GOLDMAN SACHS GROUP INC 10-Q

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Introduction The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries, is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, we are headquartered in New York and maintain offices in all major financial centers around the world. We manage and report our activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See “Results of Operations” for further information about our business segments. When we use the terms “we,” “us” and “our,” we mean Group Inc. and its consolidated subsidiaries. When we use the term “our subsidiaries,” we mean the consolidated subsidiaries of Group Inc. Group Inc. is a bank holding company and a financial holding company regulated by the Board of Governors of the Federal Reserve System (FRB). This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025. References to “the 2025 Form 10-K” are to our Annual Report on Form 10-K for the year ended December 31, 2025. References to “this Form 10-Q” are to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026. All references to “the consolidated financial statements” or “Statistical Disclosures” are to Part I, Item 1 of this Form 10-Q. The consolidated financial statements are unaudited. All references to March 2026 and March 2025 refer to our 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. Executive Overview We generated net earnings of $5.63 billion for the first quarter of 2026, compared with $4.74 billion for the first quarter of 2025. Diluted earnings per common share (EPS) was $17.55 for the first quarter of 2026, compared with $14.12 for the first quarter of 2025. Annualized return on average common shareholders' equity (ROE) was 19.8% for the first quarter of 2026, compared with 16.9% for the first quarter of 2025. Book value per common share was $361.19 as of March 2026, 1.0% higher compared with December 2025. Net revenues were $17.23 billion for the first quarter of 2026, 14% higher than the first quarter of 2025, primarily reflecting higher net revenues in Global Banking & Markets. The increase in net revenues in Global Banking & Markets primarily reflected significantly higher net revenues in Equities and Investment banking fees, partially offset by lower net revenues in Fixed Income, Currency and Commodities (FICC). Net revenues in Asset & Wealth Management were higher, primarily reflecting higher Management and other fees, partially offset by lower net revenues in Private banking and lending. Net revenues in Platform Solutions were significantly lower, primarily reflecting net markdowns recognized in net revenues related to the Apple Card loan portfolio, which was transferred to held for sale in the fourth quarter of 2025. Provision for credit losses was $315 million for the first quarter of 2026, compared with $287 million for the first quarter of 2025. Provisions for the first quarter of 2026 primarily reflected growth and impairments related to wholesale loans. Provisions for the first quarter of 2025 primarily reflected net provisions related to the credit card portfolio, which was transferred to held for sale in the fourth quarter of 2025. Operating expenses were $10.43 billion for the first quarter of 2026, 14% higher than the first quarter of 2025, primarily reflecting significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Our efficiency ratio (total operating expenses divided by total net revenues) was 60.5% for the first quarter of 2026, compared with 60.6% for the first quarter of 2025. Goldman Sachs March 2026 Form 10-Q 96 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis During the first quarter of 2026, we returned a total of $6.38 billion of capital to common shareholders, including $5.00 billion of common share repurchases and $1.38 billion of common stock dividends. As of March 2026, our Common Equity Tier 1 (CET1) capital ratio was 12.5% under the Standardized Capital Rules and 13.3% under the Advanced Capital Rules. See Note 20 to the consolidated financial statements for further information about our capital ratios. Business Environment During the first quarter of 2026, global economic activity was generally impacted by geopolitical concerns, the outlook for inflation, a focus on investments in artificial intelligence (AI) and uncertainty in international trade policies (including tariffs). In the latter part of the quarter, the conflict in the Middle East generated heightened uncertainty, quickly resulting in market volatility, increased energy prices, lower equity markets and elevated concerns about the outlook for economic growth. These factors also weighed on the actions taken by central banks globally towards policy interest rates, including the Federal Reserve holding rates steady during the quarter. The economic outlook remains uncertain, reflecting concerns about the continuation or further escalation of the conflict in the Middle East, inflation, central bank policies and international trade policies (including tariffs). See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for further information about the operating environment for each of our business segments. Critical Accounting Policy Fair Value Fair Value Hierarchy. Trading assets and liabilities, certain investments and loans, and certain other financial assets and liabilities, are included in our consolidated balance sheets at fair value (i.e., marked-to-market), with related gains or losses generally recognized in our consolidated statements of earnings. The use of fair value to measure financial instruments is fundamental to our risk management practices. The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We measure certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). In determining fair value, the hierarchy under U.S. generally accepted accounting principles (U.S. GAAP) gives (i) the highest priority to unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities (level 1 inputs), (ii) the next priority to inputs other than level 1 inputs that are observable, either directly or indirectly (level 2 inputs), and (iii) the lowest priority to inputs that cannot be observed in market activity (level 3 inputs). In evaluating the significance of a valuation input, we consider, among other factors, a portfolio’s net risk exposure to that input. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. The fair values for substantially all of our financial assets and liabilities are based on observable prices and inputs and are classified in levels 1 and 2 of the fair value hierarchy. Certain level 2 and level 3 financial assets and liabilities may require appropriate valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and our credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Instruments classified in level 3 of the fair value hierarchy are those which require one or more significant inputs that are not observable. Level 3 financial assets represented 1.0% as of March 2026 and 1.1% as of December 2025 of our total assets. See Notes 4 and 5 to the consolidated financial statements for further information about level 3 financial assets, including changes in level 3 financial assets and related fair value measurements. Absent evidence to the contrary, instruments classified in level 3 of the fair value hierarchy are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequent to the transaction date, we use other methodologies to determine fair value, which vary based on the type of instrument. Estimating the fair value of level 3 financial instruments requires judgments to be made. These judgments include: • Determining the appropriate valuation methodology and/or model for each type of level 3 financial instrument; • Determining model inputs based on an evaluation of all relevant empirical market data, including prices evidenced by market transactions, interest rates, credit spreads, volatilities and correlations; and • Determining appropriate valuation adjustments, including those related to illiquidity or counterparty credit quality. Regardless of the methodology, valuation inputs and assumptions are only changed when corroborated by substantive evidence. 97 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Controls Over Valuation of Financial Instruments. Market making and investment professionals in our revenue-producing units are responsible for pricing our financial instruments. Our control infrastructure is independent of the revenue-producing units and is fundamental to ensuring that all of our financial instruments are appropriately valued at market-clearing levels. In the event that there is a difference of opinion in situations where estimating the fair value of financial instruments requires judgment (e.g., calibration to market comparables or trade comparison, as described below), the final valuation decision is made by senior managers in our independent price verification function within Controllers. This independent price verification is critical to ensuring that our financial instruments are properly valued. Price Verification. All financial instruments at fair value classified in levels 1, 2 and 3 of the fair value hierarchy are subject to our independent price verification process. The objective of price verification is to have an informed and independent opinion with regard to the valuation of financial instruments under review. Instruments that have one or more significant inputs which cannot be corroborated by external market data are classified in level 3 of the fair value hierarchy. Price verification strategies utilized by our independent price verification function within Controllers include: • Trade Comparison. Analysis of trade data (both internal and external, where available) is used to determine the most relevant pricing inputs and valuations. • External Price Comparison. Valuations and prices are compared to pricing data obtained from third parties (e.g., brokers or dealers, S&P Global Services, Bloomberg, ICE Data Services, Pricing Direct, TRACE). Data obtained from various sources is compared to ensure consistency and validity. When broker or dealer quotations or third-party pricing vendors are used for valuation or price verification, greater priority is generally given to executable quotations. • Calibration to Market Comparables. Market-based transactions are used to corroborate the valuation of positions with similar characteristics, risks and components. • Relative Value Analyses. Market-based transactions are analyzed to determine the similarity, measured in terms of risk, liquidity and return, of one instrument relative to another or, for a given instrument, of one maturity relative to another. • Collateral Analyses. Margin calls on derivatives are analyzed to determine implied values, which are used to corroborate our valuations. • Execution of Trades. Where appropriate, market-making desks are instructed to execute trades in order to provide evidence of market-clearing levels. • Backtesting. Valuations are corroborated by comparison to values realized upon sales. See Note 4 to the consolidated financial statements for further information about fair value measurements. Review of Net Revenues. We seek to ensure adherence to our pricing policy through a combination of daily procedures, including the explanation and attribution of net revenues based on the underlying factors. Through this process, we independently validate net revenues, identify and resolve potential fair value or trade booking issues on a timely basis and seek to ensure that risks are being properly categorized and quantified. Review of Valuation Models. Our independent model risk management group (Model Risk), consisting of quantitative professionals who are separate from model developers, performs an independent model review and validation process of our valuation models. New or changed models are reviewed and approved prior to implementation. Models are reviewed annually to assess the impact of any changes in the product or market and any market developments in pricing theories. See “Risk Management — Model Risk Management” for further information about the review and validation of our valuation models. Use of Estimates U.S. GAAP requires us to make certain estimates and assumptions. In addition to the estimates we make in connection with fair value measurements, the use of estimates and assumptions is also important in determining the allowance for credit losses on loans and lending commitments held for investment and accounted for at amortized cost, discretionary compensation accruals, the accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and accounting for income taxes. Goldman Sachs March 2026 Form 10-Q 98 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Allowance for Credit Losses We estimate and record an allowance for credit losses related to our loans held for investment that are accounted for at amortized cost. To determine the allowance for credit losses, we classify our loans accounted for at amortized cost into loan portfolios based on the level at which we have developed and documented our 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 our 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. We apply judgment in weighting individual scenarios each quarter based on a variety of factors, including our internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale portfolio. Risk factors for wholesale loans include internal credit ratings, industry default and loss data, expected life, macroeconomic indicators (e.g., unemployment rates and GDP), the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or, in the case of collateral dependent loans, the fair value of the collateral less estimated costs to sell, if applicable. The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk. The qualitative factors considered by management include, among others, changes and trends in loan portfolios, uncertainties associated with the macroeconomic and geopolitical environments, credit concentrations, changes in volume and severity of past due and criticized loans, idiosyncratic events and deterioration within an industry or region. Our estimate of credit losses entails judgment about collectability at the reporting dates, and there are uncertainties inherent in those judgments. The allowance for credit losses is subject to a governance process that involves senior management within Risk and Controllers. Personnel within Risk are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While we use the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. Loans are charged off against the allowance for loan losses when deemed to be uncollectible. We also record an allowance for credit losses on lending commitments which are held for investment that are accounted for at amortized cost. Such allowance is determined using the same methodology as the allowance for loan losses, while also taking into consideration the probability of drawdowns or funding, and whether such commitments are cancellable by us. To estimate the potential impact of an adverse macroeconomic environment on our allowance for credit losses, we, among other things, compared the expected credit losses under the weighted average forecast used in the calculation of allowance for credit losses as of March 2026 (which was weighted towards the baseline and adverse economic scenarios) to the expected credit losses under a 100% weighted adverse economic scenario. The adverse economic scenario of the forecast model reflects a global recession in the first half of 2026 through the first half of 2027, resulting in an economic contraction and rising unemployment rates. A 100% weighting to the adverse economic scenario would have resulted in an approximate $0.6 billion increase in our allowance for credit losses as of March 2026. This hypothetical increase does not take into consideration any potential adjustments to qualitative reserves. The forecasts of macroeconomic conditions are inherently uncertain and do not take into account any other offsetting or correlated effects. The actual credit loss in an adverse macroeconomic environment may differ significantly from this estimate. See Note 9 to the consolidated financial statements for further information about the allowance for credit losses. 99 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Discretionary Compensation A substantial portion of our compensation and benefits represents discretionary compensation, which is finalized at year-end. We believe the most appropriate way to allocate estimated year-end discretionary compensation among interim periods is in proportion to the net revenues net of provision for credit losses earned in such periods. In addition to the level of net revenues net of provision for credit losses, our overall compensation expense in any given year is also influenced by, among other factors, overall financial performance, prevailing labor markets, business mix, the structure of our share-based compensation programs and the external environment. Goodwill Goodwill is assessed for impairment annually in the fourth quarter or more frequently if events occur or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, first, a qualitative assessment can be made to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its carrying value. If the results of the qualitative assessment are not conclusive, a quantitative goodwill test is performed. Alternatively, a quantitative goodwill test can be performed without performing a qualitative assessment. Estimating the fair value of our reporting units requires judgment. Critical inputs to the fair value estimates include projected earnings, allocated equity, price-to-earnings multiples and price-to-book multiples. There is inherent uncertainty in the projected earnings. The carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. See Note 12 to the consolidated financial statements for further information about our annual assessment of goodwill for impairment. If we experience a prolonged or severe period of weakness in the business environment, financial markets, the performance of one or more of our reporting units or our common stock price, or additional increases in capital requirements, our goodwill could be impaired in the future. Identifiable Intangible Assets Identifiable intangible assets are tested for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Judgment is required to evaluate whether indications of potential impairment have occurred, and to test identifiable intangible assets for impairment, if required. An impairment is recognized if the estimated undiscounted cash flows relating to the asset or asset group is less than the corresponding carrying value. See Note 12 to the consolidated financial statements for further information about identifiable intangible assets. Litigation and Regulatory Proceedings We also estimate and provide for potential losses that may arise out of litigation and regulatory proceedings to the extent that such losses are probable and can be reasonably estimate d. In addition, we estimate the upper end of the range of reasonably possible aggregate loss in excess of the related reserves for litigation and regulatory proceedings where we believe the risk of loss is more than slight. See Notes 18 and 27 to the consolidated financial statements for information about certain judicial, litigation and regulatory proceedings. Significant judgment is required in making these estimates and our final liabilities may ultimately be materially different. Our total estimated liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case, proceeding or investigation, our experience and the experience of others in similar cases, proceedings or investigations, and the opinions and views of legal counsel. Income Taxes In accounting for income taxes, we recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. We use estimates to recognize current and deferred income taxes in the U.S. federal, state and local and non-U.S. jurisdictions in which we operate. The income tax laws in these jurisdictions are complex and can be subject to different interpretations between taxpayers and taxing authorities. Disputes may arise over these interpretations and can be settled by audit, administrative appeals or judicial proceedings. We do not expect that the resolution of any such dispute will have a material impact on our financial condition, but it may be material to the operating results for a particular period, depending, in part, on the operating results for that period. Our interpretations are reevaluated quarterly based on guidance currently available, tax examination experience and the opinions of legal counsel, among other factors. We recognize deferred taxes based on the amount that will more likely than not be realized in the future based on enacted income tax laws. Our estimate for deferred taxes includes estimates for future taxable earnings, including the level and character of those earnings, and various tax planning strategies. See Note 24 to the consolidated financial statements in Part II, Item 8 of the 2025 Form 10-K for further information about income taxes. Recent Accounting Developments See Note 3 to the consolidated financial statements for information about Recent Accounting Developments. Goldman Sachs March 2026 Form 10-Q 100 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Results of Operations The composition of our net revenues has varied over time as financial markets and the scope of our operations have changed. The composition of net revenues can also vary over the shorter term due to fluctuations in U.S. and global economic and market conditions. See “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K for further information about the impact of economic and market conditions on our results of operations. Financial Overview The table below presents an overview of our financial results and selected financial ratios. Three Months Ended March $ in millions, except per share amounts 2026 2025 Net revenues $ 17,227 $ 15,062 Pre-tax earnings $ 6,486 $ 5,647 Net earnings $ 5,630 $ 4,738 Net earnings to common $ 5,403 $ 4,583 Diluted EPS $ 17.55 $ 14.12 ROE 19.8 % 16.9 % ROTE 21.3 % 18.0 % Net earnings to average assets 1.1 % 1.1 % Return on shareholders’ equity 18.3 % 15.4 % Average equity to average assets 6.3 % 7.1 % Dividend payout ratio 25.6 % 21.2 % Our target (through-the-cycle) is to achieve ROE within a range of 14% to 16% and return on average tangible common shareholders’ equity (ROTE) within a range of 15% to 17%. In the table above: • Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends. • ROE, ROTE, net earnings to average total assets and return on average shareholders’ equity are annualized amounts. • ROE is calculated by dividing annualized net earnings to common by average monthly common shareholders’ equity. • ROTE is calculated by dividing annualized net earnings to common by average monthly tangible common shareholders’ equity. Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. We believe that tangible common shareholders’ equity is meaningful because it is a measure that we and investors use to assess capital adequacy and that ROTE is meaningful because it measures the performance of businesses consistently, whether they were acquired or developed internally. Tangible common shareholders’ equity and ROTE are non-GAAP measures and may not be comparable to similar non-GAAP measures used by other companies. The table below presents our average equity and the reconciliation of average common shareholders’ equity to average tangible common shareholders’ equity. Average for the Three Months Ended March $ in millions 2026 2025 Total shareholders’ equity $ 122,970 $ 123,354 Preferred stock (14,066) (14,678) Common shareholders’ equity 108,904 108,676 Goodwill (6,441) (5,862) Identifiable intangible assets (926) (845) Tangible common shareholders’ equity $ 101,537 $ 101,969 • Net earnings to average assets is calculated by dividing annualized net earnings by average total assets. • Return on shareholders’ equity is calculated by dividing annualized net earnings by average shareholders’ equity. • Average equity to average assets is calculated by dividing average shareholders’ equity by average total assets. • Dividend payout ratio is calculated by dividing dividends declared per common share by diluted EPS. Net Revenues The table below presents our net revenues by line item. Three Months Ended March $ in millions 2026 2025 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 In the table above: • Investment banking consists of revenues (excluding net interest) from financial advisory and underwriting assignments. These activities are included in Global Banking & Markets. • Investment management consists of revenues (excluding net interest) from providing asset management and wealth advisory services. These activities are included in Asset & Wealth Management. • Commissions and fees consists of revenues from executing and clearing client transactions on major stock, options and futures exchanges worldwide, as well as over-the-counter (OTC) transactions. Substantially all of these activities are included in Global Banking & Markets. 101 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis • Market making consists of revenues (excluding net interest) from client execution activities related to making markets in interest rate products, credit products, mortgages, currencies, commodities and equity products. These activities are included in Global Banking & Markets. • Other principal transactions consists of revenues (excluding net interest) from our investing activities (primarily included in Asset & Wealth Management) and lending activities (primarily included in Global Banking & Markets). • See Note 25 to the consolidated financial statements for further information about total non-interest revenues and net interest income. Operating Envir onment. During the first quarter of 2026, the op erating environment was generally characterized by elevated geopolitical tensions, the conflict in the Middle East, and continued broad macroeconomic concerns and uncertainties, including those about inflation, central bank policies and changes in international trade policies (including tariffs). Industry-wide investment banking volumes in completed mergers and acquisitions and debt underwriting increased compared with the fourth quarter of 2025, while equity underwriting volumes were essentially unchanged. In market making, activity levels increased compared with the prior quarter. Additionally, global equity prices generally decreased compared with the end of 2025. In the U.S., the rate of unemployment remained low and the pace of growth in consumer spending declined compared with the fourth quarter of 2025. If uncertainty and concerns about geopolitical tensions, the conflict in the Middle East and the economic outlook remain elevated or increase, including those about inflation, central bank policies and changes in international trade policies, it may lead to a decline in asset prices, a decline in market-making activity levels, or a decline in investment banking activity levels, and net revenues and provision for credit losses would likely be negatively impacted. See “Segment Assets and Operating Results — Segment Operating Results” for information about the operating environment and material trends and uncertainties that may impact our results of operations. Three Months Ended March 2026 versus March 2025 Net revenues in the consolidated statements of earnings were $17.23 billion for the first quarter of 2026, 14% higher than the first quarter of 2025, reflecting significantly higher investment banking revenues, net interest income and other principal transactions revenues, and higher investment management revenues, partially offset by lower market making revenues. Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $2.84 billion for the first quarter of 2026, 48% higher than the first quarter of 2025, primarily due to significantly higher revenues in both advisory, reflecting a significant increase in completed mergers and acquisitions volumes, and in equity underwriting, primarily reflecting significantly higher net revenues from convertible offerings. Investment management revenues in the consolidated statements of earnings were $3.18 billion for the first quarter of 2026, 15% higher than the first quarter of 2025, primarily due to higher management and other fees, primarily reflecting the impact of higher average assets under supervision (AUS). Commissions and fees in the consolidated statements of earnings were $1.33 billion for the first quarter of 2026, 8% higher than the first quarter of 2025, reflecting higher commissions and fees in Equities, due to generally higher market volumes. Market making revenues in the consolidated statements of earnings were $5.46 billion for the first quarter of 2026, 5% lower than the first quarter of 2025, reflecting significantly lower net revenues from intermediation activities, partially offset by significantly higher net revenues from financing activities. The decrease from intermediation activities primarily reflected significantly lower revenues in interest rate products and mortgages, partially offset by significantly higher revenues in commodities and currencies. The increase from financing activities reflected significantly higher revenues in equities financing. Other principal transactions revenues in the consolidated statements of earnings were $862 million for the first quarter of 2026, 59% higher than the first quarter of 2025, primarily reflecting significantly higher net gains from direct investments related to our Global Banking & Markets activities. Goldman Sachs March 2026 Form 10-Q 102 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Net Interest Income. Net interest income in the consolidated statements of earnings was $3.56 billion for the first quarter of 2026, 23% higher than the first quarter of 2025, reflecting an increase in interest income, partially offset by an increase in interest expense. The increase in interest income related to other interest-earning assets and trading assets (each reflecting the impact of higher average balances), partially offset by a decrease in interest income related to loans (reflecting the impact of lower average interest rates). The increase in interest expense related to collateralized financings (reflecting the impact of higher average gross balances) and trading liabilities (reflecting the impact of higher average balances), partially offset by a decrease in interest expense related to other interest-bearing liabilities (reflecting the impact of lower average interest rates, partially offset by higher average balances). See “Statistical Disclosures — Distribution of Assets, Liabilities and Shareholders’ Equity” for further information about our sources of net interest income. Provision for Credit Losses Provision for credit losses consists of provision for credit losses on financial assets and commitments accounted for at amortized cost, including loans and lending commitments held for investment. See Note 9 to the consolidated financial statements for further information about the provision for credit losses on loans and lending commitments. The table below presents our provision for credit losses. Three Months Ended March $ in millions 2026 2025 Provision for credit losses $ 315 $ 287 Three Months Ended March 2026 versus March 2025. Provision for credit losses in the consolidated statements of earnings was $315 million for the first quarter of 2026, compared with $287 million for the first quarter of 2025. Provisions for the first quarter of 2026 primarily reflected growth and impairments related to wholesale loans. Provisions for the first quarter of 2025 primarily reflected net provisions related to the credit card portfolio, which was transferred to held for sale in the fourth quarter of 2025. Operating Expenses Our operating expenses are primarily influenced by compensation, headcount and levels of business activity. Compensation and benefits includes salaries, estimated year-end discretionary compensation, amortization of equity awards and other items, such as benefits. Discretionary compensation is significantly impacted by, among other factors, the level of net revenues, net of provision for credit losses, overall financial performance, prevailing labor markets, business mix, the structure of our share-based awards and the external environment. The table below presents our operating expenses by line item and headcount. Three Months Ended March $ in millions 2026 2025 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 Headcount at period-end 47,000 46,600 Three Months Ended March 2026 versus March 2025. Operating expenses in the consolidated statements of earnings were $10.43 billion for the first quarter of 2026, 14% higher than the first quarter of 2025. Our efficiency ratio was 60.5% for the first quarter of 2026, compared with 60.6% for the first quarter of 2025. The increase in operating expenses, compared with the first quarter of 2025, primarily reflected significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Net provisions for litigation and regulatory proceedings were $42 million for first quarter of 2026, compared with $(11) million for the first quarter of 2025. As of March 2026, headcount was essentially unchanged compared with both December 2025 and March 2025. 