities			(39,194)						(42,509)
Cash flows from financing activities
Unsecured short-term borrowings, net			3,243						4,263
Other secured financings (short-term), net			(5,372)						7,632
Proceeds from issuance of other secured financings (long-term)			3,757						4,951
Repayment of other secured financings (long-term), including the current portion			(2,613)						(1,592)
Proceeds from issuance of unsecured long-term borrowings			61,360						49,465
Repayment of unsecured long-term borrowings, including the current portion			(50,227)						(59,639)
Derivative contracts with a financing element, net			877						1,739
Deposits, net			51,832						15,152
Preferred stock redemption			–						(700)
Common stock repurchased			(9,360)						(6,000)
Settlement of share-based awards in satisfaction of withholding tax requirements			(2,156)						(1,331)
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards			(3,814)						(3,344)
Proceeds from issuance of preferred stock, net of issuance costs			1,895						4,239
Other financing, net			(77)						305
Net cash provided by financing activities			49,345						15,140
Effect of exchange rate changes on cash and cash equivalents			6,212						459
Net decrease in cash and cash equivalents			(12,515)						(86,888)
Cash and cash equivalents, beginning balance			182,092						241,577
Cash and cash equivalents, ending balance			$	169,577					$	154,689
Supplemental disclosures:
Cash payments for interest, net of capitalized interest			$	49,816					$	54,521
Cash payments for income taxes, net			$	2,938					$	2,810

See Notes 12 and 16 for information about non-cash activities.

The accompanying notes are an integral part of these consolidated financial statements.

Goldman Sachs September 2025 Form 10-Q						4

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 1.

Description of Business

The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

The firm manages and reports its activities in the following three business segments:

Global Banking & Markets

The firm provides a broad range of services to a diverse group of corporations, financial institutions, investment funds and governments. Services include strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs, and equity and debt underwriting of public offerings and private placements. The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. In addition, the firm makes markets in and clears institutional client transactions on major stock, options and futures exchanges worldwide and provides prime financing (including securities lending, margin lending and swaps), portfolio financing and other types of equity financing (including securities-based loans to individuals). The firm also provides lending to corporate clients, including through relationship lending and acquisition financing, and secured lending, through structured credit and asset-backed lending. In addition, the firm provides commodity financing to clients through structured transactions and also provides financing through securities purchased under agreements to resell (resale agreements). The firm also makes equity and debt investments related to Global Banking & Markets activities.

Asset & Wealth Management

The firm manages assets and offers investment products across all major asset classes to a diverse set of clients, both institutional and individuals, including through a network of third-party distributors around the world. The firm also provides investing and wealth advisory solutions, including financial planning and counseling, and executing brokerage transactions for wealth management clients. The firm issues loans to wealth management clients and raises deposits through its consumer banking digital platform, Marcus by Goldman Sachs (Marcus), and through its private bank. The firm makes equity investments, which include investing activities related to public and private equity investments in corporate, real estate and infrastructure assets, as well as investments through consolidated investment entities (CIEs), substantially all of which are engaged in real estate investment activities. The firm also makes debt investments, including investing in corporate debt, lending to middle-market clients, and providing financing for real estate and other assets.

Platform Solutions

The firm issues credit cards through a partnership arrangement with Apple Inc., raises deposits from Apple Card customers and provides transaction banking and other services, such as deposit-taking, payment solutions and other cash management services, for corporate and institutional clients. See Note 9 for information about the sale of the General Motors (GM) credit card program.

5						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 2.

Basis of Presentation

These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated.

These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. References to “the 2024 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2024. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC.

These unaudited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year.

All references to September 2025, June 2025 and September 2024 refer to the firm’s periods ended, or the dates, as the context requires, September 30, 2025, June 30, 2025 and September 30, 2024, respectively. All references to December 2024 refer to the date December 31, 2024. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

Note 3.

Significant Accounting Policies

The firm’s significant accounting policies include when and how to measure the fair value of assets and liabilities, measuring the allowance for credit losses on loans and lending commitments accounted for at amortized cost, and when to consolidate an entity. See Note 4 for policies on fair value measurements, Note 9 for policies on the allowance for credit losses, and below and Note 17 for policies on consolidation accounting. All other significant accounting policies are either described below or included in the following footnotes:

Fair Value Measurements			Note 4
Fair Value Hierarchy			Note 5
Trading Assets and Liabilities			Note 6
Derivatives and Hedging Activities			Note 7
Investments			Note 8
Loans			Note 9
Fair Value Option			Note 10
Collateralized Agreements and Financings			Note 11
Other Assets			Note 12
Deposits			Note 13
Unsecured Borrowings			Note 14
Other Liabilities			Note 15
Securitization Activities			Note 16
Variable Interest Entities			Note 17
Commitments, Contingencies and Guarantees			Note 18
Shareholders’ Equity			Note 19
Regulation and Capital Adequacy			Note 20
Earnings Per Common Share			Note 21
Transactions with Affiliated Funds			Note 22
Interest Income and Interest Expense			Note 23
Income Taxes			Note 24
Business Segments			Note 25
Credit Concentrations			Note 26
Legal Proceedings			Note 27

Goldman Sachs September 2025 Form 10-Q						6

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Consolidation

The firm consolidates entities in which the firm has a controlling financial interest. The firm determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE).

Voting Interest Entities. Voting interest entities are entities in which (i) the total equity investment at risk is sufficient to enable the entity to finance its activities independently and (ii) the equity holders have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the losses of the entity and the right to receive the residual returns of the entity. The usual condition for a controlling financial interest in a voting interest entity is ownership of a majority voting interest. If the firm has a controlling majority voting interest in a voting interest entity, the entity is consolidated.

Variable Interest Entities. A VIE is an entity that lacks one or more of the characteristics of a voting interest entity. The firm has a controlling financial interest in a VIE when the firm has a variable interest or interests that provide it with (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. See Note 17 for further information about VIEs.

Equity-Method Investments. When the firm does not have a controlling financial interest in an entity but can exert significant influence over the entity’s operating and financial policies, the investment is generally accounted for at fair value by electing the fair value option available under U.S. GAAP. Significant influence generally exists when the firm owns 20% to 50% of the entity’s common stock or in-substance common stock.

In certain cases, the firm applies the equity method of accounting to new investments that are strategic in nature or closely related to the firm’s principal business activities, when the firm has a significant degree of involvement in the cash flows or operations of the investee or when cost-benefit considerations are less significant. See Note 8 for further information about equity-method investments.

Investment Funds. The firm has formed investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are generally measured at net asset value (NAV) and are included in investments. See Notes 8, 18 and 22 for further information about investments in funds.

Use of Estimates

Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and accounting for income taxes. These estimates and assumptions are based on the best available information, but actual results could be materially different.

Revenue Recognition

Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments are carried at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements.

7						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed.

Revenues from contracts with clients represent approximately 55% of total non-interest revenues for the three months ended September 2025 and approximately 50% of total non-interest revenues for the nine months ended September 2025 (each including approximately 85% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees), and approximately 50% of total non-interest revenues for the three months ended September 2024 and approximately 45% of total non-interest revenues for the nine months ended September 2024 (each including approximately 85% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees). See Note 25 for information about net revenues by business segment.

Investment Banking

Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable deposits and milestone payments in connection with financial advisory assignments are recognized in revenues upon completion of the underlying transaction or when the assignment is otherwise concluded.

Expenses associated with financial advisory assignments are recognized when incurred and are included in transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues.

Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment.

Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in transaction based expenses for completed assignments.

Investment Management

The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in transaction based expenses.

Management Fees. Management fees for mutual funds are calculated as a percentage of daily NAV and are received monthly. Management fees for hedge funds are calculated as a percentage of month-end NAV and are generally received quarterly. Management fees for separately managed accounts are calculated as a percentage of either the daily or monthly NAV and are received quarterly. Management fees for private equity funds are calculated as a percentage of monthly invested capital or committed capital and are generally received quarterly, semi-annually or annually, depending on the fund. Management fees are recognized over time in the period the services are provided.

Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s NAV or the committed capital. Such fees are included in transaction based expenses.

Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund.

Incentive fees earned from a fund or separately managed account are recognized when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods.

Goldman Sachs September 2025 Form 10-Q						8

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Commissions and Fees

The firm earns substantially all commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter (OTC) transactions. Commissions and fees are recognized on the day the trade is executed. The firm also provides third-party research services to clients in connection with certain soft-dollar arrangements. Third-party research costs incurred by the firm in connection with such arrangements are presented net within commissions and fees.

Remaining Performance Obligations

Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the NAV of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account.

The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of September 2025, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2033. Annual revenues associated with such performance obligations average less than $350 million through 2033.

Transfers of Financial Assets

Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales.

Cash and Cash Equivalents

The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $6.88 billion as of September 2025 and $5.36 billion as of December 2024. Cash and cash equivalents also included interest-bearing deposits with banks of $162.70 billion as of September 2025 and $176.73 billion as of December 2024.

The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $16.45 billion as of September 2025 and $14.84 billion as of December 2024. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities.

Customer and Other Receivables

Customer and other receivables included receivables from customers and counterparties of $111.08 billion as of September 2025 and $92.88 billion as of December 2024, and receivables from brokers, dealers and clearing organizations of $65.52 billion as of September 2025 and $40.84 billion as of December 2024. Such receivables primarily consist of customer margin loans, collateral posted in connection with certain derivative transactions, and receivables resulting from unsettled transactions.

Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2025 and December 2024. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income.

Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $4.33 billion as of September 2025 and $4.08 billion as of December 2024. As of both September 2025 and December 2024, contract assets were not material.

9						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Customer and Other Payables

Customer and other payables included payables to customers and counterparties of $234.97 billion as of September 2025 and $217.15 billion as of December 2024, and payables to brokers, dealers and clearing organizations of $21.87 billion as of September 2025 and $6.11 billion as of December 2024. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2025 and December 2024. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense.

Offsetting Assets and Liabilities

To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting party. Upon exercise of such termination rights, all transactions governed by the netting agreement are terminated and a net settlement amount is calculated. In addition, the firm receives and posts cash and securities collateral with respect to its derivatives and securities financing transactions, subject to the terms of the related credit support agreements or similar arrangements (collectively, credit support agreements). An enforceable credit support agreement grants the non-defaulting party exercising termination rights the right to liquidate the collateral and apply the proceeds to any amounts owed. In order to assess enforceability of the firm’s right of setoff under netting and credit support agreements, the firm evaluates various factors, including applicable bankruptcy laws, local statutes and regulatory provisions in the jurisdiction of the parties to the agreement.

Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) in the consolidated balance sheets when a legal right of setoff exists under an enforceable netting agreement. Resale agreements and securities sold under agreements to repurchase (repurchase agreements) and securities borrowed and loaned transactions with the same settlement date are presented on a net-by-counterparty basis in the consolidated balance sheets when such transactions meet certain settlement criteria and are subject to netting agreements.

In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities.

Share-Based Compensation

The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur.

Cash dividend equivalents paid on restricted stock units (RSUs) are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs.

The firm generally issues new shares of common stock upon delivery of share-based awards. In limited cases, as outlined in the applicable award agreements, the firm may cash settle share-based awards accounted for as equity instruments. For these awards, additional paid-in capital is adjusted to the extent of the difference between the value of the award at the time of cash settlement and the grant-date value of the award. The tax effect related to the settlement of share-based awards and payments of dividend equivalents is recorded in income tax benefit or expense.

Foreign Currency Translation

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated balance sheets and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income.

Goldman Sachs September 2025 Form 10-Q						10

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Recent Accounting Developments

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. This ASU became effective for the firm in January 2024 under a prospective approach. Adoption of this ASU did not have a material impact on the firm’s consolidated financial statements.

Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (ASC 323). In March 2023, the FASB issued ASU No. 2023-02, “Investments — Equity Method and Joint Ventures (Topic 323) — Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method.” This ASU expands the proportional amortization method election currently associated with low-income housing tax credits to other qualifying tax credits and requires incremental disclosures for programs in which the proportional amortization method is elected. This ASU became effective for the firm in January 2024 under a modified retrospective approach. Adoption of this ASU did not have a material impact on the firm’s consolidated financial statements.

Improvements to Reportable Segment Disclosures (ASC 280). In November 2023, the FASB issued ASU No. 2023-07, “Improvements to Reportable Segment Disclosures.” This ASU requires enhanced disclosures primarily about significant segment expenses that are regularly provided to the chief operating decision maker. This ASU became effective for the firm for annual periods beginning in January 2024, and interim periods beginning in January 2025 under a retrospective approach. Since this ASU only requires additional disclosures, adoption of this ASU did not have an impact on the firm’s financial condition, results of operations or cash flows. See Note 25 for further information.

Improvements to Income Tax Disclosures (ASC 740). In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires incremental disclosures primarily related to the reconciliation of the statutory income tax rate to the effective tax rate, as well as income taxes paid. This ASU is effective for the firm for annual periods beginning in January 2025 under a prospective approach with the option to apply it retrospectively. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the firm’s financial condition, results of operations or cash flows.

Disaggregation of Income Statement Expenses (ASC 220). In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation of Income Statement Expenses.” This ASU requires additional disaggregation of certain expenses within the footnotes to the financial statements. This ASU is effective for the firm for annual periods beginning in January 2027, and interim periods beginning in January 2028 under a prospective approach. Early adoption and retrospective application is permitted. Since this ASU only requires additional disclosures, adoption of this ASU will not have an impact on the firm’s financial condition, results of operations or cash flows.

11						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASC 326). In July 2025, the FASB issued ASU No. 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets.” This ASU simplifies the estimation of credit losses on accounts receivable and contract assets arising from transactions accounted for under ASC 606, “Revenue from Contracts with Customers,” by providing companies an option to assume that the conditions as of the balance sheet date will remain unchanged for the remaining life of these assets while estimating expected credit losses. This ASU is effective for the firm beginning in January 2026 under a prospective approach. Adoption of this ASU is not expected to have a material impact on the firm’s financial condition, results of operations or cash flows.

Targeted Improvements to the Accounting for Internal-Use Software (ASC 350). In September 2025, the FASB issued ASU No. 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software.” This ASU eliminates the requirement to consider the project stage of an internal-use software under development while capitalizing its development costs. Instead, under the ASU, companies are required to capitalize internal-use software development costs when management authorizes and commits to fund the software development project, and it is probable that the project will be completed and the software will be used as intended. This ASU is effective for the firm beginning in January 2028 under a prospective, retrospective or a modified approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s financial condition, results of operations or cash flows.

Derivatives Scope Refinements (ASC 815) and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (ASC 606). In September 2025, the FASB issued ASU No. 2025-07, “Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract.” This ASU expands the scope exceptions in ASC 815 to include non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. This ASU also clarifies that the guidance in ASC 606 should be applied to contracts where share-based noncash consideration is received from a customer. This ASU is effective for the firm beginning in January 2027 under a prospective approach or on a modified retrospective basis. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s financial condition, results of operations or cash flows.

Goldman Sachs September 2025 Form 10-Q						12

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 4.

Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks).

The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate).

U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows:

Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities.

Level 2. Inputs to valuation techniques are observable, either directly or indirectly.

Level 3. One or more inputs to valuation techniques are significant and unobservable.

The fair values for substantially all of the firm’s financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence.

The table below presents financial assets and liabilities carried at fair value.

			As of
			September			June			December
$ in millions			2025			2025			2024
Total level 1 financial assets			$	516,317		$	494,481		$	436,298
Total level 2 financial assets			473,641			501,293			497,514
Total level 3 financial assets			21,781			21,117			20,358
Investments in funds at NAV			1,946			2,021			2,547
Counterparty and cash collateral netting			(48,075)			(51,066)			(49,048)
Total financial assets at fair value			$	965,610		$	967,846		$	907,669
Total assets			$	1,807,982		$	1,785,009		$	1,675,972
Total level 3 financial assets divided by:
Total assets			1.2		%	1.2		%	1.2		%
Total financial assets at fair value			2.3		%	2.2		%	2.2		%
Total level 1 financial liabilities			$	145,974		$	146,888		$	100,350
Total level 2 financial liabilities			638,542			615,425			611,340
Total level 3 financial liabilities			30,951			29,648			25,721
Counterparty and cash collateral netting			(43,723)			(39,223)			(37,750)
Total financial liabilities at fair value			$	771,744		$	752,738		$	699,661
Total liabilities			$	1,683,580		$	1,660,913		$	1,553,976
Total level 3 financial liabilities divided by:
Total liabilities			1.8		%	1.8		%	1.7%
Total financial liabilities at fair value			4.0		%	3.9		%	3.7%

In the table above:

• Counterparty netting among positions classified in the same level is included in that level.

• Counterparty and cash collateral netting represents the impact on derivatives of netting across levels.

The table below presents a summary of level 3 financial assets.

			As of
			September			June			December
$ in millions			2025			2025			2024
Trading assets:
Trading cash instruments			$	1,085		$	883		$	1,213
Derivatives			4,833			4,751			4,126
Investments			15,002			14,604			14,142
Loans			671			681			683
Other assets			190			198			194
Total			$	21,781		$	21,117		$	20,358

Level 3 financial assets as of September 2025 increased compared with June 2025, primarily reflecting an increase in level 3 investments. Level 3 financial assets as of September 2025 increased compared with December 2024, primarily reflecting an increase in level 3 investments and derivatives. See Note 5 for further information about level 3 financial assets (including information about unrealized gains and losses related to level 3 financial assets and transfers into and out of level 3).

13						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Note 5 for further information about significant unobservable inputs used to value level 3 financial instruments.

Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans

Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. government obligations, certain agency obligations, certain corporate debt instruments, certain money market instruments and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity.

Level 2. Level 2 instruments include certain non-U.S. government obligations, most agency obligations, most mortgage-backed loans and securities, most corporate debt instruments, most state and municipal obligations, most money market instruments, most other debt obligations, restricted or less liquid listed equities, certain private equities, commodities and certain lending commitments.

Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence.

Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales.

Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below:

Loans and Securities Backed by Commercial Real Estate

Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include:

• Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds);

• Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral;

• A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and

• Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds).

Loans and Securities Backed by Residential Real Estate

Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include:

• Market yields implied by transactions of similar or related assets;

• Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; and

• Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines.

Goldman Sachs September 2025 Form 10-Q						14

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Corporate Debt Instruments

Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include:

• Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit);

• Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation;

• Duration; and

• Market and transaction multiples for corporate debt instruments with convertibility or participation options.

Equity Securities

Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate:

• Industry multiples (primarily EBITDA and revenue multiples) and public comparables;

• Transactions in similar instruments;

• Discounted cash flow techniques; and

• Third-party appraisals.

The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include:

• Market and transaction multiples;

• Discount rates and capitalization rates; and

• For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration.

Other Trading Cash Instruments, Investments and Loans

The significant inputs to the valuation of other trading cash instruments, investments and loans are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include:

• Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices;

• Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and

• Duration.

Valuation Techniques and Significant Inputs for Derivatives

The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below.

• Interest Rate. In general, the key inputs used to value interest rate derivatives are transparent, even for most long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate) are more complex, but the key inputs are generally observable.

• Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to have less price transparency than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency.

15						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the price transparency of developed and emerging market currency derivatives is that emerging markets tend to be only observable for contracts with shorter tenors.

• Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil, natural gas and electricity), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices.

• Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency.

Liquidity is essential to the observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs.

Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price.

Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives.

The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels.

Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources.

Level 3**.** Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below.

• For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities.

• For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates.

• For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices.

• For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities.

Goldman Sachs September 2025 Form 10-Q						16

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 5 for further information about significant unobservable inputs used in the valuation of level 3 derivatives.

Valuation Adjustments. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the mid-market valuations produced by derivative pricing models to the exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity, and credit and funding valuation adjustments, which account for the credit and funding risk inherent in the uncollateralized portion of derivative portfolios. The firm also makes funding valuation adjustments to collateralized derivatives where the terms of the agreement do not permit the firm to deliver or repledge collateral received. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels.

In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction.

Valuation Techniques and Significant Inputs for Other Financial Assets and Liabilities at Fair Value

In addition to trading cash instruments, derivatives, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value under the fair value option. Such instruments include repurchase agreements and substantially all resale agreements; certain securities borrowed and loaned transactions; certain customer and other receivables, including certain margin loans; certain time deposits, including structured certificates of deposit, which are hybrid financial instruments; substantially all other secured financings, including structured financing arrangements and transfers of assets accounted for as financings; certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments; and certain other assets and liabilities. These instruments are generally valued based on discounted cash flow techniques, which incorporate inputs with reasonable levels of price transparency, and are generally classified in level 2 because the inputs are observable. Valuation adjustments may be made for liquidity and for counterparty and the firm’s credit quality. The significant inputs used to value the firm’s other financial assets and liabilities are described below.

Resale and Repurchase Agreements and Securities Borrowed and Loaned. The significant inputs to the valuation of resale and repurchase agreements and securities borrowed and loaned are funding spreads, the amount and timing of expected future cash flows and interest rates.

Customer and Other Receivables. The significant inputs to the valuation of receivables are interest rates, the amount and timing of expected future cash flows and funding spreads.

Deposits. The significant inputs to the valuation of time deposits are interest rates and the amount and timing of future cash flows. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 13 for further information about deposits.

Other Secured Financings. The significant inputs to the valuation of other secured financings are the amount and timing of expected future cash flows, interest rates, volatility, funding spreads and the fair value of the collateral delivered by the firm (determined using the amount and timing of expected future cash flows, market prices, market yields and recovery assumptions). See Note 11 for further information about other secured financings.

Unsecured Short- and Long-Term Borrowings. The significant inputs to the valuation of unsecured short- and long-term borrowings are the amount and timing of expected future cash flows, interest rates, volatility, the credit spreads of the firm and commodity prices for prepaid commodity transactions. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives and Note 14 for further information about borrowings.

Other Assets and Liabilities. The significant inputs to the valuation of other assets and liabilities are the amount and timing of expected future cash flows, interest rates, market yields, volatility and correlation inputs. The inputs used to value the embedded derivative component of hybrid financial instruments are consistent with the inputs used to value the firm’s other derivative instruments described above. See Note 7 for further information about derivatives.

17						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 5.

Fair Value Hierarchy

Financial assets and liabilities at fair value includes trading cash instruments, derivatives, and certain investments, loans and other financial assets and liabilities at fair value.

Trading Cash Instruments

Fair Value by Level. The table below presents trading cash instruments by level within the fair value hierarchy.

$ in millions			Level 1			Level 2			Level 3			Total
As of September 2025
Assets
Government and agency obligations:
U.S.			$	142,098		$	75,828		$	–		$	217,926
Non-U.S.			81,737			37,667			20			119,424
Loans and securities backed by:
Commercial real estate			–			1,416			93			1,509
Residential real estate			–			10,616			55			10,671
Corporate debt instruments			206			49,819			647			50,672
State and municipal obligations			–			1,012			–			1,012
Other debt obligations			632			3,656			110			4,398
Equity securities			186,901			1,640			160			188,701
Commodities			–			6,007			–			6,007
Total			$	411,574		$	187,661		$	1,085		$	600,320
Liabilities
Government and agency obligations:
U.S.			$	(24,258)		$	(3)		$	–		$	(24,261)
Non-U.S.			(55,428)			(4,133)			(3)			(59,564)
Loans and securities backed by:
Commercial real estate			–			(34)			–			(34)
Residential real estate			–			(9)			–			(9)
Corporate debt instruments			(191)			(31,940)			(186)			(32,317)
Equity securities			(66,021)			(9)			(52)			(66,082)
Commodities			–			(18)			–			(18)
Total			$	(145,898)		$	(36,146)		$	(241)		$	(182,285)
As of December 2024
Assets
Government and agency obligations:
U.S.			$	169,121		$	66,958		$	–		$	236,079
Non-U.S.			44,427			25,071			41			69,539
Loans and securities backed by:
Commercial real estate			–			1,450			38			1,488
Residential real estate			–			11,364			57			11,421
Corporate debt instruments			172			46,739			728			47,639
State and municipal obligations			–			529			–			529
Other debt obligations			1			2,236			95			2,332
Equity securities			141,821			1,143			242			143,206
Commodities			–			10,971			12			10,983
Total			$	355,542		$	166,461		$	1,213		$	523,216
Liabilities
Government and agency obligations:
U.S.			$	(21,181)		$	(52)		$	–		$	(21,233)
Non-U.S.			(37,466)			(3,283)			(3)			(40,752)
Loans and securities backed by:
Commercial real estate			–			(32)			(1)			(33)
Residential real estate			–			(20)			–			(20)
Corporate debt instruments			(75)			(23,755)			(52)			(23,882)
Other debt obligations			–			(72)			–			(72)
Equity securities			(41,528)			(12)			(19)			(41,559)
Commodities			–			(24)			–			(24)
Total			$	(100,250)		$	(27,250)		$	(75)		$	(127,575)

Trading cash instruments consists of instruments held in connection with the firm’s market-making or risk management activities. These instruments are carried at fair value and the related fair value gains and losses are recognized in the consolidated statements of earnings.

In the table above:

• Assets are shown as positive amounts and liabilities are shown as negative amounts.

• Corporate debt instruments includes corporate loans, debt securities, convertible debentures, prepaid commodity transactions and transfers of assets accounted for as secured loans rather than purchases.

• Other debt obligations includes other asset-backed securities and money market instruments.

• Equity securities includes public equities and exchange-traded funds.

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of trading cash instruments.

Significant Unobservable Inputs. The table below presents the amount of level 3 trading cash instrument assets, and ranges and weighted averages of significant unobservable inputs used to value such trading cash instrument assets.

			As of September 2025									As of December 2024
$ in millions			Amount or Range			Weighted Average						Amount or Range			Weighted Average
Loans and securities backed by real estate
Level 3 assets			$	148								$	95
Yield			2.4% to 45.3%			11.3		%				7.2% to 24.3%			11.5		%
Recovery rate			22.3% to 62.5%			36.5		%				23.3% to 69.2%			50.9		%
Duration (years)			0.3 to 9.2			2.8						1.9 to 12.1			3.7
Corporate debt instruments
Level 3 assets			$	647								$	728
Yield			2.1% to 19.3%			7.7		%				3.0% to 35.9%			13.0		%
Recovery rate			4.1% to 70.0%			45.9		%				6.8% to 69.0%			53.6		%
Duration (years)			2.5 to 15.1			3.9						1.6 to 3.3			2.3
Other
Level 3 assets			$	290								$	390
Yield			5.4% to 42.6%			25.3		%				4.7% to 37.9%			15.2		%
Duration (years)			0.2 to 7.6			2.1						1.5 to 3.5			2.4

Goldman Sachs September 2025 Form 10-Q						18

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

• Other includes government and agency obligations, other debt obligations, equity securities and commodities.

• Ranges represent the significant unobservable inputs that were used in the valuation of each type of trading cash instrument.

• Weighted averages are calculated by weighting each input by the relative fair value of the trading cash instruments.

• The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one trading cash instrument. For example, the highest recovery rate for corporate debt instruments is appropriate for valuing a specific corporate debt instrument, but may not be appropriate for valuing any other corporate debt instrument. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 trading cash instruments.

• Increases in yield or duration used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while an increase in recovery rate would have resulted in a higher fair value measurement as of both September 2025 and December 2024. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type.

• Trading cash instruments are valued using discounted cash flows.

Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 trading cash instruments.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Assets
Beginning balance			$	883		$	1,553					$	1,213		$	1,791
Net realized gains/(losses)			28			28						71			92
Net unrealized gains/(losses)			37			(6)						30			(52)
Purchases			362			193						572			397
Sales			(198)			(134)						(409)			(494)
Settlements			(96)			(95)						(387)			(310)
Transfers into level 3			180			174						112			221
Transfers out of level 3			(111)			(424)						(117)			(356)
Ending balance			$	1,085		$	1,289					$	1,085		$	1,289
Liabilities
Beginning balance			$	(150)		$	(96)					$	(75)		$	(78)
Net realized gains/(losses)			–			–						2			(3)
Net unrealized gains/(losses)			(8)			(10)						(38)			(33)
Purchases			57			47						57			52
Sales			(171)			(37)						(185)			(45)
Settlements			26			–						–			9
Transfers into level 3			(7)			(20)						(7)			(15)
Transfers out of level 3			12			10						5			7
Ending balance			$	(241)		$	(106)					$	(241)		$	(106)

In the table above:

• Changes in fair value are presented for all trading cash instruments that are classified in level 3 as of the end of the period.

• Net unrealized gains/(losses) relates to trading cash instruments that were still held at period-end.

• Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a trading cash instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

• For level 3 trading cash instrument assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 trading cash instrument liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts.

• Level 3 trading cash instruments are frequently economically hedged with level 1 and level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1 or level 2 trading cash instruments and/or level 1, level 2 or level 3 derivatives. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

19						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information, by product type, for assets included in the summary table above.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Loans and securities backed by real estate
Beginning balance			$	74		$	212					$	95		$	144
Net realized gains/(losses)			2			2						4			18
Net unrealized gains/(losses)			1			2						6			(6)
Purchases			2			8						45			52
Sales			(5)			(8)						(8)			(39)
Settlements			(5)			(7)						(7)			(28)
Transfers into level 3			81			66						45			88
Transfers out of level 3			(2)			(72)						(32)			(26)
Ending balance			$	148		$	203					$	148		$	203
Corporate debt instruments
Beginning balance			$	533		$	1,132					$	728		$	1,415
Net realized gains/(losses)			18			18						59			54
Net unrealized gains/(losses)			41			5						32			(29)
Purchases			330			103						433			229
Sales			(181)			(117)						(269)			(356)
Settlements			(77)			(77)						(337)			(259)
Transfers into level 3			72			68						46			51
Transfers out of level 3			(89)			(311)						(45)			(284)
Ending balance			$	647		$	821					$	647		$	821
Other
Beginning balance			$	276		$	209					$	390		$	232
Net realized gains/(losses)			8			8						8			20
Net unrealized gains/(losses)			(5)			(13)						(8)			(17)
Purchases			30			82						94			116
Sales			(12)			(9)						(132)			(99)
Settlements			(14)			(11)						(43)			(23)
Transfers into level 3			27			40						21			82
Transfers out of level 3			(20)			(41)						(40)			(46)
Ending balance			$	290		$	265					$	290		$	265

In the table above, other includes government and agency obligations, other debt obligations, equity securities and commodities.

Level 3 Rollforward Commentary for the Three Months Ended September 2025**.** The net realized and unrealized gains on level 3 trading cash instrument assets of $65 million (reflecting $28 million of net realized gains and $37 million of net unrealized gains) for the three months ended September 2025 included gains of $43 million reported in market making and $22 million reported in interest income.

The drivers of the net unrealized gains on level 3 trading cash instrument assets for the three months ended September 2025 were not material.

The drivers of both transfers into and transfers out of level 3 trading cash instrument assets during the three months ended September 2025 were not material.

Level 3 Rollforward Commentary for the Nine Months Ended September 2025**.** The net realized and unrealized gains on level 3 trading cash instrument assets of $101 million (reflecting $71 million of net realized gains and $30 million of net unrealized gains) for the nine months ended September 2025 included gains of $47 million reported in market making and $54 million reported in interest income.

The drivers of the net unrealized gains on level 3 trading cash instrument assets for the nine months ended September 2025 were not material.

The drivers of both transfers into and transfers out of level 3 trading cash instrument assets during the nine months ended September 2025 were not material.

Level 3 Rollforward Commentary for the Three Months Ended September 2024. The net realized and unrealized gains on level 3 trading cash instrument assets of $22 million (reflecting $28 million of net realized gains and $6 million of net unrealized losses) for the three months ended September 2024 included gains of $8 million reported in market making and $14 million reported in interest income.

The drivers of the net unrealized losses on level 3 trading cash instrument assets for the three months ended September 2024 were not material.

The drivers of transfers into level 3 trading cash instrument assets during the three months ended September 2024 were not material.

Transfers out of level 3 trading cash instrument assets during the three months ended September 2024 primarily reflected transfers of certain corporate debt instruments to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments).

Goldman Sachs September 2025 Form 10-Q						20

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Level 3 Rollforward Commentary for the Nine Months Ended September 2024. The net realized and unrealized gains on level 3 trading cash instrument assets of $40 million (reflecting $92 million of net realized gains and $52 million of net unrealized losses) for the nine months ended September 2024 included gains/(losses) of $(1) million reported in market making and $41 million reported in interest income.

The drivers of the net unrealized losses on level 3 trading cash instrument assets for the nine months ended September 2024 were not material.

The drivers of transfers into level 3 trading cash instrument assets during the nine months ended September 2024 were not material.

Transfers out of level 3 trading cash instrument assets during the nine months ended September 2024 primarily reflected transfers of certain corporate debt instruments to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments).

Derivatives

Fair Value by Level. The table below presents derivatives on a gross basis by level and product type, as well as the impact of netting.

$ in millions			Level 1			Level 2			Level 3			Total
As of September 2025
Assets
Interest rates			$	3		$	157,396		$	788		$	158,187
Credit			–			11,640			2,397			14,037
Currencies			–			76,545			182			76,727
Commodities			–			11,888			1,296			13,184
Equities			21			109,684			1,020			110,725
Gross fair value			24			367,153			5,683			372,860
Counterparty netting in levels			–			(271,670)			(850)			(272,520)
Subtotal			$	24		$	95,483		$	4,833		$	100,340
Cross-level counterparty netting												(908)
Cash collateral netting												(47,167)
Net fair value												$	52,265
Liabilities
Interest rates			$	(57)		$	(119,220)		$	(628)		$	(119,905)
Credit			–			(13,367)			(1,033)			(14,400)
Currencies			–			(76,861)			(69)			(76,930)
Commodities			–			(14,858)			(543)			(15,401)
Equities			(19)			(166,119)			(3,014)			(169,152)
Gross fair value			(76)			(390,425)			(5,287)			(395,788)
Counterparty netting in levels			–			271,670			850			272,520
Subtotal			$	(76)		$	(118,755)		$	(4,437)		$	(123,268)
Cross-level counterparty netting												908
Cash collateral netting												42,815
Net fair value												$	(79,545)
As of December 2024
Assets
Interest rates			$	102		$	156,054		$	580		$	156,736
Credit			–			9,249			2,188			11,437
Currencies			–			114,500			174			114,674
Commodities			–			12,134			1,192			13,326
Equities			136			79,301			742			80,179
Gross fair value			238			371,238			4,876			376,352
Counterparty netting in levels			–			(279,215)			(750)			(279,965)
Subtotal			$	238		$	92,023		$	4,126		$	96,387
Cross-level counterparty netting												(947)
Cash collateral netting												(48,101)
Net fair value												$	47,339
Liabilities
Interest rates			$	(92)		$	(124,235)		$	(692)		$	(125,019)
Credit			–			(9,060)			(970)			(10,030)
Currencies			–			(114,488)			(127)			(114,615)
Commodities			–			(14,111)			(414)			(14,525)
Equities			(8)			(126,650)			(1,848)			(128,506)
Gross fair value			(100)			(388,544)			(4,051)			(392,695)
Counterparty netting in levels			–			279,215			750			279,965
Subtotal			$	(100)		$	(109,329)		$	(3,301)		$	(112,730)
Cross-level counterparty netting												947
Cash collateral netting												36,803
Net fair value												$	(74,980)

21						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

• Gross fair values exclude the effects of both counterparty netting and collateral netting, and therefore are not representative of the firm’s exposure.

