Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries, 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, we are headquartered in New York and maintain offices in all major financial centers around the world. We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See “Results of Operations” for further information about our business segments.

When we use the terms “we,” “us” and “our,” we mean Group Inc. and its consolidated subsidiaries. When we use the term “our subsidiaries,” we mean the consolidated subsidiaries of Group Inc.

Group Inc. is a bank holding company and a financial holding company regulated by the Board of Governors of the Federal Reserve System (FRB).

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024. References to “the 2024 Form 10-K” are to our Annual Report on Form 10-K for the year ended December 31, 2024. References to “this Form 10-Q” are to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025. All references to “the consolidated financial statements” or “Statistical Disclosures” are to Part I, Item 1 of this Form 10-Q. The consolidated financial statements are unaudited. All references to September 2025, June 2025 and September 2024 refer to our 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.

Executive Overview

Three Months Ended September 2025 versus September 2024. We generated net earnings of $4.10 billion for the third quarter of 2025, compared with $2.99 billion for the third quarter of 2024. Diluted earnings per common share (EPS) was $12.25 for the third quarter of 2025, compared with $8.40 for the third quarter of 2024. Annualized return on average common shareholders’ equity (ROE) was 14.2% for the third quarter of 2025, compared with 10.4% for the third quarter of 2024. Book value per common share was $353.79 as of September 2025, 1.2% higher compared with June 2025 and 5.1% higher compared with December 2024.

Net revenues were $15.18 billion for the third quarter of 2025, 20% higher than the third quarter of 2024, reflecting higher net revenues across all segments. The increase in net revenues in Global Banking & Markets primarily reflected significantly higher Investment banking fees and higher net revenues in Fixed Income, Currency and Commodities (FICC) and Equities. The increase in net revenues in Asset & Wealth Management primarily reflected higher Management and other fees and significantly higher net revenues in Private banking and lending. The increase in Platform Solutions net revenues primarily reflected a net loss in the prior year period related to the General Motors (GM) credit card program that was transferred to held for sale.

Provision for credit losses was $339 million for the third quarter of 2025, compared with $397 million for the third quarter of 2024. Provisions for the third quarter of 2025 primarily reflected net provisions related to the credit card portfolio (driven by net charge-offs). Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans).

Operating expenses were $9.45 billion for the third quarter of 2025, 14% higher than the third quarter of 2024, primarily reflecting increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses, charitable contributions to Goldman Sachs Gives and net provisions for litigation and regulatory proceedings. Our efficiency ratio (total operating expenses divided by total net revenues) was 62.3% for the third quarter of 2025, compared with 65.5% for the third quarter of 2024.

99						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

During the third quarter of 2025, we returned a total of $3.25 billion of capital to common shareholders, including $2.00 billion of common share repurchases and $1.25 billion of common stock dividends. As of September 2025, our Common Equity Tier 1 (CET1) capital ratio was 14.3% under the Standardized Capital Rules and 15.1% under the Advanced Capital Rules. See Note 20 to the consolidated financial statements for further information about our capital ratios.

Nine Months Ended September 2025 versus September 2024**.** We generated net earnings of $12.56 billion for the first nine months of 2025, compared with $10.17 billion for the first nine months of 2024. Diluted EPS was $37.33 for the first nine months of 2025, compared with $28.64 for the first nine months of 2024. Annualized ROE was 14.6% for the first nine months of 2025, compared with 12.0% for the first nine months of 2024.

Net revenues were $44.83 billion for the first nine months of 2025, 13% higher than the first nine months of 2024, reflecting higher net revenues across all segments. The increase in net revenues in Global Banking & Markets primarily reflected significantly higher net revenues in Equities, higher Investment banking fees and higher net revenues in FICC. The increase in net revenues in Asset & Wealth Management reflected higher Management and other fees and significantly higher net revenues in Private banking and lending, partially offset by significantly lower net revenues in both Equity investments and Debt investments. The increase in Platform Solutions net revenues primarily reflected a net loss in the prior year period related to the GM credit card program that was transferred to held for sale.

Provision for credit losses was $1.01 billion for the first nine months of 2025, compared with $997 million for the first nine months of 2024. Provisions for the first nine months of 2025 reflected net provisions related to the credit card portfolio (driven by net charge-offs) and wholesale loans (primarily driven by impairments). Provisions for the first nine months of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs).

Operating expenses were $27.82 billion for the first nine months of 2025, 9% higher than the first nine months of 2024, reflecting increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses, and charitable contributions to Goldman Sachs Gives, partially offset by significantly lower expenses, including impairments, from consolidated investment entities (CIEs). Our efficiency ratio was 62.1% for the first nine months of 2025, compared with 64.3% for the first nine months of 2024.

During the first nine months of 2025, we returned a total of $12.55 billion of capital to common shareholders, including $9.36 billion of common stock repurchases and $3.19 billion of common stock dividends.

Business Environment

During the third quarter of 2025, global economic activity remained resilient, including in the U.S., but continued to be impacted by inflationary pressures, ongoing geopolitical concerns and uncertainty resulting from changes in international trade policies (including tariffs). Markets continued to be focused on the timing and amount of policy interest rate cuts by central banks globally, including the first rate cut this year by the U.S. Federal Reserve. Global equity prices were generally higher compared with the end of the second quarter of 2025, with some equity indices reaching record highs.

There remains uncertainty and concerns about geopolitical risks, inflation, central bank policies and international trade policies (including tariffs). See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for further information about the operating environment for each of our business segments.

Goldman Sachs September 2025 Form 10-Q						100

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Critical Accounting Policies

Fair Value

Fair Value Hierarchy. Trading assets and liabilities, certain investments and loans, and certain other financial assets and liabilities, are included in our consolidated balance sheets at fair value (i.e., marked-to-market), with related gains or losses generally recognized in our consolidated statements of earnings. The use of fair value to measure financial instruments is fundamental to our risk management practices and is our most critical accounting policy.

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. We measure certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). In determining fair value, the hierarchy under U.S. generally accepted accounting principles (U.S. GAAP) gives (i) the highest priority to unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities (level 1 inputs), (ii) the next priority to inputs other than level 1 inputs that are observable, either directly or indirectly (level 2 inputs), and (iii) the lowest priority to inputs that cannot be observed in market activity (level 3 inputs). In evaluating the significance of a valuation input, we consider, among other factors, a portfolio’s net risk exposure to that input. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

The fair values for substantially all of our 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 appropriate valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and our credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads.

Instruments classified in level 3 of the fair value hierarchy are those which require one or more significant inputs that are not observable. Level 3 financial assets represented 1.2% of our total assets as of September 2025, June 2025 and December 2024. See Notes 4 and 5 to the consolidated financial statements for further information about level 3 financial assets, including changes in level 3 financial assets and related fair value measurements. Absent evidence to the contrary, instruments classified in level 3 of the fair value hierarchy are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequent to the transaction date, we use other methodologies to determine fair value, which vary based on the type of instrument. Estimating the fair value of level 3 financial instruments requires judgments to be made. These judgments include:

• Determining the appropriate valuation methodology and/or model for each type of level 3 financial instrument;

• Determining model inputs based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations; and

• Determining appropriate valuation adjustments, including those related to illiquidity or counterparty credit quality.

Regardless of the methodology, valuation inputs and assumptions are only changed when corroborated by substantive evidence.

Controls Over Valuation of Financial Instruments. Market makers and investment professionals in our revenue-producing units are responsible for pricing our financial instruments. Our control infrastructure is independent of the revenue-producing units and is fundamental to ensuring that all of our financial instruments are appropriately valued at market-clearing levels. In the event that there is a difference of opinion in situations where estimating the fair value of financial instruments requires judgment (e.g., calibration to market comparables or trade comparison, as described below), the final valuation decision is made by senior managers in our independent price verification function within Controllers. This independent price verification is critical to ensuring that our financial instruments are properly valued.

101						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Price Verification. All financial instruments at fair value classified in levels 1, 2 and 3 of the fair value hierarchy are subject to our independent price verification process. The objective of price verification is to have an informed and independent opinion with regard to the valuation of financial instruments under review. Instruments that have one or more significant inputs which cannot be corroborated by external market data are classified in level 3 of the fair value hierarchy. Price verification strategies utilized by our independent price verification function within Controllers include:

• Trade Comparison. Analysis of trade data (both internal and external, where available) is used to determine the most relevant pricing inputs and valuations.

• External Price Comparison. Valuations and prices are compared to pricing data obtained from third parties (e.g., brokers or dealers, S&P Global Services, Bloomberg, ICE Data Services, Pricing Direct, TRACE). Data obtained from various sources is compared to ensure consistency and validity. When broker or dealer quotations or third-party pricing vendors are used for valuation or price verification, greater priority is generally given to executable quotations.

• Calibration to Market Comparables. Market-based transactions are used to corroborate the valuation of positions with similar characteristics, risks and components.

• Relative Value Analyses. Market-based transactions are analyzed to determine the similarity, measured in terms of risk, liquidity and return, of one instrument relative to another or, for a given instrument, of one maturity relative to another.

• Collateral Analyses. Margin calls on derivatives are analyzed to determine implied values, which are used to corroborate our valuations.

• Execution of Trades. Where appropriate, market-making desks are instructed to execute trades in order to provide evidence of market-clearing levels.

• Backtesting. Valuations are corroborated by comparison to values realized upon sales.

See Note 4 to the consolidated financial statements for further information about fair value measurements.

Review of Net Revenues. We seek to ensure adherence to our pricing policy through a combination of daily procedures, including the explanation and attribution of net revenues based on the underlying factors. Through this process, we independently validate net revenues, identify and resolve potential fair value or trade booking issues on a timely basis and seek to ensure that risks are being properly categorized and quantified.

Review of Valuation Models. Our independent model risk management group (Model Risk), consisting of quantitative professionals who are separate from model developers, performs an independent model review and validation process of our valuation models. New or changed models are reviewed and approved prior to implementation. Models are reviewed annually to assess the impact of any changes in the product or market and any market developments in pricing theories. See “Risk Management — Model Risk Management” for further information about the review and validation of our valuation models.

Allowance for Credit Losses

We estimate and record an allowance for credit losses related to our loans held for investment that are accounted for at amortized cost. To determine the allowance for credit losses, we classify our loans accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which we have developed and documented our 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.

Goldman Sachs September 2025 Form 10-Q						102

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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. We apply judgment in weighting individual scenarios each quarter based on a variety of factors, including our internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale and consumer portfolios. Risk factors for wholesale loans include internal credit ratings, industry default and loss data, expected life, macroeconomic indicators (e.g., unemployment rates and GDP), the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. 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. Risk factors for credit card loans include Fair Isaac Corporation (FICO) credit scores, delinquency status, loan vintage and macroeconomic indicators.

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. Our estimate of credit losses entails judgment about 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 we use 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. Loans are charged off against the allowance for loan losses when deemed to be uncollectible.

We also record an allowance for credit losses on lending commitments which are held for investment that are accounted for at amortized cost. Such allowance is determined using the same methodology as the allowance for loan losses, while also taking into consideration the probability of drawdowns or funding, and whether such commitments are cancellable by us.

To estimate the potential impact of an adverse macroeconomic environment on our allowance for credit losses, we, among other things, compared the expected credit losses under the weighted average forecast used in the calculation of allowance for credit losses as of September 2025 (which was weighted towards the baseline and adverse economic scenarios) to the expected credit losses under a 100% weighted adverse economic scenario. The adverse economic scenario of the forecast model reflects a global recession in the fourth quarter of 2025 through the third quarter of 2026, resulting in an economic contraction and rising unemployment rates. A 100% weighting to the adverse economic scenario would have resulted in an approximate $0.7 billion increase in our allowance for credit losses as of September 2025. This hypothetical increase does not take into consideration any potential adjustments to qualitative reserves. The forecasts of macroeconomic conditions are inherently uncertain and do not take into account any other offsetting or correlated effects. The actual credit loss in an adverse macroeconomic environment may differ significantly from this estimate. See Note 9 to the consolidated financial statements for further information about the allowance for credit losses.

Use of Estimates

U.S. GAAP requires us to make certain estimates and assumptions. In addition to the estimates we make in connection with fair value measurements and the allowance for credit losses on loans and lending commitments held for investment and accounted for at amortized cost, the use of estimates and assumptions is also important in determining discretionary compensation accruals, the 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.

103						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

A substantial portion of our compensation and benefits represents discretionary compensation, which is finalized at year-end. We believe the most appropriate way to allocate estimated year-end discretionary compensation among interim periods is in proportion to the net revenues net of provision for credit losses earned in such periods. In addition to the level of net revenues net of provision for credit losses, our overall compensation expense in any given year is also influenced by, among other factors, overall financial performance, prevailing labor markets, business mix, the structure of our share-based awards and the external environment.

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. Estimating the fair value of our reporting units requires judgment. Critical inputs to the fair value estimates include projected earnings, allocated equity, price-to-earnings multiples and price-to-book multiples. There is inherent uncertainty in the projected earnings. 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. See Note 12 to the consolidated financial statements for further information about our annual assessment of goodwill for impairment. If we experience a prolonged or severe period of weakness in the business environment, financial markets, the performance of one or more of our reporting units or our common stock price, or additional increases in capital requirements, our goodwill could be impaired in the future.

Identifiable intangible assets are tested for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Judgment is required to evaluate whether indications of potential impairment have occurred, and to test identifiable intangible assets for impairment, if required. An impairment is recognized if the estimated undiscounted cash flows relating to the asset or asset group is less than the corresponding carrying value. See Note 12 to the consolidated financial statements for further information about identifiable intangible assets.

We also estimate and provide for potential losses that may arise out of litigation and regulatory proceedings to the extent that such losses are probable and can be reasonably estimated. In addition, we estimate the upper end of the range of reasonably possible aggregate loss in excess of the related reserves for litigation and regulatory proceedings where we believe the risk of loss is more than slight. See Notes 18 and 27 to the consolidated financial statements for information about certain judicial, litigation and regulatory proceedings. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. Our total estimated liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case, proceeding or investigation, our experience and the experience of others in similar cases, proceedings or investigations, and the opinions and views of legal counsel.

In accounting for income taxes, we recognize tax positions in the 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. We use estimates to recognize current and deferred income taxes in the U.S. federal, state and local and non-U.S. jurisdictions in which we operate. The income tax laws in these jurisdictions are complex and can be subject to different interpretations between taxpayers and taxing authorities. Disputes may arise over these interpretations and can be settled by audit, administrative appeals or judicial proceedings. We do not expect that the resolution of any such dispute will have a material impact on our financial condition, but it may be material to the operating results for a particular period, depending, in part, on the operating results for that period. Our interpretations are reevaluated quarterly based on guidance currently available, tax examination experience and the opinions of legal counsel, among other factors. We recognize deferred taxes based on the amount that will more likely than not be realized in the future based on enacted income tax laws. Our estimate for deferred taxes includes estimates for future taxable earnings, including the level and character of those earnings, and various tax planning strategies. See Note 24 to the consolidated financial statements in Part II, Item 8 of the 2024 Form 10-K for further information about income taxes.

Recent Accounting Developments

See Note 3 to the consolidated financial statements for information about Recent Accounting Developments.

Goldman Sachs September 2025 Form 10-Q						104

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Results of Operations

The composition of our net revenues has varied over time as financial markets and the scope of our operations have changed. The composition of net revenues can also vary over the shorter term due to fluctuations in U.S. and global economic and market conditions. See “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K for further information about the impact of economic and market conditions on our results of operations.

Financial Overview

The table below presents an overview of our financial results and selected financial ratios.

			Three Months Ended September									Nine Months Ended September
$ in millions, except per share amounts			2025			2024						2025			2024
Net revenues			$	15,184		$	12,699					$	44,829		$	39,643
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
Diluted EPS			$	12.25		$	8.40					$	37.33		$	28.64
ROE			14.2		%	10.4		%				14.6		%	12.0		%
ROTE			15.2		%	11.1		%				15.6		%	12.9		%
Net earnings to average assets			0.9		%	0.7		%				0.9		%	0.8		%
Return on shareholders’ equity			13.3		%	10.0		%				13.6		%	11.4		%
Average equity to average assets			6.8		%	7.1		%				7.0		%	7.1		%
Dividend payout ratio			32.7		%	35.7		%				26.8		%	29.7		%

Our target (through-the-cycle) is to achieve ROE within a range of 14% to 16% and return on average tangible common shareholders’ equity (ROTE) within a range of 15% to 17%.

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.

• ROE, ROTE, net earnings to average total assets and return on average shareholders’ equity are annualized amounts.

• ROE is calculated by dividing annualized net earnings to common by average monthly common shareholders’ equity.

• ROTE is calculated by dividing annualized net earnings to common by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. We believe that tangible common shareholders’ equity is meaningful because it is a measure that we and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity and ROTE are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies.

The table below presents our average equity and the reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity.

			Average for the
			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Total shareholders’ equity			$	123,507		$	119,900					$	123,444		$	118,653
Preferred stock			(15,153)			(12,878)						(14,963)			(12,183)
Common shareholders’ equity			108,354			107,022						108,481			106,470
Goodwill			(5,944)			(5,905)						(5,907)			(5,902)
Identifiable intangible assets			(870)			(978)						(862)			(1,042)
Tangible common shareholders’ equity			$	101,540		$	100,139					$	101,712		$	99,526

• Net earnings to average assets is calculated by dividing annualized net earnings by average total assets.

• Return on shareholders’ equity is calculated by dividing annualized net earnings by average shareholders’ equity.

• Average equity to average assets is calculated by dividing average shareholders’ equity by average total assets.

• Dividend payout ratio is calculated by dividing dividends declared per common share by diluted EPS.

Net Revenues

The table below presents our net revenues by line item.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
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

In the table above:

• Investment banking consists of revenues (excluding net interest) from financial advisory and underwriting assignments. These activities are included in Global Banking & Markets.

• Investment management consists of revenues (excluding net interest) from providing asset management and wealth advisory services across all major asset classes to a diverse set of clients. These activities are included in Asset & Wealth Management.

• Commissions and fees consists of revenues from executing and clearing client transactions on major stock, options and futures exchanges worldwide, as well as over-the-counter (OTC) transactions. Substantially all of these activities are included in Global Banking & Markets.

105						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

• Market making consists of revenues (excluding net interest) from client execution activities related to making markets in interest rate products, credit products, mortgages, currencies, commodities and equity products. These activities are included in Global Banking & Markets.

• Other principal transactions consists of revenues (excluding net interest) from our equity investing activities, including revenues related to our consolidated investments (included in Asset & Wealth Management), and debt investing and lending activities (included across our three segments).

• See Note 25 to the consolidated financial statements for further information about total non-interest revenues and net interest income.

Operating Environment. During the third quarter of 2025, the operating environment was generally characterized by prolonged geopolitical tensions and continued broad macroeconomic concerns, including concerns and uncertainty about inflation, central bank policies and changes in international trade policies (including tariffs). Industry-wide investment banking activity levels experienced an increase in industry-wide completed mergers and acquisitions volumes and equity underwriting volumes compared with the second quarter of 2025, while debt underwriting volumes were lower. In market making, activity levels decreased compared with the prior quarter. Additionally, global equity prices were generally higher compared with the end of the second quarter of 2025. In the U.S., the rate of unemployment remained low and the pace of growth in consumer spending improved compared with the second quarter of 2025.

If uncertainty and concerns about geopolitical tensions and the economic outlook remain elevated or grow, including those about inflation, central bank policies, the duration of the current federal government shutdown in the U.S. and changes in international trade policies, including the imposition of tariffs, it may lead to a decline in asset prices, a further decline in market-making activity levels, or a decline in investment banking activity levels, and net revenues and provision for credit losses would likely be negatively impacted. See “Segment Assets and Operating Results — Segment Operating Results” for information about the operating environment and material trends and uncertainties that may impact our results of operations.

Three Months Ended September 2025 versus September 2024. Net revenues in the consolidated statements of earnings were $15.18 billion for the third quarter of 2025, 20% higher than the third quarter of 2024, reflecting significantly higher net interest income, investment banking revenues and commissions and fees, and higher investment management revenues, partially offset by lower market making revenues.

Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $2.66 billion for the third quarter of 2025, 43% higher than the third quarter of 2024, primarily due to significantly higher revenues in advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and in debt underwriting, primarily driven by an increase in leveraged finance activity.

Investment management revenues in the consolidated statements of earnings were $2.95 billion for the third quarter of 2025, 11% higher than the third quarter of 2024, primarily due to higher management and other fees, primarily reflecting the impact of higher average assets under supervision (AUS).

Commissions and fees in the consolidated statements of earnings were $1.11 billion for the third quarter of 2025, 27% higher than the third quarter of 2024, primarily reflecting a loss in the prior year period related to the GM credit card program that was transferred to held for sale and higher commissions and fees in Equities, reflecting generally higher market volumes and increased transaction fees.

Market making revenues in the consolidated statements of earnings were $3.87 billion for the third quarter of 2025, 6% lower than the third quarter of 2024, reflecting significantly lower net revenues from intermediation activities, partially offset by higher net revenues from financing activities. The decrease from intermediation activities primarily reflected significantly lower revenues in currencies and equity products, partially offset by significantly higher revenues in interest rate products. The increase from financing activities reflected higher revenues in equities financing.

Other principal transactions revenues in the consolidated statements of earnings were $743 million for the third quarter of 2025, 11% lower than the third quarter of 2024, primarily reflecting significantly lower net gains from derivatives related to our funding activities.

Net Interest Income. Net interest income in the consolidated statements of earnings was $3.85 billion for the third quarter of 2025, 64% higher than the third quarter of 2024, reflecting a decrease in interest expense, partially offset by a decrease in interest income. The decrease in interest expense primarily related to other interest-bearing liabilities, deposits and borrowings (each reflecting the impact of lower average interest rates), partially offset by an increase in interest expense related to trading liabilities (reflecting the impact of higher average balances). The decrease in interest income primarily related to deposits with banks and collateralized agreements (each reflecting the impact of lower average interest rates and lower average balances), partially offset by an increase in interest income related to investments (reflecting the impact of higher average balances). See “Statistical Disclosures — Distribution of Assets, Liabilities and Shareholders’ Equity” for further information about our sources of net interest income.

Goldman Sachs September 2025 Form 10-Q						106

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Nine Months Ended September 2025 versus September 2024. Net revenues in the consolidated statements of earnings were $44.83 billion for the first nine months of 2025, 13% higher than the first nine months of 2024, primarily reflecting significantly higher net interest income and higher investment banking revenues, investment management revenues, and commissions and fees, partially offset by significantly lower other principal transactions revenues.

Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $6.77 billion for the first nine months of 2025, 19% higher than the first nine months of 2024, primarily due to significantly higher revenues in advisory, reflecting a significant increase in industry-wide completed mergers and acquisitions volumes.

Investment management revenues in the consolidated statements of earnings were $8.55 billion for the first nine months of 2025, 11% higher than the first nine months of 2024, primarily due to higher management and other fees, primarily reflecting the impact of higher average AUS.

Commissions and fees in the consolidated statements of earnings were $3.54 billion for the first nine months of 2025, 18% higher than the first nine months of 2024, primarily due to higher commissions and fees in Equities, reflecting generally higher market volumes and increased transaction fees.

Market making revenues in the consolidated statements of earnings were $14.32 billion for the first nine months of 2025, 2% lower than the first nine months of 2024, due to slightly lower net revenues from intermediation activities, primarily reflecting significantly lower revenues in mortgages and currencies, partially offset by significantly higher revenues in equity products.

Other principal transactions revenues in the consolidated statements of earnings were $1.80 billion for the first nine months of 2025, 40% lower than the first nine months of 2024, primarily reflecting significantly lower net gains from both investments in private equities and derivatives related to our funding activities.

Net Interest Income. Net interest income in the consolidated statements of earnings was $9.85 billion for the first nine months of 2025, 72% higher than the first nine months of 2024, reflecting a decrease in interest expense, partially offset by a decrease in interest income. The decrease in interest expense primarily related to other interest-bearing liabilities, deposits and borrowings (each reflecting the impact of lower average interest rates), partially offset by an increase in interest expense related to trading liabilities (reflecting the impact of higher average balances and higher yields). The decrease in interest income primarily related to deposits with banks and collateralized agreements (each reflecting the impact of lower average balances and lower average interest rates) and other interest-earning assets (reflecting the impact of lower average interest rates), partially offset by an increase in interest income related to trading assets and investments (each reflecting the impact of higher average balances). See “Statistical Disclosures — Distribution of Assets, Liabilities and Shareholders’ Equity” for further information about our sources of net interest income.

Provision for Credit Losses

Provision for credit losses consists of provision for credit losses on financial assets and commitments accounted for at amortized cost, including loans and lending commitments held for investment. See Note 9 to the consolidated financial statements for further information about the provision for credit losses on loans and lending commitments.

The table below presents our provision for credit losses.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Provision for credit losses			$	339		$	397					$	1,010		$	997

Three Months Ended September 2025 versus September 2024. Provision for credit losses in the consolidated statements of earnings was $339 million for the third quarter of 2025, compared with $397 million for the third quarter of 2024. Provisions for the third quarter of 2025 primarily reflected net provisions related to the credit card portfolio (driven by net charge-offs). Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans).

Nine Months Ended September 2025 versus September 2024. Provision for credit losses in the consolidated statements of earnings was $1.01 billion for the first nine months of 2025, compared with $997 million for the first nine months of 2024. Provisions for the first nine months of 2025 reflected net provisions related to the credit card portfolio (driven by net charge-offs) and wholesale loans (primarily driven by impairments). Provisions for the first nine months of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs).

107						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Operating Expenses

Our operating expenses are primarily influenced by compensation, headcount and levels of business activity. Compensation and benefits includes salaries, estimated year-end discretionary compensation, amortization of equity awards and other items, such as benefits. Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, net of provision for credit losses, overall financial performance, prevailing labor markets, business mix, the structure of our share-based awards and the external environment.

The table below presents our operating expenses by line item and headcount.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
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
Headcount at period-end			48,300			46,400

Three Months Ended September 2025 versus September 2024. Operating expenses in the consolidated statements of earnings were $9.45 billion for the third quarter of 2025, 14% higher than the third quarter of 2024. Our efficiency ratio was 62.3% for the third quarter of 2025, compared with 65.5% for the third quarter of 2024.

The increase in operating expenses, compared with the third quarter of 2024, primarily reflected increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses, charitable contributions to Goldman Sachs Gives (in other expenses) and net provisions for litigation and regulatory proceedings (in other expenses). Net provisions for litigation and regulatory proceedings were $131 million for the third quarter of 2025, compared with $41 million for the third quarter of 2024.

As of September 2025, headcount increased by 4% compared with September 2024, primarily due to an increase in Asset & Wealth Management. As of September 2025, headcount increased 5% compared with June 2025, reflecting the timing of campus hires.

Nine Months Ended September 2025 versus September 2024. Operating expenses in the consolidated statements of earnings were $27.82 billion for the first nine months of 2025, 9% higher than the first nine months of 2024. Our efficiency ratio was 62.1% for the first nine months of 2025, compared with 64.3% for the first nine months of 2024. The ratio of compensation and benefits to net revenues, net of provision for credit losses, was 32.5% for the first nine months of 2025, compared with 33.0% for the first half of 2025 and 33.5% for the first nine months of 2024.

The increase in operating expenses, compared with the first nine months of 2024, reflected increases in compensation and benefits expenses (reflecting improved operating performance), transaction based expenses and charitable contributions to Goldman Sachs Gives (in other expenses). These increases were partially offset by significantly lower expenses, including impairments, from CIEs (primarily in depreciation and amortization, occupancy and other expenses). Net provisions for litigation and regulatory proceedings were $121 million for the first nine months of 2025, compared with $168 million for the first nine months of 2024.

As of September 2025, headcount increased by 4% compared with December 2024, primarily due to an increase in Asset & Wealth Management.

In the first nine months of 2025, we recognized severance expense of approximately $170 million, which was largely in connection with a headcount reduction initiative in the second quarter of 2025.

During the fourth quarter of 2025, we announced a multi-year initiative, OneGS 3.0, to transform our operating model. We expect that the new operating model will drive efficiencies and create capacity for future growth. We will constrain headcount growth through the end of 2025, in addition to a limited reduction in roles.

Provision for Taxes

The effective tax rate for the first nine months of 2025 was 21.5%, down from the full year effective tax rate of 22.4% for 2024, primarily due to an increase in tax benefits on the settlement of employee share-based awards, partially offset by a decrease in other permanent tax benefits, for the first nine months of 2025 compared with the full year of 2024. The increase compared with 20.2% for the first half of 2025 was primarily due to a decrease in the impact of tax benefits on the settlement of employee share-based awards. The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first nine months of 2025 of approximately $610 million, which reduced our effective tax rate by 3.8 percentage points, and increased our diluted EPS by $1.91 and annualized ROE by 0.7 percentage points.

Goldman Sachs September 2025 Form 10-Q						108

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The Organisation for Economic Co-operation and Development/G20 (OECD/G20) Global Anti-Base Erosion Model Rules (Pillar II Model Rules) aim to ensure that multinationals with revenues in excess of EUR 750 million pay a minimum effective corporate tax rate of 15% (minimum tax) in each jurisdiction in which they operate. The U.K. and other non-U.S. jurisdictions in which we operate have enacted certain portions of the Pillar II Model Rules through domestic legislation (Pillar II legislation). In June 2025, the G7 nations issued a statement (G7 statement) under which U.S. parented multinationals, which are already subject to U.S. minimum tax rules, would be excluded from certain portions of the Pillar II Model Rules. However, it is expected that domestic minimum top-up taxes could still apply under the Pillar II legislation in certain non-U.S. jurisdictions in which we operate. We expect additional guidance to be issued by the OECD/G20 regarding the G7 statement. These developments could impact any minimum tax we owe in 2025 or future periods; however, neither the Pillar II legislation nor the G7 statement are expected to have a material impact on our 2025 effective tax rate. Any domestic minimum top-up taxes under the Pillar II legislation will be recognized in the period in which they are incurred.

