Goldman Sachs Launches $5 Million Callable Fixed Rate Notes Due 2031 with 4.90% Annual Coupon

Offering Details and Pricing Structure

On July 16, 2026, The Goldman Sachs Group, Inc. priced and issued $5 million aggregate principal amount of Callable Fixed Rate Notes due June 30, 2031. The notes were offered at par (100% of principal), totaling $5 million in size. The underwriting discount was 1.208%, equating to $60,400 in fees, resulting in net proceeds before expenses of $4,939,600 for Goldman Sachs.

These notes bear CUSIP 38151V6Q6 and ISIN US38151V6Q65, enabling secondary market trading. Denominated in U.S. dollars, the notes are available in $1,000 denominations and integral multiples. Goldman Sachs & Co. LLC and InspereX LLC acted as underwriters, with Goldman Sachs & Co. LLC serving as calculation agent.

Interest Rate and Payment Schedule

Noteholders will receive fixed interest at 4.90% annually, computed using the 30/360 (ISDA) day count convention. Interest payments begin on July 20, 2027, and continue annually each July 20, with the final payment on maturity, June 30, 2031. Interest accrues from the original issue date, July 20, 2026, and buyers acquiring notes after this date must compensate sellers for accrued interest.

The record date for interest payments is the business day immediately preceding the payment date, following the "following unadjusted" business day convention. Business days exclude New York City banking holidays.

Call Option and Redemption Terms

Goldman Sachs may redeem the notes in full (not partially) on quarterly call dates—January 20, April 20, July 20, and October 20—starting July 20, 2027. Redemption requires at least five business days’ notice. The redemption price equals 100% of principal plus accrued interest up to but excluding the redemption date.

This embedded call option allows Goldman Sachs to manage its capital structure and refinance if market rates fall below 4.90%. Investors should be aware the callable feature may shorten the investment duration if the issuer exercises this right, with multiple quarterly call opportunities beginning about one year post-issuance.

Tax Implications and Federal Income Tax Treatment

Sidley Austin LLP, legal counsel for the offering, provided an opinion on U.S. federal income tax consequences. Interest payments are taxable as ordinary income to U.S. holders when accrued or received, depending on their tax accounting method, regardless of early redemption.

Upon sale, exchange, redemption, or retirement of the notes, U.S. holders typically recognize capital gain or loss based on the difference between proceeds and adjusted tax basis, excluding accrued interest which is taxed separately as ordinary income. The filing also highlights FATCA withholding rules and advises consulting the prospectus for detailed withholding guidance.

Book-Entry Form and Depository Trust Company (DTC) Procedures

The notes will be issued in book-entry form, represented by a master global note registered to The Depository Trust Company (DTC) or its nominee. Settlement occurs via DTC’s system with immediately available funds. Withdrawals from DTC are limited to specific circumstances outlined in the prospectus.

Individual investors hold interests through DTC participants. References to "holders" pertain to DTC or its nominee, not beneficial owners. The prospectus provides comprehensive information on legal ownership and book-entry mechanics.

Defeasance and Collateral Provisions

Goldman Sachs may use defeasance provisions to satisfy note obligations by placing funds in trust, either fully releasing all obligations or releasing certain covenants. These options provide flexibility to manage debt under changing market or financial conditions.

The notes are unsecured, not bank deposits, and carry no FDIC or government insurance. They are not guaranteed by any banking institution, emphasizing reliance on Goldman Sachs’ creditworthiness.

Medium-Term Notes Program and Governing Documents

This issuance is part of Goldman Sachs’ Medium-Term Notes, Series N program, governed by the Senior Debt Indenture dated July 16, 2008, with The Bank of New York Mellon as trustee. The pricing supplement dated July 16, 2026, supplements the prospectus and prospectus supplement dated February 14, 2025. In case of conflicts, the pricing supplement terms prevail.

Investors should review all related documents to fully understand the offering’s terms, conditions, and risks.

Market-Making and Secondary Trading Information

The prospectus may be used by Goldman Sachs in the initial sale and subsequent market-making transactions. Goldman Sachs & Co. LLC or affiliates may buy and resell the notes at varying prices. Unless otherwise stated at sale confirmation, the prospectus is used for market-making, allowing price fluctuations over time.

Secondary market prices may differ significantly from the initial offering price due to interest rate changes, credit spreads, and other factors affecting debt securities.

Regulatory Status and Investment Considerations

The Securities and Exchange Commission and other regulators have not approved or disapproved these securities or verified the prospectus accuracy. Any contrary representation is a criminal offense. This standard disclaimer does not imply regulatory concerns.

Investors should note the immediate market impact was unclear publicly. The notes are unsecured obligations subject to Goldman Sachs’ credit risk. The callable feature may result in early redemption at par if rates decline, potentially forcing reinvestment at lower yields. Prospective investors must review the prospectus and supplement for comprehensive risk and financial disclosures.