• Counterparty netting is reflected in each level to the extent that receivable and payable balances are netted within the same level and is included in counterparty netting in levels. Where the counterparty netting is across levels, the netting is included in cross-level counterparty netting.

• Assets are shown as positive amounts and liabilities are shown as negative amounts.

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of derivatives.

Significant Unobservable Inputs. The table below presents the amount of level 3 derivative assets (liabilities), and ranges, averages and medians of significant unobservable inputs used to value such derivatives.

			As of September 2025									As of December 2024
$ in millions, except inputs			Amount or Range			Average/ Median						Amount or Range			Average/ Median
Interest rates, net			$	160								$	(112)
Correlation			(10)% to 95%			34%/25%						(10)% to 95%			60%/72%
Volatility (bps)			31 to 151			69/56						31 to 101			63/59
Credit, net			$	1,364								$	1,218
Credit spreads (bps)			9 to 1,787			147/100						8 to 1,328			134/91
Upfront credit points			0 to 100			24/14						(10) to 100			24/14
Recovery rates			20% to 60%			43%/40%						20% to 70%			46%/50%
Currencies, net			$	113								$	47
Correlation			0% to 68%			20%/3%						20% to 68%			34%/23%
Volatility			16% to 17%			16%/16%						17% to 17%			17%/17%
Commodities, net			$	753								$	778
Volatility			16% to 92%			40%/34%						21% to 120%			37%/33%
Natural gas spread			$(3.51) to $4.02			$(0.14)/$(0.15)						$(2.82) to $3.76			$(0.14)/ $(0.16)
Oil spread			$(4.79) to $32.06			$13.51/$19.49						$(6.42) to $22.10			$1.77/ $(3.80)
Electricity price			$3.10 to $466.76			$58.51/$37.89						$1.89 to $587.75			$52.18/ $32.68
Equities, net			$	(1,994)								$	(1,106)
Correlation			(70)% to 100%			58%/59%						(75)% to 100%			56%/52%
Volatility			2% to 107%			14%/8%						2% to 101%			15%/12%

In the table above:

• Assets are shown as positive amounts and liabilities are shown as negative amounts.

• Ranges represent the significant unobservable inputs that were used in the valuation of each type of derivative.

• Averages represent the arithmetic average of the inputs and are not weighted by the relative fair value or notional amount of the respective financial instruments. An average greater than the median indicates that the majority of inputs are below the average. For example, the difference between the average and the median for credit spreads indicates that the majority of the inputs fall in the lower end of the range.

• The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives.

• Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models.

• The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques.

• Correlation within currencies and equities includes cross-product type correlation.

• Natural gas spread represents the spread per million British thermal units of natural gas.

• Oil spread represents the spread per barrel of oil and refined products.

• Electricity price represents the price per megawatt hour of electricity.

Range of Significant Unobservable Inputs. The following provides information about the ranges of significant unobservable inputs used to value the firm’s level 3 derivative instruments:

• Correlation. Ranges for correlation cover a variety of underliers both within one product type (e.g., equity index and equity single stock names) and across product types (e.g., correlation of an interest rate and a currency), as well as across regions. Generally, cross-product type correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type.

Goldman Sachs September 2025 Form 10-Q						22

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Volatility. Ranges for volatility cover numerous underliers across a variety of markets, maturities and strike prices. For example, volatility of equity indices is generally lower than volatility of single stocks.

• Credit spreads, upfront credit points and recovery rates. The ranges for credit spreads, upfront credit points and recovery rates cover a variety of underliers (index and single names), regions, sectors, maturities and credit qualities (high-yield and investment-grade). The broad range of this population gives rise to the width of the ranges of significant unobservable inputs.

• Commodity prices and spreads. The ranges for commodity prices and spreads cover variability in products, maturities and delivery locations.

Sensitivity of Fair Value Measurement to Changes in Significant Unobservable Inputs. The following is a description of the directional sensitivity of the firm’s level 3 fair value measurements to changes in significant unobservable inputs, in isolation, as of each period-end:

• Correlation. In general, for contracts where the holder benefits from the convergence of the underlying asset or index prices (e.g., interest rates, credit spreads, foreign exchange rates, inflation rates and equity prices), an increase in correlation results in a higher fair value measurement.

• Volatility. In general, for purchased options, an increase in volatility results in a higher fair value measurement.

• Credit spreads, upfront credit points and recovery rates. In general, the fair value of purchased credit protection increases as credit spreads or upfront credit points increase or recovery rates decrease. Credit spreads, upfront credit points and recovery rates are strongly related to distinctive risk factors of the underlying reference obligations, which include reference entity-specific factors, such as leverage, volatility and industry, market-based risk factors, such as borrowing costs or liquidity of the underlying reference obligation, and macroeconomic conditions.

• Commodity prices and spreads. In general, for contracts where the holder is receiving a commodity, an increase in the spread (price difference from a benchmark index due to differences in quality or delivery location) or price results in a higher fair value measurement.

Due to the distinctive nature of each of the firm’s level 3 derivatives, the interrelationship of inputs is not necessarily uniform within each product type.

Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 derivatives.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Total level 3 derivatives, net
Beginning balance			$	959		$	534					$	825		$	810
Net realized gains/(losses)			(264)			(87)						(88)			(235)
Net unrealized gains/(losses)			(20)			139						289			257
Purchases			160			140						493			498
Sales			(968)			(368)						(1,266)			(1,053)
Settlements			556			465						121			537
Transfers into level 3			29			(475)						(12)			(172)
Transfers out of level 3			(56)			601						34			307
Ending balance			$	396		$	949					$	396		$	949

In the table above:

• Changes in fair value are presented for all derivative assets and liabilities that are classified in level 3 as of the end of the period.

• Net unrealized gains/(losses) relates to instruments that were still held at period-end.

• Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a derivative was transferred into level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

• Positive amounts for transfers into level 3 and negative amounts for transfers out of level 3 represent net transfers of derivative assets. Negative amounts for transfers into level 3 and positive amounts for transfers out of level 3 represent net transfers of derivative liabilities.

• A derivative with level 1 and/or level 2 inputs is classified in level 3 in its entirety if it has at least one significant level 3 input.

• If there is one significant level 3 input, the entire gain or loss from adjusting only observable inputs (i.e., level 1 and level 2 inputs) is classified in level 3.

• Gains or losses that have been classified in level 3 resulting from changes in level 1 or level 2 inputs are frequently offset by gains or losses attributable to level 1 or level 2 derivatives and/or level 1, level 2 and level 3 trading cash instruments. As a result, gains/(losses) included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

23						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information, by product type, for derivatives included in the summary table above.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Interest rates, net
Beginning balance			$	26		$	(367)					$	(112)		$	(439)
Net realized gains/(losses)			(43)			(124)						(67)			(196)
Net unrealized gains/(losses)			214			730						560			508
Purchases			1			6						24			15
Sales			(67)			(97)						(204)			(267)
Settlements			54			144						7			359
Transfers into level 3			(1)			(426)						(97)			(92)
Transfers out of level 3			(24)			6						49			(16)
Ending balance			$	160		$	(128)					$	160		$	(128)
Credit, net
Beginning balance			$	1,288		$	1,726					$	1,218		$	1,650
Net realized gains/(losses)			(2)			7						37			87
Net unrealized gains/(losses)			118			(96)						121			158
Purchases			11			81						72			182
Sales			(7)			(45)						(4)			(95)
Settlements			(174)			(44)						(201)			(360)
Transfers into level 3			130			20						126			10
Transfers out of level 3			–			(22)						(5)			(5)
Ending balance			$	1,364		$	1,627					$	1,364		$	1,627
Currencies, net
Beginning balance			$	127		$	24					$	47		$	42
Net realized gains/(losses)			(10)			49						—			14
Net unrealized gains/(losses)			(10)			(121)						71			(136)
Purchases			1			3						33			7
Sales			(3)			(13)						(20)			(17)
Settlements			–			(16)						6			(42)
Transfers into level 3			(19)			2						(16)			3
Transfers out of level 3			27			3						(8)			60
Ending balance			$	113		$	(69)					$	113		$	(69)
Commodities, net
Beginning balance			$	839		$	648					$	778		$	628
Net realized gains/(losses)			(39)			(155)						(112)			(311)
Net unrealized gains/(losses)			75			(78)						127			19
Purchases			11			10						33			161
Sales			(10)			(10)						(22)			(38)
Settlements			13			146						4			84
Transfers into level 3			(15)			(21)						10			29
Transfers out of level 3			(121)			242						(65)			210
Ending balance			$	753		$	782					$	753		$	782
Equities, net
Beginning balance			$	(1,321)		$	(1,497)					$	(1,106)		$	(1,071)
Net realized gains/(losses)			(170)			136						54			171
Net unrealized gains/(losses)			(417)			(296)						(590)			(292)
Purchases			136			40						331			133
Sales			(881)			(203)						(1,016)			(636)
Settlements			663			235						305			496
Transfers into level 3			(66)			(50)						(35)			(122)
Transfers out of level 3			62			372						63			58
Ending balance			$	(1,994)		$	(1,263)					$	(1,994)		$	(1,263)

Level 3 Rollforward Commentary for the Three Months Ended September 2025. The net realized and unrealized losses on level 3 derivatives of $284 million (reflecting $264 million of net realized losses and $20 million of net unrealized losses) for the three months ended September 2025 included losses of $246 million reported in market making and $38 million reported in other principal transactions.

The net unrealized losses on level 3 derivatives for the three months ended September 2025 reflected losses on certain equity derivatives (principally due to an increase in equity prices), partially offset by gains on certain interest rate derivatives (principally due to a decrease in interest rates) and gains on certain credit derivatives (principally due to the impact of tighter credit spreads).

Transfers into level 3 derivatives during the three months ended September 2025 reflected transfers of certain credit derivative assets from level 2 (principally due to reduced transparency of certain credit spread inputs used to value these instruments), partially offset by transfers of certain equity derivative liabilities from level 2 (principally due to certain unobservable inputs becoming significant to the valuation of these instruments).

Transfers out of level 3 derivatives during the three months ended September 2025 reflected transfers of certain commodity derivative assets to level 2 (principally due to certain unobservable electricity price inputs no longer being significant to the valuation of these instruments), partially offset by transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain volatility inputs used to value these instruments).

Level 3 Rollforward Commentary for the Nine Months Ended September 2025. The net realized and unrealized gains on level 3 derivatives of $201 million (reflecting $88 million of net realized losses and $289 million of net unrealized gains) for the nine months ended September 2025 included gains/(losses) of $236 million reported in market making and $(35) million reported in other principal transactions.

The net unrealized gains on level 3 derivatives for the nine months ended September 2025 primarily reflected gains on certain interest rate derivatives (principally due to a decrease in interest rates), gains on certain commodity derivatives (principally due to the impact of changes in commodity prices) and gains on certain credit derivatives (principally due to the impact of tighter credit spreads), partially offset by losses on certain equity derivatives (principally due to an increase in equity prices).

Goldman Sachs September 2025 Form 10-Q						24

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Transfers into level 3 derivatives during the nine months ended September 2025 reflected transfers of certain credit derivative assets from level 2 (principally due to certain unobservable credit spread inputs becoming significant to the valuation of these instruments), partially offset by transfers of certain interest rate derivative liabilities from level 2 (principally due to certain unobservable volatility inputs becoming significant to the valuation of these instruments).

The drivers of transfers out of level 3 derivatives during the nine months ended September 2025 were not material.

Level 3 Rollforward Commentary for the Three Months Ended September 2024. The net realized and unrealized gains on level 3 derivatives of $52 million (reflecting $87 million of net realized losses and $139 million of net unrealized gains) for the three months ended September 2024 included gains/(losses) of $59 million reported in market making and $(7) million reported in other principal transactions.

The net unrealized gains on level 3 derivatives for the three months ended September 2024 reflected gains on certain interest rate derivatives (principally due to the impact of a decrease in interest rates), partially offset by losses on certain equity derivatives (principally due to the impact of changes in equity prices) and losses on certain currency derivatives (principally due to the impact of changes in foreign exchange rates).

Transfers into level 3 derivatives during the three months ended September 2024 primarily reflected transfers of certain interest rate derivative liabilities from level 2 (principally due to certain unobservable volatility inputs becoming significant to the valuation of these instruments).

Transfers out of level 3 derivatives during the three months ended September 2024 primarily reflected transfers of certain equity derivative liabilities to level 2 (principally due to certain unobservable inputs no longer being significant to the valuation of these instruments) and transfers of certain commodity derivative liabilities to level 2 (principally due to increased transparency of certain commodity price inputs used to value these instruments).

Level 3 Rollforward Commentary for the Nine Months Ended September 2024. The net realized and unrealized gains on level 3 derivatives of $22 million (reflecting $235 million of net realized losses and $257 million of net unrealized gains) for the nine months ended September 2024 included gains of $12 million reported in market making and $10 million reported in other principal transactions.

The net unrealized gains on level 3 derivatives for the nine months ended September 2024 primarily reflected gains on certain interest rate derivatives (principally due to the impact of a decrease in interest rates) and gains on certain credit derivatives (principally due to the impact of changes in foreign exchange rates and a decrease in interest rates), partially offset by losses on certain equity derivatives (principally due to the impact of changes in equity prices) and losses on certain currency derivatives (principally due to the impact of changes in foreign exchange rates).

Transfers into level 3 derivatives during the nine months ended September 2024 primarily reflected transfers of certain equity derivative liabilities from level 2 (principally due to reduced transparency of certain volatility inputs used to value these instruments).

Transfers out of level 3 derivatives during the nine months ended September 2024 primarily reflected transfers of certain commodity derivative liabilities to level 2 (principally due to increased transparency of certain commodity price inputs used to value these instruments).

Investments

Fair Value by Level. The table below presents investments accounted for at fair value by level within the fair value hierarchy.

$ in millions			Level 1			Level 2			Level 3			Total
As of September 2025
Government and agency obligations:
U.S.			$	97,305		$	–		$	–		$	97,305
Non-U.S.			6,657			40			–			6,697
Corporate debt securities			172			2,497			4,539			7,208
Securities backed by real estate			–			11			405			416
Money market instruments			192			1,792			–			1,984
Other debt obligations			11			–			346			357
Equity securities			382			3,169			9,712			13,263
Subtotal			$	104,719		$	7,509		$	15,002		$	127,230
Investments in funds at NAV												1,946
Total investments												$	129,176
As of December 2024
Government and agency obligations:
U.S.			$	75,410		$	–		$	–		$	75,410
Non-U.S.			4,048			62			–			4,110
Corporate debt securities			137			2,629			4,510			7,276
Securities backed by real estate			–			7			562			569
Money market instruments			327			1,453			–			1,780
Other debt obligations			22			53			328			403
Equity securities			574			3,331			8,742			12,647
Subtotal			$	80,518		$	7,535		$	14,142		$	102,195
Investments in funds at NAV												2,547
Total investments												$	104,742

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of investments.

25						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Significant Unobservable Inputs. The table below presents the amount of level 3 investments, and ranges and weighted averages of significant unobservable inputs used to value such investments.

			As of September 2025									As of December 2024
$ in millions			Amount or Range			Weighted Average						Amount or Range			Weighted Average
Corporate debt securities
Level 3 assets			$	4,539								$	4,510
Yield			6.0% to 37.5%			11.0		%				5.0% to 28.8%			12.2		%
Recovery rate			8.6% to 82.3%			70.3		%				5.8% to 41.0%			25.2		%
Duration (years)			1.0 to 8.3			3.8						0.3 to 9.0			3.6
Multiples			1.0x to 42.9x			6.9x						1.1x to 34.2x			6.5x
Securities backed by real estate
Level 3 assets			$	405								$	562
Yield			9.2% to 17.0%			15.7		%				9.5% to 16.0%			13.6		%
Duration (years)			2.3 to 2.3			2.3						1.1 to 2.8			2.8
Other debt obligations
Level 3 assets			$	346								$	328
Yield			5.1% to 7.6%			7.0		%				7.0% to 8.7%			7.7		%
Equity securities
Level 3 assets			$	9,712								$	8,742
Multiples			0.4x to 24.4x			8.7x						0.4x to 34.2x			8.6x
Discount rate/yield			4.4% to 25.0%			11.9		%				6.0% to 27.9%			13.3		%
Capitalization rate			2.9% to 9.1%			5.3		%				4.4% to 9.1%			5.4		%

In the table above:

• Ranges represent the significant unobservable inputs that were used in the valuation of each type of investment.

• Weighted averages are calculated by weighting each input by the relative fair value of the investment.

• The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one investment. For example, the highest multiple for private equity securities is appropriate for valuing a specific private equity security but may not be appropriate for valuing any other private equity security. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 investments.

• Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both September 2025 and December 2024. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type.

• Corporate debt securities, securities backed by real estate and other debt obligations are valued using discounted cash flows, and equity securities are valued using market comparables and discounted cash flows.

• The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparables and discounted cash flows may be used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques.

Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 investments.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Beginning balance			$	14,604		$	15,702					$	14,142		$	17,138
Net realized gains/(losses)			95			83						246			296
Net unrealized gains/(losses)			88			189						357			(20)
Purchases			130			338						1,141			1,014
Sales			(380)			(47)						(702)			(694)
Settlements			(315)			(635)						(937)			(1,862)
Transfers into level 3			1,099			341						1,602			892
Transfers out of level 3			(319)			(582)						(847)			(1,375)
Ending balance			$	15,002		$	15,389					$	15,002		$	15,389

In the table above:

• Changes in fair value are presented for all investments that are classified in level 3 as of the end of the period.

• Net unrealized gains/(losses) relates to investments that were still held at period-end.

• Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If an investment was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

Goldman Sachs September 2025 Form 10-Q						26

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information, by product type, for investments included in the summary table above.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Corporate debt securities
Beginning balance			$	4,418		$	5,660					$	4,510		$	6,533
Net realized gains/(losses)			62			47						143			196
Net unrealized gains/(losses)			(3)			31						124			(45)
Purchases			67			107						251			417
Sales			(62)			(3)						(133)			(149)
Settlements			(187)			(402)						(437)			(1,320)
Transfers into level 3			382			96						497			389
Transfers out of level 3			(138)			(332)						(416)			(817)
Ending balance			$	4,539		$	5,204					$	4,539		$	5,204
Securities backed by real estate
Beginning balance			$	509		$	565					$	562		$	687
Net realized gains/(losses)			3			2						8			46
Net unrealized gains/(losses)			(14)			6						(41)			(74)
Purchases			11			2						28			45
Sales			(88)			–						(88)			(33)
Settlements			(16)			(5)						(36)			(101)
Transfers into level 3			–			–						–			1
Transfers out of level 3			–			–						(28)			(1)
Ending balance			$	405		$	570					$	405		$	570
Other debt obligations
Beginning balance			$	356		$	221					$	328		$	244
Net realized gains/(losses)			1			1						5			4
Net unrealized gains/(losses)			6			2						6			1
Purchases			3			160						43			163
Settlements			(20)			(27)						(36)			(55)
Ending balance			$	346		$	357					$	346		$	357
Equity securities
Beginning balance			$	9,321		$	9,256					$	8,742		$	9,674
Net realized gains/(losses)			29			33						90			50
Net unrealized gains/(losses)			99			150						268			98
Purchases			49			69						819			389
Sales			(230)			(44)						(481)			(512)
Settlements			(92)			(201)						(428)			(386)
Transfers into level 3			717			245						1,105			502
Transfers out of level 3			(181)			(250)						(403)			(557)
Ending balance			$	9,712		$	9,258					$	9,712		$	9,258

Level 3 Rollforward Commentary for the Three Months Ended September 2025**.** The net realized and unrealized gains on level 3 investments of $183 million (reflecting $95 million of net realized gains and $88 million of net unrealized gains) for the three months ended September 2025 included gains of $104 million reported in other principal transactions and $79 million reported in interest income.

The drivers of the net unrealized gains on level 3 investments for the three months ended September 2025 were not material.

Transfers into level 3 investments during the three months ended September 2025 reflected transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments) and transfers of certain corporate debt securities from level 2 (principally due to certain unobservable yield inputs becoming significant to the valuation of these instruments).

Transfers out of level 3 investments during the three months ended September 2025 reflected transfers of certain equity securities to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments) and transfers of certain corporate debt securities to level 2 (principally due to certain unobservable yield inputs no longer being significant to the valuation of these instruments).

Level 3 Rollforward Commentary for the Nine Months Ended September 2025**.** The net realized and unrealized gains on level 3 investments of $603 million (reflecting $246 million of net realized gains and $357 million of net unrealized gains) for the nine months ended September 2025 included gains of $376 million reported in other principal transactions and $227 million reported in interest income.

The net unrealized gains on level 3 investments for the nine months ended September 2025 reflected gains on certain equity securities and corporate debt securities (in each case, principally due to the impact of changes in foreign exchange rates and corporate performance).

Transfers into level 3 investments during the nine months ended September 2025 reflected transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments) and transfers of certain corporate debt securities from level 2 (principally due to certain unobservable yield inputs becoming significant to the valuation of these instruments).

Transfers out of level 3 investments during the nine months ended September 2025 primarily reflected transfers of certain corporate debt securities to level 2 (principally due to certain unobservable yield inputs no longer being significant to the valuation of these instruments) and transfers of certain equity securities to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments).

Level 3 Rollforward Commentary for the Three Months Ended September 2024**.** The net realized and unrealized gains on level 3 investments of $272 million (reflecting $83 million of net realized gains and $189 million of net unrealized gains) for the three months ended September 2024 included gains of $175 million reported in other principal transactions and $97 million reported in interest income.

27						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The net unrealized gains on level 3 investments for the three months ended September 2024 primarily reflected gains on certain equity securities (principally driven by corporate performance).

Transfers into level 3 investments during the three months ended September 2024 primarily reflected transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments).

Transfers out of level 3 investments during the three months ended September 2024 primarily reflected transfers of certain corporate debt securities to level 2 (principally due to certain unobservable yield inputs becoming less significant to the valuation of these instruments) and transfers of certain equity securities to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments).

Level 3 Rollforward Commentary for the Nine Months Ended September 2024. The net realized and unrealized gains on level 3 investments of $276 million (reflecting $296 million of net realized gains and $20 million of net unrealized losses) for the nine months ended September 2024 included gains/(losses) of $(1) million reported in other principal transactions and $277 million reported in interest income.

The drivers of the net unrealized losses on level 3 investments for the nine months ended September 2024 were not material.

Transfers into level 3 investments during the nine months ended September 2024 primarily reflected transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments) and transfers of certain corporate debt securities from level 2 (principally due to certain unobservable yield inputs becoming significant to the valuation of these instruments).

Transfers out of level 3 investments during the nine months ended September 2024 primarily reflected transfers of certain corporate debt securities to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments and certain unobservable yield inputs becoming less significant to the valuation of these instruments) and transfers of certain equity securities to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments).

Loans

Fair Value by Level. The table below presents loans held for investment accounted for at fair value under the fair value option by level within the fair value hierarchy.

$ in millions			Level 1			Level 2			Level 3			Total
As of September 2025
Loan Type
Corporate			$	–		$	39		$	391		$	430
Real estate:
Commercial			–			358			65			423
Residential			–			3,408			37			3,445
Other collateralized			–			994			155			1,149
Other			–			28			23			51
Total			$	–		$	4,827		$	671		$	5,498
As of December 2024
Loan Type
Corporate			$	–		$	64		$	403		$	467
Real estate:
Commercial			–			349			75			424
Residential			–			3,684			42			3,726
Other collateralized			–			648			135			783
Other			–			32			28			60
Total			$	–		$	4,777		$	683		$	5,460

The gains/(losses) as a result of changes in the fair value of loans held for investment for which the fair value option was elected were $(12) million for the three months ended September 2025, $75 million for the three months ended September 2024, $75 million for the nine months ended September 2025 and $53 million for the nine months ended September 2024. These gains/(losses) were included in other principal transactions.

Significant Unobservable Inputs. The table below presents the amount of level 3 loans, and ranges and weighted averages of significant unobservable inputs used to value such loans.

			As of September 2025									As of December 2024
$ in millions			Amount or Range			Weighted Average						Amount or Range			Weighted Average
Corporate
Level 3 assets			$	391								$	403
Yield			6.4% to 17.8%			15.2		%				11.6% to 22.4%			17.5		%
Recovery rate			32.3% to 95.2%			58.2		%				37.2% to 95.6%			72.9		%
Duration (years)			2.9 to 4.6			3.5						0.6 to 9.3			6.0
Real estate
Level 3 assets			$	102								$	117
Yield			N/A			N/A						6.1% to 10.9%			6.7		%
Recovery rate			69.0% to 99.2%			74.8		%				3.3% to 99.2%			73.7		%
Duration (years)			N/A			N/A						0.2 to 3.6			0.6
Other collateralized
Level 3 assets			$	155								$	135
Yield			5.8% to 6.5%			5.8		%				6.2% to 6.8%			6.3		%

Level 3 other loans were not material as of both September 2025 and December 2024, and therefore, are not included in the table above.

Goldman Sachs September 2025 Form 10-Q						28

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

• Ranges represent the significant unobservable inputs that were used in the valuation of each type of loan.

• Weighted averages are calculated by weighting each input by the relative fair value of the loan.

• The ranges and weighted averages of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one loan. For example, the highest yield for corporate loans is appropriate for valuing a specific corporate loan but may not be appropriate for valuing any other corporate loan. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 loans.

• Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both September 2025 and December 2024. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type.

• Loans are valued using discounted cash flows.

• The significant unobservable inputs for yield and duration related to real estate loans as of September 2025 did not have a range (and there was no weighted average), as each pertained to a single position. Therefore, such unobservable inputs are not included in the table above.

Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 loans.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Beginning balance			$	681		$	636					$	683		$	823
Net realized gains/(losses)			9			15						34			28
Net unrealized gains/(losses)			(7)			3						(2)			(20)
Purchases			18			17						90			99
Sales			(5)			(15)						(9)			(58)
Settlements			(69)			(51)						(201)			(259)
Transfers into level 3			69			49						102			43
Transfers out of level 3			(25)			(42)						(26)			(44)
Ending balance			$	671		$	612					$	671		$	612

In the table above:

• Changes in fair value are presented for loans that are classified in level 3 as of the end of the period.

• Net unrealized gains/(losses) relates to loans that were still held at period-end.

• Purchases includes originations and secondary purchases.

• Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a loan was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

The table below presents information, by loan type, for loans included in the summary table above.

			Three Months Ended September												Nine Months Ended September
$ in millions			2025						2024						2025						2024
Corporate
Beginning balance			$	412					$	284					$	403					$	344
Net realized gains/(losses)			1						7						5						9
Net unrealized gains/(losses)			(3)						3						4						(11)
Purchases			14						15						29						97
Sales			–						(4)						–						(4)
Settlements			(14)						(26)						(70)						(150)
Transfers into level 3			6						48						46						42
Transfers out of level 3			(25)						–						(26)						–
Ending balance			$	391					$	327					$	391					$	327
Real estate
Beginning balance			$	112					$	142					$	117					$	261
Net realized gains/(losses)			3						4						8						8
Net unrealized gains/(losses)			1						(2)						3						(5)
Purchases			–						2						3						1
Sales			(2)						(11)						(6)						(52)
Settlements			(12)						(11)						(23)						(89)
Transfers into level 3			–						1						–						1
Ending balance			$	102					$	125					$	102					$	125
Other collateralized
Beginning balance			$	132					$	146					$	135					$	136
Net realized gains/(losses)			3						1						14						4
Net unrealized gains/(losses)			(3)						–						(6)						(2)
Purchases			4						–						58						–
Sales			(3)						–						(2)						(1)
Settlements			(41)						(9)						(100)						(10)
Transfers into level 3			63						–						56						–
Transfers out of level 3			–						(11)						–						–
Ending balance			$	155					$	127					$	155					$	127
Other
Beginning balance			$	25					$	64					$	28					$	82
Net realized gains/(losses)			2						3						7						7
Net unrealized gains/(losses)			(2)						2						(3)						(2)
Purchases			–						–						–						1
Sales			–						–						(1)						(1)
Settlements			(2)						(5)						(8)						(10)
Transfers out of level 3			–						(31)						–						(44)
Ending balance			$	23					$	33					$	23					$	33

Level 3 Rollforward Commentary for the Three Months Ended September 2025. The net realized and unrealized gains on level 3 loans of $2 million (reflecting $9 million of net realized gains and $7 million of net unrealized losses) for the three months ended September 2025 included gains/(losses) of $(2) million reported in other principal transactions and $4 million reported in interest income.

The drivers of the net unrealized losses on level 3 loans for the three months ended September 2025 were not material.

The drivers of both transfers into and transfers out of level 3 loans during the three months ended September 2025 were not material.

29						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Level 3 Rollforward Commentary for the Nine Months Ended September 2025. The net realized and unrealized gains on level 3 loans of $32 million (reflecting $34 million of net realized gains and $2 million of net unrealized losses) for the nine months ended September 2025 included gains of $10 million reported in other principal transactions and $22 million reported in interest income.

The drivers of the net unrealized losses on level 3 loans for the nine months ended September 2025 were not material.

The drivers of both transfers into and transfers out of level 3 loans during the nine months ended September 2025 were not material.

Level 3 Rollforward Commentary for the Three Months Ended September 2024. The net realized and unrealized gains on level 3 loans of $18 million (reflecting $15 million of net realized gains and $3 million of net unrealized gains) for the three months ended September 2024 included gains of $9 million reported in other principal transactions and $9 million reported in interest income.

The drivers of the net unrealized gains on level 3 loans for the three months ended September 2024 were not material.

The drivers of both transfers into and transfers out of level 3 loans during the three months ended September 2024 were not material.

Level 3 Rollforward Commentary for the Nine Months Ended September 2024. The net realized and unrealized gains on level 3 loans of $8 million (reflecting $28 million of net realized gains and $20 million of net unrealized losses) for the nine months ended September 2024 included gains/(losses) of $(2) million reported in other principal transactions and $10 million reported in interest income.

The drivers of the net unrealized losses on level 3 loans for the nine months ended September 2024 were not material.

The drivers of both transfers into and transfers out of level 3 loans during the nine months ended September 2024 were not material.

Other Financial Assets and Liabilities

Fair Value by Level. The table below presents, by level within the fair value hierarchy, other financial assets and liabilities at fair value, substantially all of which are accounted for at fair value under the fair value option.

$ in millions			Level 1			Level 2			Level 3			Total
As of September 2025
Assets
Resale agreements			$	–		$	129,786		$	–		$	129,786
Securities borrowed			–			48,253			–			48,253
Customer and other receivables			–			122			–			122
Other assets			–			–			190			190
Total			$	–		$	178,161		$	190		$	178,351
Liabilities
Deposits			$	–		$	(79,947)		$	(3,199)		$	(83,146)
Repurchase agreements			–			(217,797)			–			(217,797)
Securities loaned			–			(12,837)			–			(12,837)
Other secured financings			–			(23,907)			(688)			(24,595)
Unsecured borrowings:
Short-term			–			(52,548)			(6,976)			(59,524)
Long-term			–			(96,597)			(15,328)			(111,925)
Other liabilities			–			(8)			(82)			(90)
Total			$	–		$	(483,641)		$	(26,273)		$	(509,914)
As of December 2024
Assets
Resale agreements			$	–		$	179,793		$	–		$	179,793
Securities borrowed			–			46,902			–			46,902
Customer and other receivables			–			23			–			23
Other assets			–			–			194			194
Total			$	–		$	226,718		$	194		$	226,912
Liabilities
Deposits			$	–		$	(41,810)		$	(3,045)		$	(44,855)
Repurchase agreements			–			(274,380)			–			(274,380)
Securities loaned			–			(10,246)			–			(10,246)
Other secured financings			–			(27,434)			(551)			(27,985)
Unsecured borrowings:
Short-term			–			(45,073)			(5,294)			(50,367)
Long-term			–			(75,810)			(13,379)			(89,189)
Other liabilities			–			(8)			(76)			(84)
Total			$	–		$	(474,761)		$	(22,345)		$	(497,106)

In the table above, assets are shown as positive amounts and liabilities are shown as negative amounts.

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of other financial assets and liabilities.

Goldman Sachs September 2025 Form 10-Q						30

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Significant Unobservable Inputs. See below for information about the significant unobservable inputs used to value level 3 other financial assets and liabilities at fair value as of both September 2025 and December 2024.

Other Secured Financings. The ranges and weighted averages of significant unobservable inputs used to value level 3 other secured financings are presented below. These ranges and weighted averages exclude unobservable inputs that are only relevant to a single instrument, and therefore are not meaningful.

As of September 2025:

• Yield: 5.5% to 20.5% (weighted average: 11.3%)

• Duration: 0.8 to 2.9 years (weighted average: 1.1 years)

• Volatility: 5.5% to 7.3% (weighted average: 7.3%)

As of December 2024:

• Yield: 3.8% to 12.3% (weighted average: 8.9%)

• Duration: 2.0 to 5.4 years (weighted average: 2.9 years)

Generally, increases in yield or duration or decreases in volatility, in isolation, would have resulted in a lower fair value measurement as of period-end. Due to the distinctive nature of each of level 3 other secured financings, the interrelationship of inputs is not necessarily uniform across such financings. See Note 11 for further information about other secured financings.

Deposits, Unsecured Borrowings and Other Assets and Liabilities. Substantially all of the firm’s deposits, unsecured short- and long-term borrowings, and other assets and liabilities that are classified in level 3 are hybrid financial instruments. As the significant unobservable inputs used to value hybrid financial instruments primarily relate to the embedded derivative component of these deposits, unsecured borrowings and other assets and liabilities, these unobservable inputs are incorporated in the firm’s derivative disclosures. See Note 12 for further information about other assets, Note 13 for further information about deposits, Note 14 for further information about unsecured borrowings and Note 15 for further information about other liabilities.

Level 3 Rollforward. The table below presents a summary of the changes in fair value for level 3 other financial assets and liabilities accounted for at fair value.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Assets
Beginning balance			$	198		$	174					$	194		$	187
Net unrealized gains/(losses)			(8)			9						(4)			7
Sales			–			–						–			(11)
Ending balance			$	190		$	183					$	190		$	183
Liabilities
Beginning balance			$	(25,706)		$	(22,118)					$	(22,345)		$	(24,275)
Net realized gains/(losses)			(114)			(96)						(201)			(161)
Net unrealized gains/(losses)			(875)			(1,351)						(1,804)			(830)
Issuances			(6,053)			(3,788)						(12,480)			(8,450)
Settlements			4,384			3,008						6,401			9,325
Transfers into level 3			(770)			(887)						(734)			(770)
Transfers out of level 3			2,861			2,773						4,890			2,702
Ending balance			$	(26,273)		$	(22,459)					$	(26,273)		$	(22,459)

In the table above:

• Changes in fair value are presented for all other financial assets and liabilities that are classified in level 3 as of the end of the period.