103 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Provision for Taxes The effective tax rate for the first quarter of 2026 was 13.2%, down from the full year effective tax rate of 21.4% for 2025, primarily due to an increase in tax benefits on the settlement of employee share-based awards, partially offset by a decrease in other permanent tax benefits, for the first quarter of 2026 compared with the full year of 2025. The impact of tax benefits related to employee share-based awards was a reduction to provision for taxes for the first quarter of 2026 of approximately $895 million, which reduced our effective tax rate by 13.8 percentage points, and increased our diluted EPS by $2.91 and annualized ROE by 3.1 percentage points. The Organisation for Economic Co-operation and Development/G20 (OECD/G20) Global Anti-Base Erosion Model Rules (Pillar II Model Rules) aim to ensure that multinationals with revenues in excess of EUR 750 million pay a minimum effective corporate tax rate of 15% (minimum tax) in each jurisdiction in which they operate. The U.K. and other non-U.S. jurisdictions in which we operate have enacted certain portions of the Pillar II Model Rules through domestic legislation (Pillar II legislation). In January 2026, the OECD/G20 released administrative guidance that allows multinationals with a U.S. parent to elect the side-by-side safe harbor. The safe harbor, once enacted by each jurisdiction, is expected to deem certain Pillar II minimum taxes to be zero for tax years beginning on or after January 1, 2026. As of March 2026, certain jurisdictions have adopted the safe harbor; however, the majority of jurisdictions in which we operate that enacted Pillar II legislation will need to adopt the safe harbor into their local laws through legislation or administrative procedures. We expect the safe harbor to be enacted in various jurisdictions during 2026 and 2027. Domestic minimum top-up taxes still apply under the Pillar II legislation in certain non-U.S. jurisdictions in which we operate. The Pillar II legislation did not have a material impact on the effective tax rate for the first quarter of 2026 and, depending on the amount of our earnings and the geographic mix of our earnings, is not expected to have a material impact on our 2026 effective tax rate. Any domestic minimum top-up taxes under the Pillar II legislation will be recognized in the period in which they are incurred. We expect our 2026 annual effective tax rate to be approximately 20%. Segment Assets and Operating Results Beginning with the fourth quarter of 2025, we made certain changes to our segments as we continued to narrow our strategic focus with respect to consumer-related activities within Platform Solutions. Prior periods are presented on a comparable basis. See “Business — Our Business Segments” in Part I, Item 1 of the 2025 Form 10-K for further information. Segment Assets. The table below presents assets by segment. As of March December $ in millions 2026 2025 Global Banking & Markets $ 1,820,273 $ 1,582,670 Asset & Wealth Management 211,271 198,570 Platform Solutions 28,636 28,080 Total $ 2,060,180 $ 1,809,320 The allocation process for segment assets is based on the activities of these segments. The allocation of assets includes allocation of global core liquid assets (GCLA) (which consists of unencumbered, highly liquid securities and cash), which is included within cash and cash equivalents, collateralized agreements, trading assets and investments on our balance sheet. Due to the integrated nature of these segments, estimates and judgments are made in allocating these assets. See “Risk Management — Liquidity Risk Management” for further information about our GCLA. Goldman Sachs March 2026 Form 10-Q 104 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Segment Operating Results. The table below presents our segment operating results. Three Months Ended March $ in millions 2026 2025 Global Banking & Markets Net revenues $ 12,738 $ 10,741 Provision for credit losses 248 66 Operating expenses 7,009 5,924 Pre-tax earnings $ 5,481 $ 4,751 Net earnings to common $ 4,574 $ 3,864 Average common equity $ 82,100 $ 79,555 Return on average common equity 22.3 % 19.4 % Asset & Wealth Management Net revenues $ 4,078 $ 3,711 Provision for credit losses 66 18 Operating expenses 3,082 2,856 Pre-tax earnings $ 930 $ 837 Net earnings to common $ 770 $ 674 Average common equity $ 23,061 $ 24,634 Return on average common equity 13.4 % 10.9 % Platform Solutions Net revenues $ 411 $ 610 Provision for credit losses 1 203 Operating expenses 335 348 Pre-tax earnings $ 75 $ 59 Net earnings to common $ 59 $ 45 Average common equity $ 3,743 $ 4,487 Return on average common equity 6.3 % 4.0 % Total Net revenues $ 17,227 $ 15,062 Provision for credit losses 315 287 Operating expenses 10,426 9,128 Pre-tax earnings $ 6,486 $ 5,647 Net earnings to common $ 5,403 $ 4,583 Average common equity $ 108,904 $ 108,676 Return on average common equity 19.8 % 16.9 % Net revenues in our segments include allocations of interest income and interest expense based on the funding generated by, or the funding and liquidity requirements of, the respective segments. See Note 25 to the consolidated financial statements for further information about our business segments. The allocation of common shareholders’ equity and preferred stock dividends to each segment is based on the estimated amount of equity required to support the activities of the segment under relevant regulatory capital requirements. Net earnings for each segment is calculated by applying the firmwide tax rate to each segment’s pre-tax earnings. Compensation and benefits expenses within our segments reflect, among other factors, our overall performance, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of our business may be significantly affected by the performance of our other business segments. A description of segment operating results follows. 105 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Global Banking & Markets Global Banking & Markets generates revenues from the following: Investment banking fees. We provide advisory and underwriting services and help companies raise capital to strengthen and grow their businesses. Investment banking fees includes the following: • Advisory. Includes strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs. • Underwriting. Includes public offerings and private placements in both local and cross-border transactions of a wide range of securities and other financial instruments, including acquisition financing. FICC. FICC generates revenues from intermediation and financing activities. • FICC intermediation. Includes client execution activities related to making markets in both cash and derivative instruments, as detailed below. Interest Rate Products. Government bonds (including inflation-linked securities) across maturities, other government-backed securities, and interest rate swaps, options and other derivatives. Credit Products . Investment-grade and high-yield corporate securities, credit derivatives, exchange-traded funds (ETFs), bank and bridge loans, municipal securities, distressed debt and trade claims. Mortgages. Commercial mortgage-related securities, loans and derivatives, residential mortgage-related securities, loans and derivatives (including U.S. government agency-issued collateralized mortgage obligations and other securities and loans), and other asset-backed securities, loans and derivatives. Currencies. Currency options, spot/forwards and other derivatives on G-10 currencies and emerging-market products. Commodities. Commodity derivatives and, to a lesser extent, physical commodities, involving crude oil and petroleum products, natural gas, agricultural, base, precious and other metals, electricity, including renewable power, environmental products and other commodity products. • FICC financing. Includes (i) secured lending to our clients through structured mortgage and other asset-backed lending, (ii) financing through securities purchased under agreements to resell (resale agreements) and (iii) other FICC financing (including commodity financing to clients through structured transactions, facilitating institutional primary loans for syndication and providing structured letters of credit to corporate clients). Equities. Equities generates revenues from intermediation and financing activities. • Equities intermediation. We make markets in equity and equity-related products, including ETFs, convertible securities, options, futures and OTC derivative instruments. We also structure and make markets in derivatives on indices, industry sectors, financial measures and individual company stocks. Our exchange-based market-making activities include making markets in stocks and ETFs, futures and options on major exchanges worldwide. In addition, we generate commissions and fees from executing and clearing institutional client transactions on major stock, options and futures exchanges worldwide, as well as OTC transactions. • Equities financing. Includes prime financing, which provides financing to our clients for their securities trading activities through margin loans that are generally collateralized by securities or cash. Prime financing also includes services which involve lending securities to cover institutional clients’ short sales and borrowing securities to cover our short sales and to make deliveries into the market. We are also an active participant in broker-to-broker securities lending and third-party agency lending activities. In addition, we execute swap transactions to provide our clients with exposure to securities and indices. Financing activities also include portfolio financing, which clients can utilize to manage their investment portfolios, and other equity financing activities, including securities-based loans to individuals. Market-Making Activities As a market maker, we facilitate transactions in both liquid and less liquid markets, primarily for institutional clients, such as corporations, financial institutions, investment funds and governments, to assist clients in meeting their investment objectives and in managing their risks. In this role, we seek to earn the difference between the price at which a market participant is willing to sell an instrument to us and the price at which another market participant is willing to buy it from us, and vice versa (i.e., bid/offer spread). In addition, we maintain (i) market-making positions, typically for a short period of time, in response to, or in anticipation of, client demand, and (ii) positions to actively manage our risk exposures that arise from these market-making activities (collectively, inventory). Our inventory is recorded in trading assets (long positions) or trading liabilities (short positions) in our consolidated balance sheets. Goldman Sachs March 2026 Form 10-Q 106 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Our results are influenced by a combination of interconnected drivers, including (i) client activity levels and transactional bid/offer spreads (collectively, client activity), and (ii) changes in the fair value of our inventory and interest income and interest expense related to the holding, hedging and funding of our inventory (collectively, market-making inventory changes). Due to the integrated nature of our market-making activities, disaggregation of net revenues into client activity and market-making inventory changes is judgmental and has inherent complexities and limitations. The amount and composition of our net revenues vary over time as these drivers are impacted by multiple interrelated factors affecting economic and market conditions, including volatility and liquidity in the market, changes in interest rates, currency exchange rates, credit spreads, equity prices and commodity prices, investor confidence, and other macroeconomic concerns and uncertainties. In general, assuming all other market-making conditions remain constant, increases in client activity levels or bid/offer spreads tend to result in increases in net revenues, and decreases tend to have the opposite effect. However, changes in market-making conditions can materially impact client activity levels and bid/offer spreads, as well as the fair value of our inventory. For example, a decrease in liquidity in the market could have the impact of (i) increasing our bid/offer spread, (ii) decreasing investor confidence and thereby decreasing client activity levels, and (iii) widening of credit spreads on our inventory positions. Other. We lend to corporate clients, including through relationship lending and acquisition financing. The hedges related to this lending and financing activity are also reported as part of Other. Additionally, we provide transaction banking services, such as deposit taking, payments solutions and other cash management services, for corporate and institutional clients. Transaction banking revenues include net interest income attributed to transaction banking deposits. Other also includes investing activities related to our Global Banking & Markets activities. The table below presents our Global Banking & Markets assets. As of March December $ in millions 2026 2025 Cash and cash equivalents $ 142,941 $ 131,809 Collateralized agreements 369,420 314,212 Customer and other receivables 184,848 163,150 Trading assets 698,909 610,513 Investments 217,703 174,052 Loans 182,424 167,629 Other assets 24,028 21,305 Total $ 1,820,273 $ 1,582,670 The table below presents details about our Global Banking & Markets loans. As of March December $ in millions 2026 2025 Corporate $ 33,005 $ 25,337 Real estate 51,560 49,811 Securities-based 6,340 5,591 Other collateralized 92,959 88,205 Other 126 121 Loans, gross 183,990 169,065 Allowance for loan losses (1,566) (1,436) Total loans $ 182,424 $ 167,629 The table below presents our average Global Banking & Markets gross loans. Three Months Ended March $ in millions 2026 2025 Loans $ 176,288 $ 138,323 The table below presents our Global Banking & Markets operating results. Three Months Ended March $ in millions 2026 2025 Advisory $ 1,494 $ 792 Equity underwriting 535 370 Debt underwriting 811 752 Investment banking fees 2,840 1,914 FICC intermediation 2,949 3,390 FICC financing 1,062 1,045 FICC 4,011 4,435 Equities intermediation 2,718 2,547 Equities financing 2,608 1,645 Equities 5,326 4,192 Other 561 200 Net revenues 12,738 10,741 Provision for credit losses 248 66 Operating expenses 7,009 5,924 Pre-tax earnings 5,481 4,751 Provision for taxes 723 765 Net earnings 4,758 3,986 Preferred stock dividends 184 122 Net earnings to common $ 4,574 $ 3,864 Average common equity $ 82,100 $ 79,555 Return on average common equity 22.3 % 19.4 % 107 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents our FICC and Equities net revenues by line item in the consolidated statements of earnings. $ in millions FICC Equities Three Months Ended March 2026 Market making $ 1,844 $ 3,617 Commissions and fees – 1,532 Other principal transactions 226 20 Net interest income 1,941 157 Total $ 4,011 $ 5,326 Three Months Ended March 2025 Market making $ 2,868 $ 2,855 Commissions and fees – 1,245 Other principal transactions 231 7 Net interest income 1,336 85 Total $ 4,435 $ 4,192 In the table above: • See “Net Revenues” for information about market making revenues, commissions and fees, other principal transactions revenues and net interest income. See Note 25 to the consolidated financial statements for net interest income by segment. • The primary driver of net revenues for FICC intermediation for all periods was client activity. • The increase in net interest income across FICC and Equities for the first quarter of 2026 compared with the first quarter of 2025 reflected an increase in interest-earning assets and a decrease in funding costs. Due to the nature of activities within FICC and Equities and the composition of their associated balance sheet, we assess the performance of these businesses based on total net revenues, as offsets can occur across revenue line items. For example, cash instruments that generate interest income are, in some cases, hedged or funded by derivatives for which changes in fair value are reflected in market making revenues. Also, certain activities produce market making revenues but incur interest expense related to the funding of the related inventory. The table below presents our financial advisory and underwriting transaction volumes. Three Months Ended March $ in billions 2026 2025 Announced mergers and acquisitions $ 425 $ 437 Completed mergers and acquisitions $ 440 $ 244 Equity and equity-related offerings $ 24 $ 19 Debt offerings $ 104 $ 96 In the table above: • Volumes are per Dealogic. • Announced and completed mergers and acquisitions volumes are based on full credit to each of the advisors in a transaction. Equity and equity-related and debt offerings are based on full credit for single book managers and equal credit for joint book managers. Transaction volumes may not be indicative of net revenues in a given period. In addition, transaction volumes for prior periods may vary from amounts previously reported due to the subsequent withdrawal or a change in the value of a transaction. • Equity and equity-related offerings includes Rule 144A and public common stock offerings, convertible offerings and rights offerings. • Debt offerings includes non-convertible preferred stock, mortgage-backed securities, asset-backed securities and taxable municipal debt. It also includes publicly registered and Rule 144A issues and excludes leveraged loans. Operating Environment. During the first quarter of 2026, Global Banking & Markets operated in an environment generally characterized by elevated geopolitical tensions and continued broad macroeconomic concerns and uncertainties, including those about inflation, central bank policies and changes in international trade policies (including tariffs). In investment banking, industry-wide completed mergers and acquisitions volumes and industry-wide debt underwriting volumes both increased compared with the fourth quarter of 2025, while industry-wide equity underwriting volumes were essentially unchanged. In interest rates, the yield on 10-year U.S. and U.K. government bonds increased during the quarter. In equities, the S&P 500 Index decreased by 5% and the MSCI World Index decreased by 4% compared with the end of 2025. Additionally, the price of crude oil per barrel (Brent) increased by 94% compared with the end of 2025. In the future, if market and economic conditions deteriorate further, and market-making activity levels decline or investment banking activity levels decline, or credit spreads related to hedges on our relationship lending portfolio tighten, net revenues in Global Banking & Markets would likely be negatively impacted. In addition, if economic conditions deteriorate or if the creditworthiness of borrowers deteriorates, provision for credit losses would likely be negatively impacted. Goldman Sachs March 2026 Form 10-Q 108 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Three Months Ended March 2026 versus March 2025. Net revenues in Global Banking & Markets were $12.74 billion for the first quarter of 2026, 19% higher than the first quarter of 2025. Investment banking fees were $2.84 billion, 48% higher than the first quarter of 2025, primarily due to significantly higher net revenues in Advisory, reflecting a significant increase in completed mergers and acquisitions volumes. Net revenues in Equity underwriting were also significantly higher, primarily reflecting significantly higher net revenues from convertible offerings. Net revenues in Debt underwriting were higher, reflecting higher net revenues from investment-grade and asset-backed activity, partially offset by significantly lower net revenues from leveraged finance activity. As of March 2026, our Investment banking fees backlog decreased slightly compared with the end of 2025, reflecting lower estimated net revenues from potential advisory transactions, partially offset by higher estimated net revenues from potential debt underwriting transactions. Our backlog represents an estimate of our net revenues from future transactions where we believe that future revenue realization is more likely than not. We believe changes in our backlog may be a useful indicator of client activity levels which, over the long term, impact our net revenues. However, the time frame for completion and corresponding revenue recognition of transactions in our backlog varies based on the nature of the assignment, as certain transactions may remain in our backlog for longer periods of time. In addition, our backlog is subject to certain limitations, such as assumptions about the likelihood that individual client transactions will occur in the future. Transactions may be cancelled or modified, and transactions not included in the estimate may also occur. Net revenues in FICC were $4.01 billion, 10% lower than the first quarter of 2025, reflecting lower net revenues in FICC intermediation, due to significantly lower net revenues in interest rate products and mortgages and lower net revenues in credit products, partially offset by significantly higher net revenues in commodities and currencies. Net revenues in FICC financing were slightly higher. The decrease in FICC intermediation net revenues reflected the impact of less favorable market-making conditions on our inventory, partially offset by higher client activity. The following provides information about our FICC intermediation net revenues by business, compared with results for the first quarter of 2025: • Net revenues in interest rate products, mortgages and credit products reflected the impact of less favorable market-making conditions on our inventory. • Net revenues in commodities and currencies reflected the impact of improved market-making conditions on our inventory and higher client activity. Net revenues in Equities were $5.33 billion, 27% higher than the first quarter of 2025, due to significantly higher net revenues in Equities financing, primarily driven by significantly higher net revenues in prime financing, and higher net revenues in Equities intermediation, primarily driven by higher net revenues in cash products. Net revenues in Other were $561 million for the first quarter of 2026, compared with $200 million for the first quarter of 2025, with the increase primarily reflecting significantly higher net gains from direct investments. Provision for credit losses was $248 million for the first quarter of 2026, compared with $66 million for the first quarter of 2025. Provisions for the first quarter of 2026 primarily reflected portfolio growth and impairments. Provisions for the first quarter of 2025 primarily reflected portfolio growth. Operating expenses were $7.01 billion for the first quarter of 2026, 18% higher than the first quarter of 2025, primarily due to significantly higher transaction based expenses and higher compensation and benefits expenses (reflecting improved operating performance). Pre-tax earnings were $5.48 billion for the first quarter of 2026, 15% higher than the first quarter of 2025. 109 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Asset & Wealth Management Asset & Wealth Management provides investment services to help clients preserve and grow their financial assets and achieve their financial goals. We provide these services to our clients, both institutional and individuals, including investors who primarily access our products through a network of third-party distributors around the world. We manage client assets across a broad range of investment strategies and asset classes, including equity, fixed income and alternative investments. We provide investment solutions, including those managed on a fiduciary basis by our portfolio managers, as well as those managed by third-party managers. We offer our investment solutions in a variety of structures, including separately managed accounts, mutual funds, ETFs, private partnerships and other commingled vehicles. We also provide tailored wealth advisory services, primarily to ultra-high-net worth clients. We operate globally, serving individuals, families, family offices, and foundations and endowments. Our relationships are established directly or introduced through companies that sponsor financial wellness or financial planning programs for their employees, as well as through corporate referrals. We offer personalized financial planning to individuals and also provide customized investment advisory solutions, and offer structuring and execution capabilities in securities and derivative products across all major global markets. In addition, we offer clients a full range of private banking services, including a variety of deposit alternatives and loans that our clients use to finance investments in both financial and nonfinancial assets, bridge cash flow timing gaps or provide liquidity and flexibility for other needs. We also raise deposits from consumers through Marcus by Goldman Sachs (Marcus). We invest alongside our clients that invest in investment funds that we raise or manage. We also have investments in alternative assets across a range of asset classes. Our investing activities, which are typically longer-term, include investments in corporate equity, credit, real estate and infrastructure assets. Asset & Wealth Management generates revenues from the following: • Management and other fees. We receive fees related to managing assets for institutional and individual clients, providing investing and wealth advisory solutions, providing financial planning and counseling services, and executing brokerage transactions for wealth management clients. The vast majority of revenues in management and other fees consists of asset-based fees on client assets that we manage. For further information about assets under supervision, see “Assets Under Supervision” below. The fees that we charge vary by asset class, client channel and the types of services provided, and are affected by investment performance, as well as asset inflows and redemptions. • Incentive fees. In certain circumstances, we also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. Such fees include carried interest, which consists of the increased share of the income and gains derived primarily from our private equity and credit funds when the return on a fund’s investments over the life of the fund exceeds certain threshold returns. • Private banking and lending. Our private banking and lending activities include issuing loans to our wealth management clients. Such loans are generally secured by commercial and residential real estate, securities or other assets. We also raise deposits from wealth management clients through our private bank and Marcus. Private banking and lending revenues include net interest income allocated to deposits and net interest income earned on loans to individual clients. • Investments. Includes investments related to our asset management activities. These investments include public and private equity securities, debt securities and loans, related to corporate, real estate and infrastructure assets. We also make investments through consolidated investment entities (CIEs), substantially all of which are engaged in real estate investment activities. Goldman Sachs March 2026 Form 10-Q 110 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis We have announced the following targets relating to Asset & Wealth Management: • Achieve ROE in the high-teens (approximately 17% to 19%) and pre-tax margin of approximately 30%, both within the medium term (three- to five-year time horizon from year-end 2025). • Achieve annual long-term fee-based net inflows from the wealth management client channel of approximately 5% of the channel's long-term AUS. • Grow our total alternative AUS to $750 billion by the end of 2030. • Grow our total credit alternative assets to $300 billion by the end of 2028. • Achieve an annual double-digit percentage growth rate for Management and other fees from alternatives. • Raise between $75 billion and $100 billion of third-party commitments in our alternatives business annually. The table below presents our Asset & Wealth Management assets. As of March December $ in millions 2026 2025 Cash and cash equivalents $ 33,973 $ 30,220 Collateralized agreements 15,226 18,459 Customer and other receivables 24,572 22,628 Trading assets 54,432 42,711 Investments 19,812 20,069 Loans 51,309 50,282 Other assets 11,947 14,201 Total $ 211,271 $ 198,570 The table below presents details about our Asset & Wealth Management loans. As of March December $ in millions 2026 2025 Corporate $ 5,138 $ 5,322 Real estate 20,057 19,494 Securities-based 12,252 12,488 Other collateralized 11,631 10,791 Other 3,007 2,896 Loans, gross 52,085 50,991 Allowance for loan losses (776) (709) Total loans $ 51,309 $ 50,282 In the table above, gross loans included $46.18 billion of loans as of March 2026 and $44.70 billion of loans as of December 2025 that were related to Private banking and lending. The table below presents our average Asset & Wealth Management gross loans. Three Months Ended March $ in millions 2026 2025 Loans $ 51,594 $ 47,227 The table below presents our Asset & Wealth Management operating results. Three Months Ended March $ in millions 2026 2025 Management and other fees $ 3,077 $ 2,701 Incentive fees 183 129 Private banking and lending 638 725 Investments 180 156 Net revenues 4,078 3,711 Provision for credit losses 66 18 Operating expenses 3,082 2,856 Pre-tax earnings 930 837 Provision for taxes 123 135 Net earnings 807 702 Preferred stock dividends 37 28 Net earnings to common $ 770 $ 674 Average common equity $ 23,061 $ 24,634 Return on average common equity 13.4 % 10.9 % In the table above, Management and other fees included fees from alternatives of $597 million for the first quarter of 2026 and $527 million for the first quarter of 2025. The table below presents our Asset management and Wealth management net revenues by line item in Asset & Wealth Management. $ in millions Asset management Wealth management Asset & Wealth Management Three Months Ended March 2026 Management and other fees $ 1,308 $ 1,769 $ 3,077 Incentive fees 183 – 183 Private banking and lending – 638 638 Investments 182 (2) 180 Total $ 1,673 $ 2,405 $ 4,078 Three Months Ended March 2025 Management and other fees $ 1,190 $ 1,511 $ 2,701 Incentive fees 129 – 129 Private banking and lending – 725 725 Investments 156 – 156 Total $ 1,475 $ 2,236 $ 3,711 Operating Environment. During the first quarter of 2026, Asset & Wealth Management operated in an environment generally characterized by elevated geopolitical tensions and continued broad macroeconomic concerns and uncertainties, including those about changes in international trade policies (including tariffs). Global equity prices were generally lower compared with the end of 2025. In the future, if market and economic conditions deteriorate further, it may lead to a further decline in asset prices, or investors transitioning to asset classes that typically generate lower fees or withdrawing their assets, and net revenues in Asset & Wealth Management would likely be negatively impacted. 111 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Three Months Ended March 2026 versus March 2025. Net revenues in Asset & Wealth Management were $4.08 billion for the first quarter of 2026, 10% higher than the first quarter of 2025, primarily reflecting higher Management and other fees, partially offset by lower net revenues in Private banking and lending. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The decrease in Private banking and lending net revenues reflected the impact of lower deposit spreads related to Marcus deposits, partially offset by higher deposit balances. Incentive fees were higher, primarily driven by performance, and net revenues in Investments were also higher . Provision for credit losses was $66 million for the first quarter of 2026, compared with $18 million for the first quarter of 2025. Provisions for the first quarter of 2026 primarily reflected impairments. Operating expenses were $3.08 billion for the first quarter of 2026, 8% higher than the first quarter of 2025 , primarily due to higher compensation and benefits expenses (reflecting improved operating performance) . Pre-tax earnings were $930 million (pre-tax margin of 23%) for the first quarter of 2026, 11% higher than the first quarter of 2025. Assets Under Supervision. AUS includes our institutional clients’ assets, assets sourced through third-party distributors and high-net-worth clients’ assets where we earn a fee for managing assets on a discretionary basis. This includes net assets in our mutual funds, ETFs, hedge funds, credit funds, private equity funds, real estate funds, and separately managed accounts for institutional and individual investors. AUS also includes client assets invested with third-party managers, private bank deposits and advisory relationships where we earn a fee for advisory and other services, but do not have investment discretion. AUS does not include the self-directed brokerage assets of our clients. In the fourth quarter of 2025, we made certain changes to the classification of our AUS. See “Results of Operations — Asset & Wealth Management — Assets Under Supervision” in Management's Discussion and Analysis of the 2025 Form 10-K for further information about such changes. The table below presents information about our period-end AUS by asset class, region and vehicle. As of March $ in billions 2026 2025 Asset Class Alternative investments $ 429 $ 355 Equity 954 771 Fixed income 1,341 1,207 Total long-term AUS 2,724 2,333 Liquidity products 926 840 Total AUS $ 3,650 $ 3,173 Region Americas $ 2,579 $ 2,242 EMEA 820 705 Asia 251 226 Total AUS $ 3,650 $ 3,173 Vehicle Separate accounts $ 1,983 $ 1,705 Public funds 1,120 1,012 Private funds and other 547 456 Total AUS $ 3,650 $ 3,173 In the table above: • Liquidity products includes money market funds and private bank deposits. • EMEA represents Europe, Middle East and Africa. The table below presents our total long-term AUS by client channel. As of March $ in billions 2026 2025 Institutional $ 1,198 $ 1,068 Wealth management 950 804 Third-party distributed 576 461 Total long-term AUS $ 2,724 $ 2,333 Total wealth management client assets (consisting of AUS, brokerage assets and Marcus deposits) were approximately $1.8 trillion as of March 2026 and approximately $1.6 trillion as of March 2025. The table below presents changes in our AUS. Three Months Ended March $ in billions 2026 2025 Beginning balance $ 3,606 $ 3,137 Net inflows/(outflows): Alternative investments 11 4 Equity 24 11 Fixed income 27 14 Total long-term AUS net inflows/(outflows) 62 29 Liquidity products 25 (5) Total AUS net inflows/(outflows) 87 24 Net market appreciation/(depreciation) (43) 12 Ending balance $ 3,650 $ 3,173 Goldman Sachs March 2026 Form 10-Q 112 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis In the table above: • During the three months ended March 2026, our AUS increased $44 billion due to net inflows (across all asset classes), partially offset by net market depreciation (primarily in equity and fixed income). • During the three months ended March 2025, our AUS increased $36 billion due to net inflows (primarily in fixed income and equity) and net market appreciation (reflecting net market appreciation in fixed income, partially offset by net market depreciation in equity). The table below presents information about our total long-term AUS net inflows/(outflows) by client channel. Three Months Ended March $ in billions 2026 2025 Institutional $ 18 $ 1 Wealth management 22 16 Third-party distributed 22 12 Total long-term AUS net inflows/(outflows) $ 62 $ 29 The table below presents information about our average monthly AUS by asset class. Average for the Three Months Ended March $ in billions 2026 2025 Asset Class Alternative investments $ 428 $ 355 Equity 974 784 Fixed income 1,349 1,189 Total long-term AUS 2,751 2,328 Liquidity products 920 845 Total AUS $ 3,671 $ 3,173 We earn management fees on client assets that we manage and also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. These incentive fees are recognized when it is probable that a significant reversal of such fees will not occur. Our estimated unrecognized incentive fees were $6.08 billion as of March 2026 and $5.24 billion as of December 2025. Such amounts are based on the completion of the funds’ financial statements, which is generally one quarter in arrears. These fees will be recognized, assuming no decline in fair value, if and when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of the assets. The table below presents our average effective management fee (which excludes non-asset-based fees) earned on our AUS by asset class. Three Months Ended March Effective fees (bps) 2026 2025 Alternative investments 58 59 Equity 52 55 Fixed income 17 17 Liquidity products 14 14 Total average effective fee 30 31 The table below presents details about our monthly average AUS for alternative assets and the average effective management fee we earned on such assets. Funds & discretionary accounts Advisory Total $ in billions Direct strategies Fund of funds Total & OCIO accounts alternative AUS Three Months Ended March 2026 Average AUS Corporate equity $ 50 $ 78 $ 128 $ 38 $ 166 Credit 73 6 79 21 100 Real estate 21 7 28 16 44 Hedge funds and other 52 15 67 51 118 Total $ 196 $ 106 $ 302 $ 126 $ 428 Effective Fees (bps) Corporate equity 120 64 89 19 71 Credit 72 42 71 10 53 Real estate 67 66 67 10 45 Hedge funds and other 66 71 67 18 46 Total 82 65 77 16 58 Three Months Ended March 2025 Average AUS Corporate equity $ 37 $ 69 $ 106 $ 30 $ 136 Credit 57 4 61 22 83 Real estate 20 7 27 13 40 Hedge funds and other 44 12 56 40 96 Total $ 158 $ 92 $ 250 $ 105 $ 355 Effective Fees (bps) Corporate equity 122 64 87 22 72 Credit 71 54 71 14 55 Real estate 63 67 64 14 47 Hedge funds and other 69 76 71 19 49 Total 82 66 76 18 59 In the table above, direct strategies primarily includes our private equity, growth equity, private credit, liquid alternatives and real estate strategies. Fund of funds primarily includes our business which invests in leading private equity, hedge fund, real estate and credit third-party managers as a limited partner, secondary-market investor, co-investor or management company partner. In addition to our AUS, we have discretion over alternative investments where we currently do not earn management fees (non-fee-earning alternative assets). 