Preferred Stock (2024)

Preferred (Series A):On April 25, 2005, the firm issued 30,000 shares of perpetual Floating Rate non-Cumulative Preferred Stock, Series A (Series A Preferred Stock), par value $0.01, out of a total 50,000 shares of Series A Preferred Stock authorized for issuance. Each share of Series A Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depositary shares. The Series A Preferred Stock is redeemable at the firm’s option starting on April 25, 2010 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series A preferred Stock is $750 million. The Series A Preferred Stock has preference over the firm’s common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.

Preferred (Series C):On October 31, 2005, the firm issued 8,000 shares of perpetual Floating Rate non-Cumulative Preferred Stock, Series C (Series C Preferred Stock), par value $0.01, out of a total 25,000 shares of Series C Preferred Stock authorized for issuance. Each share of Series C Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depositary shares. The Series C Preferred Stock is redeemable at the firm’s option starting on October 31, 2010 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series C preferred Stock is $200 million. The Series C Preferred Stock has preference over the firm’s common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.

Preferred (Series D):On May 24, 2006 and July 24, 2006, the firm issued 34,000 and 20,000 shares, respectively, of perpetual Floating Rate non-Cumulative Preferred Stock, Series D (Series D Preferred Stock), par value $0.01, out of a total 60,000 shares of Series D Preferred Stock authorized for issuance. Each share of Series D Preferred Stock has a liquidation preference of $25,000 and is represented by 1,000 depositary shares. The Series D Preferred Stock is redeemable at the firm’s option starting on May 24, 2011 at a redemption price equal to $25,000 per share plus declared and unpaid dividends. The redemption value of Series D preferred Stock is $1.35 billion. The Series D Preferred Stock has preference over the firm’s common stock for the payment of dividends. Any dividends declared on the preferred stock will be payable quarterly in arrears.

Preferred (Series O):On July 27, 2016, Group Inc.issued 26,000 shares of Series O perpetual 5.30% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series O Preferred Stock). Each share of Series O Preferred Stock issued and outstanding has a liquidation preference of $25,000, is represented by 25 depositary shares and is redeemable at the firm’s option beginning November 10, 2026 at a redemption price equal to $25,000 plus accrued and unpaid dividends, for a total redemption value of $650 million. Dividends on Series O Preferred Stock, if declared, are payable semiannually at 5.30% per annum from the issuance date to, but excluding, November 10, 2026, and thereafter quarterly at three-month LIBOR plus 3.834% per annum.

Preferred (Series P):On November 1, 2017, Group Inc. issued 60,000 shares of Series P perpetual 5.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series P Preferred Stock). Each share of Series P Preferred Stock issued and outstanding has a liquidation preference of $25,000, is represented by 25 depositary shares and is redeemable at the firm’s option beginning November 10, 2022 at a redemption price equal to $25,000 plus accrued and unpaid dividends, for a total redemption value of $1.5 billion. Dividends on Series P Preferred Stock, if declared, are payable semiannually at 5.00% per annum from the issuance date to, but excluding, November 10, 2022, and thereafter quarterly at three-month LIBOR plus 2.874% per annum.

Preferred (Series Q):On June 17, 2019, the firm issued 20,000 shares of perpetual 5.50% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series Q (Series Q Preferred Stock), par value $0.01 per share. Each share of Series Q Preferred Stock has a liquidation preference of $25,000 and is represented by 25 depositary shares. The Series Q Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after August 10, 2024 at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption.The Series Q Preferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, August 10, 2024, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 5.50%. From, and including, August 10, 2024, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 3.623%.

Preferred (Series R):On November 15, 2019, the firm issued 24,000 shares of perpetual 4.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series R (Series R Preferred Stock), par value $0.01 per share. Each share of Series R Preferred Stock has a liquidation preference of $25,000 and is represented by 25 depositary shares. The Series R Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after February 10, 2025 at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption. The Series R Preferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, February 10, 2025, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 4.95%. From, and including, February 10, 2025, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 3.224%.

Preferred (Series S):On January 28, 2020, the firm issued 14,000 shares of perpetual 4.40% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series S (Series S Preferred Stock), par value $0.01 per share. Each share of Series S Preferred Stock has a liquidation preference of $25,000 and is represented by 25 depositary shares. The Series S Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after February 10, 2025 at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption. The Series SPreferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, February 10, 2025, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 4.40%. From, and including, February 10, 2025, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 2.85%.

Preferred (Series T):In April 2021, the firm issued 27,000 shares of Series T 3.80% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series T Preferred Stock). Each share of Series T Preferred Stock issued and outstanding has a liquidation preference of $25,000, is represented by 25 depositary shares and is redeemable at the firm’s option beginning May 10, 2026 at a redemption price equal to $25,000 plus declared and unpaid dividends. Dividends on Series T Preferred Stock, if declared, are payable semi-annually at (i) 3.80% per annum from the issuance date to, but excluding May 10, 2026 and, thereafter, (ii) 2.969% per annum plus the five-year treasury rate.