In July 2025, H.R.1, referred to as the One Big Beautiful Bill Act (OBBBA), was signed into law. OBBBA permanently extends and modifies certain domestic and international provisions from 2017’s Tax Cuts and Jobs Act and phases out certain Inflation Reduction Act of 2022 incentives for investments in clean energy. Certain domestic provisions will have retroactive effects beginning in 2025, while the international provisions will generally be effective beginning in 2026. The OBBBA legislation is not expected to have a material impact on our 2025 effective tax rate and the impact on future periods will depend on any guidance issued by the U.S. Treasury and the U.S. Internal Revenue Service (IRS).

We expect our 2025 annual effective tax rate to be approximately 22%.

Segment Assets and Operating Results

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

The allocation process for segment assets is based on the activities of these segments. The allocation of assets includes allocation of global core liquid assets (GCLA) (which consists of unencumbered, highly liquid securities and cash), which is included within cash and cash equivalents, collateralized agreements, trading assets and investments on our balance sheet. Due to the integrated nature of these segments, estimates and judgments are made in allocating these assets. See “Risk Management — Liquidity Risk Management” for further information about our GCLA.

Segment Operating Results. The table below presents our segment operating results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Global Banking & Markets
Net revenues			$	10,115		$	8,554					$	30,942		$	26,464
Provision for credit losses			86			54						330			95
Operating expenses			5,734			4,969						17,313			15,197
Pre-tax earnings			$	4,295		$	3,531					$	13,299		$	11,172
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
Net revenues			$	4,399		$	3,754					$	11,856		$	11,421
Provision for credit losses			(33)			(109)						(116)			(189)
Operating expenses			3,296			2,848						9,203			8,819
Pre-tax earnings			$	1,136		$	1,015					$	2,769		$	2,791
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
Net revenues			$	670		$	391					$	2,031		$	1,758
Provision for credit losses			286			452						796			1,091
Operating expenses			423			498						1,306			1,490
Pre-tax earnings/(loss)			$	(39)		$	(559)					$	(71)		$	(823)
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
Net revenues			$	15,184		$	12,699					$	44,829		$	39,643
Provision for credit losses			339			397						1,010			997
Operating expenses			9,453			8,315						27,822			25,506
Pre-tax earnings			$	5,392		$	3,987					$	15,997		$	13,140
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		%

Net revenues in our 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. See Note 25 to the consolidated financial statements for further information about our business segments.

The allocation of common shareholders’ equity and preferred stock dividends to each segment is 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.

Compensation and benefits expenses within our segments reflect, among other factors, our overall performance, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of our business may be significantly affected by the performance of our other business segments. A description of segment operating results follows.

109						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Global Banking & Markets

Global Banking & Markets generates revenues from the following:

Investment banking fees. We provide advisory and underwriting services and help companies raise capital to strengthen and grow their businesses. Investment banking fees includes the following:

• Advisory.** Includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs.

• Underwriting.** Includes public offerings and private placements in both local and cross-border transactions of a wide range of securities and other financial instruments, including acquisition financing.

FICC. FICC generates revenues from intermediation and financing activities.

• FICC intermediation. Includes client execution activities related to making markets in both cash and derivative instruments, as detailed below.

Interest Rate Products. Government bonds (including inflation-linked securities) across maturities, other government-backed securities, and interest rate swaps, options and other derivatives.

Credit Products**.** Investment-grade and high-yield corporate securities, credit derivatives, exchange-traded funds (ETFs), bank and bridge loans, municipal securities, distressed debt and trade claims.

Mortgages. Commercial mortgage-related securities, loans and derivatives, residential mortgage-related securities, loans and derivatives (including U.S. government agency-issued collateralized mortgage obligations and other securities and loans), and other asset-backed securities, loans and derivatives.

Currencies. Currency options, spot/forwards and other derivatives on G-10 currencies and emerging-market products.

Commodities. Commodity derivatives and, to a lesser extent, physical commodities, involving crude oil and petroleum products, natural gas, agricultural, base, precious and other metals, electricity, including renewable power, environmental products and other commodity products.

• FICC financing. Includes (i) secured lending to our clients through structured credit and asset-backed lending, including warehouse loans backed by mortgages (including residential and commercial mortgage loans), corporate loans and consumer loans (including auto loans and private student loans), (ii) financing through securities purchased under agreements to resell (resale agreements) and (iii) commodity financing to clients through structured transactions.

Equities. Equities generates revenues from intermediation and financing activities.

• Equities intermediation. We make markets in equity securities and equity-related products, including ETFs, convertible securities, options, futures and OTC derivative instruments. We also structure and make markets in derivatives on indices, industry sectors, financial measures and individual company stocks. Our exchange-based market-making activities include making markets in stocks and ETFs, futures and options on major exchanges worldwide. In addition, we generate commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide, as well as OTC transactions.

• Equities financing. Includes prime financing, which provides financing to our clients for their securities trading activities through margin loans that are generally collateralized by securities or cash. Prime financing also includes services which involve lending securities to cover institutional clients’ short sales and borrowing securities to cover our short sales and to make deliveries into the market. We are also an active participant in broker-to-broker securities lending and third-party agency lending activities. In addition, we execute swap transactions to provide our clients with exposure to securities and indices. Financing activities also include portfolio financing, which clients can utilize to manage their investment portfolios, and other equity financing activities, including securities-based loans to individuals.

Market-Making Activities

As a market maker, we facilitate transactions in both liquid and less liquid markets, primarily for institutional clients, such as corporations, financial institutions, investment funds and governments, to assist clients in meeting their investment objectives and in managing their risks. In this role, we seek to earn the difference between the price at which a market participant is willing to sell an instrument to us and the price at which another market participant is willing to buy it from us, and vice versa (i.e., bid/offer spread). In addition, we maintain (i) market-making positions, typically for a short period of time, in response to, or in anticipation of, client demand, and (ii) positions to actively manage our risk exposures that arise from these market-making activities (collectively, inventory). Our inventory is recorded in trading assets (long positions) or trading liabilities (short positions) in our consolidated balance sheets.

Goldman Sachs September 2025 Form 10-Q						110

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Our results are influenced by a combination of interconnected drivers, including (i) client activity levels and transactional bid/offer spreads (collectively, client activity), and (ii) changes in the fair value of our inventory and interest income and interest expense related to the holding, hedging and funding of our inventory (collectively, market-making inventory changes). Due to the integrated nature of our market-making activities, disaggregation of net revenues into client activity and market-making inventory changes is judgmental and has inherent complexities and limitations.

The amount and composition of our net revenues vary over time as these drivers are impacted by multiple interrelated factors affecting economic and market conditions, including volatility and liquidity in the market, changes in interest rates, currency exchange rates, credit spreads, equity prices and commodity prices, investor confidence, and other macroeconomic concerns and uncertainties.

In general, assuming all other market-making conditions remain constant, increases in client activity levels or bid/offer spreads tend to result in increases in net revenues, and decreases tend to have the opposite effect. However, changes in market-making conditions can materially impact client activity levels and bid/offer spreads, as well as the fair value of our inventory. For example, a decrease in liquidity in the market could have the impact of (i) increasing our bid/offer spread, (ii) decreasing investor confidence and thereby decreasing client activity levels, and (iii) widening of credit spreads on our inventory positions.

Other. We lend to corporate clients, including through relationship lending and acquisition financing. The hedges related to this lending and financing activity are also reported as part of Other. Other also includes equity and debt investing activities related to our Global Banking & Markets activities.

The table below presents our Global Banking & Markets assets.

			As of
			September			December
$ in millions			2025			2024
Cash and cash equivalents			$	121,664		$	129,687
Collateralized agreements			325,411			356,637
Customer and other receivables			153,979			113,646
Trading assets			579,829			508,379
Investments			181,055			161,381
Loans			153,221			130,670
Other assets			20,464			19,742
Total			$	1,535,623		$	1,420,142

The table below presents details about our Global Banking & Markets loans.

			As of
			September			December
$ in millions			2025			2024
Corporate			$	25,863		$	22,595
Real estate			44,640			37,705
Securities-based			5,178			4,279
Other collateralized			78,701			67,080
Other			119			198
Loans, gross			154,501			131,857
Allowance for loan losses			(1,280)			(1,187)
Total loans			$	153,221		$	130,670

The table below presents our average Global Banking & Markets gross loans.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Loans			$	150,113		$128,383						$	144,924		$124,963

The table below presents our Global Banking & Markets operating results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Advisory			$	1,404		$	875					$	3,370		$	2,574
Equity underwriting			465			385						1,263			1,178
Debt underwriting			788			605						2,129			1,926
Investment banking fees			2,657			1,865						6,762			5,678
FICC intermediation			2,437			2,013						8,250			7,814
FICC financing			1,035			949						3,093			2,651
FICC			3,472			2,962						11,343			10,465
Equities intermediation			2,020			2,209						7,162			5,984
Equities financing			1,716			1,291						5,067			3,996
Equities			3,736			3,500						12,229			9,980
Other			250			227						608			341
Net revenues			10,115			8,554						30,942			26,464
Provision for credit losses			86			54						330			95
Operating expenses			5,734			4,969						17,313			15,197
Pre-tax earnings			4,295			3,531						13,299			11,172
Provision for taxes			1,038			878						2,858			2,529
Net earnings			3,257			2,653						10,441			8,643
Preferred stock dividends			187			163						502			438
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		%

111						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents our FICC and Equities net revenues by line item in the consolidated statements of earnings.

$ in millions			FICC			Equities
Three Months Ended September 2025
Market making			$	1,609		$	2,259
Commissions and fees			–			1,202
Other principal transactions			209			19
Net interest income			1,654			256
Total			$	3,472		$	3,736
Three Months Ended September 2024
Market making			$	1,894		$	2,233
Commissions and fees			–			1,110
Other principal transactions			290			8
Net interest income			778			149
Total			$	2,962		$	3,500
Nine Months Ended September 2025
Market making			$	6,355		$	7,969
Commissions and fees			–			3,703
Other principal transactions			670			28
Net interest income			4,318			529
Total			$	11,343		$	12,229
Nine Months Ended September 2024
Market making			$	7,693		$	6,864
Commissions and fees			–			3,184
Other principal transactions			878			54
Net interest income			1,894			(122)
Total			$	10,465		$	9,980

In the table above:

• See “Net Revenues” for information about market making revenues, commissions and fees, other principal transactions revenues and net interest income. See Note 25 to the consolidated financial statements for net interest income by segment.

• The primary driver of net revenues for FICC intermediation for all periods was client activity.

• The increase in net interest income across FICC and Equities for the third quarter of 2025 compared with the third quarter of 2024 reflected a decrease in funding costs and an increase in interest-earning assets. Due to the nature of activities within FICC and Equities and the composition of their associated balance sheet, we assess the performance of these businesses based on total net revenues, as offsets can occur across revenue line items. For example, cash instruments that generate interest income are, in some cases, hedged or funded by derivatives for which changes in fair value are reflected in market making revenues. Also, certain activities produce market making revenues but incur interest expense related to the funding of the related inventory.

The table below presents our financial advisory and underwriting transaction volumes.

			Three Months Ended September									Nine Months Ended September
$ in billions			2025			2024						2025			2024
Announced mergers and acquisitions			$	349		$	228					$	1,041		$	734
Completed mergers and acquisitions			$	370		$	198					$	905		$	701
Equity and equity-related offerings			$	15		$	14					$	50		$	44
Debt offerings			$	64		$	78					$	246		$	232

In the table above:

• Volumes are per Dealogic.

• Announced and completed mergers and acquisitions volumes are based on full credit to each of the advisors in a transaction. Equity and equity-related and debt offerings are based on full credit for single book managers and equal credit for joint book managers. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal or a change in the value of a transaction.

• Equity and equity-related offerings includes Rule 144A and public common stock offerings, convertible offerings and rights offerings.

• Debt offerings includes non-convertible preferred stock, mortgage-backed securities, asset-backed securities and taxable municipal debt. It also includes publicly registered and Rule 144A issues and excludes leveraged loans.

Operating Environment. During the third quarter of 2025, Global Banking & Markets operated in an environment generally characterized by prolonged geopolitical stresses and continued broad macroeconomic concerns, including concerns and uncertainty about inflation, central bank policies and changes in international trade policies (including tariffs).

In investment banking, industry-wide completed mergers and acquisitions volumes and industry-wide equity underwriting volumes both increased compared with the second quarter of 2025, while industry-wide debt underwriting volumes were lower.

In interest rates, the yield on 10-year U.S. government bonds decreased, while the yield on 10-year U.K. government bonds increased during the quarter. In equities, the S&P 500 Index increased by 8% and the MSCI World Index increased by 7% compared with the end of the second quarter of 2025.

In the future, if market and economic conditions deteriorate or the federal government shutdown in the U.S continues, and market-making activity levels decline further or investment banking activity levels decline, or credit spreads related to hedges on our relationship lending portfolio tighten, net revenues in Global Banking & Markets would likely be negatively impacted. In addition, if economic conditions deteriorate or if the creditworthiness of borrowers deteriorates, provision for credit losses would likely be negatively impacted.

Goldman Sachs September 2025 Form 10-Q						112

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Three Months Ended September 2025 versus September 2024. Net revenues in Global Banking & Markets were $10.12 billion for the third quarter of 2025, 18% higher than the third quarter of 2024.

Investment banking fees were $2.66 billion, 42% higher than the third quarter of 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and in Debt underwriting, primarily driven by an increase in leveraged finance activity. Net revenues in Equity underwriting were higher, primarily driven by significantly higher net revenues from initial public offerings.

As of September 2025, our Investment banking fees backlog was essentially unchanged compared with June 2025.

Our backlog represents an estimate of our net revenues from future transactions where we believe that future revenue realization is more likely than not. We believe changes in our backlog may be a useful indicator of client activity levels which, over the long term, impact our net revenues. However, the time frame for completion and corresponding revenue recognition of transactions in our backlog varies based on the nature of the assignment, as certain transactions may remain in our backlog for longer periods of time. In addition, our backlog is subject to certain limitations, such as assumptions about the likelihood that individual client transactions will occur in the future. Transactions may be cancelled or modified, and transactions not included in the estimate may also occur.

Net revenues in FICC were $3.47 billion, 17% higher than the third quarter of 2024, primarily reflecting significantly higher net revenues in FICC intermediation, due to significantly higher net revenues in interest rate products and higher net revenues in mortgages and commodities, partially offset by significantly lower net revenues in currencies and lower net revenues in credit products. Net revenues in FICC financing were higher, primarily driven by higher net revenues in mortgages and structured lending.

The increase in FICC intermediation net revenues reflected the impact of improved market-making conditions on our inventory. The following provides information about our FICC intermediation net revenues by business, compared with results for the third quarter of 2024:

• Net revenues in interest rate products and commodities reflected the impact of improved market-making conditions on our inventory.

• Net revenues in mortgages reflected higher client activity and the impact of improved market-making conditions on our inventory.

• Net revenues in currencies and credit products reflected the impact of less favorable market-making conditions on our inventory.

Net revenues in Equities were $3.74 billion, 7% higher than the third quarter of 2024, due to significantly higher net revenues in Equities financing, primarily driven by significantly higher net revenues in prime financing, partially offset by lower net revenues in Equities intermediation, driven by significantly lower net revenues in cash products.

Net revenues in Other were $250 million for the third quarter of 2025, compared with $227 million for the third quarter of 2024.

Provision for credit losses was $86 million for the third quarter of 2025, compared with $54 million for the third quarter of 2024. Provisions for the third quarter of 2025 reflected impairments and growth in the wholesale portfolio. Provisions for the third quarter of 2024 primarily reflected growth in the wholesale portfolio.

Operating expenses were $5.73 billion for the third quarter of 2025, 15% higher than the third quarter of 2024, primarily due to higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Pre-tax earnings were $4.30 billion for the third quarter of 2025, 22% higher than the third quarter of 2024.

Nine Months Ended September 2025 versus September 2024**.** Net revenues in Global Banking & Markets were $30.94 billion for the first nine months of 2025, 17% higher than the first nine months of 2024.

Investment banking fees were $6.76 billion, 19% higher than the first nine months of 2024, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in industry-wide completed mergers and acquisitions volumes. Net revenues in Debt underwriting were higher, reflecting higher net revenues from investment-grade and asset-backed activity. Net revenues in Equity underwriting were also higher, driven by higher net revenues from initial public and convertible offerings, partially offset by lower net revenues from secondary offerings.

As of September 2025, our Investment banking fees backlog was higher compared with December 2024, primarily due to significantly higher estimated net revenues from potential advisory transactions.

Net revenues in FICC were $11.34 billion, 8% higher than the first nine months of 2024, due to higher net revenues in both FICC financing and FICC intermediation. The increase in FICC financing net revenues was primarily driven by higher net revenues in mortgages and structured lending. The increase in FICC intermediation net revenues reflected higher net revenues in interest rate products and currencies, partially offset by lower net revenues in commodities and mortgages and slightly lower net revenues in credit products.

113						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The increase in FICC intermediation net revenues reflected higher client activity, partially offset by the impact of less favorable market-making conditions on our inventory. The following provides information about our FICC intermediation net revenues by business, compared with results for the first nine months of 2024:

• Net revenues in interest rate products primarily reflected improved market-making conditions on our inventory.

• Net revenues in currencies reflected higher client activity.

• Net revenues in commodities reflected the impact of less favorable market-making conditions on our inventory.

• Net revenues in mortgages and credit products reflected the impact of less favorable market-making conditions on our inventory, partially offset by higher client activity.

Net revenues in Equities were $12.23 billion, 23% higher than the first nine months of 2024, due to significantly higher net revenues in Equities intermediation, primarily driven by higher net revenues in derivatives, and in Equities financing, driven by higher net revenues in prime financing and significantly higher net revenues in portfolio financing.

Net revenues in Other were $608 million for the first nine months of 2025, compared with $341 million for the first nine months of 2024, with the increase primarily reflecting higher net revenues from relationship lending activities.

Provision for credit losses was $330 million for the first nine months of 2025, compared with $95 million for the first nine months of 2024. Provisions for the first nine months of 2025 reflected growth and impairments in the wholesale portfolio.

Operating expenses were $17.31 billion for the first nine months of 2025, 14% higher than the first nine months of 2024, primarily due to higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses. Pre-tax earnings were $13.30 billion for the first nine months of 2025, 19% higher than the first nine months of 2024.

Asset & Wealth Management

Asset & Wealth Management provides investment services to help clients preserve and grow their financial assets and achieve their financial goals. We provide these services to our clients, both institutional and individuals, including investors who primarily access our products through a network of third-party distributors around the world.

We manage client assets across a broad range of investment strategies and asset classes, including equity, fixed income and alternative investments. We provide investment solutions, including those managed on a fiduciary basis by our portfolio managers, as well as those managed by third-party managers. We offer our investment solutions in a variety of structures, including separately managed accounts, mutual funds, private partnerships and other commingled vehicles.

We also provide tailored wealth advisory services, primarily to ultra-high-net worth clients. We operate globally, serving individuals, families, family offices, and foundations and endowments. Our relationships are established directly or introduced through companies that sponsor financial wellness or financial planning programs for their employees, as well as through corporate referrals.

We offer personalized financial planning to individuals and also provide customized investment advisory solutions, and offer structuring and execution capabilities in securities and derivative products across all major global markets. In addition, we offer clients a full range of private banking services, including a variety of deposit alternatives and loans that our clients use to finance investments in both financial and nonfinancial assets, bridge cash flow timing gaps or provide liquidity and flexibility for other needs. We also raise deposits from consumers through Marcus by Goldman Sachs (Marcus).

We invest alongside our clients that invest in investment funds that we raise or manage. We also have investments in alternative assets across a range of asset classes. Our investing activities, which are typically longer-term, include investments in corporate equity, credit, real estate and infrastructure assets.

In September 2025, we announced a strategic collaboration with T. Rowe Price, aimed at delivering a range of diversified public and private market investment solutions designed for the needs of the retirement and wealth markets. As part of this strategic collaboration, we intend to invest up to $1 billion in T. Rowe Price common stock with the intent to own up to 3.5%.

In October 2025, we entered into an agreement to acquire Industry Ventures, a leading venture capital platform, which invests across all stages of the venture capital lifecycle. The transaction consideration will consist of $665 million in cash and common stock, and additional contingent consideration of up to $300 million, payable in both cash and common stock, based on Industry Ventures’ future performance through 2030. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and customary closing conditions.

Goldman Sachs September 2025 Form 10-Q						114

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Asset & Wealth Management generates revenues from the following:

• Management and other fees. We receive fees related to managing assets for institutional and individual clients, providing investing and wealth advisory solutions, providing financial planning and counseling services, and executing brokerage transactions for wealth management clients. The vast majority of revenues in management and other fees consists of asset-based fees on client assets that we manage. For further information about assets under supervision, see “Assets Under Supervision” below. The fees that we charge vary by asset class, client channel and the types of services provided, and are affected by investment performance, as well as asset inflows and redemptions.

• Incentive fees. In certain circumstances, we also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. Such fees include overrides, which consist of the increased share of the income and gains derived primarily from our private equity and credit funds when the return on a fund’s investments over the life of the fund exceeds certain threshold returns.

• Private banking and lending.** Our private banking and lending activities include issuing loans to our wealth management clients. Such loans are generally secured by commercial and residential real estate, securities or other assets. We also raise deposits from wealth management clients, including through Marcus. Private banking and lending revenues include net interest income allocated to deposits and net interest income earned on loans to individual clients.

• Equity investments. Includes investing activities related to our asset management activities primarily related to public and private equity investments in corporate, real estate and infrastructure assets. We also make investments through CIEs, substantially all of which are engaged in real estate investment activities. In addition, we make investments in connection with our activities to satisfy requirements under the Community Reinvestment Act, primarily through our Urban Investment Group.

• Debt investments. Includes lending activities related to our asset management activities, including investing in corporate debt, lending to middle-market clients, and providing financing for real estate and other assets. These activities include investments in mezzanine debt, senior debt and distressed debt securities.

The table below presents our Asset & Wealth Management assets.

			As of
			September			December
$ in millions			2025			2024
Cash and cash equivalents			$	33,248		$	36,364
Collateralized agreements			14,650			12,126
Customer and other receivables			22,535			19,999
Trading assets			48,266			41,724
Investments			22,699			23,130
Loans			51,619			46,694
Other assets			13,912			13,291
Total			$	206,929		$	193,328

The table below presents details about our Asset & Wealth Management loans.

			As of
			September			December
$ in millions			2025			2024
Corporate			$	5,941		$	7,377
Real estate			19,459			18,053
Securities-based			13,291			12,198
Other collateralized			11,063			8,027
Other			2,615			1,951
Loans, gross			52,369			47,606
Allowance for loan losses			(750)			(912)
Total loans			$	51,619		$	46,694

In the table above, gross loans included $44.43 billion of loans as of September 2025 and $38.30 billion of loans as of December 2024 that were related to Private banking and lending.

The table below presents our average Asset & Wealth Management gross loans.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Loans			$52,096			$45,142						$50,284			$45,665

The table below presents our Asset & Wealth Management operating results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Management and other fees			$	2,945		$	2,619					$	8,453		$	7,607
Incentive fees			77			85						308			219
Private banking and lending			1,057			756						2,571			2,145
Equity investments			116			116						110			630
Debt investments			204			178						414			820
Net revenues			4,399			3,754						11,856			11,421
Provision for credit losses			(33)			(109)						(116)			(189)
Operating expenses			3,296			2,848						9,203			8,819
Pre-tax earnings			1,136			1,015						2,769			2,791
Provision for taxes			265			248						595			632
Net earnings			871			767						2,174			2,159
Preferred stock dividends			43			40						119			106
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		%

115						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

In the table above, Management and other fees included fees from alternatives of $597 million for the three months ended September 2025, $527 million for the three months ended September 2024, $1.71 billion for the nine months ended September 2025 and $1.56 billion for the nine months ended September 2024.

Our target is to achieve ROE in the mid-teens and pre-tax margins in the mid-twenties within the medium term (three-to five-year time horizon from year-end 2022) for Asset & Wealth Management. The ROE for Asset & Wealth Management was 10.5% and the pre-tax margin was 23% for the first nine months of 2025. The impact of historical principal investments and the related attributed equity reduced the ROE for Asset & Wealth Management by approximately 2.5 percentage points and the pre-tax margin for Asset & Wealth Management by approximately 1.5 percentage points.

The table below presents our Asset management and Wealth management net revenues by line item in Asset & Wealth Management.

$ in millions			Asset management			Wealth management			Asset & Wealth Management
Three Months Ended September 2025
Management and other fees			$	1,254		$	1,691		$	2,945
Incentive fees			77			–			77
Private banking and lending			–			1,057			1,057
Equity investments			116			–			116
Debt investments			204			–			204
Total			$	1,651		$	2,748		$	4,399
Three Months Ended September 2024
Management and other fees			$	1,179		$	1,440		$	2,619
Incentive fees			85			–			85
Private banking and lending			–			756			756
Equity investments			116			–			116
Debt investments			178			–			178
Total			$	1,558		$	2,196		$	3,754
Nine Months Ended September 2025
Management and other fees			$	3,658		$	4,795		$	8,453
Incentive fees			308			–			308
Private banking and lending			–			2,571			2,571
Equity investments			110			–			110
Debt investments			414			–			414
Total			$	4,490		$	7,366		$	11,856
Nine Months Ended September 2024
Management and other fees			$	3,391		$	4,216		$	7,607
Incentive fees			219			–			219
Private banking and lending			–			2,145			2,145
Equity investments			628			2			630
Debt investments			820			–			820
Total			$	5,058		$	6,363		$	11,421

The table below presents our Equity investments net revenues by equity type and asset class.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Equity Type
Private equity			$	111		$	42					$	277		$	746
Public equity			5			74						(167)			(116)
Total			$	116		$	116					$	110		$	630
Asset Class
Real estate			$	(29)		$	(60)					$	(202)		$	192
Corporate			145			176						312			438
Total			$	116		$	116					$	110		$	630

The table below presents details about our Debt investments net revenues.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Fair value net gains/(losses)			$	38		$	(54)					$	(41)		$	68
Net interest income			166			232						455			752
Total			$	204		$	178					$	414		$	820

Operating Environment. During the third quarter of 2025, Asset & Wealth Management operated in an environment generally characterized by continued broad macroeconomic concerns, including uncertainty related to changes in international trade policies (including tariffs). Global equity prices were generally higher compared with the end of the second quarter of 2025, positively affecting assets under supervision.

In the future, if market and economic conditions deteriorate, it may lead to a decline in asset prices, or investors transitioning to asset classes that typically generate lower fees or withdrawing their assets, and net revenues in Asset & Wealth Management would likely be negatively impacted.

Three Months Ended September 2025 versus September 2024. Net revenues in Asset & Wealth Management were $4.40 billion for the third quarter of 2025, 17% higher than the third quarter of 2024, primarily reflecting higher Management and other fees and significantly higher net revenues in Private banking and lending.

The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Private banking and lending net revenues were primarily driven by the payment of interest on a previously impaired loan. Net revenues in Debt investments were higher, reflecting net mark-ups compared with net mark-downs in the prior year period, partially offset by lower net interest income due to a reduction in the debt investments balance sheet.

Provision for credit losses was a net benefit of $33 million for the third quarter of 2025, compared with a net benefit of $109 million for the third quarter of 2024. The net benefit for the third quarter of 2024 reflected a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans and paydowns).

Operating expenses were $3.30 billion for the third quarter of 2025, 16% higher than the third quarter of 2024, primarily due to higher compensation and benefits expenses (reflecting improved operating performance). Pre-tax earnings were $1.14 billion for the third quarter of 2025, 12% higher than the third quarter of 2024.

Goldman Sachs September 2025 Form 10-Q						116

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Nine Months Ended September 2025 versus September 2024**.** Net revenues in Asset & Wealth Management were $11.86 billion for the first nine months of 2025, 4% higher than the first nine months of 2024, reflecting higher Management and other fees and significantly higher net revenues in Private banking and lending, partially offset by significantly lower net revenues in both Equity investments and Debt investments.

The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The increase in Private banking and lending net revenues were primarily driven by the payment of interest on a previously impaired loan and higher lending balances. The increase in incentive fees was driven by harvesting. The decrease in Equity investments net revenues primarily reflected significantly lower net gains from investments in private equities. The decrease in Debt investments net revenues primarily reflected significantly lower net interest income due to a reduction in the debt investments balance sheet and net losses from hedges.

Provision for credit losses was a net benefit of $116 million for the first nine months of 2025, compared with a net benefit of $189 million for the first nine months of 2024. The net benefit for both the first nine months of 2025 and the first nine months of 2024 reflected a reserve reduction related to lower balances in the wholesale portfolio.

Operating expenses were $9.20 billion for the first nine months of 2025, 4% higher than the first nine months of 2024, primarily due to higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses, partially offset by significantly lower expenses, including impairments, from CIEs. Pre-tax earnings were $2.77 billion for the first nine months of 2025, essentially unchanged compared with the first nine months of 2024.

Assets Under Supervision. AUS includes our institutional clients’ assets, assets sourced through third-party distributors and high-net-worth clients’ assets where we earn a fee for managing assets on a discretionary basis. This includes net assets in our mutual funds, hedge funds, credit funds, private equity funds, real estate funds, and separately managed accounts for institutional and individual investors. AUS also includes client assets invested with third-party managers, private bank deposits and advisory relationships where we earn a fee for advisory and other services, but do not have investment discretion. AUS does not include the self-directed brokerage assets of our clients.