113 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents information about our period-end AUS for alternative assets, non-fee-earning alternative assets and total alternative assets. AUS Total $ in billions Funds & discretionary Advisory & OCIO Total AUS Non-fee- earning alternative assets As of March 2026 Corporate equity $ 129 $ 38 $ 167 $ 98 $ 265 Credit 77 24 101 96 197 Real estate 28 15 43 20 63 Hedge funds and other 67 51 118 3 121 Total $ 301 $ 128 $ 429 $ 217 $ 646 As of March 2025 Corporate equity $ 107 $ 30 $ 137 $ 75 $ 212 Credit 62 22 84 80 164 Real estate 27 12 39 19 58 Hedge funds and other 55 40 95 4 99 Total $ 251 $ 104 $ 355 $ 178 $ 533 In the table above: • Substantially all non-fee-earning alternative assets consist of funds and discretionary accounts. • Corporate equity primarily includes private equity. • Total alternative assets included uncalled capital that is available for future investing of $83 billion as of March 2026 and $66 billion as of March 2025. • Non-fee-earning alternative assets primarily includes investments that we hold on our balance sheet, our unfunded commitments, unfunded commitments of our clients (where we do not charge fees on commitments), credit facilities collateralized by fund assets and employee funds. Our calculation of non-fee-earning alternative assets may not be comparable to similar calculations used by other companies. • Non-fee-earning alternative assets primarily includes our direct investing strategies, including private equity, growth equity, private credit and real estate strategies. The table below presents information about third-party commitments raised in our alternatives business from the beginning of 2020 through the first quarter of 2026. As of $ in billions March 2026 Included in AUS $ 350 Included in non-fee-earning alternative assets 114 Third-party commitments raised $ 464 In the table above, commitments included in non-fee-earning alternative assets included approximately $89 billion, which will begin to earn fees (and become AUS) if and when the commitments are drawn and assets are invested. In the first quarter of 2026, we raised $26 billion in third-party commitments in our alternatives business, including $9 billion in corporate equity, $10 billion in credit, $2 billion in real estate and $5 billion in hedge funds and other. We have raised $464 billion of third-party commitments in our alternatives business since 2019. The table below presents information about alternative investments that we hold on our balance sheet. As of March December $ in billions 2026 2025 Product Loans $ 5.2 $ 5.7 Debt securities 7.6 8.1 Equity securities 11.6 11.2 Other 1.9 1.9 Total $ 26.3 $ 26.9 Region Americas 57 % 56 % EMEA 30 % 33 % Asia 13 % 11 % Total 100 % 100 % Industry Consumer & Retail 9 % 8 % Financial Institutions 11 % 10 % Healthcare 9 % 9 % Industrials 10 % 11 % Natural Resources & Utilities 8 % 8 % Real Estate 15 % 15 % Technology, Media & Telecommunications 31 % 30 % Other 7 % 9 % Total 100 % 100 % In the table above, other investments include tax credit investments (accounted for under the proportional amortization method of accounting) of $0.6 billion as of March 2026 and $0.7 billion as of December 2025. Additionally, other investments include CIEs, which held assets (generally accounted for at historical cost less depreciation) of $1.3 billion as of March 2026 and $1.2 billion as of December 2025, and were funded with liabilities of $0.7 billion as of March 2026 and $0.6 billion as of December 2025. Substantially all such liabilities were nonrecourse, thereby reducing our equity at risk. Goldman Sachs March 2026 Form 10-Q 114 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Platform Solutions Substantially all of the revenues in Platform Solutions are from activities related to issuing credit cards to and raising deposits from Apple Card customers and related to businesses that have been exited. In December 2025, we entered into an agreement to transition the Apple Card program to another issuer. The transition is expected to be completed in approximately 24 months from the date of the agreement. The table below presents our Platform Solutions assets. As of March December $ in millions 2026 2025 Cash and cash equivalents $ 2,616 $ 2,230 Collateralized agreements 1,312 1,544 Customer and other receivables 64 64 Trading assets 4,677 3,572 Investments 119 141 Loans 19,116 19,823 Other assets 732 706 Total $ 28,636 $ 28,080 In the table above, substantially all loans consisted of credit card loans. The table below presents our average Platform Solutions gross loans. Three Months Ended March $ in millions 2026 2025 Loans $ 19,190 $ 20,740 The table below presents our Platform Solutions operating results. Three Months Ended March $ in millions 2026 2025 Net revenues $ 411 $ 610 Provision for credit losses 1 203 Operating expenses 335 348 Pre-tax earnings 75 59 Provision for taxes 10 9 Net earnings 65 50 Preferred stock dividends 6 5 Net earnings to common $ 59 $ 45 Average common equity $ 3,743 $ 4,487 Return on average common equity 6.3 % 4.0 % Operating Environment. The operating environment for Platform Solutions is mainly impacted by the economic environment in the U.S., which, during the first quarter of 2026, was generally characterized by concerns about inflation and uncertainty related to changes in international trade policies (including tariffs), a continued low rate of unemployment and a decline in the pace of growth in consumer spending compared with the fourth quarter of 2025. In the future, if economic conditions deteriorate further, it may lead to a further decrease in consumer spending or a deterioration in consumer credit, and net revenues in Platform Solutions would likely be negatively impacted. Three Months Ended March 2026 versus March 2025. Net revenues in Platform Solutions were $411 million for the first quarter of 2026, 33% lower than the first quarter of 2025, primarily reflecting net markdowns recognized in net revenues related to the Apple Card loan portfolio, which was transferred to held for sale in the fourth quarter of 2025. Provision for credit losses was $1 million for the first quarter of 2026, compared with $203 million for the first quarter of 2025. Provisions for the first quarter of 2025 reflected net provisions related to the credit card portfolio, which was transferred to held for sale in the fourth quarter of 2025. Operating expenses were $335 million for the first quarter of 2026, 4% lower than the first quarter of 2025. Pre-tax earnings were $75 million for the first quarter of 2026, 27% higher than the first quarter of 2025. Geographic Data See Note 25 to the consolidated financial statements for a summary of our total net revenues and pre-tax earnings by geographic region. Balance Sheet and Funding Sources Balance Sheet Management One of our risk management disciplines is our ability to manage the size and composition of our balance sheet. While our asset base changes due to client activity, market fluctuations and business opportunities, the size and composition of our balance sheet also reflects factors, including (i) our overall risk tolerance, (ii) the amount of capital we hold and (iii) our funding profile, among other factors. See “Capital Management and Regulatory Capital — Capital Management” for information about our capital management process. Although our balance sheet fluctuates on a day-to-day basis, our total assets at quarter-end are generally not materially different from those occurring within our reporting periods. In order to ensure appropriate risk management, we seek to maintain a sufficiently liquid balance sheet and have processes in place to dynamically manage our assets and liabilities, which include (i) balance sheet planning, (ii) setting balance sheet targets, (iii) monitoring of key metrics and (iv) scenario analyses. 115 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Balance Sheet Planning. We prepare a balance sheet plan that combines our projected total assets and composition of assets with our expected funding sources over a three-year time horizon. This plan is reviewed quarterly and may be adjusted in response to changing business needs or market conditions. The objectives of this planning process are: • To develop our balance sheet projections, taking into account the general state of the financial markets and expected business activity levels, as well as regulatory requirements; • To allow Corporate Treasury to set balance sheet targets of our revenue-producing units and evaluate requests to change such targets in the context of our overall balance sheet constraints, including our liability profile and capital levels, and key metrics; and • To inform the target amount, tenor and type of funding to raise, based on our projected assets and contractual maturities. Corporate Treasury and Risk, along with our revenue-producing units, review current and prior period information and expectations for the year to prepare our balance sheet plan. The specific information reviewed includes asset and liability size and composition, target utilization, risk and performance measures, and capital usage. Setting Balance Sheet Targets. We set balance sheet targets to align with our strategic objectives and in consideration of a number of factors, including our risk appetite, our funding plan, our and our subsidiaries' regulatory capital and liquidity requirements, as well as the broader operating environment. The Firmwide Asset Liability Committee has the responsibility to review and approve balance sheet targets at least quarterly. Our balance sheet targets are set at levels which are close to actual operating levels, rather than at levels which reflect our maximum risk appetite, in order to ensure prompt escalation and discussion among our revenue-producing units, Corporate Treasury and Risk. Requests for changes in targets are evaluated after giving consideration to their impact on our key metrics. Monitoring of Key Metrics. We monitor key balance sheet metrics both by business and on a consolidated basis, including asset and liability size and composition, target utilization and risk measures. We attribute assets to businesses and review and analyze movements resulting from new business activity, as well as market fluctuations. Scenario Analyses. We conduct various scenario analyses, including as part of preparing our balance sheet plan, Comprehensive Capital Analysis and Review (CCAR), U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act Stress Tests (DFAST) and our recovery and resolution planning. See “Capital Management and Regulatory Capital — Capital Management” for further information about these scenario analyses. These scenarios cover short- and long-term time horizons over a range of economic scenarios, using various macroeconomic and firm-specific assumptions, including those used in our liquidity stress tests. We use these analyses to assist us in developing our longer-term balance sheet management strategy, including the level and composition of assets, funding and capital. Additionally, these analyses help us develop approaches for maintaining appropriate funding, liquidity and capital across a variety of situations, including a severely stressed environment. Balance Sheet Analysis and Metrics As of March 2026, total assets in our consolidated balance sheets were $2.06 trillion, an increase of $250.86 billion from December 2025, primarily reflecting increases in trading assets of $101.22 billion (primarily due to increases in government and agency obligations, equity securities and corporate debt, reflecting the impact of our and our clients’ activities), collateralized agreements of $51.74 billion (reflecting our and our clients’ activities), investments of $43.37 billion (reflecting an increase in U.S. government obligations, primarily due to increases in securities accounted for as available-for-sale), customer and other receivables of $23.64 billion (reflecting our clients’ activities), cash and cash equivalents of $15.27 billion (primarily reflecting our activities), and loans of $15.12 billion (primarily due to increases in corporate loans and other collateralized loans). See "Risk Management — Liquidity Risk Management — Cash Flows" for further information about cash and cash equivalents. As of March 2026, total liabilities in our consolidated balance sheets were $1.94 trillion, an increase of $253.05 billion from December 2025, reflecting increases in customer and other payables of $61.17 billion (reflecting our clients’ activities), deposits of $59.84 billion (reflecting increases across all sources, primarily in consumer deposit, other deposit and transaction banking deposit balances), trading liabilities of $49.67 billion (primarily due to increases government and agency obligations, equity securities, and corporate debt, reflecting the impact of our and our clients’ activities), collateralized financings of $46.02 billion (reflecting the impact of our and our clients’ activities) and unsecured borrowings of $40.35 billion (primarily driven by net issuances). Goldman Sachs March 2026 Form 10-Q 116 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Our total securities sold under agreements to repurchase (repurchase agreements), accounted for as collateralized financings were 5% higher as of March 2026 and largely in line as of December 2025 as compared with the average daily amount of repurchase agreements over the respective quarters. As of March 2026, the increase in our repurchase agreements relative to the average daily amount of repurchase agreements during the quarter resulted from higher levels of our and our clients' activities at the end of the period. The level of our repurchase agreements fluctuates between and within periods, primarily due to providing clients with access to highly liquid collateral, such as certain government and agency obligations, through collateralized financing activities. The table below presents information about our balance sheet and leverage ratios. As of March December $ in millions 2026 2025 Total assets $ 2,060,180 $ 1,809,320 Unsecured long-term borrowings $ 315,426 $ 285,500 Total shareholders’ equity $ 122,782 $ 124,972 Leverage ratio 16.8x 14.5x Debt-to-equity ratio 2.6x 2.3x In the table above: • The leverage ratio equals total assets divided by total shareholders’ equity and measures the proportion of equity and debt we use to finance assets. This ratio is different from the leverage ratios included in Note 20 to the consolidated financial statements. • The debt-to-equity ratio equals unsecured long-term borrowings divided by total shareholders’ equity. The table below presents information about our shareholders’ equity and book value per common share, including the reconciliation of common shareholders’ equity to tangible common shareholders’ equity. As of March December $ in millions, except per share amounts 2026 2025 Total shareholders’ equity $ 122,782 $ 124,972 Preferred stock (13,703) (15,153) Common shareholders’ equity 109,079 109,819 Goodwill (6,590) (5,949) Identifiable intangible assets (932) (842) Tangible common shareholders’ equity $ 101,557 $ 103,028 Book value per common share $ 361.19 $ 357.60 Tangible book value per common share $ 336.28 $ 335.49 In the table above: • Tangible common shareholders’ equity is calculated as total shareholders’ equity less preferred stock, goodwill and identifiable intangible assets. We believe that tangible common shareholders’ equity is meaningful because it is a measure that we and investors use to assess capital adequacy. Tangible common shareholders’ equity is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. • Book value per common share and tangible book value per common share are based on (i) common shares outstanding and (ii) restricted stock units granted to employees and exchangeable instruments, which in both cases, are not subject to satisfaction of future service, performance or market conditions (collectively, basic shares) of 302.0 million as of March 2026 and 307.1 million as of December 2025. We believe that tangible book value per common share (tangible common shareholders’ equity divided by basic shares) is meaningful because it is a measure that we and investors use to assess capital adequacy. Tangible book value per common share is a non-GAAP measure and may not be comparable to similar non-GAAP measures used by other companies. 117 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Funding Sources Our primary sources of funding are deposits, collateralized financings, unsecured short- and long-term borrowings, and shareholders’ equity. We seek to maintain broad and diversified funding sources globally across products, programs, markets, currencies and creditors to avoid funding concentrations. The table below presents information about our funding sources. As of $ in millions March 2026 December 2025 Deposits $ 561,263 39 % $ 501,422 39 % Collateralized financings 351,066 25 % 305,049 24 % Unsecured short-term borrowings 80,878 6 % 70,459 5 % Unsecured long-term borrowings 315,426 22 % 285,500 22 % Total shareholders’ equity 122,782 8 % 124,972 10 % Total $ 1,431,415 100 % $ 1,287,402 100 % Our funding is primarily raised in U.S. dollar, Euro, British pound and Japanese yen. We generally distribute our funding products through our own sales force and third-party distributors to a large, diverse creditor base in a variety of markets in the Americas, Europe and Asia. We believe that our relationships with our creditors are critical to our liquidity. Our creditors include banks, governments, securities lenders, corporations, pension funds, insurance companies, mutual funds and individuals. We have imposed various internal guidelines to monitor creditor concentration across our funding programs. Deposits. We raise deposits, including savings, demand and time deposits, from consumers, private bank clients, through internal and third-party broker-dealers, transaction banking clients and other institutional clients. Substantially all of our deposits are raised through Goldman Sachs Bank USA (GS Bank USA), Goldman Sachs International Bank (GSIB) and Goldman Sachs Bank Europe SE (GSBE). The table below presents the types and sources of deposits. $ in millions Savings and Demand Time Total As of March 2026 Consumer $ 146,382 $ 82,744 $ 229,126 Private bank 88,139 16,313 104,452 Brokered certificates of deposit – 50,570 50,570 Deposit sweep programs 40,111 – 40,111 Transaction banking 76,487 3,642 80,129 Other 1,469 55,406 56,875 Total $ 352,588 $ 208,675 $ 561,263 As of December 2025 Consumer $ 128,214 $ 79,688 $ 207,902 Private bank 83,323 17,447 100,770 Brokered certificates of deposit – 47,288 47,288 Deposit sweep programs 34,363 – 34,363 Transaction banking 68,788 976 69,764 Other 1,464 39,871 41,335 Total $ 316,152 $ 185,270 $ 501,422 In the table above: • Savings and demand accounts consist of money market deposit accounts, negotiable order of withdrawal accounts and demand deposit accounts that have no stated maturity or expiration date. • Time deposits had a weighted average maturity of approximately 0.7 years as of both March 2026 and December 2025. • Consumer deposits consist of deposits from both Marcus and Apple Card customers. • Deposit sweep programs include contractual agreements primarily with U.S. broker-dealers who sweep client cash to FDIC-insured deposits. • Transaction banking deposits consist of deposits that we raised through our cash management services business for corporate and other institutional clients. • Other deposits are substantially all from institutional clients. • Deposits insured by the FDIC were $299.67 billion as of March 2026 and $269.63 billion as of December 2025. • Deposits insured by non-U.S. insurance programs were $33.12 billion as of March 2026 and $31.70 billion as of December 2025. Goldman Sachs March 2026 Form 10-Q 118 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis See Note 13 to the consolidated financial statements for further information about our deposits, including a maturity profile of our time deposits. Secured Funding. We fund a significant amount of inventory and a portion of investments on a secured basis. Secured funding includes collateralized financings in the consolidated balance sheets. See Note 11 to the consolidated financial statements for further information about our collateralized financings, including its maturity profile. We may also pledge our inventory and investments as collateral for securities borrowed under a securities lending agreement. We also use our own inventory and investments to cover transactions in which we or our clients have sold securities that have not yet been purchased. Secured funding is less sensitive to changes in our credit quality than unsecured funding, due to our posting of collateral to our lenders. Nonetheless, we analyze the refinancing risk of our secured funding activities, taking into account trade tenors, maturity profiles, counterparty concentrations, collateral eligibility and counterparty rollover probabilities. We seek to mitigate our refinancing risk by executing term trades with staggered maturities, diversifying counterparties, raising excess secured funding and pre-funding residual risk through our GCLA. We seek to raise secured funding with a term appropriate for the liquidity of the assets that are being financed, and we seek longer maturities for secured funding collateralized by asset classes that may be harder to fund on a secured basis, especially during times of market stress. Our secured funding, excluding funding collateralized by liquid government and agency obligations, is primarily executed for tenors of one month or greater and is primarily executed through term repurchase agreements and securities loaned contracts. Assets that may be harder to fund on a secured basis during times of market stress include, among other things, mortgage- and other asset-backed loans and securities, non-investment-grade corporate debt securities, equity securities and emerging market securities. We also have access to and may raise collateralized financings through the Federal Reserve’s standing repurchase agreement operations and the Federal Reserve discount window. In addition, GS Bank USA has access to funding from the Federal Home Loan Bank. See Note 11 to the consolidated financial statements for further information about our borrowings from the Federal Home Loan Bank. Unsecured Short-Term Borrowings. A significant portion of our unsecured short-term borrowings was originally long-term debt that is scheduled to mature within one year of the reporting date. We use unsecured short-term borrowings, including U.S. and non-U.S. hybrid financial instruments and commercial paper, to finance liquid assets and for other cash management purposes. In accordance with regulatory requirements, Group Inc. does not issue debt with an original maturity of less than one year, other than to its subsidiaries. See Note 14 to the consolidated financial statements for further information about our unsecured short-term borrowings. Unsecured Long-Term Borrowings. Unsecured long-term borrowings, including structured notes, are raised through syndicated U.S. registered offerings, U.S. registered and Rule 144A medium-term note programs, offshore medium-term note offerings and other debt offerings. We issue in different tenors, currencies and products to maximize the diversification of our investor base. The table below presents our quarterly unsecured long-term borrowings maturity profile. $ in millions First Quarter Second Quarter Third Quarter Fourth Quarter Total As of March 2026 2027 $ – $ 15,279 $ 9,323 $ 11,893 $ 36,495 2028 $ 15,519 $ 12,007 $ 5,383 $ 6,800 39,709 2029 $ 16,058 $ 10,482 $ 7,447 $ 10,823 44,810 2030 $ 9,154 $ 10,109 $ 5,985 $ 6,622 31,870 2031 $ 13,447 $ 11,484 $ 1,392 $ 4,972 31,295 2032 - thereafter 131,247 Total $ 315,426 The weighted average maturity of our unsecured long-term borrowings as of March 2026 was approximately seven years. To mitigate refinancing risk, we seek to limit the principal amount of debt maturing over the course of any monthly, quarterly, semi-annual or annual time horizon. We enter into interest rate swaps to convert a portion of our unsecured long-term borrowings into floating-rate obligations to manage our exposure to interest rates. See Note 14 to the consolidated financial statements for further information about our unsecured long-term borrowings. Shareholders’ Equity. Shareholders’ equity is a stable and perpetual source of funding. See Note 19 to the consolidated financial statements for further information about our shareholders’ equity. 119 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Capital Management and Regulatory Capital Capital adequacy is of critical importance to us. We have in place a comprehensive capital management policy that provides a framework, defines objectives and establishes guidelines to assist us in maintaining the appropriate level and composition of capital in both business-as-usual and stressed conditions. Capital Management We determine the appropriate amount and composition of our capital by considering multiple factors, including our current and future regulatory capital requirements, the results of our capital planning and stress testing process, the results of resolution capital models and other factors, such as rating agency guidelines, subsidiary capital requirements, the business environment and conditions in the financial markets. We manage our capital requirements and the levels of our capital usage principally by setting targets on our balance sheet and risk-weighted assets ( RWAs), in each case at both the firmwide and business levels. We principally manage the level and composition of our capital through issuances and repurchases of our common stock. We may issue, redeem or repurchase our preferred stock and subordinated debt or other forms of capital as regulatory requirements change and business conditions warrant. Prior to such redemptions or repurchases, we must receive approval from the FRB. See Notes 14 and 19 to the consolidated financial statements for further information about our subordinated debt and preferred stock. Capital Planning and Stress Testing Process. As part of capital planning, we project sources and uses of capital given a range of business environments, including stressed conditions. Our stress testing process is designed to identify and measure material risks associated with our business activities, including market risk, credit risk, operational risk and liquidity risk, as well as our ability to generate revenues. Our capital planning process incorporates an internal capital adequacy assessment with the objective of ensuring that we are appropriately capitalized relative to the risks in our businesses. We incorporate stress scenarios into our capital planning process with a goal of holding sufficient capital to ensure we remain adequately capitalized after experiencing a severe stress event. Our assessment of capital adequacy is viewed in tandem with our assessment of liquidity adequacy and is integrated into our overall risk management structure, governance and policy framework. Our stress tests incorporate our internally designed stress scenarios, including our internally developed severely adverse scenario, and those required by the FRB, and are designed to capture our specific vulnerabilities and risks. We provide further information about our stress test processes and a summary of the results on our website as described in “Available Information.” As required by the FRB’s CCAR rules, we submit an annual capital plan for review by the FRB. The purpose of the FRB’s review is to ensure that we have a robust, forward-looking capital planning process that accounts for our unique risks and that permits continued operation during times of economic and financial stress. The FRB evaluates us based, in part, on whether we have the capital necessary to continue operating under the baseline and severely adverse scenarios provided by the FRB and those developed internally. This evaluation also takes into account our process for identifying risk, our controls and governance for capital planning, and our guidelines for making capital planning decisions. In addition, the FRB evaluates our plan to make capital distributions (i.e., dividend payments and repurchases of common stock or redemptions of preferred stock, subordinated debt or other capital securities) and issue capital, across the range of macroeconomic scenarios and firm-specific assumptions. The FRB determines the stress capital buffer (SCB) applicable to us based on its own annual stress test. The SCB under the Standardized approach is calculated as (i) the difference between our starting and minimum projected CET1 capital ratios under the supe rvisory severely adverse scenario and (ii) our planned common stock dividends for each of the fourth through seventh quarters of the planning horizon, expressed as a percentage of RWAs. See Note 20 to the consolidated financial statements for information about our 2025 CCAR results. See “Share Repurchase Program” for further information about common stock repurchases and dividends. We submitted our 2026 CCAR capital plan to the FRB in April 2026 and expect to publish a summary of our annual DFAST results in June 2026. See “Available Information.” GS Bank USA is required to conduct stress tests on an annual basis and publish a summary of certain results. GS Bank USA submitted its 2026 DFAST capital plan in April 2026 and expects to publish a summary of its annual DFAST results in June 2026. See “ Available Information.” Goldman Sachs International (GSI), GSIB and GSB E also have their own capital planning and stress testing processes, which incorporate internally designed stress tests developed in accordance with the guidelines of their respective regulators. Goldman Sachs March 2026 Form 10-Q 120 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Contingency Capital Plan. As part of our comprehensive capital management policy, we maintain a contingency capital plan. Our contingency capital plan provides a framework for analyzing and responding to a perceived or actual capital deficiency, including, but not limited to, identification of drivers of a capital deficiency, as well as mitigants and potential actions. It outlines the appropriate communication procedures to follow during a crisis period, including internal dissemination of information, as well as timely communication with external stakeholders. Capital Attribution. We assess the capital usage of each of our businesses based on our attributed equity framework. This framework considers many factors, including our internal assessment of risks, as well as the regulatory capital requirements related to our business activities. We review and make any necessary adjustments to our attributed equity in January each year, to reflect, among other things, our most recent stress test results and changes to our regulatory capital requirements. On January 1, 2026, our allocation of attributed equity changed (relative to the allocation as of December 2025) as follows: attributed equity decreased by approximately $0.5 billion for Asset & Wealth Management, while attributed equity increased by approximately $0.4 billion for Global Banking & Markets and approximately $0.1 billion for Platform Solutions. See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for information about our average quarterly attributed equity by segment. Share Repurchase Program. We use our share repurchase program to help maintain the appropriate level of common equity. On an annual basis, we submit a Board of Directors of Group Inc. (Board) approved capital plan to the FRB, which includes planned share repurchases for each quarter. The share repurchases are effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by our current and projected capital position, and capital deployment opportunities, but which may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock. In 2025, the Board approved a share repurchase program authorizing repurchases of up to $40 billion of our common stock. The program has no set expiration or termination date. See “Unregistered Sales of Equity Securities and Use of Proceeds” in Part II, Item 2 of this Form 10-Q and Note 19 to the consolidated financial statements for further information about our share repurchase program, and see above for information about our capital planning and stress testing process. During the first quarter of 2026, we returned a total of $6.38 billion of capital to common shareholders, including $5.00 billion of common share repurchases and $1.38 billion of common stock dividends. The Board approved an increase in our quarterly common stock dividend from $4.00 to $4.50 per share beginning in the first quarter of 2026. Consistent with our capital management philosophy, we will continue prioritizing deployment of capital for our clients where returns are attractive and distribute any excess capital to shareholders through dividends and share repurchases, while targeting a 50 to 100 basis point buffer above our capital requirement. We are subject to a one percent non-deductible federal excise tax (buyback tax) that is applicable to the fair market value of certain corporate share repurchases. The fair market value of share repurchases subject to the tax is reduced by the fair market value of any applicable stock issued during the calendar year, including stock issued to employees. Resolution Capital Models. In connection with our resolution planning efforts, we have established a Resolution Capital Adequacy and Positioning framework, which is designed to ensure that our major subsidiaries (GS Bank USA, Goldman Sachs & Co. LLC (GS&Co.), GSI, GSIB, GSBE, Goldman Sachs Japan Co., Ltd. (GSJCL), Goldman Sachs Asset Management, L.P. and Goldman Sachs Asset Management International) have access to sufficient loss-absorbing capacity (in the form of equity, subordinated debt and unsecured senior