• Net unrealized gains/(losses) relates to other financial assets and liabilities that were still held at period-end.

• Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur. If a financial instrument was transferred to level 3 during a reporting period, its entire gain or loss for the period is classified in level 3.

• For level 3 other financial assets, increases are shown as positive amounts, while decreases are shown as negative amounts. For level 3 other financial liabilities, increases are shown as negative amounts, while decreases are shown as positive amounts.

• Level 3 other financial assets and liabilities are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses that are classified in level 3 can be partially offset by gains or losses attributable to level 1, 2 or 3 trading assets and liabilities. As a result, gains or losses included in the level 3 rollforward below do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

31						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information, by the consolidated balance sheet line items, for other financial liabilities included in the summary table above.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Deposits
Beginning balance			$	(3,010)		$	(2,904)					$	(3,045)		$	(2,737)
Net realized gains/(losses)			(1)			–						(4)			–
Net unrealized gains/(losses)			(202)			(83)						(260)			(157)
Issuances			(128)			(319)						(560)			(737)
Settlements			206			225						650			655
Transfers into level 3			(80)			–						(67)			(141)
Transfers out of level 3			16			121						87			157
Ending balance			$	(3,199)		$	(2,960)					$	(3,199)		$	(2,960)
Other secured financings
Beginning balance			$	(468)		$	(1,545)					$	(551)		$	(2,022)
Net realized gains/(losses)			4			(7)						4			(7)
Net unrealized gains/(losses)			(6)			(25)						(30)			13
Issuances			(129)			(33)						(103)			(60)
Settlements			53			906						109			1,478
Transfers into level 3			(142)			–						(142)			(106)
Transfers out of level 3			–			–						25			–
Ending balance			$	(688)		$	(704)					$	(688)		$	(704)
Unsecured short-term borrowings
Beginning balance			$	(7,113)		$	(4,554)					$	(5,294)		$	(5,589)
Net realized gains/(losses)			(43)			(33)						(54)			(5)
Net unrealized gains/(losses)			(160)			(162)						(399)			(231)
Issuances			(3,741)			(2,205)						(5,355)			(4,401)
Settlements			2,838			1,017						3,349			3,763
Transfers into level 3			(343)			(431)						(283)			(94)
Transfers out of level 3			1,586			833						1,060			1,022
Ending balance			$	(6,976)		$	(5,535)					$	(6,976)		$	(5,535)
Unsecured long-term borrowings
Beginning balance			$	(15,026)		$	(13,051)					$	(13,379)		$	(13,848)
Net realized gains/(losses)			(74)			(56)						(147)			(149)
Net unrealized gains/(losses)			(514)			(1,065)						(1,109)			(454)
Issuances			(2,055)			(1,231)						(6,462)			(3,252)
Settlements			1,287			860						2,293			3,429
Transfers into level 3			(205)			(456)						(242)			(429)
Transfers out of level 3			1,259			1,819						3,718			1,523
Ending balance			$	(15,328)		$	(13,180)					$	(15,328)		$	(13,180)
Other liabilities
Beginning balance			$	(89)		$	(64)					$	(76)		$	(79)
Net unrealized gains/(losses)			7			(16)						(6)			(1)
Ending balance			$	(82)		$	(80)					$	(82)		$	(80)

Level 3 Rollforward Commentary for the Three Months Ended September 2025. The net realized and unrealized losses on level 3 other financial liabilities of $989 million (reflecting $114 million of net realized losses and $875 million of net unrealized losses) for the three months ended September 2025 included losses of $757 million reported in market making and $38 million reported in other principal transactions in the consolidated statements of earnings, and $194 million reported in debt valuation adjustment in the consolidated statements of comprehensive income.

The net unrealized losses on level 3 other financial liabilities for the three months ended September 2025 primarily reflected losses on certain hybrid financial instruments included in unsecured long- and short-term borrowings and deposits (in each case, principally due to the impact of an increase in equity prices).

Transfers into level 3 other financial liabilities during the three months ended September 2025 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings from level 2 (principally due to reduced transparency of certain volatility inputs used to value these instruments) and transfers of certain other secured financings from level 2 (principally due to reduced transparency of certain yield and duration inputs used to value these instruments).

Transfers out of level 3 other financial liabilities during the three months ended September 2025 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings to level 2 (principally due to increased transparency of certain volatility inputs used to value these instruments).

Level 3 Rollforward Commentary for the Nine Months Ended September 2025. The net realized and unrealized losses on level 3 other financial liabilities of $2.01 billion (reflecting $201 million of net realized losses and $1.80 billion of net unrealized losses) for the nine months ended September 2025 included losses of $1.74 billion reported in market making and $89 million reported in other principal transactions in the consolidated statements of earnings, and $178 million reported in debt valuation adjustment in the consolidated statements of comprehensive income.

The net unrealized losses on level 3 other financial liabilities for the nine months ended September 2025 primarily reflected losses on certain hybrid financial instruments included in unsecured long- and short-term borrowings (principally due to the impact of an increase in equity prices and a decrease in interest rates).

Transfers into level 3 other financial liabilities during the nine months ended September 2025 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings from level 2 (principally due to reduced transparency of certain volatility inputs used to value these instruments) and transfers of certain other secured financings from level 2 (principally due to reduced transparency of certain yield and duration inputs used to value these instruments).

Transfers out of level 3 other financial liabilities during the nine months ended September 2025 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term borrowings to level 2 (principally due to increased transparency of certain credit spread and volatility inputs used to value these instruments) and transfers of certain hybrid financial instruments included in unsecured short-term borrowings to level 2 (principally due to increased transparency of certain volatility inputs used to value these instruments).

Goldman Sachs September 2025 Form 10-Q						32

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Level 3 Rollforward Commentary for the Three Months Ended September 2024. The net realized and unrealized losses on level 3 other financial liabilities of $1.45 billion (reflecting $96 million of net realized losses and $1.35 billion of net unrealized losses) for the three months ended September 2024 included losses of $1.32 billion reported in market making, $28 million reported in other principal transactions and $3 million reported in interest expense in the consolidated statements of earnings, and $94 million reported in debt valuation adjustment in the consolidated statements of comprehensive income.

The net unrealized losses on level 3 other financial liabilities for the three months ended September 2024 primarily reflected losses on certain hybrid financial instruments included in unsecured long-term borrowings (principally due to the impact of changes in foreign exchange rates, a decrease in interest rates and an increase in equity prices) and losses on certain hybrid financial instruments included in unsecured short-term borrowings (principally due to an increase in equity prices).

Transfers into level 3 other financial liabilities during the three months ended September 2024 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings from level 2 (principally due to reduced price transparency of certain volatility inputs used to value these instruments).

Transfers out of level 3 other financial liabilities during the three months ended September 2024 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term borrowings to level 2 (principally due to increased price transparency of certain credit spread and volatility inputs used to value these instruments) and transfers of certain hybrid financial instruments included in unsecured short-term borrowings to level 2 (principally due to increased price transparency of certain volatility inputs used to value these instruments).

Level 3 Rollforward Commentary for the Nine Months Ended September 2024. The net realized and unrealized losses on level 3 other financial liabilities of $991 million (reflecting $161 million of net realized losses and $830 million of net unrealized losses) for the nine months ended September 2024 included losses of $884 million reported in market making, $27 million reported in other principal transactions and $8 million reported in interest expense in the consolidated statements of earnings, and $72 million reported in debt valuation adjustment in the consolidated statements of comprehensive income.

The net unrealized losses on level 3 other financial liabilities for the nine months ended September 2024 primarily reflected losses on certain hybrid financial instruments included in unsecured long- and short-term borrowings (principally due to an increase in equity prices).

Transfers into level 3 other financial liabilities during the nine months ended September 2024 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term borrowings and deposits from level 2 (in each case, principally due to reduced price transparency of volatility inputs used to value these instruments) and transfers of certain other secured financings from level 2 (principally due to reduced price transparency of certain yield and duration inputs used to value these instruments).

Transfers out of level 3 other financial liabilities during the nine months ended September 2024 primarily reflected transfers of certain hybrid financial instruments included in unsecured long-term borrowings to level 2 (principally due to increased price transparency of certain volatility inputs used to value these instruments) and transfers of certain hybrid financial instruments included in unsecured short-term borrowings to level 2 (principally due to increased price transparency of certain volatility inputs used to value these instruments and certain unobservable inputs no longer being significant to the valuation of these instruments).

Note 6.

Trading Assets and Liabilities

Trading assets and liabilities include trading cash instruments and derivatives held in connection with the firm’s market-making or risk management activities. These assets and liabilities are carried at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are generally recognized in the consolidated statements of earnings.

The table below presents a summary of trading assets and liabilities.

			Trading						Trading
$ in millions			Assets						Liabilities
As of September 2025
Trading cash instruments			$	600,320					$	182,285
Derivatives			52,265						79,545
Total			$	652,585					$	261,830
As of December 2024
Trading cash instruments			$	523,216					$	127,575
Derivatives			47,339						74,980
Total			$	570,555					$	202,555

See Note 5 for further information about trading cash instruments and Note 7 for further information about derivatives.

33						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Gains and Losses from Market Making

The table below presents market making revenues by major product type.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025						2024						2025						2024
Interest rates			$	407					$	4,527					$	8,438					$	4,869
Credit			19						116						272						1,877
Currencies			697						(2,258)						(4,013)						1,615
Equities			1,947						1,639						7,967						5,053
Commodities			798						103						1,660						1,143
Total			$	3,868					$	4,127					$	14,324					$	14,557

In the table above:

• Gains/(losses) include both realized and unrealized gains and losses. Gains/(losses) exclude related interest income and interest expense. See Note 23 for further information about interest income and interest expense.

• Gains/(losses) included in market making are primarily related to the firm’s trading assets and liabilities, including both derivative and non-derivative financial instruments.

• Gains/(losses) are not representative of the manner in which the firm manages its business activities because many of the firm’s market-making and client facilitation strategies utilize financial instruments across various product types. Accordingly, gains or losses in one product type frequently offset gains or losses in other product types. For example, most of the firm’s longer-term derivatives across product types are sensitive to changes in interest rates and may be economically hedged with interest rate swaps. Similarly, a significant portion of the firm’s trading cash instruments and derivatives across product types has exposure to foreign currencies and may be economically hedged with foreign currency contracts.

Note 7.

Derivatives and Hedging Activities

Derivative Activities

Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), while others are bilateral contracts between two counterparties (bilateral OTC).

Market Making. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains market-making positions in response to, or in anticipation of, client demand.

Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and financing activities. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument basis. The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues. In addition, the firm may enter into derivatives designated as hedges under U.S. GAAP. These derivatives are used to manage interest rate exposure of certain fixed-rate unsecured borrowings and deposits and certain U.S. and non-U.S. government securities classified as available-for-sale, foreign exchange risk of certain available-for-sale securities, the net investment in certain non-U.S. operations and the exposure to the variability of the forecasted cash flows associated with certain floating-rate assets.

The firm enters into various types of derivatives, including:

• Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future.

• Swaps. Contracts that require counterparties to exchange cash flows, such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices.

• Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price.

Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting). Derivatives are accounted for at fair value, net of cash collateral received or posted under enforceable credit support agreements (cash collateral netting). Derivative assets are included in trading assets and derivative liabilities are included in trading liabilities. Realized and unrealized gains and losses on derivatives not designated as hedges are included in market making (for derivatives included in Fixed Income, Currency and Commodities (FICC) and Equities within Global Banking & Markets), and other principal transactions (for derivatives included in Investment banking fees and Other within Global Banking & Markets, as well as derivatives in Asset & Wealth Management) in the consolidated statements of earnings. For each of the three and nine months ended September 2025 and September 2024, substantially all of the firm’s derivatives were included in Global Banking & Markets.

Goldman Sachs September 2025 Form 10-Q						34

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The tables below present the gross fair value and the notional amounts of derivative contracts by major product type, the amounts of counterparty and cash collateral netting in the consolidated balance sheets, as well as cash and securities collateral posted and received under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP.

			Fair Value as of
			September									December
			2025									2024
$ in millions			Derivative Assets			Derivative Liabilities						Derivative Assets			Derivative Liabilities
Not accounted for as hedges
Exchange-traded			$	3,755		$	1,923					$	2,706		$	1,068
OTC-cleared			1,171			1,369						1,746			2,428
Bilateral OTC			153,081			116,605						152,083			121,515
Total interest rates			158,007			119,897						156,535			125,011
OTC-cleared			3,367			3,411						1,787			1,893
Bilateral OTC			10,670			10,989						9,650			8,137
Total credit			14,037			14,400						11,437			10,030
Exchange-traded			114			28						142			6
OTC-cleared			534			592						1,325			993
Bilateral OTC			76,073			76,021						112,838			113,608
Total currencies			76,721			76,641						114,305			114,607
Exchange-traded			6,127			6,253						5,563			5,917
OTC-cleared			504			693						558			650
Bilateral OTC			6,553			8,455						7,205			7,958
Total commodities			13,184			15,401						13,326			14,525
Exchange-traded			71,634			104,939						55,049			83,475
OTC-cleared			32			50						189			131
Bilateral OTC			39,059			64,163						24,941			44,900
Total equities			110,725			169,152						80,179			128,506
Subtotal			372,674			395,491						375,782			392,679
Accounted for as hedges
OTC-cleared			–			1						–			–
Bilateral OTC			180			7						201			8
Total interest rates			180			8						201			8
OTC-cleared			3			73						114			3
Bilateral OTC			3			216						255			5
Total currencies			6			289						369			8
Subtotal			186			297						570			16
Total gross fair value			$	372,860		$	395,788					$	376,352		$	392,695
Offset in the consolidated balance sheets
Exchange-traded			$	(73,913)		$	(73,913)					$	(57,776)		$	(57,776)
OTC-cleared			(5,492)			(5,492)						(4,867)			(4,867)
Bilateral OTC			(194,023)			(194,023)						(218,269)			(218,269)
Counterparty netting			(273,428)			(273,428)						(280,912)			(280,912)
OTC-cleared			(56)			(495)						(412)			(105)
Bilateral OTC			(47,111)			(42,320)						(47,689)			(36,698)
Cash collateral netting			(47,167)			(42,815)						(48,101)			(36,803)
Total amounts offset			$	(320,595)		$	(316,243)					$	(329,013)		$	(317,715)
Included in the consolidated balance sheets
Exchange-traded			$	7,717		$	39,230					$	5,684		$	32,690
OTC-cleared			63			202						440			1,126
Bilateral OTC			44,485			40,113						41,215			41,164
Total			$	52,265		$	79,545					$	47,339		$	74,980
Not offset in the consolidated balance sheets
Cash collateral			$	(714)		$	(1,442)					$	(600)		$	(1,271)
Securities collateral			(19,363)			(10,321)						(14,938)			(8,731)
Total			$	32,188		$	67,782					$	31,801		$	64,978

			Notional Amounts as of
			September			December
$ in millions			2025			2024
Not accounted for as hedges
Exchange-traded			$	2,102,243		$	2,332,117
OTC-cleared			18,934,073			12,571,690
Bilateral OTC			10,714,678			10,569,501
Total interest rates			31,750,994			25,473,308
Exchange-traded			108			322
OTC-cleared			1,137,889			660,181
Bilateral OTC			818,187			619,068
Total credit			1,956,184			1,279,571
Exchange-traded			10,968			9,264
OTC-cleared			567,994			429,858
Bilateral OTC			7,767,359			6,031,944
Total currencies			8,346,321			6,471,066
Exchange-traded			373,175			324,159
OTC-cleared			2,765			3,087
Bilateral OTC			194,150			183,174
Total commodities			570,090			510,420
Exchange-traded			2,408,560			1,868,855
OTC-cleared			1,223			1,475
Bilateral OTC			1,609,890			1,256,905
Total equities			4,019,673			3,127,235
Subtotal			46,643,262			36,861,600
Accounted for as hedges
OTC-cleared			287,753			246,765
Bilateral OTC			2,594			3,588
Total interest rates			290,347			250,353
OTC-cleared			5,627			5,041
Bilateral OTC			16,974			10,328
Total currencies			22,601			15,369
Subtotal			312,948			265,722
Total notional amounts			$	46,956,210		$	37,127,322

In the tables above:

• Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the firm’s exposure.

• Amounts presented for collateral not offset in the consolidated balance sheets consists of collateral received or posted in connection with OTC-cleared and bilateral OTC derivatives under enforceable credit support agreements that do not meet the criteria for netting under U.S. GAAP. In addition to collateral presented in the table above, the firm also posts or receives collateral in connection with its transactions with certain exchanges in accordance with the exchanges’ margin requirements. Such collateral may be calculated based on the firm’s total exposure to the respective exchange across all product types, including both derivative and non-derivative instruments. See Note 11 for further information.

• Total gross fair value of derivatives included derivative assets of $8.55 billion as of both September 2025 and December 2024, and derivative liabilities of $11.91 billion as of September 2025 and $10.84 billion as of December 2024, which are not subject to an enforceable netting agreement or are subject to a netting agreement that the firm has not yet determined to be enforceable. Collateral in connection with such derivatives has not been netted.

35						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the firm’s derivative activity and do not represent anticipated losses.

OTC Derivatives

The table below presents OTC derivative assets and liabilities by tenor and major product type.

$ in millions			Less than 1 Year			1 - 5 Years			Greater than 5 Years			Total
As of September 2025
Assets
Interest rates			$	3,119		$	9,751		$	52,354		$	65,224
Credit			730			2,972			2,501			6,203
Currencies			8,959			9,397			5,143			23,499
Commodities			1,743			1,619			458			3,820
Equities			8,271			3,766			1,884			13,921
Counterparty netting in tenors			(2,410)			(2,574)			(3,238)			(8,222)
Subtotal			$	20,412		$	24,931		$	59,102		$	104,445
Cross-tenor counterparty netting												(12,730)
Cash collateral netting												(47,167)
Total OTC derivative assets												$	44,548
Liabilities
Interest rates			$	3,789		$	8,784		$	16,193		$	28,766
Credit			2,052			2,666			1,847			6,565
Currencies			10,527			6,096			7,170			23,793
Commodities			3,180			1,981			751			5,912
Equities			16,314			18,745			3,987			39,046
Counterparty netting in tenors			(2,410)			(2,574)			(3,238)			(8,222)
Subtotal			$	33,452		$	35,698		$	26,710		$	95,860
Cross-tenor counterparty netting												(12,730)
Cash collateral netting												(42,815)
Total OTC derivative liabilities												$	40,315
As of December 2024
Assets
Interest rates			$	5,880		$	9,552		$	46,625		$	62,057
Credit			1,664			2,576			1,605			5,845
Currencies			17,249			8,280			5,387			30,916
Commodities			1,908			1,882			1,026			4,816
Equities			5,483			2,395			1,959			9,837
Counterparty netting in tenors			(2,681)			(2,683)			(4,271)			(9,635)
Subtotal			$	29,503		$	22,002		$	52,331		$	103,836
Cross-tenor counterparty netting												(14,080)
Cash collateral netting												(48,101)
Total OTC derivative assets												$	41,655
Liabilities
Interest rates			$	5,074		$	10,858		$	16,049		$	31,981
Credit			999			2,474			963			4,436
Currencies			12,931			9,645			8,417			30,993
Commodities			2,012			2,448			1,201			5,661
Equities			11,435			15,113			3,189			29,737
Counterparty netting in tenors			(2,681)			(2,683)			(4,271)			(9,635)
Subtotal			$	29,770		$	37,855		$	25,548		$	93,173
Cross-tenor counterparty netting												(14,080)
Cash collateral netting												(36,803)
Total OTC derivative liabilities												$	42,290

In the table above:

• Tenor is based on the remaining contractual maturity for substantially all OTC derivative assets and liabilities.

• Counterparty netting within the same product type and tenor category is included within such product type and tenor category.

• Counterparty netting across product types within the same tenor category is included in counterparty netting in tenors. Where the counterparty netting is across tenor categories, the netting is included in cross-tenor counterparty netting.

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of derivatives, and Note 5 for further information about derivatives within the fair value hierarchy.

Credit Derivatives

The firm enters into a broad array of credit derivatives to facilitate client transactions and to manage the credit risk associated with market-making and investing and financing activities. Credit derivatives are actively managed based on the firm’s net risk position. Credit derivatives are generally individually negotiated contracts and can have various settlement and payment conventions. Credit events include failure to pay, bankruptcy, acceleration of indebtedness, restructuring, repudiation and dissolution of the reference entity.

The firm enters into the following types of credit derivatives:

• Credit Default Swaps. Single-name credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations) in the event the issuer of the reference obligations suffers a credit event. The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer. If a credit event occurs, the seller of protection is required to make a payment to the buyer, calculated according to the terms of the contract.

• Credit Options. In a credit option, the option writer assumes the obligation to purchase or sell a reference obligation at a specified price or credit spread. The option purchaser buys the right, but does not assume the obligation, to sell the reference obligation to, or purchase it from, the option writer. The payments on credit options depend either on a particular credit spread or the price of the reference obligation.

Goldman Sachs September 2025 Form 10-Q						36

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Credit Indices, Baskets and Tranches. Credit derivatives may reference a basket of single-name credit default swaps or a broad-based index. If a credit event occurs in one of the underlying reference obligations, the protection seller pays the protection buyer. The payment is typically a pro-rata portion of the transaction’s total notional amount based on the underlying defaulted reference obligation. In certain transactions, the credit risk of a basket or index is separated into various portions (tranches), each having different levels of subordination. The most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches, any excess loss is covered by the next most senior tranche.

• Total Return Swaps. A total return swap transfers the risks relating to economic performance of a reference obligation from the protection buyer to the protection seller. Typically, the protection buyer receives a floating rate of interest and protection against any reduction in fair value of the reference obligation, and the protection seller receives the cash flows associated with the reference obligation, plus any increase in the fair value of the reference obligation.

The firm economically hedges its exposure to written credit derivatives primarily by entering into offsetting purchased credit derivatives with identical underliers. Substantially all of the firm’s purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds. In addition, upon the occurrence of a specified trigger event, the firm may take possession of the reference obligations underlying a particular written credit derivative, and consequently may, upon liquidation of the reference obligations, recover amounts on the underlying reference obligations in the event of default.

The table below presents information about credit derivatives.

			Credit Spread on Underlier (basis points)
$ in millions			0 - 250			251 - 500			501 - 1,000			Greater than 1,000			Total
As of September 2025
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year			$	208,030		$	13,672		$	527		$	2,734		$	224,963
1 - 5 years			539,744			22,374			7,174			6,185			575,477
Greater than 5 years			127,298			7,122			1,971			833			137,224
Total			$	875,072		$	43,168		$	9,672		$	9,752		$	937,664
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting			$	725,891		$	23,493		$	9,046		$	9,004		$	767,434
Other			227,590			20,310			1,882			1,304			251,086
Total			$	953,481		$	43,803		$	10,928		$	10,308		$	1,018,520
Fair Value of Written Credit Derivatives
Asset			$	8,694		$	1,291		$	276		$	56		$	10,317
Liability			893			601			359			948			2,801
Net asset/(liability)			$	7,801		$	690		$	(83)		$	(892)		$	7,516
As of December 2024
Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor
Less than 1 year			$	137,145		$	23,875		$	717		$	3,041		$	164,778
1 - 5 years			378,743			15,349			4,242			6,194			404,528
Greater than 5 years			29,196			2,457			471			64			32,188
Total			$	545,084		$	41,681		$	5,430		$	9,299		$	601,494
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting			$	463,919		$	20,691		$	4,781		$	8,264		$	497,655
Other			165,662			11,721			1,879			1,160			180,422
Total			$	629,581		$	32,412		$	6,660		$	9,424		$	678,077
Fair Value of Written Credit Derivatives
Asset			$	6,429		$	664		$	31		$	59		$	7,183
Liability			985			314			307			1,138			2,744
Net asset/(liability)			$	5,444		$	350		$	(276)		$	(1,079)		$	4,439

In the table above:

• Fair values exclude the effects of both netting of receivable balances with payable balances under enforceable netting agreements, and netting of cash received or posted under enforceable credit support agreements, and therefore are not representative of the firm’s credit exposure.

• Tenor is based on the remaining contractual maturity for substantially all written credit derivatives.

• The credit spread on the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The firm is less likely to pay or otherwise be required to perform where the credit spread and the tenor are lower.

• Offsetting purchased credit derivatives represent the notional amount of purchased credit derivatives that economically hedge written credit derivatives with identical underliers.

• Other purchased credit derivatives represent the notional amount of all other purchased credit derivatives not included in offsetting.

• Written and purchased credit derivatives primarily consist of credit default swaps.

37						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Impact of Credit and Funding Spreads on Derivatives

The firm realizes gains or losses on its derivative contracts. These gains or losses include credit valuation adjustments (CVAs) relating to uncollateralized derivative assets and liabilities, which represent the gains or losses (including hedges) attributable to the impact of changes in credit exposure, counterparty credit spreads, liability funding spreads (which include the firm’s own credit), probability of default and assumed recovery. These gains or losses also include funding valuation adjustments (FVA) relating to uncollateralized derivative assets, which represent the gains or losses (including hedges) attributable to the impact of changes in expected funding exposures and funding spreads.

The table below presents information about CVA and FVA.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
CVA, net of hedges			$	(49)		$	40					$	121		$	67
FVA, net of hedges			80			5						109			124
Total			$	31		$	45					$	230		$	191

Bifurcated Embedded Derivatives

The table below presents the fair value and the notional amount of derivatives that have been bifurcated from their related borrowings.

			As of
			September			December
$ in millions			2025			2024
Fair value of assets			$	423		$	467
Fair value of liabilities			(280)			(175)
Net asset/(liability)			$	143		$	292
Notional amount			$	8,261		$	8,106

In the table above, derivatives that have been bifurcated from their related borrowings are recorded at fair value and primarily consist of interest rate, equity and commodity products. These derivatives are included in unsecured short- and long-term borrowings, as well as other secured financings, with the related borrowings.

Derivatives with Credit-Related Contingent Features

Certain of the firm’s derivatives have been transacted under bilateral agreements with counterparties who may require the firm to post collateral or terminate the transactions based on changes in the firm’s credit ratings. The firm assesses the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies. A downgrade by any one rating agency, depending on the agency’s relative ratings of the firm at the time of the downgrade, may have an impact which is comparable to the impact of a downgrade by all rating agencies.

The table below presents information about net derivative liabilities under bilateral agreements (excluding collateral posted), the fair value of collateral posted and additional collateral or termination payments that could have been called by counterparties in the event of a one- or two-notch downgrade in the firm’s credit ratings.

			As of
			September			December
$ in millions			2025			2024
Net derivative liabilities under bilateral agreements			$	30,999		$	31,575
Collateral posted			$	22,521		$	20,262
Additional collateral or termination payments:
One-notch downgrade			$	186		$	315
Two-notch downgrade			$	1,427		$	1,200

Hedge Accounting

The firm applies hedge accounting for (i) interest rate swaps used to manage the interest rate exposure of certain fixed-rate unsecured long- and short-term borrowings, certain fixed-rate certificates of deposit and certain U.S. and non-U.S. government securities classified as available-for-sale, (ii) foreign currency forward contracts used to manage the foreign exchange risk of certain securities classified as available-for-sale, (iii) foreign currency forward contracts and foreign currency-denominated debt used to manage foreign exchange risk on the firm’s net investment in certain non-U.S. operations and (iv) interest rate swaps used to manage the variability of the forecasted cash flows associated with certain floating-rate assets.

To qualify for hedge accounting, the hedging instrument must be highly effective at reducing the risk from the exposure being hedged. Additionally, the firm must formally document the hedging relationship at inception and assess the hedging relationship at least on a quarterly basis to ensure the hedging instrument continues to be highly effective over the life of the hedging relationship.

Fair Value Hedges

The firm designates interest rate swaps as fair value hedges of certain fixed-rate unsecured long- and short-term debt and fixed-rate certificates of deposit and of certain U.S. and non-U.S. government securities classified as available-for-sale. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., Secured Overnight Financing Rate (SOFR), Overnight Index Swap Rate or Sterling Overnight Index Average), effectively converting a substantial portion of these fixed-rate financial instruments into floating-rate financial instruments.

The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of these hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the risk being hedged (i.e., interest rate risk). An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%.

Goldman Sachs September 2025 Form 10-Q						38

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

For qualifying interest rate fair value hedges, gains or losses on derivatives are included in interest income/expense. The change in fair value of the hedged items attributable to the risk being hedged is reported as an adjustment to its carrying value (hedging adjustment) and is also included in interest income/expense. When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized in interest income/expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense.

The table below presents the gains/(losses) from interest rate derivatives accounted for as hedges and the related hedged items.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Investments
Interest rate hedges			$	1		$	(744)					$	(605)		$	(540)
Hedged investments			7			744						638			542
Gains/(losses)			$	8		$	–					$	33		$	2
Borrowings and deposits
Interest rate hedges			$	390		$	4,867					$	3,488		$	2,941
Hedged borrowings and deposits			(480)			(4,948)						(3,725)			(3,208)
Gains/(losses)			$	(90)		$	(81)					$	(237)		$	(267)

The table below presents the carrying value of investments, deposits and unsecured borrowings that are designated in an interest rate hedging relationship and the related cumulative hedging adjustment (increase/(decrease)) from current and prior hedging relationships included in such carrying values.

$ in millions			Carrying Value			Cumulative Hedging Adjustment
As of September 2025
Assets
Investments			$	53,197		$	423
Liabilities
Deposits			$	1,106		$	(23)
Unsecured short-term borrowings			$	8,889		$	(59)
Unsecured long-term borrowings			$	138,216		$	(7,206)
As of December 2024
Assets
Investments			$	34,755		$	(279)
Liabilities
Deposits			$	1,840		$	(52)
Unsecured short-term borrowings			$	14,720		$	(113)
Unsecured long-term borrowings			$	130,161		$	(10,757)

In the table above:

• Cumulative hedging adjustment included $(5.24) billion as of September 2025 and $(5.81) billion as of December 2024 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings.

• The amortized cost of investments was $53.45 billion as of September 2025 and $35.29 billion as of December 2024.

In addition, cumulative hedging adjustments for items no longer designated in a hedging relationship were not material as of both September 2025 and December 2024.

The firm designates certain foreign currency forward contracts as fair value hedges of the foreign exchange risk of non-U.S. government securities classified as available-for-sale. See Note 8 for information about the amortized cost and fair value of such securities. The effectiveness of such hedges is assessed based on changes in spot rates. The gains/(losses) on the hedges (relating to both spot and forward points) and the foreign exchange gains/(losses) on the related available-for-sale securities are included in market making. The net gains/(losses) on hedges and the related hedged available-for-sale securities were $24 million (reflecting a gain of $125 million related to hedges and a loss of $101 million on the related hedged available-for-sale securities) for the three months ended September 2025 and were $19 million (reflecting a loss of $384 million related to hedges and a gain of $403 million on the related hedged available-for-sale securities) for the nine months ended September 2025. The net gains/(losses) on hedges and the related hedged available-for-sale securities were $14 million (reflecting a loss of $193 million related to hedges and a gain of $207 million on the related hedged available-for-sale securities) for the three months ended September 2024 and were $28 million (reflecting a loss of $165 million related to hedges and a gain of $193 million on the related hedged available-for-sale securities) for the nine months ended September 2024.

Net Investment Hedges

The firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investments in certain non-U.S. operations through the use of foreign currency forward contracts and foreign currency-denominated debt. For foreign currency forward contracts designated as hedges, the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts (i.e., based on changes in forward rates). For foreign currency-denominated debt designated as a hedge, the effectiveness of the hedge is assessed based on changes in spot rates. For qualifying net investment hedges, all gains or losses on the hedging instruments are included in currency translation.

The table below presents the gains/(losses) from net investment hedging.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Hedges:
Foreign currency forward contracts			$	90		$	(314)					$	(1,112)		$	193
Foreign currency-denominated debt			$	133		$	(1,010)					$	(2,630)		$	(41)

39						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Gains or losses on individual net investments in non-U.S. operations are reclassified from accumulated other comprehensive income/(loss) to earnings when such net investments are sold or substantially liquidated. The gross and net gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) were not material for each of the three and nine months ended September 2025 and September 2024.

The firm had designated $23.32 billion as of September 2025 and $22.10 billion as of December 2024 of foreign currency-denominated debt, included in unsecured long- and short-term borrowings, as hedges of net investments in non-U.S. subsidiaries.

Cash Flow Hedges

The firm designates certain interest rate swaps as cash flow hedges. These interest rate swaps hedge the firm’s exposure to the variability of the forecasted cash flows due to changes in the contractually specified interest rates associated with certain floating-rate assets.

The firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness. A cash flow hedge is considered highly effective in offsetting the variability of the forecasted cash flows attributable to the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%.

For qualifying cash flow hedges, the gains or losses on derivatives are included in “Cash flow hedges” within the consolidated statements of comprehensive income. Such gains or losses are reclassified to interest income/expense within the consolidated statements of earnings in the same period that the forecasted hedged cash flows impact earnings.

The gains/(losses) included within other comprehensive income/(loss) and the gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) related to cash flow hedges were not material for both the three and nine months ended September 2025 and are not expected to be material for the next 12 months. The maximum length of time over which the forecasted cash flows are hedged is approximately one year.

Note 8.

Investments

Investments includes debt securities classified as available-for-sale and held-to-maturity that are generally held in connection with the firm’s asset-liability management activities. In addition, investments includes equity securities and debt instruments that are accounted for at fair value and equity securities that are accounted for under the equity method that are generally held by the firm in connection with its long-term investing activities.

The table below presents information about investments.

			As of
			September			December
$ in millions			2025			2024
Available-for-sale securities, at fair value			$	103,962		$	79,458
Held-to-maturity securities			73,632			78,713
Equity securities, at fair value			14,114			13,832
Debt instruments, at fair value			11,100			11,452
Equity-method investments			949			1,059
Total other investments			26,163			26,343
Total investments			$	203,757		$	184,514

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of investments, and Note 5 for information about investments within the fair value hierarchy.

Available-for-Sale Securities, at Fair Value

Available-for-sale securities are accounted for at fair value, and the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss) unless designated in a fair value hedging relationship. See Note 7 for information about available-for-sale securities that are designated in a hedging relationship.

The table below presents information about available-for-sale securities by type and tenor.