The table below presents information about our firmwide period-end AUS by asset class, client channel, region and vehicle.

			As of September
$ in billions			2025			2024
Asset Class
Alternative investments			$	374		$	328
Equity			914			780
Fixed income			1,313			1,220
Total long-term AUS			2,601			2,328
Liquidity products			851			775
Total AUS			$	3,452		$	3,103
Client Channel
Institutional			$	1,190		$	1,126
Wealth management			1,062			913
Third-party distributed			1,200			1,064
Total AUS			$	3,452		$	3,103
Region
Americas			$	2,410		$	2,171
EMEA			794			712
Asia			248			220
Total AUS			$	3,452		$	3,103
Vehicle
Separate accounts			$	1,886		$	1,723
Public funds			1,055			962
Private funds and other			511			418
Total AUS			$	3,452		$	3,103

In the table above:

• EMEA represents Europe, Middle East and Africa.

• Liquidity products includes money market funds and private bank deposits.

Total wealth management client assets (consisting of AUS, brokerage assets and Marcus deposits) were approximately $1.8 trillion as of September 2025 and approximately $1.6 trillion as of September 2024.

117						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents changes in our AUS.

			Three Months Ended September									Nine Months Ended September
$ in billions			2025			2024						2025			2024
Beginning balance			$	3,293		$	2,934					$	3,137		$	2,812
Net inflows/(outflows):
Alternative investments			12			9						25			27
Equity			5			4						24			11
Fixed income			39			16						53			46
Total long-term AUS net inflows/(outflows)			56			29						102			84
Liquidity products			23			37						6			38
Total AUS net inflows/(outflows)			79			66						108			122
Net market appreciation/(depreciation)			80			103						207			169
Ending balance			$	3,452		$	3,103					$	3,452		$	3,103

In the table above:

• During the three months ended September 2025, our AUS increased $159 billion due to net market appreciation (primarily in equity and fixed income assets) and net inflows across all asset classes (particularly in fixed income assets and liquidity products).

• During the three months ended September 2024, our AUS increased $169 billion due to net market appreciation (primarily in fixed income and equity assets) and net inflows across all asset classes (particularly in liquidity products and fixed income assets).

• During the nine months ended September 2025, our AUS increased $315 billion due to net market appreciation (primarily in equity and fixed income assets) and net inflows (primarily in fixed income, alternative investments and equity assets).

• During the nine months ended September 2024, our AUS increased $291 billion due to net market appreciation (primarily in equity and fixed income assets) and net inflows across all asset classes.

The table below presents information about our total AUS net inflows/(outflows) by client channel.

			Three Months Ended September									Nine Months Ended September
$ in billions			2025			2024						2025			2024
Institutional			$	29		$	13					$	37		$	42
Wealth management			22			17						54			43
Third-party distributed			28			36						17			37
Total AUS net inflows/(outflows)			$	79		$	66					$	108		$	122

The table below presents information about our average monthly firmwide AUS by asset class.

			Average for the
			Three Months Ended September									Nine Months Ended September
$ in billions			2025			2024						2025			2024
Asset Class
Alternative investments			$	363		$	322					$	351		$	308
Equity			881			757						826			718
Fixed income			1,275			1,185						1,236			1,154
Total long-term AUS			2,519			2,264						2,413			2,180
Liquidity products			839			751						840			733
Total AUS			$	3,358		$	3,015					$	3,253		$	2,913

In addition to our AUS, we have discretion over alternative investments where we currently do not earn management fees (non-fee-earning alternative assets).

We earn management fees on client assets that we manage and also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. These incentive fees are recognized when it is probable that a significant reversal of such fees will not occur. Our estimated unrecognized incentive fees were $4.91 billion as of September 2025 and $4.12 billion as of December 2024. Such amounts are based on the completion of the funds’ financial statements, which is generally one quarter in arrears. These fees will be recognized, assuming no decline in fair value, if and 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 the assets.

The table below presents our average effective management fee (which excludes non-asset-based fees) earned on our firmwide AUS by asset class.

			Three Months Ended September									Nine Months Ended September
Effective fees (bps)			2025			2024						2025			2024
Alternative investments			60			62						61			62
Equity			54			55						54			55
Fixed income			17			17						17			17
Liquidity products			14			15						14			15
Total average effective fee			31			31						31			31

Goldman Sachs September 2025 Form 10-Q						118

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents details about our monthly average AUS for alternative investments and the average effective management fee we earned on such assets.

$ in billions			Direct strategies			Fund of funds			Total
Three Months Ended September 2025
Average AUS
Corporate equity			$	40		$	100		$	140
Credit			55			17			72
Real estate			13			17			30
Hedge funds and other			51			32			83
Funds and discretionary accounts			$	159		$	166		$	325
Advisory accounts									38
Total average AUS for alternative investments									$	363
Effective Fees (bps)
Corporate equity			124			52			75
Credit			73			9			60
Real estate			87			33			56
Hedge funds and other			67			42			58
Funds and discretionary accounts			85			44			65
Advisory accounts									19
Total average effective fee									60
Three Months Ended September 2024
Average AUS
Corporate equity			$	34		$	87		$	121
Credit			49			13			62
Real estate			13			17			30
Hedge funds and other			45			27			72
Funds and discretionary accounts			$	141		$	144		$	285
Advisory accounts									37
Total average AUS for alternative investments									$	322
Effective Fees (bps)
Corporate equity			121			56			75
Credit			83			13			71
Real estate			82			33			54
Hedge funds and other			68			48			60
Funds and discretionary accounts			87			48			68
Advisory accounts									17
Total average effective fee									62
Nine Months Ended September 2025
Average AUS
Corporate equity			$	39		$	97		$	136
Credit			52			16			68
Real estate			13			17			30
Hedge funds and other			49			30			79
Funds and discretionary accounts			$	153		$	160		$	313
Advisory accounts									38
Total average AUS for alternative investments									$	351
Effective Fees (bps)
Corporate equity			123			52			75
Credit			79			9			65
Real estate			88			33			57
Hedge funds and other			67			42			58
Funds and discretionary accounts			87			44			66
Advisory accounts									18
Total average effective fee									61
Nine Months Ended September 2024
Average AUS
Corporate equity			$	33		$	82		$	115
Credit			48			11			59
Real estate			13			14			27
Hedge funds and other			44			24			68
Funds and discretionary accounts			$	138		$	131		$	269
Advisory accounts									39
Total average AUS for alternative investments									$	308
Effective Fees (bps)
Corporate equity			120			57			75
Credit			82			13			71
Real estate			87			31			57
Hedge funds and other			67			51			61
Funds and discretionary accounts			87			49			69
Advisory accounts									16
Total average effective fee									62

In the table above, direct strategies primarily includes our private equity, growth equity, private credit, liquid alternatives and real estate strategies. Fund of funds primarily includes our business which invests in leading private equity, hedge fund, real estate and credit third-party managers as a limited partner, secondary-market investor, co-investor or management company partner.

The table below presents information about our period-end AUS for alternative investments, non-fee-earning alternative investments and total alternative investments.

$ in billions			AUS			Non-fee-earning alternative assets			Total alternative assets
As of September 2025
Corporate equity			$	145		$	84		$	229
Credit			73			89			162
Real estate			33			25			58
Hedge funds and other			85			2			87
Funds and discretionary accounts			336			200			536
Advisory accounts			38			2			40
Total alternative investments			$	374		$	202		$	576
As of September 2024
Corporate equity			$	124		$	74		$	198
Credit			63			81			144
Real estate			29			25			54
Hedge funds and other			75			4			79
Funds and discretionary accounts			291			184			475
Advisory accounts			37			2			39
Total alternative investments			$	328		$	186		$	514

In the table above:

• Corporate equity primarily includes private equity.

• Total alternative assets included uncalled capital that is available for future investing of $69 billion as of September 2025 and $61 billion as of September 2024.

• Non-fee-earning alternative assets primarily includes investments that we hold on our balance sheet, our unfunded commitments, unfunded commitments of our clients (where we do not charge fees on commitments), credit facilities collateralized by fund assets and employee funds. Our calculation of non-fee-earning alternative assets may not be comparable to similar calculations used by other companies.

• Non-fee-earning alternative assets primarily includes our direct investing strategies, including private equity, growth equity, private credit and real estate strategies.

Our target is to grow our total credit alternative assets to $300 billion by the end of 2028.

119						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents information about third-party commitments raised in our alternatives business from the beginning of 2020 through the third quarter of 2025.

			As of
$ in billions			September 2025
Included in AUS			$	299
Included in non-fee-earning alternative assets			94
Third-party commitments raised			$	393

In the table above, commitments included in non-fee-earning alternative assets included approximately $71 billion, which will begin to earn fees (and become AUS) if and when the commitments are drawn and assets are invested. In the third quarter of 2025, we raised $33 billion in third-party commitments in our alternatives business, including $18 billion in corporate equity, $9 billion in credit, $2 billion in real estate and $4 billion in hedge funds and other. We have raised $70 billion of third-party commitments in our alternatives business in the first nine months of 2025 and $393 billion since 2019, and expect to raise approximately $100 billion in 2025, subject to market conditions.

The table below presents information about alternative investments in Asset & Wealth Management that we hold on our balance sheet by asset type.

			As of
			September			December
$ in billions			2025			2024
Loans			$	7.2		$	8.5
Debt securities			8.5			9.0
Equity securities			13.5			13.4
Other			4.7			5.6
Total			$	33.9		$	36.5

The table below presents further information about our alternative investments in Asset & Wealth Management that we hold on our balance sheet.

			As of
			September			December
$ in billions			2025			2024
Client co-invest			$	18.6		$	18.4
Firmwide initiatives			8.4			8.7
Historical principal investments:
Loans			1.0			1.6
Debt securities			1.8			2.6
Equity securities			3.1			3.5
Other			1.0			1.7
Total historical principal investments			6.9			9.4
Total			$	33.9		$	36.5

In the table above:

• Client co-invest primarily includes our investments in funds that we raise and manage or where we have invested alongside our clients.

• Firmwide initiatives primarily includes our investments related to the Community Reinvestment Act and our corporate engagement programs, such as One Million Black Women.

• Historical principal investments includes our remaining balance sheet alternative investments portfolio that we plan to reduce. This portfolio was approximately $30 billion as of December 2022 and we expect to sell down the vast majority of this portfolio by the end of 2026. The impact of historical principal investments to our pre-tax earnings was $38 million for the three months ended September 2025 and $(158) million for the nine months ended September 2025. Attributed equity associated with historical principal investments was $3.1 billion as of September 2025.

Goldman Sachs September 2025 Form 10-Q						120

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents the rollforward of our alternative investments categorized as historical principal investments for the third quarter of 2025.

			Historical
			principal
$ in billions			investments
Beginning balance			$	8.0
Dispositions			(1.1)
Ending balance			$	6.9

Loans and Debt Securities. The table below presents the concentration of loans and debt securities within our alternative investments by accounting classification, region and industry.

			As of
			September			December
$ in billions			2025			2024
Loans			$	7.2		$	8.5
Debt securities			8.5			9.0
Total			$	15.7		$	17.5
Accounting Classification
Debt securities at fair value			54		%	51		%
Loans at amortized cost			41		%	45		%
Loans at fair value			2		%	3		%
Loans held for sale			3		%	1		%
Total			100		%	100		%
Region
Americas			51		%	54		%
EMEA			41		%	35		%
Asia			8		%	11		%
Total			100		%	100		%
Industry
Consumer & Retail			10		%	11		%
Financial Institutions			12		%	9		%
Healthcare			12		%	12		%
Industrials			13		%	14		%
Natural Resources & Utilities			2		%	2		%
Real Estate			13		%	13		%
Technology, Media & Telecommunications			26		%	29		%
Other			12		%	10		%
Total			100		%	100		%

Equity Securities. The table below presents the concentration of equity securities within our alternative investments by region and industry.

			As of
			September			December
$ in billions			2025			2024
Equity securities			$	13.5		$	13.4
Region
Americas			67		%	68		%
EMEA			19		%	17		%
Asia			14		%	15		%
Total			100		%	100		%
Industry
Consumer & Retail			4		%	5		%
Financial Institutions			15		%	15		%
Healthcare			6		%	6		%
Industrials			7		%	7		%
Natural Resources & Utilities			12		%	14		%
Real Estate			26		%	27		%
Technology, Media & Telecommunications			27		%	24		%
Other			3		%	2		%
Total			100		%	100		%

In the table above:

• Equity securities included $13.2 billion as of September 2025 and $12.6 billion as of December 2024 of private equity positions, and $0.3 billion as of September 2025 and $0.8 billion as of December 2024 of public equity positions that converted from private equity upon the initial public offerings of the underlying companies.

• The concentrations for real estate equity securities as of September 2025 were 14% for multifamily (14% as of December 2024), 5% for mixed use (5% as of December 2024), 3% for industrials (3% as of December 2024), 1% for office (2% as of December 2024) and 3% for other real estate equity securities (3% as of December 2024).

The table below presents the concentration of equity securities within our alternative investments by vintage.

			Vintage
As of September 2025
2018 or earlier			27		%
2019 - 2021			33		%
2022 - thereafter			40		%
Total			100		%
As of December 2024
2017 or earlier			22		%
2018 - 2020			28		%
2021 - thereafter			50		%
Total			100		%

121						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Other. Other investments include tax credit investments (accounted for under the proportional amortization method of accounting) of $3.1 billion as of September 2025 and $3.2 billion as of December 2024. Additionally, other investments include CIEs, which held assets (generally accounted for at historical cost less depreciation) of $1.6 billion as of September 2025 and $2.4 billion as of December 2024, and were funded with liabilities of approximately $0.8 billion as of September 2025 and approximately $1.2 billion as of December 2024. Substantially all such liabilities were nonrecourse, thereby reducing our equity at risk.

The table below presents the concentration of CIE assets, net of financings, within our alternative investments by region and asset class.

			As of
			September			December
$ in billions			2025			2024
CIE assets, net of financings			$	0.8		$	1.2
Region
Americas			81		%	72		%
EMEA			11		%	15		%
Asia			8		%	13		%
Total			100		%	100		%
Asset Class
Hospitality			–			7		%
Industrials			21		%	23		%
Multifamily			19		%	15		%
Office			25		%	29		%
Retail			8		%	6		%
Senior Housing			1		%	4		%
Student Housing			–			1		%
Other			26		%	15		%
Total			100		%	100		%

The table below presents the concentration of CIE assets, net of financings, within our alternative investments by vintage.

			Vintage
As of September 2025
2018 or earlier			47		%
2019 - 2021			40		%
2022 - thereafter			13		%
Total			100		%
As of December 2024
2017 or earlier			29		%
2018 - 2020			37		%
2021 - thereafter			34		%
Total			100		%

Platform Solutions

Platform Solutions includes our consumer platforms and transaction banking and other.

Platform Solutions generates revenues from the following:

Consumer platforms. Our Consumer platforms business issues credit cards, and raises deposits from Apple Card customers. Consumer platforms revenues primarily includes net interest income earned on credit card lending activities. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

Transaction banking and other. We provide transaction banking and other services, such as deposit-taking, payment solutions and other cash management services, for corporate and institutional clients. Transaction banking revenues include net interest income attributed to transaction banking deposits. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

The table below presents our Platform Solutions assets.

			As of
			September			December
$ in millions			2025			2024
Cash and cash equivalents			$	14,665		$	16,041
Collateralized agreements			7,433			5,944
Customer and other receivables			84			72
Trading assets			24,490			20,452
Investments			3			3
Loans			17,539			18,836
Other assets			1,216			1,154
Total			$	65,430		$	62,502

The table below presents details about our Platform Solutions loans.

			As of
			September			December
$ in millions			2025			2024
Credit cards			$	20,017		$	21,403
Loans, gross			20,017			21,403
Allowance for loan losses			(2,478)			(2,567)
Total loans			$	17,539		$	18,836

The table below presents our average Platform Solutions gross loans.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Loans			$20,437			$19,780						$20,576			$20,398

Goldman Sachs September 2025 Form 10-Q						122

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents our Platform Solutions operating results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
Consumer platforms			$	599		$	333					$	1,833		$	1,550
Transaction banking and other			71			58						198			208
Net revenues			670			391						2,031			1,758
Provision for credit losses			286			452						796			1,091
Operating expenses			423			498						1,306			1,490
Pre-tax earnings/(loss)			(39)			(559)						(71)			(823)
Provision/(benefit) for taxes			(9)			(129)						(15)			(186)
Net earnings/(loss)			(30)			(430)						(56)			(637)
Preferred stock dividends			8			7						22			19
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)		%

Our target is to achieve pre-tax breakeven by the end of 2025 for Platform Solutions.

Operating Environment. The operating environment for Platform Solutions is mainly impacted by the economic environment in the U.S., which, during the third quarter of 2025, was generally characterized by concerns about inflation and uncertainty related to changes in international trade policies (including tariffs), a continued low rate of unemployment and improved pace of growth in consumer spending compared with the second quarter of 2025.

In the future, if economic conditions deteriorate, it may lead to a decrease in consumer spending or a deterioration in consumer credit, and net revenues and provision for credit losses in Platform Solutions would likely be negatively impacted.

Three Months Ended September 2025 versus September 2024. Net revenues in Platform Solutions were $670 million for the third quarter of 2025, 71% higher than the third quarter of 2024.

Notwithstanding our strategic decision to narrow our focus on consumer-related activities, Consumer platforms net revenues were significantly higher compared with the third quarter of 2024, primarily reflecting a net loss in the prior year period related to the GM credit card program that was transferred to held for sale. Transaction banking and other net revenues were higher, primarily reflecting mark-downs in the prior year period related to the seller financing loan portfolio that was transferred to held for sale. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

Provision for credit losses was $286 million for the third quarter of 2025, compared with $452 million for the third quarter of 2024. Provisions for both the third quarter of 2025 and the third quarter of 2024 reflected net charge-offs related to the credit card portfolio.

Operating expenses were $423 million for the third quarter of 2025, 15% lower than the third quarter of 2024, reflecting the write-down of identifiable intangible assets related to the GM credit card program of $72 million in the prior year period. Pre-tax loss was $39 million for the third quarter of 2025, compared with a pre-tax loss of $559 million for the third quarter of 2024.

Nine Months Ended September 2025 versus September 2024**.** Net revenues in Platform Solutions were $2.03 billion for the first nine months of 2025, 16% higher than the first nine months of 2024.

Notwithstanding our strategic decision to narrow our focus on consumer-related activities, Consumer platforms net revenues were higher compared with the first nine months of 2024, primarily reflecting a net loss in the prior year period related to the GM credit card program that was transferred to held for sale. Transaction banking and other net revenues were slightly lower compared with the first nine months of 2024. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

Provision for credit losses was $796 million for the first nine months of 2025, compared with $1.09 billion for the first nine months of 2024. Provisions for both the first nine months of 2025 and the first nine months of 2024 reflected net charge-offs related to the credit card portfolio.

Operating expenses were $1.31 billion for the first nine months of 2025, 12% lower than the first nine months of 2024, primarily reflecting the impact of the sale of GreenSky and the write-down of identifiable intangible assets related to the GM credit card program in the prior year period. Pre-tax loss was $71 million for the first nine months of 2025, compared with a pre-tax loss of $823 million for the first nine months of 2024.

Geographic Data

See Note 25 to the consolidated financial statements for a summary of our total net revenues and pre-tax earnings by geographic region.

123						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Balance Sheet and Funding Sources

Balance Sheet Management

One of our risk management disciplines is our ability to manage the size and composition of our balance sheet. While our asset base changes due to client activity, market fluctuations and business opportunities, the size and composition of our balance sheet also reflects factors, including (i) our overall risk tolerance, (ii) the amount of capital we hold and (iii) our funding profile, among other factors. See “Capital Management and Regulatory Capital — Capital Management” for information about our capital management process.

Although our balance sheet fluctuates on a day-to-day basis, our total assets at quarter-end are generally not materially different from those occurring within our reporting periods.

In order to ensure appropriate risk management, we seek to maintain a sufficiently liquid balance sheet and have processes in place to dynamically manage our assets and liabilities, which include (i) balance sheet planning, (ii) setting balance sheet targets, (iii) monitoring of key metrics and (iv) scenario analyses.

Balance Sheet Planning. We prepare a balance sheet plan that combines our projected total assets and composition of assets with our expected funding sources over a three-year time horizon. This plan is reviewed quarterly and may be adjusted in response to changing business needs or market conditions. The objectives of this planning process are:

• To develop our balance sheet projections, taking into account the general state of the financial markets and expected business activity levels, as well as regulatory requirements;

• To allow Corporate Treasury to evaluate balance sheet targets of our revenue-producing units and requests to change such targets in the context of our overall balance sheet constraints, including our liability profile and capital levels, and key metrics; and

• To inform the target amount, tenor and type of funding to raise, based on our projected assets and contractual maturities.

Corporate Treasury and Risk, along with our revenue-producing units, review current and prior period information and expectations for the year to prepare our balance sheet plan. The specific information reviewed includes asset and liability size and composition, target utilization, risk and performance measures, and capital usage.

Our consolidated balance sheet plan, including our balance sheets by business, funding projections and projected key metrics, is reviewed and approved by the Firmwide Asset Liability Committee. See “Risk Management — Overview and Structure of Risk Management” for an overview of our risk management structure.

Setting Balance Sheet Targets. We set balance sheet targets with the aim of ensuring that our consolidated balance sheet, as well as the balance sheets for our businesses remain within our risk appetite. The Firmwide Asset Liability Committee has the responsibility to review and approve balance sheet targets at least quarterly. Our balance sheet targets are set at levels which are close to actual operating levels, rather than at levels which reflect our maximum risk appetite, in order to ensure prompt escalation and discussion among our revenue-producing units, Corporate Treasury and Risk. Requests for changes in targets are evaluated after giving consideration to their impact on our key metrics. Compliance with targets is monitored by our revenue-producing units, Corporate Treasury and Risk.

Monitoring of Key Metrics. We monitor key balance sheet metrics both by business and on a consolidated basis, including asset and liability size and composition, target utilization and risk measures. We attribute assets to businesses and review and analyze movements resulting from new business activity, as well as market fluctuations.

Scenario Analyses. We conduct various scenario analyses, including as part of the Comprehensive Capital Analysis and Review (CCAR) and U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act Stress Tests (DFAST), as well as our recovery and resolution planning. See “Capital Management and Regulatory Capital — Capital Management” for further information about these scenario analyses. These scenarios cover short- and long-term time horizons using various macroeconomic and firm-specific assumptions, based on a range of economic scenarios. We use these analyses to assist us in developing our longer-term balance sheet management strategy, including the level and composition of assets, funding and capital. Additionally, these analyses help us develop approaches for maintaining appropriate funding, liquidity and capital across a variety of situations, including a severely stressed environment.

Goldman Sachs September 2025 Form 10-Q						124

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Balance Sheet Analysis and Metrics

As of September 2025, total assets in our consolidated balance sheets were $1.81 trillion, an increase of $132.01 billion from December 2024, primarily due to increases in trading assets of $82.03 billion (primarily due to increases in government obligations, equity securities and corporate debt, reflecting the impact of our and our clients’ activities), customer and other receivables of $42.88 billion (reflecting our clients’ activities), loans of $26.18 billion (primarily due to increases in other collateralized lending and real estate loans) and investments of $19.24 billion (due to an increase in U.S. government obligations accounted for as available-for-sale securities), partially offset by a decrease in collateralized agreements of $27.21 billion (reflecting our and our clients’ activities).

As of September 2025, total liabilities in our consolidated balance sheets were $1.68 trillion, an increase of $129.60 billion from December 2024, primarily due to increases in trading liabilities of $59.28 billion (primarily due to increases in equity securities and government obligations, driven by our and our clients’ activities), deposits of $57.24 billion (primarily due to increases in other deposit and consumer deposit balances), borrowings of $36.96 billion (due to net issuances) and customer and other payables of $33.58 billion (primarily reflecting our clients’ activities), offset by a decrease in collateralized financings of $58.40 billion (reflecting the impact of our and our clients’ activities).

Our total securities sold under agreements to repurchase (repurchase agreements), accounted for as collateralized financings, were $217.80 billion as of September 2025 and $274.38 billion as of December 2024, which were 5% lower as of September 2025 and 5% higher as of December 2024 than the average daily amount of repurchase agreements over the respective quarters. As of September 2025, the decrease in our repurchase agreements relative to the average daily amount of repurchase agreements during the quarter resulted from lower levels of our and our clients’ activities at the end of the period.

The level of our repurchase agreements fluctuates between and within periods, primarily due to providing clients with access to highly liquid collateral, such as certain government and agency obligations, through collateralized financing activities.

The table below presents information about our balance sheet and leverage ratios.

			As of
			September			December
$ in millions			2025			2024
Total assets			$	1,807,982		$	1,675,972
Unsecured long-term borrowings			$	276,914		$	242,634
Total shareholders’ equity			$	124,402		$	121,996
Leverage ratio			14.5x			13.7x
Debt-to-equity ratio			2.2x			2.0x

In the table above:

• The leverage ratio equals total assets divided by total shareholders’ equity and measures the proportion of equity and debt we use to finance assets. This ratio is different from the leverage ratios included in Note 20 to the consolidated financial statements.

• The debt-to-equity ratio equals unsecured long-term borrowings divided by total shareholders’ equity.

The table below presents information about our shareholders’ equity and book value per common share, including the reconciliation of common shareholders’ equity to tangible common shareholders’ equity.

			As of
			September			December
$ in millions, except per share amounts			2025			2024
Total shareholders’ equity			$	124,402		$	121,996
Preferred stock			(15,153)			(13,253)
Common shareholders’ equity			109,249			108,743
Goodwill			(5,950)			(5,853)
Identifiable intangible assets			(864)			(847)
Tangible common shareholders’ equity			$	102,435		$	102,043
Book value per common share			$	353.79		$	336.77
Tangible book value per common share			$	331.72		$	316.02

In the table above:

• Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. We believe that tangible common shareholders’ equity is meaningful because it is a measure that we and investors use to assess capital adequacy. Tangible common shareholders’ equity is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

• Book value per common share and tangible book value per common share are based on common shares outstanding and restricted stock units granted to employees with no future service requirements and not subject to performance or market conditions (collectively, basic shares) of 308.8 million as of September 2025 and 322.9 million as of December 2024. We believe that tangible book value per common share (tangible common shareholders’ equity divided by basic shares) is meaningful because it is a measure that we and investors use to assess capital adequacy. Tangible book value per common share is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies.

125						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Funding Sources

Our primary sources of funding are deposits, collateralized financings, unsecured short- and long-term borrowings, and shareholders’ equity. We seek to maintain broad and diversified funding sources globally across products, programs, markets, currencies and creditors to avoid funding concentrations.

The table below presents information about our funding sources.

			As of
$ in millions			September 2025						December 2024
Deposits			$	490,249		39		%	$	433,013		35		%
Collateralized financings			300,190			24		%	358,590			29		%
Unsecured short-term borrowings			72,385			5		%	69,709			6		%
Unsecured long-term borrowings			276,914			22		%	242,634			20		%
Total shareholders’ equity			124,402			10		%	121,996			10		%
Total			$	1,264,140		100		%	$	1,225,942		100		%

Our funding is primarily raised in U.S. dollar, Euro, British pound and Japanese yen. We generally distribute our funding products through our own sales force and third-party distributors to a large, diverse creditor base in a variety of markets in the Americas, Europe and Asia. We believe that our relationships with our creditors are critical to our liquidity. Our creditors include banks, governments, securities lenders, corporations, pension funds, insurance companies, mutual funds and individuals. We have imposed various internal guidelines to monitor creditor concentration across our funding programs.

Deposits. Our deposits provide us with a diversified source of funding and reduce our reliance on wholesale funding. We raise deposits, including savings, demand and time deposits, from consumers, private bank clients, through internal and third-party broker-dealers, transaction banking clients and other institutional clients. Substantially all of our deposits are raised through Goldman Sachs Bank USA (GS Bank USA), Goldman Sachs International Bank (GSIB) and Goldman Sachs Bank Europe SE (GSBE).

The table below presents the types and sources of deposits.

$ in millions			Savings and Demand			Time			Total
As of September 2025
Consumer			$	125,560		$	73,971		$	199,531
Private bank			86,374			9,014			95,388
Brokered certificates of deposit			–			46,090			46,090
Deposit sweep programs			35,219			–			35,219
Transaction banking			69,337			1,255			70,592
Other			1,429			42,000			43,429
Total			$	317,919		$	172,330		$	490,249
As of December 2024
Consumer			$	126,694		$	54,541		$	181,235
Private bank			90,013			6,489			96,502
Brokered certificates of deposit			–			41,014			41,014
Deposit sweep programs			30,927			–			30,927
Transaction banking			60,925			1,820			62,745
Other			1,776			18,814			20,590
Total			$	310,335		$	122,678		$	433,013

In the table above:

• Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date.

• Time deposits had a weighted average maturity of approximately 0.7 years as of September 2025 and approximately 0.6 years as of December 2024.

• Consumer deposits consist of deposits from both Marcus and Apple Card customers.

• Deposit sweep programs include contractual agreements with U.S. broker-dealers who sweep client cash to FDIC-insured deposits.

• Transaction banking deposits consist of deposits that we raised through our cash management services business for corporate and other institutional clients.

• Other deposits are substantially all from institutional clients.

• Deposits insured by the FDIC were $263.16 billion as of September 2025 and $234.54 billion as of December 2024.

• Deposits insured by non-U.S. insurance programs were $28.79 billion as of September 2025 and $25.98 billion as of December 2024.