debt) so that they are able to wind down following a Group Inc. bankruptcy filing in accordance with our preferred resolution strategy. In addition, we have established a triggers and alerts framework, which is designed to provide the Board with information needed to make an informed decision on whether and when to commence bankruptcy proceedings for Group Inc. 121 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Rating Agency Guidelines The credit rating agencies assign credit ratings to the obligations of Group Inc., which directly issues or guarantees the vast majority of our senior unsecured debt obligations. GS&Co. and GSI have been assigned long- and short-term issuer ratings by certain credit rating agencies. GS Bank USA, GSIB and GSBE have also been assigned long- and short-term issuer ratings, as well as ratings on their long- and short-term bank deposits. In addition, credit rating agencies have assigned ratings to debt obligations of certain other subsidiaries of Group Inc. The level and composition of our capital are among the many factors considered in determining our credit ratings. Each agency has its own definition of eligible capital and methodology for evaluating capital adequacy, and assessments are generally based on a combination of factors rather than a single calculation. See “Risk Management — Liquidity Risk Management — Credit Ratings” for further information about credit ratings of Group Inc., GS Bank USA, GSIB, GSBE, GS&Co. and GSI. Consolidated Regulatory Capital We are subject to consolidated regulatory capital requirements which are calculated in accordance with the regulations of the FRB (Capital Framework). Under the Capital Framework, we are an “Advanced approaches” banking organization and have been designated as a global systemically important bank (G-SIB). In managing our capital, we consider a number of different capital requirements, the most binding of which can vary over time. See Note 20 to the consolidated financial statements for further information about our risk-based capital and leverage ratios and the related requirements, and see below for further information about our risk-based capital and RWAs. Our target is to maintain capital ratios with a buffer of 50 to 100 basis points above applicable regulatory requirements. G-SIB Surcharge. The capital requirements calculated under the Capital Framework (for both the Standardized and Advanced Rules) include minimum risk-based capital requirements and capital conservation buffer requirements, including the G-SIB surcharge. The G-SIB surcharge is updated annually based on financial data from the prior year and is generally applicable for the following year. Our G-SIB surcharge (Method 2) is 3.5% for 2026 and 2027. We expect that our surcharge will be 4.0% beginning in 2028. Based on financial data for the three months ended March 2026, our current estimate is that we are within the 4.5% G-SIB surcharge range. The earliest this surcharge could be effective is January 2029. Our G-SIB surcharge may be subject to further changes pending the finalization of the FRB’s outstanding proposal on the G-SIB surcharge. See “Regulatory and Other Matters — Regulatory Matters” for further information about the FRB’s proposal on the G-SIB surcharge. Risk-Based Capital. The table below presents information about our risk-based capital. As of March December $ in millions 2026 2025 Common shareholders’ equity $ 109,079 $ 109,819 Deduction for goodwill (5,886) (5,244) Deduction for identifiable intangible assets (737) (642) Other adjustments (656) 364 CET1 capital 101,800 104,297 Preferred stock 13,703 15,153 Deduction for investments in covered funds (311) (504) Other adjustments (3) (3) Tier 1 capital $ 115,189 $ 118,943 Standardized Tier 2 and Total capital Tier 1 capital $ 115,189 $ 118,943 Qualifying subordinated debt 11,155 8,856 Allowance for credit losses 3,137 2,879 Other adjustments (36) (13) Standardized Tier 2 capital 14,256 11,722 Standardized Total capital $ 129,445 $ 130,665 Advanced Tier 2 and Total capital Tier 1 capital $ 115,189 $ 118,943 Standardized Tier 2 capital 14,256 11,722 Allowance for credit losses (3,137) (2,879) Other adjustments 564 684 Advanced Tier 2 capital 11,683 9,527 Advanced Total capital $ 126,872 $ 128,470 Goldman Sachs March 2026 Form 10-Q 122 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis In the table above: • Deduction for goodwill was net of deferred tax liabilities of $704 million as of March 2026 and $705 million as of December 2025. • Deduction for identifiable intangible assets was net of deferred tax liabilities of $195 million as of March 2026 and $200 million as of December 2025. • Deduction for investments in covered funds represents our aggregate investments in applicable covered funds as defined in the Volcker Rule. • Other adjustments within CET1 capital and Tier 1 capital primarily include credit valuation adjustments (CVAs) on derivative liabilities, the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, debt valuation adjustments and other required credit risk-based deductions. Other adjustments within Advanced Tier 2 capital include eligible credit reserves. • Qualifying subordinated debt is subordinated debt issued by Group Inc. with an original maturity of five years or greater. The outstanding amount of subordinated debt qualifying for Tier 2 capital is reduced upon reaching a remaining maturity of five years. See Note 14 to the consolidated financial statements for further information about our subordinated debt. The table below presents changes in CET1 capital, Tier 1 capital and Tier 2 capital. $ in millions Standardized Advanced Three Months Ended March 2026 CET1 capital Beginning balance $ 104,297 $ 104,297 Change in: Common shareholders’ equity (740) (740) Deduction for goodwill (642) (642) Deduction for identifiable intangible assets (95) (95) Other adjustments (1,020) (1,020) Ending balance $ 101,800 $ 101,800 Tier 1 capital Beginning balance $ 118,943 $ 118,943 Change in: CET1 capital (2,497) (2,497) Preferred stock (1,450) (1,450) Deduction for investments in covered funds 193 193 Ending balance 115,189 115,189 Tier 2 capital Beginning balance 11,722 9,527 Change in: Qualifying subordinated debt 2,299 2,299 Allowance for credit losses 258 – Other adjustments (23) (143) Ending balance 14,256 11,683 Total capital $ 129,445 $ 126,872 RWAs. RWAs are calculated in accordance with both the Standardized and Advanced Capital Rules. Credit Risk Credit RWAs are calculated based on measures of exposure, which are then risk weighted under the Standardized and Advanced Capital Rules: • The Standardized Capital Rules apply prescribed risk-weights, which depend largely on the type of counterparty. The exposure measures for derivatives and securities financing transactions are based on specific formulas which take certain factors into consideration. • Under the Advanced Capital Rules, we compute risk-weights for wholesale and retail credit exposures in accordance with the Advanced Internal Ratings-Based approach. The exposure measures for derivatives and securities financing transactions are computed utilizing internal models. • For both Standardized and Advanced credit RWAs, the risk-weights for securitizations and equities are based on specific required formulaic approaches. 123 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Market Risk RWAs for market risk in accordance with the Standardized and Advanced Capital Rules are generally consistent. Market RWAs are calculated based on measures of exposure which include the following: • Value-at-Risk (VaR) is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, due to adverse market movements over a defined time horizon with a specified confidence level. For both risk management purposes and regulatory capital calculations, we use a single VaR model which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. However, VaR used for risk management purposes differs from VaR used for regulatory capital requirements (regulatory VaR) due to differences in time horizons, confidence levels and the scope of positions on which VaR is calculated. For risk management purposes, a 95% one-day VaR is used, whereas for regulatory capital requirements, a 99% 10-day VaR is used to determine Market RWAs and a 99% one-day VaR is used to determine regulatory VaR exceptions. In addition, the daily net revenues used to determine risk management VaR exceptions (i.e., comparing the daily net revenues to the VaR measure calculated as of the end of the prior business day) include intraday activity, whereas the Capital Framework requires that intraday activity be excluded from daily net revenues when calculating regulatory VaR exceptions. Intraday activity includes bid/offer net revenues, which are more likely than not to be positive by their nature. As a result, there may be differences in the number of VaR exceptions and the amount of daily net revenues calculated for regulatory VaR compared to the amounts calculated for risk management VaR. We had three regulatory VaR exceptions during the three months ended March 2026. A VaR multiplier is used to determine Market RWAs relating to regulatory VaR. The VaR multiplier is determined by, among other things, the number of VaR exceptions observed over the preceding 250 business days. As of March 2026, we had six VaR exceptions over the preceding 250 business days and, therefore, the VaR multiplier increased from 3.0 to 3.5; • Stressed VaR is the potential loss in value of trading assets and liabilities, as well as certain investments, loans, and other financial assets and liabilities accounted for at fair value, during a period of significant market stress; • Incremental risk is the potential loss in value of non-securitized positions due to the default or credit migration of issuers of financial instruments over a one-year time horizon; • Comprehensive risk is the potential loss in value, due to price risk and defaults, within our credit correlation positions; and • Specific risk is the risk of loss on a position that could result from factors other than broad market movements, including event risk, default risk and idiosyncratic risk. The standardized measurement method is used to determine specific risk RWAs, by applying supervisory defined risk-weighting factors after applicable netting is performed. Operational Risk Operational RWAs are only required to be included under the Advanced Capital Rules. We utilize an internal risk-based model to quantify Operational RWAs. Goldman Sachs March 2026 Form 10-Q 124 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents information about RWAs. $ in millions Standardized Advanced As of March 2026 Credit RWAs Derivatives $ 161,763 $ 117,601 Commitments, guarantees and loans 308,607 244,834 Securities financing transactions 118,330 25,760 Equity investments 29,577 30,707 Other 84,425 114,524 Total Credit RWAs 702,702 533,426 Market RWAs Regulatory VaR 23,947 23,947 Stressed VaR 57,955 57,955 Incremental risk 7,949 7,949 Comprehensive risk 4,561 4,561 Specific risk 17,992 17,992 Total Market RWAs 112,404 112,404 Total Operational RWAs – 117,938 Total RWAs $ 815,106 $ 763,768 As of December 2025 Credit RWAs Derivatives $ 153,827 $ 111,863 Commitments, guarantees and loans 278,715 221,325 Securities financing transactions 107,272 29,471 Equity investments 28,112 30,988 Other 74,893 100,484 Total Credit RWAs 642,819 494,131 Market RWAs Regulatory VaR 14,716 14,716 Stressed VaR 43,189 43,189 Incremental risk 5,117 5,117 Comprehensive risk 2,196 2,196 Specific risk 19,301 19,301 Total Market RWAs 84,519 84,519 Total Operational RWAs – 112,820 Total RWAs $ 727,338 $ 691,470 In the table above: • Securities financing transactions represents resale and repurchase agreements and securities borrowed and loaned transactions. • Other includes receivables, certain debt securities, cash and cash equivalents, and other assets. The table below presents changes in RWAs. $ in millions Standardized Advanced Three Months Ended March 2026 RWAs Beginning balance $ 727,338 $ 691,470 Credit RWAs Change in: Derivatives 7,936 5,738 Commitments, guarantees and loans 29,892 23,509 Securities financing transactions 11,058 (3,711) Equity investments 1,465 (281) Other 9,532 14,040 Change in Credit RWAs 59,883 39,295 Market RWAs Change in: Regulatory VaR 9,231 9,231 Stressed VaR 14,766 14,766 Incremental risk 2,832 2,832 Comprehensive risk 2,365 2,365 Specific risk (1,309) (1,309) Change in Market RWAs 27,885 27,885 Change in Operational RWAs – 5,118 Ending balance $ 815,106 $ 763,768 RWAs Rollforward Commentary Three Months Ended March 2026. Standardized Credit RWAs as of March 2026 increased by $59.88 billion compared with December 2025, primarily reflecting an increase in commitments, guarantees and loans (principally due to increased lending exposures), an increase in securities financing transactions (principally due to increased funding exposures), an increase in other credit RWAs (principally due to increases in customer and other receivables and other assets) and an increase in derivatives (principally due to increased exposures). Standardized Market RWAs as of March 2026 increased by $27.89 billion compared with December 2025, primarily reflecting an increase in stressed VaR (principally due to an increase in the VaR multiplier and increased exposures to interest rates) and an increase in regulatory VaR (principally due to higher levels of market volatility and an increase in the VaR multiplier). Advanced Credit RWAs as of March 2026 increased by $39.30 billion compared with December 2025, reflecting an increase in commitments, guarantees and loans (principally due to increased lending exposures), an increase in other credit RWAs (principally due to increases in customer and other receivables, certain debt securities, and other assets) and an increase in derivatives (principally due to increased exposures). Advanced Market RWAs as of March 2026 increased by $27.89 billion compared with December 2025, primarily reflecting an increase in stressed VaR (principally due to an increase in the VaR multiplier and increased exposures to interest rates) and an increase in regulatory VaR (principally due to higher levels of market volatility and an increase in the VaR multiplier). Advanced Operational RWAs as of March 2026 increased by $5.12 billion compared with December 2025, primarily reflecting increased severity of loss events estimated by our risk-based model. 125 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Total Loss-Absorbing Capacity (TLAC) We are also subject to the FRB’s TLAC and related requirements. Failure to comply with the TLAC and related requirements would result in restrictions being imposed by the FRB and could limit our ability to repurchase shares, pay dividends and make certain discretionary compensation payments. On January 1, 2026, we early adopted the modified Enhanced Supplementary Leverage Ratio standards which amended the buffer requirements for our TLAC to total leverage exposure and our external long-term debt to total leverage exposure. See “Business — Regulation” in Part I, Item 1 of the 2025 Form 10-K for further information about these standards. The table below presents TLAC and external long-term debt requirements. As of March December 2026 2025 TLAC to RWAs 22.0 % 22.0 % TLAC to total leverage exposure 8.25 % 9.5 % External long-term debt to RWAs 9.5 % 9.0 % External long-term debt to total leverage exposure 3.25 % 4.5 % In the table above: • As of both March 2026 and December 2025, the TLAC to RWAs requirement is calculated as the sum of (i) an 18% minimum, (ii) a 2.5% buffer, (iii) a countercyclical capital buffer, which the FRB has set to zero percent and (iv) a 1.5% G-SIB surcharge (Method 1). • The TLAC to total leverage exposure requirement is calculated as the sum of (i) a 7.5% minimum as of both March 2026 and December 2025 and (ii) a total leverage exposure buffer of 0.75% as of March 2026 and 2.0% as of December 2025. • The external long-term debt to RWAs requirement is calculated as the sum of (i) 6% as of both March 2026 and December 2025 and (ii) a G-SIB surcharge (Method 2) of 3.5% as of March 2026 and 3.0% as of December 2025. • The external long-term debt to total leverage exposure is calculated as the sum of (i) 2.5% as of March 2026 and 4.5% as of December 2025 and (ii) a total leverage exposure buffer of 0.75% as of March 2026. The table below presents information about our TLAC and external long-term debt ratios. For the Three Months Ended or as of March December $ in millions 2026 2025 TLAC $ 319,431 $ 300,481 External long-term debt $ 191,946 $ 170,347 RWAs $ 815,106 $ 727,338 Total leverage exposure $ 2,476,612 $ 2,297,597 TLAC to RWAs 39.2 % 41.3 % TLAC to total leverage exposure 12.9 % 13.1 % External long-term debt to RWAs 23.5 % 23.4 % External long-term debt to total leverage exposure 7.8 % 7.4 % In the table above: • TLAC includes common and preferred stock, and eligible long-term debt issued by Group Inc. Eligible long-term debt represents unsecured debt, which has a remaining maturity of at least one year and satisfies additional requirements. • External long-term debt consists of eligible long-term debt subject to a haircut if it is due to be paid between one and two years. • In accordance with the TLAC rules, the higher of Standardized or Advanced RWAs are used in the calculation of TLAC and external long-term debt ratios and applicable requirements. RWAs represent Standardized RWAs as of both March 2026 and December 2025. • Total leverage exposure includes average adjusted total assets and the monthly average of off-balance sheet and other exposures, primarily consisting of derivatives, securities financing transactions, commitments and guarantees. See “Business — Regulation” in Part I, Item 1 of the 2025 Form 10-K for further information about TLAC. Subsidiary Capital Requirements Many of our subsidiaries, including our bank and broker-dealer subsidiaries, are subject to separate regulation and capital requirements of the jurisdictions in which they operate. Goldman Sachs March 2026 Form 10-Q 126 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Bank Subsidiaries. GS Bank USA is our primary U.S. banking subsidiary and GSIB and GSBE are our primary non-U.S. banking subsidiaries. These entities are subject to regulatory capital requirements. See Note 20 to the consolidated financial statements for further information about the regulatory capital requirements for GS Bank USA. GSIB. GSIB is our U.K. bank subsidiary regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). GSIB is subject to the U.K. capital framework, which is largely based on the Basel Committee on Banking Supervision’s (Basel Committee) capital framework for strengthening international capital standards (Basel III). The eligible retail deposits of GSIB are covered by the U.K. Financial Services Compensation Scheme to the extent provided by law. The table below presents GSIB’s risk-based capital requirements. As of March December 2026 2025 CET1 capital ratio 12.0 % 12.0 % Tier 1 capital ratio 14.8 % 14.8 % Total capital ratio 18.5 % 18.5 % The table below presents information about GSIB’s risk-based capital ratios. As of March December $ in millions 2026 2025 CET1 capital $ 4,989 $ 4,947 Tier 1 capital $ 4,989 $ 4,947 Tier 2 capital $ 843 $ 826 Total capital $ 5,832 $ 5,773 RWAs $ 21,059 $ 19,936 CET1 capital ratio 23.7 % 24.8 % Tier 1 capital ratio 23.7 % 24.8 % Total capital ratio 27.7 % 29.0 % In the table above, the risk-based capital ratios as of March 2026 included profits that are still subject to annual audit by GSIB’s external auditors for inclusion in risk-based capital. These profits contributed 43 basis points to the CET1 capital ratio as of March 2026. The table below presents GSIB’s leverage ratio requirement and leverage ratio. As of March December 2026 2025 Leverage ratio requirement 3.7 % 3.7 % Leverage ratio 5.6 % 8.4 % In the table above, the leverage ratio as of March 2026 included profits that are still subject to annual audit by GSIB’s external auditors for inclusion in risk-based capital. These profits contributed 10 basis points to the leverage ratio as of March 2026. GSIB is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both March 2026 and December 2025, GSIB was in compliance with these requirements. GSBE. GSBE is our German bank subsidiary supervised by the European Central Bank, BaFin and Deutsche Bundesbank. GSBE is a non-U.S. banking subsidiary of GS Bank USA and is also subject to standalone regulatory capital requirements noted below. GSBE is subject to the capital requirements prescribed in the E.U. Capital Requirements Directive (CRD) and E.U. Capital Requirements Regulation (CRR), both of which are largely based on Basel III, and the finalized revisions to the Basel III Capital Requirements set by the Basel Committee (Basel III Revisions), which became effective on January 1, 2025. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides further insurance for certain eligible deposits beyond the coverage of the German statutory deposit program. The table below presents GSBE’s risk-based capital requirements. As of March December 2026 2025 CET1 capital ratio 10.4 % 10.4 % Tier 1 capital ratio 12.4 % 12.4 % Total capital ratio 15.0 % 15.0 % The table below presents information about GSBE’s risk-based capital ratios. As of March December $ in millions 2026 2025 CET1 capital $ 16,197 $ 16,405 Tier 1 capital $ 16,197 $ 16,405 Tier 2 capital $ 23 $ 23 Total capital $ 16,220 $ 16,428 RWAs $ 69,501 $ 70,521 CET1 capital ratio 23.3 % 23.3 % Tier 1 capital ratio 23.3 % 23.3 % Total capital ratio 23.3 % 23.3 % In the table above, the risk-based capital ratios as of March 2026 included profits that are still subject to annual audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed 125 basis points to the CET1 capital ratio as of March 2026. 127 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents GSBE’s leverage ratio requirement and leverage ratio. As of March December 2026 2025 Leverage ratio requirement 3.2 % 3.2 % Leverage ratio 7.6 % 9.3 % In the table above, the leverage ratio as of March 2026 included profits that are still subject to annual audit by GSBE’s external auditors and approval by GSBE’s shareholder (GS Bank USA) for inclusion in risk-based capital. These profits contributed 41 basis points to the leverage ratio as of March 2026. GSBE is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both March 2026 and December 2025, GSBE was in compliance with these requirements. GSBE is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both March 2026 and December 2025, GSBE was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers. U.S. Regulated Broker-Dealer Subsidiaries. GS&Co., our primary U.S. regulated broker-dealer subsidiary, is also a registered futures commission merchant and a registered swap dealer with the CFTC, and a registered security-based swap dealer with the SEC, and therefore is subject to regulatory capital requirements imposed by the SEC, the Financial Industry Regulatory Authority, Inc., the CFTC, the Chicago Mercantile Exchange and the National Futures Association. Rule 15c3-1 of the SEC and Rules 1.17 and Part 23 Subpart E of the CFTC specify uniform minimum net capital requirements, as defined, for their registrants, and also effectively require that a significant part of the registrants’ assets be kept in relatively liquid form. GS&Co. has elected to calculate its SEC minimum capital requirements in accordance with the “Alternative Net Capital Requirement” as permitted by Rule 15c3-1 of the SEC. GS&Co. had regulatory net capital, as defined by Rule 15c3-1 of the SEC, of $20.46 billion as of March 2026 and $23.10 billion as of December 2025, which exceeded the greater of the minimum amounts required under Rule 15c3-1 of the SEC and Rules 1.17 and Part 23 Subpart E of the CFTC by $13.96 billion as of March 2026 and $16.93 billion as of December 2025. In addition to its alternative minimum net capital requirements, GS&Co. is also required to hold tentative net capital in excess of $5 billion and net capital in excess of $1 billion in accordance with Rule 15c3-1. GS&Co. is also required to notify the SEC in the event that its tentative net capital is less than $6 billion. As of both March 2026 and December 2025, GS&Co. had tentative net capital and net capital in excess of both the minimum and the notification requirements. Non-U.S. Regulated Broker-Dealer Subsidiaries. Our principal non-U.S. regulated broker-dealer subsidiaries include GSI and GSJCL. GSI, our U.K. broker-dealer, is regulated by the PRA and the FCA. GSI is subject to the U.K. capital framework, which is largely based on Basel III. The table below presents GSI’s risk-based capital requirements. As of March December 2026 2025 CET1 capital ratio 9.0 % 9.0 % Tier 1 capital ratio 11.0 % 10.9 % Total capital ratio 13.6 % 13.5 % The table below presents information about GSI’s risk-based capital ratios. As of March December $ in millions 2026 2025 CET1 capital $ 35,042 $ 34,442 Tier 1 capital $ 41,542 $ 39,942 Tier 2 capital $ 8,650 $ 8,477 Total capital $ 50,192 $ 48,419 RWAs $ 294,064 $ 302,962 CET1 capital ratio 11.9 % 11.4% Tier 1 capital ratio 14.1 % 13.2% Total capital ratio 17.1 % 16.0% In the table above, the risk-based capital ratios as of March 2026 included GSI’s profits after foreseeable charges for the first quarter of 2026, which contributed 34 basis points to the CET1 capital ratio. These profits, net of any future dividends declared, will be included in risk-based capital after verification by GSI’s external auditors. The table below presents GSI’s leverage ratio requirement and leverage ratio. As of March December 2026 2025 Leverage ratio requirement 3.5 % 3.5 % Leverage ratio 4.2 % 4.5 % In the table above, the leverage ratio as of March 2026 included GSI’s profits after foreseeable charges for the first quarter of 2026, which contributed 10 basis points to the leverage ratio. These profits, net of any future dividends declared, will be included in risk-based capital after verification by GSI’s external auditors. GSI 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, GSI was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers. Goldman Sachs March 2026 Form 10-Q 128 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis GSJCL, our Japanese broker-dealer, is regulated by Japan’s Financial Services Agency. GSJCL and certain other non-U.S. subsidiaries are also subject to capital requirements promulgated by authorities of the countries in which they operate. As of both March 2026 and December 2025, these subsidiaries were in compliance with their local capital requirements. Regulatory and Other Matters Regulatory Matters Our businesses are subject to extensive regulation and supervision worldwide. Regulations have been adopted or are being considered by regulators and policy makers worldwide. Given that many of the new and proposed rules are highly complex, the full impact of regulatory reform will not be known until the rules are implemented and market practices develop under the final regulations. See “Business — Regulation” in Part I, Item 1 of the 2025 Form 10-K for further information about the laws, rules and regulations and proposed laws, rules and regulations that apply to us and our operations. Basel III and G-SIB Surcharge Reforms. In March 2026, the U.S. bank regulatory agencies issued new Basel III and G-SIB surcharge notices of proposed rulemaking. The new Basel III proposal includes removal of the Standardized and Advanced capital requirements and replaces these requirements with a single risk-based approach (the Expanded Risk-Based Approach), thereby eliminating the use of internal models to calculate RWAs for credit and operational risk. The proposal replaces the existing market risk framework with the new Fundamental Review of the Trading Book framework, improves risk sensitivity in the calculation of credit risk, and introduces a new calculation for CVA risk and a standardized method to calculate operational risk. The G-SIB surcharge proposal recalibrates coefficients used in the calculation of the Method 2 surcharge and proposes annual adjustments to those coefficients based on nominal GDP growth. It also proposes using averages over the prior four quarters, rather than a point in time calculation. We are currently evaluating the impact of the proposed rules, but expect that these rules, if both adopted as proposed, would not materially change our regulatory capital requirements. Other Matters Conflict in the Middle East. The Iranian conflict that began in February 2026 has had significant implications for the global economy, including a disruption in the supply of oil and sharply higher oil prices, more volatile equity prices, greater uncertainty regarding the direction of interest rates and heightened risk of recession. The future course of the conflict remains uncertain, and continued conflict or further escalation could lead to a continued increase in oil prices and a surge in inflation, a global recession, stagflation, and more heightened volatility across financial markets. If the adverse economic consequences from the conflict were to persist or worsen, our results of operations could be negatively impacted. Off-Balance Sheet Arrangements In the ordinary course of business, we enter into various types of off-balance sheet arrangements, including providing guarantees, indemnifications, commitments, letters of credit and representations and warranties, holding variable interests in non-consolidated entities, purchasing or retaining interests in securitization vehicles and entering into derivatives. We enter into these arrangements for a variety of business purposes, including those that are critical to the functioning of several significant investor markets, including the mortgage-backed and other asset-backed securities markets. The table below presents where information about our various off-balance sheet arrangements may be found in this Form 10-Q. In addition, see Note 3 to the consolidated financial statements for information about our consolidation policies. Off-Balance Sheet Arrangement Disclosure in Form 10-Q Variable interests in nonconsolidated variable interest entities See Note 17 to the consolidated financial statements. Guarantees, and lending and other commitments See Note 18 to the consolidated financial statements. Derivatives See Note 7 to the consolidated financial statements. 129 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Risk Management Risks are inherent in our businesses and include liquidity, market, credit, operational, cybersecurity, model, legal, compliance, conduct, regulatory and reputational risks. For further information about our risk management processes, see “Overview and Structure of Risk Management,” and for information about our areas of risk, see “Liquidity Risk Management,” “Market Risk Management,” “Credit Risk Management,” “Operational Risk Management,” “Cybersecurity Risk Management,” “Model Risk Management” and “Other Risk Management,” as well as “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. Overview and Structure of Risk Management Overview Effective risk management is critical to our success. Accordingly, we have established an enterprise risk management framework that employs a comprehensive, integrated approach to risk management and is designed to enable comprehensive risk management processes through which we identify, assess, monitor and manage the risks we assume in conducting our activities. Our risk management structure is built around three core components: governance, processes and people. Governance. Our Board is responsible for overseeing our approach to managing our most significant risks, both directly and through its committees, including its Risk Committee. As part of this oversight, the Board reviews our enterprise risk management framework, as well as our risk appetite statement. The risk appetite statement describes the levels and types of risk we are willing to accept or to avoid in order to achieve our objectives included in our strategy and business plan, while remaining in compliance with regulatory requirements. In addition, the Board reviews our strategy and business plan and is ultimately responsible for overseeing and providing direction about our strategy. The Board, including through its committees, receives regular briefings on firmwide risks, including liquidity risk, market risk, credit risk, operational risk, model risk and climate risk, from our chief risk officer, on cybersecurity threats and risks from our chief information security officer (CISO), on compliance risk and conduct risk from our chief compliance officer, and on legal and regulatory enforcement matters and other matters impacting our reputation from our chief legal officer, as well as other members of senior management. The chief risk officer reports to our chief executive officer and to the Risk Committee of the Board. As part of the review of the firmwide risk portfolio, the chief risk officer regularly advises the Risk Committee of the Board of relevant risk metrics and material exposures, including risk limits and thresholds established in our risk appetite statement. Enterprise Risk, which reports to our chief risk officer, is responsible for ensuring that our enterprise risk management framework provides the Board and its committees, our risk committees and senior management with a consistent and integrated approach to managing our various risks in a manner consistent with our risk appetite. Our first line of defense consists of our revenue-producing units, Conflicts Resolution, Controllers, Engineering, Corporate Treasury and certain other corporate functions. The first line of defense is responsible for its risk-generating activities, as well as for the design and execution of controls to mitigate such risks. Our Risk and Compliance functions are considered our second line of defense and provide independent assessment, review and challenge of the risks taken by our first line of defense, as well as lead and participate in firmwide risk committees. Internal Audit is considered our third line of defense, and our director of Internal Audit reports to the Audit Committee of the Board and administratively to our chief executive officer. Internal Audit includes professionals with a broad range of audit and industry experience, including risk management expertise. Internal Audit is responsible for independently assessing and validating the effectiveness of key controls, including those within the risk management framework, and providing timely reporting to the Audit Committee of the Board, senior management and regulators. The three lines of defense structure promotes the accountability of first line risk takers, provides a framework for effective challenge by the second line and empowers independent review from the third line. Goldman Sachs March 2026 Form 10-Q 130 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Processes. We maintain various processes that are critical components of our risk management framework, including (i) risk identification and assessment, (ii) risk appetite, limits, thresholds and alerts, (iii) control monitoring and testing, and (iv) risk reporting. • Risk Identification and Assessment. We believe the identification and assessment of our risks is a critical step in providing our Board and senior management transparency and insight into the range and materiality of our risks. We have a comprehensive data collection process, including firmwide policies and procedures that require all employees to report and escalate risk events. Our approach for risk identification and assessment is comprehensive across all risk types, is dynamic and forward-looking to reflect and adapt to our changing risk profile and business environment, leverages subject matter expertise, and allows for prioritization of our most critical risks. We perform risk assessments periodically with the aim of ensuring that our material financial and nonfinancial risks are mitigated through controls to an acceptable tolerance level in accordance with our risk appetite. Our risk assessments include, among other things, the use of stress testing, as well as an assessment of our internal control processes designed to mitigate such risks. Firmwide stress testing is an important part of our risk management process. It allows us to quantify our exposure to tail risks, highlight potential loss concentrations, undertake risk/reward analysis, and assess and mitigate our risk positions. Firmwide stress tests are performed on a regular basis and are designed to ensure a comprehensive analysis of our vulnerabilities and idiosyncratic risks combining financial and nonfinancial risks, including, but not limited to, credit, market, liquidity and funding, operational and compliance, strategic, systemic and emerging risks into our stress scenarios. We also perform ad hoc stress tests in anticipation of market events or conditions. Stress tests are also used to assess capital adequacy as part of our capital planning and stress testing process. See “Capital Management and Regulatory Capital — Capital Management” for further information. We maintain a daily discipline of marking substantially all of our inventory to current market levels. We carry our inventory at fair value, with changes in valuation reflected immediately in our risk management systems and in net revenues. We do so because we believe this discipline is one of the most effective tools for assessing and managing risk and that it provides transparent and realistic insight into our inventory exposures. • Risk Appetite, Limits, Thresholds and Alerts. We apply risk limits, thresholds and alerts to control and monitor risk across transactions, products, businesses and markets. The Board, directly or indirectly through its Risk Committee, approves limits, thresholds and alerts included in our risk appetite statement at firmwide, business and product levels. In addition, the Firmwide Risk Appetite Committee, through delegated authority from the Firmwide Enterprise Risk Committee, is responsible for approving and monitoring our risk limits, thresholds and alerts, subject to the overall limits directly or indirectly approved by the Board. The Firmwide Risk Appetite Committee is responsible for approving and monitoring limits at firmwide, business and product levels. Certain limits may be set at levels that will require periodic adjustment, rather than at levels that reflect our maximum risk appetite. This fosters an ongoing dialogue about risk among our first and second lines of defense, committees and senior management, as well as rapid escalation of risk-related matters. The Firmwide Risk Appetite Committee also authorizes Risk to set limits and thresholds to support monitoring and oversight at a more granular level. For example, Market Risk sets limits at certain product and desk levels, and Credit Risk sets limits for individual counterparties and their subsidiaries, industries and countries. Limits are reviewed regularly and amended on a permanent or temporary basis to reflect changes to our strategic business plan, as well as changing market conditions, business conditions or risk tolerance. Risks limits are monitored by the respective Risk functions. 