UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to

Commission File Number: 001-14965

The Goldman Sachs Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware	13-4019460
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
200 West Street, New York, NY	10282
(Address of principal executive offices)	(Zip Code)

(212) 902-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Exchange on which registered
Common stock, par value $0.01 per share	GS	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series A	GS PrA	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series C	GS PrC	NYSE
Depositary Shares, Each Representing 1/1,000th Interest in a Share of Floating Rate Non-Cumulative Preferred Stock, Series D	GS PrD	NYSE
5.793% Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital II	GS/43PE	NYSE
Floating Rate Normal Automatic Preferred Enhanced Capital Securities of Goldman Sachs Capital III	GS/43PF	NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due March 2031 of GS Finance Corp.	GS/31B	NYSE
Medium-Term Notes, Series F, Callable Fixed and Floating Rate Notes due May 2031 of GS Finance Corp.	GS/31X	NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

As of April 17, 2026, there were 295,007,421 shares of the registrant’s common stock outstanding.

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026

INDEX

Form 10-Q Item Number	Page No.
PART I
FINANCIAL INFORMATION	1
Item 1
Financial Statements (Unaudited)	1
Consolidated Statements of Earnings	1
Consolidated Statements of Comprehensive Income	1
Consolidated Balance Sheets	2
Consolidated Statements of Changes in Shareholders’ Equity	3
Consolidated Statements of Cash Flows	4
Notes to Consolidated Financial Statements	5
Note 1. Description of Business	5
Note 2. Basis of Presentation	6
Note 3. Significant Accounting Policies	6
Note 4. Fair Value Measurements	12
Note 5. Fair Value Hierarchy	17
Note 6. Trading Assets and Liabilities	31
Note 7. Derivatives and Hedging Activities	32
Note 8. Investments	38
Note 9. Loans	41
Note 10. Fair Value Option	50
Note 11. Collateralized Agreements and Financings	52
Note 12. Other Assets	56
Note 13. Deposits	58
Note 14. Unsecured Borrowings	59
Note 15. Other Liabilities	61
Note 16. Securitization Activities	62
Note 17. Variable Interest Entities	64
Note 18. Commitments, Contingencies and Guarantees	67
Note 19. Shareholders’ Equity	71
Note 20. Regulation and Capital Adequacy	74
Note 21. Earnings Per Common Share	78
Note 22. Transactions with Affiliated Funds	78
Note 23. Interest Income and Interest Expense	79
Note 24. Income Taxes	79
Note 25. Business Segments	80
Note 26. Credit Concentrations	82
Note 27. Legal Proceedings	83

Page No.
Report of Independent Registered Public Accounting Firm	93
Statistical Disclosures	94
Item 2
Management’s Discussion and Analysis of Financial Condition
and Results of Operations	96
Introduction	96
Executive Overview	96
Business Environment	97
Critical Accounting Policy	97
Use of Estimates	98
Recent Accounting Developments	100
Results of Operations	101
Balance Sheet and Funding Sources	115
Capital Management and Regulatory Capital	120
Regulatory and Other Matters	129
Off-Balance Sheet Arrangements	129
Risk Management	130
Overview and Structure of Risk Management	130
Liquidity Risk Management	134
Market Risk Management	141
Credit Risk Management	146
Operational Risk Management	155
Cybersecurity Risk Management	157
Model Risk Management	159
Other Risk Management	160
Available Information	162
Forward-Looking Statements	162
Item 3
Quantitative and Qualitative Disclosures About Market Risk	166
Item 4
Controls and Procedures	166
PART II
OTHER INFORMATION	166
Item 1
Legal Proceedings	166
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds	166
Item 5
Other Information	167
Item 6
Exhibits	167
SIGNATURES	167

Goldman Sachs March 2026 Form 10-Q

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings

(Unaudited)

	Three Months Ended March
in millions, except per share amounts	2026		2025
Revenues
Investment banking	$	2,844	$	1,916
Investment management	3,179		2,759
Commissions and fees	1,326		1,226
Market making	5,461		5,723
Other principal transactions	862		543
Total non-interest revenues	13,672		12,167
Interest income	20,637		19,383
Interest expense	17,082		16,488
Net interest income	3,555		2,895
Total net revenues	17,227		15,062
Provision for credit losses	315		287
Operating expenses
Compensation and benefits	5,412		4,876
Transaction based	2,515		1,850
Market development	186		156
Communications and technology	583		506
Depreciation and amortization	495		506
Occupancy	254		233
Professional fees	379		424
Other expenses	602		577
Total operating expenses	10,426		9,128
Pre-tax earnings	6,486		5,647
Provision for taxes	856		909
Net earnings	5,630		4,738
Preferred stock dividends	227		155
Net earnings applicable to common shareholders	$	5,403	$	4,583
Earnings per common share
Basic	$	17.74	$	14.25
Diluted	$	17.55	$	14.12
Average common shares
Basic	303.8		320.8
Diluted	308.0		324.5

Consolidated Statements of Comprehensive Income

(Unaudited)

	Three Months Ended March
$ in millions	2026		2025
Net earnings	$	5,630	$	4,738
Other comprehensive income/(loss) adjustments, net of tax:
Currency translation	(27)		(35)
Debt valuation adjustment	1,148		232
Pension and postretirement liabilities	1		10
Available-for-sale securities	(753)		420
Cash flow hedges	(21)		6
Other comprehensive income	348		633
Comprehensive income	$	5,978	$	5,371

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

1 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

	As of
	March		December
$ in millions	2026		2025
Assets
Cash and cash equivalents	$	179,530	$	164,259
Collateralized agreements:
Securities purchased under agreements to resell (at fair value)	152,875		126,007
Securities borrowed (includes $61,700 and $51,581 at fair value)	233,083		208,208
Customer and other receivables (includes $325 and $315 at fair value)	209,484		185,842
Trading assets (at fair value and includes $181,306 and $158,641 pledged as collateral)	758,018		656,796
Investments:
Available-for-sale securities (at fair value; amortized cost of $137,897 and $99,116)	137,014		99,244
Held-to-maturity securities	74,889		69,193
Other investments (includes $24,748 and $24,938 at fair value)	25,731		25,825
Loans (net of allowance of $2,345 and $2,148, and includes $4,379 and $4,905 at fair value)	252,849		237,734
Other assets (includes $192 and $180 at fair value)	36,707		36,212
Total assets	$	2,060,180	$	1,809,320
Liabilities and shareholders’ equity
Deposits (includes $92,248 and $76,569 at fair value)	$	561,263	$	501,422
Collateralized financings:
Securities sold under agreements to repurchase (at fair value)	259,452		223,384
Securities loaned (includes $12,586 and $11,995 at fair value)	55,278		53,644
Other secured financings (includes $36,139 and $27,833 at fair value)	36,336		28,021
Customer and other payables	293,039		231,865
Trading liabilities (at fair value)	312,220		262,552
Unsecured short-term borrowings (includes $65,705 and $59,758 at fair value)	80,878		70,459
Unsecured long-term borrowings (includes $125,666 and $112,683 at fair value)	315,426		285,500
Other liabilities (includes $256 and $111 at fair value)	23,506		27,501
Total liabilities	1,937,398		1,684,348
Commitments, contingencies and guarantees
Shareholders’ equity
Preferred stock; aggregate liquidation preference of $13,703 and $15,153	13,703		15,153
Common stock; 935,410,692 and 931,995,446 shares issued, and 294,574,329 and 296,476,742 shares outstanding	9		9
Share-based awards	5,798		5,795
Nonvoting common stock; no shares issued and outstanding	–		–
Additional paid-in capital	61,786		61,906
Retained earnings	169,316		165,288
Accumulated other comprehensive loss	(1,912)		(2,260)
Stock held in treasury, at cost; 640,836,365 and 635,518,706 shares	(125,918)		(120,919)
Total shareholders’ equity	122,782		124,972
Total liabilities and shareholders’ equity	$	2,060,180	$	1,809,320

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

Goldman Sachs March 2026 Form 10-Q 2

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

	Three Months Ended March
$ in millions	2026		2025
Preferred stock
Beginning balance	$	15,153	$	13,253
Issued	–		1,900
Redeemed	(1,450)		–
Ending balance	13,703		15,153
Common stock
Beginning balance	9		9
Issued	–		–
Ending balance	9		9
Share-based awards
Beginning balance	5,795		5,148
Issuance and amortization of share-based awards	2,533		2,426
Delivery of common stock underlying share-based awards	(2,501)		(2,351)
Forfeiture of share-based awards	(29)		(24)
Ending balance	5,798		5,199
Additional paid-in capital
Beginning balance	61,906		61,376
Delivery of common stock underlying share-based awards	2,482		2,313
Cancellation of share-based awards in satisfaction of withholding tax requirements	(2,605)		(1,851)
Preferred stock issuance costs	3		(5)
Other	–		(1)
Ending balance	61,786		61,832
Retained earnings
Beginning balance	165,288		153,412
Net earnings	5,630		4,738
Dividends and dividend equivalents declared on common stock and share-based awards	(1,375)		(976)
Dividends declared on preferred stock	(224)		(155)
Preferred stock redemption premium	(3)		–
Ending balance	169,316		157,019
Accumulated other comprehensive income/(loss)
Beginning balance	(2,260)		(2,702)
Other comprehensive income	348		633
Ending balance	(1,912)		(2,069)
Stock held in treasury, at cost
Beginning balance	(120,919)		(108,500)
Repurchased	(5,000)		(4,360)
Reissued	19		39
Other	(18)		(22)
Ending balance	(125,918)		(112,843)
Total shareholders’ equity	$	122,782	$	124,300

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

3 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March
$ in millions	2026		2025
Cash flows from operating activities
Net earnings	$	5,630	$	4,738
Adjustments to reconcile net earnings to net cash used for operating activities:
Depreciation and amortization	495		506
Deferred income taxes	(47)		154
Share-based compensation	2,530		2,417
Provision for credit losses	315		287
Changes in operating assets and liabilities:
Customer and other receivables and payables, net	36,161		(907)
Collateralized transactions (excluding other secured financings), net	(14,041)		(48,685)
Trading assets	(104,035)		(21,266)
Trading liabilities	48,637		29,640
Loans held for sale, net	(2,008)		(501)
Other, net	(5,505)		(3,613)
Net cash used for operating activities	(31,868)		(37,230)
Cash flows from investing activities
Purchase of property, leasehold improvements and equipment	(565)		(499)
Proceeds from sales of property, leasehold improvements and equipment	63		145
Net cash used for business acquisitions	(359)		–
Available-for-sale securities:
Purchases	(62,327)		(32,532)
Proceeds from sales	24,194		22,889
Proceeds from paydowns and maturities	90		–
Held-to-maturity securities:
Purchases	(9,289)		(4,595)
Proceeds from paydowns and maturities	4,613		4,572
Other investments:
Purchases	(2,605)		(2,280)
Proceeds from sales, paydowns and maturities	2,885		2,523
Loans (excluding loans held for sale), net	(13,007)		(12,970)
Net cash used for investing activities	(56,307)		(22,747)
Cash flows from financing activities
Unsecured short-term borrowings, net	7,232		2,932
Other secured financings (short-term), net	7,234		(3,821)
Proceeds from issuance of other secured financings (long-term)	651		460
Repayment of other secured financings (long-term), including the current portion	(73)		(600)
Proceeds from issuance of unsecured long-term borrowings	58,244		28,594
Repayment of unsecured long-term borrowings, including the current portion	(20,402)		(16,540)
Derivative contracts with a financing element, net	1,239		906
Deposits, net	60,819		36,332
Preferred stock redemption	(1,450)		–
Common stock repurchased	(5,000)		(4,360)
Settlement of share-based awards in satisfaction of withholding tax requirements	(2,605)		(1,851)
Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards	(1,588)		(1,115)
Proceeds from issuance of preferred stock, net of issuance costs	–		1,895
Other financing, net	(7)		(6)
Net cash provided by financing activities	104,294		42,826
Effect of exchange rate changes on cash and cash equivalents	(848)		2,467
Net increase/(decrease) in cash and cash equivalents	15,271		(14,684)
Cash and cash equivalents, beginning balance	164,259		182,092
Cash and cash equivalents, ending balance	$	179,530	$	167,408
Supplemental disclosures:
Cash payments for interest, net of capitalized interest	$	18,027	$	15,954

See Notes 9, 12 and 16 for information about non-cash activities.

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

Goldman Sachs March 2026 Form 10-Q 4

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 1.

Description of Business

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

Beginning with the fourth quarter of 2025, the firm made certain changes to its segments as the firm continued to narrow its strategic focus with respect to consumer-related activities within Platform Solutions. Prior periods are presented on a comparable basis.

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

Global Banking & Markets

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

Asset & Wealth Management

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

Platform Solutions

The firm issues credit cards through a partnership arrangement with Apple Inc. and raises deposits from Apple Card customers. In December 2025, the firm entered into an agreement to transition the Apple Card program to another issuer.

5 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 2.

Basis of Presentation

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

These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. References to “the 2025 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2025. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC.

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

All references to March 2026 and March 2025 refer to the firm’s periods ended, or the dates, as the context requires, March 31, 2026 and March 31, 2025, respectively. All references to December 2025 refer to the date December 31, 2025. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

Note 3.

Significant Accounting Policies

The firm's significant accounting policies are either described below or included in the following footnotes:

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

Goldman Sachs March 2026 Form 10-Q 6

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Consolidation

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

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

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

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

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

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

Use of Estimates

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

Revenue Recognition

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

7 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

Revenues from contracts with clients represent approximately 50% of total non-interest revenues for the three months ended March 2026 (including approximately 95% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees), and approximately 45% of total non-interest revenues for the three months ended March 2025 (including approximately 80% of investment banking revenues, approximately 95% of investment management revenues and all commissions and fees). See Note 25 for information about net revenues by business segment.

Investment Banking

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

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

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

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

Investment Management

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

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

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

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

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

Goldman Sachs March 2026 Form 10-Q 8

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Commissions and Fees

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

Remaining Performance Obligations

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

The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of March 2026, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2034. Annual revenues associated with such performance obligations average less than $400 million through 2034.

Transfers of Financial Assets

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

Cash and Cash Equivalents

The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $7.01 billion as of March 2026 and $6.52 billion as of December 2025. Cash and cash equivalents also included interest-bearing deposits with banks of $172.52 billion as of March 2026 and $157.74 billion as of December 2025.

The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $15.76 billion as of March 2026 and $14.80 billion as of December 2025. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities.

Customer and Other Receivables

Customer and other receivables included receivables from customers and counterparties of $134.04 billion as of March 2026 and $125.00 billion as of December 2025, and receivables from brokers, dealers and clearing organizations of $75.44 billion as of March 2026 and $60.84 billion as of December 2025. Such receivables primarily consist of customer margin loans, collateral posted in connection with certain derivative transactions, and receivables resulting from unsettled transactions.

Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2026 and December 2025. See Notes 4, 5 and 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income.

Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $4.43 billion as of March 2026 and $4.16 billion as of December 2025. As of both March 2026 and December 2025, contract assets were not material.

9 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Customer and Other Payables

Customer and other payables included payables to customers and counterparties of $265.76 billion as of March 2026 and $224.46 billion as of December 2025, and payables to brokers, dealers and clearing organizations of $27.28 billion as of March 2026 and $7.41 billion as of December 2025. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2026 and December 2025. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense.

Offsetting Assets and Liabilities

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

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

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

Share-Based Compensation

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

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

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

Foreign Currency Translation

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

Goldman Sachs March 2026 Form 10-Q 10

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Recent Accounting Developments

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

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

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

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

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

Financial Instruments — Credit Losses: Purchased Loans (ASC 326). In November 2025, the FASB issued ASU No. 2025-08, “Financial Instruments — Credit Losses (Topic 326) — Purchased Loans.” This ASU expands the recognition model currently in place for purchased financial assets with significant credit deterioration to certain purchased seasoned loans. This ASU is effective for the firm beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s financial condition, results of operations or cash flows.

Improvements to Hedge Accounting (ASC 815). In November 2025, the FASB issued ASU No. 2025-09, “Hedge Accounting Improvements.” This ASU better aligns hedge accounting with the entity's risk management activities. This ASU expands on hedge accounting guidance for both financial and nonfinancial risk components and aligns the recognition and presentation of the effects of the hedging instruments and the hedged items in the financial statements. This ASU is effective for the firm beginning in January 2027 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s financial condition, results of operations or cash flows.

11 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 4.

Fair Value Measurements

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

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

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

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

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

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

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

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

	As of
	March			December
$ in millions	2026			2025
Total level 1 financial assets	$	644,652		$	515,386
Total level 2 financial assets	520,910			473,090
Total level 3 financial assets	20,836			20,324
Investments in funds at NAV	1,745			1,739
Counterparty and cash collateral netting	(48,892)			(46,573)
Total financial assets at fair value	$	1,139,251		$	963,966
Total assets	$	2,060,180		$	1,809,320
Total level 3 financial assets divided by:
Total assets	1.0		%	1.1		%
Total financial assets at fair value	1.8		%	2.1		%
Total level 1 financial liabilities	$	174,849		$	140,556
Total level 2 financial liabilities	740,955			648,454
Total level 3 financial liabilities	35,698			32,130
Counterparty and cash collateral netting	(47,230)			(46,255)
Total financial liabilities at fair value	$	904,272		$	774,885
Total liabilities	$	1,937,398		$	1,684,348
Total level 3 financial liabilities divided by:
Total liabilities	1.8		%	1.9%
Total financial liabilities at fair value	3.9		%	4.1%

In the table above:

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

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

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

	As of
	March		December
$ in millions	2026		2025
Trading assets:
Trading cash instruments	$	1,205	$	904
Derivatives	4,499		4,283
Investments	14,349		14,411
Loans	591		546
Other assets	192		180
Total	$	20,836	$	20,324

Level 3 financial assets as of March 2026 increased slightly compared with December 2025, reflecting an increase in level 3 trading cash instruments and derivatives. See Note 5 for further information about level 3 financial assets (including information about unrealized gains and losses related to level 3 financial assets and transfers into and out of level 3).

Goldman Sachs March 2026 Form 10-Q 12

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

Loans and Securities Backed by Commercial Real Estate

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

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

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

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

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

Loans and Securities Backed by Residential Real Estate

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

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

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

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

13 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Corporate Debt Instruments

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

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

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

•Duration; and

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

Equity Securities

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

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

•Transactions in similar instruments;

•Discounted cash flow techniques; and

•Third-party appraisals.

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

•Market and transaction multiples;

•Discount rates and capitalization rates; and

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

Other Trading Cash Instruments, Investments and Loans

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

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

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

•Duration.

Valuation Techniques and Significant Inputs for Derivatives

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

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

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

Goldman Sachs March 2026 Form 10-Q 14

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

15 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

Goldman Sachs March 2026 Form 10-Q 16

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 5.