Goldman Sachs September 2025 Form 10-Q						126

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

See Note 13 to the consolidated financial statements for further information about our deposits, including a maturity profile of our time deposits.

Secured Funding. We fund a significant amount of inventory and a portion of investments on a secured basis. Secured funding includes collateralized financings in the consolidated balance sheets. See Note 11 to the consolidated financial statements for further information about our collateralized financings, including its maturity profile. We may also pledge our inventory and investments as collateral for securities borrowed under a securities lending agreement. We also use our own inventory and investments to cover transactions in which we or our clients have sold securities that have not yet been purchased. Secured funding is less sensitive to changes in our credit quality than unsecured funding, due to our posting of collateral to our lenders. Nonetheless, we analyze the refinancing risk of our secured funding activities, taking into account trade tenors, maturity profiles, counterparty concentrations, collateral eligibility and counterparty rollover probabilities. We seek to mitigate our refinancing risk by executing term trades with staggered maturities, diversifying counterparties, raising excess secured funding and pre-funding residual risk through our GCLA.

We seek to raise secured funding with a term appropriate for the liquidity of the assets that are being financed, and we seek longer maturities for secured funding collateralized by asset classes that may be harder to fund on a secured basis, especially during times of market stress. Our secured funding, excluding funding collateralized by liquid government and agency obligations, is primarily executed for tenors of one month or greater and is primarily executed through term repurchase agreements and securities loaned contracts.

Assets that may be harder to fund on a secured basis during times of market stress include certain financial instruments in the following categories: mortgage- and other asset-backed loans and securities, non-investment-grade corporate debt securities, equity securities and emerging market securities.

We also raise financing through other types of collateralized financings, such as secured loans and notes. GS Bank USA has access to funding from the Federal Home Loan Bank. Our outstanding borrowings from the Federal Home Loan Bank were $5.04 billion as of both September 2025 and December 2024. Additionally, we have access to funding through the Federal Reserve discount window, but we do not rely on this funding in our liquidity planning and stress testing.

Unsecured Short-Term Borrowings. A significant portion of our unsecured short-term borrowings was originally long-term debt that is scheduled to mature within one year of the reporting date. We use unsecured short-term borrowings, including U.S. and non-U.S. hybrid financial instruments and commercial paper, to finance liquid assets and for other cash management purposes. In accordance with regulatory requirements, Group Inc. does not issue debt with an original maturity of less than one year, other than to its subsidiaries. See Note 14 to the consolidated financial statements for further information about our unsecured short-term borrowings.

Unsecured Long-Term Borrowings. Unsecured long-term borrowings, including structured notes, are raised through syndicated U.S. registered offerings, U.S. registered and Rule 144A medium-term note programs, offshore medium-term note offerings and other debt offerings. We issue in different tenors, currencies and products to maximize the diversification of our investor base.

The table below presents our quarterly unsecured long-term borrowings maturity profile.

$ in millions			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
As of September 2025
2026			$	–		$	–		$	–		$	11,488		$	11,488
2027			$	16,550		$	10,420		$	9,595		$	10,860		47,425
2028			$	16,967		$	10,887		$	5,745		$	5,337		38,936
2029			$	7,385		$	10,680		$	7,463		$	6,770		32,298
2030			$	14,218		$	8,591		$	5,858		$	4,318		32,985
2031 - thereafter															113,782
Total															$	276,914

The weighted average maturity of our unsecured long-term borrowings as of September 2025 was approximately six years. To mitigate refinancing risk, we seek to limit the principal amount of debt maturing over the course of any monthly, quarterly, semi-annual or annual time horizon. We enter into interest rate swaps to convert a portion of our unsecured long-term borrowings into floating-rate obligations to manage our exposure to interest rates. See Note 14 to the consolidated financial statements for further information about our unsecured long-term borrowings.

Shareholders’ Equity. Shareholders’ equity is a stable and perpetual source of funding. See Note 19 to the consolidated financial statements for further information about our shareholders’ equity.

127						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Capital Management and Regulatory Capital

Capital adequacy is of critical importance to us. We have in place a comprehensive capital management policy that provides a framework, defines objectives and establishes guidelines to assist us in maintaining the appropriate level and composition of capital in both business-as-usual and stressed conditions.

Capital Management

We determine the appropriate amount and composition of our capital by considering multiple factors, including our current and future regulatory capital requirements, the results of our capital planning and stress testing process, the results of resolution capital models and other factors, such as rating agency guidelines, subsidiary capital requirements, the business environment and conditions in the financial markets.

We manage our capital requirements and the levels of our capital usage principally by setting targets on our balance sheet and risk-weighted assets (RWAs), in each case at both the firmwide and business levels.

We principally manage the level and composition of our capital through issuances and repurchases of our common stock.

We may issue, redeem or repurchase our preferred stock and subordinated debt or other forms of capital as business conditions warrant. Prior to such redemptions or repurchases, we must receive approval from the FRB. See Notes 14 and 19 to the consolidated financial statements for further information about our subordinated debt and preferred stock.

Capital Planning and Stress Testing Process. As part of capital planning, we project sources and uses of capital given a range of business environments, including stressed conditions. Our stress testing process is designed to identify and measure material risks associated with our business activities, including market risk, credit risk, operational risk and liquidity risk, as well as our ability to generate revenues.

Our capital planning process incorporates an internal capital adequacy assessment with the objective of ensuring that we are appropriately capitalized relative to the risks in our businesses. We incorporate stress scenarios into our capital planning process with a goal of holding sufficient capital to ensure we remain adequately capitalized after experiencing a severe stress event. Our assessment of capital adequacy is viewed in tandem with our assessment of liquidity adequacy and is integrated into our overall risk management structure, governance and policy framework.

Our stress tests incorporate our internally designed stress scenarios, including our internally developed severely adverse scenario, and those required by the FRB, and are designed to capture our specific vulnerabilities and risks. We provide further information about our stress test processes and a summary of the results on our website as described in “Available Information.”

As required by the FRB’s CCAR rules, we submit an annual capital plan for review by the FRB. The purpose of the FRB’s review is to ensure that we have a robust, forward-looking capital planning process that accounts for our unique risks and that permits continued operation during times of economic and financial stress.

The FRB evaluates us based, in part, on whether we have the capital necessary to continue operating under the baseline and severely adverse scenarios provided by the FRB and those developed internally. This evaluation also takes into account our process for identifying risk, our controls and governance for capital planning, and our guidelines for making capital planning decisions. In addition, the FRB evaluates our plan to make capital distributions (i.e., dividend payments and repurchases or redemptions of stock, subordinated debt or other capital securities) and issue capital, across the range of macroeconomic scenarios and firm-specific assumptions. The FRB determines the stress capital buffer (SCB) applicable to us based on its own annual stress test. The SCB under the Standardized approach is calculated as (i) the difference between our starting and minimum projected CET1 capital ratios under the supervisory severely adverse scenario and (ii) our planned common stock dividends for each of the fourth through seventh quarters of the planning horizon, expressed as a percentage of RWAs.

See Note 20 to the consolidated financial statements for information about our 2025 CCAR results. See “Share Repurchase Program” for further information about common stock repurchases and dividends. We published a summary of our annual DFAST results in June 2025. See “Available Information.”

GS Bank USA is required to conduct stress tests on an annual basis and publish a summary of certain results. GS Bank USA published a summary of its annual DFAST results in June 2025. See “Available Information.”

Goldman Sachs International (GSI), GSIB and GSBE also have their own capital planning and stress testing processes, which incorporate internally designed stress tests developed in accordance with the guidelines of their respective regulators.

Goldman Sachs September 2025 Form 10-Q						128

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Contingency Capital Plan. As part of our comprehensive capital management policy, we maintain a contingency capital plan. Our contingency capital plan provides a framework for analyzing and responding to a perceived or actual capital deficiency, including, but not limited to, identification of drivers of a capital deficiency, as well as mitigants and potential actions. It outlines the appropriate communication procedures to follow during a crisis period, including internal dissemination of information, as well as timely communication with external stakeholders.

Capital Attribution. We assess the capital usage of each of our businesses based on our attributed equity framework. This framework considers many factors, including our internal assessment of risks, as well as the regulatory capital requirements related to our business activities.

We review and make any necessary adjustments to our attributed equity in January each year, to reflect, among other things, our most recent stress test results and changes to our regulatory capital requirements. On January 1, 2025, our allocation of attributed equity changed (relative to the allocation as of December 2024) as follows: attributed equity increased by approximately $0.4 billion for Global Banking & Markets, while attributed equity decreased by approximately $0.3 billion for Asset & Wealth Management and approximately $0.1 billion for Platform Solutions. See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for information about our average quarterly attributed equity by segment.

Share Repurchase Program. We use our share repurchase program to help maintain the appropriate level of common equity. On an annual basis, we submit a Board of Directors of Group Inc. (Board) approved capital plan to the Federal Reserve, which includes planned share repurchases for each quarter. The share repurchases are 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 our current and projected capital position, and capital deployment opportunities, but which may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock.

During the first quarter of 2025, the Board approved a share repurchase program authorizing repurchases of up to $40 billion of our common stock. The program has no set expiration or termination date. See “Unregistered Sales of Equity Securities and Use of Proceeds” in Part II, Item 2 of this Form 10-Q and Note 19 to the consolidated financial statements for further information about our share repurchase program, and see above for information about our capital planning and stress testing process.

During the third quarter of 2025, we returned a total of $3.25 billion of capital to common shareholders, including $2.00 billion of common share repurchases and $1.25 billion of common stock dividends. The Board approved an increase in our quarterly common stock dividend from $3.00 to $4.00 per share beginning in the third quarter of 2025. Consistent with our capital management philosophy, we will continue prioritizing deployment of capital for our clients where returns are attractive and distribute any excess capital to shareholders through dividends and share repurchases, while targeting a 50 to 100 basis point buffer above our capital requirement.

We are subject to a one percent non-deductible federal excise tax (buyback tax) that is applicable to the fair market value of certain corporate share repurchases. The fair market value of share repurchases subject to the tax is reduced by the fair market value of any applicable stock issued during the calendar year, including stock issued to employees. The buyback tax did not have a material impact on our financial condition, results of operations or cash flows for either the three or nine months ended September 2025.

Resolution Capital Models. In connection with our resolution planning efforts, we have established a Resolution Capital Adequacy and Positioning framework, which is designed to ensure that our major subsidiaries (GS Bank USA, Goldman Sachs & Co. LLC (GS&Co.), GSI, GSIB, GSBE, Goldman Sachs Japan Co., Ltd. (GSJCL), Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management International) have access to sufficient loss-absorbing capacity (in the form of equity, subordinated debt and unsecured senior debt) so that they are able to wind down following a Group Inc. bankruptcy filing in accordance with our preferred resolution strategy.

In addition, we have established a triggers and alerts framework, which is designed to provide the Board with information needed to make an informed decision on whether and when to commence bankruptcy proceedings for Group Inc.

129						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Rating Agency Guidelines

The credit rating agencies assign credit ratings to the obligations of Group Inc., which directly issues or guarantees substantially all of our senior unsecured debt obligations. GS&Co. and GSI have been assigned long- and short-term issuer ratings by certain credit rating agencies. GS Bank USA, GSIB and GSBE have also been assigned long- and short-term issuer ratings, as well as ratings on their long- and short-term bank deposits. In addition, credit rating agencies have assigned ratings to debt obligations of certain other subsidiaries of Group Inc.

The level and composition of our capital are among the many factors considered in determining our credit ratings. Each agency has its own definition of eligible capital and methodology for evaluating capital adequacy, and assessments are generally based on a combination of factors rather than a single calculation. See “Risk Management — Liquidity Risk Management — Credit Ratings” for further information about credit ratings of Group Inc., GS Bank USA, GSIB, GSBE, GS&Co. and GSI.

Consolidated Regulatory Capital

We are subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). Under the Capital Framework, we are an “Advanced approaches” banking organization and have been designated as a global systemically important bank (G-SIB). In managing our capital, we consider a number of different capital requirements, the most binding of which can vary over time.

See Note 20 to the consolidated financial statements for further information about our risk-based capital and leverage ratios and the related requirements, and see below for further information about our risk-based capital and RWAs.

G-SIB Surcharge. The capital requirements calculated under the Capital Framework (for both the Standardized and Advanced Rules) include minimum risk-based capital requirements and capital conservation buffer requirements, including the G-SIB surcharge. The G-SIB surcharge is updated annually based on financial data from the prior year and is generally applicable for the following year.

Our G-SIB surcharge (Method 2) is 3.0% for 2025 and will be 3.5% beginning in 2026. Based on financial data for the nine months ended September 2025, we are in the 4.0% G-SIB surcharge threshold range. The earliest this surcharge could be effective is January 2028. The G-SIB surcharge and countercyclical capital buffer in the future may differ due to additional guidance from our regulators and/or positional changes, and our SCB can change significantly from year to year based on the results of the annual supervisory stress tests. Our target is to maintain capital ratios equal to the regulatory requirements plus a buffer of 50 to 100 basis points.

Risk-Based Capital. The table below presents information about our risk-based capital.

			As of
			September			December
$ in millions			2025			2024
Common shareholders’ equity			$	109,249		$	108,743
Impact of CECL transition			–			276
Deduction for goodwill			(5,246)			(5,159)
Deduction for identifiable intangible assets			(659)			(638)
Other adjustments			425			(157)
CET1 capital			103,769			103,065
Preferred stock			15,153			13,253
Deduction for investments in covered funds			(404)			(669)
Other adjustments			(3)			(2)
Tier 1 capital			$	118,515		$	115,647
Standardized Tier 2 and Total capital
Tier 1 capital			$	118,515		$	115,647
Qualifying subordinated debt			8,908			9,124
Allowance for credit losses			5,308			5,011
Other adjustments			(7)			(10)
Standardized Tier 2 capital			14,209			14,125
Standardized Total capital			$	132,724		$	129,772
Advanced Tier 2 and Total capital
Tier 1 capital			$	118,515		$	115,647
Standardized Tier 2 capital			14,209			14,125
Allowance for credit losses			(5,308)			(5,011)
Other adjustments			1,263			1,050
Advanced Tier 2 capital			10,164			10,164
Advanced Total capital			$	128,679		$	125,811

Goldman Sachs September 2025 Form 10-Q						130

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

In the table above:

• Beginning in January 2022, we started to phase in the estimated reduction to regulatory capital of $1.11 billion as a result of adopting the Current Expected Credit Losses (CECL) model at 25% per year. As of December 2024, the impact of CECL transition reflected the remaining amount of reduction that was fully phased in on January 1, 2025.

• Deduction for goodwill was net of deferred tax liabilities of $704 million as of September 2025 and $694 million as of December 2024.

• Deduction for identifiable intangible assets was net of deferred tax liabilities of $205 million as of September 2025 and $209 million as of December 2024.

• Deduction for investments in covered funds represents our aggregate investments in applicable covered funds as defined in the Volcker Rule.

• Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments (CVAs) on derivative liabilities, the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves.

• Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 to the consolidated financial statements for further information about our subordinated debt.

The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital.

$ in millions			Standardized			Advanced
Nine Months Ended September 2025
CET1 capital
Beginning balance			$	103,065		$	103,065
Change in:
Common shareholders’ equity			506			506
Impact of CECL transition			(276)			(276)
Deduction for goodwill			(87)			(87)
Deduction for identifiable intangible assets			(21)			(21)
Other adjustments			582			582
Ending balance			$	103,769		$	103,769
Tier 1 capital
Beginning balance			$	115,647		$	115,647
Change in:
CET1 capital			704			704
Preferred stock			1,900			1,900
Deduction for investments in covered funds			265			265
Other adjustments			(1)			(1)
Ending balance			118,515			118,515
Tier 2 capital
Beginning balance			14,125			10,164
Change in:
Qualifying subordinated debt			(216)			(216)
Allowance for credit losses			297			–
Other adjustments			3			216
Ending balance			14,209			10,164
Total capital			$	132,724		$	128,679

RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules.

Credit Risk

Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules:

• The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measures for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration.

• Under the Advanced Capital Rules, we compute risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models.

• For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches.

131						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Market Risk

RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following:

• Value-at-Risk (VaR) is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, due to adverse market movements over a defined time horizon with a specified confidence level.

For both risk management purposes and regulatory capital calculations, we use a single VaR model which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day VaR is used, whereas for regulatory capital requirements, a 99% 10-day VaR is used to determine Market RWAs and a 99% one-day VaR is used to determine regulatory VaR exceptions. In addition, the daily net revenues used to determine risk management VaR exceptions (i.e., comparing the daily net revenues to the VaR measure calculated as of the end of the prior business day) include intraday activity, whereas the Capital Framework requires that intraday activity be excluded from daily net revenues when calculating regulatory VaR exceptions. Intraday activity includes bid/offer net revenues, which are more likely than not to be positive by their nature. As a result, there may be differences in the number of VaR exceptions and the amount of daily net revenues calculated for regulatory VaR compared to the amounts calculated for risk management VaR.

Our positional losses observed on a single day exceeded our 99% one-day regulatory VaR on two occasions during the nine months ended September 2025 and on two occasions during 2024. There was no change in our VaR multiplier used to calculate Market RWAs;

• Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress;

• Incremental risk is the potential loss in value of non-securitized positions due to the default or credit migration of issuers of financial instruments over a one-year time horizon;

• Comprehensive risk is the potential loss in value, due to price risk and defaults, within our credit correlation positions; and

• Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed.

Operational Risk

Operational RWAs are only required to be included under the Advanced Capital Rules. We utilize an internal risk-based model to quantify Operational RWAs.

Goldman Sachs September 2025 Form 10-Q						132

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents information about RWAs.

$ in millions			Standardized			Advanced
As of September 2025
Credit RWAs
Derivatives			$	154,495		$	113,707
Commitments, guarantees and loans			276,097			220,846
Securities financing transactions			104,132			23,728
Equity investments			29,043			30,481
Other			72,277			98,651
Total Credit RWAs			636,044			487,413
Market RWAs
Regulatory VaR			15,120			15,120
Stressed VaR			43,902			43,902
Incremental risk			4,855			4,855
Comprehensive risk			2,071			2,071
Specific risk			21,414			21,414
Total Market RWAs			87,362			87,362
Total Operational RWAs			–			112,651
Total RWAs			$	723,406		$	687,426
As of December 2024
Credit RWAs
Derivatives			$	146,368		$	99,766
Commitments, guarantees and loans			247,140			199,816
Securities financing transactions			97,174			22,846
Equity investments			30,018			31,457
Other			71,013			97,129
Total Credit RWAs			591,713			451,014
Market RWAs
Regulatory VaR			19,995			19,995
Stressed VaR			48,249			48,249
Incremental risk			7,054			7,054
Comprehensive risk			2,057			2,057
Specific risk			19,473			19,473
Total Market RWAs			96,828			96,828
Total Operational RWAs			–			126,970
Total RWAs			$	688,541		$	674,812

In the table above:

• Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions.

• Other includes receivables, certain debt securities, cash and cash equivalents, and other assets.

The table below presents changes in RWAs.

$ in millions			Standardized			Advanced
Nine Months Ended September 2025
RWAs
Beginning balance			$	688,541		$	674,812
Credit RWAs
Change in:
Derivatives			8,127			13,941
Commitments, guarantees and loans			28,957			21,030
Securities financing transactions			6,958			882
Equity investments			(975)			(976)
Other			1,264			1,522
Change in Credit RWAs			44,331			36,399
Market RWAs
Change in:
Regulatory VaR			(4,875)			(4,875)
Stressed VaR			(4,347)			(4,347)
Incremental risk			(2,199)			(2,199)
Comprehensive risk			14			14
Specific risk			1,941			1,941
Change in Market RWAs			(9,466)			(9,466)
Change in Operational RWAs			–			(14,319)
Ending balance			$	723,406		$	687,426

RWAs Rollforward Commentary

Nine Months Ended September 2025. Standardized Credit RWAs as of September 2025 increased by $44.33 billion compared with December 2024, primarily reflecting an increase in commitments, guarantees and loans (principally due to increased lending exposures), an increase in derivatives (principally due to increased exposures) and an increase in securities financing transactions (principally due to increased funding exposures). Standardized Market RWAs as of September 2025 decreased by $9.47 billion compared with December 2024, primarily reflecting a decrease in regulatory and stressed VaR (in each case, principally due to reduced exposures to interest rates and equities).

Advanced Credit RWAs as of September 2025 increased by $36.40 billion compared with December 2024, reflecting an increase in commitments, guarantees and loans (principally due to increased lending exposures) and an increase in derivatives (principally due to increased exposures). Advanced Market RWAs as of September 2025 decreased by $9.47 billion compared with December 2024, primarily reflecting a decrease in regulatory and stressed VaR (in each case, principally due to reduced exposures to interest rates and equities). Advanced Operational RWAs as of September 2025 decreased by $14.32 billion compared with December 2024, reflecting decreased frequency of loss events estimated by our risk-based model.

133						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Total Loss-Absorbing Capacity (TLAC)

We are also subject to the FRB’s TLAC and related requirements. Failure to comply with the TLAC and related requirements would result in restrictions being imposed by the FRB and could limit our ability to repurchase shares, pay dividends and make certain discretionary compensation payments.

The table below presents TLAC and external long-term debt requirements.

			As of
			September			December
			2025			2024
TLAC to RWAs			22.0		%	22.0		%
TLAC to total leverage exposure			9.5		%	9.5		%
External long-term debt to RWAs			9.0		%	9.0		%
External long-term debt to total leverage exposure			4.5		%	4.5		%

In the table above:

• The TLAC to RWAs requirement included (i) the 18% minimum, (ii) the 2.5% buffer, (iii) the countercyclical capital buffer, which the FRB has set to zero percent and (iv) the 1.5% G-SIB surcharge (Method 1).

• The TLAC to total leverage exposure requirement includes (i) the 7.5% minimum and (ii) the 2.0% total leverage exposure buffer.

• The external long-term debt to RWAs requirement includes (i) the 6% minimum and (ii) the 3.0% G-SIB surcharge (Method 2).

• The external long-term debt to total leverage exposure is the 4.5% minimum.

The table below presents information about our TLAC and external long-term debt ratios.

			For the Three Months Ended or as of
			September			December
$ in millions			2025			2024
TLAC			$	292,821		$	275,904
External long-term debt			$	163,741		$	150,682
RWAs			$	723,406		$	688,541
Total leverage exposure			$	2,265,348		$	2,120,756
TLAC to RWAs			40.5		%	40.1		%
TLAC to total leverage exposure			12.9		%	13.0		%
External long-term debt to RWAs			22.6		%	21.9		%
External long-term debt to total leverage exposure			7.2		%	7.1		%

In the table above:

• TLAC includes common and preferred stock, and eligible long-term debt issued by Group Inc. Eligible long-term debt represents unsecured debt, which has a remaining maturity of at least one year and satisfies additional requirements.

• External long-term debt consists of eligible long-term debt subject to a haircut if it is due to be paid between one and two years.

• In accordance with the TLAC rules, the higher of Standardized or Advanced RWAs are used in the calculation of TLAC and external long-term debt ratios and applicable requirements. RWAs represent Standardized RWAs as of both September 2025 and December 2024.

• 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.

See “Business — Regulation” in Part I, Item 1 of the 2024 Form 10-K for further information about TLAC.

Subsidiary Capital Requirements

Many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to separate regulation and capital requirements of the jurisdictions in which they operate.

Bank Subsidiaries. GS Bank USA is our primary U.S. banking subsidiary and GSIB and GSBE are our primary non-U.S. banking subsidiaries. These entities are subject to regulatory capital requirements. See Note 20 to the consolidated financial statements for further information about the regulatory capital requirements for GS Bank USA.

• GSIB. GSIB is our U.K. bank subsidiary regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). GSIB is subject to the U.K. capital framework, which is largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III). The eligible retail deposits of GSIB are covered by the U.K. Financial Services Compensation Scheme to the extent provided by law.

The table below presents GSIB’s risk-based capital requirements.

			As of
			September			December
			2025			2024
Risk-based capital requirements
CET1 capital ratio			12.0		%	11.9		%
Tier 1 capital ratio			14.8		%	14.7		%
Total capital ratio			18.5		%	18.4		%

The table below presents information about GSIB’s risk-based capital ratios.

			As of
			September			December
$ in millions			2025			2024
Risk-based capital and risk-weighted assets
CET1 capital			$	4,816		$	4,336
Tier 1 capital			$	4,816		$	4,336
Tier 2 capital			$	826		$	826
Total capital			$	5,642		$	5,162
RWAs			$	20,322		$	17,767
Risk-based capital ratios
CET1 capital ratio			23.7		%	24.4		%
Tier 1 capital ratio			23.7		%	24.4		%
Total capital ratio			27.8		%	29.1		%

Goldman Sachs September 2025 Form 10-Q						134

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

In the table above, the risk-based capital ratios as of September 2025 reflected profits that are still subject to annual audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed 212 basis points to the CET1 capital ratio as of September 2025.

The table below presents GSIB’s leverage ratio requirement and leverage ratio.

			As of
			September			December
			2025			2024
Leverage ratio requirement			3.7		%	3.7		%
Leverage ratio			7.6		%	8.9		%

In the table above, the leverage ratio as of September 2025 reflected profits that are still subject to annual audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed 68 basis points to the leverage ratio as of September 2025.

GSIB is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both September 2025 and December 2024, GSIB was in compliance with these requirements.

• GSBE. GSBE is our German bank subsidiary supervised by the European Central Bank, BaFin and Deutsche Bundesbank. GSBE is a non-U.S. banking subsidiary of GS Bank USA and is also subject to standalone regulatory capital requirements noted below. GSBE is subject to the capital requirements prescribed in the E.U. Capital Requirements Directive (CRD) and E.U. Capital Requirements Regulation (CRR), which are largely based on Basel III. Beginning in the first quarter of 2025, GSBE became subject to the capital requirements prescribed in the Basel Committee’s finalized revisions to the Basel III Capital Requirements (Basel III Revisions), as implemented by the E.U. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides further insurance for certain eligible deposits beyond the coverage of the German statutory deposit program.

The table below presents GSBE’s risk-based capital requirements.

			As of
			September			December
			2025			2024
Risk-based capital requirements
CET1 capital ratio			10.4		%	10.3		%
Tier 1 capital ratio			12.3		%	12.3		%
Total capital ratio			15.0		%	15.0		%

The table below presents information about GSBE’s risk-based capital ratios.

			As of
			September			December
$ in millions			2025			2024
Risk-based capital and risk-weighted assets
CET1 capital			$	15,674		$	13,109
Tier 1 capital			$	15,674		$	13,109
Tier 2 capital			$	24		$	21
Total capital			$	15,698		$	13,130
RWAs			$	70,394		$	43,077
Risk-based capital ratios
CET1 capital ratio			22.3		%	30.4		%
Tier 1 capital ratio			22.3		%	30.4		%
Total capital ratio			22.3		%	30.5		%

In the table above:

• The risk-based capital ratios decreased from December 2024 to September 2025, primarily reflecting an increase in both Credit RWAs (principally due to the implementation of Basel III Revisions on January 1, 2025) and Market RWAs.

• The risk-based capital ratios as of September 2025 excluded profits from January 1, 2025 to September 30, 2025, as these profits are still subject to annual audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits would have contributed 78 basis points to the CET1 capital ratio as of September 2025. The risk-based capital ratios as of December 2024 excluded 2024 profits. In the second quarter of 2025, subsequent to the completion of the 2024 annual audit by GSBE’s external auditors, GSBE’s shareholder approved such profits to be included in risk-based capital from June 2025 onwards. These profits would have contributed 151 basis points to the CET1 capital ratio as of December 2024.

The table below presents GSBE’s leverage ratio requirement and leverage ratio.

			As of
			September			December
			2025			2024
Leverage ratio requirement			3.2		%	3.0		%
Leverage ratio			7.9		%	9.2		%

135						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

In the table above, the leverage ratio as of September 2025 excluded profits from January 1, 2025 to September 30, 2025, as these profits are still subject to annual audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits would have contributed 28 basis points to the leverage ratio as of September 2025. The leverage ratio as of December 2024 excluded 2024 profits. In the second quarter of 2025, subsequent to the completion of the 2024 annual audit by GSBE’s external auditors, GSBE’s shareholder approved such profits to be included in risk-based capital from June 2025 onwards. These profits would have contributed 54 basis points to the leverage ratio as of December 2024.

GSBE is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both September 2025 and December 2024, GSBE was in compliance with these requirements.

GSBE 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, GSBE was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

U.S. Regulated Broker-Dealer Subsidiaries. GS&Co., our primary U.S. regulated broker-dealer subsidiary, is also a registered futures commission merchant and a registered swap dealer with the CFTC, and a registered security-based swap dealer with the SEC, and therefore is subject to regulatory capital requirements imposed by the SEC, the Financial Industry Regulatory Authority, Inc., the CFTC, the Chicago Mercantile Exchange and the National Futures Association. Rule 15c3-1 of the SEC and Rules 1.17 and Part 23 Subpart E of the CFTC specify uniform minimum net capital requirements, as defined, for their registrants, and also effectively require that a significant part of the registrants’ assets be kept in relatively liquid form. GS&Co. has elected to calculate its SEC minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1 of the SEC.

GS&Co. had regulatory net capital, as defined by Rule 15c3-1 of the SEC, of $22.26 billion as of September 2025 and $21.31 billion as of December 2024, which exceeded the greater of the minimum amounts required under Rule 15c3-1 of the SEC and Rules 1.17 and Part 23 Subpart E of the CFTC by $16.28 billion as of September 2025 and $15.87 billion as of December 2024. In addition to its alternative minimum net capital requirements, GS&Co. is also required to hold tentative net capital in excess of $5 billion and net capital in excess of $1 billion in accordance with Rule 15c3-1. GS&Co. is also required to notify the SEC in the event that its tentative net capital is less than $6 billion. As of both September 2025 and December 2024, GS&Co. had tentative net capital and net capital in excess of both the minimum and the notification requirements.