Preferred (Series U):In July 2021, the firm issued 30,000 shares of perpetual 3.65% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series U (Series U Preferred Stock), par value $0.01 per share. Each share of Series U Preferred Stock has a liquidation preference of $25,000, and is represented by 25 depositary shares. The Series U Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after August 10, 2026 at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption. The Series U Preferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, August 10, 2026, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 3.65%. From, and including August 10, 2026, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 2.915%.

Preferred (Series V):In October 2021, the firm issued 30,000 shares of perpetual 4.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series V (Series V Preferred Stock), par value $0.01 per share. Each share of Series V Preferred Stock has a liquidation preference of $25,000, and is represented by 25 depositary shares. The Series V Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after November 10, 2026 at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption. The Series V Preferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, November 10, 2026, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 4.125%. From, and including November 10, 2026, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 2.949%.

Preferred (Series W):In August 2023, the firm issued 60,000 shares of perpetual 7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series W (Series W Preferred Stock), par value $0.01 per share. Each share of Series W Preferred Stock has a liquidation preference of $25,000 and is represented by 25 depositary shares. The Series W Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after February 10, 2029, at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption. The Series W Preferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, February 10, 2029, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 7.50%. From, and including February 10, 2029, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 3.156%.

Preferred (Series X):In April 2024, the firm issued 90,000 shares of perpetual 7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series X (Series X Preferred Stock), par value $0.01 per share. Each share of Series X Preferred Stock has a liquidation preference of $25,000, and is represented by 25 depositary shares. The Series X Preferred Stock is redeemable at the firm’s option on any dividend payment date on or after May 10, 2029 at a redemption price equal to $25,000 per share (equivalent to $1,000 per depositary share) plus declared and unpaid dividends to, but excluding the date of redemption. The Series X Preferred Stock has preference over the firm’s common stock for the payment of dividends. From the date of original issue to, but excluding, May 10, 2029, any dividends declared on the preferred stock will be payable semi-annually in arrears at a fixed rate per annum of 7.50%. From, and including May 10, 2029, during each reset period, any dividends declared on the preferred stock will be payable at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date (as described in the prospectus supplement), plus 2.809%.

Trust Preferred:In February 2004, Goldman Sachs Capital I (the Trust), a wholly owned Delaware statutory trust, was formed by the firm for the exclusive purposes of (i) issuing $2.75bn of guaranteed preferred beneficial interests and $85 million of common beneficial interests in the Trust, (ii) investing the proceeds from the sale to purchase junior subordinated debentures from The Goldman Sachs Group, Inc. and (iii) engaging in only those other activities necessary or incidental to these purposes. The preferred beneficial interests were purchased by third parties, and the firm holds all of the common beneficial interests.As of the end of the third quarter of 2021, the outstanding par amount of junior subordinated debt held by the Trust was $968 million and the outstanding par amount of Trust Preferred Securities and common beneficial interests issued by the Trust was $939 million and $29million, respectively.

Fixed-to-Floating Rate Normal APEX:In May 2007, Goldman Sachs Capital II, a wholly owned Delaware statutory trust was formed by the firm for the exclusive purposes of (i) issuing $1.75 billion of guaranteed perpetual Fixed-to-Floating Rate Normal Automatic Preferred Enhanced Capital Securities (APEX) to third parties and a de minimis amount of common securities to the firm, (ii) investing the proceeds from the sale to purchase junior subordinated notes and stock purchase contracts from the firm and (iii) engaging in only those other activities necessary or incidental to these purposes. The Fixed-to-Floating Rate Normal APEX were purchased by third parties, and the firm holds all of the common securities. Pursuant to the stock purchase contracts, the firm issued on June 1, 2012 one share of Series E preferred stock to Goldman Sachs Capital II for each $100,000 principal amount of subordinated notes previously held by the trust. Goldman Sachs Capital II remarketed the junior subordinated debt in order to fund its purchase of the Series E preferred stock. During the first quarter of 2016, the firm delivered a par amount of $497 million of Fixed-to-Floating Rate Normal APEX to Goldman Sachs Capital II in exchange for 4,972 shares of Series E preferred stock. Following the exchange, 4,972 shares of Series E preferred stock were cancelled.

Floating Rate Normal APEX:In May 2007, Goldman Sachs Capital III, a wholly owned Delaware statutory trust was formed by the firm for the exclusive purposes of (i) issuing $500 million of guaranteed perpetual Floating Rate Normal Automatic Preferred Enhanced Capital Securities (APEX) to third parties and a de minimis amount of common securities to the firm, (ii) investing the proceeds from the sale to purchase junior subordinated notes and stock purchase contracts from the firm and (iii) engaging in only those other activities necessary or incidental to these purposes. The Floating Rate Normal APEX were purchased by third parties, and the firm holds all of the common securities.Pursuant tothe stock purchase contracts, the firm issued on September 1, 2012 one share of Series F preferred stock to Goldman Sachs Capital III for each $100,000 principal amount of subordinated notes held by the trust. Goldman Sachs Capital III remarketed the junior subordinated debt in order to fund their purchase of the Series F preferred stock. During the first quarter of 2016, the firm delivered a par amount of $175 million of Floating Rate Normal APEX to Goldman Sachs Capital III in exchange for 1,746 shares of Series F preferred stock. Following the exchange, 1,746 shares of Series E preferred stock were cancelled.