$ in millions			Amortized Cost			Fair Value
As of September 2025
Less than 1 year			$	10,259		$	10,243
1 year to 5 years			79,470			79,676
5 years to 10 years			7,421			7,386
Total U.S. government obligations			97,150			97,305
1 year to 5 years			6,104			5,837
5 years to 10 years			851			820
Total non-U.S. government obligations			6,955			6,657
Total available-for-sale securities			$	104,105		$	103,962
As of December 2024
Less than 1 year			$	21,176		$	21,011
1 year to 5 years			48,564			47,931
5 years to 10 years			6,620			6,468
Total U.S. government obligations			76,360			75,410
1 year to 5 years			4,224			3,893
5 years to 10 years			193			155
Total non-U.S. government obligations			4,417			4,048
Total available-for-sale securities			$	80,777		$	79,458

In the table above:

• The weighted average yield for available-for-sale securities was 3.80% as of September 2025 and 3.29% as of December 2024. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. The effective interest rate considers the contractual coupon, the amortization of premiums and accretion of discounts, and excludes the effect of related hedges.

Goldman Sachs September 2025 Form 10-Q						40

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Substantially all available-for-sale securities were classified in level 1 of the fair value hierarchy.

• If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during each of the three and nine months ended September 2025 and September 2024. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during each of the three and nine months ended September 2025 and September 2024.

The table below presents information about available-for-sale securities in an unrealized loss position by aging category.

$ in millions			Less than 12 months			12 months or longer			Total
As of September 2025
Fair value:
U.S. government obligations			$	19,515		$	15,677		$	35,192
Non-U.S. government obligations			2,138			3,346			5,484
Total			$	21,653		$	19,023		$	40,676
Gross unrealized losses:
U.S. government obligations			$	(34)		$	(308)		$	(342)
Non-U.S. government obligations			(10)			(290)			(300)
Total			$	(44)		$	(598)		$	(642)
As of December 2024
Fair value:
U.S. government obligations			$	31,032		$	18,732		$	49,764
Non-U.S. government obligations			1,674			2,363			4,037
Total			$	32,706		$	21,095		$	53,801
Gross unrealized losses:
U.S. government obligations			$	(383)		$	(630)		$	(1,013)
Non-U.S. government obligations			(16)			(353)			(369)
Total			$	(399)		$	(983)		$	(1,382)

The gross unrealized gains included in accumulated other comprehensive income/(loss) for available-for-sale securities were $499 million as of September 2025 and were not material as of December 2024. Net unrealized gains included in other comprehensive income/(loss) for available-for-sale securities were $248 million ($185 million, net of tax) for the three months ended September 2025, $674 million ($504 million, net of tax) for the three months ended September 2024, $1.18 billion ($878 million, net of tax) for the nine months ended September 2025 and $1.03 billion ($766 million, net of tax) for the nine months ended September 2024.

The gross realized gains relating to the sales of available-for-sale securities were not material for each of the three and nine months ended September 2025 and September 2024. The gross realized losses relating to the sales of available-for-sale securities were not material for both the three months ended September 2025 and September 2024, $111 million for the nine months ended September 2025 and were not material for the nine months ended September 2024. The specific identification method is used to determine realized gains on available-for-sale securities.

Held-to-Maturity Securities

Held-to-maturity securities are accounted for at amortized cost.

The table below presents information about held-to-maturity securities by type and tenor.

$ in millions			Amortized Cost			Fair Value
As of September 2025
Less than 1 year			$	10,664		$	10,623
1 year to 5 years			37,023			37,254
Total government obligations			47,687			47,877
Greater than 10 years			25,766			25,992
Total U.S. agency obligations			25,766			25,992
Greater than 10 years			179			180
Total securities backed by real estate			179			180
Total held-to-maturity securities			$	73,632		$	74,049
As of December 2024
Less than 1 year			$	15,449		$	15,409
1 year to 5 years			42,420			41,939
Total government obligations			57,869			57,348
Greater than 10 years			20,637			20,482
Total U.S. agency obligations			20,637			20,482
1 year to 5 years			2			2
Greater than 10 years			205			206
Total securities backed by real estate			207			208
Total held-to-maturity securities			$	78,713		$	78,038

In the table above:

• Substantially all of the government obligations consist of U.S. government obligations.

• U.S. agency obligations consist of U.S. agency issued mortgage-backed securities.

• Substantially all of the securities backed by real estate consist of securities backed by residential real estate.

• As these securities are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these securities been included in the firm’s fair value hierarchy, government obligations would have been classified in level 1, U.S. agency obligations would have been classified in level 2 and securities backed by real estate would have been primarily classified in level 2 of the fair value hierarchy.

41						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• The weighted average yield for held-to-maturity securities was 4.23% as of September 2025 and 4.09% as of December 2024. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. The effective interest rate considers the contractual coupon and the amortization of premiums and accretion of discounts.

• The gross unrealized gains were $603 million as of September 2025 and $121 million as of December 2024. The gross unrealized losses were $186 million as of September 2025 and $796 million as of December 2024.

• Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during each of the three and nine months ended September 2025 and September 2024.

Equity Securities and Debt Instruments, at Fair Value

Equity securities and debt instruments, at fair value are accounted for at fair value either under the fair value option or in accordance with other U.S. GAAP, and the related fair value gains and losses are recognized in the consolidated statements of earnings.

Equity Securities, at Fair Value. Equity securities, at fair value consists of the firm’s public and private equity investments in corporate and real estate entities.

The table below presents information about equity securities, at fair value.

			As of
			September			December
$ in millions			2025			2024
Equity securities, at fair value			$	14,114		$	13,832
Equity Type
Public equity			3		%	6		%
Private equity			97		%	94		%
Total			100		%	100		%
Asset Class
Corporate			77		%	75		%
Real estate			23		%	25		%
Total			100		%	100		%

In the table above:

• Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.61 billion as of September 2025 and $5.04 billion as of December 2024. Gains/(losses) recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were not material for both the three months ended September 2025 and September 2024, $(97) million for the nine months ended September 2025 and $(107) million for the nine months ended September 2024. These gains/(losses) are included in other principal transactions.

• Equity securities, at fair value includes investments in private equity, real estate and hedge funds that are measured at NAV.

• Equity securities, at fair value subject to contractual sale restrictions were not material as of both September 2025 and December 2024.

Debt Instruments, at Fair Value. Debt instruments, at fair value primarily includes mezzanine, senior and distressed debt.

The table below presents information about debt instruments, at fair value.

			As of
			September			December
$ in millions			2025			2024
Corporate debt securities			$	7,208		$	7,276
Securities backed by real estate			416			569
Money market instruments			1,984			1,780
Other			1,492			1,827
Total			$	11,100		$	11,452

In the table above, money market instruments primarily consist of time deposits and other primarily includes investments in credit funds that are measured at NAV.

Investments in Funds at Net Asset Value Per Share. Equity securities and debt instruments, at fair value include investments in funds that are measured at NAV of the investment fund. The firm uses NAV to measure the fair value of fund investments when (i) the fund investment does not have a readily determinable fair value and (ii) the NAV of the investment fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the investments at fair value.

Substantially all of the firm’s investments in funds at NAV consist of investments in firm-sponsored private equity, credit, real estate and hedge funds where the firm co-invests with third-party investors.

Goldman Sachs September 2025 Form 10-Q						42

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Private equity funds primarily invest in a broad range of industries worldwide, including leveraged buyouts, recapitalizations, growth investments and distressed investments. Credit funds generally invest in loans and other fixed income instruments and are focused on providing private high-yield capital for leveraged and management buyout transactions, recapitalizations, financings, refinancings, acquisitions and restructurings for private equity firms, private family companies and corporate issuers. Real estate funds invest globally, primarily in real estate companies, loan portfolios, debt recapitalizations and property. Substantially all private equity, credit and real estate funds are closed-end funds in which the firm’s investments are generally not eligible for redemption. Distributions will be received from these funds as the underlying assets are liquidated or distributed, the timing of which is uncertain.

The firm also invests in hedge funds, primarily multi-disciplinary hedge funds that employ a fundamental bottom-up investment approach across various asset classes and strategies. The firm’s investments in hedge funds primarily include interests where the underlying assets are illiquid in nature, and proceeds from redemptions will not be received until the underlying assets are liquidated or distributed, the timing of which is uncertain.

The table below presents the fair value of investments in funds at NAV and the related unfunded commitments.

$ in millions			Fair Value of Investments			Unfunded Commitments
As of September 2025
Private equity funds			$	463		$	432
Credit funds			1,066			348
Hedge funds			30			–
Real estate funds			387			159
Total			$	1,946		$	939
As of December 2024
Private equity funds			$	881		$	432
Credit funds			1,281			364
Hedge funds			31			–
Real estate funds			354			159
Total			$	2,547		$	955

Note 9.

Loans

Loans includes (i) loans held for investment that are accounted for at amortized cost net of allowance for loan losses or at fair value under the fair value option and (ii) loans held for sale that are accounted for at the lower of cost or fair value. Interest on loans is recognized over the life of the loan and is recorded on an accrual basis.

The table below presents information about loans.

$ in millions			Amortized Cost			Fair Value			Held For Sale			Total
As of September 2025
Loan Type
Corporate			$	30,139		$	430		$	1,235		$	31,804
Commercial real estate			32,805			423			724			33,952
Residential real estate			26,702			3,445			–			30,147
Securities-based			18,469			–			–			18,469
Other collateralized			88,141			1,149			474			89,764
Credit cards			20,017			–			–			20,017
Other			2,614			51			69			2,734
Total loans, gross			218,887			5,498			2,502			226,887
Allowance for loan losses			(4,508)			–			–			(4,508)
Total loans			$	214,379		$	5,498		$	2,502		$	222,379
As of December 2024
Loan Type
Corporate			$	28,689		$	467		$	816		$	29,972
Commercial real estate			28,899			424			466			29,789
Residential real estate			22,243			3,726			–			25,969
Securities-based			16,477			–			–			16,477
Other collateralized			74,008			783			316			75,107
Credit cards			19,615			–			1,788			21,403
Other			1,950			60			139			2,149
Total loans, gross			191,881			5,460			3,525			200,866
Allowance for loan losses			(4,666)			–			–			(4,666)
Total loans			$	187,215		$	5,460		$	3,525		$	196,200

Beginning in the first quarter of 2025, as a result of a decrease in the balance of installment loans (due to the sales of GreenSky and the seller financing loan portfolio in 2024), the remaining installment loans originated by the firm are included in other loans. Previously, such loans were disclosed separately in the table above. The carrying value of installment loans was $30 million as of September 2025 and $70 million as of December 2024. Prior period amounts have been conformed to the current presentation.

In the table above:

• Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both September 2025 and December 2024.

• Substantially all loans had floating interest rates as of both September 2025 and December 2024.

• During 2024, the firm sold the seller financing loan portfolio. The net carrying value of such loans at the time of the sale was not material.

• During 2024, the firm completed the sale of the GreenSky loan portfolio of $3.69 billion.

43						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Credit cards accounted for as held for sale consisted of the GM co-branded credit card portfolio as of December 2024. During the third quarter of 2025, the firm sold the GM credit card program to another issuer. The net carrying value of this loan portfolio at the time of the sale was $1.54 billion.

The following is a description of the loan types in the table above:

• Corporate. Corporate loans includes term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating and general corporate purposes, or in connection with acquisitions. Corporate loans are secured (typically by a senior lien on the assets of the borrower) or unsecured, depending on the loan purpose, the risk profile of the borrower and other factors.

• Commercial Real Estate. Commercial real estate loans includes originated loans that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate loans also includes loans extended to clients who warehouse assets that are directly or indirectly backed by commercial real estate. In addition, commercial real estate includes loans purchased by the firm.

• Residential Real Estate. Residential real estate loans primarily includes loans extended to wealth management clients and to clients who warehouse assets that are directly or indirectly secured by residential real estate. In addition, residential real estate includes loans purchased by the firm.

• Securities-Based. Securities-based loans includes loans that are secured by stocks, bonds, mutual funds, and exchange-traded funds. These loans are primarily extended to the firm’s wealth management clients and used for purposes other than purchasing, carrying or trading margin stocks. Securities-based loans require borrowers to post additional collateral on a daily basis (daily margin requirement) based on changes in the underlying collateral’s fair value.

• Other Collateralized.** Other collateralized loans includes loans that are backed by specific collateral (other than securities-based loans where there is a daily margin requirement and real estate loans). Such loans include loans to investment funds (managed by third parties) that are collateralized by capital commitments of the funds’ investors or assets held by the fund. Other collateralized loans also includes loans extended to clients who warehouse assets (that are directly or indirectly secured by corporate loans, consumer loans and other assets), as well as other secured loans extended to the firm’s wealth management and corporate clients.

• Credit Cards. Credit card loans are loans made pursuant to revolving lines of credit issued to consumers by the firm.

• Other. Other loans primarily includes unsecured loans extended to wealth management clients and unsecured consumer loans purchased by the firm.

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of loans, and Note 5 for information about loans within the fair value hierarchy.

Credit Quality

Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by Risk. For corporate loans and a majority of securities-based, real estate, other collateralized and other loans, the firm performs credit analyses which incorporate initial and ongoing evaluations of the capacity and willingness of a borrower to meet its financial obligations. These credit evaluations are performed on an annual basis or more frequently if deemed necessary as a result of events or changes in circumstances. The firm determines an internal credit rating for the borrower by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. For collateralized loans, the firm also takes into consideration collateral received or other credit support arrangements when determining an internal credit rating. For credit card loans and for loans that are not assigned an internal credit rating, including U.S. residential mortgage loans extended to wealth management clients, the firm reviews certain key metrics, including, but not limited to, the Fair Isaac Corporation (FICO) credit scores, loan to value ratios, delinquency status, collateral value and other risk factors.

Goldman Sachs September 2025 Form 10-Q						44

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents gross loans by an internally determined public rating agency equivalent or other credit metrics and the concentration of secured and unsecured loans.

$ in millions			Investment-Grade			Non-Investment- Grade			Other Metrics/Unrated			Total
As of September 2025
Accounting Method
Amortized cost			$	133,188		$	50,735		$	34,964		$	218,887
Fair value			722			1,448			3,328			5,498
Held for sale			930			1,529			43			2,502
Total			$	134,840		$	53,712		$	38,335		$	226,887
Loan Type
Corporate			$	9,155		$	22,649		$	–		$	31,804
Real estate:
Commercial			21,974			11,978			–			33,952
Residential			14,071			3,028			13,048			30,147
Securities-based			13,884			418			4,167			18,469
Other collateralized			73,321			15,421			1,022			89,764
Credit cards			–			–			20,017			20,017
Other			2,435			218			81			2,734
Total			$	134,840		$	53,712		$	38,335		$	226,887
Secured			94		%	91		%	47		%	85		%
Unsecured			6		%	9		%	53		%	15		%
Total			100		%	100		%	100		%	100		%
As of December 2024
Accounting Method
Amortized cost			$	113,986		$	45,595		$	32,300		$	191,881
Fair value			505			856			4,099			5,460
Held for sale			869			745			1,911			3,525
Total			$	115,360		$	47,196		$	38,310		$	200,866
Loan Type
Corporate			$	8,601		$	21,370		$	1		$	29,972
Real estate:
Commercial			18,175			11,514			100			29,789
Residential			10,227			3,375			12,367			25,969
Securities-based			12,662			320			3,495			16,477
Other collateralized			63,896			10,442			769			75,107
Credit cards			–			–			21,403			21,403
Other			1,799			175			175			2,149
Total			$	115,360		$	47,196		$	38,310		$	200,866
Secured			93		%	90		%	43		%	83		%
Unsecured			7		%	10		%	57		%	17		%
Total			100		%	100		%	100		%	100		%

In the table above:

• Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both September 2025 and December 2024, substantially all of such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both September 2025 and December 2024, the vast majority of such loans had a FICO credit score of greater than 740.

• The vast majority of securities-based loans included in the other metrics/unrated category had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms as of both September 2025 and December 2024.

• For credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about credit card loans by FICO credit scores.

The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 95% of loans as of September 2025 and 93% of loans as of December 2024 that were rated pass/non-criticized.

45						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Vintage. The tables below present gross loans accounted for at amortized cost (excluding credit card loans) by an internally determined public rating agency equivalent or other credit metrics and origination year for term loans.

			As of September 2025
$ in millions			Investment- Grade			Non-Investment- Grade			Other Metrics/ Unrated			Total
2025			$	985		$	3,127		$	–		$	4,112
2024			1,236			1,724			–			2,960
2023			560			916			–			1,476
2022			1,031			1,186			–			2,217
2021			131			1,830			–			1,961
2020 or earlier			520			1,963			–			2,483
Revolving			4,354			10,490			–			14,844
Revolving converted to term			–			86			–			86
Corporate			8,817			21,322			–			30,139
2025			2,335			1,993			–			4,328
2024			3,223			1,472			–			4,695
2023			1,003			900			–			1,903
2022			799			1,374			–			2,173
2021			405			1,741			–			2,146
2020 or earlier			864			1,324			–			2,188
Revolving			12,509			2,526			–			15,035
Revolving converted to term			201			136			–			337
Commercial real estate			21,339			11,466			–			32,805
2025			900			303			1,766			2,969
2024			883			42			1,526			2,451
2023			102			99			1,270			1,471
2022			86			42			2,411			2,539
2021			19			107			2,476			2,602
2020 or earlier			–			19			315			334
Revolving			11,920			2,416			–			14,336
Residential real estate			13,910			3,028			9,764			26,702
2025			5			–			–			5
2024			1,964			39			–			2,003
2023			38			–			–			38
2022			5			–			–			5
Revolving			11,872			379			4,167			16,418
Securities-based			13,884			418			4,167			18,469
2025			4,966			3,165			124			8,255
2024			4,231			2,596			86			6,913
2023			3,065			819			101			3,985
2022			885			122			29			1,036
2021			441			692			53			1,186
2020 or earlier			636			64			46			746
Revolving			58,035			6,825			577			65,437
Revolving converted to term			581			2			–			583
Other collateralized			72,840			14,285			1,016			88,141
2025			564			43			–			607
2024			256			31			–			287
2023			81			13			–			94
2022			30			1			–			31
2021			17			–			–			17
2020 or earlier			–			3			–			3
Revolving			1,450			125			–			1,575
Other			2,398			216			–			2,614
Total			$	133,188		$	50,735		$	14,947		$	198,870
Percentage of total			67		%	26		%	7		%	100		%

			As of December 2024
$ in millions			Investment- Grade			Non-Investment- Grade			Other Metrics/ Unrated			Total
2024			$	1,447		$	2,545		$	–		$	3,992
2023			1,522			1,446			–			2,968
2022			727			2,084			1			2,812
2021			215			2,244			–			2,459
2020			102			1,287			–			1,389
2019 or earlier			376			1,910			–			2,286
Revolving			4,001			8,696			–			12,697
Revolving converted to term			–			86			–			86
Corporate			8,390			20,298			1			28,689
2024			2,988			1,669			27			4,684
2023			1,079			1,252			–			2,331
2022			1,018			1,664			–			2,682
2021			624			1,901			–			2,525
2020			273			766			–			1,039
2019 or earlier			972			738			18			1,728
Revolving			10,355			2,944			5			13,304
Revolving converted to term			201			405			–			606
Commercial real estate			17,510			11,339			50			28,899
2024			713			584			1,746			3,043
2023			224			9			1,414			1,647
2022			87			46			2,537			2,670
2021			21			122			2,598			2,741
2020			–			6			41			47
2019 or earlier			–			19			306			325
Revolving			9,182			2,588			–			11,770
Residential real estate			10,227			3,374			8,642			22,243
2024			1,528			78			16			1,622
2023			35			–			–			35
2022			5			–			–			5
2019 or earlier			–			22			–			22
Revolving			11,094			220			3,479			14,793
Securities-based			12,662			320			3,495			16,477
2024			5,033			2,009			151			7,193
2023			3,816			1,279			150			5,245
2022			910			144			42			1,096
2021			546			739			72			1,357
2020			854			566			26			1,446
2019 or earlier			196			45			25			266
Revolving			51,373			5,211			15			56,599
Revolving converted to term			710			96			–			806
Other collateralized			63,438			10,089			481			74,008
2024			257			73			–			330
2023			113			10			–			123
2022			36			6			–			42
2021			16			–			16			32
2020			–			2			–			2
Revolving			1,337			84			–			1,421
Other			1,759			175			16			1,950
Total			$	113,986		$	45,595		$	12,685		$	172,266
Percentage of total			66		%	27		%	7		%	100		%

Goldman Sachs September 2025 Form 10-Q						46

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents gross credit card loans (which consist of revolving lines of credit) accounted for at amortized cost by refreshed FICO credit scores.

			As of
$ in millions			September 2025						December 2024
Refreshed FICO credit score
Greater than or equal to 660			$	13,251		66		%	$	13,090		67		%
Less than 660			6,766			34		%	6,525			33		%
Total			$	20,017		100		%	$	19,615		100		%

Credit Concentrations. The table below presents the concentration of gross loans by region.

$ in millions			Carrying Value			Americas			EMEA			Asia			Total
As of September 2025
Corporate			$	31,804		65		%	26		%	9		%	100		%
Commercial real estate			33,952			76		%	19		%	5		%	100		%
Residential real estate			30,147			93		%	5		%	2		%	100		%
Securities-based			18,469			75		%	25		%	–			100		%
Other collateralized			89,764			81		%	17		%	2		%	100		%
Credit cards			20,017			100		%	–			–			100		%
Other			2,734			97		%	3		%	–			100		%
Total			$	226,887		81		%	16		%	3		%	100		%
As of December 2024
Corporate			$	29,972		66		%	26		%	8		%	100		%
Commercial real estate			29,789			78		%	18		%	4		%	100		%
Residential real estate			25,969			94		%	5		%	1		%	100		%
Securities-based			16,477			76		%	24		%	–			100		%
Other collateralized			75,107			86		%	12		%	2		%	100		%
Credit cards			21,403			100		%	–			–			100		%
Other			2,149			96		%	4		%	–			100		%
Total			$	200,866		83		%	14		%	3		%	100		%

In the table above:

• EMEA represents Europe, Middle East and Africa.

• The top five industry concentrations for corporate loans as of September 2025 were 26% for technology, media & telecommunications, 18% for diversified industrials, 14% for real estate, 10% for consumer & retail and 9% for financial institutions.

• The top five industry concentrations for corporate loans as of December 2024 were 24% for technology, media & telecommunications, 16% for diversified industrials, 14% for real estate, 9% for financial institutions and 9% for healthcare.

Nonaccrual, Past Due and Modified Loans. Loans accounted for at amortized cost (other than credit card loans) are placed on nonaccrual status when it is probable that the firm will not collect all principal and interest due under the contractual terms, regardless of the delinquency status or if a loan is past due for 90 days or more, unless the loan is both well collateralized and in the process of collection. At that time, all accrued but uncollected interest is reversed against interest income and interest subsequently collected is recognized on a cash basis to the extent the loan balance is deemed collectible. Otherwise, all cash received is used to reduce the outstanding loan balance. A loan is considered past due when a principal or interest payment has not been made according to its contractual terms. Credit card loans are not placed on nonaccrual status and accrue interest until the loan is paid in full or is charged off.

The table below presents information about past due loans.

$ in millions			30-89 days			90 days or more			Total
As of September 2025
Corporate			$	60		$	83		$	143
Commercial real estate			24			294			318
Residential real estate			23			20			43
Securities-based			7			–			7
Other collateralized			58			10			68
Credit cards			427			421			848
Other			–			13			13
Total			$	599		$	841		$	1,440
Total divided by gross loans at amortized cost									0.7		%
As of December 2024
Corporate			$	–		$	15		$	15
Commercial real estate			186			286			472
Residential real estate			3			18			21
Securities-based			6			–			6
Other collateralized			–			5			5
Credit cards			417			456			873
Total			$	612		$	780		$	1,392
Total divided by gross loans at amortized cost									0.7		%

47						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about nonaccrual loans.

			As of
			September			December
$ in millions			2025			2024
Corporate			$	1,863		$	1,977
Commercial real estate			1,095			800
Residential real estate			90			104
Securities-based			–			2
Other collateralized			126			757
Other			25			12
Total			$	3,199		$	3,652
Total divided by gross loans at amortized cost			1.5		%	1.9		%

In the table above:

• Nonaccrual loans included $126 million as of September 2025 and $322 million as of December 2024 of loans that were 30 days or more past due.

• Loans that were 90 days or more past due and still accruing were not material as of both September 2025 and December 2024.

• Allowance for loan losses as a percentage of total nonaccrual loans was 140.9% as of September 2025 and 127.8% as of December 2024.

• Commercial real estate, residential real estate, securities-based and other collateralized loans are collateral dependent loans and the repayment of such loans is generally expected to be provided by the operation or sale of the underlying collateral. The allowance for credit losses for such nonaccrual loans is determined by considering the fair value of the collateral less estimated costs to sell, if applicable. See Note 4 for further information about fair value measurements.

The firm may modify the terms of a loan agreement for a borrower experiencing financial difficulty. Such modifications may include, among other things, forbearance of interest or principal, payment extensions or interest rate reductions.

The table below presents the carrying value of loans, as of both September 2025 and September 2024, that were modified during each of the three and nine months ended September 2025 and September 2024.

			Three Months												Nine Months
			Ended September												Ended September
$ in millions			2025			2024									2025			2024
Modified loans			$	366		$	500								$	788		$	1,115

In the table above:

• Loan modifications during each of the three and nine months ended September 2025 and September 2024 were primarily in the form of term and payment extensions. The impact of these modifications was not material for each of the three and nine months ended September 2025 and September 2024.

• Substantially all of the modified loans were related to corporate loans, commercial real estate loans and credit cards. Such modified loans represented less than 2% of corporate loans (at amortized cost), and approximately 1% of both commercial real estate loans (at amortized cost) and credit card loans (at amortized cost).

• Lending commitments related to modified loans were $168 million as of September 2025 and were $132 million as of September 2024.

• During both the nine months ended September 2025 and September 2024, loans that defaulted after being modified were not material. Substantially all of the modified loans were performing in accordance with the modified contractual terms as of both September 2025 and September 2024.

Goldman Sachs September 2025 Form 10-Q						48

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Allowance for Credit Losses

The firm’s allowance for credit losses consists of the allowance for losses on loans and lending commitments accounted for at amortized cost. Loans and lending commitments accounted for at fair value or accounted for at the lower of cost or fair value are not subject to an allowance for credit losses.

To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics.

The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loans and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include multiple economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale and consumer portfolios described below. The firm applies judgment in weighing individual scenarios each quarter based on a variety of factors, including the firm’s internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends.

The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. The qualitative factors considered by management include, among others, changes and trends in loan portfolios, uncertainties associated with the macroeconomic and geopolitical environments, credit concentrations, changes in volume and severity of past due and criticized loans, idiosyncratic events and deterioration within an industry or region.

Management’s estimate of credit losses entails judgment about the expected life of the loan and loan collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves senior management within Risk and Controllers. Personnel within Risk are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While management uses the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used.

The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio.

			As of
			September 2025									December 2024
$ in millions			Loans			Lending Commitments						Loans			Lending Commitments
Wholesale
Corporate			$	30,139		$	178,529					$	28,689		$	156,562
Commercial real estate			32,805			7,151						28,899			4,969
Residential real estate			26,702			2,451						22,243			1,742
Securities-based			18,469			766						16,477			1,542
Other collateralized			88,141			42,435						74,008			33,136
Other			2,614			1,127						1,950			872
Consumer
Credit cards			20,017			70,187						19,615			63,781
Total			$	218,887		$	302,646					$	191,881		$	262,604

In the table above, wholesale loans included $3.20 billion as of September 2025 and $3.65 billion as of December 2024 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $831 million as of September 2025 and $735 million as of December 2024. These loans included $636 million as of September 2025 and $585 million as of December 2024 of loans which did not require a reserve as the loan was deemed to be recoverable.

See Note 18 for further information about lending commitments.

49						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The following is a description of the methodology used to calculate the allowance for credit losses:

Wholesale. The allowance for credit losses for wholesale loans and lending commitments that exhibit similar risk characteristics is measured using a modeled approach. These models determine the probability of default and loss given default based on various risk factors, including internal credit ratings, industry default and loss data, expected life, macroeconomic indicators, the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. For lending commitments, the methodology also considers the probability of drawdowns or funding. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. The most significant inputs to the forecast model for wholesale loans and lending commitments include unemployment rates, GDP, credit spreads, commercial and industrial delinquency rates, short- and long-term interest rates, and oil prices.

The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or, in the case of collateral dependent loans, the fair value of the collateral less estimated costs to sell, if applicable. Wholesale loans are charged off against the allowance for loan losses when such loans are determined to be uncollectible. Such determination is based on several factors, which may include the expected outcome of loan restructuring efforts and the valuation of the underlying collateral.

Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm does not recognize an allowance for credit losses on credit card lending commitments as they are cancellable by the firm.

Credit card loans are charged off when they are 180 days past due.

Allowance for Credit Losses Rollforward

The table below presents information about the allowance for credit losses.

$ in millions			Wholesale			Consumer			Total
Three Months Ended September 2025
Allowance for loan losses
Beginning balance			$	2,070		$	2,467		$	4,537
Charge-offs			(50)			(320)			(370)
Recoveries			21			45			66
Net (charge-offs)/recoveries			(29)			(275)			(304)
Provision			7			286			293
Other			(18)			–			(18)
Ending balance			$	2,030		$	2,478		$	4,508
Allowance ratio			1.0		%	12.4		%	2.1		%
Net charge-off ratio			0.1		%	5.6		%	0.6		%
Allowance for losses on lending commitments
Beginning balance			$	749		$	–		$	749
Provision			49			–			49
Other			2			–			2
Ending balance			$	800		$	–		$	800
Three Months Ended September 2024
Allowance for loan losses
Beginning balance			$	2,420		$	2,388		$	4,808
Charge-offs			(61)			(337)			(398)
Recoveries			72			27			99
Net (charge-offs)/recoveries			11			(310)			(299)
Provision			(97)			452			355
Other			(32)			(80)			(112)
Ending balance			$	2,302		$	2,450		$	4,752
Allowance ratio			1.4		%	13.5		%	2.5		%
Net charge-off ratio			–			6.9		%	0.7		%
Allowance for losses on lending commitments
Beginning balance			$	652		$	–		$	652
Provision			44			–			44
Other			1			–			1
Ending balance			$	697		$	–		$	697
Nine Months Ended September 2025
Allowance for loan losses
Beginning balance			$	2,099		$	2,567		$	4,666
Charge-offs			(116)			(1,006)			(1,122)
Recoveries			31			121			152
Net (charge-offs)/recoveries			(85)			(885)			(970)
Provision			108			796			904
Other			(92)			–			(92)
Ending balance			$	2,030		$	2,478		$	4,508
Allowance ratio			1.0		%	12.4		%	2.1		%
Net charge-off ratio			0.1		%	6.1		%	0.6		%
Allowance for losses on lending commitments
Beginning balance			$	674		$	–		$	674
Provision			121			–			121
Other			5			–			5
Ending balance			$	800		$	–		$	800
Nine Months Ended September 2024
Allowance for loan losses
Beginning balance			$	2,576		$	2,474		$	5,050
Charge-offs			(117)			(1,110)			(1,227)
Recoveries			114			75			189
Net (charge-offs)/recoveries			(3)			(1,035)			(1,038)
Provision			(212)			1,091			879
Other			(59)			(80)			(139)
Ending balance			$	2,302		$	2,450		$	4,752
Allowance ratio			1.4		%	13.5		%	2.5		%
Net charge-off ratio			–			7.9		%	0.8		%
Allowance for losses on lending commitments
Beginning balance			$	620		$	–		$	620
Provision			76			–			76
Other			1			–			1
Ending balance			$	697		$	–		$	697

Goldman Sachs September 2025 Form 10-Q						50

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

• Other (within allowance for loan losses) primarily represented the reduction to the allowance related to loans transferred to held for sale.

• The allowance ratio is calculated by dividing the allowance for loan losses by gross loans accounted for at amortized cost.

• The net charge-off ratio is calculated by dividing annualized net (charge-offs)/recoveries by average gross loans accounted for at amortized cost.

Forecast Model Inputs as of September 2025

When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, favorable and adverse economic scenarios. As of September 2025, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios.

The table below presents the forecasted U.S. unemployment and U.S. GDP growth rates used in the baseline economic scenario of the forecast model.

As of September 2025
U.S. unemployment rate
Forecast for the quarter ended:
December 2025			4.7		%
June 2026			4.6		%
December 2026			4.4		%
U.S. GDP rate
Forecast for the year:
2025			1.7		%
2026			1.4		%
2027			1.8		%

In the table above:

• U.S. unemployment rate represents the rate forecasted as of the respective quarter-end.

• U.S. GDP rate represents the year-over-year growth rate forecasted for the respective years.

The adverse economic scenario of the forecast model reflects a global recession, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at 7.4% (during the fourth quarter of 2026) and the maximum decline in quarterly U.S. GDP relative to the third quarter of 2025 is 3.0% (which occurs during the third quarter of 2026).

In the multi-scenario forecast, the weighted average peak U.S. unemployment rate is 5.4% (during the fourth quarter of 2026) and the largest difference in quarterly U.S. GDP between the baseline scenario and the weighted average is 1.5% (which occurs during the first quarter of 2027).

While the U.S. unemployment and U.S. GDP growth rates are significant inputs to the forecast model, the model contemplates a variety of other inputs across a range of scenarios to provide a forecast of future economic conditions. Given the complex nature of the forecasting process, no single economic variable can be viewed in isolation and independently of other inputs.

Allowance for Credit Losses Commentary

Three Months Ended September 2025. The allowance for credit losses as of September 2025 was essentially unchanged compared with June 2025.

Nine Months Ended September 2025. The allowance for credit losses as of September 2025 was essentially unchanged compared with December 2024.

Charge-offs for the nine months ended September 2025 for wholesale loans were primarily related to corporate loans (principally related to term loans originated in 2021).

Three Months Ended September 2024. The allowance for credit losses decreased by $11 million during the three months ended September 2024, reflecting a reserve release relating to recoveries on previously impaired loans in the wholesale portfolio and a reserve reduction associated with the transfer of the seller financing loan portfolio to held for sale, partially offset by growth in the credit card portfolio.

Charge-offs for the three months ended September 2024 for wholesale loans were not material and charge-offs for consumer loans were related to credit cards.

Nine Months Ended September 2024. The allowance for credit losses decreased by $221 million during the nine months ended September 2024, primarily reflecting a reserve release relating to the wholesale portfolio.

Charge-offs for the nine months ended September 2024 for wholesale loans were primarily related to corporate loans (principally related to term loans originated in 2022) and charge-offs for consumer loans were primarily related to credit cards.

51						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Estimated Fair Value

The table below presents the estimated fair value of loans that are not accounted for at fair value and in what level of the fair value hierarchy they would have been classified if they had been included in the firm’s fair value hierarchy.

			Carrying Value						Estimated Fair Value
$ in millions						Level 2			Level 3			Total
As of September 2025
Amortized cost			$	214,379					$	110,254		$	106,095		$	216,349
Held for sale			$	2,502					$	1,772		$	758		$	2,530
As of December 2024
Amortized cost			$	187,215					$	99,790		$	89,540		$	189,330
Held for sale			$	3,525					$	2,928		$	600		$	3,528

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of loans, and Note 5 for information about loans within the fair value hierarchy.