Non-U.S. Regulated Broker-Dealer Subsidiaries. Our principal non-U.S. regulated broker-dealer subsidiaries include GSI and GSJCL.

GSI, our U.K. broker-dealer, is regulated by the PRA and the FCA. GSI is subject to the U.K. capital framework, which is largely based on Basel III.

The table below presents GSI’s risk-based capital requirements.

			As of
			September			December
			2025			2024
Risk-based capital requirements
CET1 capital ratio			9.1		%	9.1		%
Tier 1 capital ratio			11.1		%	11.0		%
Total capital ratio			13.7		%	13.6		%

The table below presents information about GSI’s risk-based capital ratios.

			As of
			September			December
$ in millions			2025			2024
Risk-based capital and risk-weighted assets
CET1 capital			$	33,196		$	32,697
Tier 1 capital			$	38,696		$	38,197
Tier 2 capital			$	6,877		$	6,874
Total capital			$	45,573		$	45,071
RWAs			$	309,502		$	265,944
Risk-based capital ratios
CET1 capital ratio			10.7		%	12.3%
Tier 1 capital ratio			12.5		%	14.4%
Total capital ratio			14.7		%	16.9%

In the table above, the risk-based capital ratios as of September 2025 excluded GSI’s profits from April 1, 2025 through September 30, 2025, as these profits are subject to approval by the PRA for inclusion in risk-based capital. These profits would have contributed 36 basis points to the CET1 capital ratio as of September 2025.

The table below presents GSI’s leverage ratio requirement and leverage ratio.

			As of
			September			December
			2025			2024
Leverage ratio requirement			3.6		%	3.5		%
Leverage ratio			4.2		%	5.3		%

In the table above, the leverage ratio as of September 2025 excluded GSI’s profits from April 1, 2025 through September 30, 2025, as these profits are subject to approval by the PRA for inclusion in risk-based capital. These profits would have contributed 12 basis points to the leverage ratio as of September 2025.

GSI 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, GSI was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

Goldman Sachs September 2025 Form 10-Q						136

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

GSJCL, our Japanese broker-dealer, is regulated by Japan’s Financial Services Agency. GSJCL and certain other non-U.S. subsidiaries are also subject to capital requirements promulgated by authorities of the countries in which they operate. As of both September 2025 and December 2024, these subsidiaries were in compliance with their local capital requirements.

Regulatory and Other Matters

Regulatory Matters

Our businesses are subject to extensive regulation and supervision worldwide. Regulations have been adopted or are being considered by regulators and policy makers worldwide. Given that many of the new and proposed rules are highly complex, the full impact of regulatory reform will not be known until the rules are implemented and market practices develop under the final regulations.

SCB Requirement. In April 2025, the FRB issued a notice of proposed rulemaking (NPR) intended to reduce the volatility of the capital requirements resulting from the FRB’s annual stress tests. The NPR proposes to average the results of the supervisory stress tests from the two prior annual supervisory stress tests and extend the effective date of the SCB requirement from October 1 to January 1 for each year. If the rules are adopted as proposed, effective January 1, 2026, our SCB is estimated to be approximately 4.9% and our CET1 capital ratio requirement under the Standardized Capital Rules (including the G-SIB surcharge of 3.5%) is estimated to be approximately 12.9%. See Note 20 to the consolidated financial statements for further information about our SCB and “Capital Management and Regulatory Capital — Consolidated Regulatory Capital — G-SIB Surcharge” for further information about our G-SIB surcharge.

Supplementary Leverage Ratio (SLR) and TLAC Modifications. In July 2025, the FRB issued an NPR to recalibrate the enhanced SLR. The NPR proposes to replace the current 2% SLR buffer for G-SIBs with a buffer equal to 50% of their G-SIB surcharge (Method 1). This proposal would also make conforming modifications to the TLAC and external long-term debt requirements applicable to G-SIBs. The proposed rules, if adopted as proposed, could reduce each of our SLR, TLAC to total leverage exposure and external long-term debt to total leverage exposure ratio requirements by approximately 125 basis points.

See “Business — Regulation” in Part I, Item 1 of the 2024 Form 10-K for further information about the laws, rules and regulations and proposed laws, rules and regulations that apply to us and our operations.

Other Matters

Narrowing our Focus on Consumer-Related Activities. Since 2023, we have narrowed our focus with respect to consumer-related activities by taking the following actions:

• We completed the sale of substantially all of the Marcus loan portfolio in 2023 (included within Asset & Wealth Management).

• We sold our Personal Financial Management business in 2023 (included within Asset & Wealth Management).

• We sold the majority of the GreenSky loan portfolio in 2023 and, during 2024, completed the sale of GreenSky (included within Platform Solutions).

• During 2024, we sold our seller financing loan portfolio (included within Platform Solutions). This portfolio consisted of loans that were extended to small- and medium-sized retailers.

• During the third quarter of 2025, we sold the GM credit card program (included within Platform Solutions) to another issuer.

137						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

We remain committed to supporting the products and servicing customers through the various transition arrangements for our consumer-related activities.

The table below presents the impact to pre-tax earnings of the items that we sold or have announced the decision to sell (with respect to the narrowing of our focus on consumer-related activities).

			Three Months Ended September												Nine Months Ended September
$ in millions			2025			2024									2025			2024
GreenSky			$	–		$	(5)								$	–		$	(26)
GM credit card program			(26)			(376)									(59)			(494)
Seller financing loan portfolio			(1)			(34)									(3)			(77)
Total			$	(27)		$	(415)								$	(62)		$	(597)

In the table above, pre-tax earnings related to GreenSky, the GM credit card program and the seller financing loan portfolio were included within Platform Solutions.

The remaining consumer-related activities within Platform Solutions consist of issuing credit cards to and raising deposits from Apple Card customers.

Future decisions we may make in connection with the narrowing of our focus on consumer-related activities could have a material impact on our results of operations in the period such decisions are made.

See “Results of Operations — Platform Solutions” for the drivers of changes in our net revenues for Consumer platforms.

Off-Balance Sheet Arrangements

In the ordinary course of business, we enter into various types of off-balance sheet arrangements. Our involvement in these arrangements can take many different forms, including:

• Purchasing or retaining residual and other interests in special purpose entities, such as mortgage-backed and other asset-backed securitization vehicles;

• Holding senior and subordinated debt, interests in limited and general partnerships, and preferred and common stock in other nonconsolidated vehicles;

• Entering into interest rate, foreign currency, equity, commodity and credit derivatives, including total return swaps; and

• Providing guarantees, indemnifications, commitments, letters of credit and representations and warranties.

We enter into these arrangements for a variety of business purposes, including securitizations. The securitization vehicles that purchase mortgages, corporate bonds and other types of financial assets are critical to the functioning of several significant investor markets, including the mortgage-backed and other asset-backed securities markets, since they offer investors access to specific cash flows and risks created through the securitization process.

We also enter into these arrangements to underwrite client securitization transactions; provide secondary market liquidity; make investments in performing and nonperforming debt, distressed loans, power-related assets, equity securities, real estate and other assets; and provide investors with credit-linked and asset-repackaged notes.

The table below presents where information about our various off-balance sheet arrangements may be found in this Form 10-Q. In addition, see Note 3 to the consolidated financial statements for information about our consolidation policies.

Off-Balance Sheet Arrangement						Disclosure in Form 10-Q
Variable interests and other obligations, including contingent obligations, arising from variable interests in nonconsolidated variable interest entities						See Note 17 to the consolidated financial statements.
Guarantees, and lending and other commitments						See Note 18 to the consolidated financial statements.
Derivatives						See “Risk Management — Credit Risk Management — Credit Exposures — OTC Derivatives” and Notes 4, 5, 7 and 18 to the consolidated financial statements.

Goldman Sachs September 2025 Form 10-Q						138

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Risk Management

Risks are inherent in our businesses and include liquidity, market, credit, operational, cybersecurity, model, legal, compliance, conduct, regulatory and reputational risks. For further information about our risk management processes, see “Overview and Structure of Risk Management,” and for information about our areas of risk, see “Liquidity Risk Management,” “Market Risk Management,” “Credit Risk Management,” “Operational Risk Management,” “Cybersecurity Risk Management,” “Model Risk Management” and “Other Risk Management,” as well as “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K.

Overview and Structure of Risk Management

Overview

Effective risk management is critical to our success. Accordingly, we have established an enterprise risk management framework that employs a comprehensive, integrated approach to risk management and is designed to enable comprehensive risk management processes through which we identify, assess, monitor and manage the risks we assume in conducting our activities. Our risk management structure is built around three core components: governance, processes and people.

Governance. Risk management governance starts with the Board, which both directly and through its committees, including its Risk Committee, oversees our approach to managing our risks through the enterprise risk management framework. The Board is also responsible for the annual review and approval of our risk appetite statement. The risk appetite statement describes the levels and types of risk we are willing to accept or to avoid in order to achieve our objectives included in our strategy and business plan, while remaining in compliance with regulatory requirements. The Board reviews our strategy and business plan and is ultimately responsible for overseeing and providing direction about our strategy and risk appetite.

The Board, including through its committees, receives regular briefings on firmwide risks, including liquidity risk, market risk, credit risk, operational risk, model risk and climate risk, from our chief risk officer, on cybersecurity threats and risks from our chief information security officer (CISO), on compliance risk and conduct risk from our chief compliance officer, on legal and regulatory enforcement matters from our chief legal officer, and on other matters impacting our reputation from the chair and/or vice-chairs of our Firmwide Reputational Risk Committee. The chief risk officer reports to our chief executive officer and to the Risk Committee of the Board. As part of the review of the firmwide risk portfolio, the chief risk officer regularly advises the Risk Committee of the Board of relevant risk metrics and material exposures, including risk limits and thresholds established in our risk appetite statement.

Enterprise Risk, which reports to our chief risk officer, is responsible for ensuring that our enterprise risk management framework provides the Board, our risk committees and senior management with a consistent and integrated approach to managing our various risks in a manner consistent with our risk appetite.

Our first line of defense consists of our revenue-producing units, Conflicts Resolution, Controllers, Engineering, Corporate Treasury and certain other corporate functions. The first line of defense is responsible for its risk-generating activities, as well as for the design and execution of controls to mitigate such risks.

Our Risk and Compliance functions are considered our second line of defense and provide independent assessment, oversight and challenge of the risks taken by our first line of defense, as well as lead and participate in firmwide risk committees.

Internal Audit is considered our third line of defense, and our director of Internal Audit reports to the Audit Committee of the Board and administratively to our chief executive officer. Internal Audit includes professionals with a broad range of audit and industry experience, including risk management expertise. Internal Audit is responsible for independently assessing and validating the effectiveness of key controls, including those within the risk management framework, and providing timely reporting to the Audit Committee of the Board, senior management and regulators.

The three lines of defense structure promotes the accountability of first line risk takers, provides a framework for effective challenge by the second line and empowers independent review from the third line.

139						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Processes. We maintain various processes that are critical components of our risk management framework, including (i) risk identification and assessment, (ii) risk appetite, limits, thresholds and alerts, (iii) control monitoring and testing, and (iv) risk reporting.

• Risk Identification and Assessment.** We believe the identification and assessment of our risks is a critical step in providing our Board and senior management transparency and insight into the range and materiality of our risks. We have a comprehensive data collection process, including firmwide policies and procedures that require all employees to report and escalate risk events. Our approach for risk identification and assessment is comprehensive across all risk types, is dynamic and forward-looking to reflect and adapt to our changing risk profile and business environment, leverages subject matter expertise, and allows for prioritization of our most critical risks. We perform risk assessments periodically with the aim of ensuring that our material financial and nonfinancial risks are mitigated through controls to an acceptable tolerance level in accordance with our risk appetite. Our risk assessments include, among other things, the use of stress testing, as well as an assessment of our internal control processes designed to mitigate such risks.

Firmwide stress testing is an important part of our risk management process. It allows us to quantify our exposure to tail risks, highlight potential loss concentrations, undertake risk/reward analysis, and assess and mitigate our risk positions. Firmwide stress tests are performed on a regular basis and are designed to ensure a comprehensive analysis of our vulnerabilities and idiosyncratic risks combining financial and nonfinancial risks, including, but not limited to, credit, market, liquidity and funding, operational and compliance, strategic, systemic and emerging risks into our stress scenarios. We also perform ad hoc stress tests in anticipation of market events or conditions. Stress tests are also used to assess capital adequacy as part of our capital planning and stress testing process. See “Capital Management and Regulatory Capital — Capital Management” for further information.

We maintain a daily discipline of marking substantially all of our inventory to current market levels. We carry our inventory at fair value, with changes in valuation reflected immediately in our risk management systems and in net revenues. We do so because we believe this discipline is one of the most effective tools for assessing and managing risk and that it provides transparent and realistic insight into our inventory exposures.

• Risk Appetite, Limits, Thresholds and Alerts. We apply risk limits, thresholds and alerts to control and monitor risk across transactions, products, businesses and markets. The Board, directly or indirectly through its Risk Committee, approves limits, thresholds and alerts included in our risk appetite statement at firmwide, business and product levels. In addition, the Firmwide Risk Appetite Committee, through delegated authority from the Firmwide Enterprise Risk Committee, is responsible for approving our risk limits, thresholds and alerts policy, subject to the overall limits directly or indirectly approved by the Board, and monitoring these limits.

The Firmwide Risk Appetite Committee is responsible for approving and monitoring limits at firmwide, business and product levels. Certain limits may be set at levels that will require periodic adjustment, rather than at levels that reflect our maximum risk appetite. This fosters an ongoing dialogue about risk among our first and second lines of defense, committees and senior management, as well as rapid escalation of risk-related matters. The Firmwide Risk Appetite Committee also authorizes Risk to set limits and thresholds to support monitoring and oversight at a more granular level. For example, Market Risk sets limits at certain product and desk levels, and Credit Risk sets limits for individual counterparties and their subsidiaries, industries and countries. Limits are reviewed regularly and amended on a permanent or temporary basis to reflect changes to our strategic business plan, as well as changing market conditions, business conditions or risk tolerance. Risks limits are monitored by the respective Risk functions.

Goldman Sachs September 2025 Form 10-Q						140

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

• Control Monitoring and Testing.** We perform control monitoring and testing to measure the effectiveness of our key controls and to ensure that we are in compliance with policies, codes of conduct, control standards and regulatory requirements. Monitoring and testing is performed by dedicated teams within the first and second lines of defense. These teams establish procedures, develop risk-based annual plans, perform control testing and escalate identified issues.

Issues identified by the dedicated teams, as well as self-identified issues by our employees, are assessed for appropriate escalation and resolution. Where material or thematic issues exist, we develop a plan to remediate them, as appropriate, and monitor the remediation activities.

• Risk Reporting.** Effective risk reporting depends on our ability to get the right information to the right people at the right time. Risk reporting is designed to be both forward- and backward-looking and consider detailed information on existing and emerging risk exposures. Risk reporting may include stress testing and scenario analysis, information about the risk profiles for financial and nonfinancial risks, utilization of risk limits and thresholds, details of new and emerging risks identified through our risk identification processes, details of issues, significant internal and external events, and information related to the effectiveness of our controls and remediation plans. As such, we focus on the rigor and effectiveness of our risk systems, with the objective of ensuring that our risk management technology systems provide us with complete, accurate and timely information. Our risk reporting process is designed to take into account information about both existing and emerging risks, thereby enabling our risk committees and senior management to perform their responsibilities with the appropriate level of insight into risk exposures.

We make extensive use of risk committees and councils that meet regularly and serve as an important means to facilitate and foster ongoing discussions to manage and mitigate risks.

We maintain strong and proactive communication about risk and we have a culture of collaboration in decision-making among our first and second lines of defense, committees and senior management. While our first line of defense is accountable and responsible for management of their risk, we dedicate extensive resources to our second line of defense in order to reinforce the importance of having effective oversight and challenge, and a strong culture of escalation and accountability across all functions.

People. Even the best technology serves only as a tool for helping to make informed decisions in real time about the risks we are taking. Ultimately, effective risk management requires our people to interpret our risk data on an ongoing and timely basis and adjust risk positions accordingly. The experience of our professionals, and their understanding of the nuances and limitations of each risk measure, guides us in assessing exposures and maintaining them within prudent levels.

We reinforce a culture of effective risk management, consistent with our risk appetite, in our training and development programs, as well as in the way we evaluate performance, and recognize and reward our people. Our training and development programs, including certain sessions led by our most senior leaders, are focused on the importance of risk management, client relationships and reputational excellence. As part of our performance review process, we assess reputational excellence, including how an employee exercises good risk management and reputational judgment, and adheres to our code of conduct and compliance policies. Our review and reward processes are designed to communicate and reinforce to our professionals the link between behavior and how people are recognized, the need to focus on our clients and our reputation, and the need to always act in accordance with our highest standards.

141						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Structure

Ultimate oversight of risk is the responsibility of our Board. The Board oversees risk both directly and through its committees, including its Risk Committee. We also have a series of committees that generally consist of senior managers, including from both our first and second lines of defense, with specific risk management mandates that have oversight or decision-making responsibilities for risk management activities. We have an established policy for these committees so that appropriate information barriers are in place. Our primary risk committees, most of which also have additional sub-committees, councils or working groups, are described below. In addition to these committees, we have other risk committees that provide oversight for different businesses, activities, products, regions and entities. All of our committees have responsibility for considering the impact on our reputation of the transactions and activities that they oversee.

Membership of our risk committees is reviewed regularly and updated to reflect changes in the responsibilities of the committee members. Accordingly, the length of time that members serve on the respective committees varies as determined by the committee chairs and based on the responsibilities of the members.

The chart below presents an overview of our risk management governance structure.

Management Committee. The Management Committee oversees our global activities. It provides this oversight directly and through delegated authority. This committee consists of our most senior leaders, and is chaired by our chief executive officer. Most members of the Management Committee are also members of other committees. The following are the committees that are principally involved in firmwide risk management.

Firmwide Enterprise Risk Committee. The Firmwide Enterprise Risk Committee is responsible for overseeing all of our financial and nonfinancial risks. As part of such oversight, the committee is responsible for the ongoing review, approval and monitoring of our enterprise risk management framework, as well as our risk limits, and thresholds and alerts policy, through delegated authority to the Firmwide Risk Appetite Committee. The Firmwide Enterprise Risk Committee also reviews new significant strategic business initiatives to determine whether they are consistent with our risk appetite and risk management capabilities. Additionally, the Firmwide Enterprise Risk Committee performs enhanced reviews of significant risk events, the top residual and emerging risks, and the overall risk and control environment in each of our business units in order to propose uplifts, identify elements that are common to all business units and analyze the consolidated residual risks that we face. This committee, which reports to the Management Committee, is co-chaired by our president and chief operating officer and our chief risk officer, who are appointed as chairs by our chief executive officer, and the vice-chair is our chief financial officer, who is appointed as vice-chair by the chairs of the Firmwide Enterprise Risk Committee. The Firmwide Enterprise Risk Committee also periodically provides updates to, and receives guidance from, the Risk Committee of the Board. The following are the primary committees that report to the Firmwide Enterprise Risk Committee:

• Firmwide New Activity Committee.** The Firmwide New Activity Committee is responsible for reviewing new activities and, upon referral by the Firmwide Enterprise Risk Committee, significant strategic business initiatives. Additionally, the Firmwide New Activity Committee may review previously approved activities that are significant and/or that have changed in complexity and/or structure or present different reputational and suitability concerns over time to consider whether these activities remain appropriate. This committee is co-chaired by the head of Finance Risk and a managing director within Controllers, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee.

• Firmwide Technology Risk Committee. The Firmwide Technology Risk Committee is responsible for reviewing matters related to the design, development, deployment and use of technology. This committee oversees cybersecurity matters, as well as technology risk management frameworks and methodologies, and monitors their effectiveness. This committee is co-chaired by our CISO and our chief technology officer, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee. To assist the Firmwide Technology Risk Committee in carrying out its mandate, the Firmwide Artificial Intelligence Risk and Controls Committee, which oversees risks associated with the use of artificial intelligence (AI), reports to the Firmwide Technology Risk Committee.

Goldman Sachs September 2025 Form 10-Q						142

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

• Firmwide Compliance and Operational Risk Committee. The Firmwide Compliance and Operational Risk Committee is responsible for overseeing compliance and operational risk. This committee is co-chaired by our chief executive officer of GSIB and chief administrative officer for EMEA, our head of Operational Risk, and our chief compliance officer, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee.

• Firmwide Risk Appetite Committee. The Firmwide Risk Appetite Committee (through delegated authority from the Firmwide Enterprise Risk Committee) is responsible for the ongoing approval and monitoring of risk frameworks, policies and parameters related to our risk management processes, as well as limits, thresholds and alerts, at firmwide, business and product levels. In addition, this committee is responsible for overseeing our financial and model risks and reviews the results of stress tests and scenario analyses. To assist the Firmwide Risk Appetite Committee in carrying out its mandate, a number of other risk committees with dedicated oversight for stress testing, model risks, Volcker Rule compliance, as well as our investments or other capital commitments that may give rise to financial risk, report into the Firmwide Risk Appetite Committee. This committee is chaired by our chief risk officer, who is appointed as chair by the chairs of the Firmwide Enterprise Risk Committee. The Firmwide Capital Committee and Firmwide Commitments Committee report to the Firmwide Risk Appetite Committee.

• Firmwide Reputational Risk Committee.** The Firmwide Reputational Risk Committee is responsible for assessing reputational risks arising from opportunities that have been identified as having potential heightened reputational risk, including transactions identified pursuant to the criteria established by the Firmwide Reputational Risk Committee and as determined by committee leadership. This committee is also responsible for overseeing client-related business standards and addressing client-related reputational risk. This committee is chaired by our president and chief operating officer, who is appointed as chair by our chief executive officer, and the vice-chairs are our chief legal officer and the head of Conflicts Resolution, who are appointed as vice-chairs by the chair of the Firmwide Reputational Risk Committee. This committee periodically provides updates to, and receives guidance from, the Public Responsibilities Committee of the Board. The Firmwide Suitability Committee reports to the Firmwide Reputational Risk Committee.

• Firmwide Data Governance Committee. The Firmwide Data Governance Committee is responsible for overseeing the firmwide data governance framework, and its implementation, to help ensure that data governance and data quality are appropriate. This committee is co-chaired by our chief information officer and the chairman of Risk, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee.

Firmwide Asset Liability Committee. The Firmwide Asset Liability Committee is responsible for the strategic direction of our financial resources, including capital, liquidity, funding and balance sheet. This committee has oversight responsibility for asset liability management, including interest rate and currency risk, funds transfer pricing, capital allocation and incentives, and credit ratings. This committee is co-chaired by our chief financial officer and our global treasurer, who are appointed as chairs by our chief executive officer, and reports to the Management Committee.

Liquidity Risk Management

Overview

Liquidity risk is the risk that we will be unable to fund ourselves or meet our liquidity needs in the event of firm-specific, broader industry or market liquidity stress events. We have in place a comprehensive and conservative set of liquidity and funding policies. Our principal objective is to be able to fund ourselves and to enable our core businesses to continue to serve clients and generate revenues, even under adverse circumstances.

Corporate Treasury is responsible for our liquidity, including developing and executing our liquidity and funding strategy.

Liquidity Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our liquidity risk by providing independent firmwide oversight and challenge across our global businesses. Liquidity Risk is also responsible for the establishment of stress testing and limits frameworks.

143						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Liquidity Risk Management Principles

We manage liquidity risk according to three principles: (i) hold sufficient excess liquidity in the form of GCLA to cover outflows during a stressed period, (ii) maintain appropriate Asset-Liability Management and (iii) maintain a viable Contingency Funding Plan.

GCLA. GCLA is liquidity that we maintain to meet a broad range of potential cash outflows and collateral needs in a stressed environment. A primary liquidity principle is to pre-fund our estimated potential cash and collateral needs during a liquidity crisis and hold this liquidity in the form of unencumbered, highly liquid securities and cash. We believe that the securities held in our GCLA would be readily convertible to cash in a matter of days, through liquidation, by entering into repurchase agreements or from maturities of resale agreements, and that this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets.

Our GCLA reflects the following principles:

• The first days or weeks of a liquidity crisis are the most critical to a company’s survival;

• Focus must be maintained on all potential cash and collateral outflows, not just disruptions to financing flows. Our businesses are diverse, and our liquidity needs are determined by many factors, including market movements, collateral requirements and client commitments, all of which can change dramatically in a difficult funding environment;

• During a liquidity crisis, credit-sensitive funding, including unsecured debt, certain deposits and some types of secured financing agreements, may be unavailable, and the terms (e.g., interest rates, collateral provisions and tenor) or availability of other types of secured financing may change and certain deposits may be withdrawn; and

• As a result of our policy to pre-fund liquidity that we estimate may be needed in a crisis, we hold more unencumbered securities and have larger funding balances than our businesses would otherwise require. We believe that our liquidity is stronger with greater balances of highly liquid unencumbered securities, even though it increases our total assets and our funding costs.

We maintain our GCLA across Group Inc., Goldman Sachs Funding LLC (Funding IHC) and Group Inc.’s major broker-dealer and bank subsidiaries, asset types and clearing agents with the goal of providing us with sufficient operating liquidity to ensure timely settlement in all major markets, even in a difficult funding environment. In addition to the GCLA, we maintain cash balances and securities in several of our other entities, primarily for use in specific currencies, entities or jurisdictions where we do not have immediate access to parent company liquidity.

Asset-Liability Management. Our liquidity risk management policies are designed to ensure we have a sufficient amount of financing, even when funding markets experience persistent stress. We manage the maturities and diversity of our funding across markets, products and counterparties, and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets.

Our approach to asset-liability management includes:

• Conservatively managing the overall characteristics of our funding book, with a focus on maintaining long-term, diversified sources of funding in excess of our current requirements. See “Balance Sheet and Funding Sources — Funding Sources” for further information;

• Actively managing and monitoring our asset base, with particular focus on the liquidity, holding period and ability to fund assets on a secured basis. We assess our funding requirements and our ability to liquidate assets in a stressed environment while appropriately managing risk. This enables us to determine the most appropriate funding products and tenors. See “Balance Sheet and Funding Sources — Balance Sheet Management” for further information about our balance sheet management process and “— Funding Sources — Secured Funding” for further information about asset classes that may be harder to fund on a secured basis; and

• Raising secured and unsecured financing that has a long tenor relative to the liquidity profile of our assets. This reduces the risk that our liabilities will come due in advance of our ability to generate liquidity from the sale of our assets. Because we maintain a highly liquid balance sheet, the holding period of certain of our assets may be materially shorter than their contractual maturity dates.

Our goal is to ensure that we maintain sufficient liquidity to fund our assets and meet our contractual and contingent obligations in normal times, as well as during periods of market stress. Through our dynamic balance sheet management process, we use actual and projected asset balances to determine secured and unsecured funding requirements. Funding plans are reviewed and approved by the Firmwide Asset Liability Committee. In addition, Risk and the Firmwide Asset Liability Committee review our total unsecured long-term borrowings and total shareholders’ equity to help ensure that we maintain a level of long-term funding that is sufficient to meet our long-term financing requirements. In a liquidity crisis, we would begin by liquidating and monetizing our GCLA before selling other assets. However, we recognize that orderly asset sales may be prudent or necessary in a severe or persistent liquidity crisis.

Goldman Sachs September 2025 Form 10-Q						144

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Subsidiary Funding Policies

The majority of our unsecured borrowings is raised by Group Inc., which provides the necessary funds to Funding IHC and other subsidiaries, some of which are regulated, to meet their asset financing, liquidity and capital requirements. In addition, Group Inc. provides its regulated subsidiaries with the necessary capital to meet their regulatory requirements. The benefits of this approach to subsidiary funding are enhanced control and greater flexibility to meet the funding requirements of our subsidiaries. Funding is also raised at the subsidiary level through a variety of products, including deposits, secured funding and unsecured borrowings.

Our intercompany funding policies assume that a subsidiary’s funds or securities are not freely available to its parent, Funding IHC or other subsidiaries unless (i) legally provided for and (ii) there are no additional regulatory, tax or other restrictions. In particular, many of our subsidiaries are subject to laws that authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to Group Inc. or Funding IHC. Regulatory action of that kind could impede access to funds that Group Inc. needs to make payments on its obligations. Accordingly, we assume that the capital provided to our regulated subsidiaries is not available to Group Inc. or other subsidiaries and any other financing provided to our regulated subsidiaries is not available to Group Inc. or Funding IHC until the maturity of such financing.

Group Inc. has provided substantial amounts of equity and subordinated indebtedness, directly or indirectly, to its regulated subsidiaries. For example, as of September 2025, Group Inc. had $40.15 billion of equity and subordinated indebtedness invested in GS&Co., its principal U.S. registered broker-dealer; $49.58 billion invested in GSI, a regulated U.K. broker-dealer; $2.29 billion invested in GSJCL, a regulated Japanese broker-dealer; $65.33 billion invested in GS Bank USA, a regulated New York State-chartered bank; and $5.79 billion invested in GSIB, a regulated U.K. bank. Group Inc. also provides financing, directly or indirectly, in the form of: $153.96 billion of unsubordinated loans (including secured loans of $56.30 billion) and $29.81 billion of collateral and cash deposits to these entities as of September 2025. In addition, as of September 2025, Group Inc. had significant amounts of capital invested in and loans to its other regulated subsidiaries.