131 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis • Control Monitoring and Testing. We perform control monitoring and testing to measure the effectiveness of our key controls and to ensure that we are in compliance with policies, codes of conduct, control standards and regulatory requirements. Monitoring and testing is performed by dedicated teams within the first and second lines of defense. These teams establish procedures, develop risk-based annual plans, perform control testing and escalate identified issues. Issues identified by the dedicated teams, as well as self-identified issues by our employees, are assessed for appropriate escalation and resolution. Where material or thematic issues exist, we develop a plan to remediate them, as appropriate, and monitor the remediation activities. • Risk Reporting. Effective risk reporting depends on our ability to get the right information to the right people at the right time. Risk reporting is designed to be both forward- and backward-looking and consider detailed information on existing and emerging risk exposures. Risk reporting may include stress testing and scenario analysis, information about the risk profiles for financial and nonfinancial risks, utilization of risk limits and thresholds, details of new and emerging risks identified through our risk identification processes, details of issues, significant internal and external events, and information related to the effectiveness of our controls and remediation plans. As such, we focus on the rigor and effectiveness of our risk systems, with the objective of ensuring that our risk management technology systems provide us with complete, accurate and timely information. Our risk reporting process is designed to take into account information about both existing and emerging risks, thereby enabling our risk committees and senior management to perform their responsibilities with the appropriate level of insight into risk exposures. We make extensive use of risk committees and councils that meet regularly and serve as an important means to facilitate and foster ongoing discussions to manage and mitigate risks. We maintain strong and proactive communication about risk and we have a culture of collaboration in decision-making among our first and second lines of defense, committees and senior management. While our first line of defense is accountable and responsible for management of their risk, we dedicate extensive resources to our second line of defense in order to reinforce the importance of having effective oversight and challenge, and a strong culture of escalation and accountability across all functions. People. Even the best technology serves only as a tool for helping to make informed decisions in real time about the risks we are taking. Ultimately, effective risk management requires our people to interpret our risk data on an ongoing and timely basis and adjust risk positions accordingly. The experience of our professionals, and their understanding of the nuances and limitations of each risk measure, guides us in assessing exposures and maintaining them within prudent levels. We reinforce a culture of effective risk management, consistent with our risk appetite, in our training and development programs, as well as in the way we evaluate performance, and recognize and reward our people. Our training and development programs, including certain sessions led by our most senior leaders, are focused on the importance of risk management, client relationships and reputational excellence. As part of our performance review process, we assess reputational excellence, including how an employee exercises good risk management and reputational judgment, and adheres to our code of conduct and compliance policies. Our review and reward processes are designed to communicate and reinforce to our professionals the link between behavior and how people are recognized, the need to focus on our clients and our reputation, and the need to always act in accordance with our highest standards. Goldman Sachs March 2026 Form 10-Q 132 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Structure Ultimate oversight of risk is the responsibility of our Board. The Board oversees risk both directly and through its committees, including its Risk Committee. We also have a series of committees that generally consist of senior managers, including from both our first and second lines of defense, with specific risk management mandates that have oversight or decision-making responsibilities for risk management activities. We have an established policy for these committees so that appropriate information barriers are in place. Our primary risk committees, most of which also have additional sub-committees, councils or working groups, are described below. In addition to these committees, we have other risk committees that provide oversight for different businesses, activities, products, regions and entities. All of our committees have responsibility for considering the impact on our reputation of the transactions and activities that they oversee. Membership of our risk committees is reviewed regularly and updated to reflect changes in the responsibilities of the committee members. Accordingly, the length of time that members serve on the respective committees varies as determined by the committee chairs and based on the responsibilities of the members. The chart below presents an overview of our risk management governance structure. Management Committee. The Management Committee oversees our global activities. It provides this oversight directly and through delegated authority. This committee consists of our most senior leaders, and is chaired by our chief executive officer. Most members of the Management Committee are also members of other committees. The following are the committees that are principally involved in firmwide risk management. Firmwide Enterprise Risk Committee. The Firmwide Enterprise Risk Committee is responsible for overseeing all of our financial and nonfinancial risks. As part of such oversight, the committee is responsible for the ongoing review, approval and monitoring of our enterprise risk management framework, as well as our risk limits, and thresholds and alerts policy, through delegated authority to the Firmwide Risk Appetite Committee. The Firmwide Enterprise Risk Committee also reviews new significant strategic business initiatives to determine whether they are consistent with our risk appetite and risk management capabilities and assesses reputational risks arising from new and ongoing business opportunities. Additionally, the Firmwide Enterprise Risk Committee performs enhanced reviews of significant risk events, the top residual and emerging risks, and the overall risk and control environment in each of our business units in order to propose uplifts, identify elements that are common to all business units and analyze the consolidated residual risks that we face. This committee, which reports to the Management Committee, is co-chaired by our president and chief operating officer and our chief risk officer, who are appointed as chairs by our chief executive officer, and the vice-chair is our chief financial officer, who is appointed as vice-chair by the chairs of the Firmwide Enterprise Risk Committee. The following are the primary committees that report to the Firmwide Enterprise Risk Committee: • Firmwide New Activity Committee. The Firmwide New Activity Committee is responsible for reviewing new activities and, upon referral by the Firmwide Enterprise Risk Committee, significant strategic business initiatives. Additionally, the Firmwide New Activity Committee may review previously approved activities that are significant and/or that have changed in complexity and/or structure or present different reputational and suitability concerns over time to consider whether these activities remain appropriate. This committee is co-chaired by the head of Finance Risk and a managing director within Controllers, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee. 133 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis • Firmwide Technology Risk Committee. The Firmwide Technology Risk Committee is responsible for reviewing matters related to the design, development, deployment and use of technology. This committee oversees cybersecurity matters, as well as technology risk management frameworks and methodologies, and monitors their effectiveness. This committee is co-chaired by our CISO and our chief technology officer, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee. To assist the Firmwide Technology Risk Committee in carrying out its mandate, the Firmwide Artificial Intelligence Risk and Controls Committee, which oversees risks associated with the use of AI, reports to the Firmwide Technology Risk Committee . • Firmwide Compliance and Operational Risk Committee. The Firmwide Compliance and Operational Risk Committee is responsible for overseeing compliance and operational risk. This committee is co-chaired by our chief operating officer of Engineering, our head of Operational Risk, and our chief compliance officer, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee. • Firmwide Risk Appetite Committee. The Firmwide Risk Appetite Committee (through delegated authority from the Firmwide Enterprise Risk Committee) is responsible for the ongoing approval and monitoring of risk frameworks, policies and parameters related to our risk management processes, as well as limits, thresholds and alerts, at firmwide, business and product levels. In addition, this committee is responsible for overseeing our financial and model risks and reviews the results of stress tests and scenario analyses. To assist the Firmwide Risk Appetite Committee in carrying out its mandate, a number of other risk committees with dedicated oversight for stress testing, model risks, Volcker Rule compliance, as well as our investments or other capital commitments that may give rise to financial risk, report into the Firmwide Risk Appetite Committee. This committee is chaired by our chief risk officer, who is appointed as chair by the chairs of the Firmwide Enterprise Risk Committee. The Firmwide Capital Committee and Firmwide Commitments Committee report to the Firmwide Risk Appetite Committee. • Firmwide Data Governance Committee. The Firmwide Data Governance Committee is responsible for overseeing the firmwide data governance framework, and its implementation, to help ensure that data governance and data quality are appropriate. This committee is co-chaired by our chief information officer and an advisory director, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee. Firmwide Asset Liability Committee. The Firmwide Asset Liability Committee is responsible for the strategic direction of our financial resources, including capital, liquidity, funding and balance sheet. This committee has oversight responsibility for asset-liability management, including interest rate and currency risk, funds transfer pricing, capital allocation and incentives, and credit ratings. This committee is co-chaired by our chief financial officer and our global treasurer, who are appointed as chairs by our chief executive officer, and reports to the Management Committee. Liquidity Risk Management Overview Liquidity risk is the risk that we will be unable to fund ourselves or meet our liquidity needs in the event of firm-specific, broader industry or market liquidity stress events. We have in place a comprehensive and conservative set of liquidity and funding policies. Our principal objective is to be able to fund ourselves and to enable our core businesses to continue to serve clients and generate revenues, even under adverse circumstances. Corporate Treasury is responsible for our liquidity and its related risks, including developing and executing our liquidity and funding strategy and policies. Liquidity Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for independently assessing, monitoring and managing our liquidity risk by providing firmwide review and challenge across our global businesses. Goldman Sachs March 2026 Form 10-Q 134 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Liquidity Risk Management Principles We manage liquidity risk according to three principles: (i) hold sufficient excess liquidity in the form of GCLA to cover outflows during a stressed period, (ii) maintain appropriate Asset-Liability Management and (iii) maintain a viable Contingency Funding Plan. GCLA. GCLA is liquidity that we maintain to meet a broad range of potential cash outflows and collateral needs in a stressed environment. A primary liquidity principle is to pre-fund our estimated potential cash and collateral needs during a liquidity crisis and hold this liquidity in the form of unencumbered, highly liquid securities and cash. We believe that the securities held in our GCLA would be readily convertible to cash in a matter of days, through liquidation, by entering into collateralized financings or from maturities of collateralized agreements, and that this cash would allow us to meet immediate obligations without needing to sell other assets or depend on additional funding from credit-sensitive markets. Our GCLA reflects the following principles: • The first days or weeks of a liquidity crisis are the most critical to a company’s survival; • Focus must be maintained on all potential cash and collateral outflows, not just disruptions to financing flows. Our businesses are diverse, and our liquidity needs are determined by many factors, including market movements, collateral requirements and client commitments, all of which can change dramatically in a difficult funding environment; • During a liquidity crisis, credit-sensitive funding, including unsecured debt, certain deposits and some types of secured financing agreements, may be unavailable, and the terms (e.g., interest rates, collateral provisions and tenor) or availability of other types of secured financing may change and certain deposits may be withdrawn; and • As a result of our policy to pre-fund liquidity that we estimate may be needed in a crisis, we hold more unencumbered securities and have larger funding balances than our businesses would otherwise require. We believe that our liquidity is stronger with greater balances of highly liquid unencumbered securities, even though it increases our total assets and our funding costs. We maintain our GCLA across Group Inc., Goldman Sachs Funding LLC (Funding IHC) and Group Inc.’s major broker-dealer and bank subsidiaries, asset types and clearing agents with the goal of providing us with sufficient operating liquidity to ensure timely settlement in all major markets, even in a difficult funding environment. In addition to the GCLA, we maintain cash balances and securities in several of our other entities, primarily for use in specific currencies, entities or jurisdictions where we do not have immediate access to parent company liquidity. Asset-Liability Management. Our liquidity risk management policies are designed to ensure we have a sufficient amount of financing, even when funding markets experience persistent stress. We manage the maturities and diversity of our funding across markets, products and counterparties, and seek to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets. Our approach to asset-liability management includes: • Conservatively managing the overall characteristics of our funding book, with a focus on maintaining long-term, diversified sources of funding in excess of our current requirements. See “Balance Sheet and Funding Sources — Funding Sources” for further information; • Actively managing and monitoring our asset base, with particular focus on the liquidity, holding period and ability to fund assets on a secured basis. We assess our funding requirements and our ability to liquidate assets in a stressed environment while appropriately managing risk. This enables us to determine the most appropriate funding products and tenors. See “Balance Sheet and Funding Sources — Balance Sheet Management” for further information about our balance sheet management process and “— Funding Sources — Secured Funding” for further information about asset classes that may be harder to fund on a secured basis; and • Raising secured and unsecured financing that has a long tenor relative to the liquidity profile of our assets. This reduces the risk that our liabilities will come due in advance of our ability to generate liquidity from the sale of our assets. Because we maintain a highly liquid balance sheet, the holding period of certain of our assets may be materially shorter than their contractual maturity dates. Our goal is to ensure that we maintain sufficient liquidity to fund our assets and meet our contractual and contingent obligations in normal times, as well as during periods of market stress. Through our dynamic balance sheet management process, we use actual and projected asset balances to determine secured and unsecured funding requirements. Risk and the Firmwide Asset Liability Committee review our total unsecured long-term borrowings and total shareholders’ equity to help ensure that we maintain a level of long-term funding that is sufficient to meet our long-term financing requirements. In a liquidity crisis, we would begin by liquidating and monetizing our GCLA before selling other assets. However, we recognize that orderly asset sales may be prudent or necessary in a severe or persistent liquidity crisis. 135 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Subsidiary Funding Policies The majority of our unsecured borrowings is raised by Group Inc., which provides the necessary funds to Funding IHC and other subsidiaries, some of which are regulated, to meet their asset financing, liquidity and capital requirements. In addition, Group Inc. provides its regulated subsidiaries with the necessary capital to meet their regulatory requirements. The benefits of this approach to subsidiary funding are enhanced control and greater flexibility to meet the funding requirements of our subsidiaries. Funding is also raised at the subsidiary level through a variety of products, including deposits, secured funding and unsecured borrowings. Our intercompany funding policies assume that a subsidiary’s funds or securities are not freely available to its parent, Funding IHC or other subsidiaries unless (i) legally provided for and (ii) there are no additional regulatory, tax or other restrictions. In particular, many of our subsidiaries are subject to laws that authorize regulatory bodies to block or reduce the flow of funds from those subsidiaries to Group Inc. or Funding IHC. Regulatory action of that kind could impede access to funds that Group Inc. needs to make payments on its obligations. Accordingly, we assume that the capital provided to our regulated subsidiaries is not available to Group Inc. or other subsidiaries and any other financing provided to our regulated subsidiaries is not available to Group Inc. or Funding IHC until the maturity of such financing. Group Inc. has provided substantial amounts of equity and subordinated indebtedness, directly or indirectly, to its regulated subsidiaries. For example, as of March 2026, Group Inc. had $40.76 billion of equity and subordinated indebtedness invested in GS&Co., its principal U.S. registered broker-dealer; $52.01 billion invested in GSI, a regulated U.K. broker-dealer; $2.32 billion invested in GSJCL, a regulated Japanese broker-dealer; $63.83 billion invested in GS Bank USA, a regulated New York State-chartered bank; and $5.95 billion invested in GSIB, a regulated U.K. bank. Group Inc. also provides financing, directly or indirectly, in the form of: $178.34 billion of unsubordinated loans (including secured loans of $56.04 billion) and $35.15 billion of collateral and cash deposits to these entities as of March 2026. In addition, as of March 2026, Group Inc. had significant amounts of capital invested in and loans to its other regulated subsidiaries. Contingency Funding Plan. We maintain a contingency funding plan to provide a framework for analyzing and responding to a liquidity crisis situation or periods of market stress. Our contingency funding plan outlines a list of potential risk factors, key reports and metrics that are reviewed on an ongoing basis to assist in assessing the severity of, and managing through, a liquidity crisis and/or market dislocation. The contingency funding plan also describes in detail our potential responses if our assessments indicate that we have entered a liquidity crisis, which include pre-funding for what we estimate will be our potential cash and collateral needs, as well as utilizing secondary sources of liquidity. Mitigants and action items to address specific risks which may arise are also described and assigned to individuals responsible for execution. The contingency funding plan identifies key groups of individuals and their responsibilities, which include fostering effective coordination, control and distribution of information, implementing liquidity maintenance activities and managing internal and external communication, all of which are critical in the management of a crisis or period of market stress. Stress Tests In order to determine the appropriate size of our GCLA, we model liquidity outflows over a range of scenarios and time horizons. One of our primary internal liquidity risk models, referred to as the Modeled Liquidity Outflow, quantifies our liquidity risks over a 30-day stress scenario. We also consider other factors, including, but not limited to, an assessment of our potential intraday liquidity needs through an additional internal liquidity risk model, referred to as the Intraday Liquidity Model, the results of our long-term stress testing models, our resolution liquidity models and other applicable regulatory requirements and a qualitative assessment of our condition, as well as the financial markets. The results of the Modeled Liquidity Outflow, the Intraday Liquidity Model, the long-term stress testing models and the resolution liquidity models are reported to senior management on a regular basis. We also perform firmwide stress tests. See “Overview and Structure of Risk Management” for information about firmwide stress tests. Goldman Sachs March 2026 Form 10-Q 136 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Modeled Liquidity Outflow. Our Modeled Liquidity Outflow is based on conducting multiple scenarios that include combinations of market-wide and firm-specific stress. These scenarios are characterized by the following qualitative elements: • Severely challenged market environments, which include low consumer and corporate confidence, financial and political instability, and adverse changes in market values, including potential declines in equity markets and widening of credit spreads; and • A firm-specific crisis potentially triggered by material losses, reputational damage (including, as a result of, the dissemination of negative information through social media), litigation and/or a ratings downgrade. The following are key modeling elements of our Modeled Liquidity Outflow: • Liquidity needs over a 30-day scenario; • A two-notch downgrade of our long-term senior unsecured credit ratings; • Changing conditions in funding markets, which limit our access to unsecured and secured funding; • No support from additional government funding facilities. Although we have access to various central bank funding programs, we do not assume reliance on additional sources of funding in a liquidity crisis; and • A combination of contractual outflows and contingent outflows arising from both our on- and off-balance sheet arrangements. Contractual outflows include, among other things, upcoming maturities of unsecured debt, term deposits and secured funding. Contingent outflows include, among other things, the withdrawal of customer credit balances in our prime brokerage business, increase in variation margin requirements due to adverse changes in the value of our exchange-traded and OTC-cleared derivatives, draws on unfunded commitments and withdrawals of deposits that have no contractual maturity. See notes to the consolidated financial statements for further information about contractual outflows, including Note 11 for collateralized financings, Note 13 for deposits, Note 14 for unsecured long-term borrowings and Note 15 for operating lease payments, and “Off-Balance Sheet Arrangements” for further information about our various types of off-balance sheet arrangements. Intraday Liquidity Model. Our Intraday Liquidity Model measures our intraday liquidity needs in a scenario where access to sources of intraday liquidity may become constrained. The intraday liquidity model considers a variety of factors, including historical settlement activity. Long-Term Stress Testing. We utilize longer-term stress tests to take a forward view on our liquidity position through prolonged stress periods in which we experience a severe liquidity stress and recover in an environment that continues to be challenging. We are focused on ensuring conservative asset-liability management to prepare for a prolonged period of potential stress, seeking to maintain a diversified funding profile with an appropriate tenor, taking into consideration the characteristics and liquidity profile of our assets. Resolution Liquidity Models. In connection with our resolution planning efforts, we have established our Resolution Liquidity Adequacy and Positioning framework, which estimates liquidity needs of our major subsidiaries in a stressed environment. The liquidity needs are measured using our Modeled Liquidity Outflow assumptions and include certain additional inter-affiliate exposures. We have also established our Resolution Liquidity Execution Need framework, which measures the liquidity needs of our major subsidiaries to stabilize and wind down following a Group Inc. bankruptcy filing in accordance with our preferred resolution strategy. In addition, we have established a triggers and alerts framework, which is designed to provide the Board with information needed to make an informed decision on whether and when to commence bankruptcy proceedings for Group Inc. Limits We use liquidity risk limits at various levels and across liquidity risk types to manage the size of our liquidity exposures. Limits are measured relative to acceptable levels of risk given our liquidity risk tolerance. See “Overview and Structure of Risk Management” for information about the limit approval process. Limits are monitored by Corporate Treasury and Liquidity Risk. Liquidity Risk is responsible for identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded. GCLA and Unencumbered Metrics GCLA. Based on the results of our internal liquidity risk models, described above, as well as our consideration of other factors, including, but not limited to, a qualitative assessment of our condition, as well as the financial markets, we believe our liquidity position as of both March 2026 and December 2025 was appropriate. We strictly limit our GCLA to a narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment. We do not include other potential sources of excess liquidity in our GCLA, such as less liquid unencumbered securities or committed credit facilities. 