Fair Value Hierarchy

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

Trading Cash Instruments

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

$ in millions	Level 1		Level 2		Level 3		Total
As of March 2026
Assets
Government and agency obligations:
U.S.	$	187,135	$	58,931	$	–	$	246,066
Non-U.S.	102,380		37,537		34		139,951
Loans and securities backed by:
Commercial real estate	–		1,366		82		1,448
Residential real estate	–		10,786		85		10,871
Corporate debt instruments	100		60,614		736		61,450
State and municipal obligations	–		573		–		573
Other debt obligations	102		8,224		92		8,418
Equity securities	220,346		1,728		176		222,250
Commodities	–		2,939		–		2,939
Total	$	510,063	$	182,698	$	1,205	$	693,966
Liabilities
Government and agency obligations:
U.S.	$	(35,040)	$	(20)	$	–	$	(35,060)
Non-U.S.	(63,331)		(5,547)		(3)		(68,881)
Loans and securities backed by:
Commercial real estate	–		(34)		–		(34)
Residential real estate	–		(35)		–		(35)
Corporate debt instruments	(1)		(41,032)		(47)		(41,080)
Other debt obligations	–		(32)		–		(32)
Equity securities	(76,475)		(18)		(9)		(76,502)
Commodities	–		(396)		–		(396)
Total	$	(174,847)	$	(47,114)	$	(59)	$	(222,020)
As of December 2025
Assets
Government and agency obligations:
U.S.	$	158,405	$	73,208	$	–	$	231,613
Non-U.S.	67,538		36,349		11		103,898
Loans and securities backed by:
Commercial real estate	–		1,659		63		1,722
Residential real estate	–		12,684		92		12,776
Corporate debt instruments	213		50,521		484		51,218
State and municipal obligations	–		377		2		379
Other debt obligations	1,526		3,534		90		5,150
Equity securities	189,231		1,593		162		190,986
Commodities	–		6,101		–		6,101
Total	$	416,913	$	186,026	$	904	$	603,843
Liabilities
Government and agency obligations:
U.S.	$	(23,172)	$	(15)	$	–	$	(23,187)
Non-U.S.	(49,628)		(4,014)		(3)		(53,645)
Loans and securities backed by:
Commercial real estate	–		(41)		–		(41)
Residential real estate	–		(18)		–		(18)
Corporate debt instruments	(307)		(32,597)		(101)		(33,005)
Other debt obligations	–		(133)		–		(133)
Equity securities	(67,429)		(2)		(15)		(67,446)
Commodities	–		(672)		–		(672)
Total	$	(140,536)	$	(37,492)	$	(119)	$	(178,147)

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

In the table above:

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

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

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

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

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

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

	As of March 2026				As of December 2025
$ in millions	Amount or Range		Weighted Average		Amount or Range		Weighted Average
Loans and securities backed by real estate
Level 3 assets	$	167			$	155
Yield	3.3% to 43.1%		10.0	%	3.1% to 45.1%		10.6	%
Recovery rate	22.3% to 93.0%		84.7	%	22.3% to 62.5%		36.5	%
Duration (years)	0.4 to 17.5		3.7		0.3 to 9.0		3.4
Corporate debt instruments
Level 3 assets	$	736			$	484
Yield	2.3% to 27.6%		16.1	%	2.1% to 18.0%		8.0	%
Recovery rate	4.1% to 69.2%		38.8	%	4.1% to 72.0%		32.3	%
Duration (years)	2.5 to 4.6		3.1		2.3 to 14.7		3.9
Other
Level 3 assets	$	302			$	265
Yield	9.8% to 24.8%		17.3	%	8.4% to 30.0%		17.5	%
Duration (years)	0.2 to 6.8		2.7		0.2 to 8.7		2.6

17 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

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

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

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

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

•Increases in yield or duration used in the valuation of level 3 trading cash instruments would have resulted in a lower fair value measurement, while an increase in recovery rate would have resulted in a higher fair value measurement as of both March 2026 and December 2025. Due to the distinctive nature of each level 3 trading cash instrument, the interrelationship of inputs is not necessarily uniform within each product type.

•Trading cash instruments are valued using discounted cash flows.

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

	Three Months Ended March
$ in millions	2026		2025
Assets
Beginning balance	$	904	$	1,213
Net realized gains/(losses)	38		32
Net unrealized gains/(losses)	(62)		(12)
Purchases	202		273
Sales	(86)		(222)
Settlements	(82)		(312)
Transfers into level 3	420		179
Transfers out of level 3	(129)		(137)
Ending balance	$	1,205	$	1,014
Liabilities
Beginning balance	$	(119)	$	(75)
Net unrealized gains/(losses)	3		(10)
Purchases	28		23
Sales	(17)		(77)
Settlements	26		(1)
Transfers into level 3	(9)		(7)
Transfers out of level 3	29		14
Ending balance	$	(59)	$	(133)

In the table above:

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

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

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

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

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

Goldman Sachs March 2026 Form 10-Q 18

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Three Months Ended March
$ in millions	2026		2025
Loans and securities backed by real estate
Beginning balance	$	155	$	95
Net realized gains/(losses)	1		1
Net unrealized gains/(losses)	–		1
Purchases	3		1
Sales	–		(2)
Settlements	(16)		(3)
Transfers into level 3	28		8
Transfers out of level 3	(4)		(33)
Ending balance	$	167	$	68
Corporate debt instruments
Beginning balance	$	484	$	728
Net realized gains/(losses)	28		26
Net unrealized gains/(losses)	(52)		(11)
Purchases	152		206
Sales	(72)		(111)
Settlements	(53)		(295)
Transfers into level 3	360		152
Transfers out of level 3	(111)		(74)
Ending balance	$	736	$	621
Other
Beginning balance	$	265	$	390
Net realized gains/(losses)	9		5
Net unrealized gains/(losses)	(10)		(2)
Purchases	47		66
Sales	(14)		(109)
Settlements	(13)		(14)
Transfers into level 3	32		19
Transfers out of level 3	(14)		(30)
Ending balance	$	302	$	325

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

Level 3 Rollforward Commentary for the Three Months Ended March 2026. The net realized and unrealized losses on level 3 trading cash instrument assets of $24 million (reflecting $38 million of net realized gains and $62 million of net unrealized losses) for the three months ended March 2026 included gains/(losses) of $(64) million reported in market making and $40 million reported in interest income.

The drivers of the net unrealized losses on level 3 trading cash instrument assets for the three months ended March 2026 were not material.

Transfers into level 3 trading cash instrument assets during the three months ended March 2026 primarily reflected transfers of certain corporate debt instruments from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments).

Transfers out of level 3 trading cash instrument assets during the three months ended March 2026 primarily reflected transfers of certain corporate debt instruments to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments).

Level 3 Rollforward Commentary for the Three Months Ended March 2025. The net realized and unrealized gains on level 3 trading cash instrument assets of $20 million (reflecting $32 million of net realized gains and $12 million of net unrealized losses) for the three months ended March 2025 included gains/(losses) of $(3) million reported in market making and $23 million reported in interest income.

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

Transfers into level 3 trading cash instrument assets during the three months ended March 2025 primarily reflected transfers of certain corporate debt instruments from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments).

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

19 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Derivatives

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

$ in millions	Level 1		Level 2		Level 3		Total
As of March 2026
Assets
Interest rates	$	–	$	166,045	$	773	$	166,818
Credit	–		14,327		2,391		16,718
Currencies	–		95,777		245		96,022
Commodities	–		23,745		910		24,655
Equities	5		107,309		1,063		108,377
Gross fair value	5		407,203		5,382		412,590
Counterparty netting in levels	–		(298,763)		(883)		(299,646)
Subtotal	$	5	$	108,440	$	4,499	$	112,944
Cross-level counterparty netting							(886)
Cash collateral netting							(48,006)
Net fair value							$	64,052
Liabilities
Interest rates	$	–	$	(127,612)	$	(952)	$	(128,564)
Credit	–		(15,798)		(905)		(16,703)
Currencies	–		(95,665)		(161)		(95,826)
Commodities	–		(24,678)		(366)		(25,044)
Equities	(2)		(166,391)		(4,546)		(170,939)
Gross fair value	(2)		(430,144)		(6,930)		(437,076)
Counterparty netting in levels	–		298,763		883		299,646
Subtotal	$	(2)	$	(131,381)	$	(6,047)	$	(137,430)
Cross-level counterparty netting							886
Cash collateral netting							46,344
Net fair value							$	(90,200)
As of December 2025
Assets
Interest rates	$	6	$	161,089	$	618	$	161,713
Credit	–		11,305		2,470		13,775
Currencies	–		79,714		80		79,794
Commodities	–		16,151		949		17,100
Equities	5		86,643		1,050		87,698
Gross fair value	11		354,902		5,167		360,080
Counterparty netting in levels	–		(259,670)		(884)		(260,554)
Subtotal	$	11	$	95,232	$	4,283	$	99,526
Cross-level counterparty netting							(621)
Cash collateral netting							(45,952)
Net fair value							$	52,953
Liabilities
Interest rates	$	(11)	$	(121,455)	$	(722)	$	(122,188)
Credit	–		(13,296)		(839)		(14,135)
Currencies	–		(83,756)		(58)		(83,814)
Commodities	–		(19,302)		(214)		(19,516)
Equities	(9)		(147,803)		(3,749)		(151,561)
Gross fair value	(20)		(385,612)		(5,582)		(391,214)
Counterparty netting in levels	–		259,670		884		260,554
Subtotal	$	(20)	$	(125,942)	$	(4,698)	$	(130,660)
Cross-level counterparty netting							621
Cash collateral netting							45,634
Net fair value							$	(84,405)

In the table above:

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

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

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

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

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

	As of March 2026			As of December 2025
$ in millions, except inputs	Amount or Range		Average/ Median	Amount or Range		Average/ Median
Interest rates, net	$	(179)		$	(104)
Correlation	(10)% to 90%		33%/25%	(10)% to 95%		34%/25%
Volatility (bps)	31 to 151		69/57	31 to 151		69/57
Credit, net	$	1,486		$	1,631
Credit spreads (bps)	16 to 1,400		146/120	9 to 1,065		135/106
Upfront credit points	(2) to 100		16/9	0 to 100		19/10
Recovery rates	40% to 41%		40%/40%	25% to 60%		43%/40%
Currencies, net	$	84		$	22
Correlation	0% to 70%		29%/3%	0% to 70%		21%/3%
Volatility	17% to 17%		17%/17%	17% to 18%		17%/17%
Commodities, net	$	544		$	735
Volatility	19% to 127%		49%/43%	20% to 101%		35%/30%
Natural gas spread	$(7.11) to $5.36		$(0.31)/$(0.24)	$(4.27) to $2.19		$(0.40)/ $(0.33)
Electricity price	$3.10 to $443.79		$51.95/$33.55	$2.98 to $489.82		$57.43/ $35.57
Equities, net	$	(3,483)		$	(2,699)
Correlation	(70)% to 99%		59%/61%	(70)% to 100%		58%/60%
Volatility	3% to 135%		18%/8%	2% to 102%		14%/9%

In the table above:

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

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

Goldman Sachs March 2026 Form 10-Q 20

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Three Months Ended March
$ in millions	2026		2025
Total level 3 derivatives, net
Beginning balance	$	(415)	$	825
Net realized gains/(losses)	(92)		15
Net unrealized gains/(losses)	(851)		612
Purchases	160		88
Sales	(424)		(491)
Settlements	66		114
Transfers into level 3	(37)		4
Transfers out of level 3	45		(12)
Ending balance	$	(1,548)	$	1,155

In the table above:

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

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

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

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

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

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

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

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

	Three Months Ended March
$ in millions	2026		2025
Interest rates, net
Beginning balance	$	(104)	$	(112)
Net realized gains/(losses)	(9)		49
Net unrealized gains/(losses)	(121)		286
Purchases	26		–
Sales	(52)		(83)
Settlements	35		30
Transfers into level 3	21		(98)
Transfers out of level 3	25		(1)
Ending balance	$	(179)	$	71
Credit, net
Beginning balance	$	1,631	$	1,218
Net realized gains/(losses)	(23)		(35)
Net unrealized gains/(losses)	29		65
Purchases	14		32
Sales	(15)		(19)
Settlements	(146)		(64)
Transfers into level 3	36		155
Transfers out of level 3	(40)		7
Ending balance	$	1,486	$	1,359
Currencies, net
Beginning balance	$	22	$	47
Net realized gains/(losses)	2		(16)
Net unrealized gains/(losses)	100		25
Purchases	14		22
Sales	(27)		(3)
Settlements	11		49
Transfers into level 3	(30)		(6)
Transfers out of level 3	(8)		(1)
Ending balance	$	84	$	117
Commodities, net
Beginning balance	$	735	$	778
Net realized gains/(losses)	(22)		(11)
Net unrealized gains/(losses)	(129)		119
Purchases	24		–
Sales	(20)		(12)
Settlements	(20)		11
Transfers into level 3	6		(23)
Transfers out of level 3	(30)		(51)
Ending balance	$	544	$	811
Equities, net
Beginning balance	$	(2,699)	$	(1,106)
Net realized gains/(losses)	(40)		28
Net unrealized gains/(losses)	(730)		117
Purchases	82		34
Sales	(310)		(374)
Settlements	186		88
Transfers into level 3	(70)		(24)
Transfers out of level 3	98		34
Ending balance	$	(3,483)	$	(1,203)

Goldman Sachs March 2026 Form 10-Q 22

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Level 3 Rollforward Commentary for the Three Months Ended March 2026. The net realized and unrealized losses on level 3 derivatives of $943 million (reflecting $92 million of net realized losses and $851 million of net unrealized losses) for the three months ended March 2026 included losses of $930 million reported in market making and $13 million reported in other principal transactions.

The net unrealized losses on level 3 derivatives for the three months ended March 2026 reflected losses on certain equity derivatives (principally due to the impact of changes in equity prices), losses on certain commodity derivatives (principally due to the impact of changes in commodity prices), losses on certain interest rate derivatives (principally due to an increase in interest rates), partially offset by gains on certain currency derivatives (principally due to the impact of changes in foreign exchange rates).

The drivers of both transfers into and transfers out of level 3 derivatives during the three months ended March 2026 were not material.

Level 3 Rollforward Commentary for the Three Months Ended March 2025. The net realized and unrealized gains on level 3 derivatives of $627 million (reflecting $15 million of net realized gains and $612 million of net unrealized gains) for the three months ended March 2025 included gains of $623 million reported in market making and $4 million reported in other principal transactions.

The net unrealized gains on level 3 derivatives for the three months ended March 2025 primarily reflected gains on certain interest rate derivatives (principally due to a decrease in interest rates), gains on certain commodity derivatives (principally due to an increase in commodity prices) and gains on certain equity derivatives (principally due to a decrease in equity prices).

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

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

Investments

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

$ in millions	Level 1		Level 2		Level 3		Total
As of March 2026
Government and agency obligations:
U.S.	$	123,315	$	3,171	$	–	$	126,486
Non-U.S.	10,528		4		–		10,532
Corporate debt securities	135		1,828		4,597		6,560
Securities backed by real estate	–		5		309		314
Money market instruments	78		2,047		–		2,125
Other debt obligations	4		–		294		298
Equity securities	524		4,029		9,149		13,702
Subtotal	$	134,584	$	11,084	$	14,349	$	160,017
Investments in funds at NAV							1,745
Total investments							$	161,762
As of December 2025
Government and agency obligations:
U.S.	$	90,582	$	1,467	$	–	$	92,049
Non-U.S.	7,195		4		–		7,199
Corporate debt securities	139		2,621		4,279		7,039
Securities backed by real estate	–		6		306		312
Money market instruments	78		2,255		–		2,333
Other debt obligations	9		–		345		354
Equity securities	459		3,217		9,481		13,157
Subtotal	$	98,462	$	9,570	$	14,411	$	122,443
Investments in funds at NAV							1,739
Total investments							$	124,182

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

23 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	As of March 2026				As of December 2025
$ in millions	Amount or Range		Weighted  Average		Amount or Range		Weighted  Average
Corporate debt securities
Level 3 assets	$	4,597			$	4,279
Yield	7.0% to 21.7%		10.8	%	6.8% to 19.1%		10.9	%
Recovery rate	41.0% to 93.8%		58.3	%	20.0% to 65.0%		57.4	%
Duration (years)	1.0 to 7.0		3.6		0.7 to 6.5		3.6
Multiples	1.3x to 27.0x		6.3x		0.8x to 43.0x		7.0x
Securities backed by real estate
Level 3 assets	$	309			$	306
Yield	8.7% to 34.0%		14.7	%	8.9% to 30.8%		13.3	%
Duration (years)	0.2 to 1.8		1.7		0.2 to 2.0		2.0
Other debt obligations
Level 3 assets	$	294			$	345
Yield	5.4% to 7.1%		6.6	%	4.4% to 7.6%		6.9	%
Equity securities
Level 3 assets	$	9,149			$	9,481
Multiples	0.4x to 25.0x		8.4x		0.4x to 25.0x		8.6x
Discount rate/yield	6.0% to 60.0%		13.5	%	6.0% to 42.0%		12.3	%
Capitalization rate	3.4% to 11.5%		5.5	%	4.4% to 11.5%		5.5	%

In the table above:

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

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

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

•Increases in yield, discount rate, capitalization rate or duration used in the valuation of level 3 investments would have resulted in a lower fair value measurement, while increases in recovery rate or multiples would have resulted in a higher fair value measurement as of both March 2026 and December 2025. Due to the distinctive nature of each level 3 investment, the interrelationship of inputs is not necessarily uniform within each product type.

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

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

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

	Three Months Ended March
$ in millions	2026		2025
Beginning balance	$	14,411	$	14,142
Net realized gains/(losses)	79		86
Net unrealized gains/(losses)	(159)		(71)
Purchases	147		274
Sales	(118)		(119)
Settlements	(473)		(242)
Transfers into level 3	794		723
Transfers out of level 3	(332)		(244)
Ending balance	$	14,349	$	14,549

In the table above:

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

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

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

Goldman Sachs March 2026 Form 10-Q 24

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Three Months Ended March
$ in millions	2026		2025
Corporate debt securities
Beginning balance	$	4,279	$	4,510
Net realized gains/(losses)	53		56
Net unrealized gains/(losses)	(51)		(5)
Purchases	48		108
Sales	(30)		(33)
Settlements	(184)		(139)
Transfers into level 3	625		362
Transfers out of level 3	(143)		(163)
Ending balance	$	4,597	$	4,696
Securities backed by real estate
Beginning balance	$	306	$	562
Net realized gains/(losses)	2		–
Net unrealized gains/(losses)	(1)		(8)
Purchases	4		6
Settlements	(2)		(3)
Transfers out of level 3	–		(25)
Ending balance	$	309	$	532
Other debt obligations
Beginning balance	$	345	$	328
Net unrealized gains/(losses)	4		2
Purchases	4		32
Settlements	(59)		(6)
Ending balance	$	294	$	356
Equity securities
Beginning balance	$	9,481	$	8,742
Net realized gains/(losses)	24		30
Net unrealized gains/(losses)	(111)		(60)
Purchases	91		128
Sales	(88)		(86)
Settlements	(228)		(94)
Transfers into level 3	169		361
Transfers out of level 3	(189)		(56)
Ending balance	$	9,149	$	8,965

Level 3 Rollforward Commentary for the Three Months Ended March 2026. The net realized and unrealized losses on level 3 investments of $80 million (reflecting $79 million of net realized gains and $159 million of net unrealized losses) for the three months ended March 2026 included gains/(losses) of $(156) million reported in other principal transactions and $76 million reported in interest income.