Contingency Funding Plan. We maintain a contingency funding plan to provide a framework for analyzing and responding to a liquidity crisis situation or periods of market stress. Our contingency funding plan outlines a list of potential risk factors, key reports and metrics that are reviewed on an ongoing basis to assist in assessing the severity of, and managing through, a liquidity crisis and/or market dislocation. The contingency funding plan also describes in detail our potential responses if our assessments indicate that we have entered a liquidity crisis, which include pre-funding for what we estimate will be our potential cash and collateral needs, as well as utilizing secondary sources of liquidity. Mitigants and action items to address specific risks which may arise are also described and assigned to individuals responsible for execution.

The contingency funding plan identifies key groups of individuals and their responsibilities, which include fostering effective coordination, control and distribution of information, implementing liquidity maintenance activities and managing internal and external communication, all of which are critical in the management of a crisis or period of market stress.

Stress Tests

In order to determine the appropriate size of our GCLA, we model liquidity outflows over a range of scenarios and time horizons. One of our primary internal liquidity risk models, referred to as the Modeled Liquidity Outflow, quantifies our liquidity risks over a 30-day stress scenario. We also consider other factors, including, but not limited to, an assessment of our potential intraday liquidity needs through an additional internal liquidity risk model, referred to as the Intraday Liquidity Model, the results of our long-term stress testing models, our resolution liquidity models and other applicable regulatory requirements and a qualitative assessment of our condition, as well as the financial markets. The results of the Modeled Liquidity Outflow, the Intraday Liquidity Model, the long-term stress testing models and the resolution liquidity models are reported to senior management on a regular basis. We also perform firmwide stress tests. See “Overview and Structure of Risk Management” for information about firmwide stress tests.

145						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Modeled Liquidity Outflow. Our Modeled Liquidity Outflow is based on conducting multiple scenarios that include combinations of market-wide and firm-specific stress. These scenarios are characterized by the following qualitative elements:

• Severely challenged market environments, which include low consumer and corporate confidence, financial and political instability, and adverse changes in market values, including potential declines in equity markets and widening of credit spreads; and

• A firm-specific crisis potentially triggered by material losses, reputational damage (including, as a result of, the dissemination of negative information through social media), litigation and/or a ratings downgrade.

The following are key modeling elements of our Modeled Liquidity Outflow:

• Liquidity needs over a 30-day scenario;

• A two-notch downgrade of our long-term senior unsecured credit ratings;

• Changing conditions in funding markets, which limit our access to unsecured and secured funding;

• No support from additional government funding facilities. Although we have access to various central bank funding programs, we do not assume reliance on additional sources of funding in a liquidity crisis; and

• A combination of contractual outflows and contingent outflows arising from both our on- and off-balance sheet arrangements. Contractual outflows include, among other things, upcoming maturities of unsecured debt, term deposits and secured funding. Contingent outflows include, among other things, the withdrawal of customer credit balances in our prime brokerage business, increase in variation margin requirements due to adverse changes in the value of our exchange-traded and OTC-cleared derivatives, draws on unfunded commitments and withdrawals of deposits that have no contractual maturity. See notes to the consolidated financial statements for further information about contractual outflows, including Note 11 for collateralized financings, Note 13 for deposits, Note 14 for unsecured long-term borrowings and Note 15 for operating lease payments, and “Off-Balance Sheet Arrangements” for further information about our various types of off-balance sheet arrangements.

Intraday Liquidity Model. Our Intraday Liquidity Model measures our intraday liquidity needs in a scenario where access to sources of intraday liquidity may become constrained. The intraday liquidity model considers a variety of factors, including historical settlement activity.

Long-Term Stress Testing. We utilize longer-term stress tests to take a forward view on our liquidity position through prolonged stress periods in which we experience a severe liquidity stress and recover in an environment that continues to be challenging. We are focused on ensuring conservative asset-liability management to prepare for a prolonged period of potential stress, seeking to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets.

Resolution Liquidity Models. In connection with our resolution planning efforts, we have established our Resolution Liquidity Adequacy and Positioning framework, which estimates liquidity needs of our major subsidiaries in a stressed environment. The liquidity needs are measured using our Modeled Liquidity Outflow assumptions and include certain additional inter-affiliate exposures. We have also established our Resolution Liquidity Execution Need framework, which measures the liquidity needs of our major subsidiaries to stabilize and wind down following a Group Inc. bankruptcy filing in accordance with our preferred resolution strategy.

In addition, we have established a triggers and alerts framework, which is designed to provide the Board with information needed to make an informed decision on whether and when to commence bankruptcy proceedings for Group Inc.

Limits

We use liquidity risk limits at various levels and across liquidity risk types to manage the size of our liquidity exposures. Limits are measured relative to acceptable levels of risk given our liquidity risk tolerance. See “Overview and Structure of Risk Management” for information about the limit approval process.

Limits are monitored by Corporate Treasury and Liquidity Risk. Liquidity Risk is responsible for identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded.

GCLA and Unencumbered Metrics

GCLA. Based on the results of our internal liquidity risk models, described above, as well as our consideration of other factors, including, but not limited to, a qualitative assessment of our condition, as well as the financial markets, we believe our liquidity position as of both September 2025 and December 2024 was appropriate. We strictly limit our GCLA to a narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment. We do not include other potential sources of excess liquidity in our GCLA, such as less liquid unencumbered securities or committed credit facilities.

Goldman Sachs September 2025 Form 10-Q						146

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents information about our GCLA.

			Average for the Three Months Ended
			September			June
$ in millions			2025			2025
Denomination
U.S. dollar			$	362,588		$	346,957
Non-U.S. dollar			118,426			114,608
Total			$	481,014		$	461,565
Asset Class
Overnight cash deposits			$	158,929		$	140,619
U.S. government obligations			220,272			223,332
U.S. agency obligations			31,817			36,783
Non-U.S. government obligations			69,996			60,831
Total			$	481,014		$	461,565
Entity Type
Group Inc. and Funding IHC			$	74,839		$	72,700
Major broker-dealer subsidiaries			133,737			134,550
Major bank subsidiaries			272,438			254,315
Total			$	481,014		$	461,565

In the table above:

• The U.S. dollar-denominated GCLA consists of (i) unencumbered U.S. government and agency obligations (including highly liquid U.S. agency mortgage-backed obligations), all of which are eligible as collateral in Federal Reserve open market operations and (ii) certain overnight U.S. dollar cash deposits.

• The non-U.S. dollar-denominated GCLA consists of non-U.S. government obligations (only unencumbered German, French, Japanese and U.K. government obligations) and certain overnight cash deposits in highly liquid currencies.

We maintain our GCLA to enable us to meet current and potential liquidity requirements of our parent company, Group Inc., and its subsidiaries. Our Modeled Liquidity Outflow and Intraday Liquidity Model incorporate a requirement for Group Inc., as well as a standalone requirement for each of our major broker-dealer and bank subsidiaries. Funding IHC is required to provide the necessary liquidity to Group Inc. during the ordinary course of business, and is also obligated to provide capital and liquidity support to major subsidiaries in the event of our material financial distress or failure. Liquidity held directly in each of our major broker-dealer and bank subsidiaries is intended for use only by that subsidiary to meet its liquidity requirements and is assumed not to be available to Group Inc. or Funding IHC unless (i) legally provided for and (ii) there are no additional regulatory, tax or other restrictions. In addition, the Modeled Liquidity Outflow and Intraday Liquidity Model also incorporate a broader assessment of standalone liquidity requirements for other subsidiaries and we hold a portion of our GCLA directly at Group Inc. or Funding IHC to support such requirements.

Other Unencumbered Assets. In addition to our GCLA, we have a significant amount of other unencumbered cash and financial instruments, including other government obligations, high-grade money market securities, corporate obligations, marginable equities, loans and cash deposits not included in our GCLA. The fair value of our unencumbered assets averaged $329.19 billion for the three months ended September 2025 and $326.00 billion for the three months ended June 2025. We do not consider these assets liquid enough to be eligible for our GCLA.

Liquidity Regulatory Framework

We are subject to a minimum Liquidity Coverage Ratio (LCR) under the LCR rule approved by the U.S. federal bank regulatory agencies. The LCR rule requires organizations to maintain an adequate ratio of eligible high-quality liquid assets (HQLA) to expected net cash outflows under an acute, short-term liquidity stress scenario. Eligible HQLA excludes HQLA held by subsidiaries that is in excess of their minimum requirement and is subject to transfer restrictions. We are required to maintain a minimum LCR of 100%. We expect that fluctuations in client activity, business mix and the market environment will impact our LCR.

The table below presents information about our average daily LCR.

			Average for the Three Months Ended
			September			June
$ in millions			2025			2025
Total HQLA			$	464,360		$	446,114
Eligible HQLA			$	392,738		$	384,940
Net cash outflows			$	307,750		$	299,826
LCR			128		%	128		%

In the table above, our average quarterly LCR represents the average of our daily LCRs during the quarter.

We are also subject to a minimum Net Stable Funding Ratio (NSFR) under the NSFR rule approved by the U.S. federal bank regulatory agencies. The NSFR rule requires large U.S. banking organizations to maintain available stable funding (ASF) above their required stable funding (RSF) over a one-year time horizon. Total ASF excludes ASF held by subsidiaries that is in excess of their minimum requirement and is subject to transfer restrictions. We are required to maintain a minimum NSFR of 100%. We expect that fluctuations in client activity, business mix and the market environment will impact our NSFR.

The table below presents information about our average daily NSFR.

			Average for the Three Months Ended
			September			June
$ in millions			2025			2025
Total ASF			$	758,565		$	748,257
Total RSF			$	656,970		$	631,541
NSFR			116		%	119		%

In the table above, our average quarterly NSFR represents the average of our daily NSFRs during the quarter.

147						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The following provides information about our subsidiary liquidity regulatory requirements:

• GS Bank USA. GS Bank USA is subject to a minimum LCR of 100% under the LCR rule approved by the U.S. federal bank regulatory agencies. As of September 2025, GS Bank USA’s LCR exceeded the minimum requirement. The NSFR requirement described above also applies to GS Bank USA. As of September 2025, GS Bank USA’s NSFR exceeded the minimum requirement.

• GSI and GSIB. GSI and GSIB are subject to a minimum LCR of 100% under the LCR rule approved by the U.K. regulatory authorities. GSI’s and GSIB’s average monthly LCR for the trailing twelve-month period ended September 2025 exceeded the minimum requirement. GSI and GSIB are subject to the applicable NSFR requirement in the U.K. As of September 2025, both GSI’s and GSIB’s NSFR exceeded the minimum requirement.

• GSBE. GSBE is subject to a minimum LCR of 100% under the LCR rule approved by the European Parliament and Council. GSBE’s average monthly LCR for the trailing twelve-month period ended September 2025 exceeded the minimum requirement. GSBE is subject to the applicable NSFR requirement in the E.U. As of September 2025, GSBE’s NSFR exceeded the minimum requirement.

• Other Subsidiaries. We monitor local regulatory liquidity requirements of our subsidiaries to ensure compliance. For many of our subsidiaries, these requirements either have changed or are likely to change in the future due to the implementation of the Basel Committee’s framework for liquidity risk measurement, standards and monitoring, as well as other regulatory developments.

The implementation of these rules and any amendments adopted by the regulatory authorities could impact our liquidity and funding requirements and practices in the future.

Credit Ratings

We rely on the short- and long-term debt capital markets to fund a significant portion of our day-to-day operations, and the cost and availability of debt financing is influenced by our credit ratings. Credit ratings are also important when we are competing in certain markets, such as OTC derivatives, and when we seek to engage in longer-term transactions. See “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K for information about the risks associated with a reduction in our credit ratings.

The table below presents the unsecured credit ratings and outlook of Group Inc.

			As of September 2025
			DBRS			Fitch			Moody’s			R&I			S&P
Short-term debt			R-1 (middle)			F1			P-1			a-1			A-2
Long-term debt			A (high)			A			A2			A			BBB+
Subordinated debt			A			BBB+			Baa2			A-			BBB
Trust preferred			A			BBB-			Baa3			N/A			BB+
Preferred stock			BBB (high)			BBB-			Ba1			N/A			BB+
Ratings outlook			Stable			Stable			Stable			Stable			Stable

In the table above:

• The ratings and outlook are by DBRS, Inc. (DBRS), Fitch, Inc. (Fitch), Moody’s Investors Service (Moody’s), Rating and Investment Information, Inc. (R&I), and Standard & Poor’s Ratings Services (S&P).

• The ratings for trust preferred relate to the guaranteed preferred beneficial interests issued by Goldman Sachs Capital I.

• The DBRS, Fitch, Moody’s and S&P ratings for preferred stock include the APEX issued by Goldman Sachs Capital II and Goldman Sachs Capital III.

The table below presents the unsecured credit ratings and outlook of GS Bank USA, GSIB, GSBE, GS&Co. and GSI.

			As of September 2025
			Fitch			Moody’s			S&P
GS Bank USA
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Short-term bank deposits			F1+			P-1			N/A
Long-term bank deposits			AA-			A1			N/A
Ratings outlook			Stable			Stable			Stable
GSIB
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Short-term bank deposits			F1			P-1			N/A
Long-term bank deposits			A+			A1			N/A
Ratings outlook			Stable			Stable			Stable
GSBE
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Short-term bank deposits			N/A			P-1			N/A
Long-term bank deposits			N/A			A1			N/A
Ratings outlook			Stable			Stable			Stable
GS&Co.
Short-term debt			F1			N/A			A-1
Long-term debt			A+			N/A			A+
Ratings outlook			Stable			N/A			Stable
GSI
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Ratings outlook			Stable			Stable			Stable

Goldman Sachs September 2025 Form 10-Q						148

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

We believe our credit ratings are primarily based on the credit rating agencies’ assessment of:

• Our liquidity, market, credit and operational risk management practices;

• Our level and variability of earnings;

• Our capital base;

• Our franchise, reputation and management;

• Our corporate governance; and

• The external operating and economic environment, including, in some cases, the assumed level of government support or other systemic considerations, such as potential resolution.

Certain of our derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings. We manage our GCLA to ensure we would, among other potential requirements, be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings, as well as collateral that has not been called by counterparties, but is available to them. See Note 7 to the consolidated financial statements for further information about derivatives with credit-related contingent features and the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called by counterparties in the event of a one- or two-notch downgrade in our credit ratings.

Cash Flows

As a global financial institution, our cash flows are complex and bear little relation to our net earnings and net assets. Consequently, we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the liquidity and asset-liability management policies described above. Cash flow analysis may, however, be helpful in highlighting certain macro trends and strategic initiatives in our businesses.

Nine Months Ended September 2025. Our cash and cash equivalents decreased by $12.52 billion to $169.58 billion at the end of the third quarter of 2025, due to net cash used for investing and operating activities, partially offset by net cash provided by financing activities and the effect of foreign exchange rate changes on cash and cash equivalents. The net cash used for investing activities primarily reflected an increase in net lending activities (reflecting increases in other collateralized lending and real estate loans) and net purchases of U.S. government obligations accounted for as available-for-sale securities. The net cash used for operating activities primarily reflected cash outflows from trading assets and collateralized transactions (reflecting a decrease in collateralized financings, partially offset by a decrease in collateralized agreements), partially offset by cash inflows from trading liabilities and net earnings. The net cash provided by financing activities primarily reflected cash inflows from deposits (reflecting increases in other deposit and consumer deposit balances) and net issuances of unsecured long-term borrowings, partially offset by common stock repurchases. The increase in cash and cash equivalents, as a result of changes in foreign exchange rates, was due to the U.S. dollar weakening during the nine months ended September 2025.

Nine Months Ended September 2024**.** Our cash and cash equivalents decreased by $86.89 billion to $154.69 billion at the end of the third quarter of 2024, primarily due to net cash used for operating and investing activities, partially offset by net cash provided by financing activities. The net cash used for operating activities primarily reflected cash outflows from trading assets, partially offset by cash inflows from collateralized transactions (reflecting a decrease in collateralized agreements and an increase in collateralized financings), trading liabilities and net earnings. The net cash used for investing activities primarily reflected net purchases of investments (primarily U.S. government and agency obligations accounted for as available-for-sale and held-to-maturity securities). The net cash provided by financing activities primarily reflected cash inflows from deposits (reflecting an increase in consumer deposits, partially offset by a decrease in transaction banking deposits) and cash inflows from other secured financings, partially offset by net repayments of unsecured long-term borrowings.

149						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Market Risk Management

Overview

Market risk is the risk of an adverse impact to our earnings due to changes in market conditions. Our assets and liabilities that give rise to market risk primarily include positions held for market making for our clients and for our investing and financing activities, and these positions change based on client demands and our investment opportunities. We employ a variety of risk measures, each described in the respective sections below, to monitor market risk. Categories of market risk include the following:

• Interest rate risk: results from exposures to changes in the level, slope and curvature of yield curves, the volatilities of interest rates, prepayment speeds and credit spreads;

• Equity price risk: results from exposures to changes in prices and volatilities of individual equities, baskets of equities and equity indices;

• Currency rate risk: results from exposures to changes in spot prices, forward prices and volatilities of currency rates; and

• Commodity price risk: results from exposures to changes in spot prices, forward prices and volatilities of commodities, such as crude oil, petroleum products, natural gas, electricity, and precious and base metals.

Market Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our market risk by providing independent firmwide oversight and challenge across our global businesses.

Managers in revenue-producing units, Corporate Treasury and Market Risk discuss market information, positions and estimated loss scenarios on an ongoing basis. Managers in revenue-producing units and Corporate Treasury are accountable for managing risk within prescribed limits. These managers have in-depth knowledge of their positions, markets and the instruments available to hedge their exposures.

Market Risk Management Process

Our process for managing market risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” as well as the following:

• Monitoring compliance with established market risk limits and reporting our exposures;

• Diversifying exposures;

• Controlling position sizes; and

• Evaluating mitigants, such as economic hedges in related securities or derivatives.

Our market risk management systems enable us to perform an independent calculation of VaR, Earnings-at-Risk (EaR) and other stress measures, capture risk measures at individual position levels, attribute risk measures to individual risk factors of each position, report many different views of the risk measures (e.g., by desk, business, product type or entity) and produce ad hoc analyses in a timely manner.

Risk Measures

We produce risk measures and monitor them against established market risk limits. These measures reflect an extensive range of scenarios and the results are aggregated at product, business and firmwide levels.

We use a variety of risk measures to estimate the size of potential losses for small, moderate and more extreme market moves over both short- and long-term time horizons. Our primary risk measures are VaR, EaR and other stress tests.

Our risk reports detail key risks, drivers and changes for each desk and business, and are distributed daily to senior management of both our revenue-producing units and Risk.

Value-at-Risk. VaR is the potential loss in value due to adverse market movements over a defined time horizon with a specified confidence level. For assets and liabilities included in VaR, see “Financial Statement Linkages to Market Risk Measures.” We typically employ a one-day time horizon with a 95% confidence level. We use a single VaR model, which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. As such, VaR facilitates comparison across portfolios of different risk characteristics. VaR also captures the diversification of aggregated risk at the firmwide level.

Goldman Sachs September 2025 Form 10-Q						150

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

We are aware of the inherent limitations to VaR and therefore use a variety of risk measures in our market risk management process. Inherent limitations to VaR include:

• VaR does not estimate potential losses over longer time horizons where moves may be extreme;

• VaR does not take account of the relative liquidity of different risk positions; and

• Previous moves in market risk factors may not produce accurate predictions of all future market moves.

To comprehensively capture our exposures and relevant risks in our VaR calculation, we use historical simulations with full valuation of market factors at the position level by simultaneously shocking the relevant market factors for that position. These market factors include spot prices, credit spreads, funding spreads, yield curves, volatility and correlation, and are updated periodically based on changes in the composition of positions, as well as variations in market conditions. We sample from five years of historical data to generate the scenarios for our VaR calculation. The historical data is weighted so that the relative importance of the data reduces over time. This gives greater importance to more recent observations and reflects current asset volatilities, which improves the accuracy of our estimates of potential loss. As a result, even if our positions included in VaR were unchanged, our VaR would increase with increasing market volatility and vice versa.

Given its reliance on historical data, VaR is most effective in estimating risk exposures in markets in which there are no sudden fundamental changes or shifts in market conditions.

Our VaR measure does not include:

• Positions that are not accounted for at fair value, such as held-to-maturity securities and loans, deposits and unsecured borrowings that are accounted for at amortized cost;

• Available-for-sale securities for which the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss);

• Positions that are best measured and monitored using sensitivity measures; and

• The impact of changes in counterparty and our own credit spreads on derivatives, as well as changes in our own credit spreads on financial liabilities for which the fair value option was elected.

We perform daily backtesting of our VaR model (i.e., comparing daily net revenues for positions included in VaR to the VaR measure calculated as of the prior business day) at the firmwide level and for each of our businesses and major regulated subsidiaries.

Earnings-at-Risk. We manage our interest rate risk using the EaR metric. EaR measures the estimated impact of changes in interest rates to our net revenues and preferred stock dividends over a defined time horizon. EaR complements the VaR metric, which measures the impact of interest rate changes that have an immediate impact on the fair values of our assets and liabilities (i.e., mark-to-market changes). Our exposure to interest rate risk occurs due to a variety of factors, including, but not limited to:

• Differences in maturity or repricing dates of assets, liabilities, preferred stock and certain off-balance sheet instruments.

• Differences in the amounts of assets, liabilities, preferred stock and certain off-balance sheet instruments with the same maturity or repricing dates.

• Certain interest rate sensitive fees.

Corporate Treasury manages the aggregated interest rate risk from all businesses using both cash and derivative instruments, including available-for-sale and held-to-maturity securities and interest rate derivatives. We measure EaR over a one-year time horizon, including a 100- and 200-basis point instantaneous parallel shock in both short- and long-term interest rates. This sensitivity is calculated relative to a baseline market scenario, which takes into consideration, among other things, the market’s expectation of forward rates, as well as our expectation of future business activity. These scenarios include contractual elements of assets, liabilities, preferred stock, and certain off-balance sheet instruments, such as rates of interest, principal repayment schedules, maturity and reset dates, and any interest rate ceilings or floors, as well as assumptions with respect to our balance sheet size and composition, prepayment behavior and deposit repricing. Deposit repricing is captured by evaluating the change in deposit rate paid relative to the change in market rates (deposit beta) and we calibrate the deposit betas used in our models by using a number of factors, including observed historical behavior, future expectations, funding needs and the competitive landscape. We continuously monitor the performance of our key assumptions against observed behavior and regularly review their sensitivity on our risk metrics.

We manage EaR with a goal to reduce potential volatility resulting from changes in interest rates so it remains within our EaR risk appetite. Our EaR scenario is regularly evaluated and updated, if necessary, to reflect changes in our business plans, market conditions and other macroeconomic factors. While management uses the best information available to estimate EaR, actual results may differ materially as a result of, among other things, changes in the economic environment or assumptions used in the process. We also measure the sensitivity of the economic value of our equity (EVE) to changes in interest rates. Compared to EaR, EVE provides a longer-term measurement of the interest rate risk exposure, primarily on non-trading assets and liabilities, by capturing the net impact of changes in interest rates to the present value of their cash flows.

151						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Corporate Treasury is responsible for our aggregated interest rate risk, including assessing and monitoring EaR and EVE sensitivity, and interest rate risk stress tests and assumptions.

Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our interest rate risk (including EaR and EVE sensitivity) by providing independent firmwide oversight and challenge across our global businesses.

Stress Testing. Stress testing is a method of determining the effect of various hypothetical stress scenarios. We use stress tests to examine risks of specific portfolios, as well as the potential impact of our significant risk exposures. We use a variety of stress testing techniques to calculate the potential loss from a wide range of market moves on our portfolios, including firmwide stress tests, sensitivity analysis and scenario analysis. The results of our various stress tests are analyzed together for risk management purposes. See “Overview and Structure of Risk Management” for information about firmwide stress tests.

Sensitivity analysis is used to quantify the impact of a market move in a single risk factor across all positions (e.g., equity prices or credit spreads) using a variety of defined market shocks, ranging from those that could be expected over a one-day time horizon up to those that could take many months to occur. We also use sensitivity analysis to quantify the impact of the default of any single entity, which captures the risk of large or concentrated exposures.

Scenario analysis is used to quantify the impact of a specified event, including how the event impacts multiple risk factors simultaneously. For example, for sovereign stress testing we calculate potential direct exposure associated with our sovereign positions, as well as the corresponding debt, equity and currency exposures associated with our non-sovereign positions that may be impacted by the sovereign distress. When conducting scenario analysis, we often consider a number of possible outcomes for each scenario, ranging from moderate to severely adverse market impacts. In addition, these stress tests are constructed using both historical events and forward-looking hypothetical scenarios.

Unlike VaR measures, which have an implied probability because they are calculated at a specified confidence level, there may not be an implied probability that our stress testing scenarios will occur. Instead, stress testing is used to model both moderate and more extreme moves in underlying market factors. When estimating potential loss, we generally assume that our positions cannot be reduced or hedged (although experience demonstrates that we are generally able to do so).

Limits

We use market risk limits at various levels to manage the size of our market exposures. These limits are set based on VaR, EaR and on a range of stress tests relevant to our exposures. See “Overview and Structure of Risk Management” for information about the limit approval process.

Limits are monitored by Corporate Treasury and Risk. Risk is responsible for identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded (e.g., due to positional changes or changes in market conditions, such as increased volatilities or changes in correlations). Such instances are remediated by a reduction in the positions we hold and/or a temporary or permanent increase to the limit, if warranted.

Metrics

We analyze VaR at the firmwide level and a variety of more detailed levels, including by risk category, business and region. Diversification effect in the tables below represents the difference between total VaR and the sum of the VaR for the four risk categories. This effect arises because the four market risk categories are not perfectly correlated. Substantially all positions in VaR are included within Global Banking & Markets.

The table below presents our average daily VaR.

			Three Months Ended												Nine Months Ended September
			September			June			September
$ in millions			2025			2025			2024						2025			2024
Categories
Interest rates			$	72		$	79		$	75					$	74		$	81
Equity prices			51			48			39						47			34
Currency rates			19			23			26						26			25
Commodity prices			20			15			20						17			18
Diversification effect			(71)			(67)			(68)						(71)			(68)
Total			$	91		$	98		$	92					$	93		$	90

Our average daily VaR decreased to $91 million for the three months ended September 2025 from $98 million for the three months ended June 2025, primarily due to lower levels of volatility. The total decrease was driven by decreases in the interest rates and currency rates categories and an increase in the diversification effect, partially offset by increases in the commodity prices and equity prices categories.

Our average daily VaR of $91 million for the three months ended September 2025 was essentially unchanged compared with the three months ended September 2024. Decreases in the currency rates and interest rates categories and an increase in the diversification effect were largely offset by an increase in the equity prices category.

Goldman Sachs September 2025 Form 10-Q						152

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Our average daily VaR increased to $93 million for the nine months ended September 2025 from $90 million for the nine months ended September 2024, primarily due to higher levels of volatility. The total increase was primarily driven by an increase in the equity prices category, partially offset by a decrease in the interest rates category and an increase in the diversification effect.

The table below presents our period-end VaR.

			As of
			September			June			September
$ in millions			2025			2025			2024
Categories
Interest rates			$	61		$	92		$	74
Equity prices			59			54			38
Currency rates			21			18			26
Commodity prices			22			18			22
Diversification effect			(71)			(71)			(70)
Total			$	92		$	111		$	90

Our period-end VaR decreased to $92 million as of September 2025 from $111 million as of June 2025, due to lower levels of volatility and reduced exposures. The total decrease was driven by a decrease in the interest rates category, partially offset by increases in the equity prices, commodity prices, and currency rates categories.

Our period-end VaR increased to $92 million as of September 2025 from $90 million as of September 2024, primarily due to higher levels of volatility. The total increase was primarily driven by an increase in the equity prices category, partially offset by decreases in the interest rates and currency rates categories.

During the nine months ended September 2025, the firmwide VaR risk limit was not exceeded, raised or reduced, and there were no permanent or temporary changes to the firmwide VaR risk limit. During 2024, there was a permanent increase to the firmwide VaR risk limit due to higher levels of volatility and increased exposures. The firmwide VaR risk limit was not exceeded during this period.

The table below presents our high and low VaR.

			Three Months Ended
			September 2025									June 2025									September 2024
$ in millions			High			Low						High			Low						High			Low
Categories
Interest rates			$	91		$	60					$	92		$	65					$	92		$	57
Equity prices			$	63		$	42					$	62		$	36					$	61		$	31
Currency rates			$	26		$	13					$	31		$	17					$	38		$	13
Commodity prices			$	23		$	17					$	21		$	12					$	23		$	18
Firmwide
VaR			$	110		$	77					$	116		$	84					$	109		$	77

The chart below presents our daily VaR for the nine months ended September 2025.

The table below presents, by number of business days, the frequency distribution of our daily net revenues for positions included in VaR.

			Three Months Ended September									Nine Months Ended September
$ in millions			2025			2024						2025			2024
>$100			16			13						66			47
$75 – $100			14			12						35			31
$50 – $75			16			12						37			45
$25 – $50			7			13						20			35
$0 – $25			7			10						17			20
$(25) – $0			4			1						9			6
$(50) – $(25)			–			1						2			2
$(75) – $(50)			–			–						1			–
$(100) – $(75)			–			–						–			–
<$(100)			–			2						–			2
Total			64			64						187			188

Daily net revenues for positions included in VaR are compared with VaR calculated as of the end of the prior business day. Net losses incurred on a single day for such positions did not exceed our 95% one-day VaR (i.e., a VaR exception) during both the three and nine months ended September 2025. There were two VaR exceptions during both the three and nine months ended September 2024.