137 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents information about our GCLA. Average for the Three Months Ended March December $ in millions 2026 2025 Denomination U.S. dollar $ 369,371 $ 358,587 Non-U.S. dollar 124,822 120,812 Total $ 494,193 $ 479,399 Asset Class Overnight cash deposits $ 137,333 $ 141,601 U.S. government obligations 246,817 224,697 U.S. agency obligations 33,031 38,791 Non-U.S. government obligations 77,012 74,310 Total $ 494,193 $ 479,399 Entity Type Group Inc. and Funding IHC $ 77,691 $ 74,248 Major broker-dealer subsidiaries 137,417 134,699 Major bank subsidiaries 279,085 270,452 Total $ 494,193 $ 479,399 In the table above: • The U.S. dollar-denominated GCLA consists of (i) unencumbered U.S. government and agency obligations (including highly liquid U.S. agency mortgage-backed obligations), all of which are eligible as collateral in Federal Reserve open market operations and (ii) certain overnight U.S. dollar cash deposits. • The non-U.S. dollar-denominated GCLA consists of non-U.S. government obligations (only unencumbered German, French, Japanese and U.K. government obligations) and certain overnight cash deposits in highly liquid currencies. We maintain our GCLA to enable us to meet current and potential liquidity requirements of our parent company, Group Inc., and its subsidiaries. Our Modeled Liquidity Outflow and Intraday Liquidity Model incorporate a requirement for Group Inc., as well as a standalone requirement for each of our major broker-dealer and bank subsidiaries. Funding IHC is required to provide the necessary liquidity to Group Inc. during the ordinary course of business, and is also obligated to provide capital and liquidity support to major subsidiaries in the event of our material financial distress or failure. Liquidity held directly in each of our major broker-dealer and bank subsidiaries is intended for use only by that subsidiary to meet its liquidity requirements and is assumed not to be available to Group Inc. or Funding IHC unless (i) legally provided for and (ii) there are no additional regulatory, tax or other restrictions. In addition, the Modeled Liquidity Outflow and Intraday Liquidity Model also incorporate a broader assessment of standalone liquidity requirements for other subsidiaries and we hold a portion of our GCLA directly at Group Inc. or Funding IHC to support such requirements. Other Unencumbered Assets. In addition to our GCLA, we have a significant amount of other unencumbered cash and financial instruments, including other government obligations, high-grade money market securities, corporate obligations, marginable equities, loans and cash deposits not included in our GCLA. The fair value of our unencumbered assets averaged $359.73 billion for the three months ended March 2026 and $343.36 billion for the three months ended December 2025. We do not consider these assets liquid enough to be eligible for our GCLA. Liquidity Regulatory Framework We are subject to a minimum Liquidity Coverage Ratio (LCR) under the LCR rule approved by the U.S. federal bank regulatory agencies. The LCR rule requires organizations to maintain an adequate ratio of eligible high-quality liquid assets (HQLA) to expected net cash outflows under an acute, short-term liquidity stress scenario. Eligible HQLA excludes HQLA held by subsidiaries that is in excess of their minimum requirement and is subject to transfer restrictions. We are required to maintain a minimum LCR of 100%. We expect that fluctuations in client activity, business mix and the market environment will impact our LCR. The table below presents information about our average daily LCR. Average for the Three Months Ended March December $ in millions 2026 2025 Total HQLA $ 482,450 $ 463,977 Eligible HQLA $ 406,871 $ 396,788 Net cash outflows $ 331,364 $ 322,793 LCR 123 % 123 % I n the table above, our average quarterly LCR represents the average of our daily LCRs during the quarter. Goldman Sachs March 2026 Form 10-Q 138 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis We are also subject to a minimum Net Stable Funding Ratio (NSFR) under the NSFR rule approved by the U.S. federal bank regulatory agencies. The NSFR rule requires large U.S. banking organizations to maintain available stable funding (ASF) above their required stable funding (RSF) over a one-year time horizon. Total ASF excludes ASF held by subsidiaries that is in excess of their minimum requirement and is subject to transfer restrictions. We are required to maintain a minimum NSFR of 100%. We expect that fluctuations in client activity, business mix and the market environment will impact our NSFR. The table below presents information about our average daily NSFR. Average for the Three Months Ended March December $ in millions 2026 2025 Total ASF $ 842,245 $ 786,243 Total RSF $ 733,885 $ 678,424 NSFR 115 % 116 % In the table above, our average quarterly NSFR represents the average of our daily NSFRs during the quarter. GS Bank USA, GSI, GSIB and GSBE are also subject to minimum LCR and NSFR requirements as set by their respective regulators. As of March 2026, both the LCR and NSFR for each of these subsidiaries exceeded the minimum requirements. We monitor local regulatory liquidity requirements of our other subsidiaries to ensure compliance. For many of our subsidiaries, these requirements either have changed or are likely to change in the future due to the implementation of the Basel Committee’s framework for liquidity risk measurement, standards and monitoring, as well as other regulatory developments. The implementation of these rules and any amendments adopted by the regulatory authorities could impact our liquidity and funding requirements and practices in the future. Credit Ratings We rely on the short- and long-term debt capital markets to fund a significant portion of our day-to-day operations, and the cost and availability of debt financing is influenced by our credit ratings. Credit ratings are also important when we are competing in certain markets, such as OTC derivatives, and when we seek to engage in longer-term transactions. See “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K for information about the risks associated with a reduction in our credit ratings. The table below presents the unsecured credit ratings and outlook of Group Inc. As of March 2026 DBRS Fitch Moody’s R&I S&P Short-term debt R-1 (middle) F1 P-1 a-1 A-2 Long-term debt A (high) A A2 A BBB+ Subordinated debt A BBB+ Baa2 A- BBB Trust preferred A BBB- Baa3 N/A BB+ Preferred stock BBB (high) BBB- Ba1 N/A BB+ Ratings outlook Stable Stable Stable Stable Stable In the table above: • The ratings and outlook are by DBRS, Inc. (DBRS), Fitch, Inc. (Fitch), Moody’s Investors Service (Moody’s), Rating and Investment Information, Inc. (R&I), and Standard & Poor’s Ratings Services (S&P). • The ratings for trust preferred relate to the guaranteed preferred beneficial interests issued by Goldman Sachs Capital I. • The DBRS, Fitch, Moody’s and S&P ratings for preferred stock include the APEX issued by Goldman Sachs Capital II and Goldman Sachs Capital III. The table below presents the unsecured credit ratings and outlook of GS Bank USA, GSIB, GSBE, GS&Co. and GSI. As of March 2026 Fitch Moody’s S&P GS Bank USA Short-term debt F1 P-1 A-1 Long-term debt A+ A1 A+ Short-term bank deposits F1+ P-1 N/A Long-term bank deposits AA- A1 N/A Ratings outlook Stable Stable Stable GSIB Short-term debt F1 P-1 A-1 Long-term debt A+ A1 A+ Short-term bank deposits F1 P-1 N/A Long-term bank deposits A+ A1 N/A Ratings outlook Stable Stable Stable GSBE Short-term debt F1 P-1 A-1 Long-term debt A+ A1 A+ Short-term bank deposits N/A P-1 N/A Long-term bank deposits N/A A1 N/A Ratings outlook Stable Stable Stable GS&Co. Short-term debt F1 N/A A-1 Long-term debt A+ A1 A+ Ratings outlook Stable Stable Stable GSI Short-term debt F1 P-1 A-1 Long-term debt A+ A1 A+ Ratings outlook Stable Stable Stable 139 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis We believe our credit ratings are primarily based on the credit rating agencies’ assessment of: • Our liquidity, market, credit and operational risk management practices; • Our level and variability of earnings; • Our capital base; • Our franchise, reputation and management; • Our corporate governance; and • The external operating and economic environment, including, in some cases, the assumed level of government support or other systemic considerations, such as potential resolution. Certain of our derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings. We manage our GCLA to ensure we would, among other potential requirements, be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings, as well as collateral that has not been called by counterparties, but is available to them. See Note 7 to the consolidated financial statements for further information about derivatives with credit-related contingent features and the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called by counterparties in the event of a one- or two-notch downgrade in our credit ratings. Cash Flows As a global financial institution, our cash flows are complex and bear little relation to our net earnings and net assets. Consequently, we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the liquidity and asset-liability management policies described above. Cash flow analysis may, however, be helpful in highlighting certain macro trends and strategic initiatives in our businesses. Three Months Ended March 2026. Our cash and cash equivalents increased by $15.27 billion to $179.53 billion at the end of the first quarter of 2026, primarily due to net cash provided by financing activities, partially offset by net cash used for investing and operating activities. The net cash provided by financing activities primarily reflected cash inflows from deposits (reflecting increases across all sources, primarily in consumer deposit, other deposit and transaction banking deposit balances) and net issuances of unsecured borrowings. The net cash used for investing activities primarily reflected net purchases of U.S. government obligations accounted for as available-for-sale securities and an increase in net lending activities (reflecting increases in corporate loans and other collateralized loans). The net cash used for operating activities reflected cash outflows from trading assets, partially offset by cash inflows from trading liabilities and customer and other receivables and payables, net (reflecting an increase in customer and other payables, partially offset by an increase in customer and other receivables). Three Months Ended March 2025 . O ur cash and cash equivalents decreased by $14.68 billion to $167.41 billion at the end of the first quarter of 2025, due to net cash used for operating activities and investing activities, partially offset by net cash provided by financing activities and the effect of exchange rate changes on cash and cash equivalents. The net cash used for operating activities primarily reflected cash outflows from collateralized transactions (reflecting both a decrease in collateralized financings and an increase in collateralized agreements) and trading assets, partially offset by cash inflows from trading liabilities. The net cash used for investing activities primarily reflected an increase in net lending activities (reflecting increases in other collateralized loans) and net purchases of U.S. government obligations accounted for as available-for-sale securities. The net cash provided by financing activities primarily reflected cash inflows from deposits (reflecting increases in other deposits, consumer deposits and brokered certificates of deposit) and net issuances of unsecured long-term borrowings, partially offset by common stock repurchases. The increase in cash and cash equivalents as a result of changes in foreign exchange rates was due to the U.S. dollar weakening during the quarter. Goldman Sachs March 2026 Form 10-Q 140 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Market Risk Management Overview Market risk is the risk of an adverse impact to our earnings due to changes in market conditions. Our assets and liabilities that give rise to market risk primarily include positions held for market making for our clients and for our investing and financing activities, and these positions change based on client demands and our investment opportunities. We employ a variety of risk measures, each described in the respective sections below, to monitor market risk. Categories of market risk include the following: • Interest rate risk: results from exposures to changes in the level, slope and curvature of yield curves, the volatilities of interest rates, prepayment speeds and credit spreads; • Equity price risk: results from exposures to changes in prices and volatilities of individual equities, baskets of equities and equity indices; • Currency rate risk: results from exposures to changes in spot prices, forward prices and volatilities of currency rates; and • Commodity price risk: results from exposures to changes in spot prices, forward prices and volatilities of commodities, such as crude oil, petroleum products, natural gas, electricity, and precious and base metals. Market Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for independently assessing, monitoring and managing our market risk by providing firmwide review and challenge across our global businesses. Managers in revenue-producing units, Corporate Treasury and Market Risk discuss market information, positions and estimated loss scenarios on an ongoing basis. Managers in revenue-producing units and Corporate Treasury are accountable for managing risk within prescribed limits. These managers have in-depth knowledge of their positions, markets and the instruments available to hedge their exposures. Market Risk Management Process Our process for managing market risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” as well as the following: • Monitoring compliance with established market risk limits and reporting our exposures; • Diversifying exposures; • Controlling position sizes; and • Evaluating mitigants, such as economic hedges in related securities or derivatives. Our market risk management systems enable us to perform an independent calculation of VaR, Earnings-at-Risk (EaR) and other stress measures, capture risk measures at individual position levels, attribute risk measures to individual risk factors of each position, report many different views of the risk measures (e.g., by desk, business, product type or entity) and produce ad hoc analyses in a timely manner. Risk Measures We produce risk measures and monitor them against established market risk limits. These measures reflect an extensive range of scenarios and the results are aggregated at firmwide, business and product levels. We use a variety of risk measures to estimate the size of potential losses for small, moderate and more extreme market moves over both short- and long-term time horizons. Our primary risk measures are VaR, EaR and other stress tests. Our risk reports detail key risks, drivers and changes for each desk and business, and are distributed daily to senior management of both our revenue-producing units and Risk. Value-at-Risk. VaR is the potential loss in value due to adverse market movements over a defined time horizon with a specified confidence level. For assets and liabilities included in VaR, see “Financial Statement Linkages to Market Risk Measures.” We typically employ a one-day time horizon with a 95% confidence level. We use a single VaR model, which captures risks, including those related to interest rates, equity prices, currency rates and commodity prices. As such, VaR facilitates comparison across portfolios of different risk characteristics. VaR also captures the diversification of aggregated risk at the firmwide level. 141 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis We are aware of the inherent limitations to VaR and therefore use a variety of risk measures in our market risk management process. Inherent limitations to VaR include: • VaR does not estimate potential losses over longer time horizons where moves may be extreme; • VaR does not take account of the relative liquidity of different risk positions; and • Previous moves in market risk factors may not produce accurate predictions of all future market moves. To comprehensively capture our exposures and relevant risks in our VaR calculation, we use historical simulations with full valuation of market factors at the position level by simultaneously shocking the relevant market factors for that position. These market factors include spot prices, credit spreads, funding spreads, yield curves, volatility and correlation, and are updated periodically based on changes in the composition of positions, as well as variations in market conditions. We sample from five years of historical data to generate the scenarios for our VaR calculation. The historical data is weighted so that the relative importance of the data reduces over time. This gives greater importance to more recent observations and reflects current asset volatilities, which improves the accuracy of our estimates of potential loss. As a result, even if our positions included in VaR were unchanged, our VaR would increase with increasing market volatility and vice versa. Given its reliance on historical data, VaR is most effective in estimating risk exposures in markets in which there are no sudden fundamental changes or shifts in market conditions. Our VaR measure does not include: • Positions that are not accounted for at fair value, such as held-to-maturity securities and loans, deposits and unsecured borrowings that are accounted for at amortized cost; • Available-for-sale securities for which the related unrealized fair value gains and losses are included in accumulated other comprehensive income/(loss); • Positions that are best measured and monitored using sensitivity measures; and • The impact of changes in counterparty and our own credit spreads on derivatives, as well as changes in our own credit spreads on financial liabilities for which the fair value option was elected. We perform daily backtesting of our VaR model (i.e., comparing daily net revenues for positions included in VaR to the VaR measure calculated as of the prior business day) at the firmwide level and for each of our businesses and major regulated subsidiaries. Earnings-at-Risk. We manage our interest rate risk using the EaR metric. EaR measures the estimated impact of changes in interest rates to our net revenues and preferred stock dividends over a defined time horizon. EaR complements the VaR metric, which measures the impact of interest rate changes that have an immediate impact on the fair values of our assets and liabilities (i.e., mark-to-market changes). Our exposure to interest rate risk occurs due to a variety of factors, including, but not limited to: • Differences in maturity or repricing dates of assets, liabilities, preferred stock and certain off-balance sheet instruments. • Differences in the amounts of assets, liabilities, preferred stock and certain off-balance sheet instruments with the same maturity or repricing dates. • Certain interest rate sensitive fees. Corporate Treasury manages the interest rate risk from all businesses using both cash and derivative instruments, including available-for-sale and held-to-maturity securities and interest rate derivatives. We measure EaR over a one-year time horizon, including a 100- and 200-basis point instantaneous parallel shock in both short- and long-term interest rates. This sensitivity is calculated relative to a baseline market scenario, which takes into consideration, among other things, the market’s expectation of forward rates, as well as our expectation of future business activity. These scenarios include contractual elements of assets, liabilities, preferred stock, and certain off-balance sheet instruments, such as rates of interest, principal repayment schedules, maturity and reset dates, and any interest rate ceilings or floors, as well as assumptions with respect to our balance sheet size and composition, prepayment behavior and deposit repricing. Deposit repricing is captured by evaluating the change in deposit rate paid relative to the change in market rates (deposit beta) and we calibrate the deposit betas used in our models by using a number of factors, including observed historical behavior, future expectations, funding needs and the competitive landscape. We continuously monitor the performance of our key assumptions against observed behavior and regularly review their sensitivity on our risk metrics. Goldman Sachs March 2026 Form 10-Q 142 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis We manage EaR with a goal to reduce potential volatility resulting from changes in interest rates so it remains within our EaR risk appetite. Our EaR scenario is regularly evaluated and updated, if necessary, to reflect changes in our business plans, market conditions and other macroeconomic factors. While management uses the best information available to estimate EaR, actual results may differ materially as a result of, among other things, changes in the economic environment or assumptions used in the process. We also measure the sensitivity of the economic value of our equity (EVE) to changes in interest rates. Compared to EaR, EVE provides a longer-term measurement of the interest rate risk exposure, primarily on non-trading assets and liabilities, by capturing the net impact of changes in interest rates to the present value of their cash flows. Corporate Treasury is responsible for our interest rate risk, including assessing, monitoring and managing our EaR and EVE sensitivity, and interest rate risk stress tests and assumptions. Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for independently assessing, monitoring and managing our interest rate risk (including EaR and EVE sensitivity) by providing firmwide review and challenge across our global businesses. Stress Testing. Stress testing is a method of determining the effect of various hypothetical stress scenarios. We use stress tests to examine risks of specific portfolios, as well as the potential impact of our significant risk exposures. We use a variety of stress testing techniques to calculate the potential loss from a wide range of market moves on our portfolios, including firmwide stress tests, sensitivity analysis and scenario analysis. The results of our various stress tests are analyzed together for risk management purposes. See “Overview and Structure of Risk Management” for information about firmwide stress tests. Sensitivity analysis is used to quantify the impact of a market move in a single risk factor across all positions (e.g., equity prices or credit spreads) using a variety of defined market shocks, ranging from those that could be expected over a one-day time horizon up to those that could take many months to occur. We also use sensitivity analysis to quantify the impact of the default of any single entity, which captures the risk of large or concentrated exposures. Scenario analysis is used to quantify the impact of a specified event, including how the event impacts multiple risk factors simultaneously. For example, for sovereign stress testing we calculate potential direct exposure associated with our sovereign positions, as well as the corresponding debt, equity and currency exposures associated with our non-sovereign positions that may be impacted by the sovereign distress. When conducting scenario analysis, we often consider a number of possible outcomes for each scenario, ranging from moderate to severely adverse market impacts. In addition, these stress tests are constructed using both historical events and forward-looking hypothetical scenarios. Unlike VaR measures, which have an implied probability because they are calculated at a specified confidence level, there may not be an implied probability that our stress testing scenarios will occur. Instead, stress testing is used to model both moderate and more extreme moves in underlying market factors. When estimating potential loss, we generally assume that our positions cannot be reduced or hedged (although experience demonstrates that we are generally able to do so). Limits We use market risk limits at various levels to manage the size of our market exposures. These limits are set based on VaR, EaR and on a range of stress tests relevant to our exposures. See “Overview and Structure of Risk Management” for information about the limit approval process. Limits are monitored by Corporate Treasury and Risk. Risk is responsible for identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded (e.g., due to positional changes or changes in market conditions, such as increased volatilities or changes in correlations). Such instances are remediated by a reduction in the positions we hold and/or a temporary or permanent increase to the limit, if warranted. Metrics We analyze VaR at the firmwide level and a variety of more detailed levels, including by risk category, business and region. Diversification effect in the tables below represents the difference between total VaR and the sum of the VaR for the four risk categories. This effect arises because the four market risk categories are not perfectly correlated. Substantially all positions in VaR are included within Global Banking & Markets. 143 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents our average daily VaR. Three Months Ended March December March $ in millions 2026 2025 2025 Categories Interest rates $ 85 $ 60 $ 70 Equity prices 55 48 42 Currency rates 15 17 36 Commodity prices 31 18 15 Diversification effect (74) (63) (72) Total $ 112 $ 80 $ 91 Our average daily VaR increased to $112 million for the three months ended March 2026 from $80 million for the three months ended December 2025, due to increased exposures and higher levels of volatility. The total increase was primarily driven by increases in the interest rates, commodity prices and equity prices categories, partially offset by an increase in the diversification effect. Our average daily VaR increased to $112 million for the three months ended March 2026 from $91 million for the three months ended March 2025, primarily due to increased exposures. The total increase was primarily driven by increases in the commodity prices, interest rates and equity prices categories, partially offset by a decrease in the currency rates category. The table below presents our period-end VaR. As of March December March $ in millions 2026 2025 2025 Categories Interest rates $ 104 $ 59 $ 65 Equity prices 57 45 40 Currency rates 17 17 21 Commodity prices 49 18 17 Diversification effect (90) (60) (59) Total $ 137 $ 79 $ 84 Our period-end VaR increased to $137 million as of March 2026 from $79 million as of December 2025, primarily due to higher levels of volatility. The total increase was driven by increases in the interest rates, commodity prices and equity prices categories, partially offset by an increase in the diversification effect. Our period-end VaR increased to $137 million as of March 2026 from $84 million as of March 2025, due to higher levels of volatility and increased exposures. The total increase was primarily driven by increases in the interest rates, commodity prices and equity prices categories, partially offset by an increase in the diversification effect. During the three months ended March 2026, the firmwide VaR risk limit was exceeded on one occasion and there were no permanent changes to the firmwide VaR risk limit. The firmwide VaR risk limit was temporarily raised on two occasions primarily due to higher levels of volatility, generally resulting from broad macroeconomic and geopolitical concerns. During 2025, the firmwide VaR risk limit was not exceeded, raised or reduced, and there were no permanent or temporary changes to the firmwide VaR risk limit. The table below presents our high and low VaR. Three Months Ended March 2026 December 2025 March 2025 $ in millions High Low High Low High Low Categories Interest rates $ 163 $ 58 $ 66 $ 54 $ 92 $ 61 Equity prices $ 68 $ 45 $ 59 $ 38 $ 58 $ 36 Currency rates $ 25 $ 9 $ 24 $ 11 $ 55 $ 20 Commodity prices $ 64 $ 18 $ 23 $ 15 $ 20 $ 11 Firmwide VaR $ 176 $ 79 $ 93 $ 69 $ 108 $ 81 The chart below presents our daily VaR for the three months ended March 2026. The table below presents, by number of business days, the frequency distribution of our daily net revenues for positions included in VaR. Three Months Ended March $ in millions 2026 2025 >$100 34 31 $75 – $100 7 8 $50 – $75 8 7 $25 – $50 3 7 $0 – $25 3 4 $(25) – $0 1 3 $(50) – $(25) – 1 $(75) – $(50) 2 – $(100) – $(75) 2 – <$(100) 1 – Total 61 61 Daily net revenues for positions included in VaR are compared with VaR calculated as of the end of the prior business day. Net losses incurred on a single day for such positions exceeded our 95% one-day VaR (i.e., a VaR exception) on one occasion during the three months ended March 2026. There were no VaR exceptions during the three months ended March 2025. Goldman Sachs March 2026 Form 10-Q 144 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis During periods in which we have significantly more positive net revenue days than net revenue loss days, we expect to have fewer VaR exceptions because, under normal conditions, our business model generally produces positive net revenues. In periods in which our franchise revenues are adversely affected, we generally have more loss days, resulting in more VaR exceptions. The daily net revenues for positions included in VaR used to determine VaR exceptions reflect the impact of any intraday activity, including bid/offer net revenues, which are more likely than not to be positive by their nature. Sensitivity Measures Certain portfolios and individual positions are not included in VaR because VaR is not the most appropriate risk measure. Other sensitivity measures we use to analyze market risk are described below. 10% Sensitivity Measures. The table below presents our market risk by asset category for positions accounted for at fair value or accounted for at the lower of cost or fair value, that are not included in VaR. As of March December March $ in millions 2026 2025 2025 Equity $ 1,736 $ 1,886 $ 1,572 Debt 3,336 3,798 1,802 Total $ 5,072 $ 5,684 $ 3,374 In the table above: • The market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% decline in the value of the underlying positions. • Equity positions relate to private and public equity securities, which primarily include investments in corporate, real estate and infrastructure assets. The vast majority of such equity positions are included within Asset & Wealth Management. • Debt positions include mezzanine and senior debt, and corporate and real estate loans, substantially all of which are included within Asset & Wealth Management. Debt positions also included $19.1 billion as of March 2026 and $19.7 billion as of December 2025 of the Apple Card loan portfolio within Platform Solutions that were classified as held for sale. • Funded equity and debt positions are included in our consolidated balance sheets in investments and loans, and the related hedges are included in our consolidated balance sheets in derivatives. See Note 8 to the consolidated financial statements for further information about investments, Note 9 to the consolidated financial statements for further information about loans and Note 7 to the consolidated financial statements for further information about derivatives. • These measures do not reflect the diversification effect across asset categories or across other market risk measures. Credit and Funding Spread Sensitivity on Derivatives and Financial Liabilities. VaR excludes the impact of changes in counterparty credit spreads, our own credit spreads and unsecured funding spreads on derivatives, as well as changes in our own credit spreads (debt valuation adjustment) on financial liabilities for which the fair value option was elected. The estimated sensitivity to a one basis point increase in credit spreads (counterparty and our own) and unsecured funding spreads on derivatives (including hedges) was a loss of $3 million as of March 2026 and $1 million as of December 2025. In addition, the estimated sensitivity to a one basis point increase in our own credit spreads on financial liabilities for which the fair value option was elected was a gain of $62 million as of March 2026 and $53 million as of December 2025. However, the actual net impact of a change in our own credit spreads is also affected by the liquidity, duration and convexity (as the sensitivity is not linear to changes in yields) of those financial liabilities for which the fair value option was elected, as well as the relative performance of any hedges undertaken. Earnings-at-Risk. The table below presents the impact of a parallel shift in rates on our net revenues and preferred stock dividends over the next 12 months relative to the baseline scenario. As of March December March $ in millions 2026 2025 2025 +100 basis points parallel shift in rates $ 21 $ 154 $ 94 -100 basis points parallel shift in rates $ (234) $ (273) $ (232) +200 basis points parallel shift in rates $ 40 $ 215 $ 122 -200 basis points parallel shift in rates $ (489) $ (485) $ (437) In the table above, the EaR metric utilized various assumptions, including, among other things, balance sheet size and composition, prepayment behavior and deposit repricing, all of which have inherent uncertainties. The EaR metric does not represent a forecast of our net revenues and preferred stock dividends. Other Market Risk Considerations We make investments in securities that are accounted for as available-for-sale, held-to-maturity or under the equity method which are included in investments in the consolidated balance sheets. See Note 8 to the consolidated financial statements for further information. Direct investments in real estate are accounted for at cost less accumulated depreciation. See Note 12 to the consolidated financial statements for further information about other assets. 145 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Financial Statement Linkages to Market Risk Measures We employ a variety of risk measures, each described in the respective sections above, to monitor market risk across the consolidated balance sheets and consolidated statements of earnings. The related gains and losses on these positions are included in market making, other principal transactions, interest income and interest expense in the consolidated statements of earnings, and debt valuation adjustment and unrealized gains/(losses) on available-for-sale securities in the consolidated statements of comprehensive income. The table below presents certain assets and liabilities accounted for at fair value or accounted for at the lower of cost or fair value in our consolidated balance sheets and the market risk measures used to assess those assets and liabilities. Assets or Liabilities Market Risk Measures Collateralized agreements and financings VaR Customer and other receivables 10% Sensitivity Measures Trading assets and liabilities VaR Credit Spread Sensitivity 10% Sensitivity Measures Investments VaR 10% Sensitivity Measures Loans VaR 10% Sensitivity Measures Other assets and liabilities VaR Deposits VaR Credit Spread Sensitivity Unsecured borrowings VaR Credit Spread Sensitivity In addition to the above, we measure the interest rate risk for all positions within our consolidated balance sheets using the EaR metric. Credit Risk Management Overview Credit risk represents the potential for loss due to the default or deterioration in credit quality of a counterparty (e.g., an OTC derivatives counterparty or a borrower) or an issuer of securities or other instruments we hold. Our exposure to credit risk comes mostly from client transactions in OTC derivatives and loans and lending commitments. Credit risk also comes from cash placed with banks, securities financing transactions (i.e., resale and repurchase agreements and securities borrowing and lending activities) and customer and other receivables. Credit Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for independently assessing, monitoring and managing our credit risk by providing firmwide review and challenge across our global businesses. In addition, we hold other positions that give rise to credit risk (e.g., bonds and secondary bank loans). These credit risks are captured as a component of market risk measures, which are monitored and managed by Market Risk. We also enter into derivatives to manage market risk exposures. Such derivatives also give rise to credit risk, which is monitored and managed by Credit Risk. Credit Risk Management Process Our process for managing credit risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” as well as the following: • Monitoring compliance with established credit risk limits and reporting our credit exposures and credit concentrations; • Establishing or approving underwriting standards; • Assessing the likelihood that a counterparty will default on its payment obligations; • Measuring our current and potential credit exposure and losses resulting from a counterparty default; • Using credit risk mitigants, including collateral and hedging; and • Maximizing recovery through active workout and restructuring of claims. We also perform credit analyses, which incorporate initial and ongoing evaluations of the capacity and willingness of a counterparty to meet its financial obligations. For substantially all of our credit exposures, the core of our process is an annual counterparty credit evaluation or more frequently if deemed necessary as a result of events or changes in circumstances. We determine an internal credit rating for the counterparty by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the counterparty’s industry and the economic environment. For collateralized loans, we also take into consideration collateral received or other credit support arrangements when determining an internal credit rating. Senior personnel, with expertise in specific industries, inspect and approve credit reviews and internal credit ratings. Our risk assessment process may also include, where applicable, reviewing certain key metrics, including, but not limited to, delinquency status, collateral value, Fair Isaac Corporation (FICO) credit scores and other risk factors. Goldman Sachs March 2026 Form 10-Q 146 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Our credit risk management systems capture credit exposure to individual counterparties and on an aggregate basis to counterparties and their subsidiaries. These systems also provide management with comprehensive information about our aggregate credit risk by product, internal credit rating, industry, country and region. Risk Measures We measure our credit risk based on the potential loss in the event of non-payment by a counterparty using current and potential exposure. For derivatives and securities financing transactions, current exposure represents the amount presently owed to us after taking into account applicable netting and collateral arrangements, while potential exposure represents our estimate of the future exposure that could arise over the life of a transaction based on market movements within a specified confidence level. Potential exposure also takes into account netting and collateral arrangements. For loans and lending commitments, the primary measure is a function of the notional amount of the position. Stress Tests We conduct regular stress tests to calculate the credit exposures, including potential concentrations that would result from applying shocks to counterparty credit ratings or credit risk factors (e.g., currency rates, interest rates, equity prices). These shocks cover a wide range of moderate and more extreme market movements, including shocks to multiple risk factors, consistent with the occurrence of a severe market or economic event. In the case of sovereign default, we estimate the direct impact of the default on our sovereign credit exposures, changes to our credit exposures arising from potential market moves in response to the default, and the impact of credit market deterioration on corporate borrowers and counterparties that may result from the sovereign default. Unlike potential exposure, which is calculated within a specified confidence level, stress testing does not generally assume a probability of these events occurring. We also perform firmwide stress tests. See “Overview and Structure of Risk Management” for information about firmwide stress tests. To supplement these regular stress tests, as described above, we also conduct tailored stress tests on an ad hoc basis in response to specific events that we deem significant. We also utilize these stress tests to estimate the indirect impact of certain hypothetical events on our country exposures, such as the impact of credit market deterioration on corporate borrowers and counterparties along with the shocks to the risk factors described above. The parameters of these shocks vary based on the scenario reflected in each stress test. We review estimated losses produced by the stress tests in order to understand their magnitude, highlight potential loss concentrations, and assess and seek to mitigate our exposures, where necessary. Limits We use credit risk limits at various levels, as well as underwriting standards to manage the size and nature of our credit exposures. Limits for industries and countries are based on our risk appetite and are designed to allow for regular monitoring, review, escalation and management of credit risk concentrations. See “Overview and Structure of Risk Management” for information about the limit approval process. Credit Risk is responsible for monitoring these limits, and identifying and escalating to senior management and/or the appropriate risk committee, on a timely basis, instances where limits have been exceeded. Risk Mitigants To reduce our credit exposures on derivatives and securities financing transactions, we may enter into netting agreements with counterparties that permit us to offset receivables and payables with such counterparties. We may also reduce credit risk with counterparties by entering into agreements that enable us to obtain collateral from them on an upfront or contingent basis and/or to terminate transactions if the counterparty’s credit rating falls below a specified level. We monitor the fair value of the collateral to ensure that our credit exposures are appropriately collateralized. We seek to minimize exposures where there is a significant positive correlation between the creditworthiness of our counterparties and the market value of collateral we receive. For loans and lending commitments, depending on the credit quality of the borrower and other characteristics of the transaction, we employ a variety of potential risk mitigants. Risk mitigants include collateral provisions, guarantees, covenants, structural seniority of the bank loan claims and, for certain lending commitments, provisions in the legal documentation that allow us to adjust loan amounts, pricing, structure and other terms as market conditions change. The type and structure of risk mitigants employed can significantly influence the degree of credit risk involved in a loan or lending commitment. When we do not have sufficient visibility into a counterparty’s financial strength or when we believe a counterparty requires support from its parent, we may obtain third-party guarantees of the counterparty’s obligations. We may also seek to mitigate our credit risk using credit derivatives or participation agreements. 