The net unrealized losses on level 3 investments for the three months ended March 2026 primarily reflected losses on certain equity securities (principally driven by corporate performance).

Transfers into level 3 investments during the three months ended March 2026 reflected transfers of certain corporate debt securities from level 2 (principally due to certain unobservable yield inputs becoming significant to the valuation of these instruments) and transfers of certain equity securities from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments).

Transfers out of level 3 investments during the three months ended March 2026 reflected transfers of certain equity securities to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments) and transfers of certain corporate debt securities to level 2 (principally due to certain unobservable yield inputs no longer being significant to the valuation of these instruments).

Level 3 Rollforward Commentary for the Three Months Ended March 2025. The net realized and unrealized gains on level 3 investments of $15 million (reflecting $86 million of net realized gains and $71 million of net unrealized losses) for the three months ended March 2025 included gains/(losses) of $(66) million reported in other principal transactions and $81 million reported in interest income.

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

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

Transfers out of level 3 investments during the three months ended March 2025 primarily reflected transfers of certain corporate debt securities to level 2 (principally due to certain unobservable yield inputs no longer being significant to the valuation of these instruments).

25 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Loans

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

$ in millions	Level 1		Level 2		Level 3		Total
As of March 2026
Loan Type
Corporate	$	–	$	17	$	325	$	342
Real estate:
Commercial	–		353		64		417
Residential	–		3,033		33		3,066
Other collateralized	–		374		137		511
Other	–		11		32		43
Total	$	–	$	3,788	$	591	$	4,379
As of December 2025
Loan Type
Corporate	$	–	$	36	$	290	$	326
Real estate:
Commercial	–		356		64		420
Residential	–		3,222		35		3,257
Other collateralized	–		717		138		855
Other	–		28		19		47
Total	$	–	$	4,359	$	546	$	4,905

The gains/(losses) as a result of changes in the fair value of loans held for investment for which the fair value option was elected were not material for both the three months ended March 2026 and March 2025. These gains/(losses) were included in other principal transactions.

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

	As of March 2026				As of December 2025
$ in millions	Amount or Range		Weighted  Average		Amount or Range		Weighted  Average
Corporate
Level 3 assets	$	325			$	290
Yield	6.1% to 21.4%		11.3	%	6.4% to 19.9%		18.0	%
Recovery rate	32.1% to 94.9%		61.6	%	32.5% to 94.9%		65.4	%
Duration (years)	2.9 to 4.1		3.1		3.1 to 4.4		3.3
Real estate
Level 3 assets	$	97			$	99
Recovery rate	69.0% to 99.2%		74.6	%	69.0% to 99.2%		76.1	%
Other collateralized
Level 3 assets	$	137			$	138
Yield	5.8% to 6.3%		5.8	%	5.7% to 6.3%		5.7	%

Level 3 other loans were not material as of both March 2026 and December 2025, and therefore, are not included in the table above.

In the table above:

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

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

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

•Increases in yield or duration used in the valuation of level 3 loans would have resulted in a lower fair value measurement, while increases in recovery rate would have resulted in a higher fair value measurement as of both March 2026 and December 2025. Due to the distinctive nature of each level 3 loan, the interrelationship of inputs is not necessarily uniform within each product type.

•Loans are valued using discounted cash flows.

Goldman Sachs March 2026 Form 10-Q 26

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Three Months Ended March
$ in millions	2026		2025
Beginning balance	$	546	$	683
Net realized gains/(losses)	5		14
Net unrealized gains/(losses)	(8)		–
Purchases	46		11
Sales	–		(4)
Settlements	(14)		(45)
Transfers into level 3	35		–
Transfers out of level 3	(19)		(1)
Ending balance	$	591	$	658

In the table above:

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

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

•Purchases includes originations and secondary purchases.

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

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

	Three Months Ended March
$ in millions	2026		2025
Corporate
Beginning balance	$	290	$	403
Net realized gains/(losses)	1		7
Net unrealized gains/(losses)	(5)		–
Purchases	46		10
Settlements	(7)		(17)
Transfers out of level 3	–		(1)
Ending balance	$	325	$	402
Real estate
Beginning balance	$	99	$	117
Net realized gains/(losses)	2		4
Net unrealized gains/(losses)	–		–
Sales	–		(3)
Settlements	(4)		(7)
Ending balance	$	97	$	111
Other collateralized
Beginning balance	$	138	$	135
Net realized gains/(losses)	1		–
Net unrealized gains/(losses)	–		2
Purchases	–		1
Settlements	(2)		(18)
Ending balance	$	137	$	120
Other
Beginning balance	$	19	$	28
Net realized gains/(losses)	1		3
Net unrealized gains/(losses)	(3)		(2)
Sales	–		(1)
Settlements	(1)		(3)
Transfers into level 3	35		–
Transfers out of level 3	(19)		–
Ending balance	$	32	$	25

27 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Level 3 Rollforward Commentary for the Three Months Ended March 2026. The net realized and unrealized losses on level 3 loans of $3 million (reflecting $5 million of net realized gains and $8 million of net unrealized losses) for the three months ended March 2026 included gains/(losses) of $(6) million reported in other principal transactions and $3 million reported in interest income.

The drivers of the net unrealized losses on level 3 loans for the three months ended March 2026 were not material.

The drivers of both transfers into and transfers out of level 3 loans during the three months ended March 2026 were not material.

Level 3 Rollforward Commentary for the Three Months Ended March 2025. The net realized and unrealized gains on level 3 loans of $14 million (reflecting $14 million of net realized gains) for the three months ended March 2025 included gains of $7 million reported in other principal transactions and $7 million reported in interest income.

There were no net unrealized gains/(losses) on level 3 loans for the three months ended March 2025.

There were no transfers into level 3 loans during the three months ended March 2025.

Transfers out of level 3 loans during the three months ended March 2025 were not material.

Other Financial Assets and Liabilities

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

$ in millions	Level 1		Level 2		Level 3		Total
As of March 2026
Assets
Resale agreements	$	–	$	152,875	$	–	$	152,875
Securities borrowed	–		61,700		–		61,700
Customer and other receivables	–		325		–		325
Other assets	–		–		192		192
Total	$	–	$	214,900	$	192	$	215,092
Liabilities
Deposits	$	–	$	(89,186)	$	(3,062)	$	(92,248)
Repurchase agreements	–		(259,452)		–		(259,452)
Securities loaned	–		(12,586)		–		(12,586)
Other secured financings	–		(35,058)		(1,081)		(36,139)
Unsecured borrowings:
Short-term	–		(57,422)		(8,283)		(65,705)
Long-term	–		(108,611)		(17,055)		(125,666)
Other liabilities	–		(145)		(111)		(256)
Total	$	–	$	(562,460)	$	(29,592)	$	(592,052)
As of December 2025
Assets
Resale agreements	$	–	$	126,007	$	–	$	126,007
Securities borrowed	–		51,581		–		51,581
Customer and other receivables	–		315		–		315
Other assets	–		–		180		180
Total	$	–	$	177,903	$	180	$	178,083
Liabilities
Deposits	$	–	$	(73,344)	$	(3,225)	$	(76,569)
Repurchase agreements	–		(223,384)		–		(223,384)
Securities loaned	–		(11,995)		–		(11,995)
Other secured financings	–		(27,340)		(493)		(27,833)
Unsecured borrowings:
Short-term	–		(52,093)		(7,665)		(59,758)
Long-term	–		(96,858)		(15,825)		(112,683)
Other liabilities	–		(6)		(105)		(111)
Total	$	–	$	(485,020)	$	(27,313)	$	(512,333)

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

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

Goldman Sachs March 2026 Form 10-Q 28

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Significant Unobservable Inputs. See below for information about the significant unobservable inputs used to value level 3 other financial assets and liabilities at fair value as of both March 2026 and December 2025.

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

As of March 2026:

•Yield: 8.3% to 12.5% (weighted average: 9.7%)

•Duration: 2.5 to 3.4 years (weighted average: 3.0 years)

•Volatility: 7.3% to 9.1% (weighted average: 9.1%)

As of December 2025:

•Yield: 2.2% to 14.2% (weighted average: 10.0%)

•Duration: 2.7 to 3.6 years (weighted average: 3.2 years)

•Volatility: 6.4% to 7.3% (weighted average: 7.3%)

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

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

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

	Three Months Ended March
$ in millions	2026		2025
Assets
Beginning balance	$	180	$	194
Net unrealized gains/(losses)	12		2
Ending balance	$	192	$	196
Liabilities
Beginning balance	$	(27,313)	$	(22,345)
Net realized gains/(losses)	(306)		(85)
Net unrealized gains/(losses)	1,490		(59)
Issuances	(8,976)		(4,891)
Settlements	4,757		2,454
Transfers into level 3	(1,113)		(982)
Transfers out of level 3	1,869		4,132
Ending balance	$	(29,592)	$	(21,776)

In the table above:

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

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

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

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

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

29 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Three Months Ended March
$ in millions	2026		2025
Deposits
Beginning balance	$	(3,225)	$	(3,045)
Net unrealized gains/(losses)	1		(18)
Issuances	(566)		(279)
Settlements	586		249
Transfers into level 3	(8)		(69)
Transfers out of level 3	150		107
Ending balance	$	(3,062)	$	(3,055)
Other secured financings
Beginning balance	$	(493)	$	(551)
Net unrealized gains/(losses)	4		(4)
Issuances	(603)		(10)
Settlements	7		114
Transfers into level 3	(1)		(56)
Transfers out of level 3	5		–
Ending balance	$	(1,081)	$	(507)
Unsecured short-term borrowings
Beginning balance	$	(7,665)	$	(5,294)
Net realized gains/(losses)	(51)		(28)
Net unrealized gains/(losses)	533		72
Issuances	(3,699)		(1,944)
Settlements	2,310		1,286
Transfers into level 3	(680)		(459)
Transfers out of level 3	969		739
Ending balance	$	(8,283)	$	(5,628)
Unsecured long-term borrowings
Beginning balance	$	(15,825)	$	(13,379)
Net realized gains/(losses)	(255)		(57)
Net unrealized gains/(losses)	947		(106)
Issuances	(4,097)		(2,658)
Settlements	1,854		805
Transfers into level 3	(424)		(398)
Transfers out of level 3	745		3,286
Ending balance	$	(17,055)	$	(12,507)
Other liabilities
Beginning balance	$	(105)	$	(76)
Net unrealized gains/(losses)	5		(3)
Issuances	(11)		–
Ending balance	$	(111)	$	(79)

Level 3 Rollforward Commentary for the Three Months Ended March 2026. The net realized and unrealized gains on level 3 other financial liabilities of $1.18 billion (reflecting $306 million of net realized losses and $1.49 billion of net unrealized gains) for the three months ended March 2026 included gains/(losses) of $835 million reported in market making, $82 million reported in other principal transactions and $(1) million reported in interest expense in the consolidated statements of earnings, and $268 million reported in debt valuation adjustment in the consolidated statements of comprehensive income.

The net unrealized gains on level 3 other financial liabilities for the three months ended March 2026 primarily reflected gains on certain hybrid financial instruments included in unsecured long- and short-term borrowings (principally due to the impact of decreases in equity prices, increases in interest rates and wider credit spreads).

Transfers into level 3 other financial liabilities during the three months ended March 2026 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings from level 2 (principally due to reduced transparency of certain volatility inputs used to value these instruments).

Transfers out of level 3 other financial liabilities during the three months ended March 2026 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings and deposits to level 2 (in each case, principally due to increased transparency of certain volatility inputs used to value these instruments).

Level 3 Rollforward Commentary for the Three Months Ended March 2025. The net realized and unrealized losses on level 3 other financial liabilities of $144 million (reflecting $85 million of net realized losses and $59 million of net unrealized losses) for the three months ended March 2025 included gains/(losses) of $(169) million reported in market making, $(20) million reported in other principal transactions and $(1) million reported in interest expense in the consolidated statements of earnings, and $46 million reported in debt valuation adjustment in the consolidated statements of comprehensive income.

The net unrealized losses on level 3 other financial liabilities for the three months ended March 2025 primarily reflected losses on certain hybrid financial instruments included in unsecured long-term borrowings (principally due to a decrease in interest rates), partially offset by gains on certain hybrid financial instruments included in unsecured short-term borrowings (principally due to a decrease in equity prices).

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

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

Goldman Sachs March 2026 Form 10-Q 30

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 6.

Trading Assets and Liabilities

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

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

	Trading		Trading
$ in millions	Assets		Liabilities
As of March 2026
Trading cash instruments	$	693,966	$	222,020
Derivatives	64,052		90,200
Total	$	758,018	$	312,220
As of December 2025
Trading cash instruments	$	603,843	$	178,147
Derivatives	52,953		84,405
Total	$	656,796	$	262,552

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

Gains and Losses from Market Making

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

	Three Months Ended March
$ in millions	2026		2025
Interest rates	$	(2,505)	$	4,410
Credit	782		118
Currencies	1,923		(2,472)
Equities	3,788		2,942
Commodities	1,473		725
Total	$	5,461	$	5,723

In the table above:

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

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

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

31 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 7.

Derivatives and Hedging Activities

Derivative Activities

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

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

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

The firm enters into various types of derivatives, including:

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

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

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

Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting). Derivatives are accounted for at fair value, net of cash collateral received or posted under enforceable credit support agreements (cash collateral netting). Derivative assets are included in trading assets and derivative liabilities are included in trading liabilities. Realized and unrealized gains and losses on derivatives not designated as hedges are included in market making (for derivatives included in Fixed Income, Currency and Commodities (FICC) and Equities within Global Banking & Markets), and other principal transactions (for derivatives included in Investment banking fees and Other within Global Banking & Markets, as well as derivatives in Asset & Wealth Management) in the consolidated statements of earnings. For both the three months ended March 2026 and March 2025, substantially all of the firm’s derivatives were included in Global Banking & Markets.

Goldman Sachs March 2026 Form 10-Q 32

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Fair Value as of
	March				December
	2026				2025
$ in millions	Derivative  Assets		Derivative  Liabilities		Derivative  Assets		Derivative  Liabilities
Not accounted for as hedges
Exchange-traded	$	2,215	$	1,680	$	2,976	$	1,217
OTC-cleared	11,467		11,654		4,961		4,854
Bilateral OTC	152,947		115,138		153,595		116,061
Total interest rates	166,629		128,472		161,532		122,132
OTC-cleared	4,843		5,091		2,684		2,973
Bilateral OTC	11,875		11,612		11,091		11,162
Total credit	16,718		16,703		13,775		14,135
Exchange-traded	120		25		126		14
OTC-cleared	2,230		2,422		1,210		1,064
Bilateral OTC	93,400		93,309		78,403		82,468
Total currencies	95,750		95,756		79,739		83,546
Exchange-traded	7,977		8,252		8,597		8,788
OTC-cleared	443		462		640		804
Bilateral OTC	16,235		16,330		7,863		9,924
Total commodities	24,655		25,044		17,100		19,516
Exchange-traded	56,617		93,687		53,564		91,084
OTC-cleared	152		191		33		55
Bilateral OTC	51,608		77,061		34,101		60,422
Total equities	108,377		170,939		87,698		151,561
Subtotal	412,129		436,914		359,844		390,890
Accounted for as hedges
OTC-cleared	35		84		17		49
Bilateral OTC	154		8		164		7
Total interest rates	189		92		181		56
OTC-cleared	19		60		30		5
Bilateral OTC	253		10		25		263
Total currencies	272		70		55		268
Subtotal	461		162		236		324
Total gross fair value	$	412,590	$	437,076	$	360,080	$	391,214
Offset in the consolidated balance sheets
Exchange-traded	$	(59,904)	$	(59,904)	$	(58,701)	$	(58,701)
OTC-cleared	(18,310)		(18,310)		(8,925)		(8,925)
Bilateral OTC	(222,318)		(222,318)		(193,549)		(193,549)
Counterparty netting	(300,532)		(300,532)		(261,175)		(261,175)
OTC-cleared	(88)		(438)		(109)		(424)
Bilateral OTC	(47,918)		(45,906)		(45,843)		(45,210)
Cash collateral netting	(48,006)		(46,344)		(45,952)		(45,634)
Total amounts offset	$	(348,538)	$	(346,876)	$	(307,127)	$	(306,809)
Included in the consolidated balance sheets
Exchange-traded	$	7,025	$	43,740	$	6,562	$	42,402
OTC-cleared	791		1,216		541		455
Bilateral OTC	56,236		45,244		45,850		41,548
Total	$	64,052	$	90,200	$	52,953	$	84,405
Not offset in the consolidated balance sheets
Cash collateral	$	(628)	$	(2,660)	$	(442)	$	(1,951)
Securities collateral	(21,874)		(8,987)		(20,965)		(8,910)
Total	$	41,550	$	78,553	$	31,546	$	73,544

	Notional Amounts as of
	March		December
$ in millions	2026		2025
Not accounted for as hedges
Exchange-traded	$	2,222,633	$	1,983,652
OTC-cleared	21,261,613		16,533,168
Bilateral OTC	11,172,196		10,705,896
Total interest rates	34,656,442		29,222,716
Exchange-traded	303		332
OTC-cleared	1,328,447		986,680
Bilateral OTC	950,559		758,385
Total credit	2,279,309		1,745,397
Exchange-traded	11,090		9,555
OTC-cleared	777,835		523,741
Bilateral OTC	7,991,472		7,192,306
Total currencies	8,780,397		7,725,602
Exchange-traded	406,975		366,003
OTC-cleared	2,366		2,710
Bilateral OTC	241,732		186,420
Total commodities	651,073		555,133
Exchange-traded	2,677,454		2,327,060
OTC-cleared	1,136		1,062
Bilateral OTC	1,820,284		1,634,183
Total equities	4,498,874		3,962,305
Subtotal	50,866,095		43,211,153
Accounted for as hedges
OTC-cleared	373,097		294,278
Bilateral OTC	1,041		1,157
Total interest rates	374,138		295,435
OTC-cleared	6,358		6,105
Bilateral OTC	15,236		18,188
Total currencies	21,594		24,293
Subtotal	395,732		319,728
Total notional amounts	$	51,261,827	$	43,530,881

In the tables above:

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

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

•Substantially all of the gross fair value of derivatives relates to derivative contracts which are subject to enforceable netting agreements.