Note 10.

Fair Value Option

Other Financial Assets and Liabilities at Fair Value

In addition to trading assets and liabilities, and certain investments and loans, the firm accounts for certain of its other financial assets and liabilities at fair value, substantially all under the fair value option. The primary reasons for electing the fair value option are to:

• Reflect economic events in earnings on a timely basis;

• Mitigate volatility in earnings from using different measurement attributes (e.g., transfers of financial assets accounted for as financings are recorded at fair value, whereas the related secured financing would be recorded on an accrual basis absent electing the fair value option); and

• Address simplification and cost-benefit considerations (e.g., accounting for hybrid financial instruments at fair value in their entirety versus bifurcation of embedded derivatives and hedge accounting for debt hosts).

Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). Unless the firm has elected to account for the entire hybrid financial instrument at fair value under the fair value option, the embedded derivative is bifurcated from the associated host contract, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges.

Other financial assets and liabilities accounted for at fair value under the fair value option include:

• Repurchase agreements and substantially all resale agreements;

• Certain securities borrowed and loaned transactions;

• Certain customer and other receivables and certain other assets and liabilities;

• Certain time deposits (deposits with no stated maturity are not eligible for a fair value option election), including structured certificates of deposit, which are hybrid financial instruments;

• Substantially all other secured financings, including structured financing arrangements and transfers of assets accounted for as financings; and

• Certain unsecured short- and long-term borrowings, substantially all of which are hybrid financial instruments.

See Note 4 for an overview of the firm’s fair value measurement policies, valuation techniques and significant inputs used to determine the fair value of other financial assets and liabilities, and Note 5 for information about other financial assets and liabilities within the fair value hierarchy.

Gains and Losses on Other Financial Assets and Liabilities Accounted for at Fair Value Under the Fair Value Option

The table below presents the gains and losses recognized in earnings as a result of the election to apply the fair value option to certain financial assets and liabilities.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Unsecured short-term borrowings			$	(2,027)		$	(1,287)					$	(3,839)		$	(2,477)
Unsecured long-term borrowings			(2,476)			(3,707)						(6,412)			(4,781)
Other			(284)			(316)						(765)			(525)
Total			$	(4,787)		$	(5,310)					$	(11,016)		$	(7,783)

In the table above:

• Gains/(losses) were substantially all included in market making.

• Gains/(losses) exclude contractual interest, which is included in interest income and interest expense, for all instruments other than hybrid financial instruments. See Note 23 for further information about interest income and interest expense.

• Gains/(losses) included in unsecured short- and long-term borrowings were substantially all related to the embedded derivative component of hybrid financial instruments. These gains and losses would have been recognized under other U.S. GAAP even if the firm had not elected to account for the entire hybrid financial instrument at fair value.

Goldman Sachs September 2025 Form 10-Q						52

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• Gains/(losses) included in other were primarily related to resale and repurchase agreements, deposits and other secured financings.

• Other financial assets and liabilities at fair value are frequently economically hedged with trading assets and liabilities. Accordingly, gains or losses on such other financial assets and liabilities can be partially offset by gains or losses on trading assets and liabilities. As a result, gains or losses on other financial assets and liabilities do not necessarily represent the overall impact on the firm’s results of operations, liquidity or capital resources.

Gains/(losses) on trading assets and liabilities accounted for at fair value under the fair value option are included in market making. See Note 6 for further information about gains/(losses) from market making. See Note 8 for information about gains/(losses) on equity securities and Note 9 for information about gains/(losses) on loans which are accounted for at fair value under the fair value option.

Long-Term Debt Instruments

The difference between the aggregate contractual principal amount and the related fair value of long-term other secured financings for which the fair value option was elected was not material as of both September 2025 and December 2024.

The aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected, exceeded the related fair value by $2.67 billion as of September 2025 and $4.23 billion as of December 2024.

These debt instruments include both principal-protected and non-principal-protected long-term borrowings.

Debt Valuation Adjustment

The firm calculates the fair value of financial liabilities for which the fair value option is elected by discounting future cash flows at a rate which incorporates the firm’s credit spreads.

The table below presents information about the net debt valuation adjustment (DVA) gains/(losses) on financial liabilities for which the fair value option was elected.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Pre-tax DVA			$	(962)		$	(128)					$	(864)		$	(514)
After-tax DVA			$	(711)		$	(95)					$	(641)		$	(383)

In the table above:

• After-tax DVA is included in debt valuation adjustment in the consolidated statements of comprehensive income.

• The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for each of the three and nine months ended September 2025 and September 2024.

Loans and Lending Commitments

The table below presents the difference between the aggregate fair value and the aggregate contractual principal amount for loans (included in trading assets and loans in the consolidated balance sheets) for which the fair value option was elected.

			As of
			September			December
$ in millions			2025			2024
Performing loans
Aggregate contractual principal in excess of fair value			$	707		$	965
Loans on nonaccrual status and/or more than 90 days past due
Aggregate contractual principal in excess of fair value			$	2,141		$	2,402
Aggregate fair value			$	2,997		$	1,454

In the table above, the aggregate contractual principal amount of loans on nonaccrual status and/or more than 90 days past due (which excludes loans carried at zero fair value and considered uncollectible) exceeds the related fair value primarily because the firm regularly purchases loans, such as distressed loans, at values significantly below the contractual principal amounts.

The total contractual amount of unfunded lending commitments for which the fair value option was elected was $1.62 billion as of September 2025 and $568 million as of December 2024, and the related fair value of these lending commitments was not material as of both September 2025 and December 2024. See Note 18 for further information about lending commitments.

Impact of Credit Spreads on Loans and Lending Commitments

The estimated net loss attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was not material for each of the three and nine months ended September 2025 and September 2024. The firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads. For floating-rate loans and lending commitments, substantially all changes in fair value are attributable to changes in instrument-specific credit spreads, whereas for fixed-rate loans and lending commitments, changes in fair value are also attributable to changes in interest rates.

53						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 11.

Collateralized Agreements and Financings

Collateralized agreements are resale agreements and securities borrowed. Collateralized financings are repurchase agreements, securities loaned and other secured financings. The firm enters into these transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain firm activities.

Collateralized agreements and financings with the same settlement date are presented on a net-by-counterparty basis when such transactions meet certain settlement criteria and are subject to netting agreements. Interest on collateralized agreements, which is included in interest income, and collateralized financings, which is included in interest expense, is recognized over the life of the transaction. See Note 23 for further information about interest income and interest expense.

Resale and Repurchase Agreements

A resale agreement is a transaction in which the firm purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date.

A repurchase agreement is a transaction in which the firm sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date.

Even though repurchase and resale agreements (including “repos- and reverses-to-maturity”) involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold before or at the maturity of the agreement. The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and agency obligations, and investment-grade sovereign obligations.

The firm receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the firm monitors the market value of these financial instruments on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the firm typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the consolidated balance sheets.

Repurchase agreements and substantially all resale agreements are recorded at fair value under the fair value option. See Note 5 for further information about repurchase and resale agreements.

Securities Borrowed and Loaned Transactions

In a securities borrowed transaction, the firm borrows securities from a counterparty in exchange for cash or securities. When the firm returns the securities, the counterparty returns the cash or securities. Interest is generally paid periodically over the life of the transaction.

In a securities loaned transaction, the firm lends securities to a counterparty in exchange for cash or securities. When the counterparty returns the securities, the firm returns the cash or securities posted as collateral. Interest is generally paid periodically over the life of the transaction.

In a transaction where the firm lends securities and receives securities that can be delivered or pledged as collateral, the firm recognizes the securities received within securities borrowed and the obligation to return those securities within securities loaned in the consolidated balance sheets.

The firm receives securities borrowed and makes delivery of securities loaned. To mitigate credit exposure, the firm monitors the market value of these securities on a daily basis, and delivers or obtains additional collateral due to changes in the market value of the securities, as appropriate. For securities borrowed transactions, the firm typically requires collateral with a fair value approximately equal to the carrying value of the securities borrowed transaction.

Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Note 5 for further information about securities borrowed and loaned accounted for at fair value.

Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both September 2025 and December 2024.

Goldman Sachs September 2025 Form 10-Q						54

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Offsetting Arrangements

The table below presents resale and repurchase agreements and securities borrowed and loaned transactions included in the consolidated balance sheets, as well as the amounts not offset in the consolidated balance sheets.

			Assets									Liabilities
$ in millions			Resale agreements			Securities borrowed						Repurchase agreements			Securities loaned
As of September 2025
Included in the consolidated balance sheets
Gross carrying value			$	379,024		$	236,515					$	467,035		$	76,416
Counterparty netting			(249,238)			(18,807)						(249,238)			(18,807)
Total			129,786			217,708						217,797			57,609
Amounts not offset			(126,443)			(210,450)						(215,016)			(57,400)
Total			$	3,343		$	7,258					$	2,781		$	209
As of December 2024
Included in the consolidated balance sheets
Gross carrying value			$	313,924		$	205,259					$	408,242		$	66,674
Counterparty netting			(133,862)			(10,614)						(133,862)			(10,614)
Total			180,062			194,645						274,380			56,060
Amounts not offset			(176,390)			(187,474)						(270,150)			(55,910)
Total			$	3,672		$	7,171					$	4,230		$	150

In the table above:

• Substantially all of the gross carrying values of these arrangements are subject to enforceable netting agreements.

• Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of securities collateral received or posted subject to enforceable credit support agreements. Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been included in such amounts.

• Resale agreements included in the consolidated balance sheets of $129.79 billion as of September 2025 and $179.79 billion as of December 2024, and all repurchase agreements included in the consolidated balance sheets are carried at fair value under the fair value option. See Note 5 for further information about resale agreements and repurchase agreements accounted for at fair value.

• Securities borrowed included in the consolidated balance sheets of $48.25 billion as of September 2025 and $46.90 billion as of December 2024, and securities loaned included in the consolidated balance sheets of $12.84 billion as of September 2025 and $10.25 billion as of December 2024 were at fair value under the fair value option. See Note 5 for further information about securities borrowed and securities loaned accounted for at fair value.

Gross Carrying Value of Repurchase Agreements and Securities Loaned

The table below presents the gross carrying value of repurchase agreements and securities loaned by class of collateral pledged.

$ in millions			Repurchase agreements			Securities loaned
As of September 2025
Money market instruments			$	365		$	–
U.S. government and agency obligations			279,879			471
Non-U.S. government and agency obligations			156,964			1,308
Securities backed by commercial real estate			156			–
Securities backed by residential real estate			1,515			–
Corporate debt securities			12,056			224
State and municipal obligations			844			–
Other debt obligations			72			–
Equity securities			15,184			74,413
Total			$	467,035		$	76,416
As of December 2024
Money market instruments			$	61		$	–
U.S. government and agency obligations			276,341			–
Non-U.S. government and agency obligations			95,812			461
Securities backed by commercial real estate			407			–
Securities backed by residential real estate			1,154			–
Corporate debt securities			11,521			376
State and municipal obligations			573			–
Other debt obligations			289			–
Equity securities			22,084			65,837
Total			$	408,242		$	66,674

The table below presents the gross carrying value of repurchase agreements and securities loaned by maturity.

			As of September 2025
$ in millions			Repurchase agreements						Securities loaned
No stated maturity and overnight			$	259,127					$	46,016
2 - 30 days			87,805						1,813
31 - 90 days			47,993						2,191
91 days - 1 year			46,227						14,541
Greater than 1 year			25,883						11,855
Total			$	467,035					$	76,416

In the table above:

• Repurchase agreements and securities loaned that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

• Repurchase agreements and securities loaned that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

55						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Other Secured Financings

In addition to repurchase agreements and securities loaned transactions, the firm funds certain assets through the use of other secured financings and pledges financial instruments and other assets as collateral in these transactions. These other secured financings include:

• Liabilities of CIEs and consolidated VIEs;

• Transfers of assets accounted for as financings rather than sales (e.g., pledged commodities, bank loans and mortgage whole loans); and

• Other structured financing arrangements.

Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $3.65 billion as of September 2025 and $3.74 billion as of December 2024.

The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes. See Note 5 for further information about other secured financings that are accounted for at fair value.

Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these financings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 3 as of both September 2025 and December 2024.

The table below presents information about other secured financings.

$ in millions			U.S. Dollar			Non-U.S. Dollar			Total
As of September 2025
Other secured financings:
Short-term			$	10,724		$	5,340		$	16,064
Long-term			1,896			6,824			8,720
Total other secured financings			$	12,620		$	12,164		$	24,784
Other secured financings collateralized by:
Financial instruments			$	12,355		$	9,959		$	22,314
Other assets			$	265		$	2,205		$	2,470
As of December 2024
Other secured financings:
Short-term			$	16,333		$	4,582		$	20,915
Long-term			1,377			5,858			7,235
Total other secured financings			$	17,710		$	10,440		$	28,150
Other secured financings collateralized by:
Financial instruments			$	17,094		$	8,644		$	25,738
Other assets			$	616		$	1,796		$	2,412

In the table above:

• Short-term other secured financings includes financings maturing within one year of the financial statement date and financings that are redeemable within one year of the financial statement date at the option of the holder.

• Other secured financings included $24.60 billion as of September 2025 and $27.99 billion as of December 2024 of financings accounted for at fair value under the fair value option.

• U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 7.15% as of September 2025 and 7.16% as of December 2024. These rates include the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

• Non-U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 7.44% as of September 2025. This rate includes the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

• All U.S. dollar and non-U.S. dollar-denominated short-term other secured financings were held at fair value under the fair value option.

• Total other secured financings included $2.72 billion as of September 2025 and $2.50 billion as of December 2024 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $2.80 billion as of September 2025 and $2.50 billion as of December 2024.

• Other secured financings collateralized by financial instruments included $19.81 billion as of September 2025 and $24.39 billion as of December 2024 of other secured financings collateralized by trading assets, investments and loans, and included $2.50 billion as of September 2025 and $1.35 billion as of December 2024 of other secured financings collateralized by financial instruments received as collateral and repledged.

Goldman Sachs September 2025 Form 10-Q						56

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents other secured financings by maturity.

			As of
$ in millions			September 2025
Other secured financings (short-term)			$	16,064
Other secured financings (long-term):
2026			1,992
2027			3,776
2028			1,463
2029			246
2030			237
2031 - thereafter			1,006
Total other secured financings (long-term)			8,720
Total other secured financings			$	24,784

In the table above:

• Long-term other secured financings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

• Long-term other secured financings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

Collateral Received and Pledged

The firm receives cash and securities (e.g., U.S. government and agency obligations, other sovereign and corporate obligations, as well as equity securities) as collateral, primarily in connection with resale agreements, securities borrowed, derivative transactions and customer margin loans. The firm obtains cash and securities as collateral on an upfront or contingent basis for derivative instruments and collateralized agreements to reduce its credit exposure to individual counterparties.

In many cases, the firm is permitted to deliver or repledge financial instruments received as collateral when entering into repurchase agreements and securities loaned transactions, primarily in connection with secured client financing activities. The firm is also permitted to deliver or repledge these financial instruments in connection with other secured financings, collateralized derivative transactions and firm or customer settlement requirements.

The firm also pledges certain trading assets in connection with repurchase agreements, securities loaned transactions and other secured financings, and other assets (substantially all real estate and cash) in connection with other secured financings to counterparties who may or may not have the right to deliver or repledge them.

The table below presents financial instruments at fair value received as collateral that were available to be delivered or repledged and were delivered or repledged.

			As of
			September			December
$ in millions			2025			2024
Collateral available to be delivered or repledged			$	1,274,525		$	1,038,740
Collateral that was delivered or repledged			$	1,117,124		$	912,863

The table below presents information about assets pledged.

			As of
			September			December
$ in millions			2025			2024
Pledged to counterparties that had the right to deliver or repledge
Trading assets			$	159,299		$	148,417
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets			$	176,414		$	173,254
Investments			$	18,939		$	8,712
Loans			$	12,274		$	12,065
Other assets			$	844		$	1,590

The firm also segregates securities for regulatory and other purposes related to client activity. Such securities are segregated from trading assets and investments, as well as from securities received as collateral under resale agreements and securities borrowed transactions. Securities segregated by the firm were $39.96 billion as of September 2025 and $64.21 billion as of December 2024.

Note 12.

Other Assets

The table below presents other assets by type.

			As of
			September			December
$ in millions			2025			2024
Property, leasehold improvements and equipment			$	7,744		$	8,024
Goodwill			5,950			5,853
Identifiable intangible assets			864			847
Operating lease right-of-use assets			2,054			1,967
Income tax-related assets			11,284			9,131
Miscellaneous receivables and other			7,696			8,365
Total			$	35,592		$	34,187

Property, Leasehold Improvements and Equipment

Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $15.01 billion as of September 2025 and $13.64 billion as of December 2024. Property, leasehold improvements and equipment included $6.55 billion as of September 2025 and $6.57 billion as of December 2024 that the firm uses in connection with its operations. Substantially all of the remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years.

57						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Any impairments recognized are included in depreciation and amortization. The firm had no material impairments during both the three months ended September 2025 and September 2024, $164 million during the nine months ended September 2025 and $200 million during the nine months ended September 2024, substantially all related to commercial real estate included in CIEs within Asset & Wealth Management.

Goodwill

Goodwill is the cost of acquired companies in excess of the fair value of net assets, including identifiable intangible assets, at the acquisition date.

The table below presents the carrying value of goodwill by reporting unit.

			As of
			September			December
$ in millions			2025			2024
Global Banking & Markets:
Investment banking			$	267		$	267
FICC			269			269
Equities			2,647			2,647
Asset & Wealth Management:
Asset management			1,458			1,361
Wealth management			1,309			1,309
Total			$	5,950		$	5,853

The increase in the carrying value of goodwill within Asset & Wealth Management from December 2024 to September 2025 reflected the impact of foreign currency translation adjustments.

Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment.

The quantitative goodwill test compares the estimated fair value of each reporting unit with its carrying value (including goodwill and identifiable intangible assets). If the reporting unit’s estimated fair value exceeds its carrying value, goodwill is not impaired. An impairment is recognized if the estimated fair value of a reporting unit is less than its carrying value and any such impairment is included in depreciation and amortization.

When performing a quantitative goodwill test, the estimated fair value of each reporting unit is based on valuation techniques the firm believes market participants would use to value these reporting units. Estimated fair values are generally derived from utilizing a relative value technique, which applies observable price-to-earnings multiples or price-to-book multiples of comparable competitors to the reporting units’ net earnings or net book value, or a discounted cash flow valuation approach, for reporting units with businesses in early stages of development. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements.

In the fourth quarter of 2024, the firm performed its annual assessment of goodwill for impairment, for each of its reporting units with goodwill, by performing a qualitative assessment. Multiple factors, including performance indicators, macroeconomic indicators, firm and industry events, and fair value indicators, were assessed with respect to each of these reporting units to determine whether it was more likely than not that the estimated fair value of each of those reporting units was less than its carrying value. As a result of the qualitative assessment, the firm determined that it was more likely than not that the estimated fair value of each reporting unit with goodwill exceeded its respective carrying value. Therefore, the firm determined that goodwill for each reporting unit was not impaired and that a quantitative goodwill test was not required.

There were no events or changes in circumstances during either the three or nine months ended September 2025 that would indicate that it was more likely than not that the estimated fair value of each of the reporting units with goodwill did not exceed its respective carrying value as of September 2025. During the third quarter of 2024, in connection with the planned sale of the firm’s seller financing loan portfolio, the firm performed a quantitative goodwill test and determined that the goodwill associated with Transaction banking and other was impaired, and accordingly, recorded a $14 million impairment.

Goldman Sachs September 2025 Form 10-Q						58

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Identifiable Intangible Assets

The table below presents information about identifiable intangible assets.

			As of
			September			December
$ in millions			2025			2024
Gross carrying value			$	2,323		$	2,269
Accumulated amortization			(1,459)			(1,422)
Net carrying value			$	864		$	847

In the table above, substantially all of the firm’s identifiable intangible assets consist of customer lists, have finite useful lives and are amortized over their estimated useful lives generally using the straight-line method.

The tables below present information about the amortization of identifiable intangible assets.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Amortization			$	20		$	95					$	63		$	154

In the table above, amortization for both the three and nine months ended September 2024 included a $72 million write-down in connection with the classification of the GM credit card program (included within Platform Solutions) as held for sale in the third quarter of 2024. The write-down is included in depreciation and amortization.

			As of
$ in millions			September 2025
Estimated future amortization
Remainder of 2025			$	20
2026			$	79
2027			$	79
2028			$	78
2029			$	78
2030			$	78

The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Other than as noted above, there were no material impairments or write-downs during each of the three and nine months ended September 2025 and September 2024.

Operating Lease Right-of-Use Assets

The firm enters into operating leases for real estate, office equipment and other assets, substantially all of which are used in connection with its operations. For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. The lease term is generally determined based on the contractual maturity of the lease. For leases where the firm has the option to terminate or extend the lease, an assessment of the likelihood of exercising the option is incorporated into the determination of the lease term. Such assessment is initially performed at the inception of the lease and is updated if events occur that impact the original assessment.

An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. Right-of-use assets and operating lease liabilities recognized (in non-cash transactions for leases entered into or assumed) by the firm were $113 million for the three months ended September 2025, $56 million for the three months ended September 2024, $236 million for the nine months ended September 2025 and $109 million for the nine months ended September 2024. See Note 15 for information about operating lease liabilities.

For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use assets. There were no material impairments or accelerated amortizations during each of the three and nine months ended September 2025 and September 2024.

Miscellaneous Receivables and Other

Miscellaneous receivables and other included:

• Investments in qualified affordable housing and renewable energy projects of $3.34 billion as of September 2025 and $3.46 billion as of December 2024. The firm receives tax credits for such investments. See Note 17 for further information about these investments.

• Assets classified as held for sale were $101 million as of September 2025 and $517 million as of December 2024. See below for further information.

Assets Held for Sale. Assets held for sale included $101 million as of September 2025 and $517 million as of December 2024 of assets that were primarily related to certain of the firm’s consolidated investments within Asset & Wealth Management. Substantially all of these assets consisted of property and equipment and were included in miscellaneous receivables and other within other assets.

59						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In addition, during 2024, in connection with the planned transition of the GM credit card program to another issuer, the firm classified the GM credit card program (within Platform Solutions) as held for sale. The firm had previously classified the GM co-branded credit card loans as held for sale in 2023. As of December 2024, the assets related to the GM credit card program consisted of the GM co-branded credit card portfolio (included in loans) of $1.8 billion. During the third quarter of 2025, the firm completed the sale of the GM credit card program. See Note 9 for further information about loans classified as held for sale.

Note 13.

Deposits

The table below presents information about deposits.

			As of
			September			December
$ in millions			2025			2024
U.S. offices			$	371,744		$	341,711
Non-U.S. offices			118,505			91,302
Total			$	490,249		$	433,013

In the table above:

• Deposits include savings, demand and time deposits.

• All U.S. deposits were held at Goldman Sachs Bank USA (GS Bank USA). Substantially all non-U.S. deposits were held at Goldman Sachs International Bank (GSIB) and Goldman Sachs Bank Europe SE (GSBE).

• Substantially all deposits are interest-bearing.

The table below presents maturities of time deposits held in U.S. and non-U.S. offices.

			As of September 2025
$ in millions			U.S.			Non-U.S.			Total
Remainder of 2025			$	26,103		$	22,367		$	48,470
2026			81,629			27,169			108,798
2027			6,960			257			7,217
2028			2,722			215			2,937
2029			1,671			211			1,882
2030			1,334			60			1,394
2031 - thereafter			1,626			6			1,632
Total			$	122,045		$	50,285		$	172,330

In the table above:

• The aggregate amount of time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance, were $24.44 billion in U.S. deposits and $49.65 billion in non-U.S. deposits.

• Time deposits included $83.15 billion as of September 2025 and $44.86 billion as of December 2024 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value.

The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both September 2025 and December 2024. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both September 2025 and December 2024.

Note 14.

Unsecured Borrowings

The table below presents information about unsecured borrowings.

			As of
			September			December
$ in millions			2025			2024
Unsecured short-term borrowings			$	72,385		$	69,709
Unsecured long-term borrowings			276,914			242,634
Total			$	349,299		$	312,343

Unsecured Short-Term Borrowings

Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder.

The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2025 and December 2024.

Goldman Sachs September 2025 Form 10-Q						60

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about unsecured short-term borrowings.

			As of
			September			December
$ in millions			2025			2024
Current portion of unsecured long-term borrowings			$	32,606		$	38,521
Hybrid financial instruments			37,221			29,130
Other unsecured short-term borrowings			2,558			2,058
Total unsecured short-term borrowings			$	72,385		$	69,709
Weighted average interest rate			5.28		%	5.87		%

In the table above, the weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

Unsecured Long-Term Borrowings

The table below presents information about unsecured long-term borrowings.

$ in millions			U.S. Dollar			Non-U.S. Dollar			Total
As of September 2025
Fixed-rate obligations			$	135,854		$	29,710		$	165,564
Floating-rate obligations			71,531			39,819			111,350
Total			$	207,385		$	69,529		$	276,914
As of December 2024
Fixed-rate obligations			$	123,111		$	28,321		$	151,432
Floating-rate obligations			60,730			30,472			91,202
Total			$	183,841		$	58,793		$	242,634

In the table above:

• Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2061.

• Unsecured long-term borrowings included $111.93 billion as of September 2025 and $89.19 billion as of December 2024 of borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $164.99 billion as of September 2025 and $153.44 billion as of December 2024. The estimated fair value of such unsecured long-term borrowings was $168.79 billion as of September 2025 and $156.31 billion as of December 2024. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2025 and December 2024.

• Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on SOFR and Euro Interbank Offered Rate.

• U.S. dollar-denominated debt had interest rates ranging from 1.09% to 6.75% (with a weighted average rate of 4.23%) as of September 2025 and 0.86% to 6.75% (with a weighted average rate of 4.10%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

• Non-U.S. dollar-denominated debt had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.12%) as of September 2025 and 0.25% to 7.25% (with a weighted average rate of 2.04%) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

The table below presents unsecured long-term borrowings by maturity.

									As of
$ in millions									September 2025
2026									$	11,488
2027									47,425
2028									38,936
2029									32,298
2030									32,985
2031 - thereafter									113,782
Total									$	276,914

In the table above:

• Unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder are excluded as they are included in unsecured short-term borrowings.

• Unsecured long-term borrowings that are repayable prior to maturity at the option of the firm are reflected at their contractual maturity dates.

• Unsecured long-term borrowings that are redeemable prior to maturity at the option of the holder are reflected at the earliest dates such options become exercisable.

• Unsecured long-term borrowings included $(7.21) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(52) million in 2026, $(529) million in 2027, $(555) million in 2028, $(590) million in 2029, $(589) million in 2030 and $(4.90) billion in 2031 and thereafter.

61						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities.

The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.

						As of
						September			December
$ in millions						2025			2024
Fixed-rate obligations						$	31,870		$	25,666
Floating-rate obligations						245,044			216,968
Total						$	276,914		$	242,634

In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 5.35% (3.97% related to fixed-rate obligations and 5.50% related to floating-rate obligations) as of September 2025 and 5.72% (4.39% related to fixed-rate obligations and 5.82% related to floating-rate obligations) as of December 2024. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

Subordinated Borrowings

Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Subordinated debt had maturities ranging from 2025 to 2045 as of both September 2025 and December 2024.

The table below presents information about subordinated borrowings.

$ in millions			Par Amount			Carrying Value			Rate
As of September 2025
Subordinated debt			$	12,217		$	11,643		6.56		%
Junior subordinated debt			968			1,032			5.79		%
Total			$	13,185		$	12,675		6.51		%
As of December 2024
Subordinated debt			$	12,131		$	11,217		6.89		%
Junior subordinated debt			968			1,004			5.88		%
Total			$	13,099		$	12,221		6.82		%

In the table above, the rate is the weighted average interest rate for these borrowings (excluding borrowings accounted for at fair value under the fair value option), including the effect of fair value hedges used to convert fixed-rate obligations into floating-rate obligations. See Note 7 for further information about hedging activities.

Junior Subordinated Debt

In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both September 2025 and December 2024, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.

The firm pays interest semi-annually on the junior subordinated debt at an annual rate of 6.345% and the debt matures on February 15, 2034. The coupon rate and the payment dates applicable to the beneficial interests are the same as the interest rate and payment dates for the junior subordinated debt. The firm has the right, from time to time, to defer payment of interest on the junior subordinated debt, and therefore cause payment on Goldman Sachs Capital I’s preferred beneficial interests to be deferred, in each case up to ten consecutive semi-annual periods. During any such deferral period, the firm will not be permitted to, among other things, pay dividends on or make certain repurchases of its common stock. Goldman Sachs Capital I is not permitted to pay any distributions on the common beneficial interests held by Group Inc. unless all dividends payable on the preferred beneficial interests have been paid in full.

Note 15.

Other Liabilities

The table below presents other liabilities by type.

			As of
			September			December
$ in millions			2025			2024
Compensation and benefits			$	8,464		$	8,770
Income tax-related liabilities			4,271			3,544
Operating lease liabilities			2,184			2,062
Noncontrolling interests			349			401
Employee interests in consolidated funds			12			16
Accrued expenses and other			9,897			9,427
Total			$	25,177		$	24,220

Goldman Sachs September 2025 Form 10-Q						62

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Operating Lease Liabilities

For leases longer than one year, the firm recognizes a right-of-use asset representing the right to use the underlying asset for the lease term, and a lease liability representing the liability to make payments. See Note 12 for information about operating lease right-of-use assets.

The table below presents information about operating lease liabilities.

$ in millions			Operating lease liabilities
As of September 2025
Remainder of 2025			$	95
2026			373
2027			336
2028			294
2029			260
2030 - thereafter			1,426
Total undiscounted lease payments			2,784
Imputed interest			(600)
Total operating lease liabilities			$	2,184
Weighted average remaining lease term			11 years
Weighted average discount rate			4.37		%
As of December 2024
2025			$	295
2026			315
2027			278
2028			252
2029			225
2030 - thereafter			1,298
Total undiscounted lease payments			2,663
Imputed interest			(601)
Total operating lease liabilities			$	2,062
Weighted average remaining lease term			12 years
Weighted average discount rate			4.25		%

In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of the date of adoption of ASU No. 2016-02, “Leases (Topic 842),” for operating leases existing on the date of adoption and as of the lease inception date for leases entered into subsequent to the adoption of this ASU.

Operating lease costs were $122 million for the three months ended September 2025, $119 million for the three months ended September 2024, $356 million for the nine months ended September 2025 and $361 million for the nine months ended September 2024. Variable lease costs, which are included in operating lease costs, were not material for each of the three and nine months ended September 2025 and September 2024. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for each of the three and nine months ended September 2025 and September 2024.

Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.20 billion as of September 2025.

Accrued Expenses and Other

Accrued expenses and other included:

• Liabilities classified as held for sale were not material as of both September 2025 and December 2024. See Note 12 for further information about assets held for sale.

• Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service, were $124 million as of September 2025 and were not material as of December 2024.

• Accrued unfunded commitments related to investments in qualified affordable housing and renewable energy projects were $1.96 billion as of September 2025 and $2.15 billion as of December 2024. See Note 17 for further information about these investments.

Note 16.

Securitization Activities

The firm securitizes residential and commercial mortgages, corporate bonds, loans and other types of financial assets by selling these assets to securitization vehicles (e.g., trusts, corporate entities and limited liability companies) or through a resecuritization. The firm acts as underwriter of the beneficial interests that are sold to investors. The firm’s residential mortgage securitizations are primarily in connection with government agency securitizations.

The firm accounts for a securitization as a sale when it has relinquished control over the transferred financial assets. Prior to securitization, the firm generally accounts for assets pending transfer at fair value and therefore does not typically recognize significant gains or losses upon the transfer of assets. Net revenues from underwriting activities are recognized in connection with the sales of the underlying beneficial interests to investors.

The firm generally receives cash in exchange for the transferred assets but may also have continuing involvement with the transferred financial assets, including ownership of beneficial interests in securitized financial assets, primarily in the form of debt instruments. The firm may also purchase senior or subordinated securities issued by securitization vehicles (which are typically VIEs) in connection with secondary market-making activities.

63						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The primary risks included in beneficial interests and other interests from the firm’s continuing involvement with securitization vehicles are the performance of the underlying collateral, the position of the firm’s investment in the capital structure of the securitization vehicle and the market yield for the security. Interests accounted for at fair value are primarily classified in level 2 of the fair value hierarchy. Interests not accounted for at fair value are carried at amounts that approximate fair value. See Note 4 for further information about fair value measurements.

The table below presents the amount of financial assets securitized and the cash flows received on retained interests in securitization entities in which the firm had continuing involvement as of the end of the period.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Residential mortgages			$	15,270		$	10,708					$	41,681		$	22,588
Commercial mortgages			4,538			1,600						13,335			4,201
Other financial assets			1,181			1,046						2,711			1,268
Total financial assets securitized			$	20,989		$	13,354					$	57,727		$	28,057
Retained interests cash flows			$	212		$	218					$	551		$	503

The firm securitized assets of $209 million during the three months ended September 2025, $120 million during the three months ended September 2024, $552 million during the nine months ended September 2025 and $250 million during the nine months ended September 2024, in a non-cash exchange for loans and investments.

The table below presents information about nonconsolidated securitization entities to which the firm sold assets and had continuing involvement as of the end of the period.

$ in millions			Outstanding Principal Amount			Retained Interests			Purchased Interests
As of September 2025
U.S. government agency-issued CMOs			$	54,899		$	4,120		$	–
Other residential mortgage-backed			36,532			1,514			23
Other commercial mortgage-backed			68,325			1,106			44
Corporate debt and other asset-backed			13,228			500			19
Total			$	172,984		$	7,240		$	86
As of December 2024
U.S. government agency-issued CMOs			$	34,049		$	3,053		$	–
Other residential mortgage-backed			33,069			1,357			14
Other commercial mortgage-backed			59,562			945			57
Corporate debt and other asset-backed			12,059			493			5
Total			$	138,739		$	5,848		$	76

In the table above:

• CMOs represents collateralized mortgage obligations.

• The outstanding principal amount is presented for the purpose of providing information about the size of the securitization entities and is not representative of the firm’s risk of loss.

• The firm’s risk of loss from retained or purchased interests is limited to the carrying value of these interests.

• Purchased interests represent senior and subordinated interests, purchased in connection with secondary market-making activities, in securitization entities in which the firm also holds retained interests.

• Substantially all of the total outstanding principal amount and total retained interests relate to securitizations during 2019 and thereafter.

• The fair value of retained interests was $7.19 billion as of September 2025 and $5.78 billion as of December 2024.