During periods in which we have significantly more positive net revenue days than net revenue loss days, we expect to have fewer VaR exceptions because, under normal conditions, our business model generally produces positive net revenues. In periods in which our franchise revenues are adversely affected, we generally have more loss days, resulting in more VaR exceptions. The daily net revenues for positions included in VaR used to determine VaR exceptions reflect the impact of any intraday activity, including bid/offer net revenues, which are more likely than not to be positive by their nature.

153						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Sensitivity Measures

Certain portfolios and individual positions are not included in VaR because VaR is not the most appropriate risk measure. Other sensitivity measures we use to analyze market risk are described below.

10% Sensitivity Measures. The table below presents our market risk by asset category for positions accounted for at fair value or accounted for at the lower of cost or fair value, that are not included in VaR.

			As of
			September			June			September
$ in millions			2025			2025			2024
Equity			$	1,564		$	1,577		$	1,545
Debt			1,636			1,858			1,991
Total			$	3,200		$	3,435		$	3,536

In the table above:

• The market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% decline in the value of the underlying positions.

• Equity positions relate to private and public equity securities, which primarily include investments in corporate, real estate and infrastructure assets. Substantially all such equity positions are included within Asset & Wealth Management.

• Debt positions include mezzanine and senior debt, and corporate and real estate loans, substantially all of which are included within Asset & Wealth Management. Debt positions also included approximately $1.6 billion as of June 2025 and approximately $1.7 billion as of September 2024 of GM co-branded credit card loans within Platform Solutions that were classified as held for sale. During the third quarter of 2025, the GM credit card program was sold to another issuer.

• Funded equity and debt positions are included in our consolidated balance sheets in investments and loans, and the related hedges are included in our consolidated balance sheets in derivatives. See Note 8 to the consolidated financial statements for further information about investments, Note 9 to the consolidated financial statements for further information about loans and Note 7 to the consolidated financial statements for further information about derivatives.

• These measures do not reflect the diversification effect across asset categories or across other market risk measures.

Credit and Funding Spread Sensitivity on Derivatives and Financial Liabilities. VaR excludes the impact of changes in counterparty credit spreads, our own credit spreads and unsecured funding spreads on derivatives, as well as changes in our own credit spreads (debt valuation adjustment) on financial liabilities for which the fair value option was elected. The estimated sensitivity to a one basis point increase in credit spreads (counterparty and our own) and unsecured funding spreads on derivatives (including hedges) was a loss of $2 million as of both September 2025 and June 2025. In addition, the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $52 million as of September 2025 and $50 million as of June 2025. However, the actual net impact of a change in our own credit spreads is also affected by the liquidity, duration and convexity (as the sensitivity is not linear to changes in yields) of those financial liabilities for which the fair value option was elected, as well as the relative performance of any hedges undertaken.

Earnings-at-Risk. The table below presents the impact of a parallel shift in rates on our net revenues and preferred stock dividends over the next 12 months relative to the baseline scenario.

			As of
			September			June			September
$ in millions			2025			2025			2024
+100 basis points parallel shift in rates			$	130		$	47		$	125
-100 basis points parallel shift in rates			$	(234)		$	(174)		$	(180)
+200 basis points parallel shift in rates			$	151		$	24		$	165
-200 basis points parallel shift in rates			$	(414)		$	(291)		$	(357)

In the table above, the EaR metric utilized various assumptions, including, among other things, balance sheet size and composition, prepayment behavior and deposit repricing, all of which have inherent uncertainties. The EaR metric does not represent a forecast of our net revenues and preferred stock dividends.

Other Market Risk Considerations

We make investments in securities that are accounted for as available-for-sale, held-to-maturity or under the equity method which are included in investments in the consolidated balance sheets. See Note 8 to the consolidated financial statements for further information.

Direct investments in real estate are accounted for at cost less accumulated depreciation. See Note 12 to the consolidated financial statements for further information about other assets.

Goldman Sachs September 2025 Form 10-Q						154

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Financial Statement Linkages to Market Risk Measures

We employ a variety of risk measures, each described in the respective sections above, to monitor market risk across the consolidated balance sheets and consolidated statements of earnings. The related gains and losses on these positions are included in market making, other principal transactions, interest income and interest expense in the consolidated statements of earnings, and debt valuation adjustment and unrealized gains/(losses) on available-for-sale securities in the consolidated statements of comprehensive income.

The table below presents certain assets and liabilities accounted for at fair value or accounted for at the lower of cost or fair value in our consolidated balance sheets and the market risk measures used to assess those assets and liabilities.

Assets or Liabilities			Market Risk Measures
Collateralized agreements and financings			VaR
Customer and other receivables			10% Sensitivity Measures
Trading assets and liabilities			VaR Credit Spread Sensitivity 10% Sensitivity Measures
Investments			VaR 10% Sensitivity Measures
Loans			VaR 10% Sensitivity Measures
Other assets and liabilities			VaR
Deposits			VaR Credit Spread Sensitivity
Unsecured borrowings			VaR Credit Spread Sensitivity

In addition to the above, we measure the interest rate risk for all positions within our consolidated balance sheets using the EaR metric.

Credit Risk Management

Overview

Credit risk represents the potential for loss due to the default or deterioration in credit quality of a counterparty (e.g., an OTC derivatives counterparty or a borrower) or an issuer of securities or other instruments we hold. Our exposure to credit risk comes mostly from client transactions in OTC derivatives and loans and lending commitments. Credit risk also comes from cash placed with banks, securities financing transactions (i.e., resale and repurchase agreements and securities borrowing and lending activities) and customer and other receivables.

Credit Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our credit risk by providing independent firmwide oversight and challenge across our global businesses. In addition, we hold other positions that give rise to credit risk (e.g., bonds and secondary bank loans). These credit risks are captured as a component of market risk measures, which are monitored and managed by Market Risk. We also enter into derivatives to manage market risk exposures. Such derivatives also give rise to credit risk, which is monitored and managed by Credit Risk.

Credit Risk Management Process

Our process for managing credit risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” as well as the following:

• Monitoring compliance with established credit risk limits and reporting our credit exposures and credit concentrations;

• Establishing or approving underwriting standards;

• Assessing the likelihood that a counterparty will default on its payment obligations;

• Measuring our current and potential credit exposure and losses resulting from a counterparty default;

• Using credit risk mitigants, including collateral and hedging; and

• Maximizing recovery through active workout and restructuring of claims.

We also perform credit analyses, which incorporate initial and ongoing evaluations of the capacity and willingness of a counterparty to meet its financial obligations. For substantially all of our credit exposures, the core of our process is an annual counterparty credit evaluation or more frequently if deemed necessary as a result of events or changes in circumstances. We determine an internal credit rating for the counterparty by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the counterparty’s industry and the economic environment. For collateralized loans, we also take into consideration collateral received or other credit support arrangements when determining an internal credit rating. Senior personnel, with expertise in specific industries, inspect and approve credit reviews and internal credit ratings.

Our risk assessment process may also include, where applicable, reviewing certain key metrics, including, but not limited to, delinquency status, collateral value, FICO credit scores and other risk factors.

155						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Our credit risk management systems capture credit exposure to individual counterparties and on an aggregate basis to counterparties and their subsidiaries. These systems also provide management with comprehensive information about our aggregate credit risk by product, internal credit rating, industry, country and region.

Risk Measures

We measure our credit risk based on the potential loss in the event of non-payment by a counterparty using current and potential exposure. For derivatives and securities financing transactions, current exposure represents the amount presently owed to us after taking into account applicable netting and collateral arrangements, while potential exposure represents our estimate of the future exposure that could arise over the life of a transaction based on market movements within a specified confidence level. Potential exposure also takes into account netting and collateral arrangements. For loans and lending commitments, the primary measure is a function of the notional amount of the position.

Stress Tests

We conduct regular stress tests to calculate the credit exposures, including potential concentrations that would result from applying shocks to counterparty credit ratings or credit risk factors (e.g., currency rates, interest rates, equity prices). These shocks cover a wide range of moderate and more extreme market movements, including shocks to multiple risk factors, consistent with the occurrence of a severe market or economic event. In the case of sovereign default, we estimate the direct impact of the default on our sovereign credit exposures, changes to our credit exposures arising from potential market moves in response to the default, and the impact of credit market deterioration on corporate borrowers and counterparties that may result from the sovereign default. Unlike potential exposure, which is calculated within a specified confidence level, stress testing does not generally assume a probability of these events occurring. We also perform firmwide stress tests. See “Overview and Structure of Risk Management” for information about firmwide stress tests.

To supplement these regular stress tests, as described above, we also conduct tailored stress tests on an ad hoc basis in response to specific events that we deem significant. We also utilize these stress tests to estimate the indirect impact of certain hypothetical events on our country exposures, such as the impact of credit market deterioration on corporate borrowers and counterparties along with the shocks to the risk factors described above. The parameters of these shocks vary based on the scenario reflected in each stress test. We review estimated losses produced by the stress tests in order to understand their magnitude, highlight potential loss concentrations, and assess and seek to mitigate our exposures, where necessary.

Limits

We use credit risk limits at various levels, as well as underwriting standards to manage the size and nature of our credit exposures. Limits for industries and countries are based on our risk appetite and are designed to allow for regular monitoring, review, escalation and management of credit risk concentrations. See “Overview and Structure of Risk Management” for information about the limit approval process.

Credit Risk is responsible for monitoring these limits, and identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded.

Risk Mitigants

To reduce our credit exposures on derivatives and securities financing transactions, we may enter into netting agreements with counterparties that permit us to offset receivables and payables with such counterparties. We may also reduce credit risk with counterparties by entering into agreements that enable us to obtain collateral from them on an upfront or contingent basis and/or to terminate transactions if the counterparty’s credit rating falls below a specified level. We monitor the fair value of the collateral to ensure that our credit exposures are appropriately collateralized. We seek to minimize exposures where there is a significant positive correlation between the creditworthiness of our counterparties and the market value of collateral we receive.

For loans and lending commitments, depending on the credit quality of the borrower and other characteristics of the transaction, we employ a variety of potential risk mitigants. Risk mitigants include collateral provisions, guarantees, covenants, structural seniority of the bank loan claims and, for certain lending commitments, provisions in the legal documentation that allow us to adjust loan amounts, pricing, structure and other terms as market conditions change. The type and structure of risk mitigants employed can significantly influence the degree of credit risk involved in a loan or lending commitment.

When we do not have sufficient visibility into a counterparty’s financial strength or when we believe a counterparty requires support from its parent, we may obtain third-party guarantees of the counterparty’s obligations. We may also seek to mitigate our credit risk using credit derivatives or participation agreements.

Goldman Sachs September 2025 Form 10-Q						156

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Credit Exposures

As of September 2025, our aggregate credit exposure increased compared with December 2024, primarily reflecting an increase in loans and lending commitments, partially offset by a decrease in cash deposits with central banks. The percentage of our credit exposures arising from non-investment-grade counterparties (based on our internally determined public rating agency equivalents) increased compared with December 2024, primarily reflecting an increase in non-investment-grade exposure related to loans and lending commitments and decreases in investment-grade exposure related to cash deposits with central banks and OTC derivatives. Our credit exposures are described further below.

Cash and Cash Equivalents. Our credit exposure on cash and cash equivalents arises from our unrestricted cash, and includes both interest-bearing and non-interest-bearing deposits. We seek to mitigate the risk of credit loss, by placing substantially all of our deposits with highly rated banks and central banks.

The table below presents our credit exposure from unrestricted cash and cash equivalents, and the concentration by industry, region and internally determined public rating agency equivalents.

			As of
			September			December
$ in millions			2025			2024
Cash and Cash Equivalents			$153,125			$167,253
Industry
Financial Institutions			11		%	10		%
Sovereign			89		%	90		%
Total			100		%	100		%
Region
Americas			65		%	67		%
EMEA			22		%	24		%
Asia			13		%	9		%
Total			100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			78		%	79		%
AA			5		%	6		%
A			15		%	14		%
BBB			1		%	1		%
BB or lower			1		%	–
Total			100		%	100		%

The table above excludes cash segregated for regulatory and other purposes of $16.45 billion as of September 2025 and $14.84 billion as of December 2024.

OTC Derivatives. Our credit exposure on OTC derivatives arises primarily from our market-making activities. As a market maker, we enter into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. We also enter into derivatives to manage market risk exposures. We manage our credit exposure on OTC derivatives using the credit risk process, measures, limits and risk mitigants described above.

We generally enter into OTC derivatives transactions under bilateral collateral arrangements that require the daily exchange of collateral. As credit risk is an essential component of fair value, we include a CVA in the fair value of derivatives to reflect counterparty credit risk, as described in Note 7 to the consolidated financial statements. CVA is a function of the present value of expected exposure, the probability of counterparty default and the assumed recovery upon default.

The table below presents our net credit exposure from OTC derivatives and the concentration by industry and region.

			As of
			September			December
$ in millions			2025			2024
OTC derivative assets			$44,548			$41,655
Collateral (not netted under U.S. GAAP)			(20,336)			(15,821)
Net credit exposure			$24,212			$25,834
Industry
Consumer & Retail			4		%	3		%
Diversified Industrials			8		%	10		%
Financial Institutions			16		%	19		%
Funds			25		%	28		%
Healthcare			4		%	1		%
Municipalities & Nonprofit			3		%	2		%
Natural Resources & Utilities			16		%	16		%
Sovereign			7		%	11		%
Technology, Media & Telecommunications			12		%	8		%
Other (including Special Purpose Vehicles)			5		%	2		%
Total			100		%	100		%
Region
Americas			48		%	43		%
EMEA			44		%	49		%
Asia			8		%	8		%
Total			100		%	100		%

Our credit exposure (before any potential recoveries) to OTC derivative counterparties that defaulted during the nine months ended September 2025 remained low, representing less than 2% of our total credit exposure from OTC derivatives.

In the table above:

• OTC derivative assets, included in the consolidated balance sheets, are reported on a net-by-counterparty basis (i.e., the net receivable for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting) and are accounted for at fair value, net of cash collateral received under enforceable credit support agreements (cash collateral netting).

• Collateral represents cash collateral and the fair value of securities collateral, primarily U.S. and non-U.S. government and agency obligations, received under credit support agreements, that we consider when determining credit risk, but such collateral is not eligible for netting under U.S. GAAP.

157						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents the distribution of our net credit exposure from OTC derivatives by tenor.

$ in millions			Investment- Grade			Non-Investment- Grade / Unrated			Total
As of September 2025
Less than 1 year			$	13,947		$	6,465		$	20,412
1 – 5 years			17,767			7,164			24,931
Greater than 5 years			55,466			3,636			59,102
Total			87,180			17,265			104,445
Netting			(73,409)			(6,824)			(80,233)
Net credit exposure			$	13,771		$	10,441		$	24,212
As of December 2024
Less than 1 year			$	24,256		$	5,247		$	29,503
1 – 5 years			16,762			5,240			22,002
Greater than 5 years			49,709			2,622			52,331
Total			90,727			13,109			103,836
Netting			(72,077)			(5,925)			(78,002)
Net credit exposure			$	18,650		$	7,184		$	25,834

In the table above:

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

• Netting includes counterparty netting across tenor categories and collateral that we consider when determining credit risk (including collateral that is not eligible for netting under U.S. GAAP). Counterparty netting within the same tenor category is included within such tenor category.

The tables below present the distribution of our net credit exposure from OTC derivatives by tenor and internally determined public rating agency equivalents.

			Investment-Grade
$ in millions			AAA			AA			A			BBB			Total
As of September 2025
Less than 1 year			$	632		$	2,200		$	6,607		$	4,508		$	13,947
1 – 5 years			844			4,120			7,128			5,675			17,767
Greater than 5 years			6,410			13,084			19,973			15,999			55,466
Total			7,886			19,404			33,708			26,182			87,180
Netting			(5,007)			(18,228)			(29,735)			(20,439)			(73,409)
Net credit exposure			$	2,879		$	1,176		$	3,973		$	5,743		$	13,771
As of December 2024
Less than 1 year			$	781		$	5,243		$	11,397		$	6,835		$	24,256
1 – 5 years			855			4,301			6,689			4,917			16,762
Greater than 5 years			2,431			13,970			17,824			15,484			49,709
Total			4,067			23,514			35,910			27,236			90,727
Netting			(1,753)			(20,812)			(30,083)			(19,429)			(72,077)
Net credit exposure			$	2,314		$	2,702		$	5,827		$	7,807		$	18,650
									Non-Investment-Grade / Unrated
$ in millions									≤ BB			Unrated			Total
As of September 2025
Less than 1 year									$	6,033		$	432		$	6,465
1 – 5 years									6,920			244			7,164
Greater than 5 years									3,440			196			3,636
Total									16,393			872			17,265
Netting									(6,725)			(99)			(6,824)
Net credit exposure									$	9,668		$	773		$	10,441
As of December 2024
Less than 1 year									$	5,020		$	227		$	5,247
1 – 5 years									5,201			39			5,240
Greater than 5 years									2,578			44			2,622
Total									12,799			310			13,109
Netting									(5,888)			(37)			(5,925)
Net credit exposure									$	6,911		$	273		$	7,184

Lending Activities. We manage our lending activities using the credit risk process, measures, limits and risk mitigants described above. Other lending positions, including secondary trading positions, are risk-managed as a component of market risk. 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 us are included in other loans. Previously, such loans were disclosed separately in the table below. 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.

The table below presents our loans and lending commitments.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Corporate			$	31,804		$	193,018		$	224,822
Commercial real estate			33,952			7,392			41,344
Residential real estate			30,147			2,613			32,760
Securities-based			18,469			766			19,235
Other collateralized			89,764			44,782			134,546
Credit cards			20,017			70,187			90,204
Other			2,734			1,127			3,861
Total			$	226,887		$	319,885		$	546,772
Allowance for loan losses			$	(4,508)		$	(800)		$	(5,308)
As of December 2024
Corporate			$	29,972		$	162,529		$	192,501
Commercial real estate			29,789			5,016			34,805
Residential real estate			25,969			1,848			27,817
Securities-based			16,477			1,542			18,019
Other collateralized			75,107			33,536			108,643
Credit cards			21,403			78,099			99,502
Other			2,149			872			3,021
Total			$	200,866		$	283,442		$	484,308
Allowance for loan losses			$	(4,666)		$	(674)		$	(5,340)

In the table above, lending commitments excluded $5.71 billion as of September 2025 and $5.69 billion as of December 2024 related to issued letters of credit which are classified as guarantees in our consolidated financial statements. See Note 18 to the consolidated financial statements for further information about guarantees.

See Note 9 to the consolidated financial statements for information about net charge-offs on wholesale and consumer loans, as well as past due and nonaccrual loans accounted for at amortized cost.

Goldman Sachs September 2025 Form 10-Q						158

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Corporate. Corporate loans and lending commitments include 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.

The table below presents our credit exposure from corporate loans and lending commitments, and the concentration by industry, region, internally determined public rating agency equivalents and other credit metrics.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Corporate			$31,804			$193,018			$224,822
Industry
Consumer & Retail			10		%	12		%	11		%
Diversified Industrials			18		%	19		%	18		%
Financial Institutions			9		%	9		%	9		%
Funds			5		%	2		%	3		%
Healthcare			6		%	11		%	11		%
Natural Resources & Utilities			9		%	20		%	18		%
Real Estate			14		%	5		%	7		%
Technology, Media & Telecommunications			26		%	21		%	22		%
Other (including Special Purpose Vehicles)			3		%	1		%	1		%
Total			100		%	100		%	100		%
Region
Americas			65		%	73		%	72		%
EMEA			26		%	26		%	26		%
Asia			9		%	1		%	2		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			–			1		%	1		%
AA			1		%	4		%	4		%
A			6		%	15		%	13		%
BBB			22		%	42		%	39		%
BB or lower			71		%	38		%	43		%
Total			100		%	100		%	100		%
As of December 2024
Corporate			$29,972			$162,529			$192,501
Industry
Consumer & Retail			9		%	13		%	12		%
Diversified Industrials			16		%	20		%	20		%
Financial Institutions			9		%	9		%	9		%
Funds			5		%	3		%	3		%
Healthcare			9		%	11		%	11		%
Natural Resources & Utilities			9		%	16		%	15		%
Real Estate			14		%	5		%	6		%
Technology, Media & Telecommunications			24		%	22		%	22		%
Other (including Special Purpose Vehicles)			5		%	1		%	2		%
Total			100		%	100		%	100		%
Region
Americas			66		%	76		%	75		%
EMEA			26		%	22		%	22		%
Asia			8		%	2		%	3		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			–			1		%	1		%
AA			1		%	4		%	4		%
A			6		%	17		%	16		%
BBB			22		%	41		%	37		%
BB or lower			71		%	37		%	42		%
Total			100		%	100		%	100		%

Commercial Real Estate. Commercial real estate includes originated loans and lending commitments that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate also includes loans and lending commitments 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 us.

The table below presents our credit exposure from commercial real estate loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Commercial Real Estate			$33,952			$7,392			$41,344
Region
Americas			76		%	81		%	77		%
EMEA			19		%	11		%	18		%
Asia			5		%	8		%	5		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			65		%	68		%	65		%
Non-investment-grade			35		%	32		%	35		%
Total			100		%	100		%	100		%
As of December 2024
Commercial Real Estate			$29,789			$5,016			$34,805
Region
Americas			78		%	83		%	78		%
EMEA			18		%	16		%	18		%
Asia			4		%	1		%	4		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			61		%	61		%	61		%
Non-investment-grade			39		%	38		%	39		%
Unrated			–			1		%	–
Total			100		%	100		%	100		%

In the table above, the concentration of loans and lending commitments by asset class as of September 2025 was 47% for warehouse and other indirect, 12% for multifamily, 6% for industrials, 2% for hospitality, 4% for office, 2% for mixed use and 27% for other asset classes. The concentration of loans and lending commitments by asset class as of December 2024 was 50% for warehouse and other indirect, 11% for multifamily, 7% for industrials, 5% for hospitality, 4% for office, 3% for mixed use and 20% for other asset classes.

In addition, we also have credit exposure to commercial real estate loans held for securitization of $574 million as of September 2025 and $568 million as of December 2024. Such loans are included in trading assets in our consolidated balance sheets.

159						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Residential Real Estate. Residential real estate loans and lending commitments are primarily 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 us.

The table below presents our credit exposure from residential real estate loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Residential Real Estate			$30,147			$2,613			$32,760
Region
Americas			93		%	84		%	92		%
EMEA			5		%	15		%	6		%
Asia			2		%	1		%	2		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			47		%	32		%	46		%
Non-investment-grade			10		%	26		%	11		%
Other metrics			43		%	42		%	43		%
Total			100		%	100		%	100		%
As of December 2024
Residential Real Estate			$25,969			$1,848			$27,817
Region
Americas			94		%	99		%	94		%
EMEA			5		%	–			5		%
Asia			1		%	1		%	1		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			39		%	38		%	39		%
Non-investment-grade			13		%	36		%	15		%
Other metrics			48		%	24		%	46		%
Unrated			–			2		%	–
Total			100		%	100		%	100		%

In the table above:

• Credit exposure included loans and lending commitments of $17.53 billion as of September 2025 and $14.35 billion as of December 2024 which are extended to clients who warehouse assets that are directly or indirectly secured by residential real estate.

• Substantially all residential real estate loans included in the other metrics 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.

In addition, we also have credit exposure to residential real estate loans held for securitization of $9.48 billion as of September 2025 and $10.18 billion as of December 2024. Such loans are included in trading assets in our consolidated balance sheets.

Goldman Sachs September 2025 Form 10-Q						160

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Securities-Based. Securities-based includes loans and lending commitments that are secured by stocks, bonds, mutual funds, and exchange-traded funds. These loans and commitments are primarily extended to our 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.

The table below presents our credit exposure from securities-based loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Securities-based			$18,469			$766			$19,235
Region
Americas			75		%	100		%	76		%
EMEA			25		%	–			24		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			75		%	17		%	73		%
Non-investment-grade			2		%	–			2		%
Other metrics			23		%	83		%	25		%
Total			100		%	100		%	100		%
As of December 2024
Securities-based			$16,477			$1,542			$18,019
Region
Americas			76		%	50		%	73		%
EMEA			24		%	50		%	27		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			77		%	63		%	76		%
Non-investment-grade			2		%	–			2		%
Other metrics			21		%	37		%	22		%
Total			100		%	100		%	100		%

In the table above, the vast majority of securities-based loans included in the other metrics 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.

Other Collateralized. Other collateralized includes loans and lending commitments that are backed by specific collateral (other than securities-based loans where there is a daily margin requirement and real estate loans). Such loans and lending commitments 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 also includes loans and lending commitments 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 and lending commitments extended to our wealth management and corporate clients.

The table below presents our credit exposure from other collateralized loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Other Collateralized			$89,764			$44,782			$134,546
Region
Americas			81		%	82		%	81		%
EMEA			17		%	17		%	17		%
Asia			2		%	1		%	2		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			82		%	85		%	83		%
Non-investment-grade			17		%	15		%	16		%
Other metrics			1		%	–			1		%
Total			100		%	100		%	100		%
As of December 2024
Other Collateralized			$75,107			$33,536			$108,643
Region
Americas			86		%	89		%	87		%
EMEA			12		%	10		%	12		%
Asia			2		%	1		%	1		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			85		%	83		%	84		%
Non-investment-grade			14		%	16		%	15		%
Other metrics			1		%	–			–
Unrated			–			1		%	1		%
Total			100		%	100		%	100		%

In the table above, credit exposure included loans and lending commitments extended to clients who warehouse assets of $33.24 billion as of September 2025 and $31.67 billion as of December 2024.

161						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Credit Card Loans. We provide credit card loans (pursuant to revolving lines of credit) to consumers in the Americas. The credit card lines are cancellable by us and therefore do not result in credit exposure.

The table below presents our credit exposure from credit card funded loans and the concentration by the five most concentrated U.S. states.

$ in millions						Credit Cards
As of September 2025
Loans, gross						$20,017
California						17		%
Texas						9		%
Florida						9		%
New York						8		%
Illinois						4		%
Other						53		%
Total						100		%
As of December 2024
Loans, gross						$21,403
California						17		%
Texas						9		%
Florida						9		%
New York						8		%
Illinois						4		%
Other						53		%
Total						100		%

See Note 9 to the consolidated financial statements for further information about the credit quality indicators of credit card loans.

Other. Other primarily includes unsecured loans and lending commitments extended to wealth management clients and unsecured consumer loans purchased by us.

The table below presents our credit exposure from other loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics.

$ in millions			Loans			Lending Commitments			Total
As of September 2025
Other			$2,734			$1,127			$3,861
Region
Americas			97		%	99		%	98		%
EMEA			3		%	1		%	2		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			89		%	91		%	90		%
Non-investment-grade			8		%	9		%	8		%
Other metrics			3		%	–			2		%
Total			100		%	100		%	100		%
As of December 2024
Other			$2,149			$872			$3,021
Region
Americas			96		%	99		%	97		%
EMEA			4		%	1		%	3		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			87		%	90		%	87		%
Non-investment-grade			8		%	10		%	9		%
Other metrics			5		%	–			4		%
Total			100		%	100		%	100		%

In the table above, other metrics primarily includes consumer and credit card loans purchased by us. Our risk assessment process for such loans includes reviewing certain key metrics, such as expected cash flows, delinquency status and other risk factors.

In addition, we also have credit exposure to other loans held for securitization of $2.48 billion as of September 2025 and $1.22 billion as of December 2024. Such loans are included in trading assets in our consolidated balance sheets.

Credit Hedges. We seek to mitigate the credit risk associated with our lending activities by obtaining credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts.

Goldman Sachs September 2025 Form 10-Q						162

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Securities Financing Transactions. We enter into securities financing transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain activities. We bear credit risk related to resale agreements and securities borrowed only to the extent that cash advanced or the value of securities pledged or delivered to the counterparty exceeds the value of the collateral received. We also have credit exposure on repurchase agreements and securities loaned to the extent that the value of securities pledged or delivered to the counterparty for these transactions exceeds the amount of cash or collateral received. Securities collateral for these transactions primarily includes U.S. and non-U.S. government and agency obligations.

The table below presents our credit exposure from securities financing transactions and the concentration by industry, region and internally determined public rating agency equivalents.

			As of
			September			December
$ in millions			2025			2024
Securities Financing Transactions			$40,246			$39,299
Industry
Financial Institutions			39		%	39		%
Funds			24		%	27		%
Municipalities & Nonprofit			12		%	10		%
Sovereign			25		%	24		%
Total			100		%	100		%
Region
Americas			51		%	55		%
EMEA			32		%	31		%
Asia			17		%	14		%
Total			100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			13		%	18		%
AA			29		%	22		%
A			44		%	42		%
BBB			9		%	9		%
BB or lower			5		%	9		%
Total			100		%	100		%

The table above reflects both netting agreements and collateral that we consider when determining credit risk.

Other Credit Exposures. We are exposed to credit risk from our receivables from brokers, dealers and clearing organizations and customers and counterparties. Receivables from brokers, dealers and clearing organizations primarily consist of initial margin placed with clearing organizations and receivables related to sales of securities which have traded, but not yet settled. These receivables generally have minimal credit risk due to the low probability of clearing organization default and the short-term nature of receivables related to securities settlements. Receivables from customers and counterparties generally consist of collateralized receivables related to customer securities transactions and generally have minimal credit risk due to both the value of the collateral received and the short-term nature of these receivables.

The table below presents our other credit exposures and the concentration by industry, region and internally determined public rating agency equivalents.