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

33 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

Credit Derivatives

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

The firm enters into the following types of credit derivatives:

•Credit Default Swaps. Credit default swaps include single-name credit default swaps, as well as those that reference a basket of single-name credit default swaps or a broad-based index. Credit default swaps protect the buyer against the loss of principal on one or more bonds, loans or mortgages (reference obligations). The buyer of protection pays an initial or periodic premium to the seller and receives protection for the period of the contract. If there is no credit event, as defined in the contract, the seller of protection makes no payments to the buyer. If a credit event occurs in one of the underlying reference obligations, the protection seller pays the protection buyer. For credit default swaps referencing credit indices or baskets, the payment is typically a pro-rata portion of the transaction’s total notional amount based on the underlying defaulted reference obligation. In certain transactions, the credit risk of a basket or index is separated into various tranches, each having different levels of subordination. The most junior tranches cover initial defaults and once losses exceed the notional amount of these junior tranches, any excess loss is covered by the next most senior tranche.

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

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

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

Goldman Sachs March 2026 Form 10-Q 34

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about credit derivatives.

	Credit Rating of Underlier
$ in millions	Investment-Grade		Non-Investment- Grade/Unrated		Total
As of March 2026
Maximum Payout/Notional Amount of Written Credit Derivatives
By Product
Credit default swaps	$	684,455	$	186,304	$	870,759
Other credit derivatives	188,224		41,438		229,662
Total by product	$	872,679	$	227,742	$	1,100,421
By Maturity
Less than 1 year	$	240,424	$	48,340	$	288,764
1 - 5 years	487,719		138,101		625,820
Greater than 5 years	144,536		41,301		185,837
Total by maturity	$	872,679	$	227,742	$	1,100,421
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting	$	749,482	$	189,173	$	938,655
Other	185,453		54,780		240,233
Total	$	934,935	$	243,953	$	1,178,888
Fair Value of Written Credit Derivatives
Asset	$	6,942	$	4,638	$	11,580
Liability	1,631		3,111		4,742
Net asset/(liability)	$	5,311	$	1,527	$	6,838
As of December 2025
Maximum Payout/Notional Amount of Written Credit Derivatives
By Product
Credit default swaps	$	536,846	$	124,330	$	661,176
Other credit derivatives	135,770		33,097		168,867
Total by product	$	672,616	$	157,427	$	830,043
By Maturity
Less than 1 year	$	184,830	$	37,484	$	222,314
1 - 5 years	447,318		109,387		556,705
Greater than 5 years	40,468		10,556		51,024
Total by maturity	$	672,616	$	157,427	$	830,043
Maximum Payout/Notional Amount of Purchased Credit Derivatives
Offsetting	$	549,513	$	127,807	$	677,320
Other	188,117		49,917		238,034
Total	$	737,630	$	177,724	$	915,354
Fair Value of Written Credit Derivatives
Asset	$	6,169	$	4,040	$	10,209
Liability	1,345		2,153		3,498
Net asset/(liability)	$	4,824	$	1,887	$	6,711

In the table above:

•Tenor is based on the remaining contractual maturity.

•Credit ratings are based on external credit ratings issued by credit rating agencies or internally determined credit agency equivalents where external credit ratings are not available.

•The credit rating of the underlier, together with the tenor of the contract, are indicators of payment/performance risk. The occurrence of a credit event is less likely where the derivative contract is investment-grade and the tenor is shorter.

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

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

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

Impact of Credit and Funding Spreads on Derivatives

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

The table below presents information about CVA and FVA.

	Three Months Ended March
$ in millions	2026		2025
CVA, net of hedges	$	153	$	139
FVA, net of hedges	(90)		(2)
Total	$	63	$	137

Bifurcated Embedded Derivatives

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

	As of
	March		December
$ in millions	2026		2025
Fair value of assets	$	431	$	428
Fair value of liabilities	(181)		(304)
Net asset/(liability)	$	250	$	124
Notional amount	$	8,509	$	8,691

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

35 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Derivatives with Credit-Related Contingent Features

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

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

	As of
	March		December
$ in millions	2026		2025
Net derivative liabilities under bilateral agreements	$	35,048	$	33,473
Collateral posted	$	35,193	$	36,201
Additional collateral or termination payments:
One-notch downgrade	$	216	$	224
Two-notch downgrade	$	2,002	$	1,797

Hedge Accounting

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

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

Fair Value Hedges

The firm designates interest rate swaps as fair value hedges of certain fixed-rate unsecured long- and short-term debt and fixed-rate certificates of deposit and of certain U.S. and non-U.S. government securities classified as available-for-sale. These interest rate swaps hedge changes in fair value attributable to the designated benchmark interest rate (e.g., Secured Overnight Financing Rate (SOFR), Overnight Index Swap Rate or Sterling Overnight Index Average), effectively converting a substantial portion of these fixed-rate financial instruments into floating-rate financial instruments. In addition, the firm designates certain foreign currency forward contracts as fair value hedges of the foreign exchange risk of substantially all of non-U.S. government securities classified as available-for-sale. See Note 8 for information about the amortized cost and fair value of such securities.

The firm applies a statistical method that utilizes regression analysis when assessing the effectiveness of the interest rate hedging relationships in achieving offsetting changes in the fair values of the hedging instrument and the interest rate risk being hedged. An interest rate swap is considered highly effective in offsetting changes in fair value attributable to changes in the hedged risk when the regression analysis results in a coefficient of determination of 80% or greater and a slope between 80% and 125%. The effectiveness of the foreign currency fair value hedges is assessed based on changes in spot rates. Such hedges are considered highly effective when the change in the fair value of the foreign currency forward is between 80% and 125% of the change in the fair value of the hedged item.

For qualifying interest rate fair value hedges, gains or losses on derivatives are included in interest income/expense. The change in fair value of the hedged items attributable to the risk being hedged is reported as an adjustment to its carrying value (hedging adjustment) and is also included in interest income/expense. When a derivative is no longer designated as a hedge, any remaining difference between the carrying value and par value of the hedged item is amortized in interest income/expense over the remaining life of the hedged item using the effective interest method. See Note 23 for further information about interest income and interest expense. The gains/(losses) on the foreign currency fair value hedges (relating to both spot and forward points) and the foreign exchange gains/(losses) on the related available-for-sale securities are included in market making. See Note 6 for further information about gains and losses from market making.

Goldman Sachs March 2026 Form 10-Q 36

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	Three Months Ended March
$ in millions	2026		2025
Interest Rate Hedges - Investments
Interest rate swaps	$	324	$	(380)
Hedged investments	(334)		396
Gains/(losses)	$	(10)	$	16
Interest Rate Hedges - Borrowings and deposits
Interest rate swaps	$	(802)	$	1,909
Hedged borrowings and deposits	766		(1,964)
Gains/(losses)	$	(36)	$	(55)
Foreign Currency Hedges - Investments
Foreign currency forward contracts	$	191	$	(184)
Hedged investments	(185)		175
Gains/(losses)	$	6	$	(9)

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

$ in millions	Carrying  Value		Cumulative  Hedging  Adjustment
As of March 2026
Assets
Investments	$	85,149	$	(236)
Liabilities
Deposits	$	503	$	(17)
Unsecured short-term borrowings	$	7,345	$	(84)
Unsecured long-term borrowings	$	163,404	$	(8,023)
As of December 2025
Assets
Investments	$	42,449	$	244
Liabilities
Deposits	$	762	$	(17)
Unsecured short-term borrowings	$	4,694	$	(25)
Unsecured long-term borrowings	$	143,082	$	(7,340)

In the table above:

•Cumulative hedging adjustment included $(4.56) billion as of March 2026 and $(4.61) billion as of December 2025 of hedging adjustments from prior hedging relationships that were de-designated and substantially all were related to unsecured long-term borrowings.

•The amortized cost of investments was $85.61 billion as of March 2026 and $42.44 billion as of December 2025.

In addition, cumulative hedging adjustments for items no longer designated in a hedging relationship were not material as of March 2026 and $(133) million as of December 2025.

Net Investment Hedges

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

The table below presents the gains/(losses) from the hedges in a net investment hedging relationship.

	Three Months Ended March
$ in millions	2026		2025
Foreign currency forward contracts	$	71	$	(410)
Foreign currency-denominated debt	$	363	$	(911)

Gains or losses on individual net investments in non-U.S. operations are reclassified from accumulated other comprehensive income/(loss) to earnings when such net investments are sold or substantially liquidated. The gross and net gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) were not material for both the three months ended March 2026 and March 2025.

The firm had designated $28.97 billion as of March 2026 and $22.89 billion as of December 2025 of foreign currency-denominated debt, included in unsecured long- and short-term borrowings, as hedges of net investments in non-U.S. subsidiaries.

37 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Cash Flow Hedges

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

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

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

The gains/(losses) included within other comprehensive income/(loss) and the gains/(losses) reclassified to earnings from accumulated other comprehensive income/(loss) related to cash flow hedges were not material for both the three months ended March 2026 and March 2025 and are not expected to be material for the next 12 months. The maximum length of time over which the forecasted cash flows are hedged is approximately one year.

Note 8.

Investments

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

The table below presents information about investments.

	As of
	March		December
$ in millions	2026		2025
Available-for-sale securities, at fair value	$	137,014	$	99,244
Held-to-maturity securities	74,889		69,193
Equity securities, at fair value	14,428		13,866
Debt instruments, at fair value	10,320		11,072
Equity-method investments	983		887
Total other investments	25,731		25,825
Total investments	$	237,634	$	194,262

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

Available-for-Sale Securities, at Fair Value

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

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

$ in millions	Amortized  Cost		Fair  Value
As of March 2026
Less than 1 year	$	25	$	24
1 year to 5 years	59,273		59,170
5 years to 10 years	61,830		61,434
Greater than 10 years	2,750		2,687
Total U.S. government obligations	123,878		123,315
1 year to 5 years	76		76
5 years to 10 years	226		225
Greater than 10 years	2,874		2,870
Total U.S. agency obligations	3,176		3,171
Less than 1 year	3,231		3,213
1 year to 5 years	6,771		6,513
5 years to 10 years	841		802
Total non-U.S. government obligations	10,843		10,528
Total available-for-sale securities	$	137,897	$	137,014
As of December 2025
Less than 1 year	$	3,723	$	3,730
1 year to 5 years	70,516		70,872
5 years to 10 years	15,970		15,980
Total U.S. government obligations	90,209		90,582
5 years to 10 years	104		104
Greater than 10 years	1,361		1,363
Total U.S. agency obligations	1,465		1,467
1 year to 5 years	6,579		6,356
5 years to 10 years	863		839
Total non-U.S. government obligations	7,442		7,195
Total available-for-sale securities	$	99,116	$	99,244

In the table above:

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

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

•The weighted average yield for available-for-sale securities was 3.83% as of March 2026 and 3.81% as of December 2025. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the fair value of each security. The effective interest rate considers the contractual coupon, the amortization of premiums and accretion of discounts, and excludes the effect of related hedges.

Goldman Sachs March 2026 Form 10-Q 38

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

•If the fair value of available-for-sale securities is less than amortized cost, such securities are considered impaired. If the firm has the intent to sell the debt security, or if it is more likely than not that the firm will be required to sell the debt security before recovery of its amortized cost, the difference between the amortized cost (net of allowance, if any) and the fair value of the securities is recognized as an impairment loss in earnings. The firm did not record any such impairment losses during either the three months ended March 2026 or March 2025. Impaired available-for-sale debt securities that the firm has the intent and ability to hold are reviewed to determine if an allowance for credit losses should be recorded. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings and severity of the unrealized losses. The firm did not record any provision for credit losses on such securities during either the three months ended March 2026 or March 2025.

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

$ in millions	Less than 12 months		12 months or longer		Total
As of March 2026
Fair value:
U.S. government obligations	$	76,322	$	12,635	$	88,957
U.S. agency obligations	2,091		–		2,091
Non-U.S. government obligations	6,352		3,003		9,355
Total	$	84,765	$	15,638	$	100,403
Gross unrealized losses:
U.S. government obligations	$	(510)	$	(282)	$	(792)
U.S. agency obligations	(10)		–		(10)
Non-U.S. government obligations	(52)		(266)		(318)
Total	$	(572)	$	(548)	$	(1,120)
As of December 2025
Fair value:
U.S. government obligations	$	6,733	$	10,464	$	17,197
U.S. agency obligations	706		–		706
Non-U.S. government obligations	799		3,671		4,470
Total	$	8,238	$	14,135	$	22,373
Gross unrealized losses:
U.S. government obligations	$	(12)	$	(226)	$	(238)
U.S. agency obligations	(1)		–		(1)
Non-U.S. government obligations	(1)		(258)		(259)
Total	$	(14)	$	(484)	$	(498)

The gross unrealized gains included in accumulated other comprehensive income/(loss) for available-for-sale securities were $237 million as of March 2026 and $626 million as of December 2025. Net unrealized gains/(losses) included in other comprehensive income/(loss) for available-for-sale securities were $(1.01) billion ($(753) million, net of tax) for the three months ended March 2026 and $558 million ($420 million, net of tax) for the three months ended March 2025.

The gross realized gains relating to the sales of available-for-sale securities were not material for both the three months ended March 2026 and March 2025. The gross realized losses relating to the sales of available-for-sale securities were not material for both the three months ended March 2026 and March 2025. The specific identification method is used to determine realized gains on available-for-sale securities.

Held-to-Maturity Securities

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

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

$ in millions	Amortized Cost		Fair Value
As of March 2026
Less than 1 year	$	11,253	$	11,222
1 year to 5 years	38,610		38,686
5 years to 10 years	2,631		2,628
Greater than 10 years	1		1
Total government obligations	52,495		52,537
Greater than 10 years	22,232		22,431
Total U.S. agency obligations	22,232		22,431
5 years to 10 years	7		7
Greater than 10 years	155		156
Total securities backed by residential real estate	162		163
Total held-to-maturity securities	$	74,889	$	75,131
As of December 2025
Less than 1 year	$	11,336	$	11,312
1 year to 5 years	33,900		34,214
Greater than 10 years	1		1
Total government obligations	45,237		45,527
Greater than 10 years	23,785		24,022
Total U.S. agency obligations	23,785		24,022
5 years to 10 years	8		7
Greater than 10 years	163		165
Total securities backed by residential real estate	171		172
Total held-to-maturity securities	$	69,193	$	69,721

In the table above:

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

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

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

39 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

•The weighted average yield for held-to-maturity securities was 4.19% as of March 2026 and 4.20% as of December 2025. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. The effective interest rate considers the contractual coupon and the amortization of premiums and accretion of discounts.

•The gross unrealized gains were $440 million as of March 2026 and $643 million as of December 2025. The gross unrealized losses were $198 million as of March 2026 and $115 million as of December 2025.

•Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either the three months ended March 2026 or March 2025.

Equity Securities and Debt Instruments, at Fair Value

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

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

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

	As of
	March			December
$ in millions	2026			2025
Equity securities, at fair value	$	14,428		$	13,866
Equity Type
Public equity	3		%	4		%
Private equity	97		%	96		%
Total	100		%	100		%
Asset Class
Corporate	79		%	78		%
Real estate	21		%	22		%
Total	100		%	100		%

In the table above:

•Equity securities, at fair value included investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $4.03 billion as of March 2026 and $4.23 billion as of December 2025. Gains recognized as a result of changes in the fair value of equity securities for which the fair value option was elected were not material for both the three months ended March 2026 and March 2025. These gains are included in other principal transactions.

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

•Equity securities, at fair value subject to contractual sale restrictions were not material as of both March 2026 and December 2025.

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

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

	As of
	March		December
$ in millions	2026		2025
Corporate debt securities	$	6,560	$	7,039
Securities backed by real estate	314		312
Money market instruments	2,125		2,333
Other	1,321		1,388
Total	$	10,320	$	11,072

In the table above:

•Substantially all of the money market instruments consists of time deposits.

•Other primarily includes investments in credit funds that are measured at NAV.

Goldman Sachs March 2026 Form 10-Q 40

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

$ in millions	Fair Value of  Investments		Unfunded  Commitments
As of March 2026
Private equity funds	$	382	$	201
Credit funds	987		337
Hedge funds	36		–
Real estate funds	340		158
Total	$	1,745	$	696
As of December 2025
Private equity funds	$	331	$	236
Credit funds	999		347
Hedge funds	36		–
Real estate funds	373		158
Total	$	1,739	$	741

Note 9.

Loans

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

The table below presents information about loans.

$ in millions	Amortized Cost		Fair Value		Held For Sale		Total
As of March 2026
Loan Type
Corporate	$	36,685	$	342	$	1,129	$	38,156
Commercial real estate	36,904		417		1,458		38,779
Residential real estate	29,819		3,066		–		32,885
Securities-based	18,592		–		–		18,592
Other collateralized	102,653		511		1,428		104,592
Credit cards	–		–		19,055		19,055
Other	3,050		43		42		3,135
Total loans, gross	227,703		4,379		23,112		255,194
Allowance for loan losses	(2,345)		–		–		(2,345)
Total loans	$	225,358	$	4,379	$	23,112	$	252,849
As of December 2025
Loan Type
Corporate	$	29,432	$	326	$	918	$	30,676
Commercial real estate	36,261		420		728		37,409
Residential real estate	28,700		3,257		–		31,957
Securities-based	18,079		–		–		18,079
Other collateralized	97,519		855		625		98,999
Credit cards	–		–		19,742		19,742
Other	2,920		47		53		3,020
Total loans, gross	212,911		4,905		22,066		239,882
Allowance for loan losses	(2,148)		–		–		(2,148)
Total loans	$	210,763	$	4,905	$	22,066	$	237,734

In the table above:

•Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both March 2026 and December 2025.

•Substantially all loans had floating interest rates as of both March 2026 and December 2025.

•During 2025, the firm transferred the Apple Card loan portfolio to held for sale.

41 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

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

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

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

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

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

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

Credit Quality

Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by Risk. For corporate loans and a majority of securities-based, real estate, other collateralized and other loans, the firm performs credit analyses which incorporate initial and ongoing evaluations of the capacity and willingness of a borrower to meet its financial obligations. These credit evaluations are performed on an annual basis or more frequently if deemed necessary as a result of events or changes in circumstances. The firm determines an internal credit rating for the borrower by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. For collateralized loans, the firm also takes into consideration collateral received or other credit support arrangements when determining an internal credit rating. For loans that are not assigned an internal credit rating, including credit card loans and U.S. residential mortgage loans extended to wealth management clients, the firm reviews certain key metrics, including, but not limited to, the Fair Isaac Corporation (FICO) credit scores, loan to value ratios, delinquency status, collateral value and other risk factors. Beginning in the first quarter of 2026, the firm began to assess the credit quality of all securities-based loans extended to Goldman Sachs Private Bank Select clients using an internal credit rating, as the firm believes that this metric better reflects the credit quality of such loans. The impact of applying this methodology as of December 2025 would have been an increase in loans classified as investment-grade and a decrease in loans classified as other metrics, each by $4.54 billion.