147 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Credit Exposures As of March 2026, our aggregate credit exposure increased compared with December 2025, primarily reflecting increases in loans and lending commitments and cash deposits with central banks. The percentage of our credit exposures arising from non-investment-grade counterparties (based on our internally determined public rating agency equivalents) was essentially unchanged compared with December 2025. Our credit exposures are described further below. Cash and Cash Equivalents. Our credit exposure on cash and cash equivalents arises from our unrestricted cash, and includes both interest-bearing and non-interest-bearing deposits. We seek to mitigate the risk of credit loss, by placing substantially all of our deposits with highly rated banks and central banks. The table below presents our credit exposure from unrestricted cash and cash equivalents, and the concentration by industry, region and internally determined public rating agency equivalents. As of March December $ in millions 2026 2025 Cash and Cash Equivalents $163,774 $149,456 Industry Financial Institutions 12 % 11 % Sovereign 88 % 89 % Total 100 % 100 % Region Americas 67 % 65 % EMEA 21 % 21 % Asia 12 % 14 % Total 100 % 100 % Credit Quality (Credit Rating Equivalent) AAA 77 % 77 % AA 7 % 5 % A 15 % 16 % BBB 1 % 1 % BB or lower – 1 % Total 100 % 100 % The table above excludes cash segregated for regulatory and other purposes of $15.76 billion as of March 2026 and $14.80 billion as of December 2025. OTC Derivatives. Our credit exposure on OTC derivatives arises primarily from our market-making activities. As a market maker, we enter into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. We also enter into derivatives to manage market risk exposures. We manage our credit exposure on OTC derivatives using the credit risk process, measures, limits and risk mitigants described above. We generally enter into OTC derivatives transactions under bilateral collateral arrangements that require the daily exchange of collateral. As credit risk is an essential component of fair value, we include a CVA in the fair value of derivatives to reflect counterparty credit risk, as described in Note 7 to the consolidated financial statements. CVA is a function of the present value of expected exposure, the probability of counterparty default and the assumed recovery upon default. Goldman Sachs March 2026 Form 10-Q 148 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis The table below presents our net credit exposure from OTC derivatives and the concentration by industry and region. As of March December $ in millions 2026 2025 Gross fair value $ 345,661 $ 294,817 Netting (311,136) (269,833) Net credit exposure $ 34,525 $ 24,984 Industry Consumer & Retail 3 % 5 % Diversified Industrials 5 % 8 % Financial Institutions 19 % 21 % Funds 30 % 24 % Healthcare 2 % 3 % Municipalities & Nonprofit 3 % 4 % Natural Resources & Utilities 22 % 16 % Sovereign 6 % 5 % Technology, Media & Telecommunications 7 % 10 % Other (including Special Purpose Vehicles) 3 % 4 % Total 100 % 100 % Region Americas 42 % 44 % EMEA 47 % 46 % Asia 11 % 10 % Total 100 % 100 % Our credit exposure (before any potential recoveries) to OTC derivative counterparties that defaulted during the three months ended March 2026 remained low, representing less than 2% of our total credit exposure from OTC derivatives. In the table above: • Gross fair value excludes the effects of both counterparty netting and collateral, and therefore is not representative of our exposure. • Netting represents counterparty and collateral netting offset within the consolidated balance sheets, as well as cash collateral and the fair value of securities collateral, primarily U.S. and non-U.S. government and agency obligations, received under credit support agreements, that we consider when determining credit risk, but such collateral is not eligible for netting under U.S. GAAP. The tables below present the distribution of our OTC derivative assets by tenor and internally determined public rating agency equivalents. $ in millions Investment- Grade Non-Investment- Grade / Unrated Total As of March 2026 Less than 1 year $ 79,864 $ 19,041 $ 98,905 1 – 5 years 73,680 21,017 94,697 Greater than 5 years 142,437 9,622 152,059 Gross fair value 295,981 49,680 345,661 Netting (273,099) (38,037) (311,136) Net credit exposure $ 22,882 $ 11,643 $ 34,525 As of December 2025 Less than 1 year $ 59,208 $ 12,431 $ 71,639 1 – 5 years 65,530 16,536 82,066 Greater than 5 years 133,259 7,853 141,112 Gross fair value 257,997 36,820 294,817 Netting (243,019) (26,814) (269,833) Net credit exposure $ 14,978 $ 10,006 $ 24,984 Investment-Grade $ in millions AAA AA A BBB Total As of March 2026 Less than 1 year $ 2,320 $ 20,611 $ 40,313 $ 16,620 $ 79,864 1 – 5 years 1,176 18,226 36,751 17,527 73,680 Greater than 5 years 7,986 37,732 63,351 33,368 142,437 Gross fair value 11,482 76,569 140,415 67,515 295,981 Netting (7,996) (73,748) (133,100) (58,255) (273,099) Net credit exposure $ 3,486 $ 2,821 $ 7,315 $ 9,260 $ 22,882 As of December 2025 Less than 1 year $ 1,068 $ 10,157 $ 35,745 $ 12,238 $ 59,208 1 – 5 years 1,197 12,835 35,505 15,993 65,530 Greater than 5 years 7,623 28,728 66,808 30,100 133,259 Gross fair value 9,888 51,720 138,058 58,331 257,997 Netting (6,797) (50,689) (133,141) (52,392) (243,019) Net credit exposure $ 3,091 $ 1,031 $ 4,917 $ 5,939 $ 14,978 Non-Investment-Grade / Unrated $ in millions ≤ BB Unrated Total As of March 2026 Less than 1 year $ 18,897 $ 144 $ 19,041 1 – 5 years 20,931 86 21,017 Greater than 5 years 9,564 58 9,622 Gross fair value 49,392 288 49,680 Netting (37,912) (125) (38,037) Net credit exposure $ 11,480 $ 163 $ 11,643 As of December 2025 Less than 1 year $ 12,049 $ 382 $ 12,431 1 – 5 years 16,440 96 16,536 Greater than 5 years 7,789 64 7,853 Gross fair value 36,278 542 36,820 Netting (26,691) (123) (26,814) Net credit exposure $ 9,587 $ 419 $ 10,006 In the tables above: • Tenor is based on remaining contractual maturity for OTC derivative assets. • Netting includes counterparty netting and collateral that we consider when determining credit risk (including collateral that is not eligible for netting under U.S. GAAP). 149 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Lending Activities. We manage our lending activities using the credit risk process, measures, limits and risk mitigants described above. Other lending positions, including secondary trading positions, are risk-managed as a component of market risk. The table below presents our loans and lending commitments. $ in millions Loans Lending Commitments Total As of March 2026 Corporate $ 38,156 $ 214,938 $ 253,094 Commercial real estate 38,779 12,376 51,155 Residential real estate 32,885 3,825 36,710 Securities-based 18,592 896 19,488 Other collateralized 104,592 62,106 166,698 Credit cards 19,055 73,380 92,435 Other 3,135 1,269 4,404 Total $ 255,194 $ 368,790 $ 623,984 Allowance for loan losses $ (2,345) $ (792) $ (3,137) As of December 2025 Corporate $ 30,676 $ 188,698 $ 219,374 Commercial real estate 37,409 7,185 44,594 Residential real estate 31,957 3,171 35,128 Securities-based 18,079 784 18,863 Other collateralized 98,999 51,336 150,335 Credit cards 19,742 70,823 90,565 Other 3,020 1,180 4,200 Total $ 239,882 $ 323,177 $ 563,059 Allowance for loan losses $ (2,148) $ (731) $ (2,879) In the table above, lending commitments excluded $6.52 billion as of March 2026 and $6.27 billion as of December 2025 related to issued letters of credit which are classified as guarantees in our consolidated financial statements. See Note 18 to the consolidated financial statements for further information about guarantees. See Note 9 to the consolidated financial statements for information about net charge-offs on wholesale and consumer loans, as well as past due and nonaccrual loans accounted for at amortized cost. Corporate. Corporate loans and lending commitments include term loans, revolving lines of credit, letter of credit facilities and bridge loans, and are principally used for operating and general corporate purposes, or in connection with acquisitions. Corporate loans are secured (typically by a senior lien on the assets of the borrower) or unsecured, depending on the loan purpose, the risk profile of the borrower and other factors. The table below presents our credit exposure from corporate loans and lending commitments, and the concentration by industry, region, internally determined public rating agency equivalents and other credit metrics. $ in millions Loans Lending Commitments Total As of March 2026 Corporate $38,156 $214,938 $253,094 Industry Consumer & Retail 9 % 18 % 17 % Diversified Industrials 17 % 23 % 22 % Financial Institutions 8 % 8 % 8 % Funds 4 % 3 % 3 % Healthcare 5 % 10 % 9 % Natural Resources & Utilities 8 % 15 % 14 % Real Estate 13 % 5 % 6 % Technology, Media & Telecommunications 33 % 17 % 20 % Other (including Special Purpose Vehicles) 3 % 1 % 1 % Total 100 % 100 % 100 % Region Americas 69 % 72 % 72 % EMEA 22 % 21 % 21 % Asia 9 % 7 % 7 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) AAA – 1 % 1 % AA 2 % 4 % 4 % A 6 % 15 % 13 % BBB 22 % 46 % 42 % BB or lower 70 % 34 % 40 % Total 100 % 100 % 100 % As of December 2025 Corporate $30,676 $188,698 $219,374 Industry Consumer & Retail 10 % 13 % 12 % Diversified Industrials 18 % 19 % 19 % Financial Institutions 8 % 8 % 9 % Funds 5 % 3 % 3 % Healthcare 7 % 10 % 9 % Natural Resources & Utilities 7 % 19 % 18 % Real Estate 16 % 5 % 6 % Technology, Media & Telecommunications 26 % 22 % 23 % Other (including Special Purpose Vehicles) 3 % 1 % 1 % Total 100 % 100 % 100 % Region Americas 66 % 77 % 75 % EMEA 25 % 22 % 22 % Asia 9 % 1 % 3 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) AAA – 1 % 1 % AA 1 % 4 % 4 % A 7 % 15 % 14 % BBB 22 % 44 % 41 % BB or lower 70 % 36 % 40 % Total 100 % 100 % 100 % Goldman Sachs March 2026 Form 10-Q 150 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Commercial Real Estate. Commercial real estate includes originated loans and lending commitments that are directly or indirectly secured by hotels, retail stores, multifamily housing complexes and commercial and industrial properties. Commercial real estate also includes loans and lending commitments extended to clients who warehouse assets that are directly or indirectly backed by commercial real estate. In addition, commercial real estate includes loans purchased by us. The table below presents our credit exposure from commercial real estate loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics. $ in millions Loans Lending Commitments Total As of March 2026 Commercial Real Estate $38,779 $12,376 $51,155 Region Americas 78 % 83 % 79 % EMEA 18 % 12 % 17 % Asia 4 % 5 % 4 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 71 % 45 % 64 % Non-investment-grade 29 % 54 % 35 % Unrated – 1 % 1 % Total 100 % 100 % 100 % As of December 2025 Commercial Real Estate $37,409 $7,185 $44,594 Region Americas 76 % 75 % 76 % EMEA 20 % 17 % 19 % Asia 4 % 8 % 5 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 68 % 62 % 67 % Non-investment-grade 32 % 38 % 33 % Total 100 % 100 % 100 % In the table above, the concentration of loans and lending commitments by asset class as of March 2026 was 48% for warehouse and other indirect, 15% for multifamily, 6% for industrials, 5% for hospitality, 5% for office, 2% for mixed use and 19% for other asset classes. The concentration of loans and lending commitments by asset class as of December 2025 was 51% for warehouse and other indirect, 13% for multifamily, 7% for industrials, 7% for hospitality, 4% for office, 1% for mixed use and 17% for other asset classes. In addition, we also have credit exposure to commercial real estate loans held for securitization of $441 million as of March 2026 and $590 million as of December 2025. Such loans are included in trading assets in our consolidated balance sheets. Residential Real Estate. Residential real estate loans and lending commitments are primarily extended to wealth management clients and to clients who warehouse assets that are directly or indirectly secured by residential real estate. In addition, residential real estate includes loans purchased by us. The table below presents our credit exposure from residential real estate loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics. $ in millions Loans Lending Commitments Total As of March 2026 Residential Real Estate $32,885 $3,825 $36,710 Region Americas 92 % 76 % 91 % EMEA 6 % 24 % 8 % Asia 2 % – 1 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 49 % 36 % 48 % Non-investment-grade 9 % 24 % 11 % Other metrics 42 % 40 % 41 % Total 100 % 100 % 100 % As of December 2025 Residential Real Estate $31,957 $3,171 $35,128 Region Americas 92 % 69 % 90 % EMEA 7 % 31 % 9 % Asia 1 % – 1 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 51 % 34 % 49 % Non-investment-grade 7 % 33 % 10 % Other metrics 42 % 33 % 41 % Total 100 % 100 % 100 % 151 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis In the table above: • Credit exposure included loans and lending commitments of $19.16 billion as of March 2026 and $18.40 billion as of December 2025 which are extended to clients who warehouse assets that are directly or indirectly secured by residential real estate. • Substantially all residential real estate loans included in the other metrics category consists of loans extended to wealth management clients. As of both 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. In addition, we also have credit exposure to residential real estate loans held for securitization of $9.28 billion as of March 2026 and $11.62 billion as of December 2025. Such loans are included in trading assets in our consolidated balance sheets. Securities-Based. Securities-based includes loans and lending commitments that are secured by stocks, bonds, mutual funds, and exchange-traded funds. These loans and commitments are primarily extended to our wealth management clients and used for purposes other than purchasing, carrying or trading margin stocks. Securities-based loans require borrowers to post additional collateral on a daily basis (daily margin requirement) based on changes in the underlying collateral’s fair value. Beginning in the first quarter of 2026, we 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 we believe that this metric better reflects the credit quality of such loans. See Note 9 to the consolidated financial statements for further information. The table below presents our credit exposure from securities-based loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics. $ in millions Loans Lending Commitments Total As of March 2026 Securities-based $18,592 $896 $19,488 Region Americas 80 % 96 % 81 % EMEA 20 % 4 % 19 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 95 % 100 % 96 % Non-investment-grade 5 % – 4 % Total 100 % 100 % 100 % As of December 2025 Securities-based $18,079 $784 $18,863 Region Americas 78 % 100 % 79 % EMEA 22 % – 21 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 73 % 17 % 70 % Non-investment-grade 2 % – 2 % Other metrics 25 % 83 % 28 % Total 100 % 100 % 100 % In the table above, the vast majority of securities-based loans included in the other metrics category as of December 2025 had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Goldman Sachs March 2026 Form 10-Q 152 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Other Collateralized. Other collateralized includes loans and lending commitments that are backed by specific collateral (other than securities-based loans where there is a daily margin requirement and real estate loans). Such loans and lending commitments include loans to investment funds (managed by third parties) that are collateralized by capital commitments of the funds’ investors or assets held by the fund. Other collateralized also includes loans and lending commitments extended to clients who warehouse assets (that are directly or indirectly secured by corporate loans, consumer loans and other assets), as well as other secured loans and lending commitments extended to our wealth management and corporate clients. The table below presents our credit exposure from other collateralized loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics. $ in millions Loans Lending Commitments Total As of March 2026 Other Collateralized $104,592 $62,106 $166,698 Region Americas 81 % 81 % 81 % EMEA 18 % 17 % 17 % Asia 1 % 2 % 2 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 86 % 83 % 84 % Non-investment-grade 14 % 16 % 15 % Unrated – 1 % 1 % Total 100 % 100 % 100 % As of December 2025 Other Collateralized $98,999 $51,336 $150,335 Region Americas 80 % 84 % 81 % EMEA 18 % 15 % 17 % Asia 2 % 1 % 2 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 85 % 81 % 84 % Non-investment-grade 14 % 19 % 16 % Other metrics 1 % – – Total 100 % 100 % 100 % In the table above, credit exposure included loans and lending commitments extended to clients who warehouse assets of $38.13 billion as of March 2026 and $34.28 billion as of December 2025. Credit Card Loans. We provide credit card loans (pursuant to revolving lines of credit) to consumers in the Americas. The unused credit card lines are cancellable by us and therefore do not result in credit exposure. During 2025, we transferred the Apple Card loan portfolio to held for sale. See Note 9 to the consolidated financial statements for further information. Other. Other primarily includes unsecured loans and lending commitments extended to wealth management clients and unsecured consumer loans purchased by us. The table below presents our credit exposure from other loans and lending commitments, and the concentration by region, internally determined public rating agency equivalents and other credit metrics. $ in millions Loans Lending Commitments Total As of March 2026 Other $3,135 $1,269 $4,404 Region Americas 97 % 100 % 98 % EMEA 3 % – 2 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 85 % 89 % 86 % Non-investment-grade 13 % 11 % 13 % Other metrics 2 % – 1 % Total 100 % 100 % 100 % As of December 2025 Other $3,020 $1,180 $4,200 Region Americas 97 % 99 % 98 % EMEA 3 % 1 % 2 % Total 100 % 100 % 100 % Credit Quality (Credit Rating Equivalent) Investment-grade 90 % 80 % 87 % Non-investment-grade 8 % 12 % 9 % Other metrics 2 % – 2 % Unrated – 8 % 2 % Total 100 % 100 % 100 % In the table above, other metrics primarily includes consumer and credit card loans purchased by us. Our risk assessment process for such loans includes reviewing certain key metrics, such as expected cash flows, delinquency status and other risk factors. In addition, we also have credit exposure to other loans held for securitization of $2.82 billion as of March 2026 and $2.14 billion as of December 2025. Such loans are included in trading assets in our consolidated balance sheets. Credit Hedges. We seek to mitigate the credit risk associated with our lending activities by obtaining credit protection on certain loans and lending commitments through credit default swaps, both single-name and index-based contracts, and through the issuance of credit-linked notes. 153 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Securities Financing Transactions. We enter into securities financing transactions in order to, among other things, facilitate client activities, invest excess cash, acquire securities to cover short positions and finance certain activities. We bear credit risk related to resale agreements and securities borrowed only to the extent that cash advanced or the value of securities pledged or delivered to the counterparty exceeds the value of the collateral received. We also have credit exposure on repurchase agreements and securities loaned to the extent that the value of securities pledged or delivered to the counterparty for these transactions exceeds the amount of cash or collateral received. Securities collateral for these transactions primarily includes U.S. and non-U.S. government and agency obligations. The table below presents our credit exposure from securities financing transactions and the concentration by industry, region and internally determined public rating agency equivalents. As of March December $ in millions 2026 2025 Securities Financing Transactions $48,136 $47,387 Industry Financial Institutions 48 % 43 % Funds 26 % 22 % Municipalities & Nonprofit 10 % 9 % Sovereign 16 % 26 % Total 100 % 100 % Region Americas 42 % 47 % EMEA 39 % 33 % Asia 19 % 20 % Total 100 % 100 % Credit Quality (Credit Rating Equivalent) AAA 7 % 13 % AA 30 % 30 % A 48 % 42 % BBB 10 % 8 % BB or lower 5 % 7 % Total 100 % 100 % The table above reflects both netting agreements and collateral that we consider when determining credit risk. Other Credit Exposures. We are exposed to credit risk from our receivables from brokers, dealers and clearing organizations and customers and counterparties. Receivables from brokers, dealers and clearing organizations primarily consist of initial margin placed with clearing organizations and receivables related to sales of securities which have traded, but not yet settled. These receivables generally have minimal credit risk due to the low probability of clearing organization default and the short-term nature of receivables related to securities settlements. Receivables from customers and counterparties generally consist of collateralized receivables related to customer securities transactions and generally have minimal credit risk due to both the value of the collateral received and the short-term nature of these receivables. The table below presents our other credit exposures and the concentration by industry, region and internally determined public rating agency equivalents. As of March December $ in millions 2026 2025 Other Credit Exposures $48,850 $42,532 Industry Financial Institutions 85 % 85 % Funds 4 % 3 % Other (including Special Purpose Vehicles) 11 % 12 % Total 100 % 100 % Region Americas 44 % 45 % EMEA 38 % 40 % Asia 18 % 15 % Total 100 % 100 % Credit Quality (Credit Rating Equivalent) AAA 3 % 6 % AA 48 % 46 % A 26 % 25 % BBB 10 % 11 % BB or lower 12 % 11 % Unrated 1 % 1 % Total 100 % 100 % The table above reflects collateral that we consider when determining credit risk. Goldman Sachs March 2026 Form 10-Q 154 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Selected Exposures We have credit and market exposures, as described below, that have had heightened focus given recent events and broad market concerns. Credit exposure represents the potential for loss due to the default or deterioration in credit quality of a counterparty or borrower. Market exposure represents the potential for loss in value of our long and short positions due to changes in market prices. Country Exposures. The war between Russia and Ukraine, the hostilities in Lebanon, and the economic and political uncertainty in Venezuela have led to concerns about the financial stability of these countries. Our credit exposure to counterparties or borrowers and our market exposure to issuers relating to each of these countries was not material as of March 2026. We have a comprehensive framework to monitor, measure and assess our country exposures and to determine our risk appetite. We determine the country of risk by the location of the counterparty, issuer’s assets, where they generate revenue, the country in which they are headquartered, the jurisdiction where a claim against them could be enforced, and/or the government whose policies affect their ability to repay their obligations. We monitor our credit exposure to a specific country both at the individual counterparty level, as well as at the aggregate country level. See “Stress Tests” for information about stress tests that are designed to estimate the direct and indirect impact of events involving the above countries. Operational Risk Management Overview Operational risk is the risk of an adverse outcome resulting from inadequate or failed internal processes, people, systems or from external events. Our exposure to operational risk arises from routine processing errors, as well as extraordinary incidents, such as major systems failures or legal and regulatory matters, that could occur for us or our third-party vendors. Potential types of loss events related to internal and external operational risk include: • Execution, delivery and process management; • Business disruption and system failures; • Employment practices and workplace safety; • Clients, products and business practices; • Third-party risk, including vendor risk; • Damage to physical assets; • Internal fraud; and • External fraud. Operational Risk, which is part of our second line of defense and reports to our chief risk officer, has primary responsibility for developing and implementing a formalized framework for independently assessing, monitoring and managing operational risk to support firmwide review and challenge of our global businesses, with the goal of maintaining our exposure to operational risk at levels that are within our risk appetite. Operational Risk Management Process Our process for managing operational risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” including a comprehensive data collection process, as well as firmwide policies and procedures, for operational risk events. We combine top-down and bottom-up approaches to manage and measure operational risk. From a top-down perspective, our senior management assesses firmwide and business-level operational risk profiles. From a bottom-up perspective, our first and second lines of defense are responsible for risk identification and risk management on a day-to-day basis, including escalating operational risks and risk events to senior management. 155 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis We seek to maintain a comprehensive control framework designed to provide a well-controlled environment to minimize operational risks. The Firmwide Compliance and Operational Risk Committee is responsible for overseeing compliance and operational risk for our business. Our operational risk management framework is designed to comply with the operational risk measurement rules under the Capital Framework and has evolved based on the changing needs of our businesses and regulatory guidance. We have established policies that require all employees and consultants to report and escalate operational risk events. When operational risk events are identified, our policies require that the events be documented and analyzed to determine whether changes are required in our systems and/or processes to further mitigate the risk of future events. We use operational risk management applications to capture, analyze, aggregate and report operational risk event data and key metrics. One of our key risk identification and control assessment tools is an operational risk and control self-assessment process, which is performed by our managers. This process consists of the identification and rating of operational risks, on a forward-looking basis, and the related controls. The results from this process are analyzed to evaluate operational risk exposures and identify businesses, activities or products with heightened levels of operational risk. Risk Measurement We measure our operational risk exposure using both statistical modeling and scenario analyses, which involve qualitative and quantitative assessments of internal and external operational risk event data and internal control factors for each of our businesses. Operational risk measurement also incorporates an assessment of business environment factors, including: • Evaluations of the complexity of our business activities; • The degree of automation in our processes; • New activity information; • The legal and regulatory environment; and • Changes in the markets for our products and services, including the diversity and sophistication of our customers and counterparties. The results from these scenario analyses are used to monitor changes in operational risk and to determine business lines that may have heightened exposure to operational risk. We also perform firmwide stress tests. See “Overview and Structure of Risk Management” for information about firmwide stress tests. Types of Operational Risks Increased reliance on technology and third-party relationships has resulted in increased operational risks, such as third-party risk, business resilience risk and cybersecurity risk. See “Cybersecurity Risk Management” for information about our cybersecurity risk management process. We manage third-party and business resilience risks as follows: Third-Party Risk. Third-party risk, including vendor risk, is the risk of an adverse impact due to reliance on third parties performing services or activities on our behalf. These risks may include legal, regulatory, information security, cybersecurity, reputational, operational or other risks inherent in engaging a third party. We identify, manage and report key third-party risks and conduct due diligence across multiple risk domains, including information security and cybersecurity, resilience and additional supply chain dependencies. We evaluate whether vendors design, implement, and maintain information security controls consistent with our security policies and standards. Vendors that access and process our information on their infrastructure external to our network are required to undergo an initial risk assessment, resulting in the assignment of a vendor inherent risk rating that is determined based on a number of factors, including the type of data stored and processed by a particular vendor. Subsequently, we conduct re-certifications at a depth and frequency that is commensurate with each vendor’s inherent risk rating as a component of our risk-based approach to vendor oversight. Vendors are required to agree to standard contractual provisions before receiving sensitive information from us. These provisions have specific information security control requirements, which apply to vendors that store, access, transmit or otherwise process sensitive information on our behalf. The Third-Party Risk Program monitors, reviews and reassesses third-party risks on an ongoing basis. See “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K for further information about third-party risk. Business Resilience Risk. Business resilience risk is the risk of disruption to our critical processes. We monitor threats and assess risks and seek to ensure our state of readiness in the event of a significant operational disruption to the normal operations of our critical functions or their dependencies, such as critical facilities, systems, third parties, data and/or personnel. Our resilience framework defines the fundamental principles for business continuity planning (BCP) and crisis management to ensure that critical functions can continue to operate in the event of a disruption. We seek to maintain a business continuity program that is comprehensive, consistent on a firmwide basis, and up-to-date, incorporating new information, including resilience capabilities. Our