			As of
			September			December
$ in millions			2025			2024
Other Credit Exposures			$44,415			$48,013
Industry
Financial Institutions			87		%	77		%
Funds			2		%	13		%
Other (including Special Purpose Vehicles)			11		%	10		%
Total			100		%	100		%
Region
Americas			43		%	44		%
EMEA			41		%	41		%
Asia			16		%	15		%
Total			100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			3		%	4		%
AA			49		%	49		%
A			25		%	24		%
BBB			8		%	8		%
BB or lower			13		%	14		%
Unrated			2		%	1		%
Total			100		%	100		%

The table above reflects collateral that we consider when determining credit risk.

163						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Selected Exposures

We have credit and market exposures, as described below, that have had heightened focus given recent events and broad market concerns. Credit exposure represents the potential for loss due to the default or deterioration in credit quality of a counterparty or borrower. Market exposure represents the potential for loss in value of our long and short positions due to changes in market prices.

Country Exposures. The Russian invasion of Ukraine has negatively affected the global economy and increased macroeconomic uncertainty. Our total credit exposure to Ukrainian counterparties or borrowers was not material as of September 2025. Our total market exposure relating to Ukrainian issuers as of September 2025 was $103 million, and was primarily related to sovereign debt. Our credit exposure to Russian counterparties or borrowers and our market exposure to Russian issuers were not material as of September 2025. See “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K for further information about our risks related to Russia’s invasion of Ukraine.

In addition, economic and/or political uncertainties in Ethiopia, Lebanon and Venezuela have led to concerns about their financial stability. Our credit exposure to counterparties or borrowers and our market exposure to issuers relating to each of these countries was not material as of September 2025.

We have a comprehensive framework to monitor, measure and assess our country exposures and to determine our risk appetite. We determine the country of risk by the location of the counterparty, issuer’s assets, where they generate revenue, the country in which they are headquartered, the jurisdiction where a claim against them could be enforced, and/or the government whose policies affect their ability to repay their obligations. We monitor our credit exposure to a specific country both at the individual counterparty level, as well as at the aggregate country level. See “Stress Tests” for information about stress tests that are designed to estimate the direct and indirect impact of events involving the above countries.

Operational Risk Management

Overview

Operational risk is the risk of an adverse outcome resulting from inadequate or failed internal processes, people, systems or from external events. Our exposure to operational risk arises from routine processing errors, as well as extraordinary incidents, such as major systems failures or legal and regulatory matters, that could occur for us or our third-party vendors.

Potential types of loss events related to internal and external operational risk include:

• Execution, delivery and process management;

• Business disruption and system failures;

• Employment practices and workplace safety;

• Clients, products and business practices;

• Third-party risk, including vendor risk;

• Damage to physical assets;

• Internal fraud; and

• External fraud.

Operational Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for developing and implementing a formalized framework for assessing, monitoring and managing operational risk to support firmwide oversight and challenge of our global businesses, with the goal of maintaining our exposure to operational risk at levels that are within our risk appetite.

Operational Risk Management Process

Our process for managing operational risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” including a comprehensive data collection process, as well as firmwide policies and procedures, for operational risk events.

We combine top-down and bottom-up approaches to manage and measure operational risk. From a top-down perspective, our senior management assesses firmwide and business-level operational risk profiles. From a bottom-up perspective, our first and second lines of defense are responsible for risk identification and risk management on a day-to-day basis, including escalating operational risks and risk events to senior management.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

We seek to maintain a comprehensive control framework designed to provide a well-controlled environment to minimize operational risks. The Firmwide Compliance and Operational Risk Committee is responsible for overseeing compliance and operational risk for our business.

Our operational risk management framework is designed to comply with the operational risk measurement rules under the Capital Framework and has evolved based on the changing needs of our businesses and regulatory guidance.

We have established policies that require all employees and consultants to report and escalate operational risk events. When operational risk events are identified, our policies require that the events be documented and analyzed to determine whether changes are required in our systems and/or processes to further mitigate the risk of future events.

We use operational risk management applications to capture, analyze, aggregate and report operational risk event data and key metrics. One of our key risk identification and control assessment tools is an operational risk and control self-assessment process, which is performed by our managers. This process consists of the identification and rating of operational risks, on a forward-looking basis, and the related controls. The results from this process are analyzed to evaluate operational risk exposures and identify businesses, activities or products with heightened levels of operational risk.

Risk Measurement

We measure our operational risk exposure using both statistical modeling and scenario analyses, which involve qualitative and quantitative assessments of internal and external operational risk event data and internal control factors for each of our businesses. Operational risk measurement also incorporates an assessment of business environment factors, including:

• Evaluations of the complexity of our business activities;

• The degree of automation in our processes;

• New activity information;

• The legal and regulatory environment; and

• Changes in the markets for our products and services, including the diversity and sophistication of our customers and counterparties.

The results from these scenario analyses are used to monitor changes in operational risk and to determine business lines that may have heightened exposure to operational risk. We also perform firmwide stress tests. See “Overview and Structure of Risk Management” for information about firmwide stress tests.

Types of Operational Risks

Increased reliance on technology and third-party relationships has resulted in increased operational risks, such as third-party risk, business resilience risk and cybersecurity risk. See “Cybersecurity Risk Management” for information about our cybersecurity risk management process. We manage third-party and business resilience risks as follows:

Third-Party Risk. Third-party risk, including vendor risk, is the risk of an adverse impact due to reliance on third parties performing services or activities on our behalf. These risks may include legal, regulatory, information security, cybersecurity, reputational, operational or other risks inherent in engaging a third party. We identify, manage and report key third-party risks and conduct due diligence across multiple risk domains, including information security and cybersecurity, resilience and additional supply chain dependencies. We evaluate whether vendors design, implement, and maintain information security controls consistent with our security policies and standards. Vendors that access and process our information on their infrastructure external to our network are required to undergo an initial risk assessment, resulting in the assignment of a vendor inherent risk rating that is determined based on a number of factors, including the type of data stored and processed by a particular vendor. Subsequently, we conduct re-certifications at a depth and frequency that is commensurate with each vendor’s inherent risk rating as a component of our risk-based approach to vendor oversight. Vendors are required to agree to standard contractual provisions before receiving sensitive information from us. These provisions have specific information security control requirements, which apply to vendors that store, access, transmit or otherwise process sensitive information on our behalf. The Third-Party Risk Program monitors, reviews and reassesses third-party risks on an ongoing basis. See “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K for further information about third-party risk.

Business Resilience Risk. Business resilience risk is the risk of disruption to our critical processes. We monitor threats and assess risks and seek to ensure our state of readiness in the event of a significant operational disruption to the normal operations of our critical functions or their dependencies, such as critical facilities, systems, third parties, data and/or personnel. Our resilience framework defines the fundamental principles for business continuity planning (BCP) and crisis management to ensure that critical functions can continue to operate in the event of a disruption. We seek to maintain a business continuity program that is comprehensive, consistent on a firmwide basis, and up-to-date, incorporating new information, including resilience capabilities. Our resilience assurance program encompasses testing of response and recovery strategies on a regular basis with the objective of minimizing and preventing significant operational disruptions. See “Business — Business Continuity and Information Security” in Part I, Item 1 of the 2024 Form 10-K for further information about business continuity.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Cybersecurity Risk Management

Overview

Cybersecurity risk is the risk of compromising the confidentiality, integrity or availability of our data and systems, leading to an adverse impact to us, our reputation, our clients and/or the broader financial system. We seek to minimize the occurrence and impact of unauthorized access, disruption or use of information and/or information systems. We deploy and operate preventive and detective controls and processes to mitigate emerging and evolving information security and cybersecurity threats, including monitoring our network for known vulnerabilities and signs of unauthorized attempts to access our data and systems. There is increased information risk through diversification of our data across external service providers, including use of a variety of cloud-provided or -hosted services and applications. In addition, new AI technologies may increase the frequency and severity of cybersecurity attacks. See “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K for further information about information and cybersecurity risk.

Cybersecurity Risk Management Process

Our cybersecurity risk management processes are integrated into our overall risk management processes described in the “Overview and Structure of Risk Management.” We have established an Information Security and Cybersecurity Program (the Cybersecurity Program), administered by Technology Risk within Engineering, and overseen by our CISO. This program is designed to identify, assess, document and mitigate threats, govern, establish and evaluate compliance with information security mandates, adopt and apply our security control framework, and prevent, detect and respond to security incidents. The Cybersecurity Program is periodically reviewed and modified to respond to changing threats and conditions. A dedicated Operational Risk team, which reports to the chief risk officer, provides oversight and challenge of the Cybersecurity Program, independent of Technology Risk, and assesses the operating effectiveness of the program against industry standard frameworks and Board risk appetite-approved operational risk limits and thresholds.

Our process for managing cybersecurity risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” as well as the following:

• Training and education, to enable our people to recognize information and cybersecurity threats and respond accordingly;

• Identity and access management, including entitlement management and production access;

• Application and software security, including software change management, open source software, and backup and restoration;

• Infrastructure security, including monitoring our network for known vulnerabilities and signs of unauthorized attempts to access our data and systems;

• Mobile security, including mobile applications;

• Data security, including cryptography and encryption, database security, data erasure and media disposal;

• Cloud computing, including governance and security of cloud applications, and software-as-a-service data onboarding;

• Technology operations, including change management, incident management, capacity and resilience; and

• Third-party risk management, including vendor management and governance, and cybersecurity and business resiliency on vendor assessments.

In conjunction with third-party vendors and consultants, we perform risk assessments to gauge the performance of the Cybersecurity Program, to estimate our risk profile and to assess compliance with relevant regulatory requirements. We perform periodic assessments of control efficacy through our internal risk and control self-assessment process, as well as a variety of external technical assessments, including external penetration tests and “red team” engagements where third parties test our defenses. The results of these risk assessments, together with control performance findings, are used to establish priorities, allocate resources, and identify and improve controls. We use third parties, such as outside forensics firms, to augment our cyber incident response capabilities. We have a vendor management program that documents a risk-based framework for managing third-party vendor relationships. Information security risk management is built into our vendor management process, which covers vendor selection, onboarding, performance monitoring and risk management. See “Third-Party Risk” for further information about vendor risk.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

During the nine months ended September 2025, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. Technology Risk monitors cybersecurity threats and risks from information security and cybersecurity matters on an ongoing basis, and allocates resources and directs operations in a manner designed to mitigate those risks. For example, in response to the proliferation of AI-enabled fraud and ransomware attacks that continue to be reported globally, we have emphasized phishing and cybersecurity training for our employees and allocated additional resources for business continuity. However, despite these efforts, we cannot eliminate all cybersecurity risks or provide assurances that we have not had occurrences of undetected cybersecurity incidents.

Governance

The Board, both directly and through its committees, including its Risk Committee and Technology Risk Subcommittee, oversees our risk management policies and practices, including cybersecurity risks, and information security and cybersecurity matters. Our chief risk officer, chief information officer and chief technology officer, among others, periodically brief the Board on operational and technology risks, including cybersecurity risks, relevant to us. The Board also receives regular briefings from our CISO on a range of cybersecurity-related topics, including the status of our Cybersecurity Program, emerging cybersecurity threats, mitigation strategies and related regulatory engagements. In addition, these are topics on which various directors maintain an ongoing dialogue with our CISO, chief information officer and chief technology officer.

Our CISO is responsible for managing and implementing the Cybersecurity Program and reports directly to our chief information officer. Our CISO oversees our Technology Risk team, which assesses and manages material risks from cybersecurity threats, sets firmwide control requirements, assesses adherence to controls, and oversees incident detection and response.

In addition, we have a series of committees and steering groups that oversee the implementation of our cybersecurity risk management strategy and framework. These committees and steering groups are informed about cybersecurity incidents and risks by designated members of Technology Risk, who periodically report to these committees and steering groups about the Cybersecurity Program, including the efforts of the Technology Risk teams to prevent, detect, mitigate and remediate incidents and threats. These committees and steering groups enable formal escalation and reporting of risks, and our CISO and other members of Technology Risk provide regular briefings to senior management.

The Firmwide Technology Risk Committee is responsible for reviewing matters related to the design, development, deployment and use of technology. This committee oversees cybersecurity matters, as well as technology risk management frameworks and methodologies, and monitors their effectiveness. This committee is co-chaired by our CISO and our chief technology officer, and reports to the Firmwide Enterprise Risk Committee. To assist the Firmwide Technology Risk Committee in carrying out its mandate, the Firmwide Artificial Intelligence Risk and Controls Committee, which oversees risks associated with the use of AI, reports to the Firmwide Technology Risk Committee.

The Digital Risk Office Steering Group oversees Engineering risk decisions, monitors control performance and reviews approaches to comply with current and emerging regulation applicable to Engineering. This steering group is chaired by our chief digital risk officer and reports to the Firmwide Technology Risk Committee.

Our CISO, senior management within Technology Risk and Operational Risk, as well as management personnel overseeing the Cybersecurity Program, all have substantial relevant expertise in the areas of information security and cybersecurity risk management.

Model Risk Management

Overview

Model risk is the potential for adverse consequences from decisions made based on model outputs that may be incorrect or used inappropriately. We rely on quantitative models across our business activities primarily to value certain financial assets and liabilities, to monitor and manage our risk, and to measure and monitor our regulatory capital.

Model Risk, which is part of our second line of defense, is independent of our model developers, model owners and model users, and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our model risk by providing firmwide oversight and challenge across our global businesses.

Our model risk management framework is managed through a governance structure and risk management controls, which encompass standards designed to ensure we maintain a comprehensive model inventory, including risk assessment and classification, sound model development practices, independent review and model-specific usage controls. The Firmwide Model Risk Control Committee oversees our model risk management framework.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Model Review and Validation Process

Model Risk consists of quantitative professionals who perform an independent review, validation and approval of our models. This review includes an analysis of the model documentation, independent testing, an assessment of the appropriateness of the methodology used, and verification of compliance with model development and implementation standards.

We regularly refine and enhance our models to reflect changes in market or economic conditions and our business mix. All models are reviewed on an annual basis, and new models or significant changes to existing models and their assumptions are approved prior to implementation.

The model validation process incorporates a review of models and trade and risk parameters across a broad range of scenarios (including extreme conditions) in order to critically evaluate and verify:

• The model’s conceptual soundness, including the reasonableness of model assumptions, and suitability for intended use;

• The testing strategy utilized by the model developers to ensure that the models function as intended;

• The suitability of the calculation techniques incorporated in the model;

• The model’s accuracy in reflecting the characteristics of the related product and its significant risks;

• The model’s consistency with models for similar products; and

• The model’s sensitivity to input parameters and assumptions.

See “Critical Accounting Policies — Fair Value — Review of Valuation Models,” “Liquidity Risk Management,” “Market Risk Management,” “Credit Risk Management” and “Operational Risk Management” for further information about our use of models within these areas.

Other Risk Management

In addition to the areas of risks discussed above, we also manage other risks, including capital, climate, compliance, conflicts and reputational. These areas of risks are discussed below.

Capital Risk Management

Capital risk is the risk that our capital is insufficient to support our business activities under normal and stressed market conditions or we face capital reductions or RWA increases, including from new or revised rules or changes in interpretations of existing rules, and are therefore unable to meet our internal capital targets or external regulatory capital requirements. Capital adequacy is of critical importance to us. We have in place a comprehensive capital management policy that provides a framework, defines objectives and establishes guidelines to assist us in maintaining the appropriate level and composition of capital in both business-as-usual and stressed conditions. Our capital management framework is designed to provide us with the information needed to identify and comprehensively manage risk, and develop and apply projected stress scenarios that capture idiosyncratic vulnerabilities with a goal of holding sufficient capital to remain adequately capitalized even after experiencing a severe stress event. See “Capital Management and Regulatory Capital” for further information about our capital management process.

We have established a comprehensive governance structure to manage and oversee our day-to-day capital management activities and to ensure compliance with capital rules and related policies. Our capital management activities are overseen by the Board and its committees. The Board is responsible for approving our annual capital plan and the Risk Committee of the Board approves our capital management policy, which details the risk committees and members of senior management who are responsible for the ongoing monitoring of our capital adequacy and evaluation of current and future regulatory capital requirements, the review of the results of our capital planning and stress tests processes, and the results of our capital models. In addition, our risk committees and senior management are responsible for the review of our contingency capital plan, key capital adequacy metrics, including regulatory capital ratios, and capital plan metrics, such as the payout ratio, as well as monitoring capital targets and potential breaches of capital requirements.

Our process for managing capital risk also includes independent oversight by Risk that assesses our capital management framework, regulatory capital policies and related interpretations and escalates certain interpretations to senior management and/or the appropriate risk committee. This oversight includes, among other things, independent review and challenge of our capital ratio targets, planned capital actions and regulatory capital calculations; analysis of the related documentation; independent testing; and an assessment of the appropriateness of the calculations and their alignment with the relevant regulatory capital rules.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Climate-Related and Environmental Risk Management

We categorize climate-related and environmental risks into physical risk and transition risk. Physical risk is the risk that asset values may decline or operations may be disrupted as a result of changes in the climate, while transition risk is the risk that asset values may decline because of changes in climate policies or changes in the underlying economy due to decarbonization.

Climate-related and environmental risks manifest in different ways across our businesses. We have continued to make significant enhancements to our climate risk management framework, including steps to further integrate climate risk into our broader risk management processes. We have integrated oversight of climate-related risks into our risk management governance structure, from senior management to our Board and its committees, including the Risk and Public Responsibilities committees. The Risk Committee of the Board oversees firmwide financial and nonfinancial risks, which include climate risk, and, as part of its oversight, receives updates on our risk management approach to climate risk, including our approaches towards scenario analysis and integration into existing risk management processes. The Public Responsibilities Committee of the Board assists the Board in its oversight of our firmwide sustainability strategy and sustainability issues affecting us, including with respect to climate change. As part of its oversight, the Public Responsibilities Committee receives periodic updates on our sustainability strategy and disclosures, and also periodically reviews our governance and related policies and processes for climate and other sustainability-related matters. Senior management within Risk, in coordination with senior management in our revenue-producing units, is responsible for the development of the climate-related and environmental risk program. The objective of this program is to integrate climate-related and environmental risks into existing risk disciplines and business considerations, such as the integration of climate risk into our credit evaluation and underwriting processes for select industries.

See “Business — Sustainability” in Part I, Item 1 and “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K for information about our sustainability initiatives, including in relation to climate transition.

Compliance Risk Management

Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to our reputation arising from our failure to comply with the requirements of applicable laws, rules and regulations, and our internal policies and procedures. Compliance risk is inherent in all activities through which we conduct our businesses. Our Compliance Risk Management Program, administered by Compliance, assesses our compliance, regulatory and reputational risk; monitors for compliance with new or amended laws, rules and regulations; designs and implements controls, policies, procedures and training; conducts independent testing; investigates, surveils and monitors for compliance risks and breaches; and is a key participant in regulatory examinations, audits and inquiries. We monitor and review business practices to assess whether they meet or exceed minimum regulatory and legal standards in all markets and jurisdictions in which we conduct business.

Conflicts Management

Conflicts of interest and our approach to dealing with them are fundamental to our client relationships, our reputation and our long-term success. The term “conflict of interest” does not have a universally accepted meaning, and conflicts can arise in many forms within a business or between businesses. The responsibility for identifying potential conflicts, as well as complying with our policies and procedures, is shared by all of our employees.

We have a multilayered approach to resolving conflicts and addressing reputational risk. Our senior management oversees policies related to conflicts resolution and, in conjunction with Conflicts Resolution, Legal and Compliance, and internal committees, formulates policies, standards and principles, and assists in making judgments regarding the appropriate resolution of particular conflicts. Resolving potential conflicts necessarily depends on the facts and circumstances of a particular situation and the application of experienced and informed judgment.

As a general matter, Conflicts Resolution reviews financing and advisory assignments in Global Banking & Markets and certain of our investing, lending and other activities. In addition, we have various transaction oversight committees that also review new underwritings, loans, investments and structured products. These groups and committees work with internal and external counsel and Compliance to evaluate and address any actual or potential conflicts. The head of Conflicts Resolution reports to our chief legal officer, who reports to our chief executive officer.

We regularly assess our policies and procedures that address conflicts of interest in an effort to conduct our business in accordance with the highest ethical standards and in compliance with all applicable laws, rules and regulations.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Reputational Risk Management

Reputational risk is the potential risk that negative publicity regarding our business practices, whether true or not, will cause a decline in our customer base, costly litigation or revenue reductions. Our reputation is critical to effectively serving our clients and fostering and maintaining long-term client relationships, and it is integral to how we are viewed by our key stakeholders.

In evaluating business opportunities, reputational risk is one of the most significant components we consider. We evaluate the ethics, suitability and transparency of transactions undertaken by us. Our employees are responsible for considering the reputational impacts that our business activities may have.

We have implemented a comprehensive program designed to monitor reputational risk. The Firmwide Reputational Risk Committee, which reports into the Firmwide Enterprise Risk Committee, is responsible for assessing reputational risks arising from business opportunities that have been identified as having potential heightened reputational risk. This committee is also responsible for overseeing client-related business standards and addressing client-related reputational risk and considers, among other things, the potential effects any business opportunities, products, transactions, new activities, acquisitions, dispositions or investments could have on our reputation.

For further information about our risk management processes, see “Overview and Structure of Risk Management” and “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K.

Available Information

Our internet address is www.goldmansachs.com and the investor relations section of our website is located at www.goldmansachs.com/investor-relations, where we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Also posted on our website, and available in print upon request of any shareholder to our Investor Relations Department (Investor Relations), are our certificate of incorporation and by-laws, charters for our Audit, Risk, Compensation, Corporate Governance and Nominating, and Public Responsibilities Committees, our Policy Regarding Director Independence Determinations, our Policy on Reporting of Concerns Regarding Accounting and Other Matters, our Corporate Governance Guidelines and our Code of Business Conduct and Ethics governing our directors, officers and employees. Within the time period required by the SEC, we will post on our website any amendment to the Code of Business Conduct and Ethics and any waiver applicable to any executive officer, director or senior financial officer.

Our website also includes information about (i) purchases and sales of our equity securities by our executive officers and directors; (ii) disclosure relating to certain non-GAAP financial measures (as defined in the SEC’s Regulation G) that we may make public orally, telephonically, by webcast, by broadcast or by other means; (iii) our DFAST results; (iv) the public portion of our and GS Bank USA’s resolution plan submissions; (v) our Pillar 3 disclosure; (vi) our average daily LCR; (vii) our average daily NSFR; (viii) our People Strategy Report; (ix) our Sustainability Report; and (x) our Task Force on Climate-related Financial Disclosures Report.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Investor Relations can be contacted at The Goldman Sachs Group, Inc., 200 West Street, 29th Floor, New York, New York 10282, Attn: Investor Relations, telephone: 212-902-0300, e-mail: gs-investor-relations@gs.com. We use the following, as well as other social media channels, to disclose public information to investors, the media and others:

• Our website (www.goldmansachs.com);

• Our X, formerly known as Twitter, account (x.com/GoldmanSachs); and

• Our Instagram account (instagram.com/GoldmanSachs).

Our officers may use similar social media channels to disclose public information. It is possible that certain information we or our officers post on our website and on social media could be deemed material, and we encourage investors, the media and others interested in Goldman Sachs to review the business and financial information we or our officers post on our website and on the social media channels identified above. The information on our website and those social media channels is not incorporated by reference into this Form 10-Q.

Forward-Looking Statements

We have included in this Form 10-Q, and our management may make, statements that constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control.

By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results, financial condition, liquidity and capital actions may differ, possibly materially, from the anticipated results, financial condition, liquidity and capital actions in these forward-looking statements. Important factors that could cause our results, financial condition, liquidity and capital actions to differ from those in these statements include, among others, those described below and in “Risk Factors” in Part I, Item 1A of the 2024 Form 10-K.

These statements may relate to, among other things, (i) our future plans and results, including our target ROE, ROTE, efficiency ratio, CET1 capital ratio and firmwide total credit alternative assets, and how they can be achieved, (ii) trends in or growth opportunities for our businesses, including the timing, costs, profitability, benefits and other aspects of business and strategic initiatives, such as OneGS 3.0, and their impact on our efficiency ratio, (iii) the opportunities and challenges presented by AI, (iv) our Investment banking fees backlog and future advisory and capital markets results, (v) expenses we may incur, including the level of future compensation expense, (vi) the projected growth of our deposits and other funding, (vii) our business and expense savings initiatives, (viii) our planned benchmark debt issuances, (ix) our credit exposures, (x) our expected provision for credit losses and the adequacy of our allowance for credit losses, (xi) the narrowing of our consumer business, (xii) the objectives and effectiveness of our BCP, information security program, risk management and liquidity policies, (xiii) our resolution plan and its implications for stakeholders, (xiv) the effect of changes to regulations, and our future status, activities or reporting under banking and financial regulation, (xv) our expected tax rate, (xvi) the future state of our liquidity and regulatory capital ratios, and our prospective capital distributions (including dividends and repurchases), (xvii) our expected SCB and G-SIB surcharge, (xviii) legal proceedings, governmental investigations or other contingencies, (xix) the asset recovery guarantee related to our 1Malaysia Development Berhad settlements, (xx) the effectiveness of our management of our human capital and changes in headcount, (xxi) future inflation, (xxii) our ability to sell, and the terms of any proposed or pending sales of, Asset & Wealth Management historical principal investments, (xxiii) the profitability of Platform Solutions, (xxiv) the effectiveness of our cybersecurity risk management process and (xxv) our completed, announced and prospective acquisitions.

171						Goldman Sachs September 2025 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Statements about our target ROE, ROTE, efficiency ratio and expense savings, and how they can be achieved, are based on our current expectations regarding our business prospects and are subject to the risk that we may be unable to achieve our targets due to, among other things, changes in our business mix and inability to grow our businesses and execute our strategy.

Statements about our target ROE, ROTE and CET1 capital ratio, and how they can be achieved, are based on our current expectations regarding the capital requirements applicable to us and are subject to the risk that our actual capital requirements may be higher than currently anticipated because of, among other factors, changes in the regulatory capital requirements applicable to us resulting from changes in regulations, including as a result of any revisions to the U.S. bank regulatory capital rules, or the interpretation or application of existing regulations or changes in the nature and composition of our activities.

Statements about our total credit alternative assets targets are based on our current expectations regarding our fundraising prospects and are subject to the risk that actual inflows may be lower than expected due to, among other factors, competition from other asset managers, changes in investment preferences and changes in economic or market conditions.

Statements about the timing, costs, profitability, benefits and other aspects of business and expense savings initiatives, the level and composition of more durable revenues and increases in market share and the narrowing of our consumer business are based on our current expectations regarding our ability to implement these initiatives, and actual results may differ, possibly materially, from our current expectations due to, among other things, a delay in the timing of these initiatives, increased competition and an inability to reduce expenses and grow businesses with more durable revenues or to exit certain consumer businesses.

Statements about expenses we may incur, our level of future compensation expense, including as a percentage of both operating expenses and net revenues, net of provision for credit losses, and our efficiency ratio are subject to the risks that the compensation and other costs to operate our businesses may be greater than currently expected.

Statements about our Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not increase as we expect or that such transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies (including the potential for new or increased tariffs), an outbreak or worsening of hostilities, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval.

Statements about the projected growth of our deposits and other funding and our platform solutions business, are subject to the risk that actual growth, savings and profitability may differ, possibly materially, from that currently anticipated due to, among other things, changes in interest rates and competition from other similar products.

Statements about planned benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, from that currently expected due to changes in market conditions, business opportunities or our funding and projected liquidity needs.

Statements about our expected provision for credit losses are subject to the risk that actual credit losses may differ and our expectations may change, possibly materially, from that currently anticipated due to, among other things, changes to the composition of our loan portfolio and changes in the economic environment in future periods and our forecasts of future economic conditions, as well as changes in our models, policies and other management judgments.

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Statements about our future effective tax rate are subject to the risk that it may differ from the anticipated rate indicated in such statements, possibly materially, due to, among other things, changes in the tax rates applicable to us, changes in our earnings mix, our profitability and entities in which we generate profits, the assumptions we have made in forecasting our expected tax rate, the interpretation or application of existing tax statutes and regulations, as well as any corporate tax legislation that may be enacted or any guidance that may be issued by the IRS or in the other jurisdictions in which we operate (including Global Anti-Base Erosion (Pillar II) guidance).

Statements about the future state of our liquidity and regulatory capital ratios (including our SCB and G-SIB surcharge), and our prospective capital distributions (including dividends and repurchases), are subject to the risk that our actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected due to, among other things, the need to use capital to support clients, increased regulatory requirements resulting from changes in regulations or the interpretation or application of existing regulations, results of applicable supervisory stress tests, changes to the composition of our balance sheet and our results of operations. Statements about the estimated impact of proposed, but not finalized, capital rules are subject to change as the proposed rules may change, the final rules may differ from the proposed rules and our balance sheet composition will change. As a consequence, we may underestimate the actual impact of the final rules.

Statements about the risk exposure related to the asset recovery guarantee provided to the Government of Malaysia are subject to the risk that we may be unsuccessful in our arbitration against the Government of Malaysia.

Statements about our objectives in management of our human capital are based on our current expectations and are subject to the risk that we may not achieve these objectives.

Statements about future inflation are subject to the risk that actual inflation may differ, possibly materially, due to, among other things, changes in economic growth, unemployment or consumer demand.

Statements about the proposed or pending sales of Asset & Wealth Management historical principal investments are subject to the risks that buyers may not bid on these assets or bid at levels, or with terms, that are unacceptable to us, and that the performance of these activities may deteriorate as a result of the proposed and pending sales.

Statements about the effectiveness of our cybersecurity risk management process are subject to the risk that measures we have implemented to safeguard our systems (and third parties that we interface with) may not be sufficient to prevent a successful cybersecurity attack or a material security breach that results in the disclosure of confidential information or otherwise disrupts our operations.

173						Goldman Sachs September 2025 Form 10-Q