Goldman Sachs March 2026 Form 10-Q 42

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

$ in millions	Investment-Grade			Non-Investment- Grade			Other Metrics/Unrated			Total
As of March 2026
Accounting Method
Amortized cost	$	162,829		$	53,449		$	11,425		$	227,703
Fair value	594			816			2,969			4,379
Held for sale	1,127			2,849			19,136			23,112
Total	$	164,550		$	57,114		$	33,530		$	255,194
Loan Type
Corporate	$	11,204		$	26,873		$	79		$	38,156
Real estate:
Commercial	27,424			11,285			70			38,779
Residential	16,106			3,018			13,761			32,885
Securities-based	17,711			846			35			18,592
Other collateralized	89,431			14,684			477			104,592
Credit cards	–			–			19,055			19,055
Other	2,674			408			53			3,135
Total	$	164,550		$	57,114		$	33,530		$	255,194
Secured	94		%	85		%	43		%	85		%
Unsecured	6		%	15		%	57		%	15		%
Total	100		%	100		%	100		%	100		%
As of December 2025
Accounting Method
Amortized cost	$	149,682		$	47,675		$	15,554		$	212,911
Fair value	595			1,025			3,285			4,905
Held for sale	695			1,578			19,793			22,066
Total	$	150,972		$	50,278		$	38,632		$	239,882
Loan Type
Corporate	$	9,243		$	21,432		$	1		$	30,676
Real estate:
Commercial	25,529			11,763			117			37,409
Residential	16,190			2,262			13,505			31,957
Securities-based	13,130			343			4,606			18,079
Other collateralized	84,179			14,231			589			98,999
Credit cards	–			–			19,742			19,742
Other	2,701			247			72			3,020
Total	$	150,972		$	50,278		$	38,632		$	239,882
Secured	94		%	90		%	49		%	86		%
Unsecured	6		%	10		%	51		%	14		%
Total	100		%	100		%	100		%	100		%

In the table above:

•Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both March 2026 and December 2025, substantially all 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 March 2026 and December 2025, the vast majority of such loans had a FICO credit score of greater than 740.

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

•For credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. During 2025, the firm transferred the Apple Card loan portfolio to held for sale.

The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 96% of loans as of March 2026 and 95% of loans as of December 2025 that were rated pass/non-criticized.

43 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	As of March 2026
$ in millions	Investment-  Grade			Non-Investment-  Grade			Other Metrics/  Unrated			Total
2026	$	506		$	3,869		$	2		$	4,377
2025	2,561			4,413			–			6,974
2024	1,170			1,458			–			2,628
2023	707			648			–			1,355
2022	551			678			–			1,229
2021 or earlier	531			2,899			–			3,430
Revolving	5,147			11,412			46			16,605
Revolving converted to term	–			87			–			87
Corporate	11,173			25,464			48			36,685
2026	689			605			67			1,361
2025	3,641			2,504			2			6,147
2024	3,874			856			–			4,730
2023	1,168			250			–			1,418
2022	815			990			1			1,806
2021 or earlier	1,512			2,269			–			3,781
Revolving	14,991			2,393			–			17,384
Revolving converted to term	175			102			–			277
Commercial real estate	26,865			9,969			70			36,904
2026	254			1,293			432			1,979
2025	1,255			226			2,949			4,430
2024	42			40			1,354			1,436
2023	76			–			1,088			1,164
2022	85			41			2,319			2,445
2021 or earlier	9			95			2,678			2,782
Revolving	14,346			1,237			–			15,583
Residential real estate	16,067			2,932			10,820			29,819
2026	1			447			–			448
2025	5			–			–			5
2024	1,462			30			–			1,492
2023	21			–			–			21
2022	5			–			–			5
Revolving	16,217			369			35			16,621
Securities-based	17,711			846			35			18,592
2026	3,274			1,709			–			4,983
2025	11,286			4,176			153			15,615
2024	3,733			1,898			71			5,702
2023	1,977			680			87			2,744
2022	515			173			21			709
2021 or earlier	1,139			81			87			1,307
Revolving	65,962			5,114			33			71,109
Revolving converted to term	484			–			–			484
Other collateralized	88,370			13,831			452			102,653
2026	123			168			–			291
2025	617			65			–			682
2024	251			31			–			282
2023	81			–			–			81
2022	19			1			–			20
2021 or earlier	18			3			–			21
Revolving	1,534			139			–			1,673
Other	2,643			407			–			3,050
Total	$	162,829		$	53,449		$	11,425		$	227,703
Percentage of total	72		%	23		%	5		%	100		%

	As of December 2025
$ in millions	Investment-  Grade			Non-Investment-  Grade			Other Metrics/  Unrated			Total
2025	$	2,153		$	3,840		$	–		$	5,993
2024	623			1,645			–			2,268
2023	705			723			–			1,428
2022	680			838			–			1,518
2021	75			1,756			–			1,831
2020 or earlier	477			1,529			–			2,006
Revolving	4,419			9,881			1			14,301
Revolving converted to term	–			87			–			87
Corporate	9,132			20,299			1			29,432
2025	3,452			2,866			88			6,406
2024	3,653			1,058			–			4,711
2023	993			545			28			1,566
2022	858			1,225			1			2,084
2021	390			1,730			–			2,120
2020 or earlier	851			1,272			–			2,123
Revolving	14,440			2,523			–			16,963
Revolving converted to term	185			103			–			288
Commercial real estate	24,822			11,322			117			36,261
2025	1,242			274			2,692			4,208
2024	89			38			1,434			1,561
2023	90			–			1,155			1,245
2022	86			41			2,367			2,494
2021	15			74			2,453			2,542
2020 or earlier	–			19			307			326
Revolving	14,624			1,700			–			16,324
Residential real estate	16,146			2,146			10,408			28,700
2025	5			–			–			5
2024	1,750			38			–			1,788
2023	38			–			–			38
2022	5			–			–			5
Revolving	11,332			305			4,606			16,243
Securities-based	13,130			343			4,606			18,079
2025	10,064			4,475			135			14,674
2024	4,158			1,881			78			6,117
2023	2,355			735			93			3,183
2022	614			178			24			816
2021	725			233			48			1,006
2020 or earlier	590			63			44			697
Revolving	64,769			5,754			–			70,523
Revolving converted to term	503			–			–			503
Other collateralized	83,778			13,319			422			97,519
2025	618			56			–			674
2024	251			72			–			323
2023	81			11			–			92
2022	22			1			–			23
2021	22			–			–			22
2020 or earlier	–			3			–			3
Revolving	1,680			103			–			1,783
Other	2,674			246			–			2,920
Total	$	149,682		$	47,675		$	15,554		$	212,911
Percentage of total	70		%	23		%	7		%	100		%

Goldman Sachs March 2026 Form 10-Q 44

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

$ in millions	Carrying  Value		Americas		EMEA		Asia		Total
As of March 2026
Corporate	$	38,156	69	%	22	%	9	%	100	%
Commercial real estate	38,779		78	%	18	%	4	%	100	%
Residential real estate	32,885		92	%	6	%	2	%	100	%
Securities-based	18,592		80	%	20	%	–		100	%
Other collateralized	104,592		81	%	18	%	1	%	100	%
Credit cards	19,055		100	%	–		–		100	%
Other	3,135		97	%	3	%	–		100	%
Total	$	255,194	82	%	15	%	3	%	100	%
As of December 2025
Corporate	$	30,676	66	%	25	%	9	%	100	%
Commercial real estate	37,409		76	%	20	%	4	%	100	%
Residential real estate	31,957		92	%	7	%	1	%	100	%
Securities-based	18,079		78	%	22	%	–		100	%
Other collateralized	98,999		80	%	18	%	2	%	100	%
Credit cards	19,742		100	%	–		–		100	%
Other	3,020		97	%	3	%	–		100	%
Total	$	239,882	81	%	16	%	3	%	100	%

In the table above:

•EMEA represents Europe, Middle East and Africa.

•The top five industry concentrations for corporate loans as of March 2026 were 33% for technology, media & telecommunications, 17% for diversified industrials, 13% for real estate, 9% for consumer & retail and 8% for financial institutions.

•The top five industry concentrations for corporate loans as of December 2025 were 26% for technology, media & telecommunications, 18% for diversified industrials, 16% for real estate, 10% for consumer & retail and 8% for financial institutions.

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

The table below presents information about past due loans accounted for at amortized cost.

$ in millions	30-89 days		90 days  or more		Total
As of March 2026
Corporate	$	92	$	11	$	103
Commercial real estate	27		614		641
Residential real estate	–		15		15
Other collateralized	–		7		7
Other	–		10		10
Total	$	119	$	657	$	776
Total divided by gross loans at amortized cost					0.3		%
As of December 2025
Corporate	$	–	$	32	$	32
Commercial real estate	336		281		617
Residential real estate	3		19		22
Securities-based	2		–		2
Other collateralized	57		6		63
Other	–		34		34
Total	$	398	$	372	$	770
Total divided by gross loans at amortized cost					0.4		%

45 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about nonaccrual loans accounted for at amortized cost.

	As of
	March			December
$ in millions	2026			2025
Corporate	$	1,955		$	2,065
Commercial real estate	1,213			1,079
Residential real estate	80			85
Other collateralized	349			121
Other	26			37
Total	$	3,623		$	3,387
Total divided by gross loans at amortized cost	1.6		%	1.6		%

In the table above:

•Nonaccrual loans included $730 million as of March 2026 and $756 million as of December 2025 of loans that were 30 days or more past due.

•Loans that were 90 days or more past due and still accruing were not material as of both March 2026 and December 2025.

•Allowance for loan losses as a percentage of total nonaccrual loans was 64.7% as of March 2026 and 63.4% as of December 2025.

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

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

The table below presents the carrying value of loans accounted for at amortized cost, as of both March 2026 and March 2025, that were modified during either the three months ended March 2026 or March 2025.

	Three Months
	Ended March
$ in millions	2026		2025
Modified loans	$	95	$	255

In the table above:

•Loan modifications during both the three months ended March 2026 and March 2025 were primarily in the form of term and payment extensions. The impact of these modifications for both the three months ended March 2026 and March 2025 was not material.

•As of March 2026, all of the modified loans were related to corporate and commercial real estate loans. Such modified loans represented less than 1% of both corporate loans (at amortized cost) and commercial real estate loans (at amortized cost).

•As of March 2025, substantially all of the modified loans were related to corporate, commercial real estate and credit card loans. Such modified loans represented approximately 1% of corporate loans (at amortized cost), and less than 1% of both commercial real estate loans (at amortized cost) and credit card loans (at amortized cost).

•Lending commitments related to modified loans were not material as of both March 2026 and March 2025.

•During both the three months ended March 2026 and March 2025, loans that defaulted after being modified were not material. The majority of the modified loans as of March 2026 and substantially all of the modified loans as of March 2025 were performing in accordance with the modified contractual terms.

Goldman Sachs March 2026 Form 10-Q 46

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Allowance for Credit Losses

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

To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into loan portfolios based on the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. Following the transfer of the Apple Card loan portfolio to held for sale in December 2025, all of the firm's loans and lending commitments subject to the allowance for credit losses are classified in the wholesale portfolio. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics.

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

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

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

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

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

47 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents gross loans and lending commitments accounted for at amortized cost, all of which are included in the wholesale portfolio.

	As of
	March 2026				December 2025
$ in millions	Loans		Lending  Commitments		Loans		Lending  Commitments
Corporate	$	36,685	$	202,636	$	29,432	$	179,236
Commercial real estate	36,904		12,289		36,261		7,109
Residential real estate	29,819		3,680		28,700		3,017
Securities-based	18,592		896		18,079		784
Other collateralized	102,653		54,139		97,519		47,741
Other	3,050		1,269		2,920		1,085
Total	$	227,703	$	274,909	$	212,911	$	238,972

In the table above, loans included $3.62 billion as of March 2026 and $3.39 billion as of December 2025 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $1.08 billion as of March 2026 and $975 million as of December 2025. These loans included $507 million as of March 2026 and $656 million as of December 2025 of loans which did not require a reserve as the loan was deemed to be recoverable.

See Note 18 for further information about lending commitments.

Allowance for Credit Losses Rollforward

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

$ in millions	Wholesale			Consumer			Total
Three Months Ended March 2026
Allowance for loan losses
Beginning balance	$	2,148		$	–		$	2,148
Charge-offs	(23)			–			(23)
Recoveries	14			–			14
Net (charge-offs)/recoveries	(9)			–			(9)
Provision	253			–			253
Other	(47)			–			(47)
Ending balance	$	2,345		$	–		$	2,345
Allowance ratio	1.0		%	–			1.0		%
Net charge-off ratio	0.0		%	–			0.0		%
Allowance for losses on lending commitments
Beginning balance	$	731		$	–		$	731
Provision	62			–			62
Other	(1)			–			(1)
Ending balance	$	792		$	–		$	792
Three Months Ended March 2025
Allowance for loan losses
Beginning balance	$	2,099		$	2,567		$	4,666
Charge-offs	(60)			(357)			(417)
Recoveries	6			35			41
Net (charge-offs)/recoveries	(54)			(322)			(376)
Provision	67			203			270
Other	(52)			–			(52)
Ending balance	$	2,060		$	2,448		$	4,508
Allowance ratio	1.1		%	13.0		%	2.2		%
Net charge-off ratio	0.1		%	6.8		%	0.8		%
Allowance for losses on lending commitments
Beginning balance	$	674		$	–		$	674
Provision	32			–			32
Other	1			–			1
Ending balance	$	707		$	–		$	707

In the table above:

•During 2025, the firm had credit card loans accounted for at amortized cost that were included in the consumer portfolio. Such loans were transferred to held for sale in December 2025. The allowance for credit losses for consumer loans that exhibited similar risk characteristics was calculated using a modeled approach which classified consumer loans into pools based on borrower-related and exposure-related characteristics that differentiated a pool’s risk characteristics from other pools. Credit card loans were charged off when they were 180 days past due.

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

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

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

Goldman Sachs March 2026 Form 10-Q 48

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Forecast Model Inputs as of March 2026

When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, favorable and adverse economic scenarios. As of March 2026, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios.

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

As of March 2026
U.S. unemployment rate
Forecast for the quarter ended:
June 2026	4.6	%
December 2026	4.7	%
June 2027	4.6	%
U.S. GDP rate
Forecast for the year:
2026	2.0	%
2027	1.8	%
2028	1.9	%

In the table above:

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

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

The adverse economic scenario of the forecast model reflects a global recession, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at 7.4% (during the second quarter of 2027) and the maximum decline in quarterly U.S. GDP relative to the first quarter of 2026 is 2.7% (which occurs during the first quarter of 2027).

In the multi-scenario forecast, the weighted average peak U.S. unemployment rate is 5.5% (during the second quarter of 2027) and the largest difference in quarterly U.S. GDP between the baseline scenario and the weighted average is 1.7% (which occurs during the third quarter of 2027).

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

Allowance for Credit Losses Commentary

Three Months Ended March 2026. The allowance for credit losses increased by $258 million during the three months ended March 2026, primarily reflecting portfolio growth and asset-specific provisions relating to wholesale loans.

Charge-offs for the three months ended March 2026 for wholesale loans were not material.

Three Months Ended March 2025. The allowance for credit losses decreased by $125 million during the three months ended March 2025, primarily reflecting a reserve release relating to credit card loans due to lower balances resulting from seasonal repayments.

Charge-offs for the three months ended March 2025 for wholesale loans were not material.

Estimated Fair Value

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

	Carrying Value		Estimated Fair Value
$ in millions			Level 2		Level 3		Total
As of March 2026
Amortized cost	$	225,358	$	119,478	$	106,137	$	225,615
Held for sale	$	23,112	$	21,593	$	1,835	$	23,428
As of December 2025
Amortized cost	$	210,763	$	113,861	$	97,210	$	211,071
Held for sale	$	22,066	$	21,383	$	694	$	22,077

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

49 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 10.

Fair Value Option

Other Financial Assets and Liabilities at Fair Value

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

•Reflect economic events in earnings on a timely basis;

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

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

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

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

•Repurchase agreements and resale agreements;

•Certain securities borrowed and loaned transactions;

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

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

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

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

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

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

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

	Three Months Ended March
$ in millions	2026		2025
Unsecured short-term borrowings	$	1,376	$	417
Unsecured long-term borrowings	645		(1,284)
Other	337		(205)
Total	$	2,358	$	(1,072)

In the table above:

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

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

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

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

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

Goldman Sachs March 2026 Form 10-Q 50

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Gains/(losses) on trading assets and liabilities accounted for at fair value under the fair value option are included in market making. See Note 6 for further information about gains/(losses) from market making. See Note 8 for information about gains/(losses) on equity securities and Note 5 for information about gains/(losses) on loans which are accounted for at fair value under the fair value option.

Long-Term Debt Instruments

The difference between the aggregate contractual principal amount and the related fair value of long-term other secured financings for which the fair value option was elected was not material as of both March 2026 and December 2025.

The aggregate contractual principal amount of unsecured long-term borrowings for which the fair value option was elected, exceeded the related fair value by $4.26 billion as of March 2026 and $2.86 billion as of December 2025.

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

Debt Valuation Adjustment

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

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

	Three Months Ended March
$ in millions	2026		2025
Pre-tax DVA	$	1,627	$	312
After-tax DVA	$	1,148	$	232

In the table above:

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

•The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for both the three months ended March 2026 and March 2025.

Loans and Lending Commitments

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

	As of
	March		December
$ in millions	2026		2025
Performing loans
Aggregate contractual principal in excess of fair value	$	557	$	704
Loans on nonaccrual status and/or more than 90 days past due
Aggregate contractual principal in excess of fair value	$	1,665	$	1,359
Aggregate fair value	$	1,555	$	1,939

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

The total contractual amount of unfunded lending commitments for which the fair value option was elected was $802 million as of March 2026 and $944 million as of December 2025, and the related fair value of these lending commitments was not material as of both March 2026 and December 2025. See Note 18 for further information about lending commitments.

Impact of Credit Spreads on Loans and Lending Commitments

The estimated net loss attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was not material for both the three months ended March 2026 and March 2025. The firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads. For floating-rate loans and lending commitments, substantially all changes in fair value are attributable to changes in instrument-specific credit spreads, whereas for fixed-rate loans and lending commitments, changes in fair value are also attributable to changes in interest rates.

51 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 11.

Collateralized Agreements and Financings

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

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

Resale and Repurchase Agreements

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

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

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

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

Repurchase agreements and resale agreements are recorded at fair value under the fair value option. See Notes 4, 5 and 10 for further information about repurchase and resale agreements.