resilience assurance program encompasses testing of response and recovery strategies on a regular basis with the objective of minimizing and preventing significant operational disruptions. See “Business — Business Continuity and Information Security” in Part I, Item 1 of the 2025 Form 10-K for further information about business continuity. Goldman Sachs March 2026 Form 10-Q 156 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Cybersecurity Risk Management Overview Cybersecurity risk is the risk of compromising the confidentiality, integrity or availability of our data and systems, leading to an adverse impact on us, our reputation, our clients and/or the broader financial system. We seek to minimize the occurrence and impact of unauthorized access, disruption or use of information and/or information systems. We deploy and operate preventive and detective controls and processes to mitigate emerging and evolving information security and cybersecurity threats, including monitoring our network for known vulnerabilities and signs of unauthorized attempts to access our data and systems. There is increased information risk through diversification of our data across external service providers, including use of a variety of cloud-provided or -hosted services and applications. In addition, new AI technologies may increase the frequency and severity of cybersecurity attacks. See “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K for further information about information and cybersecurity risk. Cybersecurity Risk Management Process Our cybersecurity risk management processes are integrated into our overall risk management processes described in the “Overview and Structure of Risk Management.” We have established an Information Security and Cybersecurity Program (the Cybersecurity Program), administered by Technology Risk within Engineering, and overseen by our CISO. This program is designed to identify, assess, document and mitigate threats, govern, establish and evaluate compliance with information security mandates, adopt and apply our security control framework, and prevent, detect and respond to security incidents. The Cybersecurity Program is periodically reviewed and modified to respond to changing threats and conditions. A dedicated Operational Risk team, which reports to the chief risk officer, provides oversight and challenge of the Cybersecurity Program, independent of Technology Risk, and assesses the operating effectiveness of the program against industry standard frameworks and Board risk appetite-approved operational risk limits and thresholds. Our process for managing cybersecurity risk includes the critical components of our risk management framework described in the “Overview and Structure of Risk Management,” as well as the following: • Training and education, to enable our people to recognize information and cybersecurity threats and respond accordingly; • Identity and access management, including entitlement management and production access; • Application and software security, including software change management, open source software, and backup and restoration; • Infrastructure security, including monitoring our network for known vulnerabilities and signs of unauthorized attempts to access our data and systems; • Mobile security, including mobile applications; • Data security, including cryptography and encryption, database security, data erasure and media disposal; • Cloud computing, including governance and security of cloud applications, and software-as-a-service data onboarding; • Technology operations, including change management, incident management, capacity and resilience; and • Third-party risk management, including vendor management and governance, and cybersecurity and business resiliency on vendor assessments. In conjunction with third-party vendors and consultants, we perform risk assessments to gauge the performance of the Cybersecurity Program, to estimate our risk profile and to assess compliance with relevant regulatory requirements. We perform periodic assessments of control efficacy through our internal risk and control self-assessment process, as well as a variety of external technical assessments, including external penetration tests and “red team” engagements where third parties test our defenses. The results of these risk assessments, together with control performance findings, are used to establish priorities, allocate resources, and identify and improve controls. We use third parties, such as outside forensics firms, to augment our cyber incident response capabilities. We have a vendor management program that documents a risk-based framework for managing third-party vendor relationships. Information security risk management is built into our vendor management process, which covers vendor selection, onboarding, performance monitoring and risk management. See “Third-Party Risk” for further information about vendor risk. 157 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis During the three months ended March 2026, we did not identify any cybersecurity threats that have materially affected or are reasonably likely to materially affect our business strategy, results of operations or financial condition. Technology Risk monitors cybersecurity threats and risks from information security and cybersecurity matters on an ongoing basis, and allocates resources and directs operations in a manner designed to mitigate those risks. For example, in response to the proliferation of AI-enabled fraud and ransomware attacks that continue to be reported globally, we have emphasized phishing and cybersecurity training for our employees and allocated additional resources for business continuity. However, despite these efforts, we cannot eliminate all cybersecurity risks or provide assurances that we have not had occurrences of undetected cybersecurity incidents. Governance The Board, both directly and through its committees, including its Risk Committee and Technology Risk Subcommittee, oversees our risk management policies and practices, including cybersecurity risks, and information security and cybersecurity matters. Our chief risk officer, chief information officer and chief technology officer, among others, periodically brief the Board on operational and technology risks, including cybersecurity risks, relevant to us. The Board also receives regular briefings from our CISO on a range of cybersecurity-related topics, including the status of our Cybersecurity Program, emerging cybersecurity threats, mitigation strategies and related regulatory engagements. In addition, these are topics on which various directors maintain an ongoing dialogue with our CISO, chief information officer and chief technology officer. Our CISO is responsible for managing and implementing the Cybersecurity Program and reports directly to our chief information officer. Our CISO oversees our Technology Risk team, which assesses and manages material risks from cybersecurity threats, sets firmwide control requirements, assesses adherence to controls, and oversees incident detection and response. In addition, we have a series of committees and steering groups that oversee the implementation of our cybersecurity risk management strategy and framework. These committees and steering groups are informed about cybersecurity incidents and risks by designated members of Technology Risk, who periodically report to these committees and steering groups about the Cybersecurity Program, including the efforts of the Technology Risk teams to prevent, detect, mitigate and remediate incidents and threats. These committees and steering groups enable formal escalation and reporting of risks, and our CISO and other members of Technology Risk provide regular briefings to senior management. The Firmwide Technology Risk Committee is responsible for reviewing matters related to the design, development, deployment and use of technology. This committee oversees cybersecurity matters, as well as technology risk management frameworks and methodologies, and monitors their effectiveness. This committee is co-chaired by our CISO and our chief technology officer, and reports to the Firmwide Enterprise Risk Committee. To assist the Firmwide Technology Risk Committee in carrying out its mandate, the Firmwide Artificial Intelligence Risk and Controls Committee, which oversees risks associated with the use of AI, reports to the Firmwide Technology Risk Committee . The Digital Risk Office Steering Group oversees Engineering risk decisions, monitors control performance and reviews approaches to comply with current and emerging regulation applicable to Engineering. This steering group is chaired by our chief digital risk officer and reports to the Firmwide Technology Risk Committee. Our CISO, senior management within Technology Risk and Operational Risk, as well as management personnel overseeing the Cybersecurity Program, all have substantial relevant expertise in the areas of information security and cybersecurity risk management. Goldman Sachs March 2026 Form 10-Q 158 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Model Risk Management Overview Model risk is the potential for adverse consequences from decisions made based on model outputs that may be incorrect or used inappropriately. We rely on quantitative models across our business activities primarily to value certain financial assets and liabilities, to monitor and manage our risk, and to measure and monitor our regulatory capital. Model Risk, which is part of our second line of defense, is independent of our model developers, model owners and model users, and reports to our chief risk officer, has primary responsibility for independently assessing, monitoring and managing our model risk by providing firmwide review and challenge across our global businesses. Our model risk management framework is managed through a governance structure and risk management controls, which encompass standards designed to ensure we maintain a comprehensive model inventory, including risk assessment and classification, sound model development practices, independent review and model-specific usage controls. The Firmwide Model Risk Control Committee oversees our model risk management framework. Model Review and Validation Process Model Risk consists of quantitative professionals who perform an independent review, validation and approval of our models. This review includes an analysis of the model documentation, independent testing, an assessment of the appropriateness of the methodology used, and verification of compliance with model development and implementation standards. We regularly refine and enhance our models to reflect changes in market or economic conditions and our business mix. All models are reviewed on an annual basis, and new models or significant changes to existing models and their assumptions are approved prior to implementation. The model validation process incorporates a review of models and trade and risk parameters across a broad range of scenarios (including extreme conditions) in order to critically evaluate and verify: • The model’s conceptual soundness, including the reasonableness of model assumptions, and suitability for intended use; • The testing strategy utilized by the model developers to ensure that the models function as intended; • The suitability of the calculation techniques incorporated in the model; • The model’s accuracy in reflecting the characteristics of the related product and its significant risks; • The model’s consistency with models for similar products; and • The model’s sensitivity to input parameters and assumptions. See “Critical Accounting Policy — Fair Value — Review of Valuation Models,” “Liquidity Risk Management,” “Market Risk Management,” “Credit Risk Management” and “Operational Risk Management” for further information about our use of models within these areas. 159 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Other Risk Management In addition to the areas of risks discussed above, we also manage other risks, including capital, climate, compliance, conflicts and reputational. These areas of risks are discussed below. Capital Risk Management Capital risk is the risk that our capital is insufficient to support our business activities under normal and stressed market conditions or we face capital reductions or RWA increases, including from new or revised rules or changes in interpretations of existing rules, and are therefore unable to meet our internal capital targets or external regulatory capital requirements. Capital adequacy is of critical importance to us. We have in place a comprehensive capital management policy that provides a framework, defines objectives and establishes guidelines to assist us in maintaining the appropriate level and composition of capital in both business-as-usual and stressed conditions. Our capital management framework is designed to provide us with the information needed to identify and comprehensively manage risk, and develop and apply projected stress scenarios that capture idiosyncratic vulnerabilities with a goal of holding sufficient capital to remain adequately capitalized even after experiencing a severe stress event. See “Capital Management and Regulatory Capital” for further information about our capital management process. We have established a comprehensive governance structure to manage and oversee our day-to-day capital management activities and to ensure compliance with capital rules and related policies. Our capital management activities are overseen by the Board and its committees. The Board is responsible for approving our annual capital plan and the Risk Committee of the Board approves our capital management policy, which details the risk committees and members of senior management who are responsible for the ongoing monitoring of our capital adequacy and evaluation of current and future regulatory capital requirements, the review of the results of our capital planning and stress tests processes, and the results of our capital models. In addition, our risk committees and senior management are responsible for the review of our contingency capital plan, key capital adequacy metrics, including regulatory capital ratios, and capital plan metrics, such as the payout ratio, as well as monitoring capital targets and potential breaches of capital requirements. Our process for managing capital risk also includes independent oversight by Risk that assesses our capital management framework, regulatory capital policies and related interpretations and escalates certain interpretations to senior management and/or the appropriate risk committee. This oversight includes, among other things, independent review and challenge of our capital ratio targets, planned capital actions and regulatory capital calculations; analysis of the related documentation; independent testing; and an assessment of the appropriateness of the calculations and their alignment with the relevant regulatory capital rules. Climate-Related and Environmental Risk Management Climate-related and environmental risks manifest in different ways across our businesses. We categorize climate-related risks into physical risk and transition risk. Physical risk is the risk that asset values may decline or operations may be disrupted as a result of changes in the climate, while transition risk is the risk that asset values may decline because of changes in climate policies or changes in the underlying economy due to decarbonization. Oversight of climate-related and environmental risks is integrated into our risk management processes and governance structure, from our Board and its committees to our senior management. The Board and its committees, as part of their oversight, receive updates on our risk management approach to climate risk, including our approaches towards managing physical and transition risks. Senior management within Risk, in coordination with senior management in our revenue-producing units, is responsible for the development of the climate-related and environmental risk management program. The objective of this program is to integrate climate-related and environmental risks into existing risk disciplines and business considerations, such as the integration of climate risk into our credit evaluation and underwriting processes for select industries. See “Business — Sustainability” in Part I, Item 1 and “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K for information about our sustainability initiatives, including in relation to climate transition. Goldman Sachs March 2026 Form 10-Q 160 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Compliance Risk Management Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to our reputation arising from our failure to comply with the requirements of applicable laws, rules and regulations, and our internal policies and procedures. Compliance risk is inherent in all activities through which we conduct our businesses. Our Compliance Risk Management Program, administered by Compliance, assesses our compliance, regulatory and reputational risk; monitors for compliance with new or amended laws, rules and regulations; designs and implements controls, policies, procedures and training; conducts independent testing; investigates, surveils and monitors for compliance risks and breaches; and is a key participant in regulatory examinations, audits and inquiries. We monitor and review business practices to assess whether they meet or exceed minimum regulatory and legal standards in all markets and jurisdictions in which we conduct business. Conflicts Management Conflicts of interest and our approach to dealing with them are fundamental to our client relationships, our reputation and our long-term success. The term “conflict of interest” does not have a universally accepted meaning, and conflicts can arise in many forms within a business or between businesses. The responsibility for identifying potential conflicts, as well as complying with our policies and procedures, is shared by all of our employees. We have a multilayered approach to resolving conflicts and addressing reputational risk. Our senior management oversees policies related to conflicts resolution and, in conjunction with Conflicts Resolution, Legal and Compliance, and internal committees, formulates policies, standards and principles, and assists in making judgments regarding the appropriate resolution of particular conflicts. Resolving potential conflicts necessarily depends on the facts and circumstances of a particular situation and the application of experienced and informed judgment. As a general matter, Conflicts Resolution reviews financing and advisory assignments in Global Banking & Markets and certain of our investing, lending and other activities. In addition, we have various transaction oversight committees that also review new underwritings, loans, investments and structured products. These groups and committees work with internal and external counsel and Compliance to evaluate and address any actual or potential conflicts. The head of Conflicts Resolution reports to our chief legal officer, who reports to our chief executive officer. We regularly assess our policies and procedures that address conflicts of interest in an effort to conduct our business in accordance with the highest ethical standards and in compliance with all applicable laws, rules and regulations. Reputational Risk Management Reputational risk is the potential risk that negative publicity regarding our business practices, whether true or not, will cause a decline in our customer base, costly litigation or revenue reductions. Our reputation is critical to effectively serving our clients and fostering and maintaining long-term client relationships, and it is integral to how we are viewed by our key stakeholders. In evaluating business opportunities, reputational risk is a significant component we consider. We evaluate the ethics, suitability and transparency of transactions undertaken by us. Our employees are responsible for considering the reputational impacts that our business activities may have. We have implemented a comprehensive program designed to monitor reputational risk. The Firmwide Enterprise Risk Committee is responsible for assessing reputational risks arising from new and ongoing business opportunities. For further information about our risk management processes, see “Overview and Structure of Risk Management” and “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. 161 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Available Information Our internet address is www.goldmansachs.com and the investor relations section of our website is located at www.goldmansachs.com/investor-relations , where we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as well as proxy statements, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Also posted on our website, and available in print upon request of any shareholder to our Investor Relations Department (Investor Relations), are our certificate of incorporation and by-laws, charters for our Audit, Risk, Compensation, Corporate Governance and Nominating, and Public Responsibilities Committees, our Policy Regarding Director Independence Determinations, our Policy on Reporting of Concerns Regarding Accounting and Other Matters, our Corporate Governance Guidelines and our Code of Business Conduct and Ethics governing our directors, officers and employees. Within the time period required by the SEC, we will post on our website any amendment to the Code of Business Conduct and Ethics and any waiver applicable to any executive officer, director or senior financial officer. Our website also includes information about (i) purchases and sales of our equity securities by our executive officers and directors; (ii) disclosure relating to certain non-GAAP financial measures (as defined in the SEC’s Regulation G) that we may make public orally, telephonically, by webcast, by broadcast or by other means; (iii) our DFAST results; (iv) the public portion of our and GS Bank USA’s resolution plan submissions; (v) our Pillar 3 disclosure; (vi) our average daily LCR; (vii) our average daily NSFR; (viii) our People Strategy Report; (ix) our Sustainability Report; and (x) our Task Force on Climate-related Financial Disclosures Report. Investor Relations can be contacted at The Goldman Sachs Group, Inc., 200 West Street, 29th Floor, New York, New York 10282, Attn: Investor Relations, telephone: 212-902-0300, e-mail: gs-investor-relations@gs.com . We use the following, as well as other social media channels, to disclose public information to investors, the media and others: • Our website ( www.goldmansachs.com ); • Our X, formerly known as Twitter, account ( x.com/GoldmanSachs ); and • Our Instagram account ( instagram.com/GoldmanSachs ). Our officers may use similar social media channels to disclose public information. It is possible that certain information we or our officers post on our website and on social media could be deemed material, and we encourage investors, the media and others interested in Goldman Sachs to review the business and financial information we or our officers post on our website and on the social media channels identified above. The information on our website and those social media channels is not incorporated by reference into this Form 10-Q. Forward-Looking Statements We have included in this Form 10-Q, and our management may make, statements that constitute “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only our beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside our control. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results, financial condition, liquidity and capital actions may differ, possibly materially, from the anticipated results, financial condition, liquidity and capital actions in these forward-looking statements. Important factors that could cause our results, financial condition, liquidity and capital actions to differ from those in these statements include, among others, those described below and in “Risk Factors” in Part I, Item 1A of the 2025 Form 10-K. Goldman Sachs March 2026 Form 10-Q 162 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis These statements may relate to, among other things, (i) our future plans and results, including our target ROE, ROTE, efficiency ratio, CET1 capital ratio, total credit alternative assets, total alternative AUS, long-term wealth management inflows, percentage growth rate for Management and other fees from alternatives and annual third-party commitments in our alternatives business, and how they can be achieved, (ii) trends in or growth opportunities for our businesses, including the timing, costs, profitability, benefits and other aspects of business and strategic initiatives, such as OneGS 3.0, and their impact on our efficiency ratio, (iii) the opportunities and challenges presented by AI, (iv) our Investment banking fees backlog and future advisory and capital markets results, (v) expenses we may incur, including the level of future compensation expense, (vi) the projected growth of our deposits and other funding, (vii) our business and expense savings initiatives, including OneGS 3.0, (viii) our planned benchmark debt issuances, (ix) our credit exposures, (x) our expected provision for credit losses and the adequacy of our allowance for credit losses, (xi) the objectives and effectiveness of our BCP, information security program, risk management and liquidity policies, (xii) our resolution plan and its implications for stakeholders, (xiii) the effect of changes to regulations, and our future status, activities or reporting under banking and financial regulation, (xiv) our expected tax rate, (xv) the future state of our liquidity and regulatory capital ratios, and our prospective capital distributions (including dividends and repurchases), (xvi) our expected SCB and G-SIB surcharge, (xvii) legal proceedings, governmental investigations or other contingencies, (xviii) the asset recovery guarantee and applications for exemptions and authorizations from regulatory authorities related to our 1Malaysia Development Berhad (1MDB) settlements, (xix) the effectiveness of our management of our human capital and changes in headcount, (xx) our sustainability goals, (xxi) future inflation, (xxii) our ability to transition the Apple Card program to another issuer and (xxiii) the effectiveness of our cybersecurity risk management process. Statements about our target ROE, ROTE, efficiency ratio and expense savings, and how they can be achieved, are based on our current expectations regarding our business prospects and are subject to the risk that we may be unable to achieve our targets due to, among other things, changes in our business mix and inability to grow our businesses and execute our strategy. Statements about our target ROE, ROTE and CET1 capital ratio, and how they can be achieved, are based on our current expectations regarding the capital requirements applicable to us and are subject to the risk that our actual capital requirements may be higher than currently anticipated because of, among other factors, changes in the regulatory capital requirements applicable to us resulting from changes in regulations, including as a result of any revisions to the U.S. bank regulatory capital rules, or the interpretation or application of existing regulations or changes in the nature and composition of our activities. Statements about our total credit alternative assets, total alternative AUS, long-term wealth management inflows, percentage growth rate for Management and other fees from alternatives targets and annual third-party commitments in our alternatives business are based on our current expectations regarding our fundraising prospects and are subject to the risk that actual inflows or fees may be lower than expected due to, among other factors, competition from other asset managers, changes in investment preferences and changes in economic or market conditions. Statements about the timing, costs, profitability, benefits and other aspects of business and expense savings initiatives, including OneGS 3.0, the level and composition of more durable revenues and increases in market share are based on our current expectations regarding our ability to implement these initiatives, and actual results may differ, possibly materially, from our current expectations due to, among other things, a delay in the timing of these initiatives, increased competition and an inability to reduce expenses and grow businesses with more durable revenues. Statements about the opportunities and challenges presented by AI are subject to the risks that we may not be timely or successful in developing or integrating new AI products and technologies into our existing products and services or that evolving laws and regulations could require changes in our implementation of AI technology and increase our compliance costs and the risk of non-compliance. Statements about expenses we may incur, our level of future compensation expense, including as a percentage of both operating expenses and net revenues, net of provision for credit losses, and our efficiency ratio are subject to the risks that the compensation and other costs to operate our businesses may be greater than currently expected. 163 Goldman Sachs March 2026 Form 10-Q THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Statements about our Investment banking fees backlog and future advisory and capital market results are subject to the risk that advisory and capital market activity may not occur as we expect or that such transactions may be modified or may not be completed at all, and related net revenues may not be realized or may be materially less than expected. Important factors that could have such a result include, for underwriting transactions, a decline or weakness in general economic conditions, changes in international trade policies (including the potential for new or increased tariffs), the continuation or worsening of the conflict in the Middle East, volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. Statements about the projected growth of our deposits and other funding are subject to the risk that actual growth, savings and profitability may differ, possibly materially, from that currently anticipated due to, among other things, changes in interest rates and competition from other similar products. Statements about planned benchmark debt issuances are subject to the risk that actual issuances may differ, possibly materially, from that currently expected due to changes in market conditions, business opportunities or our funding and projected liquidity needs. Statements about our expected provision for credit losses are subject to the risk that actual credit losses may differ and our expectations may change, possibly materially, from that currently anticipated due to, among other things, changes to the composition of our loan portfolio and changes in the economic environment in future periods and our forecasts of future economic conditions, as well as changes in our models, policies and other management judgments. Statements about our future effective tax rate are subject to the risk that it may differ from the anticipated rate indicated in such statements, possibly materially, due to, among other things, changes in the tax rates applicable to us, changes in our earnings mix, our profitability and entities in which we generate profits, the assumptions we have made in forecasting our expected tax rate, the interpretation or application of existing tax statutes and regulations, as well as any corporate tax legislation that may be enacted or any guidance that may be issued by the U.S. Internal Revenue Service or in the other jurisdictions in which we operate (including Global Anti-Base Erosion (Pillar II) guidance). Statements about the future state of our liquidity and regulatory capital ratios (including our SCB and G-SIB surcharge), and our prospective capital distributions (including dividends and repurchases), are subject to the risk that our actual liquidity, regulatory capital ratios and capital distributions may differ, possibly materially, from what is currently expected due to, among other things, the need to use capital to support clients, increased regulatory requirements resulting from changes in regulations or the interpretation or application of existing regulations, results of applicable supervisory stress tests, changes to the composition of our balance sheet and our results of operations. Statements about the estimated impact of proposed, but not finalized, capital rules are subject to change as the proposed rules may change, the final rules may differ from the proposed rules and our balance sheet composition will change. As a consequence, we may estimate incorrectly the actual impact of the final rules. Statements about the risk exposure related to the asset recovery guarantee provided to the Government of Malaysia are subject to the risk that we may be unsuccessful in our arbitration against the Government of Malaysia. Statements about the application for and pursuit of exemptions and authorizations from regulatory authorities, including the U.S. Department of Labor, in connection with the settlements relating to 1MDB are based on our expectations regarding the prospects for receiving the exemptions and authorizations. Accordingly, our ability to receive the exemptions and authorizations may change, possibly materially, from what is currently expected. Goldman Sachs March 2026 Form 10-Q 164 THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES Management’s Discussion and Analysis Statements about our objectives in management of our human capital are based on our current expectations and are subject to the risk that we may not achieve these objectives. Statements about our sustainability goals are based on our current expectations and are subject to the risk that we may not achieve these targets and goals due to, among other things, global socio-demographic and economic trends, energy prices, lack of technological innovations, climate-related conditions and weather events, legislative and regulatory changes, client behavior and demand, and other unforeseen events or conditions. Statements about future inflation are subject to the risk that actual inflation may differ, possibly materially, due to, among other things, changes in economic growth, unemployment or consumer demand. Statements about our ability to transition the Apple Card program to another issuer are subject to the risk that the transaction may not close on the anticipated timeline or at all, including due to a failure to satisfy applicable closing conditions. Statements about the effectiveness of our cybersecurity risk management process are subject to the risk that measures we have implemented to safeguard our systems (and third parties that we interface with) may not be sufficient to prevent a successful cybersecurity attack or a material security breach that results in the disclosure of confidential information or otherwise disrupts our operations. 165 Goldman Sachs March 2026 Form 10-Q Item 3. Quantitative and Qualitative Disclosures About Market Risk Quantitative and qualitative disclosures about market risk are set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in Part I, Item 2 of this Form 10-Q.