In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $1.18 billion as of September 2025 and $847 million as of December 2024, and the notional amount of these derivatives and commitments was $3.83 billion as of September 2025 and $2.78 billion as of December 2024. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 17. Additionally, the firm provided seller financing of $340 million (in connection with the sale of $425 million of loans) during the nine months ended September 2025 and approximately $1.73 billion (in connection with the sale of $3.93 billion of loans) during the nine months ended September 2024. The principal and interest repayments received from the seller financings were $129 million for the three months ended September 2025, $1.43 billion for the three months ended September 2024, $499 million for the nine months ended September 2025 and $2.11 billion for the nine months ended September 2024. The total outstanding principal amount of seller financings were $1.25 billion as of September 2025 and $1.32 billion as of December 2024.

Goldman Sachs September 2025 Form 10-Q						64

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about the weighted average key economic assumptions used in measuring the fair value of mortgage-backed retained interests.

			As of
			September			December
$ in millions			2025			2024
Fair value of retained interests			$	6,703		$	5,292
Weighted average life (years)			5.1			6.1
Constant prepayment rate			15.0%			10.0%
Impact of 10% adverse change			$	(55)		$	(57)
Impact of 20% adverse change			$	(107)		$	(110)
Discount rate			7.3%			7.8%
Impact of 10% adverse change			$	(164)		$	(136)
Impact of 20% adverse change			$	(320)		$	(281)

In the table above:

• Amounts do not reflect the benefit of other financial instruments that are held to mitigate risks inherent in these retained interests.

• Changes in fair value based on an adverse variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value is not usually linear.

• The impact of a change in a particular assumption is calculated independently of changes in any other assumption. In practice, simultaneous changes in assumptions might magnify or counteract the sensitivities disclosed above.

• The constant prepayment rate is included only for positions for which it is a key assumption in the determination of fair value.

• The discount rate for retained interests that relate to U.S. government agency-issued CMOs does not include any credit loss. Expected credit loss assumptions are reflected in the discount rate for the remainder of retained interests.

The firm had other retained interests not reflected in the table above with a fair value of $487 million and a weighted average life of 4.9 years as of September 2025, and a fair value of $491 million and a weighted average life of 5.0 years as of December 2024. Due to the nature and fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes were not meaningful as of both September 2025 and December 2024. The firm’s maximum exposure to adverse changes in the value of these interests was the carrying value of $500 million as of September 2025 and $493 million as of December 2024.

Note 17.

Variable Interest Entities

A variable interest in a VIE is an investment (e.g., debt or equity) or other interest (e.g., derivatives or loans and lending commitments) that will absorb portions of the VIE’s expected losses and/or receive portions of the VIE’s expected residual returns.

The firm’s variable interests in VIEs include senior and subordinated debt; loans and lending commitments; limited and general partnership interests; preferred and common equity; derivatives that may include foreign currency, equity and/or credit risk; guarantees; and certain of the fees the firm receives from investment funds. Certain interest rate, foreign currency and credit derivatives the firm enters into with VIEs are not variable interests because they create, rather than absorb, risk.

VIEs generally finance the purchase of assets by issuing debt and equity securities that are either collateralized by or indexed to the assets held by the VIE. The debt and equity securities issued by a VIE may include tranches of varying levels of subordination. The firm’s involvement with VIEs includes securitization of financial assets, as described in Note 16, and investments in and loans to other types of VIEs, as described below. See Note 3 for the firm’s consolidation policies, including the definition of a VIE.

VIE Consolidation Analysis

The enterprise with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The firm determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers:

• Which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance;

• Which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE;

• The VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders;

• The VIE’s capital structure;

• The terms between the VIE and its variable interest holders and other parties involved with the VIE; and

• Related-party relationships.

The firm reassesses its evaluation of whether an entity is a VIE when certain reconsideration events occur. The firm reassesses its determination of whether it is the primary beneficiary of a VIE on an ongoing basis based on current facts and circumstances.

65						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

VIE Activities

The firm is principally involved with VIEs through the following business activities:

Mortgage-Backed VIEs. The firm sells residential and commercial mortgage loans and securities to mortgage-backed VIEs and may retain beneficial interests in the assets sold to these VIEs. The firm purchases and sells beneficial interests issued by mortgage-backed VIEs in connection with market-making activities. In addition, the firm may enter into derivatives with certain of these VIEs, primarily interest rate swaps, which are typically not variable interests. The firm generally enters into derivatives with other counterparties to mitigate its risk.

Tax Credit and Other Investing VIEs**.** The firm makes equity investments in VIEs that invest in qualified affordable housing and renewable energy projects designed to generate a return through the realization of tax credits and related tax benefits. The firm also purchases equity and debt securities issued by and makes loans to VIEs that hold real estate, performing and nonperforming debt, distressed loans and equity securities. In addition, the firm makes equity investments in certain investment fund VIEs it manages and is entitled to receive fees from these VIEs. The firm generally does not sell assets to, or enter into derivatives with, these VIEs.

Corporate Debt and Other Asset-Backed VIEs. The firm structures VIEs that issue notes to clients, purchases and sells beneficial interests issued by corporate debt and other asset-backed VIEs in connection with market-making activities, and makes loans to VIEs that warehouse corporate debt. Certain of these VIEs synthetically create the exposure for the beneficial interests they issue by entering into credit derivatives with the firm, rather than purchasing the underlying assets. In addition, the firm may enter into derivatives, such as total return swaps, with certain corporate debt and other asset-backed VIEs, under which the firm pays the VIE a return due to the beneficial interest holders and receives the return on the collateral owned by the VIE. The collateral owned by these VIEs is primarily other asset-backed loans and securities. The firm may be removed as the total return swap counterparty and may enter into derivatives with other counterparties to mitigate its risk related to these swaps. The firm may sell assets to the corporate debt and other asset-backed VIEs it structures.

Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate its risk. The firm also obtains funding through these VIEs.

Nonconsolidated VIEs

The table below presents a summary of the nonconsolidated VIEs in which the firm holds variable interests.

			As of
			September			December
$ in millions			2025			2024
Total nonconsolidated VIEs
Assets in VIEs			$	248,127		$	206,500
Carrying value of variable interests — assets			$	17,611		$	16,710
Carrying value of variable interests — liabilities			$	2,448		$	2,754
Maximum exposure to loss:
Retained interests			$	7,240		$	5,848
Purchased interests			587			767
Commitments and guarantees			5,093			5,034
Derivatives			9,161			8,974
Debt and equity			6,362			6,878
Total			$	28,443		$	27,501

In the table above:

• The nature of the firm’s variable interests is described in the rows under maximum exposure to loss.

• The firm’s exposure to the obligations of VIEs is generally limited to its interests in these entities. In certain instances, the firm provides guarantees, including derivative guarantees, to VIEs or holders of variable interests in VIEs.

• The maximum exposure to loss excludes the benefit of offsetting financial instruments that are held to mitigate the risks associated with these variable interests.

• The maximum exposure to loss from retained interests, purchased interests, and debt and equity is the carrying value of these interests.

• The maximum exposure to loss from commitments and guarantees, and derivatives is the notional amount, which does not represent anticipated losses and has not been reduced by unrealized losses. As a result, the maximum exposure to loss exceeds liabilities recorded for commitments and guarantees, and derivatives.

Goldman Sachs September 2025 Form 10-Q						66

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information, by principal business activity, for nonconsolidated VIEs included in the summary table above.

			As of
			September			December
$ in millions			2025			2024
Mortgage-backed
Assets in VIEs			$	161,154		$	128,378
Carrying value of variable interests — assets			$	6,862		$	5,618
Maximum exposure to loss:
Retained interests			$	6,740		$	5,355
Purchased interests			121			263
Derivatives			1			1
Total			$	6,862		$	5,619
Tax credit and other investing
Assets in VIEs			$	62,895		$	55,311
Carrying value of variable interests — assets			$	6,505		$	6,978
Carrying value of variable interests — liabilities			$	2,032		$	2,315
Maximum exposure to loss:
Commitments and guarantees			$	4,241		$	4,138
Debt and equity			4,539			4,831
Total			$	8,780		$	8,969
Corporate debt and other asset-backed
Assets in VIEs			$	24,078		$	22,811
Carrying value of variable interests — assets			$	4,244		$	4,114
Carrying value of variable interests — liabilities			$	416		$	439
Maximum exposure to loss:
Retained interests			$	500		$	493
Purchased interests			466			504
Commitments and guarantees			852			896
Derivatives			9,160			8,973
Debt and equity			1,823			2,047
Total			$	12,801		$	12,913

As of both September 2025 and December 2024, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows:

• Mortgage-backed: Assets primarily included in trading assets and loans.

• Tax credit and other investing: Assets primarily included in investments and other assets, and liabilities included in trading liabilities and other liabilities.

• Corporate debt and other asset-backed: Assets included in loans and trading assets, and liabilities included in trading liabilities.

Tax Credit VIEs

The firm makes equity investments in nonconsolidated tax credit VIEs that invest in qualified affordable housing and renewable energy projects. These VIEs are generally organized as limited partnerships or similar entities and a third party is typically the general partner or the managing member. The firm invests in the entity as a limited partner and receives income tax credits and other income tax benefits for such investments. The firm has elected the proportional amortization method for qualified affordable housing and renewable energy projects that receive production tax credits. The investments that meet the criteria for the proportional amortization method of accounting are amortized in proportion to the income tax credits and other income tax benefits received on such investments. The amortization of investments and the related income tax credits and other income tax benefits are recorded as a component of the provision for taxes, and are included in other operating activities in the consolidated statements of cash flows.

The table below presents information about investments (included in miscellaneous receivables and other within other assets in the consolidated balance sheets) in qualified affordable housing and renewable energy projects that met the criteria of the proportional amortization method of accounting.

			As of
			September			December
$ in millions			2025			2024
Carrying value of investments			$	3,343		$	3,456

In the table above, investments included $1.96 billion as of September 2025 and $2.15 billion as of December 2024 of accrued unfunded commitments. As of September 2025, a majority of such accrued unfunded commitments were expected to be funded by year-end 2026.

The table below presents information about the amortization and income tax credits and other income tax benefits related to investments in qualified affordable housing and renewable energy projects that met the criteria of the proportional amortization method of accounting.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Amortization			$	89		$	96					$	348		$	315
Tax credits and other benefits			$	115		$	117					$	447		$	382

Investments in qualified affordable housing projects that did not meet the criteria for the proportional amortization method of accounting were not material as of both September 2025 and December 2024.

67						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm’s existing investments in renewable energy projects that receive production tax credits were not eligible for transition to the proportional amortization method of accounting upon adoption of ASU No. 2023-02. Such investments were $1.23 billion as of September 2025 and $1.39 billion as of December 2024, were included in investments in the consolidated balance sheets and were accounted for at fair value under the fair value option.

Consolidated VIEs

The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in consolidated VIEs.

			As of
			September			December
$ in millions			2025			2024
Total consolidated VIEs
Assets
Cash and cash equivalents			$	28		$	172
Customer and other receivables			1			325
Trading assets			112			95
Investments			172			170
Loans			6			9
Other assets			71			69
Total			$	390		$	840
Liabilities
Other secured financings			$	597		$	661
Customer and other payables			9			7
Unsecured short-term borrowings			6			5
Unsecured long-term borrowings			15			15
Other liabilities			165			165
Total			$	792		$	853

In the table above:

• Assets and liabilities are presented net of intercompany eliminations and exclude the benefit of offsetting financial instruments that are held to mitigate the risks associated with the firm’s variable interests.

• VIEs in which the firm holds a majority voting interest are excluded if (i) the VIE meets the definition of a business and (ii) the VIE’s assets can be used for purposes other than the settlement of its obligations.

• Substantially all assets can only be used to settle obligations of the VIE.

The table below presents information, by principal business activity, for consolidated VIEs included in the summary table above.

			As of
			September			December
$ in millions			2025			2024
Real estate, credit-related and other investing
Assets
Cash and cash equivalents			$	18		$	17
Customer and other receivables			1			–
Trading assets			14			18
Investments			172			170
Loans			6			9
Other assets			71			69
Total			$	282		$	283
Liabilities
Other secured financings			$	2		$	4
Customer and other payables			9			7
Other liabilities			165			165
Total			$	176		$	176
Corporate debt and other asset-backed
Assets
Cash and cash equivalents			$	10		$	155
Total			$	10		$	155
Liabilities
Other secured financings			$	248		$	334
Total			$	248		$	334
Principal-protected notes
Assets
Customer and other receivables			$	–		$	325
Trading assets			98			77
Total			$	98		$	402
Liabilities
Other secured financings			$	347		$	323
Unsecured short-term borrowings			6			5
Unsecured long-term borrowings			15			15
Total			$	368		$	343

In the table above, creditors and beneficial interest holders of real estate, credit-related and other investing VIEs do not have recourse to the general credit of the firm.

Goldman Sachs September 2025 Form 10-Q						68

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 18.

Commitments, Contingencies and Guarantees

Commitments

The table below presents commitments by type.

			As of
			September			December
$ in millions			2025			2024
Commitment Type
Commercial lending:
Investment-grade			$	151,105		$	124,001
Non-investment-grade			83,143			67,755
Warehouse financing			15,450			13,587
Credit cards			70,187			78,099
Total lending			319,885			283,442
Risk participations			8,007			5,014
Collateralized agreement			112,510			95,282
Collateralized financing			90,864			49,333
Investment			7,070			5,832
Other			9,184			8,223
Total commitments			$	547,520		$	447,126

The table below presents commitments by expiration.

			As of September 2025
			Remainder			2026 -			2028 -			2030 -
$ in millions			of 2025			2027			2029			Thereafter
Commitment Type
Commercial lending:
Investment-grade			$	3,735		$	50,310		$	58,061		$	38,999
Non-investment-grade			1,089			20,724			27,490			33,840
Warehouse financing			1			5,909			6,373			3,167
Credit cards			70,187			–			–			–
Total lending			75,012			76,943			91,924			76,006
Risk participations			37			1,304			4,074			2,592
Collateralized agreement			106,073			6,437			–			–
Collateralized financing			86,207			4,657			–			–
Investment			2,321			1,319			283			3,147
Other			7,471			1,672			40			1
Total commitments			$	277,121		$	92,332		$	96,321		$	81,746

Lending Commitments

The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines.

The table below presents information about lending commitments.

			As of
			September			December
$ in millions			2025			2024
Held for investment			$	302,646		$	262,604
Held for sale			15,680			20,258
At fair value			1,559			580
Total			$	319,885		$	283,442

In the table above:

• Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.07 billion (including allowance for credit losses of $800 million) as of September 2025 and $929 million (including allowance for credit losses of $674 million) as of December 2024. The estimated fair value of such lending commitments was a liability of $5.68 billion as of September 2025 and $4.84 billion as of December 2024. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.33 billion as of September 2025 and $2.44 billion as of December 2024 would have been classified in level 2, and $2.35 billion as of September 2025 and $2.40 billion as of December 2024 would have been classified in level 3.

• Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $65 million as of September 2025 and $43 million as of December 2024. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both September 2025 and December 2024.

• Gains or losses related to lending commitments at fair value, if any, are generally recorded net of any fees in other principal transactions.

69						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Commercial Lending. The firm’s commercial lending commitments were primarily extended to investment-grade corporate borrowers. Such commitments primarily related to relationship lending activities (principally used for operating and general corporate purposes), and other investment banking activities (generally extended for contingent acquisition financing and are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources). The firm also extends lending commitments in connection with commercial real estate financing and other collateralized lending. See Note 9 for further information about funded loans.

To mitigate the credit risk associated with the firm’s commercial lending activities, the firm obtains credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts.

Warehouse Financing. The firm provides financing to clients who warehouse financial assets. These arrangements are collateralized by the warehoused assets, primarily consisting of residential real estate, consumer and corporate loans.

Credit Cards. The firm provides credit to consumers by issuing credit card lines. These credit card lines are cancellable by the firm. As of December 2024, credit card lines included $14.32 billion of commitments classified as held for sale in connection with the planned sale of the GM co-branded credit card program. During the third quarter of 2025, the firm completed the sale of this program.

Risk Participations

The firm also risk participates certain of its commercial lending commitments to other financial institutions. In the event of a risk participant’s default, the firm will be responsible to fund the borrower.

Collateralized Agreement Commitments/ Collateralized Financing Commitments

Collateralized agreement commitments includes forward starting resale and securities borrowing agreements, and collateralized financing commitments includes forward starting repurchase and secured lending agreements that settle at a future date. Collateralized agreement commitments also includes transactions where the firm has entered into commitments to provide contingent financing to its clients and counterparties through resale agreements. The firm’s funding of these commitments depends on the satisfaction of all contractual conditions to the resale agreement and these commitments can expire unused.

Investment Commitments

Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $1.12 billion as of September 2025 and $1.10 billion as of December 2024, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment.

Contingencies

Legal Proceedings. See Note 27 for information about legal proceedings.

Guarantees

The table below presents derivatives that meet the definition of a guarantee, securities lending and clearing guarantees and certain other financial guarantees.

$ in millions			Derivatives			Securities lending and clearing			Other financial guarantees
As of September 2025
Carrying Value of Net Liability			$	2,855		$	–		$	422
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2025			$	69,846		$	150,523		$	1,328
2026 - 2027			245,139			–			3,460
2028 - 2029			30,413			–			2,656
2030 - thereafter			38,327			–			676
Total			$	383,725		$	150,523		$	8,120
As of December 2024
Carrying Value of Net Liability			$	3,535		$	–		$	425
Maximum Payout/Notional Amount by Period of Expiration
2025			$	181,940		$	58,056		$	2,523
2026 - 2027			78,419			–			3,086
2028 - 2029			17,074			–			1,843
2030 - thereafter			31,819			–			505
Total			$	309,252		$	58,056		$	7,957

In the table above:

• The maximum payout is based on the notional amount of the contract and does not represent anticipated losses.

• Amounts exclude certain commitments to issue standby letters of credit that are included in lending commitments. See the tables in “Commitments” above for a summary of the firm’s commitments.

• The carrying value for derivatives included derivative assets of $663 million as of September 2025 and $464 million as of December 2024, and derivative liabilities of $3.52 billion as of September 2025 and $4.00 billion as of December 2024.

Goldman Sachs September 2025 Form 10-Q						70

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Derivative Guarantees. The firm enters into various derivatives that meet the definition of a guarantee under U.S. GAAP, including written equity and commodity put options, written currency contracts and interest rate caps, floors and swaptions. These derivatives are risk managed together with derivatives that do not meet the definition of a guarantee, and therefore the amounts in the table above do not reflect the firm’s overall risk related to derivative activities. Disclosures about derivatives are not required if they may be cash settled and the firm has no basis to conclude it is probable that the counterparties held the underlying instruments at the inception of the contract. The firm has concluded that these conditions have been met for certain large, internationally active commercial and investment bank counterparties, central clearing counterparties, hedge funds and certain other counterparties. Accordingly, the firm has not included such contracts in the table above. See Note 7 for information about credit derivatives that meet the definition of a guarantee, which are not included in the table above.

Derivatives are accounted for at fair value and therefore the carrying value is considered the best indication of payment/performance risk for individual contracts. However, the carrying values in the table above exclude the effect of counterparty and cash collateral netting.

Securities Lending and Clearing Guarantees**.** Securities lending and clearing guarantees include the indemnifications and guarantees that the firm provides in its capacity as an agency lender and in its capacity as a sponsoring member of the Fixed Income Clearing Corporation.

As an agency lender, the firm indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed. The maximum payout of such indemnifications was $16.30 billion as of September 2025 and $10.62 billion as of December 2024. Collateral held by the lenders in connection with securities lending indemnifications was $16.93 billion as of September 2025 and $11.02 billion as of December 2024. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these indemnifications.

As a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation, the firm guarantees the performance of its sponsored member clients to the Fixed Income Clearing Corporation in connection with certain resale and repurchase agreements. To minimize potential losses on such guarantees, the firm obtains a security interest in the collateral that the sponsored client placed with the Fixed Income Clearing Corporation. Therefore, the risk of loss on such guarantees is minimal. The maximum payout on this guarantee was $134.23 billion as of September 2025 and $47.44 billion as of December 2024. The related collateral held was $134.09 billion as of September 2025 and $46.96 billion as of December 2024.

Other Financial Guarantees. In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Other financial guarantees also include a guarantee that the firm has provided to the Government of Malaysia that it would receive, by August 2025, at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). The firm initiated arbitration against the Government of Malaysia in October 2023 concerning its approach to recovering and crediting assets under the guarantee and the arbitral process is ongoing. In August 2025, the Government of Malaysia made a demand for a final payment of approximately $1 billion towards the guarantee. The firm believes that the Government of Malaysia has recovered in excess of $1.4 billion in creditable assets and that no payment should be required. Final determinations on all issues, including whether any payment is required, will be made through the arbitral process. See Note 27 for further information about matters related to 1MDB.

Guarantees of Securities Issued by Trusts. The firm has established trusts, including Goldman Sachs Capital I, Goldman Sachs Capital II and Goldman Sachs Capital III (the Trusts), and other entities, for the limited purpose of issuing securities to third parties, lending the proceeds to the firm and entering into contractual arrangements with the firm and third parties related to this purpose. The firm does not consolidate these entities. See Notes 14 and 19 for further information about the transactions involving the Trusts.

71						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm effectively provides for the full and unconditional guarantee of the securities issued by these entities. Timely payment by the firm of amounts due to these entities under the guarantee, borrowing, preferred stock and related contractual arrangements will be sufficient to cover payments due on the securities issued by these entities. No subsidiary of Group Inc. guarantees the securities of the Trusts.

Management believes that it is unlikely that any circumstances will occur, such as nonperformance on the part of paying agents or other service providers, that would make it necessary for the firm to make payments related to these entities other than those required under the terms of the guarantee, borrowing, preferred stock and related contractual arrangements and in connection with certain expenses incurred by these entities.

Indemnities and Guarantees of Service Providers. In the ordinary course of business, the firm indemnifies and guarantees certain service providers, such as clearing and custody agents, trustees and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the firm or its affiliates.

The firm may also be liable to some clients or other parties for losses arising from its custodial role or caused by acts or omissions of third-party service providers, including sub-custodians and third-party brokers. In certain cases, the firm has the right to seek indemnification from these third-party service providers for certain relevant losses incurred by the firm. In addition, the firm is a member of payment, clearing and settlement networks, as well as securities exchanges around the world that may require the firm to meet the obligations of such networks and exchanges in the event of member defaults and other loss scenarios.

In connection with the firm’s prime brokerage and clearing businesses, the firm agrees to clear and settle transactions entered into by clients with other brokerage firms. The firm’s obligations in respect of such transactions are secured by the assets in the client’s account and proceeds received from the transactions cleared and settled by the firm on behalf of the client. In connection with joint venture investments, the firm may issue loan guarantees under which it may be liable in the event of fraud, misappropriation, environmental liabilities and other matters involving the borrower.

The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications as this depends upon the occurrence of future events, including an assessment of claims that have not yet occurred. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated balance sheets as of both September 2025 and December 2024.

Other Representations, Warranties and Indemnifications. The firm provides representations and warranties to counterparties in connection with a variety of commercial transactions and occasionally indemnifies them against potential losses caused by the breach of those representations and warranties. The firm may also provide indemnifications protecting against changes in or adverse application of certain U.S. tax laws in connection with ordinary-course transactions, such as securities issuances, borrowings or derivatives.

In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws. These indemnifications, as well as indemnifications provided by the firm on other contractual or other obligations, generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. Future changes in tax laws and how such laws would apply to these indemnifications cannot be determined. Therefore, the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both September 2025 and December 2024.

Guarantees of Subsidiaries. Group Inc. is the entity that fully and unconditionally guarantees the securities issued by GS Finance Corp., a wholly-owned finance subsidiary of the firm. Group Inc. has guaranteed the payment obligations of Goldman Sachs & Co. LLC (GS&Co.), GS Bank USA and Goldman Sachs Paris Inc. et Cie, subject to certain exceptions. Group Inc. also guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by-transaction basis, as negotiated with counterparties. In addition, Group Inc. has provided guarantees to Goldman Sachs International (GSI) and GSBE related to agreements that each entity has entered into with certain of its counterparties. Given the obligations of the consolidated subsidiaries are recognized in the consolidated balance sheets or reflected as commitments, Group Inc.’s liabilities as guarantor are not separately disclosed.

Goldman Sachs September 2025 Form 10-Q						72

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 19.

Shareholders’ Equity

Common Equity

As of both September 2025 and December 2024, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share.

The firm’s share repurchase program is intended to help maintain the appropriate level of common equity. The share repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by the firm’s current and projected capital position, and capital deployment opportunities, but which may also be influenced by the evolution of current and future regulatory capital requirements, general market conditions and the prevailing price and trading volumes of the firm’s common stock.

The table below presents information about common stock repurchases.

			Three Months Ended September									Nine Months Ended September
in millions, except per share amounts			2025			2024						2025			2024
Common share repurchases			2.8			2.0						15.2			13.9
Average cost per share			$	718.60		$	489.50					$	614.26		$	430.34
Total cost of common share repurchases			$	2,000		$	1,000					$	9,360		$	6,000

Pursuant to the terms of certain share-based awards, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. In connection with these awards, during the nine months ended September 2025, 1,072 shares were remitted with a total value of $0.7 million and the firm cancelled 3.5 million share-based awards with a total value of $2.16 billion. The amount of cash used to settle share-based awards was not material for each of the three and nine months ended September 2025 and September 2024.

The table below presents common stock dividends declared.

			Three Months Ended September									Nine Months Ended September
			2025			2024						2025			2024
Dividends declared per common share			$	4.00		$	3.00					$	10.00		$	8.50

On October 13, 2025, the Board of Directors of Group Inc. declared a dividend of $4.00 per common share to be paid on December 30, 2025 to common shareholders of record on December 2, 2025.

Preferred Equity

The tables below present information about the perpetual preferred stock issued and outstanding as of September 2025.

Series			Shares Authorized			Shares Issued			Shares Outstanding			Depositary Shares Per Share
A			50,000			30,000			29,999			1,000
C			25,000			8,000			8,000			1,000
D			60,000			54,000			53,999			1,000
E			17,500			7,667			7,667			N.A.
F			5,000			1,615			1,615			N.A.
O			26,000			26,000			26,000			25
Q			20,000			20,000			20,000			25
R			24,000			24,000			24,000			25
S			14,000			14,000			14,000			25
T			27,000			27,000			27,000			25
U			30,000			30,000			30,000			25
V			30,000			30,000			30,000			25
W			60,000			60,000			60,000			25
X			90,000			90,000			90,000			25
Y			80,000			80,000			80,000			25
Z			76,000			76,000			76,000			25
Total			634,500			578,282			578,280

Series			Earliest Redemption Date			Liquidation Preference			Redemption Value ($ in millions)
A			Currently Redeemable			$	25,000		$	750
C			Currently Redeemable			$	25,000		200
D			Currently Redeemable			$	25,000		1,350
E			Currently Redeemable			$	100,000		767
F			Currently Redeemable			$	100,000		161
O			November 10, 2026			$	25,000		650
Q			Currently Redeemable			$	25,000		500
R			Currently Redeemable			$	25,000		600
S			Currently Redeemable			$	25,000		350
T			May 10, 2026			$	25,000		675
U			August 10, 2026			$	25,000		750
V			November 10, 2026			$	25,000		750
W			February 10, 2029			$	25,000		1,500
X			May 10, 2029			$	25,000		2,250
Y			November 10, 2034			$	25,000		2,000
Z			February 10, 2030			$	25,000		1,900
Total									$	15,153

In the tables above:

• All shares have a par value of $0.01 per share and, where applicable, each share is represented by the specified number of depositary shares.

• The earliest redemption date represents the date on which each share of non-cumulative preferred stock is redeemable at the firm’s option.

• Prior to redeeming preferred stock, the firm must receive approval from the Board of Governors of the Federal Reserve System (FRB).

• In January 2025, the firm issued 76,000 shares of Series Z 6.85% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Z Preferred Stock).

73						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

• The redemption price per share for Series A through F and Series Q through Z Preferred Stock is the liquidation preference plus declared and unpaid dividends. The redemption price per share for Series O Preferred Stock is the liquidation preference plus accrued and unpaid dividends.

• All series of preferred stock are pari passu and have a preference over the firm’s common stock on liquidation.

• The firm’s ability to declare or pay dividends on, or purchase, redeem or otherwise acquire, its common stock is subject to certain restrictions in the event that the firm fails to pay or set aside full dividends on the preferred stock for the latest completed dividend period.

• Series E and Series F Preferred Stock are held by Goldman Sachs Capital II and Goldman Sachs Capital III, respectively. These trusts are Delaware statutory trusts sponsored by the firm and wholly-owned finance subsidiaries of the firm for regulatory and legal purposes but are not consolidated for accounting purposes.

In the third quarter of 2024, the firm issued a notice that it will redeem all outstanding shares of its Series P 5.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series P Preferred Stock) with a redemption value of $1.50 billion ($25,000 per share). Upon the issuance of the notice of redemption, Series P Preferred Stock was reclassified to unsecured short-term borrowings in a non-cash transaction. The difference between its redemption value and net carrying value at the issuance of the notice of redemption was $18 million, which was recorded as an addition to preferred stock dividends in the third quarter of 2024. The shares of Series P Preferred Stock were redeemed in October 2024.

In the second quarter of 2024, the firm redeemed all outstanding shares of its Series K 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series K Preferred Stock) with a redemption value of $700 million ($25,000 per share), plus accrued and unpaid dividends. The difference between the redemption value and net carrying value was $16 million, which was recorded as an addition to preferred stock dividends in the second quarter of 2024.

The preferred stock issuance costs in the consolidated statements of shareholders’ equity reflects reclassifications of issuance costs to retained earnings on redemptions, net of issuance costs relating to new issuances.

The table below presents the dividend rates of perpetual preferred stock as of September 2025.

Series			Per Annum Dividend Rate
A			3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly
C			3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly
D			3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly
E			3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly
F			3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly
O			5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter
Q			5 year treasury rate + 3.623%, payable semi-annually
R			5 year treasury rate + 3.224%, payable semi-annually
S			5 year treasury rate + 2.85%, payable semi-annually
T			3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U			3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
V			4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter
W			7.50%, payable semi-annually, from issuance date to, but excluding, February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter
X			7.50%, payable semi-annually, from issuance date to, but excluding, May 10, 2029; 5 year treasury rate + 2.809%, payable semi-annually, thereafter
Y			6.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2034; 10 year treasury rate +2.40%, payable semi-annually, thereafter
Z			6.85%, payable semi-annually, from issuance date to, but excluding, February 10, 2030; 5 year treasury rate + 2.461%, payable semi-annually, thereafter

In the table above:

• Dividends on each series of preferred stock are payable in arrears for the periods specified.

• The treasury rate for Series Q through Z is based on the most recent dividend determination date of the respective series.

Goldman Sachs September 2025 Form 10-Q						74

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents preferred stock dividends declared.

			2025									2024
Series			per share			$ in millions						per share			$ in millions
Three Months Ended September
A			$	335.68		$	9					$	413.68		$	12
C			$	335.68		2						$	413.68		4
D			$	330.63		18						$	408.45		22
E			$	1,369.51		11						$	1,629.22		13
F			$	1,370.15		3						$	1,629.85		3
P			$	–		–						$	552.33		33
Q			$	922.38		19						$	687.50		14
R			$	945.00		23						$	618.75		15
S			$	898.25		12						$	550.00		7
U			$	456.25		13						$	456.25		13
W			$	937.50		57						$	937.50		56
Z			$	932.36		71						$	–		–
Total						$	238								$	192
Nine Months Ended September
A			$	1,016.67		$	30					$	1,215.99		$	36
C			$	1,016.67		8						$	1,215.99		10
D			$	1,001.56		54						$	1,200.65		65
E			$	4,118.75		32						$	4,911.94		38
F			$	4,120.64		7						$	4,913.85		8
K			$	–		–						$	796.88		20
O			$	662.50		17						$	662.50		17
P			$	–		–						$	1,623.09		97
Q			$	1,844.75		37						$	1,375.00		28
R			$	1,563.75		38						$	1,237.50		30
S			$	1,448.25		20						$	1,100.00		15
T			$	475.00		13						$	475.00		13
U			$	912.50		27						$	912.50		27
V			$	515.63		15						$	515.63		15
W			$	1,875.00		113						$	1,833.33		110
X			$	937.50		84						$	–		–
Y			$	952.78		77						$	–		–
Z			$	932.36		71						$	–		–
Total						$	643								$	529

On October 6, 2025, Group Inc. declared dividends of $330.99 per share of Series A Preferred Stock, $330.99 per share of Series C Preferred Stock, $325.93 per share of Series D Preferred Stock, $662.50 per share of Series O Preferred Stock, $475.00 per share of Series T Preferred Stock, $515.63 per share of Series V Preferred Stock, $937.50 per share of Series X Preferred Stock, and $765.63 per share of Series Y Preferred Stock to be paid on November 10, 2025 to preferred shareholders of record on October 26, 2025 and declared dividends of $1,300.04 per share of Series E Preferred Stock and $1,300.67 per share of Series F Preferred Stock to be paid on December 1, 2025 to preferred shareholders of record on November 16, 2025. The aggregate amount of such preferred dividends was approximately $235 million.

Accumulated Other Comprehensive Income/(Loss)

The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.

$ in millions			Beginning balance			Other comprehensive income/(loss) adjustments, net of tax			Ending balance
Three Months Ended September 2025
Currency translation			$	(885)		$	23		$	(862)
Debt valuation adjustment			(316)			(711)			(1,027)
Pension and postretirement liabilities			(505)			11			(494)
Available-for-sale securities			(279)			185			(94)
Cash flow hedges			–			1			1
Total			$	(1,985)		$	(491)		$	(2,476)
Three Months Ended September 2024
Currency translation			$	(825)		$	(25)		$	(850)
Debt valuation adjustment			(411)			(95)			(506)
Pension and postretirement liabilities			(553)			13			(540)
Available-for-sale securities			(1,111)			504			(607)
Total			$	(2,900)		$	397		$	(2,503)
Nine Months Ended September 2025
Currency translation			$	(815)		$	(47)		$	(862)
Debt valuation adjustment			(386)			(641)			(1,027)
Pension and postretirement liabilities			(528)			34			(494)
Available-for-sale securities			(972)			878			(94)
Cash flow hedges			(1)			2			1
Total			$	(2,702)		$	226		$	(2,476)
Nine Months Ended September 2024
Currency translation			$	(847)		$	(3)		$	(850)
Debt valuation adjustment			(123)			(383)			(506)
Pension and postretirement liabilities			(575)			35			(540)
Available-for-sale securities			(1,373)			766			(607)
Total			$	(2,918)		$	415		$	(2,503)

Note 20.

Regulation and Capital Adequacy

The FRB is the primary regulator of Group Inc., a bank holding company under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework).

The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance sheet exposures. Failure to comply with these capital requirements would result in restrictions being imposed by the firm’s regulators and could limit the firm’s ability to repurchase shares, pay dividends and make certain discretionary compensation payments. The firm’s capital levels are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements.

75						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Capital Framework

The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the Capital Framework, the firm is an “Advanced approaches” banking organization and has been designated as a global systemically important bank (G-SIB).