Securities Borrowed and Loaned Transactions

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

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

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

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

Securities borrowed and loaned within FICC financing are recorded at fair value under the fair value option. See Notes 4, 5 and 10 for further information about securities borrowed and loaned accounted for at fair value.

Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2026 and December 2025.

Goldman Sachs March 2026 Form 10-Q 52

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Offsetting Arrangements

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

	Assets				Liabilities
$ in millions	Resale agreements		Securities borrowed		Repurchase agreements		Securities loaned
As of March 2026
Included in the consolidated balance sheets
Gross carrying value	$	402,920	$	248,763	$	509,497	$	70,958
Counterparty netting	(250,045)		(15,680)		(250,045)		(15,680)
Total	152,875		233,083		259,452		55,278
Amounts not offset	(150,570)		(227,338)		(256,132)		(54,864)
Total	$	2,305	$	5,745	$	3,320	$	414
As of December 2025
Included in the consolidated balance sheets
Gross carrying value	$	404,771	$	226,145	$	502,148	$	71,581
Counterparty netting	(278,764)		(17,937)		(278,764)		(17,937)
Total	126,007		208,208		223,384		53,644
Amounts not offset	(119,721)		(200,301)		(219,533)		(53,434)
Total	$	6,286	$	7,907	$	3,851	$	210

In the table above:

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

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

•All resale and all repurchase agreements included in the consolidated balance sheets are carried at fair value under the fair value option. See Notes 4, 5 and 10 for further information about resale agreements and repurchase agreements accounted for at fair value.

•Securities borrowed included in the consolidated balance sheets of $61.70 billion as of March 2026 and $51.58 billion as of December 2025, and securities loaned included in the consolidated balance sheets of $12.59 billion as of March 2026 and $12.00 billion as of December 2025 were at fair value under the fair value option. See Notes 4, 5 and 10 for further information about securities borrowed and securities loaned accounted for at fair value.

Gross Carrying Value of Repurchase Agreements and Securities Loaned

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

$ in millions	Repurchase agreements		Securities loaned
As of March 2026
Money market instruments	$	1,653	$	–
U.S. government and agency obligations	286,706		281
Non-U.S. government and agency obligations	180,519		132
Securities backed by commercial real estate	212		8
Securities backed by residential real estate	2,572		17
Corporate debt securities	16,762		428
State and municipal obligations	489		–
Other debt obligations	108		–
Equity securities	20,476		70,092
Total	$	509,497	$	70,958
As of December 2025
Money market instruments	$	395	$	–
U.S. government and agency obligations	319,406		–
Non-U.S. government and agency obligations	141,625		1,416
Securities backed by commercial real estate	247		–
Securities backed by residential real estate	2,219		–
Corporate debt securities	13,281		186
State and municipal obligations	370		–
Other debt obligations	89		–
Equity securities	24,516		69,979
Total	$	502,148	$	71,581

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

	As of March 2026
$ in millions	Repurchase agreements		Securities loaned
No stated maturity and overnight	$	259,135	$	41,118
2 - 30 days	104,974		–
31 - 90 days	45,568		2,217
91 days - 1 year	57,078		15,965
Greater than 1 year	42,742		11,658
Total	$	509,497	$	70,958

In the table above:

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

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

53 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Other Secured Financings

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

•Liabilities of CIEs and consolidated VIEs;

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

•Other structured financing arrangements.

Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $4.28 billion as of March 2026 and $3.65 billion as of December 2025.

The firm has elected to apply the fair value option to substantially all other secured financings because the use of fair value eliminates non-economic volatility in earnings that would arise from using different measurement attributes. See Notes 4, 5 and 10 for further information about other secured financings that are accounted for at fair value.

Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these financings been included in the firm’s fair value hierarchy, they would have been primarily classified in level 3 as of both March 2026 and December 2025.

The table below presents information about other secured financings.

$ in millions	U.S. Dollar		Non-U.S. Dollar		Total
As of March 2026
Other secured financings:
Short-term	$	18,916	$	6,380	$	25,296
Long-term	2,477		8,563		11,040
Total other secured financings	$	21,393	$	14,943	$	36,336
Other secured financings collateralized by:
Financial instruments	$	21,003	$	11,875	$	32,878
Other assets	$	390	$	3,068	$	3,458
As of December 2025
Other secured financings:
Short-term	$	12,152	$	5,157	$	17,309
Long-term	2,618		8,094		10,712
Total other secured financings	$	14,770	$	13,251	$	28,021
Other secured financings collateralized by:
Financial instruments	$	14,461	$	11,081	$	25,542
Other assets	$	309	$	2,170	$	2,479

In the table above:

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

•Other secured financings included $5.52 billion as of March 2026 and $5.53 billion as of December 2025 of outstanding borrowings from the Federal Home Loan Bank.

•Other secured financings included $36.14 billion as of March 2026 and $27.83 billion as of December 2025 of financings accounted for at fair value under the fair value option.

•Other secured financings included $3.41 billion as of March 2026 and $2.75 billion as of December 2025 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $3.50 billion as of March 2026 and $2.83 billion as of December 2025.

•Other secured financings collateralized by financial instruments included $23.94 billion as of March 2026 and $22.33 billion as of December 2025 of other secured financings collateralized by trading assets, investments and loans, and included $8.94 billion as of March 2026 and $3.21 billion as of December 2025 of other secured financings collateralized by financial instruments received as collateral and repledged.

•U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 6.33% as of March 2026 and 6.32% as of December 2025. These rates include the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

•Non-U.S. dollar-denominated short-term other secured financings had a weighted average interest rate of 7.50% as of March 2026. This rate includes the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

•Non-U.S. dollar-denominated long-term other secured financings had a weighted average interest rate of 7.44% as of both March 2026 and December 2025. This rate includes the effect of hedging activities and excludes other secured financings held at fair value under the fair value option.

•All U.S. dollar-denominated short-term other secured financings were held at fair value under the fair value option as of both March 2026 and December 2025. All non-U.S. dollar-denominated short-term other secured financings were held at fair value under the fair value option as of December 2025.

Goldman Sachs March 2026 Form 10-Q 54

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents other secured financings by maturity.

	As of
$ in millions	March 2026
Other secured financings (short-term)	$	25,296
Other secured financings (long-term):
2027	6,388
2028	2,143
2029	1,047
2030	351
2031	249
2032 - thereafter	862
Total other secured financings (long-term)	11,040
Total other secured financings	$	36,336

In the table above:

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

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

Collateral Received and Pledged

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

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

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

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

	As of
	March		December
$ in millions	2026		2025
Collateral available to be delivered or repledged	$	1,390,755	$	1,312,079
Collateral that was delivered or repledged	$	1,223,841	$	1,119,825

The table below presents information about assets pledged.

	As of
	March		December
$ in millions	2026		2025
Pledged to counterparties that had the right to deliver or repledge
Trading assets	$	181,306	$	158,641
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets	$	212,719	$	193,326
Investments	$	21,115	$	22,394
Loans	$	12,865	$	12,939
Other assets	$	1,817	$	664

The firm also segregates securities for regulatory and other purposes related to client activity. Such securities are segregated from trading assets and investments, as well as from securities received as collateral under resale agreements and securities borrowed transactions. Securities segregated by the firm were $43.05 billion as of March 2026 and $41.45 billion as of December 2025.

55 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 12.

Other Assets

The table below presents other assets by type.

	As of
	March		December
$ in millions	2026		2025
Property, leasehold improvements and equipment	$	7,534	$	7,474
Goodwill	6,590		5,949
Identifiable intangible assets	932		842
Operating lease right-of-use assets	1,970		2,050
Income tax-related assets	11,142		11,332
Miscellaneous receivables and other	8,539		8,565
Total	$	36,707	$	36,212

During the first quarter of 2026, the firm completed the acquisition of Industry Ventures, a leading venture capital platform. The transaction consideration consisted of cash of approximately $360 million, equity with a fair value of approximately $315 million and contingent consideration, with a fair value of approximately $140 million as of the closing date (which is subject to Industry Ventures’ achievement of future performance targets through 2030), of up to approximately $105 million of cash and up to approximately 250,000 of exchangeable instruments convertible into the firm's common shares (a portion of which will be cash settled). The acquisition was accounted for under the acquisition method of accounting for business combinations. The fair value of consideration has been preliminarily allocated to goodwill of approximately $655 million, identifiable intangible assets of approximately $130 million and tangible assets of approximately $30 million. See below for further information about goodwill and identifiable intangible assets related to this acquisition.

In April 2026, the firm completed the acquisition of Innovator Capital Management, a leading active exchange-traded fund sponsor. The transaction consideration consisted of cash of approximately $1.50 billion, equity with a fair value of approximately $400 million and contingent consideration (which is subject to Innovator Capital Management’s achievement of future performance targets through 2030) of up to approximately 63,000 of the firm's common shares. The transaction will be accounted for under the acquisition method of accounting for business combinations. The firm is currently in the process of completing the purchase price allocation, including the identification and valuation of the goodwill and identifiable intangible assets acquired.

Property, Leasehold Improvements and Equipment

Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $15.40 billion as of March 2026 and $15.17 billion as of December 2025. Property, leasehold improvements and equipment included $6.51 billion as of March 2026 and $6.55 billion as of December 2025 that the firm uses in connection with its operations. Substantially all of the remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years.

The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Any impairments recognized are included in depreciation and amortization. The firm had no material impairments during both the three months ended March 2026 and March 2025.

Goldman Sachs March 2026 Form 10-Q 56

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Goodwill

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

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

	As of
	March		December
$ in millions	2026		2025
Global Banking & Markets:
Investment banking	$	267	$	267
FICC	269		269
Equities	2,647		2,647
Asset & Wealth Management:
Asset management	2,098		1,457
Wealth management	1,309		1,309
Total	$	6,590	$	5,949

The increase in the carrying value of goodwill within Asset & Wealth Management from December 2025 to March 2026 reflected the acquisition of Industry Ventures in the first quarter of 2026.

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

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

During the fourth quarter of 2025, goodwill was tested for impairment. The estimated fair value of each of the reporting units with goodwill exceeded its respective carrying value, and therefore, goodwill was not impaired.

There were no events or changes in circumstances during the three months ended March 2026 that would indicate that it was more likely than not that the estimated fair value of each of the reporting units with goodwill did not exceed its respective carrying value as of March 2026.

Identifiable Intangible Assets

The table below presents information about identifiable intangible assets.

	As of
	March		December
$ in millions	2026		2025
Gross carrying value	$	2,422	$	2,320
Accumulated amortization	(1,490)		(1,478)
Net carrying value	$	932	$	842

In the table above:

•The firm acquired approximately $130 million of identifiable intangible assets related to the Industry Ventures' acquisition (with a weighted average amortization period of 8 years) during the three months ended March 2026, substantially all of which consisted of customer lists. During 2025, the amount of identifiable intangible assets acquired by the firm was not material.

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

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

	Three Months Ended March
$ in millions	2026		2025
Amortization	$	23	$	21

	As of
$ in millions	March 2026
Estimated future amortization
Remainder of 2026	$	69
2027	$	92
2028	$	92
2029	$	92
2030	$	92
2031	$	92

The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. There were no material impairments or write-downs during either the three months ended March 2026 or March 2025.

57 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Operating Lease Right-of-Use Assets

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

An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. Right-of-use assets and operating lease liabilities recognized (in non-cash transactions for leases entered into or assumed) by the firm were not material for both the three months ended March 2026 and March 2025. See Note 15 for information about operating lease liabilities.

For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use assets. There were no material impairments or accelerated amortizations during either the three months ended March 2026 or March 2025.

Miscellaneous Receivables and Other

Miscellaneous receivables and other included:

•Investments in qualified affordable housing and renewable energy projects of $4.06 billion as of March 2026 and $4.12 billion as of December 2025. The firm receives tax credits for such investments. See Note 17 for further information about these investments.

•Assets classified as held for sale of $112 million as of March 2026 and $124 million as of December 2025 primarily related to certain of the firm’s consolidated investments within Asset & Wealth Management. Substantially all of these assets consisted of property and equipment and were included in miscellaneous receivables and other within other assets. See Note 9 for further information about the Apple Card loan portfolio that was classified as held for sale.

Note 13.

Deposits

The table below presents information about deposits.

	As of
	March		December
$ in millions	2026		2025
U.S. offices	$	436,383	$	389,929
Non-U.S. offices	124,880		111,493
Total	$	561,263	$	501,422

In the table above:

•Deposits include savings, demand and time deposits.

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

•Substantially all deposits are interest-bearing.

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

	As of March 2026
$ in millions	U.S.		Non-U.S.		Total
Remainder of 2026	$	100,125	$	53,554	$	153,679
2027	30,298		7,255		37,553
2028	7,276		194		7,470
2029	3,765		198		3,963
2030	3,100		74		3,174
2031	1,789		8		1,797
2032 - thereafter	1,037		2		1,039
Total	$	147,390	$	61,285	$	208,675

In the table above:

•The aggregate amount of time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance, were $41.59 billion in U.S. deposits and $58.39 billion in non-U.S. deposits.

•Time deposits included $92.25 billion as of March 2026 and $76.57 billion as of December 2025 of deposits accounted for at fair value under the fair value option. See Notes 4, 5 and 10 for further information about deposits accounted for at fair value.

The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both March 2026 and December 2025. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both March 2026 and December 2025.

Goldman Sachs March 2026 Form 10-Q 58

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 14.

Unsecured Borrowings

The table below presents information about unsecured borrowings.

	As of
	March		December
$ in millions	2026		2025
Unsecured short-term borrowings	$	80,878	$	70,459
Unsecured long-term borrowings	315,426		285,500
Total	$	396,304	$	355,959

Unsecured Short-Term Borrowings

Unsecured short-term borrowings included $33.13 billion as of March 2026 and $30.52 billion as of December 2025 of unsecured long-term borrowings that are due to mature within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder. In addition, unsecured short-term borrowings included $1.00 billion of commercial paper outstanding as of March 2026. There was no commercial paper outstanding as of December 2025. The vast majority of the remaining unsecured short-term borrowings consist of hybrid financial instruments, which are accounted for at fair value under the fair value option. See Notes 4, 5 and 10 for further information about unsecured short-term borrowings that are accounted for at fair value.

The firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations.

The carrying value of unsecured short-term borrowings for which the firm did not elect the fair value option generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2026 and December 2025.

The weighted average interest rates for unsecured short-term borrowings was 4.73% as of March 2026 and 4.34% as of December 2025. These rates include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

Unsecured Long-Term Borrowings

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

	As of
	March		December
$ in millions	2026		2025
U.S. Dollar	$	230,070	$	212,561
Non-U.S. Dollar	85,356		72,939
Total	$	315,426	$	285,500

In the table above:

•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2076.

•Unsecured long-term borrowings included $125.67 billion as of March 2026 and $112.68 billion as of December 2025 of borrowings accounted for at fair value under the fair value option. Substantially all such borrowings consist of hybrid financial instruments, which primarily include equity- and interest rate-linked instruments. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $189.76 billion as of March 2026 and $172.82 billion as of December 2025. The estimated fair value of such unsecured long-term borrowings was $191.14 billion as of March 2026 and $177.67 billion as of December 2025. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both March 2026 and December 2025.

•The vast majority of unsecured long-term borrowings consists of fixed-rate obligations.

•U.S. dollar-denominated borrowings had interest rates ranging from 1.54% to 6.75% (with a weighted average rate of 4.39%) as of March 2026 and 1.43% to 6.75% (with a weighted average rate of 4.32%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

•Non-U.S. dollar-denominated borrowings had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 2.37%) as of March 2026 and 0.25% to 7.25% (with a weighted average rate of 2.22%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

59 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

•Total unsecured long-term borrowings had interest rates ranging from 0.25% to 7.25% (with a weighted average rate of 3.94%) as of March 2026 and 0.25% to 7.25% (with a weighted average rate of 3.92%) as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. As of both March 2026 and December 2025, after giving effect to such hedges, the vast majority of unsecured long-term borrowings consisted of floating-rate obligations and had weighted average interest rates of 4.75% as of March 2026 and 4.92% as of December 2025. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

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

	As of
$ in millions	March 2026
2027	$	36,495
2028	39,709
2029	44,810
2030	31,870
2031	31,295
2032 - thereafter	131,247
Total	$	315,426

In the table above:

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

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

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

•Unsecured long-term borrowings included $(8.13) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(267) million in 2027, $(517) million in 2028, $(718) million in 2029, $(645) million in 2030, $(147) million in 2031, $(5.84) billion in 2032 and thereafter.

Subordinated Borrowings

Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Subordinated debt had maturities ranging from 2026 to 2045 as of both March 2026 and December 2025.

The table below presents information about subordinated borrowings.

$ in millions	Par  Amount		Carrying  Value		Rate
As of March 2026
Subordinated debt	$	12,418	$	11,694	5.93	%
Junior subordinated debt	968		1,019		5.16	%
Total	$	13,386	$	12,713	5.88	%
As of December 2025
Subordinated debt	$	10,096	$	9,413	6.12	%
Junior subordinated debt	968		1,026		5.58	%
Total	$	11,064	$	10,439	6.07	%

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

Goldman Sachs March 2026 Form 10-Q 60

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Junior Subordinated Debt

In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both March 2026 and December 2025, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.

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

Note 15.

Other Liabilities

The table below presents other liabilities by type.

	As of
	March		December
$ in millions	2026		2025
Compensation and benefits	$	5,536	$	10,231
Income tax-related liabilities	4,087		4,223
Operating lease liabilities	2,097		2,170
Noncontrolling interests	954		446
Accrued expenses and other	10,832		10,431
Total	$	23,506	$	27,501

Operating Lease Liabilities

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

The table below presents information about operating lease liabilities.

$ in millions	Operating  lease liabilities
As of March 2026
Remainder of 2026	$	286
2027	359
2028	312
2029	271
2030	218
2031 - thereafter	1,280
Total undiscounted lease payments	2,726
Imputed interest	(629)
Total operating lease liabilities	$	2,097
Weighted average remaining lease term	11 years
Weighted average discount rate	4.31		%
As of December 2025
2026	$	381
2027	348
2028	307
2029	269
2030	201
2031 - thereafter	1,326
Total undiscounted lease payments	2,832
Imputed interest	(662)
Total operating lease liabilities	$	2,170
Weighted average remaining lease term	11 years
Weighted average discount rate	4.34		%

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

Operating lease costs were $123 million for the three months ended March 2026 and $114 million for the three months ended March 2025. Variable lease costs, which are included in operating lease costs, were not material for both the three months ended March 2026 and March 2025. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for both the three months ended March 2026 and March 2025.

Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.34 billion as of March 2026.

61 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Accrued Expenses and Other

Accrued expenses and other included:

•Liabilities classified as held for sale were not material as of both March 2026 and December 2025. See Note 12 for further information about assets held for sale.

•Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service, were $137 million as of March 2026 and $132 million as of December 2025.

•Accrued unfunded commitments related to investments in qualified affordable housing and renewable energy projects were $2.49 billion as of March 2026 and $2.57 billion as of December 2025. See Note 17 for further information about these investments.

Note 16.

Securitization Activities

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

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

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

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

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

	Three Months Ended March
$ in millions	2026		2025
Residential mortgages	$	15,222	$	13,566
Commercial mortgages	4,828		5,645
Other financial assets	–		418
Total financial assets securitized	$	20,050	$	19,629
Retained interests cash flows	$	278	$	211

The firm securitized assets of $184 million during the three months ended March 2026 and $133 million during the three months ended March 2025, in a non-cash exchange for loans and investments.

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

$ in millions	Outstanding  Principal  Amount		Retained  Interests		Purchased  Interests
As of March 2026
U.S. government agency-issued CMOs	$	68,026	$	3,599	$	–
Other residential mortgage-backed	40,339		1,715		54
Other commercial mortgage-backed	75,365		1,145		31
Corporate debt and other asset-backed	12,979		473		9
Total	$	196,709	$	6,932	$	94
As of December 2025
U.S. government agency-issued CMOs	$	62,433	$	3,169	$	–
Other residential mortgage-backed	38,605		1,630		37
Other commercial mortgage-backed	77,967		1,148		39
Corporate debt and other asset-backed	13,904		511		14
Total	$	192,909	$	6,458	$	90

Goldman Sachs March 2026 Form 10-Q 62

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

•CMOs represents collateralized mortgage obligations.

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

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

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

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

•The fair value of retained interests was $6.81 billion as of March 2026 and $6.37 billion as of December 2025.

In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $1.47 billion as of March 2026 and $1.48 billion as of December 2025, and the notional amount of these derivatives and commitments was $4.07 billion as of March 2026 and $4.13 billion as of December 2025. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIEs table in Note 17. Additionally, the firm provided seller financing of $62 million (in connection with the sale of $77 million of loans) during the three months ended March 2026 and $340 million (in connection with the sale of $425 million of loans) during the three months ended March 2025. The principal and interest repayments received from the seller financings were $80 million for the three months ended March 2026 and $198 million for the three months ended March 2025. The total outstanding principal amount of seller financings was $1.18 billion as of both March 2026 and December 2025.

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

	As of
	March		December
$ in millions	2026		2025
Fair value of retained interests	$	6,384	$	5,865
Weighted average life (years)	5.8		6.2
Constant prepayment rate	13.4%		12.4%
Impact of 10% adverse change	$	(63)	$	(53)
Impact of 20% adverse change	$	(119)	$	(102)
Discount rate	7.7%		8.6%
Impact of 10% adverse change	$	(176)	$	(171)
Impact of 20% adverse change	$	(339)	$	(331)

In the table above:

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

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

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

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

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

The firm had other retained interests not reflected in the table above with a fair value of $428 million and a weighted average life of 4.1 years as of March 2026, and a fair value of $506 million and a weighted average life of 4.1 years as of December 2025. Due to the nature and fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes were not meaningful as of both March 2026 and December 2025. The firm’s maximum exposure to adverse changes in the value of these interests was the carrying value of $473 million as of March 2026 and $511 million as of December 2025.

63 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 17.

Variable Interest Entities

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

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

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

VIE Consolidation Analysis

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

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

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

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

•The VIE’s capital structure;

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

•Related-party relationships.

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

VIE Activities

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

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

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

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

Goldman Sachs March 2026 Form 10-Q 64

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE.

Nonconsolidated VIEs

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

	As of
	March		December
$ in millions	2026		2025
Total nonconsolidated VIEs
Assets in VIEs	$	279,910	$	271,331
Carrying value of variable interests — assets	$	18,933	$	17,746
Carrying value of variable interests — liabilities	$	3,032	$	3,016
Maximum exposure to loss:
Retained interests	$	6,932	$	6,458
Purchased interests	746		681
Commitments and guarantees	6,113		6,239
Derivatives	9,355		9,445
Debt and equity	7,061		6,284
Total	$	30,207	$	29,107

In the table above:

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

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

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

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

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

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

	As of
	March		December
$ in millions	2026		2025
Mortgage-backed
Assets in VIEs	$	184,467	$	180,240
Carrying value of variable interests — assets	$	6,597	$	6,094
Maximum exposure to loss:
Retained interests	$	6,459	$	5,947
Purchased interests	137		147
Derivatives	1		1
Total	$	6,597	$	6,095
Tax credit, credit-related, real estate and other investing
Assets in VIEs	$	71,440	$	67,290
Carrying value of variable interests — assets	$	7,198	$	7,073
Carrying value of variable interests — liabilities	$	2,667	$	2,587
Maximum exposure to loss:
Commitments and guarantees	$	5,252	$	5,376
Debt and equity	4,699		4,494
Total	$	9,951	$	9,870
Corporate debt and other asset-backed
Assets in VIEs	$	24,003	$	23,801
Carrying value of variable interests — assets	$	5,138	$	4,579
Carrying value of variable interests — liabilities	$	365	$	429
Maximum exposure to loss:
Retained interests	$	473	$	511
Purchased interests	609		534
Commitments and guarantees	861		863
Derivatives	9,354		9,444
Debt and equity	2,362		1,790
Total	$	13,659	$	13,142

As of both March 2026 and December 2025, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows:

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

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

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

65 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Tax Credit VIEs

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

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

	As of
	March		December
$ in millions	2026		2025
Carrying value of investments	$	4,060	$	4,123

In the table above, investments included $2.49 billion as of March 2026 and $2.57 billion as of December 2025 of accrued unfunded commitments. As of March 2026, a majority of such accrued unfunded commitments were expected to be funded by year-end 2028.

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

	Three Months Ended March
$ in millions	2026		2025
Amortization	$	101	$	131
Tax credits and other benefits	$	130	$	168

Investments in qualified affordable housing projects that did not meet the criteria for the proportional amortization method of accounting were $116 million as of March 2026 and not material as of December 2025.

The firm’s existing investments in renewable energy projects that receive production tax credits were not eligible for transition to the proportional amortization method of accounting upon adoption of ASU No. 2023-02. Such investments were $1.11 billion as of March 2026 and $1.17 billion as of December 2025, were included in investments in the consolidated balance sheets and were accounted for at fair value under the fair value option.

Consolidated VIEs

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

	As of
	March		December
$ in millions	2026		2025
Total consolidated VIEs
Assets
Cash and cash equivalents	$	72	$	49
Customer and other receivables	1		1
Trading assets	92		112
Investments	629		347
Other assets	41		71
Total	$	835	$	580
Liabilities
Other secured financings	$	631	$	643
Customer and other payables	7		7
Unsecured short-term borrowings	5		5
Unsecured long-term borrowings	13		14
Other liabilities	468		212
Total	$	1,124	$	881

In the table above:

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

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

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

Goldman Sachs March 2026 Form 10-Q 66

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

	As of
	March		December
$ in millions	2026		2025
Assets
Real estate and other investing	$	723	$	466
Corporate debt and other asset-backed	40		23
Principal-protected notes	72		91
Total	$	835	$	580
Liabilities
Real estate and other investing	$	475	$	221
Corporate debt and other asset-backed	294		298
Principal-protected notes	355		362
Total	$	1,124	$	881

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

Note 18.

Commitments, Contingencies and Guarantees

Commitments

The table below presents commitments by type.

	As of
	March		December
$ in millions	2026		2025
Commitment Type
Commercial lending:
Investment-grade	$	185,178	$	154,598
Non-investment-grade	92,087		81,407
Warehouse financing	18,145		16,349
Credit cards	73,380		70,823
Total lending	368,790		323,177
Risk participations	10,665		8,435
Collateralized agreement	157,793		103,188
Collateralized financing	69,014		43,206
Investment	7,911		9,721
Other	10,494		9,392
Total commitments	$	624,667	$	497,119

The table below presents commitments by expiration.

	As of March 2026
	Remainder of		2027 -		2029 -		2031 -
$ in millions	2026		2028		2030		Thereafter
Commitment Type
Commercial lending:
Investment-grade	$	13,766	$	57,520	$	89,676	$	24,216
Non-investment-grade	5,663		34,136		31,955		20,333
Warehouse financing	1,460		7,019		5,940		3,726
Credit cards	73,380		–		–		–
Total lending	94,269		98,675		127,571		48,275
Risk participations	371		2,020		7,370		904
Collateralized agreement	154,876		2,000		917		–
Collateralized financing	67,428		1,586		–		–
Investment	3,864		1,052		169		2,826
Other	9,750		743		–		1
Total commitments	$	330,558	$	106,076	$	136,027	$	52,006

67 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Lending Commitments

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

The table below presents information about lending commitments.

	As of
	March		December
$ in millions	2026		2025
Held for investment	$	274,909	$	238,972
Held for sale	91,368		82,558
At fair value	2,513		1,647
Total	$	368,790	$	323,177

In the table above:

•Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $1.08 billion (including allowance for credit losses of $792 million) as of March 2026 and $1.04 billion (including allowance for credit losses of $731 million) as of December 2025. The estimated fair value of such lending commitments was a liability of $6.87 billion as of March 2026 and $6.03 billion as of December 2025. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.78 billion as of March 2026 and $3.44 billion as of December 2025 would have been classified in level 2, and $3.09 billion as of March 2026 and $2.59 billion as of December 2025 would have been classified in level 3.

•Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $158 million as of March 2026 and was not material as of December 2025. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 2 as of both March 2026 and December 2025.

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

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

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

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

Credit Cards. The firm provides credit to consumers by issuing credit card lines. These credit card lines are cancellable by the firm and are classified as held for sale in connection with the planned transition of the Apple Card program.

Risk Participations

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

Collateralized Agreement Commitments/ Collateralized Financing Commitments

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

Goldman Sachs March 2026 Form 10-Q 68

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Investment Commitments

Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $952 million as of March 2026 and $1.00 billion as of December 2025, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment.

As of March 2026, investment commitments also included the firm’s commitment to acquire Innovator Capital Management. See Note 12 for further information about this acquisition.

In addition, as of December 2025, investment commitments included the firm’s commitment to acquire Industry Ventures. This acquisition closed in January 2026. See Note 12 for further information about this acquisition.

Contingencies

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

Guarantees

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

$ in millions	Derivatives		Securities  lending and  clearing		Other  financial  guarantees
As of March 2026
Carrying Value of Net Liability	$	2,285	$	–	$	487
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2026	$	188,058	$	157,473	$	2,466
2027 - 2028	157,638		–		3,735
2029 - 2030	21,676		–		2,690
2031 - thereafter	32,903		–		493
Total	$	400,275	$	157,473	$	9,384
As of December 2025
Carrying Value of Net Liability	$	2,643	$	–	$	485
Maximum Payout/Notional Amount by Period of Expiration
2026	$	219,426	$	182,017	$	2,435
2027 - 2028	111,873		–		3,709
2029 - 2030	17,321		–		2,195
2031 - thereafter	31,026		–		313
Total	$	379,646	$	182,017	$	8,652

In the table above:

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

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

•The carrying value for derivatives included derivative assets of $1.85 billion as of March 2026 and $765 million as of December 2025, and derivative liabilities of $4.13 billion as of March 2026 and $3.41 billion as of December 2025.

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

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

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

As an agency lender, the firm indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed. The maximum payout of such indemnifications was $16.52 billion as of March 2026 and $15.58 billion as of December 2025. Collateral held by the lenders in connection with securities lending indemnifications was $17.26 billion as of March 2026 and $16.22 billion as of December 2025. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these indemnifications.

69 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

As a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation, the firm guarantees the performance of its sponsored member clients to the Fixed Income Clearing Corporation in connection with certain resale and repurchase agreements. To minimize potential losses on such guarantees, the firm obtains a security interest in the collateral that the sponsored client placed with the Fixed Income Clearing Corporation. Therefore, the risk of loss on such guarantees is minimal. The maximum payout on this guarantee was $140.96 billion as of March 2026 and $166.44 billion as of December 2025. The related collateral held was $140.93 billion as of March 2026 and $166.25 billion as of December 2025.

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

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

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

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

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

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

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

The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications as this depends upon the occurrence of future events, including an assessment of claims that have not yet occurred. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated balance sheets as of both March 2026 and December 2025.

Goldman Sachs March 2026 Form 10-Q 70

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws. These indemnifications, as well as indemnifications provided by the firm on other contractual or other obligations, generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. Future changes in tax laws and how such laws would apply to these indemnifications cannot be determined. Therefore, the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both March 2026 and December 2025.

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

Note 19.

Shareholders’ Equity

Common Equity

As of both March 2026 and December 2025, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share.

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

The table below presents information about common stock repurchases.

	Three Months Ended March
in millions, except per share amounts	2026		2025
Common share repurchases	5.4		7.1
Average cost per share	$	923.49	$	610.57
Total cost of common share repurchases	$	5,000	$	4,360

Pursuant to the terms of certain share-based awards, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. In connection with these awards, during the three months ended March 2026, 2,073 shares were remitted with a total value of $1.9 million and the firm cancelled 2.7 million share-based awards with a total value of $2.60 billion. The amount of cash used to settle share-based awards was not material for both the three months ended March 2026 and March 2025.

The table below presents common stock dividends declared.

	Three Months Ended March
	2026		2025
Dividends declared per common share	$	4.50	$	3.00

On April 10, 2026, the Board of Directors of Group Inc. declared a dividend of $4.50 per common share to be paid on June 29, 2026 to common shareholders of record on June 1, 2026.

71 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Preferred Equity

The tables below present information about the perpetual preferred stock issued and outstanding as of March 2026.

Series	Shares  Authorized	Shares  Issued	Shares  Outstanding	Depositary Shares Per Share
A	50,000	30,000	29,999	1,000
C	25,000	8,000	8,000	1,000
D	60,000	54,000	53,999	1,000
E	17,500	7,667	7,667	N.A.
F	5,000	1,615	1,615	N.A.
O	26,000	26,000	26,000	25
T	27,000	27,000	27,000	25
U	30,000	30,000	30,000	25
V	30,000	30,000	30,000	25
W	60,000	60,000	60,000	25
X	90,000	90,000	90,000	25
Y	80,000	80,000	80,000	25
Z	76,000	76,000	76,000	25
Total	576,500	520,282	520,280

Series	Earliest Redemption Date	Liquidation  Preference		Redemption Value ($ in millions)
A	Currently redeemable	$	25,000	$	750
C	Currently redeemable	$	25,000	200
D	Currently redeemable	$	25,000	1,350
E	Currently redeemable	$	100,000	767
F	Currently redeemable	$	100,000	161
O	November 10, 2026	$	25,000	650
T	May 10, 2026	$	25,000	675
U	August 10, 2026	$	25,000	750
V	November 10, 2026	$	25,000	750
W	February 10, 2029	$	25,000	1,500
X	May 10, 2029	$	25,000	2,250
Y	November 10, 2034	$	25,000	2,000
Z	February 10, 2030	$	25,000	1,900
Total				$	13,703

In the tables above:

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

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

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

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

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

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

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

In the first quarter of 2026, the firm redeemed all outstanding shares of its (i) Series Q 5.50% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Q Preferred Stock) with a redemption value of $500 million ($25,000 per share), plus declared and unpaid dividends, (ii) Series R 4.95% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series R Preferred Stock) with a redemption value of $600 million ($25,000 per share), plus declared and unpaid dividends and (iii) Series S 4.40% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series S Preferred Stock) with a redemption value of $350 million ($25,000 per share), plus declared and unpaid dividends. The difference between the redemption value and net carrying value at the time of these redemptions was $3 million, which was recorded as an addition to preferred stock dividends in the first quarter of 2026.

In April 2026, the firm announced that it will redeem all outstanding shares of its Series T 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series T Preferred Stock) with a redemption value of $675 million ($25,000 per share), plus declared and unpaid dividends.

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

Goldman Sachs March 2026 Form 10-Q 72

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents the dividend rates of perpetual preferred stock as of March 2026.

Series	Per Annum Dividend Rate
A	3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly
C	3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly
D	3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly
E	3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly
F	3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly
O	5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter
T	3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U	3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
V	4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter
W	7.50%, payable semi-annually, from issuance date to, but excluding, February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter
X	7.50%, payable semi-annually, from issuance date to, but excluding, May 10, 2029; 5 year treasury rate + 2.809%, payable semi-annually, thereafter
Y	6.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2034; 10 year treasury rate +2.40%, payable semi-annually, thereafter
Z	6.85%, payable semi-annually, from issuance date to, but excluding, February 10, 2030; 5 year treasury rate + 2.461%, payable semi-annually, thereafter

In the table above:

•Dividends on each series of preferred stock are payable in arrears for the periods specified.

•The treasury rate for Series T through Z is based on the most recent dividend determination date of the respective series.

The table below presents preferred stock dividends declared.

	2026				2025
Series	per share		$ in millions		per share		$ in millions
Three Months Ended March
A	$	311.56	$	9	$	345.49	$	10
C	$	311.56	2		$	345.49	3
D	$	306.45	17		$	340.49	18
E	$	1,218.76	9		$	1,397.48	11
F	$	1,219.39	2		$	1,398.11	2
Q	$	922.38	17		$	922.38	18
R	$	945.00	21		$	618.75	15
S	$	898.25	12		$	550.00	8
U	$	456.25	14		$	456.25	14
W	$	937.50	56		$	937.50	56
Z	$	856.25	65		$	–	–
Total			$	224			$	155

On April 7, 2026, Group Inc. declared dividends of $290.72 per share of Series A Preferred Stock, $290.72 per share of Series C Preferred Stock, $285.72 per share of Series D Preferred Stock, $662.50 per share of Series O Preferred Stock, $475.00 per share of Series T Preferred Stock, $515.63 per share of Series V Preferred Stock, $937.50 per share of Series X Preferred Stock and $765.63 per share of Series Y Preferred Stock to be paid on May 11, 2026 to preferred shareholders of record on April 26, 2026 and declared dividends of $1,187.17 per share of Series E Preferred Stock and $1,187.80 per share of Series F Preferred Stock to be paid on June 1, 2026 to preferred shareholders of record on May 17, 2026. The aggregate amount of such preferred dividends was approximately $230 million.

Accumulated Other Comprehensive Income/(Loss)

The table below presents changes in accumulated other comprehensive income/(loss), net of tax, by type.

$ in millions	Beginning balance		Other comprehensive income/(loss) adjustments, net of tax		Ending balance
Three Months Ended March 2026
Currency translation	$	(804)	$	(27)	$	(831)
Debt valuation adjustment	(1,062)		1,148		86
Pension and postretirement liabilities	(496)		1		(495)
Available-for-sale securities	103		(753)		(650)
Cash flow hedges	(1)		(21)		(22)
Total	$	(2,260)	$	348	$	(1,912)
Three Months Ended March 2025
Currency translation	$	(815)	$	(35)	$	(850)
Debt valuation adjustment	(386)		232		(154)
Pension and postretirement liabilities	(528)		10		(518)
Available-for-sale securities	(972)		420		(552)
Cash flow hedges	(1)		6		5
Total	$	(2,702)	$	633	$	(2,069)

73 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 20.

Regulation and Capital Adequacy

The FRB is the primary regulator of Group Inc., a bank holding company (BHC) under the U.S. Bank Holding Company Act of 1956 and a financial holding company under amendments to this Act. The firm is subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework).

The capital requirements are expressed as risk-based capital and leverage ratios that compare measures of regulatory capital to risk-weighted assets (RWAs), average assets and off-balance sheet exposures. Failure to comply with these capital requirements would result in restrictions being imposed by the firm’s regulators and could limit the firm’s ability to repurchase shares, pay dividends and make certain discretionary compensation payments. The firm’s capital levels are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Furthermore, certain of the firm’s subsidiaries are subject to separate regulations and capital requirements.

Capital Framework

The regulations under the Capital Framework are largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III) and also implement certain provisions of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the Capital Framework, the firm is an “Advanced approaches” banking organization and has been designated as a global systemically important bank (G-SIB).

The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements. The buffer must consist entirely of capital that qualifies as Common Equity Tier 1 (CET1) capital.

The firm calculates its CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. Each of the ratios calculated under the Standardized and Advanced Capital Rules must meet its respective capital requirements.

Under the Capital Framework, the firm is also subject to leverage requirements which consist of a minimum Tier 1 leverage ratio and a minimum supplementary leverage ratio (SLR), as well as the SLR buffer.

Consolidated Regulatory Capital Requirements

Risk-Based Capital Ratios. The table below presents the minimum, capital conservation buffer and total risk-based capital requirements.

	As of
	March		December		March		December
	2026		2025		2026		2025
	Standardized				Advanced
Risk-based capital minimum requirements
CET1 capital ratio	4.5	%	4.5	%	4.5	%	4.5	%
Tier 1 capital ratio	6.0	%	6.0	%	6.0	%	6.0	%
Total capital ratio	8.0	%	8.0	%	8.0	%	8.0	%
Capital conservation buffer requirements
G-SIB surcharge (Method 2)	3.5	%	3.0	%	3.5	%	3.0	%
Stress capital buffer	3.4	%	3.4	%	N/A		N/A
Fixed buffer	N/A		N/A		2.5	%	2.5	%
Countercyclical capital buffer	0.0%		0.0%		0.0%		0.0%
Total	6.9	%	6.4	%	6.0	%	5.5	%
Total risk-based capital requirements
CET1 capital ratio	11.4	%	10.9	%	10.5	%	10.0	%
Tier 1 capital ratio	12.9	%	12.4	%	12.0	%	11.5	%
Total capital ratio	14.9	%	14.4	%	14.0	%	13.5	%

In the table above:

•The total risk-based capital requirements for each of the capital ratios consist of the required risk-based capital minimum and the capital conservation buffer requirements.

•The G-SIB surcharge is calculated using two methodologies (Method 1 and Method 2), the higher of which is reflected in the firm’s capital conservation buffer requirements. Method 1 relies upon measures of the size, interconnectedness, substitutability, complexity and cross-jurisdictional activities of each G-SIB. Method 2 uses similar inputs but includes a measure of reliance on short-term wholesale funding instead of substitutability. As of both March 2026 and December 2025, the G-SIB surcharge (Method 2) was higher and therefore was reflected in the capital conservation buffer requirements.

•Based on the firm’s 2025 Comprehensive Capital Analysis and Review submission, the FRB has set the stress capital buffer (SCB) for the firm at 3.4% starting October 1, 2025. In February 2026, the FRB announced that BHCs will continue to be subject to their current SCB requirements until they receive new SCB requirements in 2027. As a result, absent further action from the FRB, the 3.4% SCB will remain effective through September 30, 2027.

Goldman Sachs March 2026 Form 10-Q 74

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

$ in millions	Standardized			Advanced
As of March 2026
CET1 capital	$	101,800		$	101,800
Tier 1 capital	$	115,189		$	115,189
Tier 2 capital	$	14,256		$	11,683
Total capital	$	129,445		$	126,872
RWAs	$	815,106		$	763,768
CET1 capital ratio	12.5		%	13.3		%
Tier 1 capital ratio	14.1		%	15.1		%
Total capital ratio	15.9		%	16.6		%
As of December 2025
CET1 capital	$	104,297		$	104,297
Tier 1 capital	$	118,943		$	118,943
Tier 2 capital	$	11,722		$	9,527
Total capital	$	130,665		$	128,470
RWAs	$	727,338		$	691,470
CET1 capital ratio	14.3		%	15.1		%
Tier 1 capital ratio	16.4		%	17.2		%
Total capital ratio	18.0		%	18.6		%

In the table above, the Standardized risk-based capital ratios as of March 2026 decreased compared with December 2025, reflecting increases in both Credit and Market RWAs and a decrease in capital. The Advanced risk-based capital ratios as of March 2026 decreased compared with December 2025, reflecting increases in Credit, Market and Operational RWAs and a decrease in capital.

Leverage Ratios. The table below presents the leverage requirements.

	As of
	March		December
	2026		2025
Tier 1 leverage ratio	4.0	%	4.0	%
SLR	3.75	%	5.0	%

In the table above, the SLR requirement is calculated as the sum of (i) a 3% minimum as of both March 2026 and December 2025 and (ii) a buffer of 0.75% as of March 2026 and 2% as of December 2025.

On January 1, 2026, the firm early adopted the modified Enhanced Supplementary Leverage Ratio (eSLR) standards, which replaced the 2% buffer applicable to G-SIBs, with a buffer equal to 50% of the firm's G-SIB surcharge (Method 1).

The table below presents information about leverage ratios.

	For the Three Months
	Ended or as of
	March			December
$ in millions	2026			2025
Tier 1 capital	$	115,189		$	118,943
Average adjusted total assets	$	1,953,422		$	1,810,007
Total leverage exposure	$	2,476,612		$	2,297,597
Tier 1 leverage ratio	5.9		%	6.6%
SLR	4.7		%	5.2%

In the table above:

•Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital.

•Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees.

•Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.

•SLR is calculated as Tier 1 capital divided by total leverage exposure.

GS Bank USA

GS Bank USA is the firm’s primary U.S. bank subsidiary. GS Bank USA is a New York State-chartered bank and a member of the Federal Reserve System, is supervised and regulated by the FRB, the FDIC, the New York State Department of Financial Services (NYDFS) and the Consumer Financial Protection Bureau (CFPB), and is subject to regulatory capital requirements that are calculated under the Capital Framework. GS Bank USA is an “Advanced approaches” banking organization under the Capital Framework. The deposits of GS Bank USA are insured by the FDIC to the extent provided by law.

75 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The Capital Framework includes the minimum risk-based capital and the capital conservation buffer requirements (consisting of a 2.5% buffer and the countercyclical capital buffer). The buffer must consist entirely of capital that qualifies as CET1 capital. In addition, the Capital Framework includes the leverage ratio requirement. GS Bank USA is required to calculate the CET1 capital, Tier 1 capital and Total capital ratios in accordance with both the Standardized and Advanced Capital Rules. The lower of each risk-based capital ratio under the Standardized and Advanced Capital Rules is the ratio against which GS Bank USA’s compliance with its risk-based capital requirements is assessed. In addition, under the regulatory framework for prompt corrective action applicable to GS Bank USA, in order to meet the quantitative requirements for a “well-capitalized” depository institution, GS Bank USA must also meet the “well-capitalized” requirements in the table below. GS Bank USA’s capital levels and prompt corrective action classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings and other factors. Failure to comply with the capital requirements, including a breach of the buffers described below, would result in restrictions being imposed by the regulators.

The table below presents GS Bank USA’s risk-based capital, leverage and “well-capitalized” requirements.

	As of
	March		December		March		December
	2026		2025		2026		2025
					"Well-capitalized"
	Requirements				Requirements
Risk-based capital requirements
CET1 capital ratio	7.0	%	7.0	%	6.5	%	6.5	%
Tier 1 capital ratio	8.5	%	8.5	%	8.0	%	8.0	%
Total capital ratio	10.5	%	10.5	%	10.0	%	10.0	%
Leverage requirements
Tier 1 leverage ratio	4.0	%	4.0	%	5.0	%	5.0	%
SLR	3.75	%	3.0	%	N/A		6.0	%

In the table above:

•The CET1 capital ratio requirement included a minimum of 4.5%, the Tier 1 capital ratio requirement included a minimum of 6.0% and the Total capital ratio requirement included a minimum of 8.0%. These requirements also included the capital conservation buffer requirements consisting of a 2.5% buffer and the countercyclical capital buffer, which the FRB has set to zero percent.

•The SLR requirement is calculated as the sum of (i) a 3% minimum as of both March 2026 and December 2025 and (ii) a 0.75% buffer as of March 2026. On January 1, 2026, GS Bank USA early adopted the modified eSLR standards, which replaced the SLR requirement for insured depository institution subsidiaries of G-SIBs to be well-capitalized with a new buffer requirement equal to 50% of their parents’ G-SIB surcharge (Method 1), capped at 1%, in addition to the 3% SLR minimum.

•The “well-capitalized” requirement was the binding requirement for the Tier 1 leverage ratio as of both March 2026 and December 2025 and the “well-capitalized” requirement was the binding requirement for the SLR as of December 2025.

The table below presents information about GS Bank USA’s risk-based capital ratios.

$ in millions	Standardized			Advanced
As of March 2026
CET1 capital	$	62,646		$	62,646
Tier 1 capital	$	62,646		$	62,646
Tier 2 capital	$	2,201		$	617
Total capital	$	64,847		$	63,263
RWAs	$	445,853		$	345,372
CET1 capital ratio	14.1		%	18.1		%
Tier 1 capital ratio	14.1		%	18.1		%
Total capital ratio	14.5		%	18.3		%
As of December 2025
CET1 capital	$	64,071		$	64,071
Tier 1 capital	$	64,071		$	64,071
Tier 2 capital	$	2,052		$	677
Total capital	$	66,123		$	64,748
RWAs	$	409,796		$	306,699
CET1 capital ratio	15.6		%	20.9		%
Tier 1 capital ratio	15.6		%	20.9		%
Total capital ratio	16.1		%	21.1		%

In the table above:

•The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both March 2026 and December 2025.

•The Standardized risk-based capital ratios as of March 2026 decreased compared with December 2025, reflecting increases in both Credit and Market RWAs and a decrease in capital. The Advanced risk-based capital ratios as of March 2026 decreased compared with December 2025, reflecting increases in Credit, Market and Operational RWAs and a decrease in capital.

Goldman Sachs March 2026 Form 10-Q 76

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about GS Bank USA’s leverage ratios.

	For the Three Months
	Ended or as of
	March			December
$ in millions	2026			2025
Tier 1 capital	$	62,646		$	64,071
Average adjusted total assets	$	713,766		$	656,463
Total leverage exposure	$	988,298		$	912,004
Tier 1 leverage ratio	8.8		%	9.8		%
SLR	6.3		%	7.0		%

In the table above:

•Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital.

•Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees.

•Tier 1 leverage ratio is calculated as Tier 1 capital divided by average adjusted total assets.

•SLR is calculated as Tier 1 capital divided by total leverage exposure.

The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. As of both March 2026 and December 2025, the reserve requirement ratio was zero percent. See Note 26 for further information about cash deposits held by the firm at the Federal Reserve.

GS Bank USA is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both March 2026 and December 2025, GS Bank USA was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

Restrictions on Payments

Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test.

In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk.

Group Inc.’s equity investment in subsidiaries was $145.52 billion as of March 2026 and $143.11 billion as of December 2025. The firm’s regulated subsidiaries were required to hold minimum equity capital of $116.21 billion as of March 2026 and $109.48 billion as of December 2025 to satisfy regulatory requirements.

Group Inc.’s capital invested in certain non-U.S. dollar functional currency subsidiaries is exposed to foreign exchange risk, substantially all of which is managed through a combination of non-U.S. dollar-denominated debt and derivatives. See Note 7 for information about the firm’s net investment hedges used to hedge this risk.

77 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 21.

Earnings Per Common Share

Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions, and the dilutive effect of instruments that are convertible into common shares.

The table below presents information about basic and diluted EPS.

	Three Months Ended March
in millions, except per share amounts	2026		2025
Net earnings to common	$	5,403	$	4,583
Net earnings attributable to convertible instruments	1		–
Net earnings to common for diluted EPS	$	5,404	$	4,583
Weighted average basic shares	303.8		320.8
Dilutive effect of RSUs	3.8		3.7
Dilutive effect of convertible instruments	0.4		–
Weighted average diluted shares	308.0		324.5
Basic EPS	$	17.74	$	14.25
Diluted EPS	$	17.55	$	14.12

In the table above:

•Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.

•Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.04 for both the three months ended March 2026 and March 2025.

•Diluted EPS includes the effect of instruments that are convertible into common shares if such conversion would be dilutive. The inclusion of these convertible instruments reduced diluted EPS by $0.02 for the three months ended March 2026.

•Diluted EPS does not include antidilutive RSUs, including those that are subject to market or performance conditions, of 0.2 million for the three months ended March 2026 and 0.1 million for the three months ended March 2025.

Note 22.

Transactions with Affiliated Funds

The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, incentive fees from these funds. Additionally, the firm invests alongside its clients in certain funds.

The tables below present information about affiliated funds.

	Three Months Ended March
$ in millions	2026		2025
Fees earned from funds	$	1,612	$	1,403

	As of
	March		December
$ in millions	2026		2025
Fees receivable from funds	$	1,631	$	1,586
Aggregate carrying value of interests in funds	$	3,321	$	3,362

In the ordinary course of business, the firm may choose to provide voluntary financial support to funds, although any such support is not expected to be material to the results of operations of the firm. The firm has waived or deferred collection of management fees and has deferred reimbursement of expenses, and in the future may waive or defer collection of management fees, from select funds. The impact of these voluntary waivers and deferrals to the firm’s results of operations was approximately $90 million for the three months ended March 2026 and approximately $75 million for the three months ended March 2025. Except as noted above, the firm did not provide any additional voluntary financial support to its affiliated funds during either the three months ended March 2026 or March 2025.

In addition, in the ordinary course of business and subject to applicable regulatory requirements, the firm may also engage in other activities with its affiliated funds, including, among others, securities lending, trade execution, market-making, custody and warehousing. See Note 18 for information about the firm’s investment commitments related to these funds.

Goldman Sachs March 2026 Form 10-Q 78

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 23.

Interest Income and Interest Expense

Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates.

The table below presents sources of interest income and interest expense.

	Three Months Ended March
$ in millions	2026		2025
Deposits with banks	$	1,224	$	1,475
Collateralized agreements	4,650		4,598
Trading assets	4,788		4,280
Investments	2,068		1,785
Loans	3,379		3,880
Other interest	4,528		3,365
Total interest income	20,637		19,383
Deposits	4,674		4,506
Collateralized financings	4,511		4,204
Trading liabilities	1,190		883
Short-term borrowings	398		446
Long-term borrowings	2,453		2,493
Other interest	3,856		3,956
Total interest expense	17,082		16,488
Net interest income	$	3,555	$	2,895

In the table above:

•Collateralized agreements includes rebates paid and interest income on securities borrowed.

•Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest.

•Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value.

•Collateralized financings consists of repurchase agreements and securities loaned.

•Short- and long-term borrowings include both secured and unsecured borrowings.

•Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances.

Note 24.

Income Taxes

Provision for Income Taxes

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses and tax credits in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities.

Unrecognized Tax Benefits

The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements.

Regulatory Tax Examinations

The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.

79 Goldman Sachs March 2026 Form 10-Q

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

	As of
Jurisdiction	March 2026
U.S. Federal	2011
New York State and City	2015
United Kingdom	2017
Japan	2019
Hong Kong	2019

The firm has been accepted into the Compliance Assurance Process (CAP) program by the IRS for each of the tax years from 2013 through 2026. This program allows the firm to work with the IRS to identify and resolve potential U.S. federal tax issues before the filing of tax returns. All issues addressed through the CAP program through the 2018 tax year have been resolved and completion is pending final review by the Joint Committee on Taxation. All issues for the 2019 through 2022 tax years have been resolved and will be effectively settled pending administrative completion by the IRS. Final completion of tax years 2011 through 2022 will not have a material impact on the effective tax rate. The 2023 and 2024 tax years remain subject to post-filing review. New York State and City examinations of tax years 2015 through 2018 commenced during 2021.

All years, including and subsequent to the years in the table above, remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments.

Note 25.

Business Segments

The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. These business segments are determined and organized based on products and services provided, and the types of customers and counterparties served. See Note 1 for a description of the firm’s business segments.

The firm’s chief operating decision maker (CODM) is its president and chief operating officer. The CODM makes operating decisions, assesses the performance of, and allocates resources to, the firm’s operating segments principally based on the total net revenues of the segments, revenues net of provision for credit losses, total operating expenses, pre-tax earnings, net earnings applicable to common shareholders and the return on average common equity to assess the performance of the segments. The CODM evaluates segment operating performance against the firm’s targets and industry metrics and considers the current and future business and operating environment.

The accounting policies used to prepare the operating results and other metrics for the segments are consistent with those described in Note 3. The following provides a description of the primary components of the firm’s segment results disclosed in the table below.

•The firm fully allocates its revenues, expenses, assets and shareholders’ equity to the firm’s three business segments.

•Revenues and expenses directly associated with each segment are included in determining pre-tax earnings for the respective segment.

•Net revenues in the firm’s segments include allocations of interest income and interest expense based on the funding generated by, or the funding and liquidity requirements of, the respective segments. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance.

•Expenses not directly associated with specific segments are allocated among the business segments based on an estimate of support provided to each segment.

•Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.

•Certain assets (including allocations of global core liquid assets and cash, and secured client financing), not directly associated with specific segments are generally allocated among the business segments based on the funding and liquidity requirements of the segments.

•Common shareholders’ equity and preferred stock dividends are allocated to each segment based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements.

•Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings.

•Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Due to the integrated nature of these segments, estimates and judgments are made in allocating these assets, revenues and expenses. Transactions between segments are based on specific criteria or approximate third-party rates.

Goldman Sachs March 2026 Form 10-Q 80

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Segment Results

The table below presents a summary of the firm’s segment results.

	Three Months Ended March
$ in millions	2026		2025
Global Banking & Markets
Non-interest revenues	$	10,553	$	9,293
Net interest income	2,185		1,448
Total net revenues	12,738		10,741
Provision for credit losses	248		66
Compensation and benefits expenses	3,424		3,110
Other operating expenses	3,585		2,814
Total operating expenses	7,009		5,924
Pre-tax earnings	$