The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements. The buffer must consist entirely of capital that qualifies as Common Equity Tier 1 (CET1) capital.

The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. Each of the ratios calculated under the Standardized and Advanced Capital Rules must meet its respective capital requirements.

Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer.

Consolidated Regulatory Capital Requirements

Risk-Based Capital Ratios. The table below presents the minimum, capital conservation buffer and total risk-based capital requirements.

			As of
			September			December			September			December
			2025			2024			2025			2024
			Standardized						Advanced
Risk-based capital minimum requirements
CET1 capital ratio			4.5		%	4.5		%	4.5		%	4.5		%
Tier 1 capital ratio			6.0		%	6.0		%	6.0		%	6.0		%
Total capital ratio			8.0		%	8.0		%	8.0		%	8.0		%
Capital conservation buffer requirements
G-SIB surcharge (Method 2)			3.0		%	3.0		%	3.0		%	3.0		%
Stress capital buffer			6.1		%	6.2		%	N/A			N/A
Fixed buffer			N/A			N/A			2.5		%	2.5		%
Countercyclical capital buffer			0.0%			0.0%			0.0%			0.0%
Total			9.1		%	9.2		%	5.5		%	5.5		%
Total risk-based capital requirements
CET1 capital ratio			13.6		%	13.7		%	10.0		%	10.0		%
Tier 1 capital ratio			15.1		%	15.2		%	11.5		%	11.5		%
Total capital ratio			17.1		%	17.2		%	13.5		%	13.5		%

In the table above:

• The total risk-based capital requirements for each of the capital ratios consist of the required risk-based capital minimum and the capital conservation buffer requirements.

• The G-SIB surcharge is calculated using two methodologies (Method 1 and Method 2), the higher of which is reflected in the firm’s capital conservation buffer requirements. Method 1 is based on the Basel Committee’s methodology which, among other factors, relies upon measures of the size, interconnectedness, substitutability, complexity and cross-jurisdictional activities of each G-SIB. Method 2 uses similar inputs but includes a measure of reliance on short-term wholesale funding instead of substitutability. As of both September 2025 and December 2024, the G-SIB surcharge (Method 2) was higher and therefore was reflected in the capital conservation buffer requirements.

• In June 2025, the FRB disclosed that the firm’s stress capital buffer (SCB), from the 2024 Comprehensive Capital Analysis and Review (CCAR) stress test, has been reduced from 6.2% to 6.1%. The impact of this change would have been a reduction of 10 basis points to the December 2024 Standardized CET1 capital, Tier 1 capital and Total capital ratio requirements presented in the table above.

Additionally, based on the firm’s 2025 CCAR submission, the FRB has set the SCB for the firm at 3.4% beginning on October 1, 2025, which will decrease the firm’s Standardized requirement to 10.9% for the CET1 capital ratio, 12.4% for the Tier 1 capital ratio and 14.4% for the Total capital ratio. The SCB may be subject to further changes pending the finalization of the FRB’s outstanding proposal on SCB averaging.

The table below presents information about risk-based capital ratios.

$ in millions			Standardized			Advanced
As of September 2025
CET1 capital			$	103,769		$	103,769
Tier 1 capital			$	118,515		$	118,515
Tier 2 capital			$	14,209		$	10,164
Total capital			$	132,724		$	128,679
RWAs			$	723,406		$	687,426
CET1 capital ratio			14.3		%	15.1		%
Tier 1 capital ratio			16.4		%	17.2		%
Total capital ratio			18.3		%	18.7		%
As of December 2024
CET1 capital			$	103,065		$	103,065
Tier 1 capital			$	115,647		$	115,647
Tier 2 capital			$	14,125		$	10,164
Total capital			$	129,772		$	125,811
RWAs			$	688,541		$	674,812
CET1 capital ratio			15.0		%	15.3		%
Tier 1 capital ratio			16.8		%	17.1		%
Total capital ratio			18.8		%	18.6		%

In the table above, the Standardized risk-based capital ratios as of September 2025 decreased compared with December 2024, reflecting an increase in Credit RWAs, partially offset by an increase in capital and a decrease in Market RWAs. The Advanced CET1 capital ratio as of September 2025 decreased compared with December 2024, reflecting an increase in Credit RWAs, partially offset by an increase in CET1 capital and a decrease in Operational and Market RWAs. The Advanced Tier 1 and Total capital ratios as of September 2025 were essentially unchanged compared with December 2024.

Goldman Sachs September 2025 Form 10-Q						76

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Leverage Ratios. The table below presents the leverage requirements.

			As of
			September			December
			2025			2024
Tier 1 leverage ratio			4.0		%	4.0		%
SLR			5.0		%	5.0		%

In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs.

The table below presents information about leverage ratios.

			For the Three Months
			Ended or as of
			September			December
$ in millions			2025			2024
Tier 1 capital			$	118,515		$	115,647
Average adjusted total assets			$	1,799,376		$	1,692,500
Total leverage exposure			$	2,265,348		$	2,120,756
Tier 1 leverage ratio			6.6		%	6.8%
SLR			5.2		%	5.5%

In the table above:

• Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and for the three months ended December 2024, also reflected the impact of Current Expected Credit Losses (CECL) transition.

• Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees.

• Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.

• SLR is calculated as Tier 1 capital divided by total leverage exposure.

GS Bank USA

GS Bank USA is the firm’s primary U.S. bank subsidiary. GS Bank USA is a New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau (CFPB), and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an “Advanced approaches” banking organization under the Capital Framework. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law.

The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement. GS Bank USA is required to calculate the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with the capital requirements, including a breach of the buffers described below, would result in restrictions being imposed by the regulators.

The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements.

			As of
			September			December						September			December
			2025			2024						2025			2024
												"Well-capitalized"
			Requirements									Requirements
Risk-based capital requirements
CET1 capital ratio			7.0		%	7.0		%				6.5		%	6.5		%
Tier 1 capital ratio			8.5		%	8.5		%				8.0		%	8.0		%
Total capital ratio			10.5		%	10.5		%				10.0		%	10.0		%
Leverage requirements
Tier 1 leverage ratio			4.0		%	4.0		%				5.0		%	5.0		%
SLR			3.0		%	3.0		%				6.0		%	6.0		%

In the table above:

• The CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent.

• The “well-capitalized” requirements are the binding requirements for leverage ratios.

77						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about GS Bank USA’s risk-based capital ratios.

$ in millions			Standardized			Advanced
As of September 2025
CET1 capital			$	64,251		$	64,251
Tier 1 capital			$	64,251		$	64,251
Tier 2 capital			$	4,454		$	1,124
Total capital			$	68,705		$	65,375
RWAs			$	404,962		$	308,247
CET1 capital ratio			15.9		%	20.8		%
Tier 1 capital ratio			15.9		%	20.8		%
Total capital ratio			17.0		%	21.2		%
As of December 2024
CET1 capital			$	62,022		$	62,022
Tier 1 capital			$	62,022		$	62,022
Tier 2 capital			$	4,209		$	955
Total capital			$	66,231		$	62,977
RWAs			$	386,922		$	284,624
CET1 capital ratio			16.0		%	21.8		%
Tier 1 capital ratio			16.0		%	21.8		%
Total capital ratio			17.1		%	22.1		%

In the table above:

• The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both September 2025 and December 2024.

• The Standardized risk-based capital ratios as of September 2025 were essentially unchanged compared with December 2024. The Advanced risk-based capital ratios as of September 2025 decreased compared with December 2024, primarily reflecting an increase in Credit RWAs, partially offset by an increase in capital and a decrease in Market RWAs.

The table below presents information about GS Bank USA’s leverage ratios.

			For the Three Months
			Ended or as of
			September			December
$ in millions			2025			2024
Tier 1 capital			$	64,251		$	62,022
Average adjusted total assets			$	645,554		$	565,513
Total leverage exposure			$	875,095		$	775,170
Tier 1 leverage ratio			10.0		%	11.0		%
SLR			7.3		%	8.0		%

In the table above:

• Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital, and for the three months ended December 2024, also reflected the impact of CECL transition.

• Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees.

• Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.

• SLR is calculated as Tier 1 capital divided by total leverage exposure.

The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. As of both September 2025 and December 2024, the reserve requirement ratio was zero percent. See Note 26 for further information about cash deposits held by the firm at the Federal Reserve.

GS Bank USA is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both September 2025 and December 2024, GS Bank USA was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

Restrictions on Payments

Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test.

In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk.

Group Inc.’s equity investment in subsidiaries was $144.77 billion as of September 2025 and $140.79 billion as of December 2024. The firm’s regulated subsidiaries were required to hold minimum equity capital of $110.98 billion as of September 2025 and $98.48 billion as of December 2024 to satisfy regulatory requirements.

Group Inc.’s capital invested in certain non-U.S. dollar functional currency subsidiaries is exposed to foreign exchange risk, substantially all of which is managed through a combination of non-U.S. dollar-denominated debt and derivatives. See Note 7 for information about the firm’s net investment hedges used to hedge this risk.

Goldman Sachs September 2025 Form 10-Q						78

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 21.

Earnings Per Common Share

Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions.

The table below presents information about basic and diluted EPS.

			Three Months Ended September									Nine Months Ended September
in millions, except per share amounts			2025			2024						2025			2024
Net earnings to common			$	3,860		$	2,780					$	11,916		$	9,602
Weighted average basic shares			309.6			324.8						314.6			330.0
Effect of dilutive RSUs			5.4			6.0						4.6			5.3
Weighted average diluted shares			315.0			330.8						319.2			335.3
Basic EPS			$	12.42		$	8.52					$	37.75		$	28.98
Diluted EPS			$	12.25		$	8.40					$	37.33		$	28.64

In the table above:

• Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.

• Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.05 for the three months ended September 2025, $0.04 for the three months ended September 2024, $0.13 for the nine months ended September 2025 and $0.12 for the nine months ended September 2024.

• Diluted EPS does not include antidilutive RSUs, including those that are subject to market or performance conditions, of less than 0.1 million for the three months ended September 2025, 0.2 million for the three months ended September 2024, 0.1 million for the nine months ended September 2025 and 0.3 million for the nine months ended September 2024.

Note 22.

Transactions with Affiliated Funds

The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, incentive fees from these funds. Additionally, the firm invests alongside its clients in certain funds.

The tables below present information about affiliated funds.

			Three Months Ended September												Nine Months Ended September
$ in millions			2025						2024						2025						2024
Fees earned from funds			$	1,476					$	1,386					$	4,381					$	3,905

			As of
			September			December
$ in millions			2025			2024
Fees receivable from funds			$	1,593		$	1,589
Aggregate carrying value of interests in funds			$	3,599		$	4,079

In the ordinary course of business, the firm may choose to provide voluntary financial support to funds, although any such support is not expected to be material to the results of operations of the firm. The firm has waived or deferred collection of management fees and has deferred reimbursement of expenses, and in the future may waive or defer collection of management fees, from select funds. The impact of these voluntary waivers and deferrals was not material to the firm’s results of operations for both the three months ended September 2025 and September 2024. Except as noted above, the firm did not provide any additional voluntary financial support to its affiliated funds during both the three months ended September 2025 and September 2024.

In addition, in the ordinary course of business and subject to applicable regulatory requirements, the firm may also engage in other activities with its affiliated funds, including, among others, securities lending, trade execution, market-making, custody, and acquisition and bridge financing. See Note 18 for information about the firm’s investment commitments related to these funds.

79						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 23.

Interest Income and Interest Expense

Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates.

The table below presents sources of interest income and interest expense.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Deposits with banks			$	1,659		$	2,354					$	4,573		$	7,589
Collateralized agreements			4,720			5,147						14,016			15,060
Trading assets			4,305			4,063						12,726			10,340
Investments			1,985			1,656						5,680			4,253
Loans			4,411			4,230						12,400			12,146
Other interest			3,742			3,998						10,599			12,055
Total interest income			20,822			21,448						59,994			61,443
Deposits			4,670			5,298						13,745			15,554
Collateralized financings			4,297			4,447						12,671			12,960
Trading liabilities			1,096			759						2,988			2,081
Short-term borrowings			294			589						1,055			1,628
Long-term borrowings			2,546			2,874						7,618			8,372
Other interest			4,067			5,134						12,066			15,137
Total interest expense			16,970			19,101						50,143			55,732
Net interest income			$	3,852		$	2,347					$	9,851		$	5,711

In the table above:

• Collateralized agreements includes rebates paid and interest income on securities borrowed.

• Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest.

• Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value.

• Collateralized financings consists of repurchase agreements and securities loaned.

• Short- and long-term borrowings include both secured and unsecured borrowings.

• Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances.

Note 24.

Income Taxes

Provision for Income Taxes

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses and tax credits in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities.

Unrecognized Tax Benefits

The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements.

Regulatory Tax Examinations

The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.

Goldman Sachs September 2025 Form 10-Q						80

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

			As of
Jurisdiction			September 2025
U.S. Federal			2011
New York State and City			2015
United Kingdom			2017
Japan			2019
Hong Kong			2019

The firm has been accepted into the Compliance Assurance Process (CAP) program by the IRS for each of the tax years from 2013 through 2025. This program allows the firm to work with the IRS to identify and resolve potential U.S. federal tax issues before the filing of tax returns. All issues addressed through the CAP program for the 2011 through 2018 tax years have been resolved and completion is pending final review by the Joint Committee on Taxation. All issues for the 2019 through 2022 tax years have been resolved and will be effectively settled pending administrative completion by the IRS. Final completion of tax years 2011 through 2022 will not have a material impact on the effective tax rate. The 2023 and 2024 tax years remain subject to post-filing review. New York State and City examinations of tax years 2015 through 2018 commenced during 2021.

All years, including and subsequent to the years in the table above, remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments.

Note 25.

Business Segments

The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. These business segments are determined and organized based on products and services provided, and the types of customers and counterparties served. See Note 1 for a description of the firm’s business segments.

The firm’s chief operating decision maker (CODM) is its president and chief operating officer. The CODM makes operating decisions, assesses the performance of, and allocates resources to, the firm’s operating segments principally based on the total net revenues of the segments, revenues net of provision for credit losses, total operating expenses, pre-tax earnings, net earnings applicable to common shareholders and the return on average common equity to assess the performance of the segments. The CODM evaluates segment operating performance against the firm’s targets and industry metrics and considers the current and future business and operating environment.

The accounting policies used to prepare the operating results and other metrics for the segments are consistent with those described in Note 3. The following provides a description of the primary components of the firm’s segment results disclosed in the table below.

• The firm fully allocates its revenues, expenses, assets and shareholders’ equity to the firm’s three business segments.

• Revenues and expenses directly associated with each segment are included in determining pre-tax earnings for the respective segment.

• Net revenues in the firm’s segments include allocations of interest income and interest expense based on the funding generated by, or the funding and liquidity requirements of the respective segments. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance.

• Expenses not directly associated with specific segments are allocated among the business segments based on an estimate of support provided to each segment.

• Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.

• Certain assets (including allocations of global core liquid assets and cash, and secured client financing), not directly associated with specific segments are generally allocated among the business segments based on the funding and liquidity requirements of the segments.

• Common shareholders’ equity and preferred stock dividends are allocated to each segment based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements.

• Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings.

• Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Due to the integrated nature of these segments, estimates and judgments are made in allocating these assets, revenues and expenses. Transactions between segments are based on specific criteria or approximate third-party rates.

81						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Segment Results

The table below presents a summary of the firm’s segment results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Global Banking & Markets
Non-interest revenues			$	8,151		$	7,674					$	26,029		$	24,928
Net interest income			1,964			880						4,913			1,536
Total net revenues			10,115			8,554						30,942			26,464
Provision for credit losses			86			54						330			95
Compensation and benefits expenses			2,564			2,369						8,449			7,517
Other operating expenses			3,170			2,600						8,864			7,680
Total operating expenses			5,734			4,969						17,313			15,197
Pre-tax earnings			$	4,295		$	3,531					$	13,299		$	11,172
Net earnings			$	3,257		$	2,653					$	10,441		$	8,643
Net earnings to common			$	3,070		$	2,490					$	9,939		$	8,205
Average common equity			$	78,000		$	76,039					$	78,013		$	75,575
Return on average common equity			15.7		%	13.1		%				17.0		%	14.5		%
Asset & Wealth Management
Non-interest revenues			$	3,317		$	3,021					$	9,273		$	9,338
Net interest income			1,082			733						2,583			2,083
Total net revenues			4,399			3,754						11,856			11,421
Provision for credit losses			(33)			(109)						(116)			(189)
Compensation and benefits expenses			1,982			1,621						5,337			4,927
Other operating expenses			1,314			1,227						3,866			3,892
Total operating expenses			3,296			2,848						9,203			8,819
Pre-tax earnings			$	1,136		$	1,015					$	2,769		$	2,791
Net earnings			$	871		$	767					$	2,174		$	2,159
Net earnings to common			$	828		$	727					$	2,055		$	2,053
Average common equity			$	26,125		$	26,475					$	26,096		$	26,348
Return on average common equity			12.7		%	11.0		%				10.5		%	10.4		%
Platform Solutions
Non-interest revenues			$	(136)		$	(343)					$	(324)		$	(334)
Net interest income			806			734						2,355			2,092
Total net revenues			670			391						2,031			1,758
Provision for credit losses			286			452						796			1,091
Compensation and benefits expenses			134			132						455			503
Other operating expenses			289			366						851			987
Total operating expenses			423			498						1,306			1,490
Pre-tax earnings/(loss)			$	(39)		$	(559)					$	(71)		$	(823)
Net earnings/(loss)			$	(30)		$	(430)					$	(56)		$	(637)
Net earnings/(loss) to common			$	(38)		$	(437)					$	(78)		$	(656)
Average common equity			$	4,229		$	4,508					$	4,372		$	4,547
Return on average common equity			(3.6)		%	(38.8)		%				(2.4)		%	(19.2)		%
Total
Non-interest revenues			$	11,332		$	10,352					$	34,978		$	33,932
Net interest income			3,852			2,347						9,851			5,711
Total net revenues			15,184			12,699						44,829			39,643
Provision for credit losses			339			397						1,010			997
Compensation and benefits expenses			4,680			4,122						14,241			12,947
Other operating expenses			4,773			4,193						13,581			12,559
Total operating expenses			9,453			8,315						27,822			25,506
Pre-tax earnings			$	5,392		$	3,987					$	15,997		$	13,140
Net earnings			$	4,098		$	2,990					$	12,559		$	10,165
Net earnings to common			$	3,860		$	2,780					$	11,916		$	9,602
Average common equity			$	108,354		$	107,022					$	108,481		$	106,470
Return on average common equity			14.2		%	10.4		%				14.6		%	12.0		%

In the table above:

• Other operating expenses for Global Banking & Markets for both the three and nine months ended September 2025 primarily included transaction based, communications and technology, and depreciation and amortization expenses.

• Other operating expenses for Asset & Wealth Management for both the three and nine months ended September 2025 primarily included transaction based expenses, depreciation and amortization expenses, and professional fees.

• Other operating expenses for Platform Solutions for both the three and nine months ended September 2025 primarily included professional fees, communications and technology expenses, and depreciation and amortization expenses.

• Beginning in the fourth quarter of 2024, revenues relating to certain short-term foreign currency swaps used in connection with the firm’s funding strategy are classified within non-interest revenues to better align with the classification for similar foreign currency derivatives. Previously, such revenues were included within net interest income. Prior period amounts have been conformed to the current presentation.

The table below presents depreciation and amortization expenses by segment.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Global Banking & Markets			$	270		$	276					$	822		$	854
Asset & Wealth Management			215			216						694			825
Platform Solutions			46			129						139			215
Total			$	531		$	621					$	1,655		$	1,894

In the table above, the decrease in Asset & Wealth Management for the nine months ended September 2025 primarily reflected lower depreciation and impairments related to commercial real estate in CIEs.

Segment Assets

The table below presents assets by segment.

			As of
			September			December
$ in millions			2025			2024
Global Banking & Markets			$	1,535,623		$	1,420,142
Asset & Wealth Management			206,929			193,328
Platform Solutions			65,430			62,502
Total			$	1,807,982		$	1,675,972

Goldman Sachs September 2025 Form 10-Q						82

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Geographic Information

Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows:

• Global Banking & Markets: Investment banking fees and Other: location of the client and investment banking team; FICC intermediation and Equities intermediation: location of the market-making desk; FICC financing and Equities financing: location of the desk.

• Asset & Wealth Management (excluding direct-to-consumer business, Equity investments and Debt investments): location of the sales team; Direct-to-consumer business: location of the client; Equity investments and Debt investments: location of the investment or investment professional.

• Platform Solutions: location of the client.

The table below presents total net revenues and pre-tax earnings by geographic region.

$ in millions			2025						2024
Three Months Ended September
Americas			$	10,020		66		%	$	8,045		63		%
EMEA			3,163			21		%	3,076			24		%
Asia			2,001			13		%	1,578			13		%
Total net revenues			$	15,184		100		%	$	12,699		100		%
Americas			$	3,809		71		%	$	2,389		60		%
EMEA			1,175			22		%	1,182			30		%
Asia			408			7		%	416			10		%
Total pre-tax earnings			$	5,392		100		%	$	3,987		100		%
Nine Months Ended September
Americas			$	28,868		65		%	$	25,351		64		%
EMEA			10,465			23		%	9,477			24		%
Asia			5,496			12		%	4,815			12		%
Total net revenues			$	44,829		100		%	$	39,643		100		%
Americas			$	10,478		65		%	$	8,192		62		%
EMEA			4,148			26		%	3,673			28		%
Asia			1,371			9		%	1,275			10		%
Total pre-tax earnings			$	15,997		100		%	$	13,140		100		%

In the table above:

• Substantially all of the amounts in the Americas were attributable to the U.S.

• Asia includes Australia and New Zealand.

Note 26.

Credit Concentrations

The firm’s concentrations of credit risk arise from its market-making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearinghouse or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate.

The firm measures and monitors its credit exposure based on amounts owed to the firm after taking into account risk mitigants that the firm considers when determining credit risk. Such risk mitigants include netting and collateral arrangements and economic hedges, such as credit derivatives, futures and forward contracts. Netting and collateral agreements permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis.

The table below presents the credit concentrations included in trading cash instruments and investments.

			As of
			September			December
$ in millions			2025			2024
U.S. government and agency obligations			$	387,756		$	389,148
Percentage of total assets			21.4		%	23.2		%
Non-U.S. government and agency obligations			$	127,049		$	74,496
Percentage of total assets			7.0		%	4.4		%

In addition, the firm had $133.64 billion as of September 2025 and $151.84 billion as of December 2024 of cash deposits held at central banks (included in cash and cash equivalents), of which $86.49 billion as of September 2025 and $105.78 billion as of December 2024 was held at the Federal Reserve.

As of both September 2025 and December 2024, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets.

83						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and agency obligations, and non-U.S. government and agency obligations. See Note 11 for further information about collateralized agreements and financings.

The table below presents U.S. government and agency obligations, and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions.

			As of
			September			December
$ in millions			2025			2024
U.S. government and agency obligations			$	91,408		$	129,942
Non-U.S. government and agency obligations			$	66,672		$	76,932

In the table above:

• Non-U.S. government and agency obligations primarily consists of securities issued by the governments of Japan, the U.K., France and Germany.

• Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default.

Note 27.

Legal Proceedings

The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages.

Under ASC 450, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight.

With respect to matters described below for which management has been able to estimate a range of reasonably possible loss where (i) actual or potential plaintiffs have claimed an amount of money damages, (ii) the firm is being, or threatened to be, sued by purchasers in a securities offering and is not being indemnified by a party that the firm believes will pay the full amount of any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss based on (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the difference between the initial sales price of the securities that the firm sold in such offering and the estimated lowest subsequent price of such securities prior to the action being commenced and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of September 2025 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any other factors believed to be relevant to the particular matter or matters of that type. As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $1.5 billion in excess of the aggregate reserves for such matters.

Goldman Sachs September 2025 Form 10-Q						84

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to the investigations and reviews described below in “Regulatory Investigations and Reviews and Related Litigation” generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period.

1MDB-Related Matters

Between 2012 and 2013, subsidiaries of the firm acted as arrangers or purchasers of approximately $6.5 billion of debt securities of 1MDB.

On November 1, 2018, the U.S. Department of Justice (DOJ) unsealed a criminal information and guilty plea by Tim Leissner, a former participating managing director of the firm, and an indictment against Ng Chong Hwa, a former managing director of the firm. On August 28, 2018, Leissner was adjudicated guilty by the U.S. District Court for the Eastern District of New York of conspiring to launder money and to violate the U.S. Foreign Corrupt Practices Act’s (FCPA) anti-bribery and internal accounting controls provisions. Ng was charged with conspiring to launder money and to violate the FCPA’s anti-bribery and internal accounting controls provisions, and on April 8, 2022, Ng was found guilty on all counts following a trial.

On August 18, 2020, the firm announced that it entered into a settlement agreement with the Government of Malaysia to resolve the criminal and regulatory proceedings in Malaysia involving the firm, which includes a guarantee that the Government of Malaysia receives at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1MDB. See Note 18 for further information about this guarantee, including related arbitration proceedings.

On October 22, 2020, the firm announced that it reached settlements of governmental and regulatory investigations relating to 1MDB with the DOJ, the SEC, the FRB, the NYDFS, the Financial Conduct Authority, the Prudential Regulation Authority, the Singapore Attorney General’s Chambers, the Singapore Commercial Affairs Department, the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission. Group Inc. entered into a three-year deferred prosecution agreement with the DOJ, in which a charge against the firm, one count of conspiracy to violate the FCPA, was filed and was later dismissed on May 6, 2024 in accordance with the agreement. In addition, GS Malaysia pleaded guilty to one count of conspiracy to violate the FCPA, and was sentenced on June 9, 2021. In May 2021, the U.S. Department of Labor granted the firm a five-year exemption to maintain its status as a qualified professional asset manager (QPAM).

On December 20, 2018, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Group Inc. and certain former officers of the firm alleging violations of the anti-fraud provisions of the Exchange Act with respect to Group Inc.’s disclosures and public statements concerning 1MDB and seeking unspecified damages. The plaintiff filed the second amended complaint on October 28, 2019. On June 28, 2021, the court dismissed the claims against one of the individual defendants but denied the defendants’ motion to dismiss with respect to the firm and the remaining individual defendants. On August 4, 2023, the plaintiff filed a third amended complaint. On September 4, 2025, the court adopted the Magistrate Judge’s report and recommendation granting the plaintiff’s motion for class certification in part. On September 18, 2025, the defendants filed a petition with the U.S. Court of Appeals for the Second Circuit seeking interlocutory review of the district court’s grant of class certification.

85						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Mortgage-Related Matters

Complaints were filed in the U.S. District Court for the Southern District of New York on July 25, 2019 and May 29, 2020 against Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. by U.S. Bank National Association, as trustee for two residential mortgage-backed securitization trusts that issued $1.7 billion of securities. The complaints generally allege that mortgage loans in the trusts failed to conform to applicable representations and warranties and seek specific performance or, alternatively, compensatory damages and other relief. On November 23, 2020, the court granted in part and denied in part defendants’ motion to dismiss the complaint in the first action and denied defendants’ motion to dismiss the complaint in the second action. On January 14, 2021, amended complaints were filed in both actions.

Currencies-Related Litigation

GS&Co. is among the defendants named in a putative class action filed in the U.S. District Court for the Southern District of New York on August 4, 2021. The amended complaint, filed on January 6, 2022, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate auctions for foreign exchange transactions on an electronic trading platform, as well as claims under the Racketeer Influenced and Corrupt Organizations Act. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of treble and other damages. On May 18, 2023, the court dismissed certain state common law claims, but denied dismissal of the remaining claims. On July 8, 2025, the plaintiffs filed a third amended complaint.

Banco Espirito Santo S.A. and Oak Finance

In December 2014, September 2015 and December 2015, the Bank of Portugal (BoP) rendered decisions to reverse an earlier transfer to Novo Banco of an $835 million facility agreement (the Facility), structured by GSI, between Oak Finance Luxembourg S.A. (Oak Finance), a special purpose vehicle formed in connection with the Facility, and Banco Espirito Santo S.A. (BES) prior to the failure of BES. In response, GSI and, with respect to the BoP’s December 2015 decision, GSIB commenced actions beginning in February 2015 against Novo Banco S.A. (Novo Banco) in the English Commercial Court and the BoP in the Portuguese Administrative Court. In July 2018, the English Supreme Court found that the English courts will not have jurisdiction over GSI’s action unless and until the Portuguese Administrative Court finds against BoP in GSI’s parallel action. In July 2018, the Liquidation Committee for BES issued a decision seeking to claw back from GSI $54 million paid to GSI and $50 million allegedly paid to Oak Finance in connection with the Facility, alleging that GSI acted in bad faith in extending the Facility, including because GSI allegedly knew that BES was at risk of imminent failure. In October 2018, GSI commenced an action in the Lisbon Commercial Court challenging the Liquidation Committee’s decision and has since also issued a claim against the Portuguese State seeking compensation for losses of approximately $222 million related to the failure of BES, together with a contingent claim for the $104 million sought by the Liquidation Committee. On April 11, 2023, GSI commenced administrative proceedings against the BoP, seeking the nullification of the BoP’s September 2015 and December 2015 decisions on new grounds.

Financial Advisory Services

Group Inc. and certain of its affiliates are from time to time parties to various civil litigation and arbitration proceedings and other disputes with clients and third parties relating to the firm’s financial advisory activities. These claims generally seek, among other things, compensatory damages and, in some cases, punitive damages, and in certain cases allege that the firm did not appropriately disclose or deal with conflicts of interest.

Goldman Sachs September 2025 Form 10-Q						86

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Archegos-Related Matters

GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 13, 2021 in New York Supreme Court, County of New York, relating to ViacomCBS Inc.’s (ViacomCBS) March 2021 public offerings of $1.7 billion of common stock and $1.0 billion of preferred stock. In addition to the underwriters, the defendants include ViacomCBS and certain of its officers and directors. GS&Co. underwrote 646,154 shares of common stock representing an aggregate offering price of approximately $55 million and 323,077 shares of preferred stock representing an aggregate offering price of approximately $32 million. The complaint asserts claims under the federal securities laws and alleges that the offering documents contained material misstatements and omissions, including, among other things, that the offering documents failed to disclose that Archegos Capital Management, LP (Archegos) had substantial exposure to ViacomCBS, including through total return swaps to which certain of the underwriters (the trading underwriters), including GS&Co., were allegedly counterparties, and that such underwriters failed to disclose their exposure to Archegos. On December 21, 2021, the plaintiffs filed a corrected amended complaint. The complaint seeks rescission and compensatory damages in unspecified amounts. On February 6, 2023, the trial court dismissed the claims against ViacomCBS and the individual defendants, but denied the defendants’ motions to dismiss with respect to GS&Co. and the other underwriter defendants. On January 4, 2024, the trial court granted the plaintiffs’ motion for class certification, and on February 14, 2024, the underwriter defendants appealed. On April 4, 2024, the Appellate Division for the First Department affirmed the trial court’s dismissal of the claims against ViacomCBS and the individual defendants, reversed the trial court’s failure to dismiss the claims against the non-trading underwriter defendants, and affirmed the trial court’s denial of the motion to dismiss claims against the trading underwriter defendants, including GS&Co. On September 16, 2025, the trial court approved a settlement among the plaintiffs and the trading underwriter defendants to resolve this action. GS&Co. has paid the full amount of its proposed contribution to the settlement into an escrow account.

Group Inc. is also a defendant in putative securities class actions filed beginning in October 2021 and consolidated in the U.S. District Court for the Southern District of New York. The complaints allege that Group Inc., along with another financial institution, sold shares in Baidu Inc. (Baidu), Discovery Inc. (Discovery), GSX Techedu Inc. (Gaotu), iQIYI Inc. (iQIYI), Tencent Music Entertainment Group (Tencent), ViacomCBS, and Vipshop Holdings Ltd. (Vipshop) based on material nonpublic information regarding the liquidation of Archegos’ position in Baidu, Discovery, Gaotu, iQIYI, Tencent, ViacomCBS and Vipshop, respectively. The complaints generally assert violations of Sections 10(b), 20A and 20(a) of the Exchange Act and seek unspecified damages. In May 2023, the plaintiffs in the class actions filed second amended complaints, and on March 28, 2024, the court granted the defendants’ motion to dismiss the second amended complaints with prejudice. On September 16, 2025, the U.S. Court of Appeals for the Second Circuit affirmed the court’s dismissal of the second amended complaints.

87						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Silicon Valley Bank Matters

GS&Co. is among the underwriters named as defendants in a putative securities class action filed on April 7, 2023 and consolidated in the U.S. District Court for the Northern District of California and an individual action filed on January 25, 2024 in the same court relating to SVB Financial Group’s (SVBFG) January 2021 public offerings of $500 million principal amount of senior notes and $750 million of depositary shares representing interests in preferred stock, March 2021 public offering of approximately $1.2 billion of common stock, May 2021 public offerings of $1.0 billion of depositary shares representing interests in preferred stock and $500 million principal amount of senior notes, August 2021 public offering of approximately $1.3 billion of common stock, and April 2022 public offering of $800 million aggregate principal amount of senior notes, among other public offerings of securities. In addition to the underwriters, the defendants include certain of SVBFG’s officers and directors and its auditor. GS&Co. underwrote an aggregate of 831,250 depositary shares representing an aggregate offering price of approximately $831 million, an aggregate of 3,266,108 shares of common stock representing an aggregate offering price of approximately $1.8 billion and senior notes representing an aggregate price to the public of approximately $727 million. The complaints generally assert claims under the federal securities laws and allege that the offering documents contained material misstatements and omissions. The complaints seek compensatory damages in unspecified amounts. On March 17, 2023, SVBFG filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. On January 16, 2024, the plaintiffs filed a consolidated amended complaint in the putative class action, and on June 13, 2025, the court denied the defendants’ motion to dismiss the consolidated amended complaint.

The firm is also cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries regarding SVBFG and its affiliates (collectively SVB), including the firm’s business with SVB in or around March 2023, when SVB engaged the firm to assist with a proposed capital raise and SVB sold the firm a portfolio of securities.

Underwriting Litigation

Firm affiliates are among the defendants in a number of proceedings in connection with securities offerings. In these proceedings, including those described below, the plaintiffs assert class action or individual claims under federal and state securities laws and, in some cases, other applicable laws, allege that the offering documents for the securities that they purchased contained material misstatements and omissions, and generally seek compensatory and rescissory damages in unspecified amounts, as well as rescission. Certain of these proceedings involve additional allegations.

Array Technologies, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 14, 2021 in the U.S. District Court for the Southern District of New York relating to Array Technologies, Inc.’s (Array) $1.2 billion October 2020 initial public offering of common stock, $1.3 billion December 2020 offering of common stock and $993 million March 2021 offering of common stock. In addition to the underwriters, the defendants include Array and certain of its officers and directors. GS&Co. underwrote an aggregate of 31,912,213 shares of common stock in the three offerings representing an aggregate offering price of approximately $877 million. On December 7, 2021, the plaintiffs filed an amended consolidated complaint, and on May 19, 2023, the court granted the defendants’ motion to dismiss the amended consolidated complaint. On July 5, 2023, the court denied the plaintiffs’ request for leave to amend the amended consolidated complaint and dismissed the case with prejudice. On August 4, 2023, plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit.

Goldman Sachs September 2025 Form 10-Q						88

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

ContextLogic Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on May 17, 2021 and consolidated in the U.S. District Court for the Northern District of California, relating to ContextLogic Inc.’s (ContextLogic) $1.1 billion December 2020 initial public offering of common stock. In addition to the underwriters, the defendants include ContextLogic and certain of its officers and directors. GS&Co. underwrote 16,169,000 shares of common stock representing an aggregate offering price of approximately $388 million. On July 15, 2022, the plaintiffs filed a consolidated amended complaint, and on March 10, 2023, the court granted the defendants’ motion to dismiss the consolidated amended complaint with leave to amend. On April 10, 2023, the plaintiffs filed a second consolidated amended complaint, and on December 22, 2023, the court granted in part and denied in part the defendants’ motion to dismiss the second consolidated amended complaint with leave to amend. On February 15, 2024, the plaintiffs filed a third consolidated amended complaint, and on August 22, 2024, the court granted the defendants’ motion to dismiss the third consolidated amended complaint without leave to amend. On February 12, 2025, the court denied the plaintiffs’ motion to alter the judgment, and on March 13, 2025, the plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit.

DiDi Global Inc. Goldman Sachs (Asia) L.L.C. (GS Asia) is among the underwriters named as defendants in putative securities class actions filed beginning on July 6, 2021 in the U.S. District Courts for the Southern District of New York and the Central District of California and New York Supreme Court, County of New York, relating to DiDi Global Inc.’s (DiDi) $4.4 billion June 2021 initial public offering of American Depositary Shares (ADS). In addition to the underwriters, the defendants include DiDi and certain of its officers and directors. GS Asia underwrote 104,554,000 ADS representing an aggregate offering price of approximately $1.5 billion. On September 22, 2021, plaintiffs in the California action voluntarily dismissed their claims without prejudice. On May 5, 2022, plaintiffs in the consolidated federal action filed a second consolidated amended complaint. On March 14, 2024, the court denied the defendants’ motions to dismiss the second consolidated amended complaint. On January 6, 2025, the plaintiffs moved for class certification, and on August 13, 2025, the court granted in part and denied in part the plaintiffs’ motion for class certification. On August 13, 2025, the parties informed the court that they had reached a settlement in principle, subject to final documentation and court approval, to resolve the action, which will not require a contribution from GS Asia.

Zymergen Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 4, 2021 in the U.S. District Court for the Northern District of California relating to Zymergen Inc.’s (Zymergen) $575 million April 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Zymergen, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 5,750,345 shares of common stock representing an aggregate offering price of approximately $178 million. On February 24, 2022, the plaintiffs filed an amended complaint, and on November 29, 2022, the court granted in part and denied in part the defendants’ motion to dismiss the amended complaint, denying dismissal of the claims for violations of Section 11 of the Securities Act. On August 11, 2023, the court granted the plaintiffs’ motion for class certification. On October 3, 2023, Zymergen and three affiliates filed Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware. On March 4, 2024, the plaintiffs filed a second amended complaint.

Sea Limited. GS Asia is among the underwriters named as defendants in putative securities class actions filed on February 11, 2022 and June 17, 2022, respectively, in New York Supreme Court, County of New York, relating to Sea Limited’s approximately $4.0 billion September 2021 public offering of ADS and approximately $2.9 billion September 2021 public offering of convertible senior notes, respectively. In addition to the underwriters, the defendants include Sea Limited, certain of its officers and directors and certain of its shareholders. GS Asia underwrote 8,222,500 ADS representing an aggregate offering price of approximately $2.6 billion and convertible senior notes representing an aggregate offering price of approximately $1.9 billion. On August 3, 2022, the actions were consolidated, and on August 9, 2022, the plaintiffs filed a consolidated amended complaint. The defendants had previously moved to dismiss the action on July 15, 2022, with the parties stipulating that the motion would apply to the consolidated amended complaint. On May 15, 2023, the court granted the defendants’ motion to dismiss the consolidated amended complaint with prejudice. On May 28, 2024, the Appellate Division for the First Department reversed the trial court’s dismissal of the consolidated amended complaint, and on June 27, 2024, the defendants moved to reargue or alternatively, for leave to appeal the reversal. On August 7, 2025, the court approved a settlement, which does not require a contribution from GS Asia.

89						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Rivian Automotive Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed on March 7, 2022 and February 28, 2023 in the U.S. District Court for the Central District of California and in the Superior Court of the State of California, County of Orange, respectively, relating to Rivian Automotive Inc.’s (Rivian) approximately $13.7 billion November 2021 initial public offering. In addition to the underwriters, the defendants include Rivian and certain of its officers and directors. GS&Co. underwrote 44,733,050 shares of common stock representing an aggregate offering price of approximately $3.5 billion. On March 2, 2023, the plaintiffs in the federal court action filed an amended consolidated complaint, and on July 3, 2023, the court denied the defendants’ motion to dismiss the amended consolidated complaint. On June 30, 2023, the court in the state court action granted the defendants’ motion to dismiss the complaint, and on April 23, 2025, the Fourth Appellate District affirmed the court’s dismissal of the complaint. On July 17, 2024, the court in the federal court action granted the plaintiffs’ motion for class certification. On October 23, 2025, the plaintiffs moved for preliminary approval of a settlement to resolve the federal court action, which will not require contribution from GS&Co., and the court vacated the defendants' motion for summary judgment.

Natera Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions in New York Supreme Court, County of New York and the U.S. District Court for the Western District of Texas filed on March 10, 2022 and October 7, 2022, respectively, relating to Natera Inc.’s (Natera) approximately $585 million July 2021 public offering of common stock. In addition to the underwriters, the defendants include Natera and certain of its officers and directors. GS&Co. underwrote 1,449,000 shares of common stock representing an aggregate offering price of approximately $164 million. On July 15, 2022, the parties in the state court action filed a stipulation and proposed order approving the discontinuance of the action without prejudice. On September 11, 2023, the federal court granted in part and denied in part the defendants’ motion to dismiss. On May 9, 2025, the U.S. Court of Appeals for the Fifth Circuit granted the defendants’ petition seeking interlocutory review of the district court’s March 21, 2025 grant of class certification. On August 22, 2025, the plaintiffs moved to voluntarily dismiss the remaining claims against the underwriter defendants, including GS&Co., without prejudice.

Robinhood Markets, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on December 17, 2021 in the U.S. District Court for the Northern District of California relating to Robinhood Markets, Inc.’s (Robinhood) approximately $2.2 billion July 2021 initial public offering. In addition to the underwriters, the defendants include Robinhood and certain of its officers and directors. GS&Co. underwrote 18,039,706 shares of common stock representing an aggregate offering price of approximately $686 million. On February 10, 2023, the court granted the defendants’ motion to dismiss the complaint with leave to amend, and on March 13, 2023, the plaintiffs filed a second amended complaint. On January 24, 2024, the court granted the defendants’ motion to dismiss the second amended complaint without leave to amend. On August 29, 2025, the U.S. Court of Appeals for the Ninth Circuit affirmed in part and vacated in part the district court’s dismissal and remanded the case for further proceedings. On October 8, 2025, the defendants’ petition for rehearing en banc with the U.S. Court of Appeals for the Ninth Circuit was denied.

ON24, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 3, 2021 in the U.S. District Court for the Northern District of California relating to ON24, Inc.’s (ON24) approximately $492 million February 2021 initial public offering of common stock. In addition to the underwriters, the defendants include ON24 and certain of its officers and directors, including a director who was a Managing Director of GS&Co. at the time of the initial public offering. GS&Co. underwrote 3,616,785 shares of common stock representing an aggregate offering price of approximately $181 million. On March 18, 2022, the plaintiffs filed a consolidated complaint, and on July 7, 2023, the court granted the defendants’ motion to dismiss the consolidated complaint with leave to amend. On September 1, 2023, the plaintiffs filed an amended consolidated complaint, and on March 5, 2024, the court granted the defendants’ motion to dismiss the amended consolidated complaint with prejudice. On April 4, 2024, the plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit.

Goldman Sachs September 2025 Form 10-Q						90

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Bright Health Group, Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on June 24, 2022 in the U.S. District Court for the Eastern District of New York relating to Bright Health Group, Inc.’s (Bright Health) approximately $924 million June 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Bright Health and certain of its officers and directors. GS&Co. underwrote 11,297,000 shares of common stock representing an aggregate offering price of approximately $203 million. On September 30, 2024, the court granted the defendants’ motion to dismiss the amended complaint, and on November 27, 2024, the plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit.

MINISO Group Holding Limited. GS Asia is among the underwriters named as defendants in a putative securities class action filed on August 17, 2022 in the U.S. District Court for the Central District of California and transferred to the U.S. District Court for the Southern District of New York on November 18, 2022 relating to MINISO Group Holding Limited’s (MINISO) approximately $656 million October 2020 initial public offering of ADS. In addition to the underwriters, the defendants include MINISO and certain of its officers and directors. GS Asia underwrote 16,408,093 ADS representing an aggregate offering price of approximately $328 million. On April 30, 2025, the plaintiffs filed a third amended complaint, and on June 30, 2025, the defendants moved to dismiss the third amended complaint.

Coupang, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 26, 2022 in the U.S. District Court for the Southern District of New York relating to Coupang, Inc.’s (Coupang) approximately $4.6 billion March 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Coupang and certain of its officers and directors. GS&Co. underwrote 42,900,000 shares of common stock representing an aggregate offering price of approximately $1.5 billion. On May 24, 2023, the plaintiffs filed an amended complaint, and on September 10, 2025, the court granted the defendants’ motion to dismiss the amended complaint with prejudice. On October 10, 2025, the plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit.

Rent the Runway, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 14, 2022 in the U.S. District Court for the Eastern District of New York relating to Rent the Runway, Inc.’s (Rent the Runway) $357 million October 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Rent the Runway and certain of its officers and directors. GS&Co. underwrote 5,254,304 shares of common stock representing an aggregate offering price of approximately $110 million. On September 5, 2023, the plaintiffs filed an amended complaint, and on September 25, 2024, the court granted in part and denied in part the defendants’ motion to dismiss the amended complaint. On September 12, 2025, the court granted in part and denied in part the defendants’ motion for reconsideration of the court’s order.

Opendoor Technologies Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 22, 2022 in the U.S. District Court for the District of Arizona relating to, among other things, Opendoor Technologies Inc.’s (Opendoor) approximately $886 million February 2021 public offering of common stock. In addition to the underwriters, the defendants include Opendoor and certain of its officers and directors. GS&Co. underwrote 10,173,401 shares of common stock representing an aggregate offering price of approximately $275 million. On April 17, 2023, the plaintiffs filed a consolidated amended complaint, and on February 28, 2024, the court granted the defendants’ motion to dismiss the consolidated amended complaint with leave to amend. On May 14, 2024, the court granted the plaintiffs’ motion for reconsideration and vacated the dismissal of certain of the plaintiffs’ claims, and on September 9, 2024, the court denied the defendants’ motion for certification of an interlocutory appeal as to the plaintiffs’ surviving claims. On February 28, 2025, the plaintiffs filed a motion for class certification. On June 13, 2025, the plaintiffs moved for preliminary approval of a settlement, which will not require a contribution from GS&Co.

91						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

FIGS, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on December 8, 2022 in the U.S. District Court for the Central District of California relating to FIGS, Inc.’s (FIGS) approximately $668 million May 2021 initial public offering and approximately $413 million September 2021 secondary equity offering. In addition to the underwriters, the defendants include FIGS, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 9,545,073 shares of common stock in the May 2021 initial public offering representing an aggregate offering price of approximately $210 million and 3,179,047 shares of common stock in the September 2021 secondary equity offering representing an aggregate offering price of approximately $128 million. On April 10, 2023, the plaintiffs filed a consolidated complaint, and on January 17, 2024, the court granted the defendants’ motions to dismiss the consolidated complaint with leave to amend. On March 19, 2024, the plaintiffs filed a first amended complaint, and on January 10, 2025, the court granted in part and denied in part the defendants’ motions to dismiss the first amended complaint with leave to amend, resulting in the dismissal of all claims against the underwriter defendants, including GS&Co. On February 10, 2025, the plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit.

Venture Global, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on April 15, 2025 in the U.S. District Court for the Eastern District of Virginia and transferred to the U.S. District Court for the Southern District of New York on June 2, 2025 relating to Venture Global, Inc.’s (Venture Global) approximately $1.8 billion January 2025 initial public offering of common stock. In addition to the underwriters, the defendants include Venture Global and certain of its officers and directors. GS&Co. underwrote 15,875,728 shares of common stock representing an aggregate offering price of approximately $397 million. GS&Co. is also among the underwriters named as defendants in related purported shareholder derivative actions filed beginning on May 7, 2025 in, or subsequently transferred to, the U.S. District Court for the Southern District of New York. The derivative actions include allegations that the underwriters aided and abetted breaches of fiduciary duties by the director and officer defendants and seeks unspecified damages and injunctive relief. On July 23, 2025, the court stayed the derivative actions pending the resolution of the putative securities class action. On September 16, 2025, the plaintiffs filed an amended complaint in the putative securities class action.

Ibotta, Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on April 17, 2025 and consolidated in the U.S. District Court for the District of Colorado relating to Ibotta, Inc.’s (Ibotta) approximately $664 million April 2024 initial public offering of common stock. In addition to the underwriters, the defendants include Ibotta and certain of its officers and directors. GS&Co. underwrote 2,565,235 shares of common stock representing an aggregate offering price of approximately $226 million.

Silvergate Capital Corporation. GS&Co. is among the underwriters and sales agents named as defendants in a putative securities class action filed on January 19, 2023 in the U.S. District Court for the Southern District of California, as amended on May 11, 2023, relating to Silvergate Capital Corporation’s (Silvergate) approximately $288 million January 2021 public offering of common stock, approximately $300 million “at-the-market” offering of common stock conducted from March through May 2021, approximately $200 million July 2021 public offering of depositary shares representing interests in preferred stock, and approximately $552 million December 2021 public offering of common stock. In addition to the underwriters and sales agents, the defendants include Silvergate and certain of its officers and directors. GS&Co. underwrote 1,711,313 shares of common stock in the January 2021 public offering of common stock representing an aggregate offering price of approximately $108 million, acted as a sales agent with respect to up to a $300 million aggregate offering price of shares of common stock in the March through May 2021 “at-the-market” offering, underwrote 1,600,000 depositary shares in the July 2021 public offering representing an aggregate offering price of approximately $40 million, and underwrote 1,375,397 shares of common stock in the December 2021 public offering of common stock representing an aggregate offering price of approximately $199 million. On July 10, 2023, the defendants moved to dismiss the consolidated amended complaint. On September 17, 2024, Silvergate and two affiliates filed Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware. On May 14, 2025, the bankruptcy court preliminarily approved a settlement, and on September 3, 2025, the district court approved the settlement, subject to the bankruptcy court’s final approval and the effectiveness of the Chapter 11 bankruptcy plan of Silvergate. The firm has paid the full amount of its proposed contribution to the settlement into an escrow account.

Goldman Sachs September 2025 Form 10-Q						92

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

F45 Training Holdings Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on May 19, 2023 in the U.S. District Court for the Western District of Texas relating to F45 Training Holdings Inc.’s (F45) approximately $350 million July 2021 initial public offering of common stock. In addition to the underwriters, the defendants include F45, certain of its officers and directors and certain of its shareholders. GS&Co. acted as a qualified independent underwriter for the offering and underwrote 8,303,744 shares of common stock representing an aggregate offering price of approximately $133 million. On January 25, 2024, the plaintiffs filed a second amended complaint, and on February 21, 2025, the court granted in part and denied in part the defendants’ motion to dismiss without prejudice, denying dismissal of the claims for violations of Sections 11 and 12 of the Securities Act.

agilon health, inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on March 19, 2024 and consolidated in the U.S. District Court for the Western District of Texas, relating to agilon health, inc.’s (agilon) approximately $1.2 billion April 2021 initial public offering, approximately $587 million September 2021 secondary equity offering and approximately $1.8 billion May 2023 secondary equity offering. In addition to the underwriters, the defendants include agilon, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 10,631,949 shares of common stock in the April 2021 initial public offering representing an aggregate offering price of approximately $245 million, 3,759,588 shares of common stock in the September 2021 secondary equity offering representing an aggregate offering price of approximately $113 million and 26,879,772 shares of common stock in the May 2023 secondary equity offering, of which 2,731,638 shares were purchased by agilon, representing an aggregate offering price of approximately $519 million sold to third parties. On September 6, 2024, the plaintiffs filed a consolidated complaint, and on August 15, 2025, the court granted the underwriter defendants’ motion to dismiss the consolidated complaint without prejudice.

Investment Management Services

Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages.

Variable Rate Demand Obligations Antitrust Litigation

Group Inc. and GS&Co. were among the defendants named in a putative class action relating to variable rate demand obligations (VRDOs), filed beginning in February 2019 under separate complaints and consolidated in the U.S. District Court for the Southern District of New York. The consolidated amended complaint, filed on May 31, 2019, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate the market for VRDOs. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble and other damages. Group Inc. was voluntarily dismissed from the putative class action on June 3, 2019. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss, dismissing the state common law claims against GS&Co., but denying dismissal of the federal antitrust law claims.

GS&Co. is also among the defendants named in a related putative class action filed on June 2, 2021 in the U.S. District Court for the Southern District of New York. The complaint alleges the same conspiracy in the market for VRDOs as that alleged in the consolidated amended complaint filed on May 31, 2019, and asserts federal antitrust law, state law and state common law claims against the defendants. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble and other damages. On August 6, 2021, plaintiffs in the May 31, 2019 action filed an amended complaint consolidating the June 2, 2021 action with the May 31, 2019 action. On September 14, 2021, defendants filed a joint partial motion to dismiss the August 6, 2021 amended consolidated complaint. On June 28, 2022, the court granted in part and denied in part the defendants’ motion to dismiss, dismissing the state breach of fiduciary duty claim against GS&Co., but declining to dismiss any portion of the federal antitrust law claims. On September 21, 2023, the court granted the plaintiffs’ motion for class certification, and on August 1, 2025, the U.S. Court of Appeals for the Second Circuit affirmed the court’s grant of class certification.

93						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Interest Rate Swap Antitrust Litigation

Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs Financial Markets, L.P. are among the defendants named in two antitrust actions relating to the trading of interest rate swaps, commenced in April 2016 and June 2018, respectively, in the U.S. District Court for the Southern District of New York by three operators of swap execution facilities and certain of their affiliates. These actions have been consolidated for pretrial proceedings. The complaints generally assert claims under federal and state antitrust laws and state common law in connection with an alleged conspiracy among the defendants to preclude exchange trading of interest rate swaps. The complaints seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss the first action and the district court dismissed the state common law claims asserted by the plaintiffs in the first action and limited the antitrust claims to the period from 2013 to 2016. On November 20, 2018, the court granted in part and denied in part the defendants’ motion to dismiss the second action, dismissing the state common law claims for unjust enrichment and tortious interference, but denying dismissal of the federal and state antitrust claims.

Corporate Bonds Antitrust Litigation

Group Inc. and GS&Co. are among the dealers named as defendants in a putative class action relating to the secondary market for odd-lot corporate bonds, filed on April 21, 2020 in the U.S. District Court for the Southern District of New York. The amended consolidated complaint, filed on October 29, 2020, asserts claims under federal antitrust law in connection with alleged anti-competitive conduct by the defendants in the secondary market for odd-lots of corporate bonds, and seeks declaratory and injunctive relief, as well as unspecified monetary damages, including treble and punitive damages and restitution. On October 25, 2021, the court granted defendants’ motion to dismiss with prejudice. On November 10, 2022, the district court denied the plaintiffs’ motion for an indicative ruling that the judgment should be vacated because the wife of the district judge owned stock in one of the defendants and the district judge did not recuse himself. On July 2, 2024, the U.S. Court of Appeals for the Second Circuit vacated the district court’s dismissal and remanded the case for further proceedings. On September 3, 2024, the plaintiffs filed a second amended complaint, and on September 2, 2025, the court granted the defendants’ motion to dismiss the second amended complaint.

Credit Default Swap Antitrust Litigation

Group Inc., GS&Co. and GSI were among the defendants named in a putative antitrust class action relating to the settlement of credit default swaps, filed on June 30, 2021 in the U.S. District Court for the District of New Mexico. The complaint generally asserts claims under federal antitrust law and the Commodity Exchange Act in connection with an alleged conspiracy among the defendants to manipulate the benchmark price used to value credit default swaps for settlement. The complaint also asserts a claim for unjust enrichment under state common law. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of treble and other damages. On November 15, 2021, the defendants filed a motion to dismiss the complaint. On February 4, 2022, the plaintiffs filed an amended complaint and voluntarily dismissed Group Inc. from the action. On June 5, 2023, the court dismissed the claims against certain foreign defendants for lack of personal jurisdiction but denied the defendants’ motion to dismiss with respect to GS&Co., GSI and the remaining defendants. On January 24, 2024, the court granted the defendants’ motion to stay the proceedings pending the resolution of the motion filed by the defendants on November 3, 2023 in the U.S. District Court for the Southern District of New York to enforce a 2015 settlement and release among the parties. On January 26, 2024, the U.S. District Court for the Southern District of New York granted the defendants’ motion to enforce the settlement and release and enjoined the plaintiffs from pursuing any claims against the defendants in the New Mexico action for any alleged violation of law based on conduct before June 30, 2014, and on May 20, 2025, the U.S. Court of Appeals for the Second Circuit dismissed the plaintiffs’ appeal of the district court’s order for lack of subject matter jurisdiction. On October 10, 2025, the defendants filed a motion for judgment on the pleadings.

Goldman Sachs September 2025 Form 10-Q						94

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Regulatory Investigations and Reviews and Related Litigation

Group Inc. and certain of its affiliates are subject to a number of other investigations and reviews by, and, in some cases, have received subpoenas and requests for documents and information from, various governmental and regulatory bodies and self-regulatory organizations and litigation and shareholder requests relating to various matters relating to the firm’s businesses and operations, including:

• The securities offering process and underwriting practices;

• The firm’s investment management and financial advisory services;

• Conflicts of interest;

• Research practices, including research independence and interactions between research analysts and other firm personnel, including investment banking personnel, as well as third parties;

• Transactions involving government-related financings and other matters, municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, municipal advisory services and the possible impact of credit default swap transactions on municipal issuers;

• Consumer lending, as well as residential mortgage lending, servicing and securitization, and compliance with related consumer laws;

• The offering, auction, sales, trading and clearance of corporate and government securities, currencies, commodities and other financial products and related sales and other communications and activities, as well as the firm’s supervision and controls relating to such activities, including compliance with applicable short sale rules, algorithmic, high-frequency and quantitative trading, the firm’s U.S. alternative trading system (dark pool), futures trading, options trading, when-issued trading, transaction and regulatory reporting, technology systems and controls, communications recordkeeping and recording, securities lending practices, prime brokerage activities, trading and clearance of credit derivative instruments and interest rate swaps, commodities activities and metals storage, private placement practices, allocations of and trading in securities, and trading activities and communications in connection with the establishment of benchmark rates, such as currency rates;

• Compliance with the FCPA;

• The firm’s hiring and compensation practices;

• The firm’s system of risk management and controls; and

• Insider trading, the potential misuse and dissemination of material nonpublic information regarding corporate and governmental developments and the effectiveness of the firm’s insider trading controls and information barriers.

The firm is cooperating with all such governmental and regulatory investigations and reviews.

95						Goldman Sachs September 2025 Form 10-Q

Report of Independent Registered Public

Accounting Firm

To the Board of Directors and Shareholders of The Goldman Sachs Group, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of The Goldman Sachs Group, Inc. and its subsidiaries (the Company) as of September 30, 2025, the related consolidated statements of earnings, comprehensive income and changes in shareholders’ equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and the consolidated statements of cash flows for the nine-month periods ended September 30, 2025 and 2024, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 26, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

October 31, 2025

Goldman Sachs September 2025 Form 10-Q						96

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Statistical Disclosures

Distribution of Assets, Liabilities and Shareholders’ Equity

The tables below present information about average balances, interest and average interest rates.

			Average Balance for the
			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Assets
U.S.			$	116,013		$	106,919					$	99,833		$	113,857
Non-U.S.			63,898			92,195						67,407			106,516
Deposits with banks			179,911			199,114						167,240			220,373
U.S.			225,199			241,390						226,714			248,150
Non-U.S.			142,577			144,107						144,232			142,367
Collateralized agreements			367,776			385,497						370,946			390,517
U.S.			318,749			300,110						324,033			279,894
Non-U.S.			244,632			211,812						229,303			191,319
Trading assets			563,381			511,922						553,336			471,213
U.S.			185,974			155,993						181,405			144,583
Non-U.S.			17,384			14,831						16,454			14,432
Investments			203,358			170,824						197,859			159,015
U.S.			195,406			169,233						189,681			165,842
Non-U.S.			17,541			16,442						17,898			16,253
Loans			212,947			185,675						207,579			182,095
U.S.			98,668			77,846						94,237			80,056
Non-U.S.			63,019			57,338						58,898			58,872
Other interest-earning assets			161,687			135,184						153,135			138,928
Interest-earning assets			1,689,060			1,588,216						1,650,095			1,562,141
Cash and due from banks			4,912			5,508						4,871			5,823
Other non-interest-earning assets			112,187			97,651						111,950			100,487
Assets			$	1,806,159		$	1,691,375					$	1,766,916		$	1,668,451
Liabilities
U.S.			$	362,128		$	334,829					$	351,132		$	332,098
Non-U.S.			111,809			97,162						107,808			97,259
Interest-bearing deposits			473,937			431,991						458,940			429,357
U.S.			167,814			203,294						178,850			198,090
Non-U.S.			120,334			107,253						116,255			113,216
Collateralized financings			288,148			310,547						295,105			311,306
U.S.			82,428			57,335						76,394			57,255
Non-U.S.			104,331			82,983						91,957			79,633
Trading liabilities			186,759			140,318						168,351			136,888
U.S.			45,035			53,583						46,961			51,795
Non-U.S.			41,495			36,993						39,187			36,140
Short-term borrowings			86,530			90,576						86,148			87,935
U.S.			213,726			197,449						210,926			191,882
Non-U.S.			71,077			57,242						64,981			53,650
Long-term borrowings			284,803			254,691						275,907			245,532
U.S.			144,109			148,772						147,533			144,863
Non-U.S.			95,663			88,280						89,206			89,139
Other interest-bearing liabilities			239,772			237,052						236,739			234,002
Interest-bearing liabilities			1,559,949			1,465,175						1,521,190			1,445,020
Non-interest-bearing deposits			5,800			5,144						5,650			4,967
Other non-interest-bearing liabilities			116,903			101,156						116,632			99,811
Liabilities			1,682,652			1,571,475						1,643,472			1,549,798
Shareholders’ equity
Preferred stock			15,153			12,878						14,963			12,183
Common stock			108,354			107,022						108,481			106,470
Shareholders’ equity			123,507			119,900						123,444			118,653
Liabilities and shareholders’ equity			$	1,806,159		$	1,691,375					$	1,766,916		$	1,668,451
Percentage attributable to non-U.S. operations
Interest-earning assets			32.51		%	33.79		%				32.37		%	33.91		%
Interest-bearing liabilities			34.92		%	32.07		%				33.49		%	32.46		%

			Interest for the
			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Assets
U.S.			$	1,276		$	1,473					$	3,281		$	4,751
Non-U.S.			383			881						1,292			2,838
Deposits with banks			1,659			2,354						4,573			7,589
U.S.			3,258			3,623						9,742			10,715
Non-U.S.			1,462			1,524						4,274			4,345
Collateralized agreements			4,720			5,147						14,016			15,060
U.S.			2,609			2,619						7,877			6,899
Non-U.S.			1,696			1,444						4,849			3,441
Trading assets			4,305			4,063						12,726			10,340
U.S.			1,826			1,493						5,216			3,742
Non-U.S.			159			163						464			511
Investments			1,985			1,656						5,680			4,253
U.S.			4,107			3,885						11,484			11,117
Non-U.S.			304			345						916			1,029
Loans			4,411			4,230						12,400			12,146
U.S.			2,436			2,359						6,814			7,118
Non-U.S.			1,306			1,639						3,785			4,937
Other interest-earning assets			3,742			3,998						10,599			12,055
Interest-earning assets			$	20,822		$	21,448					$	59,994		$	61,443
Liabilities
U.S.			$	3,660		$	4,138					$	10,707		$	12,080
Non-U.S.			1,010			1,160						3,038			3,474
Interest-bearing deposits			4,670			5,298						13,745			15,554
U.S.			2,898			3,110						8,669			8,851
Non-U.S.			1,399			1,337						4,002			4,109
Collateralized financings			4,297			4,447						12,671			12,960
U.S.			507			331						1,417			870
Non-U.S.			589			428						1,571			1,211
Trading liabilities			1,096			759						2,988			2,081
U.S.			219			496						820			1,346
Non-U.S.			75			93						235			282
Short-term borrowings			294			589						1,055			1,628
U.S.			2,483			2,795						7,445			8,154
Non-U.S.			63			79						173			218
Long-term borrowings			2,546			2,874						7,618			8,372
U.S.			2,491			3,094						7,447			9,067
Non-U.S.			1,576			2,040						4,619			6,070
Other interest-bearing liabilities			4,067			5,134						12,066			15,137
Interest-bearing liabilities			$	16,970		$	19,101					$	50,143		$	55,732
Net interest income
U.S.			$	3,254		$	1,488					$	7,909		$	3,974
Non-U.S.			598			859						1,942			1,737
Net interest income			$	3,852		$	2,347					$	9,851		$	5,711

97						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Statistical Disclosures

			Annualized Average Rate for the
			Three Months Ended September									Nine Months Ended September
			2025			2024						2025			2024
Assets
U.S.			4.36		%	5.39		%				4.39		%	5.56		%
Non-U.S.			2.38		%	3.74		%				2.56		%	3.55		%
Deposits with banks			3.66		%	4.63		%				3.66		%	4.59		%
U.S.			5.74		%	5.88		%				5.75		%	5.76		%
Non-U.S.			4.07		%	4.14		%				3.96		%	4.07		%
Collateralized agreements			5.09		%	5.23		%				5.05		%	5.14		%
U.S.			3.25		%	3.42		%				3.25		%	3.29		%
Non-U.S.			2.75		%	2.67		%				2.83		%	2.40		%
Trading assets			3.03		%	3.11		%				3.07		%	2.93		%
U.S.			3.90		%	3.75		%				3.84		%	3.45		%
Non-U.S.			3.63		%	4.30		%				3.77		%	4.72		%
Investments			3.87		%	3.80		%				3.84		%	3.57		%
U.S.			8.34		%	8.99		%				8.09		%	8.94		%
Non-U.S.			6.88		%	8.21		%				6.84		%	8.44		%
Loans			8.22		%	8.92		%				7.99		%	8.89		%
U.S.			9.80		%	11.86		%				9.67		%	11.86		%
Non-U.S.			8.22		%	11.19		%				8.59		%	11.18		%
Other interest-earning assets			9.18		%	11.58		%				9.25		%	11.57		%
Interest-earning assets			4.89		%	5.29		%				4.86		%	5.24		%
Liabilities
U.S.			4.01		%	4.84		%				4.08		%	4.85		%
Non-U.S.			3.58		%	4.67		%				3.77		%	4.76		%
Interest-bearing deposits			3.91		%	4.80		%				4.00		%	4.83		%
U.S.			6.85		%	5.99		%				6.48		%	5.96		%
Non-U.S.			4.61		%	4.88		%				4.60		%	4.84		%
Collateralized financings			5.92		%	5.61		%				5.74		%	5.55		%
U.S.			2.44		%	2.26		%				2.48		%	2.03		%
Non-U.S.			2.24		%	2.02		%				2.28		%	2.03		%
Trading liabilities			2.33		%	2.12		%				2.37		%	2.03		%
U.S.			1.93		%	3.62		%				2.33		%	3.46		%
Non-U.S.			0.72		%	0.98		%				0.80		%	1.04		%
Short-term borrowings			1.35		%	2.55		%				1.64		%	2.47		%
U.S.			4.61		%	5.54		%				4.72		%	5.67		%
Non-U.S.			0.35		%	0.54		%				0.36		%	0.54		%
Long-term borrowings			3.55		%	4.42		%				3.69		%	4.55		%
U.S.			6.86		%	8.14		%				6.75		%	8.35		%
Non-U.S.			6.54		%	9.05		%				6.92		%	9.08		%
Other interest-bearing liabilities			6.73		%	8.48		%				6.81		%	8.62		%
Interest-bearing liabilities			4.32		%	5.10		%				4.41		%	5.14		%
Interest rate spread			0.57		%	0.19		%				0.45		%	0.10		%
U.S.			1.13		%	0.55		%				0.95		%	0.51		%
Non-U.S.			0.43		%	0.63		%				0.49		%	0.44		%
Net yield on interest-earning assets			0.90		%	0.58		%				0.80		%	0.49		%

In the tables above:

• Assets, liabilities and interest are classified as U.S. and non-U.S. based on the location of the legal entity in which the assets and liabilities are held.

• Derivative instruments and commodities are included in other non-interest-earning assets and other non-interest-bearing liabilities.

• Average collateralized agreements included $155.83 billion of resale agreements and $211.95 billion of securities borrowed for the three months ended September 2025, $180.86 billion of resale agreements and $204.64 billion of securities borrowed for the three months ended September 2024, $162.38 billion of resale agreements and $208.57 billion of securities borrowed for the nine months ended September 2025, and $186.14 billion of resale agreements and $204.38 billion of securities borrowed for the nine months ended September 2024.

• Other interest-earning assets primarily consists of certain receivables from customers and counterparties.

• Average collateralized financings included $228.88 billion of repurchase agreements and $59.27 billion of securities loaned for the three months ended September 2025, $247.00 billion of repurchase agreements and $63.55 billion of securities loaned for the three months ended September 2024, $237.76 billion of repurchase agreements and $57.35 billion of securities loaned for the nine months ended September 2025, and $246.53 billion of repurchase agreements and $64.78 billion of securities borrowed for the nine months ended September 2024.

• Substantially all other interest-bearing liabilities consists of certain payables to customers and counterparties.

• Interest rates for borrowings include the effects of interest rate swaps accounted for as hedges.

• Loans exclude loans held for sale that are accounted for at the lower of cost or fair value. Such loans are included within other interest-earning assets.

• Short- and long-term borrowings include both secured and unsecured borrowings.

Goldman Sachs September 2025 Form 10-Q						98

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis