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美國證券交易委員會

華盛頓特區，20549

表格10-Q

☒			根據1934年《證券交易法》第13或15(D)條規定的季度報告
			截至本季度末2024年9月30日

或

☐			根據1934年證券交易法第13或15（d）條提交的過渡報告

的過渡期

到

委員會文件號： 001-14965

高盛股份有限公司

(註冊人的確切姓名載於其章程)

特拉華州						13-4019460
(述明或其他司法管轄權 公司或組織)						(稅務局僱主 識別號碼)
西街200號, 紐約, 紐約						10282
（主要行政辦公室地址）						(郵政編碼)

(212) 902-1000

(註冊人的電話號碼，包括區號)

根據該法第12(B)條登記的證券：

每個班級的標題			交易 符號			交易所 在哪一個上面 註冊
普通股，面值每股0.01美元			GS			紐交所
存托股份，每股代表股份的1/1，000權益 浮動利率非累積優先股，A系列			GS PrA			紐交所
存托股份，每股代表股份的1/1，000權益 浮動利率非累積優先股，系列C			GS PrC			紐交所
存托股份，每股代表股份的1/1，000權益 浮動利率非累積優先股，系列D			GS PrD			紐交所
5.793%固定至浮動利率 高盛資本II的正常自動優先增強資本證券			GS/43 PE			紐交所
浮動利率 高盛資本III的正常自動優先增強資本證券			GS/43 PF			紐交所
中期票據GS Finance Corp. 2031年3月到期的F系列可贖回固定利率和浮動利率票據			GS/31 B			紐交所
中期票據GS Finance Corp. 2031年5月到期的F系列可贖回固定利率和浮動利率票據			GS/31 X			紐交所

通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。☒ 是 否

通過勾選標記檢查註冊人是否已在過去12個月內（或在註冊人被要求提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交的所有交互數據文件。☒ 是 否

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中「大型加速申報公司」、「加速申報公司」、「較小申報公司」和「新興成長型公司」的定義。

大型加速文件服務器

☒

加速的文件服務器☐

非加速文件服務器☐

規模較小的報告公司

☐

新興成長型公司

☐

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。☐

用複選標記表示註冊人是否是空殼公司(如《交易法》第12b-2條所定義)。☐ 是的否

截至2024年10月18日，已有 313,909,821 註冊人的流通普通股股份。

---

高盛集團有限公司和子公司

截至2024年9月30日的第10-Q季度報告

指數

表格10-Q項目編號			頁碼
第一部分
財務信息			1
項目1
財務報表(未經審計)			1
合併損益表			1
綜合全面收益表			1
合併資產負債表			2
合併股東權益變動表			3
合併現金流量表			4
合併財務報表附註			5
注1.業務描述			5
附註2.列報依據			6
說明3.主要會計政策			6
附註4.公允價值計量			12
說明5. F空氣價值層次			17
說明6.交易資產和負債			32
說明7.衍生品和對沖活動			33
說明8.投資			39
說明9.貸款			42
說明10.公允價值計量選擇權			51
注11。抵押協議和融資			53
說明12.其他資產			57
注13。存款			59
注14。無抵押借貸			60
說明15.其他負債			62
說明16.證券化活動			63
注17.可變利息實體			65
注18。承諾、或有事項和保證			69
注19。股東權益			73
注20。監管和資本充足性			76
注21。每股普通股收益			83
注22。與關聯基金的交易			83
注23。利息收入及利息開支			84
注24。所得稅			84
注25。業務板塊			85
注26。信貸集中度			87
注27。法律訴訟			88

頁碼
獨立註冊會計師事務所報告			101
統計披露			102
項目2
管理層對財務狀況的探討與分析
及經營業績			104
引言			104
高管概述			104
營商環境			105
關鍵會計政策			106
預算的使用			108
會計的最新發展			109
經營成果			110
資產負債表和資金來源			128
資本管理和監管資本			132
監管和其他事項			137
表外安排			138
風險管理			139
風險管理概述和結構			139
流動性風險管理			143
市場風險管理			150
信用風險管理			155
操作風險管理			164
網絡安全 風險管理			166
模型風險管理			167
其他風險管理			168
可用信息			170
前瞻性陳述			170
第3項
關於市場風險的定量和定性披露			174
項目4
控制和程序			174
第二部分
其他信息			174
項目1
法律訴訟			174
項目2
股權證券的未登記銷售 和 所得款項用途			174
第5項
其他信息			174
項目6
陳列品			175
簽名			175

高盛2024年9月10-Q表格

---

第一部分財務信息

項目1.財務報表（未經審計）

高盛集團有限公司和子公司

合併損益表

(未經審計)

			三個月 年九月止												九個月 年九月止
以百萬美元計，每股金額除外			2024						2023						2024						2023
收入
投資銀行業務			$	1,864					$	1,555					$	5,682					$	4,565
投資管理			2,649						2,409						7,673						7,054
佣金及費用			873						883						3,001						2,864
做市商			4,005						4,958						14,222						14,742
其他自主交易			685						465						2,592						699
非利息收入總額			10,076						10,270						33,170						29,924
利息收入			21,448						18,257						61,443						50,031
利息開支			18,825						16,710						54,970						45,019
淨利息收入			2,623						1,547						6,473						5,012
淨收入合計			12,699						11,817						39,643						34,936
信貸損失準備金			397						7						997						451
運營費用
薪酬和福利			4,122						4,188						12,947						11,897
基於事務			1,701						1,452						4,852						4,242
市場發展			159						136						465						454
通信和技術			498						468						1,468						1,416
折舊及攤銷			621						1,512						1,894						4,076
入住率			242						267						733						785
專業費用			400						377						1,177						1,152
其他費用			572						654						1,970						1,978
總運營支出			8,315						9,054						25,506						26,000
稅前收益			3,987						2,756						13,140						8,485
稅項撥備			997						698						2,975						1,977
淨收益			2,990						2,058						10,165						6,508
優先股股息			210						176						563						468
適用於普通股股東的淨收益			$	2,780					$	1,882					$	9,602					$	6,040
普通股每股收益
基本信息			$	8.52					$	5.52					$	28.98					$	17.52
稀釋			$	8.40					$	5.47					$	28.64					$	17.39
平均普通股
基本信息			324.8						338.7						330.0						342.5
稀釋			330.8						343.9						335.3						347.4

綜合全面收益表

（未經審計）

			三個月 年九月止												九個月 年九月止
百萬美元			2024						2023						2024						2023
淨收益			$	2,990					$	2,058					$	10,165					$	6,508
其他全面收益/（虧損）調整（扣除稅後）：
貨幣換算			(25)						(16)						(3)						(59)
債務估值調整			(95)						328						(383)						(283)
養老金和退休後負債			13						9						35						33
可供出售證券			504						317						766						720
其他全面收益			397						638						415						411
綜合收益			$	3,387					$	2,696					$	10,580					$	6,919

附註是這些合併財務報表的組成部分。

1						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併資產負債表

（未經審計）

			截至
			九月			十二月
百萬美元			2024			2023
資產
現金及現金等價物			$	154,689		$	241,577
抵押協議：
根據轉售協議購買的證券（包括 $211,871 及$223,543 按公允價值計算）			212,156			223,805
借入證券（包括 $47,033 和$44,930 按公允價值計算）			204,783			199,420
客戶及其他應收賬款（包括 $23 和$23 按公允價值計算）			144,921			132,495
交易資產（按公允價值計算，包括 $136,863 和$110,567 質押作爲抵押品）			601,265			477,510
投資（包括 $103,509 和$75,767 按公允價值計算）			183,660			146,839
貸款（扣除 $4,752 和$5,050，幷包括 $5,839 和$6,506 按公允價值計算）			191,749			183,358
其他資產(包括$256 和$366 按公允價值計算）			34,857			36,590
總資產			$	1,728,080		$	1,641,594
負債和股東權益
按金（包括 $41,532 及$29,460 按公允價值計算）			$	445,311		$	428,417
抵押融資：
根據回購協議出售的證券（按公允價值）			261,617			249,887
借出證券（包括 $10,667 和$8,934 按公允價值計算）			62,117			60,483
其他有擔保融資（包括 $23,322 和$12,554 按公允價值計算）			23,508			13,194
客戶和其他應付款項			250,355			230,728
交易負債（按公允價值）			215,191			200,355
無擔保短期借款（包括 $53,157 和$46,127 按公允價值計算）			75,371			75,945
無擔保長期借款（包括 $96,223 和$86,410 按公允價值計算）			250,250			241,877
其他負債（包括 $160 和$266 按公允價值計算）			23,160			23,803
總負債			1,606,880			1,524,689
承付款、或有事項和擔保
股東權益
優先股;總清算優先權 $13,253 和$11,203			13,253			11,203
普通股；927,497,312 和 922,895,030 已發行的股份，以及 314,190,854 和 323,376,354 流通股			9			9
基於股份的獎勵			5,090			5,121
無投票權普通股;沒有發行和發行的股票			–			–
額外實收資本			61,372			60,247
留存收益			150,454			143,688
累計其他綜合損失			(2,503)			(2,918)
金庫持有的股票，按成本計算; 613,306,460 和 599,518,678 股份			(106,475)			(100,445)
股東權益總額			121,200			116,905
總負債和股東權益			$	1,728,080		$	1,641,594

附註是這些合併財務報表的組成部分。

高盛2024年9月10-Q表格						2

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高盛集團有限公司和子公司

合併股東權益變動表

（未經審計）

			三個月 年九月止												九個月 年九月止
百萬美元			2024						2023						2024						2023
優先股
期初餘額			$	12,753					$	10,703					$	11,203					$	10,703
發佈			2,000						1,500						4,250						1,500
贖回			–						(1,000)						(700)						(1,000)
發佈贖回通知			(1,500)						–						(1,500)						–
期末餘額			13,253						11,203						13,253						11,203
普通股
期初餘額			9						9						9						9
發佈			–						–						–						–
期末餘額			9						9						9						9
基於股份的獎勵
期初餘額			5,058						4,931						5,121						5,696
股份獎勵的發放和攤銷			150						242						2,603						2,001
交付普通股基礎股票獎勵			(48)						(15)						(2,482)						(2,501)
股份獎勵的沒收			(70)						(41)						(152)						(79)
期末餘額			5,090						5,117						5,090						5,117
額外實收資本
期初餘額			61,350						60,206						60,247						59,050
交付普通股基礎股票獎勵			52						30						2,472						2,527
取消股份獎勵以滿足預扣稅要求			(5)						(5)						(1,331)						(1,344)
優先股發行成本			–						5						10						5
其他			(25)						(3)						(26)						(5)
期末餘額			61,372						60,233						61,372						60,233
留存收益
期初餘額			148,652						141,798						143,688						139,372
淨收益			2,990						2,058						10,165						6,508
普通股和股票獎勵宣佈的股息和股息等值物			(978)						(937)						(2,836)						(2,669)
優先股的股息宣佈			(192)						(166)						(529)						(458)
優先股贖回溢價			(18)						(10)						(34)						(10)
期末餘額			150,454						142,743						150,454						142,743
累計其他綜合收益/(虧損)
期初餘額			(2,900)						(3,237)						(2,918)						(3,010)
其他全面收益			397						638						415						411
期末餘額			(2,503)						(2,599)						(2,503)						(2,599)
國庫持有的股票，按成本計算
期初餘額			(105,459)						(97,917)						(100,445)						(94,631)
已回購			(1,000)						(1,500)						(6,000)						(4,796)
重新印發			–						–						33						28
其他			(16)						(12)						(63)						(30)
期末餘額			(106,475)						(99,429)						(106,475)						(99,429)
股東權益總額			$	121,200					$	117,277					$	121,200					$	117,277

附註是這些合併財務報表的組成部分。

3						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併現金流量表

（未經審計）

			九個月 年九月止
百萬美元			2024						2023
經營活動的現金流
淨收益			$	10,165					$	6,508
調整以調節淨利潤與經營活動提供/（用於）的淨現金
折舊及攤銷			1,894						4,076
遞延所得稅			(653)						(744)
股份酬金			2,559						2,008
信貸損失準備金			997						451
經營資產和負債變化：
客戶及其他應收賬款和應付賬款，淨額			7,543						(14,042)
抵押交易（不包括其他擔保融資），淨值			19,644						166,067
交易資產			(112,931)						(146,672)
貿易負債			13,100						1,654
待售貸款，淨值			450						48
其他，淨			(2,746)						(3,583)
經營活動提供/（用於）的淨現金			(59,978)						15,771
投資活動產生的現金流
購買財產、租賃權改良和設備			(1,505)						(1,770)
出售財產、租賃物改良和設備的收益			1,152						1,151
從業務處置或收購中收到/（用於）淨現金			3,622						(8)
購買投資			(78,737)						(27,776)
銷售收益和投資支付			45,030						13,834
貸款（不包括待售貸款），淨額			(12,071)						599
用於投資活動的現金淨額			(42,509)						(13,970)
融資活動現金流量
無擔保短期借款，淨額			4,263						246
其他有擔保融資（短期），淨值			7,632						1,459
發行其他擔保融資的收益（長期）			4,951						2,137
償還其他擔保融資（長期），包括當前部分			(1,592)						(2,221)
發行無擔保長期借款的收益			49,465						28,854
償還無擔保長期借款，包括流動部分			(59,639)						(40,286)
具有融資元素的衍生品合同，淨值			1,739						2,145
存款，淨額			15,152						15,870
優先股贖回			(700)						(1,000)
回購普通股			(6,000)						(4,796)
結算股份獎勵以滿足預扣稅要求			(1,331)						(1,344)
普通股、優先股和股票獎勵支付的股息和股息等值物			(3,344)						(3,124)
發行優先股所得收益，扣除發行成本			4,239						1,496
其他融資，淨值			305						348
融資活動提供/（用於）的淨現金			15,140						(216)
匯率變化對現金和現金等值物的影響			459						(3,531)
現金和現金等價物淨減少			(86,888)						(1,946)
現金及現金等值物，年初餘額			241,577						241,825
現金及現金等值物，期末餘額			$	154,689					$	239,879
補充披露：
利息現金支付，扣除資本化利息			$	53,759					$	43,186
所得稅現金支付淨額			$	2,810					$	1,815

有關非現金活動的信息請參閱註釋9、12、16和19。

附註是這些合併財務報表的組成部分。

高盛2024年9月10-Q表格						4

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高盛集團有限公司和子公司

合併財務報表附註

（未經審計）

注1。

業務說明

高盛股份有限公司(集團公司或母公司)是特拉華州的一家公司，及其合併的子公司(統稱爲公司)是一家領先的全球金融機構，爲包括公司、金融機構、政府和個人在內的大型和多樣化的客戶群提供廣泛的金融服務。該公司成立於1869年，總部設在紐約，在世界各地的主要金融中心設有辦事處。

該公司在以下方面管理和報告其活動三業務細分：

全球銀行與市場

該公司爲各種各樣的公司、金融機構、投資基金和政府提供廣泛的服務。服務包括有關合並和收購、資產剝離、企業防禦活動、重組和剝離，以及公開發行和私募的股票和債務承銷的戰略諮詢任務。該公司爲客戶交易提供便利，並在固定收益、股票、貨幣和大宗商品產品方面進行交易。此外，該公司在全球主要股票、期權和期貨交易所進行市場交易和清算機構客戶交易，並提供優質融資(包括證券借貸、按金借貸和掉期)、組合融資和其他類型的股權融資(包括向個人提供基於證券的貸款)。該公司還向企業客戶提供貸款，包括通過關係貸款和收購融資，以及通過結構性信貸和資產擔保貸款提供擔保貸款。此外，該公司還通過結構性交易向客戶提供大宗商品融資，並通過根據轉售協議(轉售協議)購買的證券提供融資。該公司還進行與全球銀行和市場活動相關的股權和債務投資。

資產與财富管理

該公司管理資產，並向機構和個人等不同客戶提供所有主要資產類別的投資產品，包括通過世界各地的第三方分銷商網絡。該公司還提供投資和財富諮詢解決方案，包括財務規劃和諮詢，以及爲财富管理客戶執行經紀交易。該公司通過其消費者銀行數字平台向财富管理客戶發放貸款，並接受存款。高盛的馬庫斯(馬庫斯)，並通過其私人銀行。該公司進行股權投資，包括與公司、房地產和基礎設施資產的公共和私人股本投資相關的投資活動，以及通過綜合投資實體(CIES)進行的投資，這些實體基本上都從事房地產投資活動。該公司還投資於債務工具，從事向中端市場客戶放貸活動，併爲房地產和其他資產提供融資。

平台解決方案

該公司通過合作安排發行信用卡，接受Apple Card客戶的存款，併爲企業和機構客戶提供交易銀行和其他服務，如存款、支付解決方案和其他現金管理服務。該公司還向中小型零售商發放了賣方融資貸款。有關通用汽車(General Motors)信用卡計劃和該公司賣方融資貸款的信息，請參閱注9。

5						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

（未經審計）

注2.

陳述的基礎

這些合併財務報表是根據美國公認會計原則(美國公認會計原則)編制的，其中包括集團公司和公司擁有控股權的所有其他實體的賬目。公司間交易和餘額已被沖銷。

這些合併財務報表未經審計，應與公司截至2023年12月31日的10-k表格年度報告中包括的經審計綜合財務報表一併閱讀。「2023年10-K表格」指的是該公司截至2023年12月31日的10-K表格年度報告。年度財務報表中包含的某些披露在這些財務報表中被濃縮或遺漏，因爲根據美國公認會計准則和美國證券交易委員會規則，中期財務報表並不要求這些披露。

這些未經審計的綜合財務報表反映了管理層認爲對所列報的中期業績進行公允陳述所需的所有調整。這些調整是正常的、反覆出現的。中期經營業績可能不能代表全年的經營業績。

所有提及的2024年9月、2024年6月和2023年9月分別是指公司截至2024年9月30日、2024年6月30日和2023年9月30日的期間或日期。所有提到2023年12月的日期都是指2023年12月31日。凡提及未來一年，即指截至該年12月31日爲止的一年。已對以前報告的數額進行了某些重新分類，以符合當前的列報方式。

注3.

重大會計政策

該公司的重要會計政策包括何時以及如何計量資產和負債的公允價值，計量按攤餘成本計入的貸款和貸款承諾的信貸損失準備，以及何時合併一個實體。公允價值計量政策見附註4，信貸損失準備政策見附註9，合併會計政策見附註17。所有其他重要會計政策將在下文描述或包括在以下腳註中：

公允價值計量			注4
公允價值層次結構			注5
交易資產和負債			注6
衍生工具和套期保值活動			注7
投資			附註8
貸款			注9
公允價值期權			注10
抵押協議和融資			注11
其他資產			注12
存款			注13
無抵押借貸			附註14
其他負債			注15
證券化活動			附註16
可變利息實體			附註17
承付款、或有事項和擔保			注18
股東權益			附註19
監管和資本充足性			注20
普通股每股收益			注21
與關聯基金的交易			注22
利息收入和利息支出			附註23
所得稅			附註24
業務細分			附註25
信貸集中度			附註26
法律訴訟			附註27

高盛2024年9月10-Q表格						6

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

整固

該公司合併了公司擁有控股權的實體。公司通過首先評估實體是有投票權的利益實體還是可變利益實體(VIE)來確定它是否擁有實體的控股權。

有表決權的利益實體。有投票權的實體是指(I)風險股權投資總額足以使該實體能夠獨立爲其活動提供資金，以及(Ii)股權持有人有權指示該實體的活動對其經濟表現產生最重大影響、有義務承擔該實體的損失以及有權收取該實體的剩餘回報。在有表決權的實體中擁有控股權的通常條件是擁有多數有表決權的權益。如果公司在一個有投票權的實體中擁有控股權，則該實體被合併。

可變利益實體。VIE是指缺乏投票權利益實體的一個或多個特徵的實體。當公司擁有一個或多個可變權益時，公司在VIE中擁有控股權，這使其(I)有權指導VIE的活動，從而最大限度地影響VIE的經濟業績，以及(Ii)有義務吸收VIE的損失，或有權從VIE獲得可能對VIE產生重大影響的利益。有關VIE的更多信息，請參見注釋17。

權益法投資。當公司不擁有實體的控股權，但可對實體的經營和財務政策產生重大影響時，投資一般通過選擇美國公認會計准則下可用的公允價值選項按公允價值入賬。當公司擁有實體普通股或實體普通股的20%至50%時，通常存在重大影響。

在某些情況下，當公司在很大程度上參與被投資人的現金流或運營時，或當成本效益考慮不那麼重要時，公司將權益會計方法應用於具有戰略性質或與公司主要業務活動密切相關的新投資。有關權益法投資的進一步信息，請參閱附註8。

投資基金。該公司已經與第三方投資者成立了投資基金。這些基金通常以有限合夥或有限責任公司的形式組織，由公司擔任普通合夥人或管理人。一般來說，公司並不持有這些基金的大部分經濟利益。這些基金通常是有投票權的利益實體，通常不會合並，因爲第三方投資者通常有權終止基金或解除公司的普通合夥人或管理人職務。對這些基金的投資一般以資產淨值(NAV)衡量，並計入投資。有關基金投資的進一步信息，請參閱附註8、18和22。

預算的使用

編制這些綜合財務報表需要管理層作出某些估計和假設，其中最重要的涉及公允價值計量、按攤銷成本計入的貸款和貸款承諾的信貸損失準備、酌情補償應計項目、商譽和可確認無形資產的會計、訴訟和監管程序(包括政府調查)可能產生的損失準備以及所得稅會計。這些估計和假設是基於現有的最佳信息，但實際結果可能大相徑庭。

收入確認

按公允價值計算的金融資產和負債。交易資產和負債及某些投資按公允價值期權或根據其他美國公認會計原則按公允價值列賬。此外，該公司選擇了公允價值選項，以按公允價值對其某些貸款和其他金融資產和負債進行會計處理。金融工具的公允價值是指在計量日在市場參與者之間的有序交易中出售一項資產或支付轉移一項負債而收到的金額。金融資產按出價計價，金融負債按出價計價。公允價值計量不包括交易成本。公允價值損益一般計入做市交易或其他本金交易。有關公允價值計量的進一步信息，請參閱附註4。

7						高盛2024年9月10-Q表格

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與客戶簽訂合同的收入。當與基礎交易相關的履約義務完成時，該公司確認從與客戶簽訂的服務合同中獲得的收入，如投資銀行、投資管理以及執行和清算(與客戶的合同)。

來自與客戶的合同收入約佔50截至2024年9月的三個月非利息收入總額的百分比(包括約85約佔投資銀行收入的1%95投資管理收入及所有佣金和手續費的百分比)和大約45截至2024年9月的九個月非利息收入總額的百分比(包括約85約佔投資銀行收入的1%95投資管理收入及所有佣金和手續費的百分比)，以及大約45截至2023年9月的三個月和九個月的非利息收入總額的百分比(包括約85約佔投資銀行收入的1%95投資管理收入的%以及所有佣金和手續費)。有關按業務分類的淨收入的信息，請參閱附註25。

投資銀行業務

諮詢。當根據轉讓條款完成與基礎交易有關的服務時，財務諮詢轉讓產生的費用在收入中確認。與財務諮詢任務有關的不可退還的按金和里程碑付款在基本交易完成或以其他方式完成任務時在收入中確認。

與財務諮詢任務相關的費用在發生時確認，並計入基於交易的費用。客戶對此類費用的報銷包括在投資銀行收入中。

承銷業務。承銷轉讓所產生的費用在基礎交易完成時根據轉讓條款在收入中確認。

與承保轉讓相關的費用一般會遞延，直至確認相關收入或以其他方式完成轉讓。此類費用包括在已完成任務的基於交易的費用中。

投資管理

該公司爲投資管理服務賺取管理費和激勵費，這些費用包括在投資管理收入中。該公司向經紀人和顧問支付與公司投資基金配售有關的費用(分配費)，這些費用包括在基於交易的費用中。

管理費。共同基金的管理費按每日資產淨值的百分比計算，按月收取。對沖基金的管理費是按月末資產淨值的百分比計算的，通常每季度收取一次。單獨管理帳戶的管理費按每日或每月淨資產淨值的百分比計算，並按季度收取。私募股權基金的管理費以每月投入資本或承諾資本的百分比計算，通常按季度、半年或每年收取，具體取決於基金。管理費在提供服務期間隨時間確認。

公司支付的分銷費用是根據管理費、投資基金資產淨值或承諾資本的一個百分比計算的。此類費用包括在基於交易的費用中。

獎勵費用。獎勵費用是按基金或獨立管理帳戶回報的百分比計算的，或高於指定基準或其他業績目標的超額回報。獎勵費用通常基於基金在12個月內或在整個生命週期內的投資表現。基於12個月期間業績的費用可能會在測算期結束前進行調整。對於基於基金生命週期內投資業績的費用，未來表現不佳的投資可能需要將之前分配給公司的費用返還給基金。

從基金或單獨管理的帳戶賺取的獎勵費用在這種費用很可能不會發生重大逆轉的情況下確認，這通常是在此類費用不再受基金或單獨管理的帳戶所持投資的市值波動的影響的情況下。因此，在本期間確認的獎勵費用可能與前幾個期間履行的業績義務有關。

高盛2024年9月10-Q表格						8

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佣金及費用

該公司從執行和清算客戶在股票、期權和期貨市場的交易以及場外交易中賺取幾乎所有的佣金和手續費。佣金和手續費在交易完成之日確認。該公司還爲客戶提供與某些軟美元安排相關的第三方研究服務。該公司因此類安排而產生的第三方研究費用在佣金和費用中淨額列報。

剩餘履約義務

剩餘的履約義務是公司承諾在未來履行與客戶合同有關的服務。該公司的剩餘業績義務一般與其財務諮詢任務和某些投資管理活動有關。在交易結果出來之前，無法確定與財務諮詢任務有關的剩餘業績債務相關的收入。對於公司的投資管理活動，如果費用是根據基金或單獨管理的帳戶的資產淨值計算的，則無法確定與此類剩餘業績義務相關的未來收入，因爲此類費用受基金或單獨管理的帳戶所持投資的市場價值波動的影響。

該公司能夠確定與根據承諾資本計算的管理費相關的未來收入。截至2024年9月，與此類剩餘履約義務相關的幾乎所有未來淨收入將在2032年之前確認。與這種業績義務相關的年收入平均不到#美元。300到2032年將達到100萬。

金融資產的轉移

當公司放棄對轉移的資產的控制權時，金融資產的轉移被計入銷售。對於作爲銷售入賬的金融資產的轉移，任何收益或損失都在淨收入中確認。因公司持續參與轉讓的金融資產而產生的資產或負債最初按公允價值確認。對於未作爲銷售入賬的金融資產的轉讓，該資產一般計入交易資產，轉讓作爲抵押融資入賬，相關利息支出在交易期間確認。關於轉讓作爲抵押融資入賬的金融資產的進一步信息見附註11，關於作爲銷售入賬的金融資產轉讓的進一步信息見附註16。

現金和現金等價物

該公司將現金等價物定義爲在正常業務過程中持有的高流動性隔夜存款。現金和現金等價物包括現金和銀行應付的#美元。6.32截至2024年9月的10億美元7.93截至2023年12月。現金和現金等價物還包括銀行的有息存款#美元。148.37截至2024年9月的10億美元233.65截至2023年12月。

該公司將現金分離，用於監管和其他與客戶活動相關的目的。爲監管和其他目的分開的現金和現金等價物爲#美元。14.65截至2024年9月的10億美元17.08截至2023年12月。此外，出於監管和其他與客戶活動相關的目的，該公司將證券分開。有關隔離證券的進一步信息，請參閱附註11。

客戶和其他應收款

客戶和其他應收款包括來自客戶和交易對手的應收款#美元。94.20截至2024年9月的10億美元90.16截至2023年12月的10億美元，以及來自經紀商、交易商和結算組織的應收賬款$50.72截至2024年9月的10億美元42.33截至2023年12月。該等應收賬款主要包括客戶按金貸款、與若干衍生工具交易有關的抵押品及因未結算交易而產生的應收賬款。

基本上所有這些應收賬款均按攤銷成本扣除信貸損失準備後的淨額入賬，一般接近公允價值。由於這些應收賬款沒有按公允價值入賬，因此它們沒有包括在附註4和附註5中的公司的公允價值層次結構中。如果這些應收賬款包括在公司的公允價值層次結構中，截至2024年9月和2023年12月，基本上所有應收賬款都將被歸類爲第二級。有關按公允價值方案按公允價值入賬的客戶及其他應收賬款的進一步資料，請參閱附註10。客戶和其他應收賬款的利息在交易期間確認，並計入利息收入。

客戶和其他應收款包括與客戶簽訂的合同應收款和合同資產。合同資產是指公司有權就其與客戶簽訂的合同所提供的服務收取對價，這些服務的收取是有條件的，而不是僅僅取決於時間的推移。該公司從與客戶簽訂的合同中獲得的應收賬款爲3.86截至2024年9月的10億美元3.59截至2023年12月。截至2024年9月和2023年12月，合同資產都不是實質性的。

9						高盛2024年9月10-Q表格

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合併財務報表附註

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客戶和其他應付款

客戶和其他應付款包括支付給客戶和交易對手的應付款#美元232.91截至2024年9月的10億美元220.71截至2023年12月，向經紀商、交易商和結算組織支付的應付款爲17.45截至2024年9月的10億美元10.02截至2023年12月。這類應付款項主要包括與公司主要經紀活動有關的客戶信貸餘額。客戶及其他應付款項按成本加應計利息入賬，一般接近公允價值。由於這些應付賬款沒有按公允價值入賬，因此它們沒有包括在附註4和5中的公司的公允價值層次結構中。如果這些應付賬款包括在公司的公允價值層次結構中，那麼截至2024年9月和2023年12月，基本上所有這些應付款都將被歸類到第2級。客戶和其他應付款項的利息在交易期間確認，並計入利息支出。

抵銷資產和負債

爲減少衍生工具及證券融資交易的信貸風險，本公司可與交易對手訂立總淨額結算協議或類似安排(統稱爲淨額結算協議)，以容許其與該等交易對手抵銷應收賬款及應付款項。淨額結算協議是與交易對手簽訂的一種合同，允許與該交易對手進行多筆交易的淨結算，包括在非違約方行使終止權時。於行使該等終止權利時，受淨額結算協議管限的所有交易均會終止，並計算結算淨額。此外，根據相關信貸支持協議或類似安排(統稱爲信貸支持協議)的條款，本公司就其衍生工具及證券融資交易收取及入賬現金及證券抵押品。可強制執行的信貸支持協議授予行使終止權的非違約方清算抵押品並將所得款項用於任何欠款的權利。爲了評估公司在淨額結算和信貸支持協議下的抵銷權的可執行性，公司評估各種因素，包括適用的破產法、當地法規和協議各方管轄範圍內的監管條款。

當根據可強制執行的淨額結算協議存在法定抵銷權時，衍生工具按交易對手淨額(即特定交易對手的衍生產品資產和負債的應付或應收淨額)在綜合資產負債表中報告。當回購協議及根據回購協議(回購協議)出售的證券及同一結算日期的借入及借出證券交易符合若干結算準則並受淨額結算協議規限時，於綜合資產負債表按交易對手淨額列賬。

在綜合資產負債表中，衍生品在根據可執行的淨額結算協議進行交易時，按根據可執行的信貸支持協議收到和過帳的現金抵押品淨額報告。在綜合資產負債表中，回售和回購協議以及借入和借出的證券不會扣除作爲抵押品收到或記入的相關現金和證券。有關收到的抵押品和質押抵押品的進一步信息，包括交付抵押品或抵押抵押品的權利，見附註11。有關抵銷資產和負債的進一步信息，請參閱附註7和11。

基於股份的薪酬

爲換取基於股份的獎勵而獲得的僱員服務的成本通常根據獎勵授予日的公允價值來計量。不需要未來服務的基於股票的獎勵(即既得獎勵，包括授予符合退休資格的員工的獎勵)立即計入費用。需要未來服務的基於股票的獎勵將在相關服務期內攤銷。沒收在發生時被記錄下來。

對限制性股票單位(RSU)支付的現金股利等價物通常計入留存收益。如果需要未來服務的RSU被沒收，最初計入留存收益的相關股息等價物將重新分類爲發生沒收期間的補償費用。

該公司通常在以股票爲基礎的獎勵交付時發行新的普通股。在有限的情況下，如適用的獎勵協議所述，公司可以現金結算作爲股權工具入賬的基於股票的補償獎勵。對於這些獎勵，額外的實收資本根據現金結算時的獎勵價值與獎勵授予日價值之間的差額進行調整。與以股份爲基礎的獎勵的結算和股息等價物的支付有關的稅收影響計入所得稅優惠或費用。

外幣折算

以非美國貨幣計價的資產和負債按合併資產負債表日的匯率換算，收入和支出按該期間的平均匯率換算。非功能性貨幣交易的外幣重新計量收益或損失在收益中確認。當功能貨幣不是美元時，非美國業務的財務報表換算的收益或損失包括在綜合全面收益表中，扣除套期保值和稅收。

高盛2024年9月10-Q表格						10

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合併財務報表附註

（未經審計）

會計的最新發展

問題債務重組和年份披露(ASC 326).2022年3月，FASB發佈了ASU編號2022-02，「金融工具-信用損失(主題326)-問題債務重組和年份披露。」這一ASU取消了對問題債務重組的確認和衡量指導，並要求爲經歷財務困難的借款人加強關於貸款修改的披露。這一ASU還要求加強對已沖銷貸款的披露。這一ASU於2023年1月在公司的前瞻性方法下生效。採用這種ASU並沒有對公司的合併財務報表產生實質性影響。

受合同銷售限制的股權證券的公允價值計量(ASC 820)。 2022年6月，美國財務會計準則委員會發布了美國會計準則委員會第2022-03號文件，題爲「合同銷售限制下股權證券的公允價值計量」。這一ASU澄清，在衡量股權證券的公允價值時，不應考慮對股權證券銷售的合同限制。此外，ASU要求與受合同銷售限制的股權證券相關的具體披露。這一ASU於2024年1月在公司的前瞻性方法下生效。採用這種ASU並沒有對公司的合併財務報表產生實質性影響。

使用比例攤銷法(ASC 323)覈算稅收抵免結構中的投資。 2023年3月，美國財務會計準則委員會發布了美國會計準則委員會第2023-02號文件，「投資-股權法和合資企業(主題323)-使用比例攤銷法對稅收抵免結構中的投資進行會計處理。」本ASU將目前與低收入住房稅收抵免相關的比例攤銷方法選擇擴展到其他符合條件的稅收抵免，並要求對選擇比例攤銷方法的項目進行增量披露。根據修改後的追溯方法，這一ASU於2024年1月對公司生效。採用這種ASU並沒有對公司的合併財務報表產生實質性影響。

對可報告分部披露的改進(ASC 280)。在N中2023年11月，FASB發佈了ASU 2023-07號，「對可報告分部披露的改進」。這一ASU要求加強披露，主要是關於定期提供給首席運營決策者的重大部門費用。本ASU在2024年1月開始的年度期間和2025年1月開始的追溯性過渡期內對公司有效。允許及早領養。由於這一ASU只需要額外的披露，採用這一ASU不會對公司的財務狀況、經營結果或現金流產生影響。

所得稅披露的改進(ASC 740)。2023年12月，FASB發佈了美國會計準則委員會第2023-09號《所得稅披露的改進》。這一ASU要求遞增披露主要與法定所得稅稅率與有效所得稅稅率以及已支付所得稅的對賬有關。根據前瞻性方法，該ASU在2025年1月開始的年度期間對公司有效，並可選擇追溯應用。允許及早領養。由於這一ASU只需要額外的披露，採用這一ASU不會對公司的財務狀況、經營結果或現金流產生影響。

11						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

（未經審計）

注4.

公允價值計量

金融工具的公允價值是指在計量日在市場參與者之間的有序交易中出售一項資產或支付轉移一項負債而收到的金額。金融資產按出價計價，金融負債按出價計價。公允價值計量不包括交易成本。該公司將某些金融資產和負債作爲一個投資組合來計量(即，基於其對市場和/或信用風險的淨敞口)。

公允價值的最好證據是活躍市場中的報價。如果無法獲得活躍市場的報價，公允價值將參考類似工具的價格、不太活躍的市場的報價或最近的交易，或主要使用基於市場或獨立來源的投入的內部開發模型來確定，這些投入包括但不限於利率、波動性、股權或債務價格、外匯匯率、商品價格、信貸利差和融資利差(即借款人爲特定金融工具融資的利率與基準利率之間的利差或差額)。

美國公認會計准則對公允價值計量的披露有三級層次。這一層次對用於計量公允價值的估值技術的投入進行了優先排序，給予1級投入最高優先級，給予3級投入最低優先級。金融工具在這個層次結構中的水平是基於對其公允價值計量具有重要意義的最低投入水平。在評估估值投入的重要性時，公司會考慮投資組合對該投入的淨風險敞口等因素。公允價值層次如下：

1級。投入是指該公司在計量日期能夠獲得的相同、不受限制的資產或負債在活躍市場上的未調整報價。

2級。對估值技術的投入是可以直接或間接觀察到的。

3級。估值技術的一個或多個輸入是重要的和不可觀察的。

公司幾乎所有金融資產和負債的公允價值都是以可觀察到的價格和投入爲基礎的，並被歸類爲公允價值等級的第一級和第二級。某些2級和3級金融資產和負債可能需要市場參與者要求的估值調整，以達到交易對手和公司的信用質量、融資風險、轉讓限制、流動性和買賣價差等因素的公允價值。估值調整一般基於市場證據。

下表顯示按公允價值列賬的金融資產和負債。

			截至
			九月			六月			十二月
百萬美元			2024			2024			2023
1級金融資產總額			$	455,552		$	377,063		$	332,549
二級金融資產總額			534,214			505,686			519,130
第三級金融資產總額			22,523			23,079			25,100
資產淨值基金投資			2,411			2,617			3,000
交易對手和現金抵押品淨結算			(44,904)			(49,129)			(51,134)
按公允價值計算的金融資產總額			$	969,796		$	859,316		$	828,645
總資產			$	1,728,080		$	1,653,313		$	1,641,594
第3級金融資產總額除以：
總資產			1.3		%	1.4		%	1.5		%
按公允價值計算的金融資產總額			2.3		%	2.7		%	3.0		%
第一級金融負債總額			$	120,364		$	114,927		$	125,715
第2級金融負債總額			592,493			541,665			523,709
第三級金融負債總額			26,666			26,694			28,704
交易對手和現金抵押品淨結算			(37,654)			(41,720)			(44,135)
按公允價值計算的財務負債總額			$	701,869		$	641,566		$	633,993
總負債			$	1,606,880		$	1,533,850		$	1,524,689
第三級金融負債總額除以：
總負債			1.7		%	1.7		%	1.9%
按公允價值計算的財務負債總額			3.8		%	4.2		%	4.5%

上表中：

•同一級別分類的頭寸之間的交易對手淨結算包含在該級別中。

•對手方和現金抵押品淨結算代表了跨級別淨結算對衍生品的影響。

下表列出了第三級金融資產的摘要。

			截至
			九月			六月			十二月
百萬美元			2024			2024			2023
交易資產：
交易現金工具			$	1,289		$	1,553		$	1,791
衍生物			5,050			5,014			5,161
投資			15,389			15,702			17,138
貸款			612			636			823
其他資產			183			174			187
總			$	22,523		$	23,079		$	25,100

截至2024年9月，第三級金融資產與2024年6月和2023年12月相比有所下降，主要反映第三級投資和交易現金工具的減少。有關第3級金融資產的更多信息（包括有關第3級金融資產以及轉入和轉出第3級金融資產相關的未實現損益的信息），請參閱注5。

高盛2024年9月10-Q表格						12

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

用於確定公司金融工具公允價值的重大投入的估值技術和性質如下所述。有關用於評估3級金融工具的重大不可觀察投入的進一步信息，請參閱附註5。

現金工具、投資和貸款交易的估值技術和重要投入

1級。一級工具包括美國政府債務、大多數非美國政府債務、某些機構債務、某些公司債務工具、某些貨幣市場工具和交易活躍的上市股票。這些工具使用活躍市場上相同的不受限制的工具的報價進行估值。該公司根據股票工具的日均交易量定義活躍的市場，無論是絕對交易量還是相對於工具市值的交易量。該公司根據日均交易量和有交易活動的天數來定義債務工具的活躍市場。

2級。二級工具包括某些非美國政府債務、大多數機構債務、大多數抵押貸款和證券、大多數公司債務工具、大多數州和市政債務、大多數貨幣市場工具、大多數其他債務、受限制或流動性較差的上市股票、某些私募股權、大宗商品和某些貸款承諾。

二級工具的估值可根據報價、相同或類似工具的近期交易活動、經紀商或交易商報價或具有合理價格透明度的替代定價來源進行核實。考慮到報價的性質(例如，指示性的或可執行的)以及最近的市場活動與其他定價來源提供的價格的關係。

估值調整通常對第2級工具作出(I)如該工具受轉讓限制及/或(Ii)市場參與者爲達到公允價值所需的其他溢價及流動資金折扣。估值調整一般基於市場證據。

3級。3級工具有一個或多個不可觀察到的重要估值輸入。在沒有相反證據的情況下，第3級工具的初始估值爲交易價，這被認爲是對公允價值的最佳初始估計。隨後，公司使用其他方法來確定公允價值，這些方法根據工具類型的不同而有所不同。當大量可觀察證據(包括銷售變現價值)證實時，估值投入和假設會發生變化。

3級工具的估值技術因工具而異，但通常基於貼現現金流技術。下文介紹用於確定每一類第三級文書公允價值的估值技術和重大投入的性質：

以商業地產爲抵押的貸款和證券

由商業房地產支持的貸款和證券直接或間接地以單一物業或一系列物業爲抵押，並可能包括不同程度的從屬關係。重要的投入通常是根據相對價值分析確定的，包括：

•類似或相關資產的交易和/或當前水平以及諸如CMBX(追蹤商業抵押債券表現的指數)等市場指數的變化所隱含的市場收益率；

•標的抵押品和具有相同或相似標的抵押品的工具的交易價格；

•標的抵押品價值所隱含的違約情況下預期未來現金流的量度(回收率)，這主要是由標的抵押品和資本化率的當前表現驅動的。回收率以票據名義價值或面值的百分比表示，反映了某些票據信用增強的好處；以及

•預期未來現金流(持續時間)的計時，在某些情況下，可能包括任何貸款準備金和其他不可觀察到的投入的影響(例如，預付款速度)。

以住宅房地產爲抵押的貸款和證券

由住宅房地產支持的貸款和證券直接或間接以住宅房地產投資組合爲抵押，並可能包括不同程度的從屬關係。重大投入通常是根據相對價值分析確定的，其中包括與具有類似抵押品和風險概況的工具的比較。重要的投入包括：

•類似或相關資產交易所隱含的市場收益；

•基礎抵押品和具有相同或類似基礎抵押品的工具的交易價格;以及

•期限，由基礎貸款預付速度和住宅物業清算時間表驅動。

13						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

公司債務工具

公司債務工具包括公司貸款、債務證券和可轉換債券。對公司債務工具的重大投入一般根據相對價值分析確定，該分析包括與引用相同或類似標的工具或實體的信用違約互換價格的比較，以及與相同或類似發行人的其他債務工具(可獲得可觀察價格或經紀商報價)的比較。重要的投入包括：

•類似或相關資產的交易和/或市場指數的當前水平和趨勢所隱含的市場收益率，如CDX(跟蹤公司信貸表現的指數)；

•目前的業績和復甦假設，以及公司使用信用違約互換對相關工具進行估值的情況下，借款標的參考債務的成本；

•持續時間；以及

•具有可兌換或參與選項的公司債務工具的市場和交易倍數。

股權證券

股權證券由私募股權組成。最近第三方已完成或待完成的交易(例如，合併提案、債務重組、收購要約)被認爲是公允價值發生任何變化的最佳證據。當這些方法不可用時，將視情況使用以下評估方法：

•行業倍數(主要是EBITDA和收入倍數)和公開可比；

•類似票據的交易；

•貼現現金流技術；以及

•第三方評估。

該公司還考慮相關行業的前景和發行人的財務業績與預期業績相比的變化。重要的投入包括：

•市場倍數和成交倍數；

•貼現率和資本化率；以及

•對於具有類似債務特徵的股權證券，類似或相關資產交易所隱含的市場收益率、當前業績和復甦假設以及存續期。

其他交易現金工具、投資和貸款

對其他交易現金工具、投資和貸款的估值的重大投入一般基於相對價值分析確定，該分析包括與引用相同或類似標的工具或實體的信用違約互換價格的比較，以及與同一發行人的其他債務工具(可獲得可觀察價格或經紀商報價)的比較。重要的投入包括：

•類似或相關資產的交易和/或市場指數的當前水平和趨勢所隱含的市場收益率；

•目前的業績和復甦假設，如果公司使用信用違約互換對相關工具進行估值，則還包括借入基礎參考債務的成本；以及

•持續時間。

衍生工具的估值技術和重要投入

公司的2級和3級衍生品使用衍生品定價模型(例如，貼現現金流模型、相關性模型和結合期權定價方法的模型，如蒙特卡洛模擬)進行估值。衍生品的價格透明度通常可以通過產品類型來表徵，如下所述。

•利率總體而言，用於評估利率衍生品價值的關鍵輸入是透明的，即使是對大多數長期合約來說也是如此。以主要工業化國家貨幣計價的利率互換和期權的特點是交易量高，買賣價差較小。參考指數的利率衍生品，如通貨膨脹指數，或收益率曲線的形狀(例如，10年期掉期利率與2年期掉期利率)更爲複雜，但關鍵輸入通常是可觀察到的。

•信用。信用違約互換的價格透明度，包括單一名稱和一籃子信貸，因市場和相關參考實體或債務而異。參考指數、大型企業和主要主權國家的信用違約互換(CDS)通常表現出最高的價格透明度。對於與其他承銷商的信用違約互換，價格透明度根據信用評級、借入相關參考債券的成本以及在發行人違約時可供交割的相關參考債券的情況而有所不同。與涉及公司債券的信用違約互換相比，涉及貸款、資產支持證券和新興市場債務工具的信用違約互換的價格透明度往往較低。此外，更復雜的信用衍生品，如那些對兩個或更多標的參考債券之間的相關性敏感的衍生品，通常價格透明度較低。

高盛2024年9月10-Q表格						14

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

•貨幣。 以主要工業化國家的匯率爲基礎的貨幣衍生品的價格，包括期限較長的國家，通常是透明的。發達市場和新興市場貨幣衍生品價格透明度的主要區別在於，新興市場往往只對期限較短的合約可見。

•商品。 商品衍生品包括涉及能源(如石油、天然氣和電力)、金屬(如貴金屬和賤金屬)和軟商品(如農產品)的交易。價格透明度根據基礎商品、交貨地點、期限和產品質量(例如，柴油與無鉛汽油相比)而有所不同。一般而言，對於期限較短的合約和與主要和/或基準商品指數更接近的合約，大宗商品衍生品的價格透明度更高。

•公平。 股票衍生品的價格透明度因市場和低調而異。主要股票指數中包含的指數期權和公司普通股的價格透明度最高。股票衍生品通常具有可觀察到的市場價格，但長期合同或參考價格與當前市場價格顯著不同的合同除外。更復雜的股票衍生品，如那些對兩隻或更多個股之間的相關性敏感的衍生品，通常價格透明度較低。

流動性對於所有產品類型的可觀察性至關重要。如果交易量下降，以前透明的價格和其他投入可能會變得看不到。相反，即使是高度結構化的產品，有時交易量也可能大到足以提供價格和其他投入的可觀察性。

1級。 一級衍生品包括當標的證券是一級工具時未來交割證券的短期合同，以及如果交易活躍並按其報價市場價格估值的交易所交易衍生品。

2級。 二級衍生品包括所有重要估值投入均得到市場證據證實的場外衍生品，以及交易不活躍和/或使用根據場外衍生品市場清算水平的模型進行估值的交易所交易衍生品。

選擇特定的模型來評估衍生工具的價值取決於該工具的合同條款和固有的特定風險，以及市場上定價信息的可用性。對於在流動性市場交易的衍生品，模型選擇不涉及重大的管理層判斷，因爲模型的輸出可以根據市場清算水平進行校準。

估值模型需要各種投入，如合同條款、市場價格、收益率曲線、貼現率(包括根據擔保衍生品信用支持協議中規定的收到和公佈的抵押品利率得出的貼現率)、信用曲線、波動率測量、預付款率、損失嚴重程度以及這些投入的相關性。對二級衍生品估值的重大投入可以在市場交易、經紀商或交易商報價或其他具有合理價格透明度的替代定價來源中得到核實。考慮到報價的性質(例如，指示性的或可執行的)以及最近的市場活動與其他定價來源提供的價格的關係。

3級。使用利用可觀測的1級和/或2級輸入以及不可觀測的3級輸入的模型對3級導數進行估值。用於評估公司3級衍生品價值的重大不可觀察的投入如下所述。

•對於3級利率和貨幣衍生品，重要的不可觀察的輸入包括某些貨幣和利率的相關性(例如，歐元通脹和歐元利率之間的相關性)以及特定利率和貨幣波動性。

•對於3級信用衍生品，重要的不可觀察的輸入包括非流動性的信用利差和預付信用點，這是特定參考債務和參考實體獨有的，以及回收率。

•對於3級大宗商品衍生品，重大的不可觀察的投入包括執行價格與當前市場價格顯著不同的期權的波動性，以及某些產品的價格或價差，這些產品的產品質量或商品的實物位置與基準指數不一致。

•對於3級股票衍生品，重大的不可觀察的投入通常包括長期和/或執行價格與當前市場價格顯著不同的期權的股票波動率投入。此外，對某些結構性交易的估值需要使用第三級相關性投入，例如兩個或兩個以上個股的價格表現的相關性，或一籃子股票的價格表現與商品等另一個資產類別的相關性。

15						高盛2024年9月10-Q表格

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在對3級衍生產品進行初始估值後，公司更新1級和2級投入，以反映可觀察到的市場變化，任何由此產生的收益和損失都歸入3級。當證據證實時，3級投入會發生變化，例如類似的市場交易、第三方定價服務和/或經紀商或交易商報價或其他經驗市場數據。在公司不能通過參考市場交易來核實模型價值的情況下，不同的估值模型可能會產生對公允價值的重大不同估計。有關第三級衍生工具估值中使用的重大不可觀察投入的進一步資料，請參閱附註5。

估值調整。估值調整是決定衍生產品組合公允價值不可或缺的一環，並用於將衍生產品定價模型產生的中間市場估值調整爲退出價格估值。這些調整包括買賣價差、流動資金成本以及信貸和融資估值調整，這些調整考慮了衍生品投資組合中無抵押部分固有的信貸和融資風險。該公司還對擔保衍生品進行融資估值調整，在協議條款不允許公司交付或補充收到的抵押品的情況下。在將估值調整調整到市場清算水平時，通常使用基於市場的投入。

此外，對於包含重大不可觀察投入的衍生品，公司會進行模型或退出價格調整，以考慮到交易中存在的估值不確定性。

按公允價值計價的其他金融資產和負債的估值技巧和重大投入

除了交易現金工具、衍生品以及某些投資和貸款外，該公司還根據公允價值期權按公允價值覈算其某些其他金融資產和負債。這類工具包括回購協議和幾乎所有轉售協議；借入和借出的某些證券交易；某些客戶和其他應收款，包括某些按金貸款；屬於混合金融工具的某些定期存款，包括結構性存單；幾乎所有其他有擔保融資，包括作爲融資入賬的資產的轉移；某些無擔保短期和長期借款，基本上全部是混合金融工具；以及某些其他資產和負債。這些工具通常根據貼現現金流技術進行估值，該技術結合了具有合理價格透明度水平的投入，並通常被歸類爲第二級，因爲投入是可觀察到的。可以根據流動性、交易對手和公司的信用質量進行估值調整。用於評估公司其他金融資產和負債的重要投入如下所述。

轉售和回購協議以及借入和借出的證券。 對回售和回購協議以及借入和借出證券的估值的重要投入是資金利差、預期未來現金流的數量和時間以及利率。

客戶和其他應收款。對應收賬款估值的重要投入是利率、預期未來現金流的數額和時間以及資金利差。

按金。 對定期存款估值的重要投入是利率以及未來現金流的數量和時機。用於評估混合金融工具的嵌入衍生工具的投入與用於評估公司上述其他衍生工具的投入是一致的。有關衍生工具的進一步資料見附註7，有關存款的進一步資料見附註13。

其他擔保融資。 其他擔保融資估值的重要投入是預期未來現金流的金額和時間、利率、資金利差和公司交付抵押品的公允價值(使用預期未來現金流的金額和時間、市場價格、市場收益率和復甦假設來確定)。關於其他擔保融資的進一步信息，見附註11。

無擔保短期和長期借款。 對無擔保短期和長期借款估值的重要投入是預期未來現金流的數額和時間、利率、公司的信用利差以及預付商品交易的商品價格。用於評估混合金融工具的嵌入衍生工具的投入與用於評估公司上述其他衍生工具的投入是一致的。有關衍生工具的進一步資料見附註7，有關借款的進一步資料見附註14。

其他資產和負債。 對其他資產和負債的估值的重要投入是預期未來現金流的數量和時間、利率、市場收益率、波動性和相關性投入。用於評估混合金融工具的嵌入衍生工具的投入與用於評估公司上述其他衍生工具的投入是一致的。有關衍生工具的進一步資料，請參閱附註7。

高盛2024年9月10-Q表格						16

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說明5.

公平值層級

按公允價值計算的金融資產和負債包括交易現金工具、衍生品以及某些投資、貸款和其他按公允價值計算的金融資產和負債。

交易現金工具

按級別列出的公允價值。 下表按公允價值層級內的級別列出了交易現金工具。

百萬美元			1級			2級			3級			總
截至2024年9月
資產
政府和機構義務：
美國			$	161,275		$	75,930		$	–		$	237,205
非美國			70,884			28,050			14			98,948
貸款和證券由：
商業地產			–			1,638			86			1,724
住宅房地產			–			10,166			117			10,283
公司債務工具			192			49,018			821			50,031
州和市政義務			–			1,037			1			1,038
其他債務			–			2,449			75			2,524
股本證券			143,692			1,016			175			144,883
商品			–			5,306			–			5,306
總			$	376,043		$	174,610		$	1,289		$	551,942
負債
政府和機構義務：
美國			$	(21,758)		$	(73)		$	–		$	(21,831)
非美國			(49,627)			(2,454)			(4)			(52,085)
貸款和證券由：
商業地產			–			(33)			–			(33)
住宅房地產			–			(6)			–			(6)
公司債務工具			(1)			(25,387)			(71)			(25,459)
股本證券			(48,927)			(104)			(31)			(49,062)
商品			–			(19)			–			(19)
總			$	(120,313)		$	(28,076)		$	(106)		$	(148,495)
截至2023年12月
資產
政府和機構義務：
美國			$	85,190		$	58,862		$	–		$	144,052
非美國			61,981			25,702			91			87,774
貸款和證券由：
商業地產			–			916			45			961
住宅房地產			–			8,940			99			9,039
公司債務工具			177			37,883			1,415			39,475
州和市政義務			–			371			–			371
其他債務			80			2,086			37			2,203
股本證券			135,032			1,739			103			136,874
商品			–			5,640			1			5,641
總			$	282,460		$	142,139		$	1,791		$	426,390
負債
政府和機構義務：
美國			$	(26,400)		$	(32)		$	–		$	(26,432)
非美國			(50,825)			(2,343)			–			(53,168)
貸款和證券由：
商業地產			–			(27)			–			(27)
住宅房地產			–			(5)			–			(5)
公司債務工具			(124)			(15,317)			(70)			(15,511)
股本證券			(48,347)			(37)			(8)			(48,392)
商品			–			(66)			–			(66)
總			$	(125,696)		$	(17,827)		$	(78)		$	(143,601)

交易現金工具包括與公司的做市或風險管理活動有關的工具。這些工具按公允價值列賬，相關公允價值損益在綜合收益表中確認。

在上表中：

•資產顯示爲正數，負債顯示爲負數。

•公司債務工具包括公司貸款、債務證券、可轉換債券、預付商品交易和作爲擔保貸款而不是購買入賬的資產轉讓。

•其他債務包括其他資產支持證券和貨幣市場工具。

•股票證券包括公開發行的股票和交易所交易基金。

見附註4，概述公司的公允價值計量政策、估值技術和用於確定交易現金工具公允價值的重要投入。

重大的不可觀察的輸入。下表列出了第三級交易現金工具資產的金額，以及用於評估該等交易現金工具資產的重大不可觀察投入的範圍和加權平均值。

			截至2024年9月									截至2023年12月
百萬美元			金額或 射程			加權 平均						金額或 射程			加權平均
房地產支持的貸款和證券
3級資產			$	203								$	144
產率			4.2%至44.0%			13.1		%				3.8%至26.1%			12.8		%
回收率			24.5%至93.5%			56.7		%				35.5%至76.0%			44.6		%
持續時間（年）			0.6 到 12.5			5.1						0.3 到 15.3			5.2
公司債務工具
3級資產			$	821								$	1,415
產率			3.0%至30.7%			8.8		%				2.8%至40.0%			9.3		%
回收率			7.2%至71.5%			44.1		%				7.3%至65.0%			39.4		%
持續時間（年）			1.9 到 3.7			3.2						0.9 到 11.3			3.4
其他
3級資產			$	265								$	232
產率			9.4%至40.5%			16.7		%				3.6%至31.3%			14.6		%
倍數			N/A			N/A						0.7X到4.5x			3.9x
持續時間（年）			1.5 到 4.6			3.0						2.3 到 6.4			4.1

17						高盛2024年9月10-Q表格

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在上表中：

•其他包括政府和機構債務、州和市政債務、其他債務、股權證券和大宗商品。

•區間是指在每一類交易現金工具的估值中使用的重大不可觀察的投入。

•加權平均數的計算方法是根據交易現金工具的相對公允價值對每一項投入進行加權。

•這些投入的範圍和加權平均值並不代表在計算任何一種交易現金工具的公允價值時使用的適當投入。例如，公司債務工具的最高回收率適合於對特定公司債務工具進行估值，但可能不適合於對任何其他公司債務工具進行估值。因此，投入的範圍並不代表第三級交易現金工具的公允價值計量的不確定性或可能的範圍。

•第三級交易現金工具估值中使用的收益率或持續期的增加將導致公允價值計量較低，而回收率或倍數的增加將導致截至2024年9月和2023年12月的公允價值計量較高。由於每一種3級交易現金工具的不同性質，每種產品類型中投入的相互關係不一定是一致的。

•交易現金工具使用貼現現金流進行估值。

•截至2024年9月，與其他交易現金工具相關的倍數的重大不可觀察投入沒有範圍(也沒有加權平均值)，因爲它與單一頭寸有關。因此，這種無法觀察到的輸入不包括在上表中。

級別3前滾。下表彙總了第三級交易現金工具的公允價值變動。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
資產
期初餘額			$	1,553		$	1,664					$	1,791		$	1,734
已實現淨收益/(虧損)			28			22						92			129
未實現淨收益/(虧損)			(6)			(41)						(52)			(22)
購買			193			295						397			597
銷售額			(134)			(167)						(494)			(499)
住區			(95)			(91)						(310)			(311)
轉入3級			174			309						221			323
轉出第3級			(424)			(238)						(356)			(198)
期末餘額			$	1,289		$	1,753					$	1,289		$	1,753
負債
期初餘額			$	(96)		$	(95)					$	(78)		$	(64)
已實現淨收益/（損失）			–			(1)						(3)			6
未實現淨收益/(虧損)			(10)			–						(33)			(15)
購買			47			46						52			52
銷售額			(37)			(29)						(45)			(48)
住區			–			5						9			13
轉入3級			(20)			(15)						(15)			(3)
轉出第3級			10			38						7			8
期末餘額			$	(106)		$	(51)					$	(106)		$	(51)

在上表中：

•截至期末，所有分類爲第三級的交易性現金工具的公允價值變化均呈列。

•未實現淨收益/（損失）與期末仍持有的交易現金工具有關。

•公允價值層級之間的轉移在發生的報告期開始時報告。如果交易現金工具在報告期內轉移至第3級，則其本期全部損益歸類爲第3級。

•對於第3級交易現金工具資產，增加以正值顯示，減少以負值顯示。對於第3級交易現金工具負債，增加以負值顯示，減少以正值顯示。

•3級交易現金工具通常通過1級和2級交易現金工具和/或1級、2級或3級衍生品進行經濟對沖。因此，分類爲第3級的收益或損失可以被歸因於第1級或第2級交易現金工具和/或第1級、第2級或第3級衍生品的收益或損失部分抵消。因此，下面第3級結轉中包含的損益不一定代表對公司運營業績、流動性或資本資源的總體影響。

高盛2024年9月10-Q表格						18

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

下表按產品類型列出了上表中包含的資產的信息。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
房地產支持的貸款和證券
期初餘額			$	212		$	221					$	144		$	154
已實現淨收益/（損失）			2			3						18			9
未實現淨收益/(虧損)			2			(11)						(6)			(11)
購買			8			13						52			67
銷售額			(8)			(43)						(39)			(53)
住區			(7)			(15)						(28)			(26)
轉入3級			66			59						88			63
轉出第3級			(72)			(56)						(26)			(32)
期末餘額			$	203		$	171					$	203		$	171
公司債務工具
期初餘額			$	1,132		$	1,145					$	1,415		$	1,238
已實現淨收益/（損失）			18			14						54			31
未實現淨收益/(虧損)			5			(18)						(29)			(6)
購買			103			216						229			424
銷售額			(117)			(71)						(356)			(263)
住區			(77)			(46)						(259)			(214)
轉入3級			68			217						51			212
轉出第3級			(311)			(141)						(284)			(106)
期末餘額			$	821		$	1,316					$	821		$	1,316
其他
期初餘額			$	209		$	298					$	232		$	342
已實現淨收益/（損失）			8			5						20			89
未實現淨收益/(虧損)			(13)			(12)						(17)			(5)
購買			82			66						116			106
銷售額			(9)			(53)						(99)			(183)
住區			(11)			(30)						(23)			(71)
轉入3級			40			33						82			48
轉出第3級			(41)			(41)						(46)			(60)
期末餘額			$	265		$	266					$	265		$	266

在上表中，其他包括政府和機構義務、州和市政義務、其他債務義務、股權證券和商品。

截至2024年9月的三個月的3級前滾評論.第3級交易現金工具資產的已實現和未實現淨收益爲美元22 百萬（反映美元28百萬美元的已實現淨收益和6截至2024年9月的三個月的未實現淨虧損)包括收益#美元8在做市中報告的百萬美元和14100萬美元報告了利息收入。

截至2024年9月的三個月，3級交易現金工具資產未實現淨虧損的驅動因素並不重要。

在截至2024年9月的三個月裏，轉移到第三級交易現金工具資產的驅動因素並不重要。

在截至2024年9月的三個月內，第三級交易現金工具資產的轉移主要反映了某些公司債務工具轉移到第二級(主要是由於市場證據增加了價格透明度，包括這些工具的市場交易)。

截至2024年9月的9個月的3級前滾評論。這個已實現和未實現淨收益在第三級交易中，現金工具資產爲$40百萬美元(摺合美元92百萬美元的已實現淨收益和52未實現虧損淨額)截至2024年9月的9個月包括收益/(虧損)$(1)報告的做市金額爲100萬美元，41100萬美元報告了利息收入。

截至2024年9月的9個月，3級交易現金工具資產未實現淨虧損的驅動因素並不重要。

在截至2024年9月的9個月裏，轉移到3級交易現金工具資產的驅動因素並不重要。

在截至2024年9月的九個月內，第三級交易現金工具資產的轉移主要反映了某些公司債務工具轉移到第二級(主要是由於市場證據增加了價格透明度，包括這些工具的市場交易)。

截至2023年9月的三個月的第3級前滾評論.第三級交易現金工具資產的已實現和未實現淨虧損爲#美元。192000萬美元(摺合美元22淨已實現收益和美元41淨未實現虧損)截至2023年9月的三個月包括收益/(虧損)$(36)做市報告爲1.2億美元，173.8億美元報告了利息收入。

截至2023年9月的三個月，3級交易現金工具資產未實現淨虧損的驅動因素並不重要。

在截至2023年9月的三個月內，轉移到第三級交易現金工具資產的主要原因是從第二級轉移了某些公司債務工具(主要是由於缺乏市場證據導致價格透明度降低，包括這些工具的市場交易減少)。

在截至2023年9月的三個月內，第三級交易現金工具資產的轉移主要反映了某些公司債務工具轉移到第二級(主要是由於市場證據增加了價格透明度，包括這些工具的市場交易)。

19						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

截至2023年9月的9個月的第3級前滾評論. 第三級交易現金工具資產的已實現和未實現淨收益爲#美元。1072000萬美元(摺合美元129淨已實現收益和美元22截至2023年9月的9個月的未實現淨虧損)包括收益#美元61據報道，做市交易金額爲4.5億美元，463.8億美元報告了利息收入。

截至2023年9月的9個月，3級交易現金工具資產未實現淨虧損的驅動因素並不重要。

在截至2023年9月的9個月內，轉移到3級交易現金工具資產的主要原因是從2級轉移了某些公司債務工具(主要是由於缺乏市場證據導致價格透明度降低，包括這些工具的市場交易減少)。

在截至2023年9月的九個月內，第三級交易現金工具資產的轉移主要反映了某些公司債務工具轉移到第二級(主要是由於市場證據增加了價格透明度，包括這些工具的市場交易)。

衍生物

按級別列出的公允價值。 下表列出了按水平和產品類型分列的衍生品總額，以及淨額結算的影響。

百萬美元			1級			2級			3級			總
截至2024年9月
資產
利率			$	9		$	164,261		$	781		$	165,051
信用			–			10,104			2,850			12,954
貨幣			–			83,284			172			83,456
商品			–			16,267			1,206			17,473
股票			139			92,450			1,159			93,748
公允價值總額			148			366,366			6,168			372,682
交易對手淨結算級別			–			(277,337)			(1,118)			(278,455)
小計			$	148		$	89,029		$	5,050		$	94,227
跨級別交易對手淨結算												(1,127)
現金抵押品淨額結算												(43,777)
公平淨值												$	49,323
負債
利率			$	(6)		$	(128,983)		$	(909)		$	(129,898)
信用			–			(10,539)			(1,223)			(11,762)
貨幣			–			(89,461)			(241)			(89,702)
商品			–			(18,419)			(424)			(18,843)
股票			(45)			(130,133)			(2,422)			(132,600)
公允價值總額			(51)			(377,535)			(5,219)			(382,805)
交易對手淨結算級別			–			277,337			1,118			278,455
小計			$	(51)		$	(100,198)		$	(4,101)		$	(104,350)
跨級別交易對手淨結算												1,127
現金抵押品淨額結算												36,527
公平淨值												$	(66,696)
截至2023年12月
資產
利率			$	15		$	241,850		$	758		$	242,623
信用			–			9,964			2,861			12,825
貨幣			–			89,694			210			89,904
商品			–			15,393			1,449			16,842
股票			2			59,220			816			60,038
公允價值總額			17			416,121			6,094			422,232
交易對手淨結算級別			–			(319,045)			(933)			(319,978)
小計			$	17		$	97,076		$	5,161		$	102,254
跨級別交易對手淨結算												(1,411)
現金抵押品淨額結算												(49,723)
公平淨值												$	51,120
負債
利率			$	(14)		$	(213,861)		$	(1,197)		$	(215,072)
信用			–			(8,923)			(1,211)			(10,134)
貨幣			–			(97,436)			(168)			(97,604)
商品			–			(17,122)			(821)			(17,943)
股票			(5)			(78,222)			(1,887)			(80,114)
公允價值總額			(19)			(415,564)			(5,284)			(420,867)
交易對手淨結算級別			–			319,045			933			319,978
小計			$	(19)		$	(96,519)		$	(4,351)		$	(100,889)
跨級別交易對手淨結算												1,411
現金抵押品淨額結算												42,724
公平淨值												$	(56,754)

高盛2024年9月10-Q表格						20

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

在上表中：

•總公允價值不包括交易對手淨結算和抵押品淨結算的影響，因此不代表公司的風險敞口。

•交易對手方淨額結算反映在每個級別中，前提是應收賬款和應付賬款餘額在同一級別內進行淨額結算，並計入交易對手方的級別淨額結算。如果交易對手淨結算是跨級別的，則淨結算包括在跨級別交易對手淨結算中。

•資產顯示爲正數，負債顯示爲負數。

有關公司公允價值計量政策、估值技術和用於確定衍生品公允價值的重要輸入數據的概述，請參閱注4。

重大的不可觀察的輸入。下表列出了第三級衍生品資產（負債）的金額，以及用於對此類衍生品進行估值的重大不可觀察輸入的範圍、平均值和中位數。

截至2024年9月

截至2023年12月

百萬美元，投入除外

量或範圍

平均值/中位數

量或範圍

平均值/中位數

利率，淨

$

(128)

$

(439)

相關性

(10）%到 95%

60%/72%

(10）%到 75%

60%/66%

波動率（點子）

31 到 101

57/49

31 到 101

56/49

貸方，淨值

$

1,627

$

1,650

信用利差（點子）

7 到 1,753

148/92

3 到 1,750

130/85

預付信用積分

(2)至100

23/14

0 到 100

26/15

回收率

8%至71%

45%/40%

20%至70%

43%/40%

貨幣，淨值

$

(69)

$

42

相關性

20%至68%

36%/23%

20%至90%

41%/43%

波動

15%至16%

15%/15%

15%至16%

16%/16%

大宗商品，淨值

$

782

$

628

波動

22%至88%

37%/33%

23%至98%

42%/39%

天然氣蔓延

$(2.14）到美元4.73

$(0.07)/$(0.26)

$(1.39）到美元3.06

$(0.32)/ $(0.35)

燃油差價以及

$(4.21）到美元21.64

$2.93/$(3.10)

$(5.39）到美元31.69

$15.39/ $19.35

電價

$3.10至$569.81

$48.95/$29.83

$2.72至$1,088.00

$48.15/ $35.16

股票，淨值

$

(1,263)

$

(1,071)

相關性

(75）%到 100%

58%/57%

(70）%到 100%

65%/71%

波動

1%至102%

17%/15%

1%至106%

14%/13%

在上表中：

•資產顯示爲正數，負債顯示爲負數。

•範圍是指在評估每種衍生產品時使用的重大不可觀察的投入。

•平均值代表投入的算術平均值，不按相關金融工具的相對公允價值或名義金額加權。高於中位數的平均值表明，大多數投入低於平均值。例如，信貸利差的平均值和中位數之間的差異表明，大多數投入都落在區間的較低端。

•這些投入的範圍、平均值和中位數並不代表在計算任何一種衍生工具的公允價值時使用的適當投入。例如，利率衍生品的最高相關性適合於對特定利率衍生品進行估值，但可能不適合於對任何其他利率衍生品進行估值。因此，投入的範圍並不代表第3級衍生工具的公允價值計量的不確定性或可能的範圍。

•利率、貨幣和股票衍生品使用期權定價模型進行估值，信用衍生品使用期權定價、相關性和貼現現金流模型進行估值，大宗商品衍生品使用期權定價和貼現現金流模型進行估值。

•任何一種工具的公允價值都可以使用多種估值技術來確定。例如，期權定價模型和貼現現金流模型通常一起用於確定公允價值。因此，級別3平衡包括這兩種技術。

•貨幣和股票內部的相關性包括交叉產品類型的相關性。

•天然氣價差代表每百萬英熱單位天然氣的價差。

•石油價差代表每桶石油和成品油的價差。

•電價是指每兆瓦時的電價。

無法觀察到的重要輸入範圍。以下提供了用於對公司的3級衍生工具進行估值的重大不可觀察投入範圍的信息：

•相關性。相關性範圍涵蓋一種產品類型(例如，股票指數和股票單一股票名稱)和跨產品類型(例如，利率和貨幣的相關性)以及跨地區的各種弱勢群體。一般來說，交叉產品類型的相關性投入被用來對更復雜的工具進行估值，並且低於同一衍生產品類型內資產的相關性投入。

21						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

•波動性。波動率的範圍涵蓋了各種市場、期限和執行價格的許多低端投資者。例如，股票指數的波動率一般低於單一股票的波動率。

•信貸利差、預付信用點和回收率。信貸利差、預付信用點和回收率的範圍涵蓋了各種低端(指數和單一名稱)、地區、行業、期限和信貸質量(高收益和投資級)。這一群體的廣泛範圍導致了重大不可觀察到的投入的範圍的寬度。

•大宗商品價格和價差。大宗商品價格和價差的範圍涵蓋了產品、到期日和交割地點的變化。

公允價值計量對重大不可觀察投入變化的敏感性。以下是對該公司公允價值3級計量的方向性敏感性的描述，這些公允價值計量單獨針對每個期間末的重大不可觀察投入的變化：

•相關性。一般而言，對於持有者受益於標的資產或指數價格(如利率、信用利差、外匯匯率、通貨膨脹率和股票價格)趨同的合同，相關性的增加會導致更高的公允價值計量。

•波動性。一般來說，對於購買的期權，波動率的增加會導致更高的公允價值計量。

•信貸利差、預付信用點和回收率。一般來說，購買的信用保護的公允價值隨着信用利差或預付信用點的增加或回收率的下降而增加。信貸利差、預付信用點和回收率與基礎參考債務的獨特風險因素密切相關，這些風險因素包括特定於參考實體的因素，如槓桿、波動性和行業；基於市場的風險因素，如基礎參考債務的借款成本或流動性；以及宏觀經濟狀況。

•大宗商品價格和價差。一般來說，對於持有者收到商品的合同，價差(由於質量或交割地點的差異而與基準指數的價格差異)或價格的增加會導致更高的公允價值計量。

由於公司的每一種3級衍生品的不同性質，投入的相互關係在每種產品類型中不一定是一致的。

級別3前滾。下表彙總了第3級衍生工具的公允價值變動。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
第3級衍生品總額，淨值
期初餘額			$	534		$	609					$	810		$	1,521
已實現淨收益/（損失）			(87)			(75)						(235)			205
未實現淨收益/(虧損)			139			(127)						257			(957)
購買			140			113						498			317
銷售額			(368)			(795)						(1,053)			(1,117)
住區			465			340						537			111
轉入3級			(475)			3						(172)			45
轉出第3級			601			291						307			234
期末餘額			$	949		$	359					$	949		$	359

在上表中：

•截至期末，所有分類爲第三級的衍生資產和負債的公允價值變動均呈列。

•未實現淨收益/（損失）與期末仍持有的工具有關。

•公允價值層級之間的轉移在發生的報告期開始時報告。如果衍生品在報告期內轉入第3級，則其本期全部損益歸類爲第3級。

•轉入第3層的正值和轉出第3層的負值代表衍生資產的淨轉移。轉入第3層的負值和轉出第3層的正值代表衍生負債的淨轉移。

•具有1級和/或2級輸入的衍生品如果至少具有一個重要的3級輸入，則其整體歸類爲3級。

•如果有一個重要的3級輸入，則僅調整可觀察輸入的整個收益或損失（即，1級和2級輸入）分類爲3級。

•因第1級或第2級投入的變化而分類爲第3級的損益通常被第1級或第2級衍生品和/或第1級、第2級和第3級交易現金工具的損益所抵消。因此，下面第3級結轉中包含的收益/（損失）不一定代表對公司運營業績、流動性或資本資源的總體影響。

高盛2024年9月10-Q表格						22

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合併財務報表附註

(未經審計)

下表按產品類型列出了上表中包含的衍生品的信息。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
利率，淨
期初餘額			$	(367)		$	(589)					$	(439)		$	(459)
已實現淨收益/（損失）			(124)			(5)						(196)			9
未實現淨收益/(虧損)			730			(109)						508			(338)
購買			6			10						15			30
銷售額			(97)			(98)						(267)			(225)
住區			144			88						359			167
轉入3級			(426)			(14)						(92)			25
轉出第3級			6			110						(16)			184
期末餘額			$	(128)		$	(607)					$	(128)		$	(607)
貸方，淨值
期初餘額			$	1,726		$	1,711					$	1,650		$	1,460
已實現淨收益/（損失）			7			2						87			(18)
未實現淨收益/(虧損)			(96)			(24)						158			181
購買			81			28						182			114
銷售額			(45)			(28)						(95)			(48)
住區			(44)			(64)						(360)			(192)
轉入3級			20			–						10			(5)
轉出第3級			(22)			(15)						(5)			118
期末餘額			$	1,627		$	1,610					$	1,627		$	1,610
貨幣，淨值
期初餘額			$	24		$	129					$	42		$	162
已實現淨收益/（損失）			49			30						14			84
未實現淨收益/(虧損)			(121)			16						(136)			(100)
購買			3			1						7			2
銷售額			(13)			(2)						(17)			(4)
住區			(16)			(46)						(42)			(31)
轉入3級			2			7						3			7
轉出第3級			3			13						60			28
期末餘額			$	(69)		$	148					$	(69)		$	148
大宗商品，淨值
期初餘額			$	648		$	666					$	628		$	919
已實現淨收益/（損失）			(155)			(64)						(311)			(39)
未實現淨收益/(虧損)			(78)			(202)						19			(435)
購買			10			19						161			12
銷售額			(10)			(16)						(38)			(68)
住區			146			80						84			111
轉入3級			(21)			51						29			131
轉出第3級			242			56						210			(41)
期末餘額			$	782		$	590					$	782		$	590
股票，淨值
期初餘額			$	(1,497)		$	(1,308)					$	(1,071)		$	(561)
已實現淨收益/（損失）			136			(38)						171			169
未實現淨收益/(虧損)			(296)			192						(292)			(265)
購買			40			55						133			159
銷售額			(203)			(651)						(636)			(772)
住區			235			282						496			56
轉入3級			(50)			(41)						(122)			(113)
轉出第3級			372			127						58			(55)
期末餘額			$	(1,263)		$	(1,382)					$	(1,263)		$	(1,382)

截至2024年9月的三個月的3級前滾評論。 美元第三級衍生品的已實現和未實現淨收益52 百萬（反映美元87 百萬淨已實現虧損和美元139未實現淨收益)截至2024年9月的三個月包括收益/(虧損)$59據報道做市金額爲100萬美元，(7)在其他本金交易中報告的百萬美元。

截至2024年9月止三個月的3級衍生工具未實現淨收益反映了若干利率衍生工具的收益(主要是由於利率下降的影響)，但部分被某些股票衍生工具的虧損(主要是由於股票價格變動的影響)和某些貨幣衍生工具的虧損(主要是由於匯率變動的影響)所抵銷。

於截至二零二四年九月止三個月內，向第三級衍生工具的轉移主要反映若干利率衍生工具負債從第二級轉移(主要是由於某些不可察覺的波動因素對該等衍生工具的估值產生重大影響)。

於截至二零二四年九月止三個月內轉出第三級衍生工具，主要反映若干股權衍生工具負債轉移至第二級(主要由於某些不可察覺的投入對該等衍生工具的估值不再具有重大意義)及若干商品衍生工具負債轉移至第二級(主要由於用於評估該等衍生工具的若干商品價格投入的透明度增加)。

截至2024年9月的9個月的3級前滾評論。3級衍生品的已實現和未實現淨收益爲$22 百萬（反映美元235百萬美元的已實現淨虧損和257未實現淨收益)截至2024年9月的9個月包括收益#美元12在做市中報告的百萬美元和10在其他本金交易中報告的百萬美元。

截至2024年9月止九個月的3級衍生工具未實現淨收益主要反映若干利率衍生工具的收益(主要由於利率下調的影響)及若干信貸衍生工具的收益(主要由於匯率變動及利率下調的影響)，但有關收益因若干股票衍生工具的虧損(主要由於股價變動的影響)及若干貨幣衍生工具的虧損(主要由於外匯匯率變動的影響)而被部分抵銷。

於截至二零二四年九月止九個月內，轉移至第三級衍生工具的款項主要反映從第二級轉移若干股權衍生工具負債(主要是由於用於評估該等衍生工具的某些波動性投入的透明度降低)。

於截至二零二四年九月止九個月內，轉出第三級衍生工具主要反映若干商品衍生工具負債轉移至第二級(主要是由於用於評估該等衍生工具的某些商品價格投入的透明度增加)。

23						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

截至2023年9月的三個月的3級前滾評論。3級衍生品的已實現和未實現淨虧損爲#美元。2022000萬美元(摺合美元751億美元的已實現淨虧損和127淨未實現虧損)截至2023年9月的三個月包括收益/(虧損)$(204)做市報告爲1.2億美元，2在其他本金交易中報告的4.8億美元。

截至2023年9月止三個月，第三級衍生工具的未實現淨虧損主要反映若干商品衍生工具的虧損(主要由於商品價格變動的影響)及若干利率衍生工具的虧損(主要由於利率上調的影響)，但部分由若干股票衍生工具的收益(主要由於股價下跌的影響)所抵銷。

在截至2023年9月的3個月裏，轉移到3級衍生品的驅動因素並不重要。

於截至二零二三年九月止三個月內，轉出第三級衍生工具主要反映若干股權衍生工具負債轉移至第二級(主要由於某些不可觀察到的投入對該等衍生工具的估值不再重要)及若干利率衍生工具負債轉移至第二級(主要由於某些不可觀察到的波動性投入對該等衍生工具的估值不再重要)。

截至2023年9月的9個月的3級前滾評論。 3級衍生品的已實現和未實現淨虧損爲#美元。7522000萬美元(摺合美元205淨已實現收益和美元957截至2023年9月的9個月的未實現淨虧損)包括虧損#美元。742據報道，做市交易金額爲4.5億美元，10在其他本金交易中報告的4.8億美元。

截至2023年9月止九個月，第三級衍生工具的未實現虧損淨額反映若干商品衍生工具的虧損(主要由於商品價格變動的影響)、若干利率及貨幣衍生工具的虧損(個別情況下，主要是由於利率上調的影響)及某些股票衍生工具的虧損(主要是由於股價上漲的影響)，但被若干信貸衍生工具的收益部分抵銷(主要是由於外匯匯率變動的影響)。

於截至二零二三年九月止九個月內，向第三級衍生工具的轉移主要反映若干商品衍生資產從第二級轉移(主要是由於某些不可觀察到的波動率投入對該等衍生工具的估值變得重要)，但由第二級轉移的若干股權衍生工具負債部分抵銷(主要是由於用於評估該等衍生工具的若干不可觀察到的波動率投入的透明度降低)。

於截至二零二三年九月止九個月內，轉出第三級衍生工具主要反映若干利率衍生工具負債轉移至第二級(主要是由於某些不可觀察到的波動性投入對該等衍生工具的估值不再重要)及若干信貸衍生工具負債轉移至第二級(主要是由於某些不可觀察到的信貸利差投入對某些投資組合的淨風險不再重大)。

投資

按級別列出的公允價值。 下表按公允價值等級內按公允價值列賬的投資。

百萬美元			1級			2級			3級			總
截至2024年9月
政府和機構義務：
美國			$	73,770		$	–		$	–		$	73,770
非美國			4,248			42			–			4,290
公司債務證券			171			2,403			5,204			7,778
房地產支持的證券			–			6			570			576
貨幣市場工具			293			1,019			–			1,312
其他債務			24			10			357			391
股本證券			855			2,868			9,258			12,981
小計			$	79,361		$	6,348		$	15,389		$	101,098
資產淨值基金投資												2,411
總投資												$	103,509
截至2023年12月
政府和機構義務：
美國			$	46,731		$	–		$	–		$	46,731
非美國			2,399			144			–			2,543
公司債務證券			160			2,299			6,533			8,992
房地產支持的證券			–			2			687			689
貨幣市場工具			52			999			–			1,051
其他債務			9			14			244			267
股本證券			721			2,099			9,674			12,494
小計			$	50,072		$	5,557		$	17,138		$	72,767
資產淨值基金投資												3,000
總投資												$	75,767

有關公司公允價值計量政策、估值技術和用於確定投資公允價值的重要輸入數據的概述，請參閱注4。

高盛2024年9月10-Q表格						24

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合併財務報表附註

(未經審計)

重大的不可觀察的輸入。下表列出了第三級投資的金額，以及用於對此類投資進行估值的重大不可觀察輸入的範圍和加權平均值。

			截至2024年9月									截至2023年12月
百萬美元			金額或 射程			加權 平均水平						量或 射程			加權 平均水平
公司債務證券
3級資產			$	5,204								$	6,533
產率			5.0%至25.1%			12.4		%				6.0%至31.0%			12.1		%
回收率			3.5%至74.4%			34.3		%				7.3%至41.2%			27.6		%
持續時間（年）			0.3 到 7.4			3.5						0.4 到 5.3			3.0
倍數			1.0X到31.1x			6.7x						0.9X到53.3x			7.7x
房地產支持的證券
3級資產			$	570								$	687
產率			10.0%至24.0%			16.9		%				7.4%至18.8%			14.1		%
持續時間（年）			0.8 到 2.2			2.2						0.4 到 4.1			3.9
其他債務
3級資產			$	357								$	244
產率			5.6%至8.7%			7.8		%				7.6%至8.8%			8.2		%
股本證券
3級資產			$	9,258								$	9,674
倍數			0.4X到41.1x			9.6x						0.5X到25.2x			8.3x
貼現率/收益率			6.0%至38.5%			12.8		%				6.0%至38.5%			12.3		%
資本化率			4.4%至9.2%			5.4		%				4.5%至8.0%			5.3		%

在上表中：

•範圍是指在評估每一類投資時使用的重要的不可觀察的投入。

•加權平均值是通過用投資的相對公允價值對每一項投入進行加權來計算的。

•這些投入的範圍和加權平均值不代表在計算任何一項投資的公允價值時使用的適當投入。例如，私募股權證券的最高倍數適合於評估一種特定的私募股權證券，但可能不適合於評估任何其他私募股權證券。因此，投入的範圍並不代表第三級投資的公允價值計量的不確定性或可能的範圍。

•3級投資估值中使用的收益率、貼現率、資本化率或持續期的增加將導致公允價值計量較低，而回收率或倍數的增加將導致截至2024年9月和2023年12月的公允價值計量較高。由於每項3級投資的不同性質，每種產品類型中投入的相互關係不一定是一致的。

•公司債務證券、由房地產和其他債務債務支持的證券使用貼現現金流進行估值，股權證券使用市場可比性和貼現現金流進行估值。

•任何一種工具的公允價值都可以使用多種估值技術來確定。例如，市場可比性和貼現現金流可以一起用來確定公允價值。因此，級別3平衡包括這兩種技術。

級別3前滾。下表彙總了第3級投資的公允價值變動。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
期初餘額			$	15,702		$	18,128					$	17,138		$	16,942
已實現淨收益/（損失）			83			113						296			344
未實現淨收益/(虧損)			189			(346)						(20)			(904)
購買			338			213						1,014			755
銷售額			(47)			(111)						(694)			(621)
住區			(635)			(456)						(1,862)			(1,127)
轉入3級			341			942						892			3,257
轉出第3級			(582)			(1,154)						(1,375)			(1,317)
期末餘額			$	15,389		$	17,329					$	15,389		$	17,329

在上表中：

•截至期末，所有分類爲第三級的投資均呈列公允價值變動。

•未實現淨收益/（損失）與期末仍持有的投資有關。

•公允價值層級之間的轉移在發生的報告期開始時報告。如果一項投資在報告期內轉移至第3級，則其本期全部損益歸類爲第3級。

25						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

下表按產品類型列出了上表中包含的投資的信息。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
公司債務證券
期初餘額			$	5,660		$	7,520					$	6,533		$	7,003
已實現淨收益/（損失）			47			88						196			301
未實現淨收益/(虧損)			31			(66)						(45)			(54)
購買			107			58						417			373
銷售額			(3)			(53)						(149)			(185)
住區			(402)			(274)						(1,320)			(735)
轉入3級			96			415						389			1,049
轉出第3級			(332)			(738)						(817)			(802)
期末餘額			$	5,204		$	6,950					$	5,204		$	6,950
房地產支持的證券
期初餘額			$	565		$	878					$	687		$	827
已實現淨收益/（損失）			2			1						46			10
未實現淨收益/(虧損)			6			(95)						(74)			(191)
購買			2			7						45			56
銷售額			–			–						(33)			(58)
住區			(5)			(19)						(101)			(38)
轉入3級			–			–						1			171
轉出第3級			–			–						(1)			(5)
期末餘額			$	570		$	772					$	570		$	772
其他債務
期初餘額			$	221		$	246					$	244		$	256
已實現淨收益/（損失）			1			1						4			3
未實現淨收益/(虧損)			2			3						1			2
購買			160			6						163			1
住區			(27)			(7)						(55)			(13)
期末餘額			$	357		$	249					$	357		$	249
股本證券
期初餘額			$	9,256		$	9,484					$	9,674		$	8,856
已實現淨收益/（損失）			33			23						50			30
未實現淨收益/(虧損)			150			(188)						98			(661)
購買			69			142						389			325
銷售額			(44)			(58)						(512)			(378)
住區			(201)			(156)						(386)			(341)
轉入3級			245			527						502			2,037
轉出第3級			(250)			(416)						(557)			(510)
期末餘額			$	9,258		$	9,358					$	9,258		$	9,358

截至2024年9月的三個月的3級前滾評論. 第三級投資的已實現和未實現淨收益爲#美元272 百萬（反映美元83百萬美元的已實現淨收益和189未實現淨收益)截至2024年9月的三個月包括收益#美元175在其他本金交易中報告的百萬美元和$97100萬美元報告了利息收入。

截至2024年9月的三個月，第三級投資的未實現淨收益主要反映了某些股權證券的收益(主要由公司業績推動)。

在截至2024年9月的三個月內，轉入第三級投資的主要原因是從第二級轉移了某些股權證券(主要是由於缺乏市場證據導致價格透明度降低，包括這些工具的市場交易減少)。

於截至二零二四年九月止三個月內，轉出第三級投資主要反映若干公司債務證券轉移至第二級(主要是由於某些不可觀察到的收益率投入對該等工具的估值變得不那麼重要)，以及若干股本證券轉移至第二級(主要是由於市場證據，包括該等工具的市場交易而提高了價格透明度)。

截至2024年9月的9個月的3級前滾評論。第三級投資的已實現和未實現淨收益爲#美元2762000萬美元(摺合美元296淨已實現收益和美元20淨未實現虧損)截至2024年9月的9個月包括收益/(虧損)$(1)在其他本金交易中報告的2.5億美元和$277100萬美元報告了利息收入。

截至2024年9月的9個月，3級投資未實現淨虧損的驅動因素並不重要。

於截至二零二四年九月止九個月內，向第三級投資的轉移主要反映從第二級轉移若干股權證券(主要是由於缺乏市場證據而導致價格透明度降低，包括該等工具的市場交易減少)，以及從第二級轉移若干公司債務證券(主要是由於某些不可觀察到的收益投入對該等工具的估值變得重要)。

於截至二零二四年九月止九個月內，轉出第三級投資主要反映若干公司債務證券轉至第二級(主要是由於市場證據，包括該等工具的市場交易及某些不可觀察到的收益率投入對該等工具的估值變得不那麼重要而提高價格透明度所致)，以及若干股本證券轉至第二級(主要是由於市場證據，包括該等工具的市場交易而提高了價格透明度)。

截至2023年9月的三個月的第3級前滾評論.第三級投資的已實現和未實現淨虧損爲#美元233 百萬（反映美元113百萬美元的已實現淨收益和346未實現淨虧損百萬美元)截至2023年9月的三個月包括收益/(虧損)$(385)在其他本金交易中報告的百萬美元和美元152100萬美元報告了利息收入。

高盛2024年9月10-Q表格						26

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

截至2023年9月的三個月，第三級投資的未實現淨虧損主要反映了某些股權證券和房地產支持證券的虧損(在每種情況下，主要由商業房地產投資推動)。

在截至2023年9月的三個月內，向第三級投資的轉移主要反映了從第二級轉移某些股權證券和公司債務證券(在每一種情況下，主要是由於缺乏市場證據導致價格透明度降低，包括這些工具的市場交易減少)。

在截至2023年9月的三個月內，轉出3級投資主要是將某些公司債務證券和股權證券轉移到2級(在每種情況下，主要是由於市場證據，包括這些工具的市場交易，提高了價格透明度)。

截至2023年9月的9個月的第3級前滾評論. 第三級投資的已實現和未實現淨虧損爲#美元560 百萬（反映美元344百萬美元的已實現淨收益和904截至2023年9月的9個月的未實現淨虧損)包括收益/(虧損)$(1.03)在其他本金交易中報告的10億美元和470100萬美元報告了利息收入。

截至2023年9月的9個月，3級投資的未實現淨虧損主要反映了某些股權證券和房地產支持證券的虧損(每種情況下，主要由商業房地產投資推動)。

於截至2023年9月止九個月內轉移至第三級投資，主要反映若干股權證券及公司債務證券自第二級轉移(在每一種情況下，主要是由於缺乏市場證據而導致價格透明度下降，包括該等工具的市場成交減少，以及某些不可觀察到的收益投入對該等工具的估值變得重要)。

於截至二零二三年九月止九個月內，轉出第三級投資主要反映若干公司債務證券轉至第二級(主要由於市場證據，包括該等工具的市場交易而提高價格透明度，以及某些不可觀察到的收益及持續期投入對該等工具的估值變得不那麼重要)，以及若干股本證券轉至第二級(主要由於市場證據，包括該等工具的市場交易而提高價格透明度)。

貸款

按級別列出的公允價值。 下表按公允價值等級按公允價值期權按公允價值計入爲投資持有的貸款。

百萬美元			1級			2級			3級			總
截至2024年9月
貸款類型
企業			$	–		$	135		$	327		$	462
房地產：
商業廣告			–			336			78			414
住宅			–			3,645			47			3,692
其他抵押品			–			1,079			127			1,206
其他			–			32			33			65
總			$	–		$	5,227		$	612		$	5,839
截至2023年12月
貸款類型
企業			$	–		$	415		$	344		$	759
房地產：
商業			–			360			203			563
住宅			–			4,087			58			4,145
其他抵押品			–			775			136			911
其他			–			46			82			128
總			$	–		$	5,683		$	823		$	6,506

選擇公允價值選擇權的持作投資的貸款公允價值變化導致的收益/（損失）爲美元75 截至2024年9月的三個月內，百萬美元（170）截至2023年9月的三個月內，百萬美元53 截至2024年9月的九個月內爲百萬美元和美元（207）截至2023年9月的九個月內爲百萬。這些收益/（損失）已計入其他主要交易中。

重大的不可觀察的輸入。下表列出了第三級貸款的金額，以及用於對此類貸款進行估值的重大不可觀察輸入的範圍和加權平均值。

			截至2024年9月									截至2023年12月
百萬美元			金額或 射程			加權 平均水平						金額或 射程			加權 平均水平
企業
3級資產			$	327								$	344
產率			14.1%至19.3%			16.6		%				8.0%至17.1%			10.5		%
回收率			38.9%至95.0%			76.9		%				2.0%至95.0%			74.0		%
持續時間（年）			0.1至9.6			6.2						0.7 到 2.3			1.7
房地產
3級資產			$	125								$	261
產率			N/A			N/A						5.0%至21.4%			18.1		%
回收率			3.9%至99.0%			71.1		%				5.3%至99.2%			66.0		%
持續時間（年）			0.3 到 4.5			0.9						0.5 到 6.2			1.6
其他抵押品
3級資產			$	127								$	136
產率			5.4%至9.4%			5.9		%				5.6%至8.7%			6.1		%
其他
3級資產			$	33								$	82
產率			N/A			N/A						7.3%至13.5%			9.6		%
持續時間（年）			N/A			N/A						3.6 到 5.2			4.2

27						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

在上表中：

•範圍是指在評估每種類型的貸款時使用的重要的不可觀察的投入。

•加權平均值是通過按貸款的相對公允價值對每一項投入進行加權來計算的。

•這些投入的範圍和加權平均值不代表在計算任何一筆貸款的公允價值時使用的適當投入。例如，公司貸款的最高收益率適合於評估特定的公司貸款，但可能不適合於評估任何其他公司貸款。因此，投入的範圍並不代表3級貸款公允價值計量的不確定性或可能的範圍。

•3級貸款估值中使用的收益率或期限的增加將導致公允價值計量較低，而回收率的增加將導致截至2024年9月和2023年12月的公允價值計量較高。由於每一種3級貸款的不同性質，每種產品類型中投入的相互關係不一定是一致的。

•貸款使用貼現現金流進行估值。

•截至2024年9月，收益率(與房地產和其他貸款有關)和期限(與其他貸款有關)的重大不可觀察投入沒有一個範圍(也沒有加權平均值)，因爲每個投入都與單一頭寸有關。因此，這種無法觀察到的輸入不包括在上表中。

級別3前滾。下表彙總了3級貸款的公允價值變動。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
期初餘額			$	636		$	1,251					$	823		$	1,837
已實現淨收益/（損失）			15			11						28			39
未實現淨收益/(虧損)			3			(174)						(20)			(254)
購買			17			6						99			86
銷售額			(15)			(5)						(58)			(462)
住區			(51)			(95)						(259)			(254)
轉入3級			49			–						43			–
轉出第3級			(42)			(22)						(44)			(20)
期末餘額			$	612		$	972					$	612		$	972

在上表中：

•截至期末，分類爲第三級的貸款的公允價值變動呈列。

•未實現淨收益/（損失）與期末仍持有的貸款有關。

•購買包括髮起和二次購買。

•公允價值層級之間的轉移在發生的報告期開始時報告。如果貸款在報告期內轉移至第3級，則其期間的全部收益或損失歸類爲第3級。

下表按貸款類型列出了上表中包含的貸款的信息。

			三個月 截至9月												九個月 截至9月
百萬美元			2024						2023						2024						2023
企業
期初餘額			$	284					$	543					$	344					$	637
已實現淨收益/（損失）			7						7						9						20
未實現淨收益/(虧損)			3						(76)						(11)						(134)
購買			15						5						97						47
銷售額			(4)						–						(4)						(47)
住區			(26)						(26)						(150)						(72)
轉入3級			48						–						42						–
轉出第3級			–						(22)						–						(20)
期末餘額			$	327					$	431					$	327					$	431
房地產
期初餘額			$	142					$	490					$	261					$	785
已實現淨收益/（損失）			4						2						8						9
未實現淨收益/(虧損)			(2)						(100)						(5)						(123)
購買			2						1						1						2
銷售額			(11)						(5)						(52)						(196)
住區			(11)						(67)						(89)						(156)
轉入3級			1						–						1						–
轉出第3級			–						–						–						–
期末餘額			$	125					$	321					$	125					$	321
其他抵押品
期初餘額			$	146					$	140					$	136					$	140
已實現淨收益/（損失）			1						1						4						3
未實現淨收益/(虧損)			–						1						(2)						–
購買			–						–						–						2
銷售額			–						–						(1)						–
住區			(9)						–						(10)						(3)
轉出第3級			(11)						–						–						–
期末餘額			$	127					$	142					$	127					$	142
其他
期初餘額			$	64					$	78					$	82					$	275
已實現淨收益/（損失）			3						1						7						7
未實現淨收益/(虧損)			2						1						(2)						3
購買			–						–						1						35
銷售額			–						–						(1)						(219)
住區			(5)						(2)						(10)						(23)
轉出第3級			(31)						–						(44)						–
期末餘額			$	33					$	78					$	33					$	78

截至2024年9月的三個月的3級前滾評論。 的 已實現和未實現淨收益 3級貸款美元18 百萬（反映美元15百萬美元的已實現淨收益和3未實現淨收益)截至2024年9月的三個月包括收益#美元9在其他本金交易中報告的百萬美元和$9100萬美元報告了利息收入。

截至2024年9月的三個月第三級貸款未實現淨收益的驅動因素並不重大。

截至2024年9月的三個月內，第三級貸款轉入和轉出的驅動因素並不重大。

高盛2024年9月10-Q表格						28

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

截至2024年9月的9個月的3級前滾評論。 第三級貸款的已實現和未實現淨收益爲美元8 百萬（反映美元28百萬美元的已實現淨收益和20未實現虧損淨額)截至2024年9月的9個月包括收益/(虧損)$(2)在其他本金交易中報告的百萬美元和美元10100萬美元報告了利息收入。

截至2024年9月的九個月第三級貸款未實現淨虧損的驅動因素並不重大。

截至2024年9月的九個月內，第三級貸款轉入和轉出的驅動因素並不重大。

截至2023年9月的三個月的3級前滾評論。 第三級貸款的已實現和未實現淨損失爲美元163 百萬（反映美元11百萬美元的已實現淨收益和174未實現淨虧損百萬美元)截至2023年9月的三個月包括收益/(虧損)$(172)在其他本金交易中報告的百萬美元和美元9100萬美元報告了利息收入。

截至2023年9月的三個月第三級貸款的未實現淨虧損主要反映了某些房地產（主要由商業房地產貸款驅動）和企業貸款（主要由公司特定事件驅動）支持的貸款的損失。

截至2023年9月的三個月內，沒有轉入第三級貸款。

截至2023年9月的三個月內，第三級貸款轉出的驅動因素並不重大。

截至2023年9月的九個月的3級前滾評論。 第三級貸款的已實現和未實現淨損失爲美元215 百萬（反映美元39百萬美元的已實現淨收益和254截至2023年9月的9個月的未實現淨虧損)包括收益/(虧損)$(237)在其他本金交易中報告的百萬美元和美元22100萬美元報告了利息收入。

截至2023年9月止九個月的第三級貸款未實現淨虧損主要反映了某些企業貸款（主要由公司特定事件驅動）和房地產支持貸款（主要由商業房地產貸款驅動）的損失。

截至2023年9月的九個月內，沒有轉入第三級貸款。

截至2023年9月的九個月內，第三級貸款轉出的驅動因素並不重大。

其他金融資產及負債

按級別列出的公允價值。 下表按公允價值等級內的級別列出了按公允價值計量的其他金融資產和負債，絕大部分均根據公允價值選擇按公允價值覈算。

百萬美元			1級			2級			3級			總
截至2024年9月
資產
轉售協議			$	–		$	211,871		$	–		$	211,871
所借用證券			–			47,033			–			47,033
客戶及其他應收賬款			–			23			–			23
其他資產			–			73			183			256
總			$	–		$	259,000		$	183		$	259,183
負債
存款			$	–		$	(38,572)		$	(2,960)		$	(41,532)
回購協議			–			(261,617)			–			(261,617)
借出證券			–			(10,667)			–			(10,667)
其他有抵押融資			–			(22,618)			(704)			(23,322)
無擔保借款：
短期			–			(47,622)			(5,535)			(53,157)
長期的			–			(83,043)			(13,180)			(96,223)
其他負債			–			(80)			(80)			(160)
總			$	–		$	(464,219)		$	(22,459)		$	(486,678)
截至2023年12月
資產
轉售協議			$	–		$	223,543		$	–		$	223,543
所借用證券			–			44,930			–			44,930
客戶及其他應收賬款			–			23			–			23
其他資產			–			179			187			366
總			$	–		$	268,675		$	187		$	268,862
負債
存款			$	–		$	(26,723)		$	(2,737)		$	(29,460)
回購協議			–			(249,887)			–			(249,887)
借出證券			–			(8,934)			–			(8,934)
其他有抵押融資			–			(10,532)			(2,022)			(12,554)
無擔保借款：
短期			–			(40,538)			(5,589)			(46,127)
長期的			–			(72,562)			(13,848)			(86,410)
其他負債			–			(187)			(79)			(266)
總			$	–		$	(409,363)		$	(24,275)		$	(433,638)

在上表中，資產顯示爲正值，負債顯示爲負值。

有關公司公允價值計量政策、估值技術和用於確定其他金融資產和負債公允價值的重要輸入數據的概述，請參閱注4。

29						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

重大的不可觀察的輸入。有關截至2024年9月和2023年12月用於按公允價值對第3級其他金融資產和負債進行估值的重大不可觀察輸入數據的信息，請參閱下文。

其他擔保融資。 用於評估第3級其他有擔保融資的重大不可觀察輸入數據的範圍和加權平均值如下。這些範圍和加權平均值排除了僅與單一工具相關的不可觀察輸入，因此沒有意義。

截至2024年9月：

•產量： 6.3%至12.6%（加權平均值： 7.9%)

•持續時間： 0.3 到 5.6 年（加權平均值： 0.9 年）

截至2023年12月：

•產量： 6.7%至11.3%（加權平均值： 8.5%)

•持續時間： 0.1 到 4.5 年（加權平均值： 0.9 年）

一般而言，收益率或持續期的增加將導致截至期末的較低公允價值計量。由於第三級其他擔保融資的不同性質，投入之間的相互關係在這些融資中不一定是一致的。關於其他擔保融資的進一步信息，見附註11。

存款、無擔保借款及其他資產和負債。基本上，該公司所有的存款、無擔保的短期和長期借款以及其他被歸類爲3級的資產和負債都是混合金融工具。由於用於評估混合金融工具的重大不可觀察輸入主要涉及該等存款、無擔保借款及其他資產及負債的嵌入衍生工具成分，因此該等不可觀察輸入已納入公司的衍生工具披露。有關其他資產的進一步資料見附註12，有關存款的進一步資料見附註13，有關無抵押借款的進一步資料見附註14，有關其他負債的進一步資料見附註15。

級別3前滾。下表彙總了按公允價值入賬的第三級其他金融資產和負債的公允價值變動。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
資產
期初餘額			$	174		$	126					$	187		$	74
未實現淨收益/(虧損)			9			25						7			77
銷售額			–			–						(11)			–
期末餘額			$	183		$	151					$	183		$	151
負債
期初餘額			$	(22,118)		$	(21,897)					$	(24,275)		$	(18,826)
已實現淨收益/（損失）			(96)			(88)						(161)			(223)
未實現淨收益/(虧損)			(1,351)			1,210						(830)			425
發行			(3,788)			(3,036)						(8,450)			(6,212)
住區			3,008			3,154						9,325			6,380
轉入3級			(887)			(3,656)						(770)			(6,030)
轉出第3級			2,773			1,003						2,702			1,176
期末餘額			$	(22,459)		$	(23,310)					$	(22,459)		$	(23,310)

在上表中：

•公允價值變動列報截至期末歸類於第三級的所有其他金融資產和負債。

•未實現淨收益/(損失)是指在期末仍持有的其他金融資產和負債。

•公允價值層級之間的轉移在發生轉移的報告期開始時報告。如果一種金融工具在報告期內被轉移到第三級，則該金融工具在該期間的全部損益被歸類爲第三級。

•對於第三級其他金融資產，增加顯示爲正金額，而減少顯示爲負金額。對於第三級其他金融負債，增加顯示爲負數，而減少顯示爲正數。

•第三級其他金融資產和負債通常用交易性資產和負債進行經濟對沖。因此，歸入第三級的收益或損失可以被歸因於第一、第二或第三級交易資產和負債的收益或損失部分抵消。因此，以下3級前滾中包含的收益或損失不一定代表對公司運營結果、流動性或資本資源的整體影響。

高盛2024年9月10-Q表格						30

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

下表按綜合資產負債表項目列出了上表中所含負債的信息。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
存款
期初餘額			$	(2,904)		$	(2,889)					$	(2,737)		$	(2,743)
未實現淨收益/(虧損)			(83)			73						(157)			19
發行			(319)			(157)						(737)			(376)
住區			225			232						655			594
轉入3級			–			(3)						(141)			(254)
轉出第3級			121			18						157			34
期末餘額			$	(2,960)		$	(2,726)					$	(2,960)		$	(2,726)
其他有抵押融資
期初餘額			$	(1,545)		$	(2,817)					$	(2,022)		$	(1,842)
已實現淨收益/（損失）			(7)			(3)						(7)			(3)
未實現淨收益/(虧損)			(25)			41						13			13
發行			(33)			(158)						(60)			(676)
住區			906			488						1,478			875
轉入3級			–			(325)						(106)			(1,626)
轉出第3級			–			40						–			525
期末餘額			$	(704)		$	(2,734)					$	(704)		$	(2,734)
無抵押短期借貸
期初餘額			$	(4,554)		$	(4,822)					$	(5,589)		$	(4,090)
已實現淨收益/（損失）			(33)			(23)						(5)			(72)
未實現淨收益/(虧損)			(162)			148						(231)			(178)
發行			(2,205)			(1,552)						(4,401)			(2,968)
住區			1,017			1,853						3,763			3,013
轉入3級			(431)			(204)						(94)			(174)
轉出第3級			833			305						1,022			174
期末餘額			$	(5,535)		$	(4,295)					$	(5,535)		$	(4,295)
無抵押長期借貸
期初餘額			$	(13,051)		$	(11,296)					$	(13,848)		$	(10,066)
已實現淨收益/（損失）			(56)			(62)						(149)			(148)
未實現淨收益/(虧損)			(1,065)			945						(454)			556
發行			(1,231)			(1,020)						(3,252)			(2,043)
住區			860			581						3,429			1,898
轉入3級			(456)			(3,124)						(429)			(3,976)
轉出第3級			1,819			640						1,523			443
期末餘額			$	(13,180)		$	(13,336)					$	(13,180)		$	(13,336)
其他負債
期初餘額			$	(64)		$	(73)					$	(79)		$	(85)
未實現淨收益/(虧損)			(16)			3						(1)			15
發行			–			(149)						–			(149)
期末餘額			$	(80)		$	(219)					$	(80)		$	(219)

截至2024年9月的三個月的3級前滾評論。第三級其他金融負債已實現和未實現損失淨額#美元1.45億美元(摺合美元96百萬美元的已實現淨虧損和1.35截至2024年9月的三個月的未實現淨虧損)包括虧損#美元1.3210億美元的做市報告，美元28在其他本金交易中報告的百萬美元和$3百萬美元，在綜合收益表中報告利息支出，以及#美元94在綜合全面收益表中的債務估值調整中報告的百萬美元。

截至2024年9月止三個月的3級其他金融負債的未實現淨虧損主要反映無擔保長期借款所包括的某些混合金融工具的虧損(主要是由於匯率變動、利率下降和股價上漲的影響)，以及包括在無擔保短期借款的某些混合金融工具的虧損(主要是由於股價上漲)。

在截至2024年9月止三個月內轉入第三級其他金融負債主要反映從第二級無擔保長期及短期借款中所包括的若干混合金融工具的轉移(主要是由於用於評估該等工具的某些波動性投入的價格透明度降低)。

於截至二零二四年九月止三個月內，轉出3級其他金融負債主要反映將無擔保長期借款所包括的若干混合金融工具轉移至2級(主要是由於某些信貸利差及用於評估該等工具的波動性投入的價格透明度提高)，以及將包括在無擔保短期借款內的若干混合金融工具轉移至2級(主要是由於用於對該等工具估值的若干波動率投入的價格透明度增加)。

截至2024年9月的9個月的3級前滾評論。第三級其他金融負債已實現和未實現損失淨額#美元991 百萬（反映美元161百萬美元的已實現淨虧損和830未實現虧損淨額)截至2024年9月的9個月包括虧損#美元884百萬美元的做市報告，美元27在其他本金交易中報告的百萬美元和$8百萬美元，在綜合收益表中報告利息支出，以及#美元72在綜合全面收益表中的債務估值調整中報告的百萬美元。

截至2024年9月的9個月，3級其他金融負債的未實現淨虧損主要反映了包括在無擔保長期和短期借款中的某些混合金融工具的虧損(主要是由於股價上漲)。

於截至2024年9月止九個月內轉移至第三級其他金融負債，主要反映從第二級向無抵押長期借款及存款所包括的若干混合金融工具的轉移(在每一種情況下，主要是由於用於對該等工具估值的波動率投入的價格透明度降低)，以及從第二級向若干其他有擔保融資的轉移(主要是由於用於對該等工具估值的某些收益率及存續期投入的價格透明度降低)。

31						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

於截至二零二四年九月止九個月內，轉出第三級其他金融負債主要反映將無擔保長期借款所包括的若干混合金融工具轉移至第二級(主要是由於用於評估該等工具的若干波動性投入的價格透明度增加)，以及將包括在無擔保短期借款內的若干混合金融工具轉移至第二級(主要是由於用於對該等工具估值的若干波動性投入的價格透明度增加，以及某些不可觀察的投入對該等工具的估值不再具有重大意義)。

截至2023年9月的三個月的3級前滾評論。 第三級其他金融負債的已實現和未實現淨收益#美元1.1230億美元(摺合美元881億美元的已實現淨虧損和1.21截至2023年9月的三個月的未實現淨收益)包括收益/(虧損)$1.15在做市中報告的140億美元，16在其他本金交易中報告的2.5億美元和(4)在綜合損益表中列報利息支出1,000萬美元，以及(44)在綜合全面收益表中的債務估值調整中報告的債務估值調整。

截至2023年9月的三個月，第三級其他金融負債的未實現淨收益主要反映了包括在無擔保長期借款中的某些混合金融工具的收益(主要是由於利率上升和股票價格下跌)。

在截至2023年9月的三個月內轉入第三級其他金融負債主要反映了從第二級無擔保長期借款中包括的某些混合金融工具的轉移(主要是由於用於對這些工具進行估值的某些信貸利差投入的價格透明度降低)。

在截至2023年9月的三個月內，轉出3級其他金融負債主要反映了將無擔保長期和短期借款中包括的某些混合金融工具轉移到2級(主要是由於用於對這些工具進行估值的某些波動性投入的價格透明度提高)。

截至2023年9月的9個月的3級前滾評論。 第三級其他金融負債的已實現和未實現淨收益#美元2022000萬美元(摺合美元2231億美元的已實現淨虧損和425未實現淨收益)截至2023年9月的9個月包括收益/(虧損)$415據報道，做市活動爲1.2億美元，美元4在其他本金交易中報告的2.5億美元和(12)在綜合損益表中列報利息支出1,000萬美元，以及(205)在綜合全面收益表中的債務估值調整中報告的債務估值調整。

截至2023年9月止九個月的3級其他金融負債的未實現淨收益主要反映了包括在無擔保長期借款中的某些混合金融工具的收益(主要是由於利率上升)，但被包括在無擔保短期借款中的某些混合金融工具的虧損部分抵消(主要是由於股價上漲)。

於截至2023年9月止九個月內轉移至第三級其他金融負債，主要反映從第二級向無擔保長期借款所包括的若干混合金融工具的轉移(主要是由於用於評估該等工具的某些信貸利差及波動率投入的價格透明度降低)，以及從第二級向若干其他有擔保融資的轉移(主要是由於用於對該等工具估值的某些收益率及持續期投入的價格透明度降低)。

在截至2023年9月止九個月內，轉出3級其他金融負債主要反映將其他有擔保融資中所包括的若干混合金融工具轉移至2級(主要是由於某些收益及期限投入的價格透明度增加，以對該等工具進行估值)，以及將某些無擔保的長期及短期借款轉移至2級(主要是由於用於對該等工具估值的某些波動性投入的價格透明度增加)。

說明6.

交易資產和負債

交易資產和負債包括交易與公司的做市或風險管理活動有關的現金工具和衍生品。這些資產和負債按公允價值期權或其他美國公認會計原則按公允價值列賬，相關公允價值損益一般在綜合收益表中確認。

下表列出了交易資產和負債的摘要。

			交易						交易
百萬美元			資產						負債
截至2024年9月
交易現金工具			$	551,942					$	148,495
衍生物			49,323						66,696
總			$	601,265					$	215,191
截至2023年12月
交易現金工具			$	426,390					$	143,601
衍生物			51,120						56,754
總			$	477,510					$	200,355

有關現金工具交易的更多信息，請參閱註釋5，有關衍生品的更多信息，請參閱註釋7。

高盛2024年9月10-Q表格						32

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

做市的得失

下表按主要產品類型列出做市收入。

			三個月 截至9月									九個月 截至9月
百萬美元			2024						2023						2024						2023
利率			$	4,527					$	(861)					$	4,869					$	713
信用			116						511						1,877						1,160
貨幣			(2,380)						2,850						1,280						4,946
股票			1,639						2,029						5,053						6,008
商品			103						429						1,143						1,915
總			$	4,005					$	4,958					$	14,222					$	14,742

在上表中：

•損益包括已實現損益和未實現損益。損益不包括相關利息收入和利息支出。有關利息收入和利息支出的詳細信息，請參閱附註23。

•包括在做市交易中的收益/(損失)主要與公司的交易資產和負債有關，包括衍生和非衍生金融工具。

•收益/(損失)不代表公司管理其業務活動的方式，因爲公司的許多做市和客戶便利戰略利用各種產品類型的金融工具。因此，一種產品類型的收益或虧損往往抵消了其他產品類型的收益或虧損。例如，該公司所有產品類型的大多數較長期衍生品對利率的變化都很敏感，可能會通過利率掉期在經濟上進行對沖。同樣，該公司各種產品類型的現金工具和衍生品交易的很大一部分都有外幣敞口，可能在經濟上通過外幣合同進行對沖。

說明7.

衍生工具和套期保值活動

衍生活動

衍生品是從標的資產價格、指數、參考利率和其他投入，或這些因素的組合中獲得價值的工具。衍生品可以在交易所(交易所交易)交易，也可以是私下協商的合約，通常被稱爲場外衍生品。該公司的某些場外衍生品是通過中央清算對手(場外清算)進行清算和結算的，而其他一些是兩個交易對手(雙邊場外交易)之間的雙邊合同。

做市商。作爲做市商，公司進行衍生產品交易，爲客戶提供流動資金，並促進客戶風險的轉移和對沖。在這一角色中，公司通常充當委託人，並被要求投入資本提供執行，並維持做市頭寸，以響應或預期客戶的需求。

風險管理。該公司還參與衍生品交易，以積極管理其做市和投融資活動所產生的風險敞口。在許多情況下，該公司的持有量和風險敞口是在投資組合或特定風險的基礎上進行對沖的，而不是逐個工具。這種經濟對沖的抵消影響反映在與相關收入相同的業務部門中。此外，根據美國公認會計准則，該公司可能會進入被指定爲對沖的衍生品。這些衍生品被用來管理某些固定利率無擔保借款和存款以及某些歸類爲可供出售的美國和非美國政府證券的利率風險、某些可供出售證券的外匯風險以及對某些非美國業務的淨投資。

該公司進行各種類型的衍生品交易，包括：

•期貨和遠期合約。承諾交易對手將來購買或出售金融工具、商品或貨幣的合同。

•互換。要求交易對手交換現金流的合同，如貨幣或利息支付流。交換的金額是基於合同的具體條款，涉及特定的利率、金融工具、商品、貨幣或指數。

•選項。期權購買者有權但沒有義務在規定的時間內以規定的價格向期權持有人購買或出售金融工具、商品或貨幣的合同。

當根據可強制執行的淨額結算協議(交易對手淨額結算)存在法定抵銷權時，衍生品按交易對手淨額(即特定交易對手的衍生產品資產和負債的應付或應收淨額)進行報告。衍生工具按公允價值入賬，扣除根據可強制執行的信貸支持協議(現金抵押品淨額結算)收到或過帳的現金抵押品。衍生資產包括在交易資產和衍生品負債包括在貿易負債. 已實現和未實現損益未被指定爲套期保值的衍生工具包括於做市交易(包括固定收益、貨幣及商品(FICC)及環球銀行及市場內的股票的衍生工具)，以及其他主要交易(包括投資銀行手續費及環球銀行及市場內的其他衍生工具，以及資產及财富管理的衍生工具)。在截至2024年9月和2023年9月的三個月和九個月中的每個月，該公司的幾乎所有衍生品都被納入Global Banking&Markets。

33						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

下表按主要產品類型列出了衍生品合同的公允價值總額和名義金額、合併資產負債表中淨結算的交易對手和現金抵押品金額，以及根據不符合美國公認會計原則下淨結算標準的可執行信用支持協議已寄出和收到的現金和證券抵押品。

			截至日期的公允價值
			2024年9月									2023年12月
百萬美元			衍生物 資產			衍生物 負債						衍生物 資產			衍生物 負債
不計入對沖
上市交易			$	4,287		$	585					$	3,401		$	1,129
OTC許可			1,169			1,053						67,815			64,490
雙邊OTC			159,319			128,253						171,109			149,444
總利率			164,775			129,891						242,325			215,063
OTC許可			2,495			2,607						1,271			1,533
雙邊OTC			10,459			9,155						11,554			8,601
信貸總額			12,954			11,762						12,825			10,134
上市交易			147			36						708			15
OTC許可			559			721						1,033			1,632
雙邊OTC			82,713			88,634						88,158			95,742
貨幣總數			83,419			89,391						89,899			97,389
上市交易			8,972			9,269						5,468			5,998
OTC許可			490			536						635			711
雙邊OTC			8,011			9,038						10,739			11,234
商品總數			17,473			18,843						16,842			17,943
上市交易			58,373			80,366						31,315			39,247
OTC許可			65			135						122			171
雙邊OTC			35,310			52,099						28,601			40,696
所有股票的			93,748			132,600						60,038			80,114
小計			372,369			382,487						421,929			420,643
計入對沖
雙邊OTC			276			7						298			9
總利率			276			7						298			9
OTC許可			14			19						–			7
雙邊OTC			23			292						5			208
貨幣總數			37			311						5			215
小計			313			318						303			224
公允價值總額			$	372,682		$	382,805					$	422,232		$	420,867
合併資產負債表中的抵消
上市交易			$	(64,017)		$	(64,017)					$	(32,722)		$	(32,722)
OTC許可			(4,366)			(4,366)						(67,272)			(67,272)
雙邊OTC			(211,199)			(211,199)						(221,395)			(221,395)
交易對手淨結算			(279,582)			(279,582)						(321,389)			(321,389)
OTC許可			(7)			(217)						(1,335)			(486)
雙邊OTC			(43,770)			(36,310)						(48,388)			(42,238)
現金抵押品淨額結算			(43,777)			(36,527)						(49,723)			(42,724)
抵消總額			$	(323,359)		$	(316,109)					$	(371,112)		$	(364,113)
包括在合併資產負債表中
上市交易			$	7,762		$	26,239					$	8,170		$	13,667
OTC許可			419			488						2,269			786
雙邊OTC			41,142			39,969						40,681			42,301
總			$	49,323		$	66,696					$	51,120		$	56,754
未在合併資產負債表中抵消
現金抵押品			$	(566)		$	(1,328)					$	(877)		$	(2,732)
證券抵押品			(14,746)			(9,010)						(13,425)			(6,516)
總			$	34,011		$	56,358					$	36,818		$	47,506

			截至日期的名義金額
			九月			十二月
百萬美元			2024			2023
不計入對沖
上市交易			$	3,063,477		$	3,854,689
OTC許可			16,243,462			16,007,915
雙邊OTC			11,819,755			12,390,595
總利率			31,126,694			32,253,199
上市交易			455			299
OTC許可			770,983			498,720
雙邊OTC			741,550			619,975
信貸總額			1,512,988			1,118,994
上市交易			11,054			11,586
OTC許可			388,404			268,293
雙邊OTC			6,748,886			6,363,700
貨幣總數			7,148,344			6,643,579
上市交易			399,347			306,787
OTC許可			3,228			3,323
雙邊OTC			187,958			199,270
商品總數			590,533			509,380
上市交易			2,114,606			1,564,341
OTC許可			1,463			1,487
雙邊OTC			1,351,531			1,204,140
所有股票的			3,467,600			2,769,968
小計			43,846,159			43,295,120
計入對沖
OTC許可			255,383			241,160
雙邊OTC			2,414			2,914
總利率			257,797			244,074
OTC許可			5,184			1,227
雙邊OTC			11,334			9,130
貨幣總數			16,518			10,357
小計			274,315			254,431
名義金額總額			$	44,120,474		$	43,549,551

上表中：

•總公允價值不包括交易對手淨結算和抵押品的影響，因此不代表公司的風險敞口。

•如果公司已根據信用支持協議收到或張貼抵押品，但尚未確定此類協議是否可執行，則相關抵押品尚未被扣除。

•名義金額代表長期和短期衍生品合約總額的總和，提供了公司衍生品活動量的指示，並不代表預期損失。

•衍生品的公允價值總額包括 $8.83 億 截至2024年9月和美元8.98 截至2023年12月，a發送 衍生負債美元12.50 截至2024年9月，億美元16.03 截至2023年12月，該等資產不受可執行的淨額結算協議的約束，或受公司尚未確定可執行的淨額結算協議的約束。

高盛2024年9月10-Q表格						34

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

•2024年第二季度，根據歐洲、中東和非洲清算組織的規則，該公司選擇每天與該清算組織結算交易。反映與該清算組織的交易結算後的影響將是衍生資產總額減少美元64.19 億美元，衍生負債總額減少美元62.86 截至2023年12月，交易對手和現金抵押品淨額結算相應減少，對合並資產負債表沒有影響。

場外衍生品

下表按期限和主要產品類型列出了場外衍生品資產和負債。

百萬美元			小於 1年			1 - 5 年			超過5年			總
截至2024年9月
資產
利率			$	5,168		$	11,546		$	47,558		$	64,272
信用			1,589			2,532			2,266			6,387
貨幣			9,725			8,067			4,708			22,500
商品			1,681			2,322			1,054			5,057
股票			8,797			2,928			1,490			13,215
對手方以男高音結算			(3,134)			(2,452)			(3,230)			(8,816)
小計			$	23,826		$	24,943		$	53,846		$	102,615
跨期限交易對手淨結算												(17,277)
現金抵押品淨額結算												(43,777)
場外衍生品資產總額												$	41,561
負債
利率			$	6,391		$	10,876		$	15,548		$	32,815
信用			1,235			2,700			1,263			5,198
貨幣			15,063			7,163			6,630			28,856
商品			1,645			3,017			1,468			6,130
股票			12,468			14,101			3,509			30,078
對手方以男高音結算			(3,134)			(2,452)			(3,230)			(8,816)
小計			$	33,668		$	35,405		$	25,188		$	94,261
跨期限交易對手淨結算												(17,277)
現金抵押品淨額結算												(36,527)
場外衍生品負債總額												$	40,457
截至2023年12月
資產
利率			$	9,511		$	12,178		$	49,045		$	70,734
信用			1,814			3,283			1,961			7,058
貨幣			9,117			7,579			5,479			22,175
商品			2,993			2,574			1,451			7,018
股票			6,625			3,155			1,655			11,435
對手方以男高音結算			(3,046)			(2,765)			(3,648)			(9,459)
小計			$	27,014		$	26,004		$	55,943		$	108,961
跨期限交易對手淨結算												(16,288)
現金抵押品淨額結算												(49,723)
場外衍生品資產總額												$	42,950
負債
利率			$	11,952		$	15,972		$	17,540		$	45,464
信用			792			2,508			1,067			4,367
貨幣			15,335			7,934			7,299			30,568
商品			2,526			3,643			1,419			7,588
股票			10,183			10,048			3,340			23,571
對手方以男高音結算			(3,046)			(2,765)			(3,648)			(9,459)
小計			$	37,742		$	37,340		$	27,017		$	102,099
跨期限交易對手淨結算												(16,288)
現金抵押品淨額結算												(42,724)
場外衍生品負債總額												$	43,087

在上表中：

•期限基於幾乎所有場外衍生品資產和負債的剩餘合同期限。

•相同產品類型和主旨類別內的交易對手淨結算包括在該產品類型和主旨類別內。

•同一基調類別內所有產品類型的交易對手淨額結算包括在基期內的交易對手淨額結算中。如果交易對手淨額結算是跨男高音類別的，則該淨額結算包括在跨男高音交易對手淨額結算中。

有關公司公允價值計量政策、估值技術和用於確定衍生品公允價值的重要投入的概述，請參閱附註4；有關公允價值層次內衍生品的信息，請參閱附註5。

信用衍生品

該公司參與了廣泛的信用衍生品交易，以促進客戶交易，並管理與做市和投資融資活動相關的信用風險。信用衍生品是根據公司的淨風險頭寸積極管理的。信用衍生品通常是單獨協商的合同，可以有各種結算和支付約定。信用事件包括無法支付、破產、債務加速、重組、否認和參考實體的解散。

該公司簽訂了以下類型的信用衍生品：

•信用違約互換。單一名稱信用違約互換保護買方免受一種或多種債券、貸款或抵押貸款(參考債務)本金的損失，因爲參考債務的發行人發生了信用事件。保護買方向賣方支付初始保險費或定期保險費，並在合同期內獲得保護。如果不存在合同規定的信用事件，則保護賣方不向買方付款。如果發生信用事件，要求保護賣方向買方支付按照合同條款計算的款項。

•信貸選項。在信用期權中，期權持有人承擔以特定價格或信用價差購買或出售參考債券的義務。期權購買者購買權利，但不承擔將參考債務出售給期權持有人或從期權持有人手中購買的義務。信用期權的付款取決於特定的信用價差或參考債券的價格。

35						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

•信用指數、籃子和部分。信用衍生品可能會參考一籃子單一名稱的信用違約互換(CDS)或一個基礎廣泛的指數。如果信用事件發生在基礎參考義務之一，則保護賣方向保護買方付款。這筆款項通常是根據基礎違約參考債務按比例計算的交易總名義金額的一部分。在某些交易中，一個籃子或指數的信用風險被分成不同的部分(部分)，每個部分都有不同的從屬級別。最初級的部分涵蓋初始違約，一旦損失超過這些初級部分的名義金額，任何額外的損失都將由下一個最高級的部分彌補。

•總回報掉期。總回報掉期將與參照義務的經濟履行有關的風險從保護買方轉移到保護賣方。通常，保護買方獲得浮動利率和不受參考債務公允價值任何減少的保護，而保護賣方獲得與參考債務相關的現金流，外加參考債務公允價值的任何增加。

該公司在經濟上對其書面信用衍生品的敞口進行了對沖，主要是通過簽訂具有相同基礎價值的抵銷購買的信用衍生品。該公司購買的幾乎所有信用衍生品交易都是與金融機構進行的，並受到嚴格的抵押品門檻的限制。此外，在發生特定觸發事件時，公司可接管作爲特定書面信用衍生工具基礎的參考債務，因此，在參考債務清算時，在違約的情況下，可收回參考債務的金額。

下表提供了有關信用衍生品的信息。

			承銷債券的信用利差(點子)
百萬美元			0 - 250			251 -  500			501 -  1,000			更大 比  1,000			總
截至2024年9月
按期限劃分的書面信用衍生工具的最高支付金額/名義金額
少於1年			$	186,245		$	20,125		$	623		$	3,978		$	210,971
1-5年			370,471			19,922			5,596			7,210			403,199
超過5年			99,198			6,126			1,965			861			108,150
總			$	655,914		$	46,173		$	8,184		$	12,049		$	722,320
購買信用衍生工具的最高支付金額/名義金額
偏移			$	551,433		$	21,266		$	7,587		$	8,616		$	588,902
其他			182,425			15,149			2,424			1,768			201,766
總			$	733,858		$	36,415		$	10,011		$	10,384		$	790,668
書面信用衍生品的公允價值
資產			$	7,291		$	832		$	43		$	333		$	8,499
負債			846			774			274			1,026			2,920
淨資產/（負債）			$	6,445		$	58		$	(231)		$	(693)		$	5,579
截至2023年12月
按期限列出的書面信用衍生品的最高支付/名義金額
少於1年			$	126,667		$	12,594		$	892		$	3,611		$	143,764
1 - 5年			324,577			11,371			5,613			5,802			347,363
超過5年			30,406			1,316			671			249			32,642
總			$	481,650		$	25,281		$	7,176		$	9,662		$	523,769
購買信用衍生品的最高支付/名義金額
抵消			$	396,984		$	11,857		$	6,241		$	8,246		$	423,328
其他			155,468			12,862			1,948			1,619			171,897
總			$	552,452		$	24,719		$	8,189		$	9,865		$	595,225
書面信用衍生品的公允價值
資產			$	11,147		$	654		$	221		$	165		$	12,187
負債			1,723			47			201			1,034			3,005
淨資產/（負債）			$	9,424		$	607		$	20		$	(869)		$	9,182

在上表中：

•公允價值不包括根據可強制執行的淨額結算協議對應收賬款餘額和應付餘額進行淨額計算的影響，以及根據可強制執行的信貸支持協議對收到或過帳的現金進行淨額計算的影響，因此不能代表公司的信用風險。

•期限以基本上所有書面信用衍生品的剩餘合同到期日爲基礎。

•承銷商的信用價差，連同合同的期限，都是付款/履約風險的指標。在信用利差和期限較低的地方，公司不太可能支付或以其他方式被要求履行義務。

•抵銷購買的信用衍生品代表購買的信用衍生品的名義金額，這些信用衍生品在經濟上對沖具有相同基礎的書面信用衍生品。

•其他購買的信用衍生品代表不包括在抵銷中的所有其他購買的信用衍生品的名義金額。

•書面和購買的信用衍生品主要包括信用違約互換。

高盛2024年9月10-Q表格						36

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

信貸和融資利差對衍生品的影響

該公司在其衍生品合同上實現了收益或損失。該等損益包括與無抵押衍生工具資產及負債有關的信貸估值調整(CVA)，即可歸因於信貸風險、交易對手信貸利差、負債融資利差(包括公司本身的信貸)、違約概率及假設收回的影響而產生的損益(包括對沖)。這些收益或虧損還包括與非抵押衍生資產相關的融資估值調整(FVA)，即可歸因於預期融資風險和融資利差變化的影響的收益或虧損(包括對沖)。

下表列出了有關CVA和FVA的信息。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
套期保值淨值			$	40		$	101					$	67		$	(72)
套期保值淨值			5			(53)						124			22
總			$	45		$	48					$	191		$	(50)

分叉嵌入導數

下表列出了從相關借款中分離出來的衍生工具的公允價值和名義金額。

			自.起
			九月			十二月
百萬美元			2024			2023
資產公允價值			$	536		$	450
負債公允價值			(273)			(307)
淨資產/（負債）			$	263		$	143
名義金額			$	8,091		$	8,082

在上表中，從相關借款中分離出來的衍生工具按公允價值入賬，主要包括利率、股票和大宗商品產品。這些衍生品包括在無擔保短期和長期借款以及其他擔保融資中，以及相關借款。

具有信用相關或有特徵的衍生品

該公司的某些衍生品是根據與交易對手的雙邊協議進行交易的，交易對手可能會要求該公司提供抵押品，或者根據該公司信用評級的變化終止交易。該公司通過確定在所有評級機構下調評級的情況下將發生的抵押品或終止付款來評估這些雙邊協議的影響。任何一家評級機構的降級，取決於該機構在降級時對該公司的相對評級，其影響可能與所有評級機構降級的影響相當。

下表列出了雙邊協議下的衍生負債淨額(不包括已公佈的抵押品)、已公佈抵押品的公允價值以及在公司信用評級下調一至兩級時交易對手可能要求支付的額外抵押品或終止付款。

			自.起
			九月			十二月
百萬美元			2024			2023
雙邊協定項下的衍生負債淨額			$	30,188		$	30,021
已過帳抵押品			$	19,767		$	20,758
額外抵押品或終止付款：
降級一檔			$	276		$	271
降級兩級			$	1,770		$	1,584

套期保值會計

該公司對(I)用於管理某些固定利率無擔保長期和短期借款、某些固定利率存單和某些歸類爲可供出售的美國和非美國政府證券的利率風險的利率掉期，(Ii)用於管理某些歸類爲可供出售的證券的外匯風險的外幣遠期合約，以及(Iii)用於管理公司在某些非美國業務的淨投資的外匯風險的外幣遠期合約和外幣計價債務，採用對沖會計。

要符合對沖會計的資格，對沖工具必須在降低被對沖敞口的風險方面高度有效。此外，公司必須在開始時正式記錄套期保值關係，並至少每季度評估一次套期保值關係，以確保套期保值工具在套期保值關係的有效期內繼續保持高度有效。

公允價值對沖

該公司將利率掉期指定爲某些固定利率無擔保長期和短期債務和固定利率存單以及某些歸類爲可供出售的美國和非美國政府證券的公允價值對沖。這些利率互換可對沖可歸因於指定基準利率(例如有擔保隔夜融資利率(SOFR)、隔夜指數掉期利率或英鎊隔夜指數平均利率)的公允價值變動，有效地將這些固定利率金融工具中的相當一部分轉換爲浮動利率金融工具。

在評估這些套期保值關係在實現套期保值工具的公允價值和被套期保值風險(即利率風險)的抵銷變化方面的有效性時，公司採用了一種利用回歸分析的統計方法。當回歸分析的決定係數爲80%或以上且斜率在80%至125%之間時，利率掉期被視爲在抵銷可歸因於對沖風險變化的公允價值變化方面非常有效。

37						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

對於符合條件的利率公允價值對沖，衍生工具的收益或損失計入利息收入/支出。可歸因於被對沖風險的對沖項目的公允價值變動報告爲對其賬面價值的調整(套期調整)，並計入利息收入/支出。當衍生工具不再被指定爲對沖時，套期保值項目的賬面價值與面值之間的任何剩餘差額將按實際利息法在套期保值項目剩餘壽命的利息收入/支出中攤銷。有關利息收入和利息支出的詳細信息，請參閱附註23。

下表列出了計入套期保值的利率衍生品的收益/(虧損)以及相關的套期保值項目。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
投資
利率對沖			$	(744)		$	85					$	(540)		$	266
對沖投資			744			(94)						542			(271)
得/(失)			$	–		$	(9)					$	2		$	(5)
借款和存款
利率對沖			$	4,867		$	(2,735)					$	2,941		$	(2,583)
對沖借款和存款			(4,948)			2,543						(3,208)			2,127
得/(失)			$	(81)		$	(192)					$	(267)		$	(456)

下表載列於利率對沖關係中指定的投資、存款及無抵押借款的賬面價值，以及根據該等賬面價值所包括的當前及先前對沖關係所作的相關累計對沖調整(增加/(減少))。

百萬美元			賬面 價值			累積 對沖 調整
截至2024年9月
資產
投資			$	35,564		$	434
負債
存款			$	2,164		$	(56)
無抵押短期借貸			$	16,522		$	(186)
無抵押長期借貸			$	133,459		$	(7,455)
截至2023年12月
資產
投資			$	16,523		$	(104)
負債
存款			$	3,435		$	(123)
無抵押短期借貸			$	14,449		$	(94)
無抵押長期借貸			$	134,992		$	(10,810)

在上表中：

•累計對沖調整包括美元（6.19截至2024年9月）億美元和美元（5.63截至2023年12月，先前對沖關係的對沖調整已取消指定，且幾乎全部與無擔保長期借款有關。

•投資的攤銷成本爲 $36.19截至2024年9月的10億美元和17.33截至2023年12月，10億美元。

此外，不再在套期關係中指定的項目的累計套期調整爲沒有截至2024年9月和2023年12月的材料。

該公司將外幣遠期合約指定爲對歸類爲可供出售的非美國政府證券的外匯風險進行公允價值對沖。有關此類證券的攤餘成本和公允價值的信息，請參閱附註8。此類對沖的有效性是根據即期匯率的變化進行評估的。套期保值的收益/(損失)(與現貨和遠期點數有關)和相關可供出售證券的匯兌收益/(損失)計入做市活動。套期保值和相關套期可供出售證券的淨收益/(虧損)爲#美元。14百萬美元(反映損失$193與套期保值相關的百萬美元和收益$207截至2024年9月止三個月的相關對沖可供出售證券)及28百萬美元(反映損失$165與套期保值相關的百萬美元和收益$193截至2024年9月止九個月的相關對沖可供出售證券)。總收益和淨收益/(虧損)爲沒有截至2023年9月的三個月和九個月的T材料。

淨投資對沖

該公司尋求通過使用外幣遠期合同和外幣計價債務來減少匯率波動對其在某些非美國業務中的淨投資的影響。對於被指定爲套期保值的外幣遠期合約，根據遠期合約公允價值的總體變化(即基於遠期匯率的變化)來評估對沖的有效性。對於被指定爲對沖的外幣計價債務，對沖的有效性是根據即期匯率的變化進行評估的。對於合格的淨投資套期保值，套期保值工具的所有收益或損失都包括在貨幣換算中。

下表列出了淨投資對沖的收益/(損失)。

			三個月 截至9月									九個月 截至9月
百萬美元			2024			2023						2024			2023
樹籬：
外幣遠期合約			$	(314)		$	112					$	193		$	(25)
外幣計價的債務			$	(1,010)		$	839					$	(41)		$	631

當非美國業務的個別淨投資被出售或大幅清算時，該等淨投資的損益從累計其他全面收益/（虧損）重新分類爲盈利。從累計其他全面收益/（虧損）重新分類至盈利的毛額和淨收益/（虧損）爲 沒有截至2024年9月和2023年9月止的三個月和九個月均不重大。

高盛2024年9月10-Q表格						38

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

該公司已經指定了一筆23.71 截至2024年9月，億美元27.52截至2023年12月的外幣計價債務，包括在無擔保的長期和短期借款中，作爲對非美國子公司淨投資的對沖。

說明8.

投資

投資包括按公允價值記賬的股本、證券和債務工具，通常由公司持有，與其長期投資活動有關。此外，投資包括歸類爲可供出售和持有至到期的債務證券，這些證券通常與公司的資產負債管理活動有關。投資還包括按權益法入賬的權益證券。

下表列出了有關投資的信息。

			自.起
			九月			十二月
百萬美元			2024			2023
股權證券，按公允價值計算			$	13,999		$	13,747
按公允價值計算的債務工具			11,492			12,879
可供出售的證券，按公允價值計算			78,018			49,141
按公允價值計算的投資			103,509			75,767
持有至到期證券			79,309			70,310
權益法投資			842			762
總投資			$	183,660		$	146,839

有關公司公允價值計量政策、估值技術和用於確定投資公允價值的重要投入的概述，請參閱附註4；有關公允價值層次內投資的信息，請參閱附註5。

按公允價值計算的股權證券和債務工具

按公允價值計算的股權證券和債務工具根據公允價值選擇或根據其他美國公認會計原則按公允價值覈算，相關公允價值損益在綜合收益表中確認。

股票證券，按公允價值計算。 按公允價值計算的股權證券包括公司對企業和房地產實體的公開和私募股權投資。

下表按公允價值列出了有關股本證券的信息。

			自.起
			九月			十二月
百萬美元			2024			2023
股權證券，按公允價值計算			$	13,999		$	13,747
權益型
公共股權			9		%	9		%
私募股權			91		%	91		%
總			100		%	100		%
資產類別
企業			74		%	73		%
房地產			26		%	27		%
總			100		%	100		%

在上表中：

•按公允價值計算的股權證券包括根據公允價值選擇權按公允價值覈算的投資，而公司將採用權益會計法計算，價值爲美元5.19 截至2024年9月，億美元5.18 截至2023年12月，億美元。截至2024年9月止三個月，因選擇公允價值選擇權的股本證券公允價值變動而確認的收益/（損失）並不重大，美元（179截至2023年9月的三個月，百萬美元（107截至2024年9月的九個月內）百萬美元和（591）截至2023年9月的九個月內爲百萬。這些收益/（損失）包括在其他主要交易中。

•股權證券，按公允價值計算，包括美元1.03 截至2024年9月，億美元1.27 截至2023年12月，以資產淨值衡量的基金投資爲10億美元。

•截至2024年9月和2023年12月，受合同銷售限制的股票證券均不重大。

債務工具，按公允價值計算。 按公允價值計算的債務工具主要包括夾層債務、優先債務和不良債務。

下表按公允價值列出了有關債務工具的信息。

			自.起
			九月			十二月
百萬美元			2024			2023
公司債務證券			$	7,778		$	8,992
房地產支持的證券			576			689
貨幣市場工具			1,312			1,051
其他			1,826			2,147
總			$	11,492		$	12,879

在上表中：

•貨幣市場工具主要由定期存款組成。

•其他包括美元1.38 截至2024年9月，億美元1.73 截至2023年12月，以資產淨值衡量的信貸基金投資爲10億美元。

39						高盛2024年9月10-Q表格

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

以每股資產淨值計算的基金投資。按公允價值計算的股權證券和債務工具包括按投資基金資產淨值計量的基金投資。在下列情況下，本公司使用淨資產淨值來計量基金投資的公允價值：(I)基金投資沒有易於確定的公允價值，以及(Ii)投資基金的資產淨值是以符合投資公司會計計量原則的方式計算的，包括按公允價值計量投資。

該公司對資產淨值基金的所有投資基本上都包括對公司贊助的私募股權、信貸、房地產和對沖基金的投資，在這些投資中，公司與第三方投資者共同投資。

私募股權基金主要投資於全球範圍廣泛的行業，包括槓桿收購、資本重組、成長型投資和不良投資。信貸基金一般投資於貸款和其他固定收益工具，專注於爲私募股權公司、私人家族企業和企業發行人的槓桿和管理層收購交易、資本重組、融資、再融資、收購和重組提供私人高收益資本。房地產基金在全球範圍內投資，主要投資於房地產公司、貸款組合、債務資本重組和房地產。基本上，所有私募股權、信貸和房地產基金都是封閉式基金，公司在這些基金中的投資通常沒有資格贖回。當標的資產被清算或分配時，將從這些基金獲得分配，這一時間不確定。

該公司還投資於對沖基金，主要是多學科對沖基金，這些基金在各種資產類別和策略上採用基本的自下而上的投資方法。該公司對對沖基金的投資主要包括標的資產缺乏流動性的權益，贖回收益在標的資產清算或分配之前不會收到，贖回的時間尚不確定。

下表列出了以淨資產淨值計算的基金投資的公允價值和相關的無資金承諾。

百萬美元			投資的公允價值			資金不足的承付款
截至2024年9月
私募股權基金			$	662		$	441
信貸資金			1,379			366
對沖基金			30			–
房地產基金			340			88
總			$	2,411		$	895
截至2023年12月
私募股權基金			$	875		$	484
信貸資金			1,733			248
對沖基金			46			–
房地產基金			346			65
總			$	3,000		$	797

可供出售證券

可供出售證券按公允價值覈算，相關未實現公允價值損益計入累計其他全面收益/（損失），除非指定爲公允價值對沖關係。有關在對沖關係中指定的可供出售證券的信息，請參閱注7。

下表按期限列出了有關可供出售證券的信息。

百萬美元			攤銷 成本			公平 價值
截至2024年9月
少於1年			$	9,689		$	9,531
1年至5年			59,168			58,869
5年至10年			4,846			4,819
超過10年			559			551
美國政府債務總額			74,262			73,770
1年至5年			3,540			3,310
5年至10年			1,051			938
非美國政府債務總額			4,591			4,248
可供出售證券總額			$	78,853		$	78,018
截至2023年12月
少於1年			$	20,027		$	19,687
1年至5年			27,592			26,500
5年至10年			586			544
美國政府債務總額			48,205			46,731
少於1年			11			11
1年至5年			1,635			1,420
5年至10年			1,150			979
非美國政府債務總額			2,796			2,410
可供出售證券總額			$	51,001		$	49,141

高盛2024年9月10-Q表格						40

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高盛集團有限公司和子公司

合併財務報表附註

(未經審計)

在上表中：

•可供出售證券的加權平均收益率爲3.29截至2024年9月的百分比以及1.21截至2023年12月。加權平均收益率按稅前基準列示，並按每種證券期末的實際利率計算，按每種證券的公允價值加權計算。實際利率考慮了合同票面利率、溢價攤銷和折扣的增加，並排除了相關對沖的影響。

•計入累計其他綜合收益/(虧損)的未實現收益總額爲#美元。3211000萬美元，計入累計其他綜合收益/(虧損)的未實現虧損總額爲#美元。1.16截至2024年9月，這些虧損主要與一年多來持續未實現虧損的美國政府債務有關。計入累計其他綜合收益/(虧損)的未實現收益總額爲不材料和未實現虧損總額計入累計其他綜合收益/(虧損)爲#美元。1.89截至2023年12月的200億美元，主要與一年多來持續未實現虧損的美國政府債務有關。計入其他綜合收益/(虧損)的未實現淨收益爲#美元。674百萬(美元)504百萬美元)截至2024年9月的三個月，$431百萬(美元)317百萬美元)截至2023年9月的三個月，$1.0310億(美元)766截至2024年9月的九個月的稅後淨額945百萬(美元)720截至2023年9月的9個月)。

•幾乎所有可供出售的證券都被歸類在公允價值等級的第一級。

•如果可供出售證券的公允價值低於攤銷成本，則該證券被視爲減值。如果公司有出售債務證券的意圖，或如果公司更有可能被要求在收回其攤銷成本之前出售債務證券，則證券的攤銷成本(如果有)與公允價值之間的差額被確認爲收益減值損失。在截至2024年9月或2023年9月的三個月或九個月內，該公司沒有記錄任何此類減值損失。對公司有意圖和能力持有的減值可供出售債務證券進行審查，以確定是否應該計入信貸損失準備金。該公司在確定這一決定時考慮了各種因素，包括市場狀況、發行人信用評級的變化以及未實現虧損的嚴重性。在截至2024年9月或2023年9月的三個月或九個月內，該公司沒有記錄任何此類證券的信貸損失準備金。

下表列出了與可供出售證券相關的現金流入/（流出）。

									九個月 截至9月
百萬美元												2024			2023
購買												$	(52,927)		$	(4,783)
銷售收入												$	13,387		$	3,161
到期收益												$	12,784		$	2,355

該公司出售了價值美元的可供出售證券5.70 截至2024年9月的三個月內爲10億美元和美元540 截至2023年9月的三個月內爲百萬美元，而截至2024年9月和2023年9月的三個月和九個月內，與出售可供出售證券相關的已實現收益總額和已實現虧損總額並不重大。特定識別方法用於確定可供出售證券的已實現收益。

持有至到期證券

持有至到期證券按攤銷成本覈算。

下表按類型和期限列出了有關持有至到期證券的信息。

百萬美元			攤銷 成本			公平 值
截至2024年9月
少於1年			$	14,433		$	14,367
1年至5年			44,675			44,905
5年至10年			219			223
政府義務總額			59,327			59,495
超過10年			19,763			20,011
美國機構義務總額			19,763			20,011
1年至5年			2			2
超過10年			217			218
房地產支持的證券總數			219			220
持有至到期證券總額			$	79,309		$	79,726
截至2023年12月
少於1年			$	13,475		$	13,382
1年至5年			54,789			54,352
5年至10年			1,848			1,861
政府債務總額			70,112			69,595
1年至5年			3			2
超過10年			195			195
房地產支持的證券總數			198			197
持有至到期證券總額			$	70,310		$	69,792

在上表中：

•幾乎所有政府義務都由美國政府義務組成。

•美國機構義務包括美國機構發行的抵押貸款支持證券。

•幾乎所有房地產支持的證券都由住宅房地產支持的證券組成。

41						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

•The weighted average yield for held-to-maturity securities was 4.06% as of September 2024 and 3.47% as of December 2023. The weighted average yield is presented on a pre-tax basis and computed using the effective interest rate of each security at the end of the period, weighted based on the amortized cost of each security. The effective interest rate considers the contractual coupon and the amortization of premiums and accretion of discounts.

•The gross unrealized gains were $792 million as of September 2024 and $383 million as of December 2023. The gross unrealized losses were $375 million as of September 2024 and $901 million as of December 2023.

•Held-to-maturity securities are reviewed to determine if an allowance for credit losses should be recorded in the consolidated statements of earnings. The firm considers various factors in such determination, including market conditions, changes in issuer credit ratings, historical credit losses and sovereign guarantees. Provision for credit losses on such securities was not material during either the three or nine months ended September 2024 or September 2023.

The table below presents cash inflows/(outflows) related to held-to-maturity securities.

									Nine Months Ended September
$ in millions												2024			2023
Purchases												$	(20,660)		$	(19,729)
Proceeds from paydowns and maturities												$	12,598		$	3,646

Note 9.

Loans

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

The table below presents information about loans.

$ in millions			Amortized Cost			Fair Value			Held For Sale			Total
As of September 2024
Loan Type
Corporate			$	31,616		$	462		$	741		$	32,819
Commercial real estate			27,952			414			47			28,413
Residential real estate			21,326			3,692			–			25,018
Securities-based			16,014			–			–			16,014
Other collateralized			71,029			1,206			461			72,696
Consumer:
Installment			–			–			196			196
Credit cards			18,165			–			1,743			19,908
Other			1,290			65			82			1,437
Total loans, gross			187,392			5,839			3,270			196,501
Allowance for loan losses			(4,752)			–			–			(4,752)
Total loans			$	182,640		$	5,839		$	3,270		$	191,749
As of December 2023
Loan Type
Corporate			$	33,866		$	759		$	1,249		$	35,874
Commercial real estate			25,025			563			440			26,028
Residential real estate			21,243			4,145			–			25,388
Securities-based			14,621			–			–			14,621
Other collateralized			61,105			911			209			62,225
Consumer:
Installment			250			–			3,048			3,298
Credit cards			17,432			–			1,929			19,361
Other			1,333			128			152			1,613
Total loans, gross			174,875			6,506			7,027			188,408
Allowance for loan losses			(5,050)			–			–			(5,050)
Total loans			$	169,825		$	6,506		$	7,027		$	183,358

In the table above:

•Loans held for investment that are accounted for at amortized cost include net deferred fees and costs, and unamortized premiums and discounts, which are amortized over the life of the loan. These amounts were less than 1% of loans accounted for at amortized cost as of both September 2024 and December 2023.

•Substantially all loans had floating interest rates as of both September 2024 and December 2023.

•During the third quarter of 2024, the firm transferred the seller financing loan portfolio (included in installment loans) to held for sale. The net carrying value of such loans at the time of transfer was not material. During the fourth quarter of 2024, the firm entered into an agreement to sell this portfolio and the sale is expected to be completed in the fourth quarter of 2024.

•During 2023, the firm sold $3.24 billion of the Marcus loan portfolio (included in installment loans).

•During 2023, the firm sold approximately $4.0 billion of the GreenSky loan portfolio (included in installment loans) and during the first quarter of 2024, sold the remaining GreenSky loan portfolio of $3.69 billion.

Goldman Sachs September 2024 Form 10-Q						42

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

•During 2023, the firm transferred approximately $2.0 billion of the GM co-branded credit card portfolio to held for sale. During the fourth quarter of 2024, we entered into an agreement to transition the GM credit card program to another issuer. The transition is expected to be completed in the third quarter of 2025.

•During 2023, the firm purchased a portfolio of approximately $15.0 billion of private equity capital call credit facilities (including approximately $9.0 billion of funded loans) from the FDIC’s auction of Signature Bank’s loans.

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

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

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

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

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

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

•Installment. Installment loans are unsecured loans that were originated by the firm.

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

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

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

Credit Quality

Risk Assessment. The firm’s risk assessment process includes evaluating the credit quality of its loans by the firm’s independent risk oversight and control function. For corporate loans and a majority of securities-based, real estate, other collateralized and other loans, the firm performs credit analyses which incorporate initial and ongoing evaluations of the capacity and willingness of a borrower to meet its financial obligations. These credit evaluations are performed on an annual basis or more frequently if deemed necessary as a result of events or changes in circumstances. The firm determines an internal credit rating for the borrower by considering the results of the credit evaluations and assumptions with respect to the nature of and outlook for the borrower’s industry and the economic environment. For collateralized loans, the firm also takes into consideration collateral received or other credit support arrangements when determining an internal credit rating. For consumer loans and for loans that are not assigned an internal credit rating, including U.S. residential mortgage loans extended to wealth management clients, the firm reviews certain key metrics, including, but not limited to, the Fair Isaac Corporation (FICO) credit scores, loan to value ratios, delinquency status, collateral value and other risk factors.

43						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

$ in millions			Investment-Grade			Non-Investment- Grade			Other Metrics/Unrated			Total
As of September 2024
Accounting Method
Amortized cost			$	106,876		$	49,575		$	30,941		$	187,392
Fair value			919			860			4,060			5,839
Held for sale			487			646			2,137			3,270
Total			$	108,282		$	51,081		$	37,138		$	196,501
Loan Type
Corporate			$	9,213		$	23,485		$	121		$	32,819
Real estate:
Commercial			14,778			13,483			152			28,413
Residential			9,453			3,515			12,050			25,018
Securities-based			12,239			262			3,513			16,014
Other collateralized			61,435			10,189			1,072			72,696
Consumer:
Installment			–			–			196			196
Credit cards			–			–			19,908			19,908
Other			1,164			147			126			1,437
Total			$	108,282		$	51,081		$	37,138		$	196,501
Secured			92		%	89		%	45		%	82		%
Unsecured			8		%	11		%	55		%	18		%
Total			100		%	100		%	100		%	100		%
As of December 2023
Accounting Method
Amortized cost			$	91,324		$	54,200		$	29,351		$	174,875
Fair value			1,212			1,213			4,081			6,506
Held for sale			255			1,628			5,144			7,027
Total			$	92,791		$	57,041		$	38,576		$	188,408
Loan Type
Corporate			$	9,408		$	26,328		$	138		$	35,874
Real estate:
Commercial			12,097			13,574			357			26,028
Residential			10,771			3,217			11,400			25,388
Securities-based			10,991			561			3,069			14,621
Other collateralized			48,536			13,207			482			62,225
Consumer:
Installment			–			–			3,298			3,298
Credit cards			–			–			19,361			19,361
Other			988			154			471			1,613
Total			$	92,791		$	57,041		$	38,576		$	188,408
Secured			91		%	92		%	40		%	81		%
Unsecured			9		%	8		%	60		%	19		%
Total			100		%	100		%	100		%	100		%

In the table above:

•Substantially all residential real estate loans included in the other metrics/unrated category consists of loans extended to wealth management clients. As of both September 2024 and December 2023, substantially all of such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both September 2024 and December 2023, the vast majority of such loans had a FICO credit score of greater than 740.

•The vast majority of securities-based loans included in the other metrics/unrated category had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms as of both September 2024 and December 2023.

•For installment and credit card loans included in the other metrics/unrated category, the evaluation of credit quality incorporates the borrower’s FICO credit score. FICO credit scores are periodically refreshed by the firm to assess the updated creditworthiness of the borrower. See “Vintage” below for information about installment and credit card loans by FICO credit scores.

The firm also assigns a regulatory risk rating to its loans based on the definitions provided by the U.S. federal bank regulatory agencies. Total loans included 93% of loans as of September 2024 and 92% of loans as of December 2023 that were rated pass/non-criticized.

Goldman Sachs September 2024 Form 10-Q						44

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

			As of September 2024
$ in millions			Investment-  Grade			Non-Investment-  Grade			Other Metrics/  Unrated			Total
2024			$	1,243		$	2,672		$	1		$	3,916
2023			1,555			1,599			–			3,154
2022			1,035			2,150			–			3,185
2021			320			2,728			–			3,048
2020			113			1,391			–			1,504
2019 or earlier			392			2,715			40			3,147
Revolving			4,432			9,154			1			13,587
Revolving converted to term			–			75			–			75
Corporate			9,090			22,484			42			31,616
2024			1,627			2,005			35			3,667
2023			1,005			1,437			–			2,442
2022			1,029			2,019			60			3,108
2021			664			2,407			–			3,071
2020			264			800			–			1,064
2019 or earlier			1,022			903			–			1,925
Revolving			8,697			3,557			5			12,259
Revolving converted to term			187			229			–			416
Commercial real estate			14,495			13,357			100			27,952
2024			294			–			1,209			1,503
2023			330			11			1,467			1,808
2022			93			51			2,570			2,714
2021			23			130			2,633			2,786
2020			–			23			41			64
2019 or earlier			–			30			305			335
Revolving			8,713			3,268			135			12,116
Residential real estate			9,453			3,513			8,360			21,326
2024			1,483			–			66			1,549
2023			39			–			–			39
2022			5			–			–			5
2019 or earlier			–			22			–			22
Revolving			10,712			240			3,447			14,399
Securities-based			12,239			262			3,513			16,014
2024			3,256			2,710			152			6,118
2023			4,879			1,332			148			6,359
2022			973			144			47			1,164
2021			1,213			611			78			1,902
2020			887			586			27			1,500
2019 or earlier			411			26			27			464
Revolving			47,787			4,307			259			52,353
Revolving converted to term			1,070			99			–			1,169
Other collateralized			60,476			9,815			738			71,029
2024			64			26			–			90
2023			100			8			–			108
2022			57			8			–			65
2021			6			–			23			29
2020			–			3			–			3
Revolving			896			99			–			995
Other			1,123			144			23			1,290
Total			$	106,876		$	49,575		$	12,776		$	169,227
Percentage of total			63		%	29		%	8		%	100		%

			As of December 2023
$ in millions			Investment-  Grade			Non-Investment-  Grade			Other Metrics/  Unrated			Total
2023			$	2,475		$	1,912		$	16		$	4,403
2022			1,223			3,284			–			4,507
2021			848			4,045			–			4,893
2020			306			2,098			–			2,404
2019			45			1,909			–			1,954
2018 or earlier			371			2,102			–			2,473
Revolving			3,857			9,355			20			13,232
Corporate			9,125			24,705			36			33,866
2023			553			1,547			38			2,138
2022			1,251			2,838			–			4,089
2021			1,134			2,661			–			3,795
2020			271			1,234			–			1,505
2019			430			631			–			1,061
2018 or earlier			832			744			–			1,576
Revolving			7,129			3,192			309			10,630
Revolving converted to term			231			–			–			231
Commercial real estate			11,831			12,847			347			25,025
2023			619			54			1,627			2,300
2022			108			41			2,687			2,836
2021			22			249			2,724			2,995
2020			3			23			81			107
2019			6			–			89			95
2018 or earlier			–			20			254			274
Revolving			9,813			2,823			–			12,636
Residential real estate			10,571			3,210			7,462			21,243
2023			8			–			–			8
2022			5			–			–			5
2018 or earlier			–			303			–			303
Revolving			10,978			258			3,069			14,305
Securities-based			10,991			561			3,069			14,621
2023			5,412			2,767			245			8,424
2022			1,940			293			69			2,302
2021			1,883			845			102			2,830
2020			1,256			469			32			1,757
2019			177			74			9			260
2018 or earlier			436			66			21			523
Revolving			35,605			8,242			1			43,848
Revolving converted to term			1,161			–			–			1,161
Other collateralized			47,870			12,756			479			61,105
2023			60			21			–			81
2022			67			9			–			76
2021			6			8			51			65
2020			–			3			218			221
2019			–			–			4			4
2018 or earlier			–			–			3			3
Revolving			803			80			–			883
Other			936			121			276			1,333
Total			$	91,324		$	54,200		$	11,669		$	157,193
Percentage of total			58		%	35		%	7		%	100		%

45						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents gross installment loans accounted for at amortized cost by refreshed FICO credit scores and origination year and gross credit card loans by refreshed FICO credit scores.

$ in millions			Greater than or  equal to 660			Less than 660			Total
As of September 2024
Credit cards			$	11,886		$	6,279		$	18,165
Percentage			65		%	35		%	100		%
As of December 2023
2023			$	79		$	10		$	89
2022			132			18			150
2021 or earlier			11			–			11
Installment			222			28			250
Credit cards			11,119			6,313			17,432
Total			$	11,341		$	6,341		$	17,682
Percentage of total:
Installment			89		%	11		%	100		%
Credit cards			64		%	36		%	100		%
Total			64		%	36		%	100		%

In the table above, credit card loans consist of revolving lines of credit.

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

$ in millions			Carrying  Value			Americas			EMEA			Asia			Total
As of September 2024
Corporate			$	32,819		66		%	26		%	8		%	100		%
Commercial real estate			28,413			78		%	19		%	3		%	100		%
Residential real estate			25,018			95		%	4		%	1		%	100		%
Securities-based			16,014			75		%	25		%	–			100		%
Other collateralized			72,696			84		%	15		%	1		%	100		%
Consumer:
Installment			196			100		%	–			–			100		%
Credit cards			19,908			100		%	–			–			100		%
Other			1,437			96		%	4		%	–			100		%
Total			$	196,501		83		%	15		%	2		%	100		%
As of December 2023
Corporate			$	35,874		63		%	29		%	8		%	100		%
Commercial real estate			26,028			80		%	17		%	3		%	100		%
Residential real estate			25,388			95		%	4		%	1		%	100		%
Securities-based			14,621			79		%	20		%	1		%	100		%
Other collateralized			62,225			89		%	10		%	1		%	100		%
Consumer:
Installment			3,298			100		%	–			–			100		%
Credit cards			19,361			100		%	–			–			100		%
Other			1,613			97		%	3		%	–			100		%
Total			$	188,408		84		%	13		%	3		%	100		%

In the table above:

•EMEA represents Europe, Middle East and Africa.

•The top five industry concentrations for corporate loans as of September 2024 were 23% for technology, media & telecommunications, 18% for diversified industrials, 14% for real estate, 10% for consumer & retail and 9% for healthcare.

•The top five industry concentrations for corporate loans as of December 2023 were 25% for technology, media & telecommunications, 17% for diversified industrials, 13% for real estate, 11% for consumer & retail and 9% for healthcare.

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

The table below presents information about past due loans.

$ in millions			30-89 days			90 days  or more			Total
As of September 2024
Corporate			$	–		$	19		$	19
Commercial real estate			9			455			464
Residential real estate			21			21			42
Securities-based			7			–			7
Other collateralized			–			6			6
Consumer:
Credit cards			441			453			894
Other			–			10			10
Total			$	478		$	964		$	1,442
Total divided by gross loans at amortized cost									0.8		%
As of December 2023
Corporate			$	45		$	73		$	118
Commercial real estate			137			352			489
Residential real estate			12			4			16
Securities-based			2			–			2
Other collateralized			9			7			16
Consumer:
Installment			6			7			13
Credit cards			463			486			949
Other			7			11			18
Total			$	681		$	940		$	1,621
Total divided by gross loans at amortized cost									0.9		%

Goldman Sachs September 2024 Form 10-Q						46

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about nonaccrual loans.

			As of
			September			December
$ in millions			2024			2023
Corporate			$	2,042		$	1,779
Commercial real estate			1,298			1,466
Residential real estate			124			19
Securities-based			49			–
Other collateralized			755			860
Other			13			17
Total			$	4,281		$	4,141
Total divided by gross loans at amortized cost			2.3		%	2.4		%

In the table above:

•Nonaccrual loans included $509 million as of September 2024 and $600 million as of December 2023 of loans that were 30 days or more past due.

•Loans that were 90 days or more past due and still accruing were not material as of both September 2024 and December 2023.

•Allowance for loan losses as a percentage of total nonaccrual loans was 111.0% as of September 2024 and 122.0% as of December 2023.

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

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

The table below presents the carrying value of loans, as of both September 2024 and September 2023, that were modified during each of the three and nine months ended September 2024 and September 2023.

			Three Months									Nine Months
			Ended September									Ended September
$ in millions			2024			2023						2024			2023
Modified loans			$	500		$	172					$	1,115		$	755

In the table above:

•Loan modifications during each of the three and nine months ended September 2024 and September 2023 were primarily in the form of term extensions. These extensions increased the weighted average term by 23 months for loans modified during the three months ended September 2024, by 20 months for loans modified during the three months ended September 2023, by 19 months for loans modified during the nine months ended September 2024 and by 15 months for loans modified during the nine months ended September 2023.

•Substantially all of the modified loans were related to corporate loans, commercial real estate loans and credit cards. Modified loans represented approximately 2% of corporate loans (at amortized cost), and approximately 1% of both commercial real estate (at amortized cost) and credit card loans (at amortized cost).

•Lending commitments related to modified loans were $132 million as of September 2024 and were not material as of September 2023.

•During the nine months ended September 2024, loans that defaulted after being modified were not material. During the nine months ended September 2023, the firm charged off approximately $100 million of loans that had defaulted after being modified. Substantially all of the remaining modified loans were performing in accordance with the modified contractual terms as of both September 2024 and September 2023.

47						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Allowance for Credit Losses

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

To determine the allowance for credit losses, the firm classifies its loans and lending commitments accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which the firm has developed and documented its methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics.

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

The allowance for credit losses 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.

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

The table below presents gross loans and lending commitments accounted for at amortized cost by portfolio.

			As of
			September 2024									December 2023
$ in millions			Loans			Lending  Commitments						Loans			Lending  Commitments
Wholesale
Corporate			$	31,616		$	157,650					$	33,866		$	141,976
Commercial real estate			27,952			3,965						25,025			3,379
Residential real estate			21,326			2,182						21,243			1,431
Securities-based			16,014			1,535						14,621			691
Other collateralized			71,029			29,692						61,105			23,020
Other			1,290			775						1,333			888
Consumer
Installment			–			–						250			1
Credit cards			18,165			63,104						17,432			56,479
Total			$	187,392		$	258,903					$	174,875		$	227,865

In the table above, wholesale loans included $4.28 billion as of September 2024 and $4.14 billion as of December 2023 of nonaccrual loans for which the allowance for credit losses was measured on an asset-specific basis. The allowance for credit losses on these loans was $842 million as of September 2024 and $778 million as of December 2023. These loans included $794 million as of September 2024 and $625 million as of December 2023 of loans which did not require a reserve as the loan was deemed to be recoverable.

See Note 18 for further information about lending commitments.

Goldman Sachs September 2024 Form 10-Q						48

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The following is a description of the methodology used to calculate the allowance for credit losses:

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

The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective rate, the observable market price of the loan, or, in the case of collateral dependent loans, the fair value of the collateral less estimated costs to sell, if applicable. Wholesale loans are charged off against the allowance for loan losses when deemed to be uncollectible.

Consumer. The allowance for credit losses for consumer loans that exhibit similar risk characteristics is calculated using a modeled approach which classifies consumer loans into pools based on borrower-related and exposure-related characteristics that differentiate a pool’s risk characteristics from other pools. The factors considered in determining a pool are generally consistent with the risk characteristics used for internal credit risk measurement and management and include key metrics, such as FICO credit scores, delinquency status, loan vintage and macroeconomic indicators. The most significant inputs to the forecast model for consumer loans include unemployment rates and delinquency rates. The expected life of revolving credit card loans is determined by modeling expected future draws and the timing and amount of repayments allocated to the funded balance. The firm does not recognize an allowance for credit losses on credit card lending commitments as they are cancellable by the firm.

Credit card loans are charged off when they are 180 days past due. Installment loans were charged off when they were 120 days past due.

Allowance for Credit Losses Rollforward

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

$ in millions			Wholesale			Consumer			Total
Three Months Ended September 2024
Allowance for loan losses
Beginning balance			$	2,420		$	2,388		$	4,808
Charge-offs			(61)			(337)			(398)
Recoveries			72			27			99
Net (charge-offs)/recoveries			11			(310)			(299)
Provision			(97)			452			355
Other			(32)			(80)			(112)
Ending balance			$	2,302		$	2,450		$	4,752
Allowance ratio			1.4		%	13.5		%	2.5		%
Net charge-off ratio			–			6.9		%	0.7		%
Allowance for losses on lending commitments
Beginning balance			$	652		$	–		$	652
Provision			44			–			44
Other			1			–			1
Ending balance			$	697		$	–		$	697
Three Months Ended September 2023
Allowance for loan losses
Beginning balance			$	2,497		$	2,735		$	5,232
Charge-offs			(166)			(302)			(468)
Recoveries			9			26			35
Net (charge-offs)/recoveries			(157)			(276)			(433)
Provision			149			(37)			112
Other			(16)			–			(16)
Ending balance			$	2,473		$	2,422		$	4,895
Allowance ratio			1.7		%	13.3		%	2.9		%
Net charge-off ratio			0.4		%	5.1		%	1.0		%
Allowance for losses on lending commitments
Beginning balance			$	729		$	48		$	777
Provision			(57)			(48)			(105)
Other			(2)			–			(2)
Ending balance			$	670		$	–		$	670
Nine Months Ended September 2024
Allowance for loan losses
Beginning balance			$	2,576		$	2,474		$	5,050
Charge-offs			(117)			(1,110)			(1,227)
Recoveries			114			75			189
Net (charge-offs)/recoveries			(3)			(1,035)			(1,038)
Provision			(212)			1,091			879
Other			(59)			(80)			(139)
Ending balance			$	2,302		$	2,450		$	4,752
Allowance ratio			1.4		%	13.5		%	2.5		%
Net charge-off ratio			–			7.9		%	0.8		%
Allowance for losses on lending commitments
Beginning balance			$	620		$	–		$	620
Provision			76			–			76
Other			1			–			1
Ending balance			$	697		$	–		$	697
Nine Months Ended September 2023
Allowance for loan losses
Beginning balance			$	2,562		$	2,981		$	5,543
Charge-offs			(350)			(893)			(1,243)
Recoveries			32			76			108
Net (charge-offs)/recoveries			(318)			(817)			(1,135)
Provision			293			258			551
Other			(64)			–			(64)
Ending balance			$	2,473		$	2,422		$	4,895
Allowance ratio			1.7		%	13.3		%	2.9		%
Net charge-off ratio			0.3		%	5.1		%	0.9		%
Allowance for losses on lending commitments
Beginning balance			$	711		$	63		$	774
Provision			(37)			(63)			(100)
Other			(4)			–			(4)
Ending balance			$	670		$	–		$	670

49						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

•Other, for both the three and nine months ended September 2024, primarily represented the reduction to the allowance related to loans transferred to held for sale.

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

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

Forecast Model Inputs as of September 2024

When modeling expected credit losses, the firm employs a weighted, multi-scenario forecast, which includes baseline, adverse and favorable economic scenarios. As of September 2024, this multi-scenario forecast was weighted towards the baseline and adverse economic scenarios.

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

As of September 2024
U.S. unemployment rate
Forecast for the quarter ended:
December 2024			4.5		%
June 2025			4.4		%
December 2025			4.2		%
Growth in U.S. GDP
Forecast for the year:
2024			2.6		%
2025			1.8		%
2026			1.8		%

The adverse economic scenario of the forecast model reflects a global recession in the fourth quarter of 2024 through the third quarter of 2025, resulting in an economic contraction and rising unemployment rates. In this scenario, the U.S. unemployment rate peaks at approximately 7.4% during the fourth quarter of 2025 and the maximum decline in the quarterly U.S. GDP relative to the third quarter of 2024 is approximately 2.7%, which occurs during the third quarter of 2025.

In the table above:

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

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

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

Allowance for Credit Losses Commentary

Three Months Ended September 2024. The allowance for credit losses decreased by $11 million during the three months ended September 2024, reflecting a reserve release relating to recoveries on previously impaired loans in the wholesale portfolio and a reserve reduction associated with the transfer of the seller financing loan portfolio to held for sale, partially offset by growth in the credit card portfolio.

Charge-offs for the three months ended September 2024 for wholesale loans were not material and charge-offs for consumer loans were related to credit cards.

Nine Months Ended September 2024. The allowance for credit losses decreased by $221 million during the nine months ended September 2024, primarily reflecting a reserve release relating to the wholesale portfolio.

Charge-offs for the nine months ended September 2024 for wholesale loans were primarily related to corporate loans (principally related to term loans originated in 2022) and charge-offs for consumer loans were primarily related to credit cards.

Three Months Ended September 2023. The allowance for credit losses decreased by $444 million during the three months ended September 2023, reflecting a net release related to the GreenSky loan portfolio (including a reserve reduction of $637 million related to the transfer of the portfolio to held for sale) and lower modeled expected credit losses relating to the wholesale portfolio due to increased stability in the macroeconomic environment, partially offset by asset specific provisions in the wholesale portfolio and seasoning of the credit card portfolio.

Charge-offs for the three months ended September 2023 for wholesale loans (principally related to term loans originated in 2021) were primarily related to commercial real estate loans and charge-offs for consumer loans were primarily related to credit cards.

Nine Months Ended September 2023. The allowance for credit losses decreased by $752 million during the nine months ended September 2023, reflecting a net release related to the GreenSky loan portfolio (including a reserve reduction of $637 million related to the transfer of the GreenSky loan portfolio to held for sale), a reserve reduction of approximately $440 million associated with the sale of Marcus loans and lower balances in corporate loans, partially offset by seasoning of the credit card portfolio.

Charge-offs for the nine months ended September 2023 for wholesale loans (principally related to term loans originated in 2021 and 2019) were primarily related to corporate loans and charge-offs for consumer loans were primarily related to credit cards.

Goldman Sachs September 2024 Form 10-Q						50

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Estimated Fair Value

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

			Carrying Value						Estimated Fair Value
$ in millions									Level 2			Level 3			Total
As of September 2024
Amortized cost			$	182,640					$	95,364		$	89,394		$	184,758
Held for sale			$	3,270					$	640		$	2,647		$	3,287
As of December 2023
Amortized cost			$	169,825					$	88,485		$	83,288		$	171,773
Held for sale			$	7,027					$	3,992		$	3,038		$	7,030

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

Note 10.

Fair Value Option

Other Financial Assets and Liabilities at Fair Value

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

•Reflect economic events in earnings on a timely basis;

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

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

Hybrid financial instruments are instruments that contain bifurcatable embedded derivatives and do not require settlement by physical delivery of nonfinancial assets (e.g., physical commodities). If the firm elects to bifurcate the embedded derivative from the associated debt, the derivative is accounted for at fair value and the host contract is accounted for at amortized cost, adjusted for the effective portion of any fair value hedges. If the firm does not elect to bifurcate, the entire hybrid financial instrument is accounted for at fair value under the fair value option.

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

•Repurchase agreements and substantially all resale agreements;

•Certain securities borrowed and loaned transactions;

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

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

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

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

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

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

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Unsecured short-term borrowings			$	(1,287)		$	(111)					$	(2,477)		$	(2,934)
Unsecured long-term borrowings			(3,707)			1,551						(4,781)			(890)
Other			(316)			(38)						(525)			(177)
Total			$	(5,310)		$	1,402					$	(7,783)		$	(4,001)

In the table above:

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

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

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

51						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

Gains/(losses) on trading assets and liabilities accounted for at fair value under the fair value option are included in market making. See Note 6 for further information about gains/(losses) from market making. See Note 8 for information about gains/(losses) on equity securities and Note 9 for information about gains/(losses) on loans which are accounted for at fair value under the fair value option.

Long-Term Debt Instruments

The aggregate contractual principal amount of long-term other secured financings, for which the fair value option was elected, exceeded the related fair value by $81 million as of September 2024 and $147 million as of December 2023.

The aggregate contractual principal amount of unsecured long-term borrowings, for which the fair value option was elected, exceeded the related fair value by $2.39 billion as of September 2024 and $3.37 billion as of December 2023.

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

Debt Valuation Adjustment

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

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Pre-tax DVA			$	(128)		$	443					$	(514)		$	(370)
After-tax DVA			$	(95)		$	328					$	(383)		$	(283)

In the table above:

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

•The gains/(losses) reclassified to market making in the consolidated statements of earnings from accumulated other comprehensive income/(loss) upon extinguishment of such financial liabilities were not material for each of the three and nine months ended September 2024 and September 2023.

Loans and Lending Commitments

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

			As of
			September			December
$ in millions			2024			2023
Performing loans
Aggregate contractual principal in excess of fair value			$	954		$	1,893
Loans on nonaccrual status and/or more than 90 days past due
Aggregate contractual principal in excess of fair value			$	2,072		$	2,305
Aggregate fair value			$	1,168		$	1,508

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

The total contractual amount of unfunded lending commitments for which the fair value option was elected was $637 million as of September 2024 and $878 million as of December 2023, and the related fair value of these lending commitments was not material as of both September 2024 and December 2023. See Note 18 for further information about lending commitments.

Impact of Credit Spreads on Loans and Lending Commitments

The estimated net gain/(loss) attributable to changes in instrument-specific credit spreads on loans and lending commitments for which the fair value option was elected was not material for both the three and nine months ended September 2024. The estimated net loss was $118 million for the three months ended September 2023 and $170 million for the nine months ended September 2023. The firm generally calculates the fair value of loans and lending commitments for which the fair value option is elected by discounting future cash flows at a rate which incorporates the instrument-specific credit spreads. For floating-rate loans and lending commitments, substantially all changes in fair value are attributable to changes in instrument-specific credit spreads, whereas for fixed-rate loans and lending commitments, changes in fair value are also attributable to changes in interest rates.

Goldman Sachs September 2024 Form 10-Q						52

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 11.

Collateralized Agreements and Financings

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

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

Resale and Repurchase Agreements

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

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

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

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

Repurchase agreements and substantially all resale agreements are recorded at fair value under the fair value option. See Note 5 for further information about repurchase and resale agreements.

Securities Borrowed and Loaned Transactions

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

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

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

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

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

Substantially all of the securities borrowed and loaned within Equities financing are recorded based on the amount of cash collateral advanced or received plus accrued interest. The firm also reviews such securities borrowed to determine if an allowance for credit losses should be recorded by taking into consideration the fair value of collateral received. As these agreements generally can be terminated on demand, they exhibit little, if any, sensitivity to changes in interest rates. Therefore, the carrying value of such agreements approximates fair value. As these agreements are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these agreements been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both September 2024 and December 2023.

53						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Offsetting Arrangements

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

			Assets									Liabilities
$ in millions			Resale agreements			Securities borrowed						Repurchase agreements			Securities loaned
As of September 2024
Included in the consolidated balance sheets
Gross carrying value			$	314,611		$	207,166					$	364,072		$	64,500
Counterparty netting			(102,455)			(2,383)						(102,455)			(2,383)
Total			212,156			204,783						261,617			62,117
Amounts not offset
Counterparty netting			(30,139)			(7,837)						(30,139)			(7,837)
Collateral			(176,922)			(188,261)						(227,749)			(53,860)
Total			$	5,095		$	8,685					$	3,729		$	420
As of December 2023
Included in the consolidated balance sheets
Gross carrying value			$	315,112		$	199,753					$	341,194		$	60,816
Counterparty netting			(91,307)			(333)						(91,307)			(333)
Total			223,805			199,420						249,887			60,483
Amounts not offset
Counterparty netting			(29,136)			(9,373)						(29,136)			(9,373)
Collateral			(189,358)			(182,918)						(217,498)			(50,807)
Total			$	5,311		$	7,129					$	3,253		$	303

In the table above:

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

•Where the firm has received or posted collateral under credit support agreements, but has not yet determined such agreements are enforceable, the related collateral has not been netted.

•Amounts not offset includes counterparty netting that does not meet the criteria for netting under U.S. GAAP and the fair value of collateral received or posted subject to enforceable credit support agreements.

•Resale agreements included in the consolidated balance sheets of $211.87 billion as of September 2024 and $223.54 billion as of December 2023 and all repurchase agreements included in the consolidated balance sheets are carried at fair value under the fair value option. See Note 5 for further information about resale agreements and repurchase agreements accounted for at fair value.

•Securities borrowed included in the consolidated balance sheets of $47.03 billion as of September 2024 and $44.93 billion as of December 2023, and securities loaned included in the consolidated balance sheets of $10.67 billion as of September 2024 and $8.93 billion as of December 2023 were at fair value under the fair value option. See Note 5 for further information about securities borrowed and securities loaned accounted for at fair value.

Gross Carrying Value of Repurchase Agreements and Securities Loaned

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

$ in millions			Repurchase agreements			Securities loaned
As of September 2024
Money market instruments			$	209		$	–
U.S. government and agency obligations			238,576			928
Non-U.S. government and agency obligations			97,675			1,485
Securities backed by commercial real estate			291			8
Securities backed by residential real estate			521			–
Corporate debt securities			14,881			495
State and municipal obligations			476			–
Other debt obligations			217			3
Equity securities			11,226			61,581
Total			$	364,072		$	64,500
As of December 2023
Money market instruments			$	3		$	–
U.S. government and agency obligations			228,718			216
Non-U.S. government and agency obligations			85,230			376
Securities backed by commercial real estate			135			–
Securities backed by residential real estate			641			–
Corporate debt securities			10,585			230
State and municipal obligations			57			–
Other debt obligations			144			–
Equity securities			15,681			59,994
Total			$	341,194		$	60,816

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

			As of September 2024
$ in millions			Repurchase agreements						Securities loaned
No stated maturity and overnight			$	135,136					$	38,733
2 - 30 days			113,573						1,676
31 - 90 days			46,562						1,348
91 days - 1 year			44,623						11,018
Greater than 1 year			24,178						11,725
Total			$	364,072					$	64,500

In the table above:

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

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

Goldman Sachs September 2024 Form 10-Q						54

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Other Secured Financings

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

•Liabilities of CIEs and consolidated VIEs;

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

•Other structured financing arrangements.

Other secured financings included nonrecourse arrangements. Nonrecourse other secured financings were $4.46 billion as of September 2024 and $5.57 billion as of December 2023.

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

Other secured financings that are not recorded at fair value are recorded based on the amount of cash received plus accrued interest, which generally approximates fair value. As these financings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these financings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 3 as of both September 2024 and December 2023.

The table below presents information about other secured financings.

$ in millions			U.S. Dollar			Non-U.S. Dollar			Total
As of September 2024
Other secured financings (short-term):
At fair value			$	10,784		$	4,650		$	15,434
At amortized cost			–			–			–
Other secured financings (long-term):
At fair value			1,134			6,754			7,888
At amortized cost			186			–			186
Total other secured financings			$	12,104		$	11,404		$	23,508
Other secured financings collateralized by:
Financial instruments			$	11,389		$	9,381		$	20,770
Other assets			$	715		$	2,023		$	2,738
As of December 2023
Other secured financings (short-term):
At fair value			$	3,385		$	3,451		$	6,836
At amortized cost			–			368			368
Other secured financings (long-term):
At fair value			1,872			3,846			5,718
At amortized cost			272			–			272
Total other secured financings			$	5,529		$	7,665		$	13,194
Other secured financings collateralized by:
Financial instruments			$	3,122		$	6,755		$	9,877
Other assets			$	2,407		$	910		$	3,317

In the table above:

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

•Non-U.S. dollar-denominated short-term other secured financings at amortized cost had a weighted average interest rate of 0.47% as of December 2023. This rate includes the effect of hedging activities.

•U.S. dollar-denominated long-term other secured financings at amortized cost had a weighted average interest rate of 3.31% as of September 2024 and 3.44% as of December 2023. These rates include the effect of hedging activities.

•Total other secured financings included $3.04 billion as of September 2024 and $2.34 billion as of December 2023 related to transfers of financial assets accounted for as financings rather than sales. Such financings were collateralized by financial assets, primarily included in trading assets, of $3.07 billion as of September 2024 and $2.36 billion as of December 2023.

•Other secured financings collateralized by financial instruments included $19.99 billion as of September 2024 and $8.38 billion as of December 2023 of other secured financings collateralized by trading assets, investments and loans, and included $786 million as of September 2024 and $1.49 billion as of December 2023 of other secured financings collateralized by financial instruments received as collateral and repledged.

55						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents other secured financings by maturity.

			As of
$ in millions			September 2024
Other secured financings (short-term)			$	15,434
Other secured financings (long-term):
2025			1,885
2026			3,302
2027			512
2028			1,362
2029			211
2030 - thereafter			802
Total other secured financings (long-term)			8,074
Total other secured financings			$	23,508

In the table above:

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

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

Collateral Received and Pledged

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

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

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

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

			As of
			September			December
$ in millions			2024			2023
Collateral available to be delivered or repledged			$	1,058,968		$	1,002,891
Collateral that was delivered or repledged			$	909,251		$	862,988

The table below presents information about assets pledged.

			As of
			September			December
$ in millions			2024			2023
Pledged to counterparties that had the right to deliver or repledge
Trading assets			$	136,863		$	110,567
Pledged to counterparties that did not have the right to deliver or repledge
Trading assets			$	187,118		$	138,404
Investments			$	14,483		$	22,165
Loans			$	12,331		$	8,865
Other assets			$	2,005		$	3,924

The firm also segregates securities for regulatory and other purposes related to client activity. Such securities are segregated from trading assets and investments, as well as from securities received as collateral under resale agreements and securities borrowed transactions. Securities segregated by the firm were $52.31 billion as of September 2024 and $49.26 billion as of December 2023.

Goldman Sachs September 2024 Form 10-Q						56

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 12.

Other Assets

The table below presents other assets by type.

			As of
			September			December
$ in millions			2024			2023
Property, leasehold improvements and equipment			$	8,504		$	11,244
Goodwill			5,909			5,916
Identifiable intangible assets			925			1,177
Operating lease right-of-use assets			2,072			2,171
Income tax-related assets			8,986			8,157
Miscellaneous receivables and other			8,461			7,925
Total			$	34,857		$	36,590

Property, Leasehold Improvements and Equipment

Property, leasehold improvements and equipment is net of accumulated depreciation and amortization of $14.33 billion as of September 2024 and $13.64 billion as of December 2023. Property, leasehold improvements and equipment included $6.57 billion as of September 2024 and $6.65 billion as of December 2023 that the firm uses in connection with its operations, and $29 million as of September 2024 and $124 million as of December 2023 of foreclosed real estate. The remainder is held by investment entities, including VIEs, consolidated by the firm. Substantially all property and equipment is depreciated on a straight-line basis over the useful life of the asset. Leasehold improvements are amortized on a straight-line basis over the shorter of the useful life of the improvement or the term of the lease. Capitalized costs of software developed or obtained for internal use are amortized on a straight-line basis over three years.

The firm tests property, leasehold improvements and equipment for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Any impairments recognized are included in depreciation and amortization.

The firm had no material impairments during the three months ended September 2024, $358 million during the three months ended September 2023, $200 million during the nine months ended September 2024 and $1.20 billion during the nine months ended September 2023, related to commercial real estate in CIEs within Asset & Wealth Management. In addition, the firm had impairments related to capitalized software which were not material for each of the three and nine months ended September 2024, $80 million during the three months ended September 2023, and $113 million during the nine months ended September 2023, substantially all of which were included within Platform Solutions and Asset & Wealth Management.

Goodwill

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

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

			As of
			September			December
$ in millions			2024			2023
Global Banking & Markets:
Investment banking			$	267		$	267
FICC			269			269
Equities			2,647			2,647
Asset & Wealth Management:
Asset management			1,417			1,410
Wealth management			1,309			1,309
Platform Solutions:
Transaction banking and other			–			14
Total			$	5,909		$	5,916

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.

57						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

When performing a quantitative goodwill test, the estimated fair value of each reporting unit is based on valuation techniques the firm believes market participants would use to value these reporting units. Estimated fair values are generally derived from utilizing a relative value technique, which applies observable price-to-earnings multiples or price-to-book multiples of comparable competitors to the reporting units’ net earnings or net book value, or a discounted cash flow valuation approach, for reporting units with businesses in early stages of development. 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.

In the fourth quarter of 2023, the firm performed its annual assessment of goodwill for impairment, for each of its reporting units with goodwill, by performing a qualitative assessment. Multiple factors, including performance indicators, macroeconomic indicators, firm and industry events, and fair value indicators, were considered with respect to each of these reporting units to determine whether it was more likely than not that the estimated fair value of each of those reporting units was less than its carrying value. As a result of the qualitative assessment, the firm determined that it was more likely than not that the estimated fair value of each reporting unit with goodwill exceeded its respective carrying value. Therefore, the firm determined that goodwill for each reporting unit was not impaired and that a quantitative goodwill test was not required.

During the third quarter of 2024, in connection with the planned sale of the firm's seller financing loan portfolio, the firm performed a quantitative goodwill test and determined that the goodwill associated with Transaction banking and other was impaired, and accordingly, recorded a $14 million impairment. There were no events or changes in circumstances during the three or nine months ended September 2024 that would indicate that it was more likely than not that the estimated fair value of each of the other reporting units with goodwill did not exceed its respective carrying value as of September 2024.

Identifiable Intangible Assets

The table below presents identifiable intangible assets by type.

			As of
			September			December
$ in millions			2024			2023
Customer lists
Gross carrying value			$	2,250		$	2,339
Accumulated amortization			(1,348)			(1,292)
Net carrying value			902			1,047
Other
Gross carrying value			97			866
Accumulated amortization			(74)			(736)
Net carrying value			23			130
Total gross carrying value			2,347			3,205
Total accumulated amortization			(1,422)			(2,028)
Total net carrying value			$	925		$	1,177

In the table above:

•The decrease in the net carrying value of identifiable intangible assets from December 2023 to September 2024 reflected a $110 million reduction due to the sale of GreenSky Holdings, LLC (GreenSky) in the first quarter of 2024 and a $72 million write-down in connection with the classification of the GM credit card program (included within Platform Solutions) as held for sale in the third quarter of 2024.

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

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Amortization			$	95		$	554					$	154		$	654

In the table above, amortization for both the three and nine months ended September 2024 included the write-down related to the GM credit card program noted above. Amortization for both the three and nine months ended September 2023 included a $506 million write-down related to GreenSky. Both of these write-downs are included in depreciation and amortization.

			As of
$ in millions			September 2024
Estimated future amortization
Remainder of 2024			$	22
2025			$	83
2026			$	77
2027			$	77
2028			$	76
2029			$	76

Goldman Sachs September 2024 Form 10-Q						58

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm tests identifiable intangible assets for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. To the extent the carrying value of an asset or asset group exceeds the projected undiscounted cash flows expected to result from the use and eventual disposal of the asset or asset group, the firm determines the asset or asset group is impaired and records an impairment equal to the difference between the estimated fair value and the carrying value of the asset or asset group. In addition, the firm will recognize an impairment prior to the sale of an asset or asset group if the carrying value of the asset or asset group exceeds its estimated fair value. Other than as noted above, there were no material impairments or write-downs during each of the three or nine months ended September 2024 or September 2023.

Operating Lease Right-of-Use Assets

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

An operating lease right-of-use asset is initially determined based on the operating lease liability, adjusted for initial direct costs, lease incentives and amounts paid at or prior to lease commencement. This amount is then amortized over the lease term. Right-of-use assets and operating lease liabilities recognized (in non-cash transactions for leases entered into or assumed) by the firm were $56 million for the three months ended September 2024, $225 million for the three months ended September 2023, $109 million for the nine months ended September 2024 and $306 million for the nine months ended September 2023. See Note 15 for information about operating lease liabilities.

For leases where the firm will derive no economic benefit from leased space that it has vacated or where the firm has shortened the term of a lease when space is no longer needed, the firm will record an impairment or accelerated amortization of right-of-use assets. There were no material impairments or accelerated amortizations during each of the three or nine months ended September 2024 or September 2023.

Miscellaneous Receivables and Other

Miscellaneous receivables and other included:

•Investments in qualified affordable housing projects of $3.05 billion as of September 2024 and $3.39 billion as of December 2023. The firm receives tax credits for such investments. See Note 17 for further information about these investments.

•Assets classified as held for sale were $600 million as of September 2024 and $518 million as of December 2023. See below for further information.

Assets Held for Sale. During the third quarter of 2024, in connection with the planned transition of the GM credit card program to another issuer, the firm classified the GM credit card program (within Platform Solutions) as held for sale. The firm had previously classified the GM co-branded credit card loans as held for sale in 2023. As of September 2024, the assets related to the GM credit card program consisted of the GM co-branded credit card portfolio of $1.7 billion (included in loans). See Note 9 for further information about loans classified as held for sale.

Assets held for sale also included $600 million as of September 2024 and $327 million as of December 2023 of assets related to certain of the firm’s consolidated investments within Asset & Wealth Management. Substantially all of these assets consisted of property and equipment and were included in miscellaneous receivables and other within other assets. In addition, as of December 2023, GreenSky (within Platform Solutions) was classified as held for sale. Assets related to GreenSky were approximately $3.4 billion and consisted of loans of approximately $3.0 billion (included in loans), segregated cash of approximately $110 million (included in cash and cash equivalents), identifiable intangible assets of approximately $110 million (included in identifiable intangible assets within other assets) and other assets of approximately $190 million (included in miscellaneous receivables and other within other assets). During the first quarter of 2024, the firm completed the sale of GreenSky. See Note 9 for further information about loans classified as held for sale, above for further information about identifiable intangible assets, and Note 15 for information about liabilities classified as held for sale.

Note 13.

Deposits

The table below presents information about deposits.

			As of
			September			December
$ in millions			2024			2023
U.S. offices			$	344,975		$	333,116
Non-U.S. offices			100,336			95,301
Total			$	445,311		$	428,417

59						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

•Deposits include savings, demand and time deposits.

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

•Substantially all deposits are interest-bearing.

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

			As of September 2024
$ in millions			U.S.			Non-U.S.			Total
Remainder of 2024			$	29,735		$	20,617		$	50,352
2025			64,110			11,166			75,276
2026			4,588			319			4,907
2027			1,845			231			2,076
2028			945			205			1,150
2029			1,170			196			1,366
2030 - thereafter			1,080			51			1,131
Total			$	103,473		$	32,785		$	136,258

In the table above:

•The aggregate amount of time deposits in denominations that met or exceeded the applicable insurance limits, or were otherwise not covered by insurance, were $20.85 billion in U.S. deposits and $32.30 billion in non-U.S. deposits.

•Time deposits included $41.53 billion as of September 2024 and $29.46 billion as of December 2023 of deposits accounted for at fair value under the fair value option. See Note 10 for further information about deposits accounted for at fair value.

The firm’s savings and demand deposits are recorded based on the amount of cash received plus accrued interest, which approximates fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its time deposits not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of time deposits not accounted for at fair value approximated fair value as of both September 2024 and December 2023. As these savings and demand deposits and time deposits are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these deposits been included in the firm’s fair value hierarchy, they would have been classified in level 2 as of both September 2024 and December 2023.

Note 14.

Unsecured Borrowings

The table below presents information about unsecured borrowings.

			As of
			September			December
$ in millions			2024			2023
Unsecured short-term borrowings			$	75,371		$	75,945
Unsecured long-term borrowings			250,250			241,877
Total			$	325,621		$	317,822

Unsecured Short-Term Borrowings

Unsecured short-term borrowings includes the portion of unsecured long-term borrowings maturing within one year of the financial statement date and unsecured long-term borrowings that are redeemable within one year of the financial statement date at the option of the holder.

The firm accounts for certain hybrid financial instruments at fair value under the fair value option. See Note 10 for further information about unsecured short-term borrowings that are accounted for at fair value. In addition, the firm designates certain derivatives as fair value hedges to convert a portion of its unsecured short-term borrowings not accounted for at fair value from fixed-rate obligations into floating-rate obligations. The carrying value of unsecured short-term borrowings that are not recorded at fair value generally approximates fair value due to the short-term nature of the obligations. As these unsecured short-term borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2024 and December 2023.

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

			As of
			September			December
$ in millions			2024			2023
Current portion of unsecured long-term borrowings			$	38,551		$	49,361
Hybrid financial instruments			33,158			23,073
Commercial paper			–			1,213
Other unsecured short-term borrowings			3,662			2,298
Total unsecured short-term borrowings			$	75,371		$	75,945
Weighted average interest rate			5.91		%	3.64		%

In the table above:

•Other unsecured short-term borrowings included $1.50 billion of preferred stock for which the firm issued a notice of redemption in September 2024. See Note 19 for further information about the notice of redemption.

•The weighted average interest rates for these borrowings include the effect of hedging activities and exclude unsecured short-term borrowings accounted for at fair value under the fair value option. See Note 7 for further information about hedging activities.

Goldman Sachs September 2024 Form 10-Q						60

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Unsecured Long-Term Borrowings

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

$ in millions			U.S. Dollar			Non-U.S.  Dollar			Total
As of September 2024
Fixed-rate obligations			$	120,492		$	31,691		$	152,183
Floating-rate obligations			64,768			33,299			98,067
Total			$	185,260		$	64,990		$	250,250
As of December 2023
Fixed-rate obligations			$	114,813		$	34,762		$	149,575
Floating-rate obligations			57,053			35,249			92,302
Total			$	171,866		$	70,011		$	241,877

In the table above:

•Unsecured long-term borrowings consists principally of senior borrowings, which have maturities extending through 2061.

•Unsecured long-term borrowings included $96.22 billion as of September 2024 and $86.41 billion as of December 2023 of borrowings accounted for at fair value under the fair value option. The carrying value of unsecured long-term borrowings for which the firm did not elect the fair value option was $154.03 billion as of September 2024 and $155.47 billion as of December 2023. The estimated fair value of such unsecured long-term borrowings was $157.37 billion as of September 2024 and $157.75 billion as of December 2023. As these borrowings are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 and 5. Had these borrowings been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2024 and December 2023.

•Floating-rate obligations includes equity-linked, credit-linked and indexed instruments. Floating interest rates are generally based on SOFR and Euro Interbank Offered Rate.

•U.S. dollar-denominated debt had interest rates ranging from 0.86% to 6.75% (with a weighted average rate of 4.03%) as of September 2024 and 0.86% to 6.75% (with a weighted average rate of 3.73%) as of December 2023. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

•Non-U.S. dollar-denominated debt had interest rates ranging from 0.25% to 10.67% (with a weighted average rate of 2.00%) as of September 2024 and 0.25% to 7.25% (with a weighted average rate of 2.11%) as of December 2023. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

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

									As of
$ in millions									September 2024
2025									$	12,228
2026									34,312
2027									42,373
2028									31,263
2029									31,592
2030 - thereafter									98,482
Total									$	250,250

In the table above:

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

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

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

•Unsecured long-term borrowings included $(7.46) billion of adjustments to the carrying value of certain unsecured long-term borrowings resulting from the application of hedge accounting by year of maturity as follows: $(50) million in 2025, $(282) million in 2026, $(744) million in 2027, $(776) million in 2028, $(693) million in 2029 and $(4.91) billion in 2030 and thereafter.

The firm designates certain derivatives as fair value hedges to convert a portion of fixed-rate unsecured long-term borrowings not accounted for at fair value into floating-rate obligations. See Note 7 for further information about hedging activities.

61						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents unsecured long-term borrowings, after giving effect to such hedging activities.

						As of
						September			December
$ in millions						2024			2023
Fixed-rate obligations						$	23,523		$	20,372
Floating-rate obligations						226,727			221,505
Total						$	250,250		$	241,877

In the table above, the aggregate amounts of unsecured long-term borrowings had weighted average interest rates of 5.79% (4.49% related to fixed-rate obligations and 5.87% related to floating-rate obligations) as of September 2024 and 6.13% (3.44% related to fixed-rate obligations and 6.27% related to floating-rate obligations) as of December 2023. These rates exclude unsecured long-term borrowings accounted for at fair value under the fair value option.

Subordinated Borrowings

Unsecured long-term borrowings includes subordinated debt and junior subordinated debt. Subordinated debt that matures within one year is included in unsecured short-term borrowings. Junior subordinated debt is junior in right of payment to other subordinated borrowings, which are junior to senior borrowings. Long-term subordinated debt had maturities ranging from 2025 to 2045 as of both September 2024 and December 2023.

The table below presents information about subordinated borrowings.

$ in millions			Par  Amount			Carrying  Value			Rate
As of September 2024
Subordinated debt			$	12,201		$	12,008		7.28		%
Junior subordinated debt			968			1,062			5.80		%
Total			$	13,169		$	13,070		7.17		%
As of December 2023
Subordinated debt			$	12,215		$	11,898		7.79		%
Junior subordinated debt			968			1,053			6.30		%
Total			$	13,183		$	12,951		7.68		%

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

Junior Subordinated Debt

In 2004, Group Inc. issued $2.84 billion of junior subordinated debt to Goldman Sachs Capital I, a Delaware statutory trust. Goldman Sachs Capital I issued $2.75 billion of guaranteed preferred beneficial interests (Trust Preferred securities) to third parties and $85 million of common beneficial interests to Group Inc. As of both September 2024 and December 2023, the outstanding par amount of junior subordinated debt held by Goldman Sachs Capital I was $968 million and the outstanding par amount of Trust Preferred securities and common beneficial interests issued by Goldman Sachs Capital I was $939 million and $29 million, respectively. Goldman Sachs Capital I is a wholly-owned finance subsidiary of the firm for regulatory and legal purposes but is not consolidated for accounting purposes.

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

Note 15.

Other Liabilities

The table below presents other liabilities by type.

			As of
			September			December
$ in millions			2024			2023
Compensation and benefits			$	7,796		$	7,804
Income tax-related liabilities			3,312			2,947
Operating lease liabilities			2,175			2,232
Noncontrolling interests			437			363
Employee interests in consolidated funds			16			19
Accrued expenses and other			9,424			10,438
Total			$	23,160		$	23,803

Goldman Sachs September 2024 Form 10-Q						62

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Operating Lease Liabilities

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

The table below presents information about operating lease liabilities.

$ in millions			Operating  lease liabilities
As of September 2024
Remainder of 2024			$	64
2025			346
2026			313
2027			275
2028			249
2029 - thereafter			1,562
Total undiscounted lease payments			2,809
Imputed interest			(634)
Total operating lease liabilities			$	2,175
Weighted average remaining lease term			12 years
Weighted average discount rate			4.18		%
As of December 2023
2024			$	325
2025			325
2026			288
2027			256
2028			231
2029 - thereafter			1,462
Total undiscounted lease payments			2,887
Imputed interest			(655)
Total operating lease liabilities			$	2,232
Weighted average remaining lease term			12 years
Weighted average discount rate			4.13		%

In the table above, the weighted average discount rate represents the firm’s incremental borrowing rate as of January 2019 for operating leases existing on the date of adoption of ASU No. 2016-02, “Leases (Topic 842),” and at the lease inception date for leases entered into subsequent to the adoption of this ASU.

Operating lease costs were $119 million for the three months ended September 2024, $124 million for the three months ended September 2023, $361 million for the nine months ended September 2024 and $362 million for the nine months ended September 2023. Variable lease costs, which are included in operating lease costs, were not material for each of the three and nine months ended September 2024 and September 2023. Total occupancy expenses for space held in excess of the firm’s current requirements were not material for each of the three and nine months ended September 2024 and September 2023.

Lease payments relating to operating lease arrangements that were signed but had not yet commenced were $1.10 billion as of September 2024.

Accrued Expenses and Other

Accrued expenses and other included:

•Liabilities classified as held for sale were not material as of September 2024 and were $257 million as of December 2023, substantially all of which related to GreenSky within Platform Solutions and consisted primarily of customer and other payables. See Note 12 for further information about assets held for sale.

•Contract liabilities, which represent consideration received by the firm in connection with its contracts with clients prior to providing the service, were $115 million as of September 2024 and $76 million as of December 2023.

•Accrued unfunded commitments related to investments in qualified affordable housing projects were $2.00 billion as of September 2024 and $2.26 billion as of December 2023. See Note 17 for further information about these investments.

Note 16.

Securitization Activities

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

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

63						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

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

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Residential mortgages			$	10,708		$	6,894					$	22,588		$	18,267
Commercial mortgages			1,600			1,798						4,201			3,196
Other financial assets			1,046			–						1,268			996
Total financial assets securitized			$	13,354		$	8,692					$	28,057		$	22,459
Retained interests cash flows			$	218		$	187					$	503		$	407

The firm securitized assets of $120 million during the three months ended September 2024, $39 million during the three months ended September 2023, $250 million during the nine months ended September 2024 and $149 million during the nine months ended September 2023, in a non-cash exchange for loans and investments.

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

$ in millions			Outstanding  Principal  Amount			Retained  Interests			Purchased  Interests
As of September 2024
U.S. government agency-issued CMOs			$	34,620		$	3,101		$	–
Other residential mortgage-backed			31,845			1,316			65
Other commercial mortgage-backed			58,737			1,011			101
Corporate debt and other asset-backed			10,954			459			54
Total			$	136,156		$	5,887		$	220
As of December 2023
U.S. government agency-issued CMOs			$	31,140		$	2,260		$	–
Other residential mortgage-backed			28,767			1,162			78
Other commercial mortgage-backed			61,648			1,192			61
Corporate debt and other asset-backed			12,501			685			56
Total			$	134,056		$	5,299		$	195

In the table above:

•CMOs represents collateralized mortgage obligations.

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

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

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

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

•The fair value of retained interests was $5.87 billion as of September 2024 and $5.26 billion as of December 2023.

In addition to the interests in the table above, the firm had other continuing involvement in the form of derivative transactions and commitments with certain nonconsolidated VIEs. The carrying value of these derivatives and commitments was a net asset of $857 million as of September 2024 and $120 million as of December 2023, and the notional amount of these derivatives and commitments was $2.64 billion as of September 2024 and $1.95 billion as of December 2023. The notional amounts of these derivatives and commitments are included in maximum exposure to loss in the nonconsolidated VIE table in Note 17. Additionally, the firm provided seller financing of $1.73 billion in connection with the sale of $3.93 billion of loans (substantially all of which were related to GreenSky) during the nine months ended September 2024 and of approximately $2.7 billion in connection with the sale of $3.24 billion of Marcus loans during the nine months ended September 2023. The principal and interest repayments received from these financings were $1.43 billion for the three months ended September 2024 and $2.11 billion for the nine months ended September 2024 and were not material for both the three and nine months ended September 2023. The total outstanding principal amount of these seller financings were $1.57 billion as of September 2024 and $1.81 billion as of December 2023.

Goldman Sachs September 2024 Form 10-Q						64

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

			As of
			September			December
$ in millions			2024			2023
Fair value of retained interests			$	5,412		$	4,590
Weighted average life (years)			5.2			5.7
Constant prepayment rate			14.9%			12.2%
Impact of 10% adverse change			$	(74)		$	(50)
Impact of 20% adverse change			$	(136)		$	(94)
Discount rate			6.6%			7.6%
Impact of 10% adverse change			$	(134)		$	(117)
Impact of 20% adverse change			$	(259)		$	(226)

In the table above:

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

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

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

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

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

The firm has other retained interests not reflected in the table above with a fair value of $458 million and a weighted average life of 5.4 years as of September 2024, and a fair value of $674 million and a weighted average life of 5.0 years as of December 2023. Due to the nature and fair value of certain of these retained interests, the weighted average assumptions for constant prepayment and discount rates and the related sensitivity to adverse changes are not meaningful as of both September 2024 and December 2023. The firm’s maximum exposure to adverse changes in the value of these interests is the carrying value of $459 million as of September 2024 and $685 million as of December 2023.

Note 17.

Variable Interest Entities

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

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

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

VIE Consolidation Analysis

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

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

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

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

•The VIE’s capital structure;

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

•Related-party relationships.

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

65						Goldman Sachs September 2024 Form 10-Q

---

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

VIE Activities

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

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

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

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

Principal-Protected Note VIEs. The firm structures VIEs that issue principal-protected notes to clients. These VIEs own portfolios of assets, principally with exposure to hedge funds. Substantially all of the principal protection on the notes issued by these VIEs is provided by the asset portfolio rebalancing that is required under the terms of the notes. The firm enters into total return swaps with these VIEs under which the firm pays the VIE the return due to the principal-protected note holders and receives the return on the assets owned by the VIE. The firm may enter into derivatives with other counterparties to mitigate its risk. The firm also obtains funding through these VIEs.

Investments in Funds. The firm makes equity investments in certain investment fund VIEs it manages and is entitled to receive fees from these VIEs. The firm has generally not sold assets to, or entered into derivatives with, these VIEs.

Nonconsolidated VIEs

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

			As of
			September			December
$ in millions			2024			2023
Total nonconsolidated VIEs
Assets in VIEs			$	198,282		$	193,934
Carrying value of variable interests — assets			$	16,530		$	15,478
Carrying value of variable interests — liabilities			$	2,500		$	2,750
Maximum exposure to loss:
Retained interests			$	5,887		$	5,299
Purchased interests			837			902
Commitments and guarantees			4,100			4,159
Derivatives			9,183			8,636
Debt and equity			6,642			6,927
Total			$	26,649		$	25,923

In the table above:

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

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

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

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

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

Goldman Sachs September 2024 Form 10-Q						66

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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

			As of
			September			December
$ in millions			2024			2023
Mortgage-backed
Assets in VIEs			$	126,768		$	123,108
Carrying value of variable interests — assets			$	5,747		$	4,867
Maximum exposure to loss:
Retained interests			$	5,428		$	4,614
Purchased interests			319			253
Commitments and guarantees			34			35
Derivatives			1			2
Total			$	5,782		$	4,904
Real estate, credit- and power-related, tax credit and other investing
Assets in VIEs			$	47,702		$	43,035
Carrying value of variable interests — assets			$	6,288		$	6,625
Carrying value of variable interests — liabilities			$	2,019		$	2,220
Maximum exposure to loss:
Commitments and guarantees			$	3,688		$	3,891
Debt and equity			4,288			4,733
Total			$	7,976		$	8,624
Corporate debt and other asset-backed
Assets in VIEs			$	22,048		$	23,188
Carrying value of variable interests — assets			$	4,485		$	3,895
Carrying value of variable interests — liabilities			$	481		$	530
Maximum exposure to loss:
Retained interests			$	459		$	685
Purchased interests			518			649
Commitments and guarantees			377			231
Derivatives			9,182			8,634
Debt and equity			2,344			2,103
Total			$	12,880		$	12,302
Investments in funds
Assets in VIEs			$	1,764		$	4,603
Carrying value of variable interests — assets			$	10		$	91
Maximum exposure to loss:
Commitments and guarantees			$	1		$	2
Debt and equity			10			91
Total			$	11		$	93

As of both September 2024 and December 2023, the carrying values of the firm’s variable interests in nonconsolidated VIEs are included in the consolidated balance sheets as follows:

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

•Real estate, credit- and power-related, tax credit and other investing: Assets primarily included in investments and other assets, and liabilities included in trading liabilities and other liabilities.

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

•Investments in funds: Assets included in investments.

Tax Credit VIEs

The firm makes equity investments in nonconsolidated tax credit VIEs that invest in qualified affordable housing and renewable energy projects. These VIEs are generally organized as limited partnerships or similar entities and a third-party is typically the general partner or the managing member. The firm invests in the entity as a limited partner and receives income tax credits and other income tax benefits for such investments. In connection with the adoption of ASU No. 2023-02, as of January 1, 2024, the firm elected the proportional amortization method for qualified affordable housing and renewable energy projects that receive production tax credits. The investments that meet the criteria for the proportional amortization method of accounting are amortized in proportion to the income tax credits and other income tax benefits received on such investments. The amortization of investments and the related income tax credits and other income tax benefits are recorded as a component of the provision for taxes, and are included in other operating activities in the consolidated statements of cash flows.

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

			As of
			September			December
$ in millions			2024			2023
Carrying value of investments			$	3,047		$	3,394

In the table above, investments included $2.00 billion as of September 2024 and $2.26 billion as of December 2023 of accrued unfunded commitments. As of September 2024, a majority of such accrued unfunded commitments were expected to be funded by year-end 2026.

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Amortization			$	96		$	68					$	315		$	210
Tax credits and other benefits			$	117		$	102					$	382		$	257

Investments in qualified affordable housing projects that did not meet the criteria for the proportional amortization method of accounting were not material as of both September 2024 and December 2023.

67						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm’s investments in renewable energy projects that receive production tax credits were not eligible for transition to the proportional amortization method of accounting. Such investments were $1.42 billion as of September 2024 and $1.40 billion as of December 2023, were included in investments in the consolidated balance sheets and were accounted for at fair value under the fair value option.

Consolidated VIEs

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

			As of
			September			December
$ in millions			2024			2023
Total consolidated VIEs
Assets
Cash and cash equivalents			$	179		$	439
Customer and other receivables			350			347
Trading assets			134			95
Investments			181			80
Loans			8			267
Other assets			73			248
Total			$	925		$	1,476
Liabilities
Other secured financings			$	710		$	850
Customer and other payables			8			2
Unsecured short-term borrowings			6			14
Unsecured long-term borrowings			17			17
Other liabilities			170			91
Total			$	911		$	974

In the table above:

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

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

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

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

			As of
			September			December
$ in millions			2024			2023
Real estate, credit-related and other investing
Assets
Cash and cash equivalents			$	17		$	417
Customer and other receivables			1			–
Trading assets			19			28
Investments			181			80
Loans			8			267
Other assets			73			248
Total			$	299		$	1,040
Liabilities
Other secured financings			$	3		$	143
Customer and other payables			8			2
Other liabilities			170			91
Total			$	181		$	236
Corporate debt and other asset-backed
Assets
Cash and cash equivalents			$	162		$	22
Total			$	162		$	22
Liabilities
Other secured financings			$	366		$	374
Total			$	366		$	374
Principal-protected notes
Assets
Customer and other receivables			$	349		$	347
Trading assets			115			67
Total			$	464		$	414
Liabilities
Other secured financings			$	341		$	333
Unsecured short-term borrowings			6			14
Unsecured long-term borrowings			17			17
Total			$	364		$	364

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

Goldman Sachs September 2024 Form 10-Q						68

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 18.

Commitments, Contingencies and Guarantees

Commitments

The table below presents commitments by type.

			As of
			September			December
$ in millions			2024			2023
Commitment Type
Commercial lending:
Investment-grade			$	122,062		$	111,202
Non-investment-grade			68,251			54,298
Warehouse financing			14,543			9,184
Consumer			77,446			73,074
Total lending			282,302			247,758
Risk participations			6,966			8,167
Collateralized agreement			187,933			100,503
Collateralized financing			50,923			84,276
Investment			4,845			4,592
Other			9,059			8,258
Total commitments			$	542,028		$	453,554

The table below presents commitments by expiration.

			As of September 2024
			Remainder			2025 -			2027 -			2029 -
$ in millions			of 2024			2026			2028			Thereafter
Commitment Type
Commercial lending:
Investment-grade			$	4,352		$	37,545		$	48,957		$	31,208
Non-investment-grade			1,193			18,188			25,383			23,487
Warehouse financing			1			6,069			6,904			1,569
Consumer			77,446			–			–			–
Total lending			82,992			61,802			81,244			56,264
Risk participations			620			2,871			3,015			460
Collateralized agreement			181,891			6,042			–			–
Collateralized financing			50,811			112			–			–
Investment			1,022			544			1,078			2,201
Other			7,433			1,435			40			151
Total commitments			$	324,769		$	72,806		$	85,377		$	59,076

Lending Commitments

The firm’s commercial and warehouse financing lending commitments are agreements to lend with fixed termination dates and depend on the satisfaction of all contractual conditions to borrowing. These commitments are presented net of amounts syndicated to third parties. The total commitment amount does not necessarily reflect actual future cash flows because the firm may syndicate portions of these commitments. In addition, commitments can expire unused or be reduced or cancelled at the counterparty’s request. The firm also provides credit to consumers by issuing credit card lines. The firm also provided credit to consumers through commitments to extend unsecured installment loans and beginning in the third quarter of 2024, ceased providing such commitments.

The table below presents information about lending commitments.

			As of
			September			December
$ in millions			2024			2023
Held for investment			$	258,903		$	227,865
Held for sale			22,553			19,129
At fair value			846			764
Total			$	282,302		$	247,758

In the table above:

•Held for investment lending commitments are accounted for at amortized cost. The carrying value of lending commitments was a liability of $947 million (including allowance for credit losses of $697 million) as of September 2024 and $845 million (including allowance for credit losses of $620 million) as of December 2023. The estimated fair value of such lending commitments was a liability of $5.55 billion as of September 2024 and $5.29 billion as of December 2023. Had these lending commitments been carried at fair value and included in the fair value hierarchy, $3.28 billion as of September 2024 and $3.10 billion as of December 2023 would have been classified in level 2, and $2.27 billion as of September 2024 and $2.19 billion as of December 2023 would have been classified in level 3.

•Held for sale lending commitments are accounted for at the lower of cost or fair value. The carrying value of lending commitments held for sale was a liability of $66 million as of September 2024 and $70 million as of December 2023. The estimated fair value of such lending commitments approximates the carrying value. Had these lending commitments been included in the fair value hierarchy, they would have been primarily classified in level 3 as of both September 2024 and December 2023.

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

69						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Commercial Lending. The firm’s commercial lending commitments were primarily extended to investment-grade corporate borrowers. Such commitments primarily included $149.21 billion as of September 2024 and $137.11 billion as of December 2023, related to relationship lending activities (principally used for operating and general corporate purposes), and $14.49 billion as of September 2024 and $4.21 billion as of December 2023, related to other investment banking activities (generally extended for contingent acquisition financing and are often intended to be short-term in nature, as borrowers often seek to replace them with other funding sources). The firm also extends lending commitments in connection with other types of corporate lending, commercial real estate financing and other collateralized lending. See Note 9 for further information about funded loans.

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

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

Consumer. The firm’s consumer lending commitments includes:

•Credit card lines issued by the firm to consumers were $77.45 billion as of September 2024 and $70.82 billion as of December 2023. Such credit card lines included $14.34 billion as of September 2024 and $14.35 billion as of December 2023 of commitments classified as held for sale in connection with the planned sale of the GM co-branded credit card portfolio. These credit card lines are cancellable by the firm.

•Commitments to provide unsecured installment loans to consumers were $2.25 billion as of December 2023 and such commitments were classified as held for sale in connection with the planned sale of GreenSky. During the first quarter of 2024, the firm completed the sale of GreenSky.

Risk Participations

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

Collateralized Agreement Commitments/ Collateralized Financing Commitments

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

Investment Commitments

Investment commitments includes commitments to invest in private equity, real estate and other assets directly and through funds that the firm raises and manages. Investment commitments included $1.05 billion as of September 2024 and $963 million as of December 2023, related to commitments to invest in funds managed by the firm. If these commitments are called, they would be funded at market value on the date of investment.

Contingencies

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

Goldman Sachs September 2024 Form 10-Q						70

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Guarantees

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

$ in millions			Derivatives			Securities  lending and  clearing			Other  financial  guarantees
As of September 2024
Carrying Value of Net Liability			$	3,465		$	–		$	440
Maximum Payout/Notional Amount by Period of Expiration
Remainder of 2024			$	54,229		$	37,782		$	361
2025 - 2026			204,199			–			3,621
2027 - 2028			29,250			–			2,580
2029 - thereafter			45,018			–			1,021
Total			$	332,696		$	37,782		$	7,583
As of December 2023
Carrying Value of Net Liability			$	5,240		$	–		$	430
Maximum Payout/Notional Amount by Period of Expiration
2024			$	177,895		$	28,787		$	2,325
2025 - 2026			98,843			–			3,108
2027 - 2028			19,282			–			2,109
2029 - thereafter			29,030			–			231
Total			$	325,050		$	28,787		$	7,773

In the table above:

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

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

•The carrying value for derivatives included derivative assets of $438 million as of September 2024 and $359 million as of December 2023, and derivative liabilities of $3.90 billion as of September 2024 and $5.60 billion as of December 2023.

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

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

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

As an agency lender, the firm indemnifies most of its securities lending customers against losses incurred in the event that borrowers do not return securities and the collateral held is insufficient to cover the market value of the securities borrowed. The maximum payout of such indemnifications was $10.47 billion as of September 2024 and $14.19 billion as of December 2023. Collateral held by the lenders in connection with securities lending indemnifications was $10.99 billion as of September 2024 and $14.63 billion as of December 2023. Because the contractual nature of these arrangements requires the firm to obtain collateral with a market value that exceeds the value of the securities lent to the borrower, there is minimal performance risk associated with these indemnifications.

71						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

As a sponsoring member of the Government Securities Division of the Fixed Income Clearing Corporation, the firm guarantees the performance of its sponsored member clients to the Fixed Income Clearing Corporation in connection with certain resale and repurchase agreements. To minimize potential losses on such guarantees, the firm obtains a security interest in the collateral that the sponsored client placed with the Fixed Income Clearing Corporation. Therefore, the risk of loss on such guarantees is minimal. The maximum payout on this guarantee was $27.31 billion as of September 2024 and $14.60 billion as of December 2023. The related collateral held was $27.23 billion as of September 2024 and $14.69 billion as of December 2023.

Other Financial Guarantees. In the ordinary course of business, the firm provides other financial guarantees of the obligations of third parties (e.g., standby letters of credit and other guarantees to enable clients to complete transactions and fund-related guarantees). These guarantees represent obligations to make payments to beneficiaries if the guaranteed party fails to fulfill its obligation under a contractual arrangement with that beneficiary. Other financial guarantees also include a guarantee that the firm has provided to the Government of Malaysia that it will receive, by August 2025, at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1Malaysia Development Berhad, a sovereign wealth fund in Malaysia (1MDB). In connection with this guarantee, the firm agreed to make a one-time interim payment of $250 million towards the $1.4 billion if the Government of Malaysia did not receive at least $500 million in assets and proceeds by August 2022. The firm does not believe that any interim payment is required. Any amounts paid by the firm would, in any event, be subject to reimbursement in the event the assets and proceeds received by the Government of Malaysia through August 18, 2028 exceed $1.4 billion.

On October 11, 2023, the firm filed a demand for arbitration alleging that the Government of Malaysia had, as of August 2022, recovered assets and proceeds well in excess of $500 million; it had recovered substantial additional assets and proceeds that should be credited against the guarantee; and it had not used all reasonable efforts to recover other assets and proceeds that could be credited against the guarantee. On November 8, 2023, the Government of Malaysia filed a response to the firm’s demand for arbitration and on June 10, 2024, filed an application for a partial award to immediately enforce the interim payment (plus interest). On July 24, 2024, the arbitral tribunal rejected that application. Final determinations on all remaining issues, including any subsequent enforcement of the interim payment, are to be made at a final hearing. The arbitral process is ongoing. See Note 27 for further information about matters related to 1MDB.

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

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

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

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

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

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

Goldman Sachs September 2024 Form 10-Q						72

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications as this depends upon the occurrence of future events, including an assessment of claims that have not yet occurred. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these guarantees and indemnifications have been recognized in the consolidated balance sheets as of both September 2024 and December 2023.

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

In addition, the firm may provide indemnifications to some counterparties to protect them in the event additional taxes are owed or payments are withheld, due either to a change in or an adverse application of certain non-U.S. tax laws. These indemnifications, as well as indemnifications provided by the firm on other contractual or other obligations, generally are standard contractual terms and are entered into in the ordinary course of business. Generally, there are no stated or notional amounts included in these indemnifications, and the contingencies triggering the obligation to indemnify are not expected to occur. Future changes in tax laws and how such laws would apply to these indemnifications cannot be determined. Therefore, the firm is unable to develop an estimate of the maximum payout under these guarantees and indemnifications. However, management believes that it is unlikely the firm will have to make any material payments under these arrangements, and no material liabilities related to these arrangements have been recognized in the consolidated balance sheets as of both September 2024 and December 2023.

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

Note 19.

Shareholders’ Equity

Common Equity

As of both September 2024 and December 2023, the firm had 4.00 billion authorized shares of common stock and 200 million authorized shares of nonvoting common stock, each with a par value of $0.01 per share.

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

The table below presents information about common stock repurchases.

			Three Months Ended September									Nine Months Ended September
in millions, except per share amounts			2024			2023						2024			2023
Common share repurchases			2.0			4.2						13.9			13.5
Average cost per share			$	489.50		$	354.79					$	430.34		$	354.13
Total cost of common share repurchases			$	1,000		$	1,500					$	6,000		$	4,796

Pursuant to the terms of certain share-based compensation plans, employees may remit shares to the firm or the firm may cancel share-based awards to satisfy statutory employee tax withholding requirements. Under these plans, during the nine months ended September 2024, 1,197 shares were remitted with a total value of $0.5 million and the firm cancelled 3.4 million share-based awards with a total value of $1.33 billion. The cash settlement of share-based awards is included in other in additional paid-in capital in the consolidated statements of shareholders' equity and in other financing, net in the consolidated statements of cash flows. For both the nine months ended September 2024 and September 2023, the amount of cash used to settle share-based awards was not material.

The table below presents common stock dividends declared.

			Three Months Ended September									Nine Months Ended September
			2024			2023						2024			2023
Dividends declared per common share			$	3.00		$	2.75					$	8.50		$	7.75

On October 11, 2024, the Board of Directors of Group Inc. declared a dividend of $3.00 per common share to be paid on December 30, 2024 to common shareholders of record on December 2, 2024.

73						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Preferred Equity

The tables below present information about the perpetual preferred stock issued and outstanding as of September 2024.

Series			Shares  Authorized			Shares  Issued			Shares  Outstanding			Depositary Shares Per Share
A			50,000			30,000			29,999			1,000
C			25,000			8,000			8,000			1,000
D			60,000			54,000			53,999			1,000
E			17,500			7,667			7,667			N.A.
F			5,000			1,615			1,615			N.A.
O			26,000			26,000			26,000			25
Q			20,000			20,000			20,000			25
R			24,000			24,000			24,000			25
S			14,000			14,000			14,000			25
T			27,000			27,000			27,000			25
U			30,000			30,000			30,000			25
V			30,000			30,000			30,000			25
W			60,000			60,000			60,000			25
X			90,000			90,000			90,000			25
Y			80,000			80,000			80,000			25
Total			558,500			502,282			502,280

Series			Earliest Redemption Date			Liquidation  Preference			Redemption Value ($ in millions)
A			Currently redeemable			$	25,000		$	750
C			Currently redeemable			$	25,000		200
D			Currently redeemable			$	25,000		1,350
E			Currently redeemable			$	100,000		767
F			Currently redeemable			$	100,000		161
O			November 10, 2026			$	25,000		650
Q			Currently redeemable			$	25,000		500
R			February 10, 2025			$	25,000		600
S			February 10, 2025			$	25,000		350
T			May 10, 2026			$	25,000		675
U			August 10, 2026			$	25,000		750
V			November 10, 2026			$	25,000		750
W			February 10, 2029			$	25,000		1,500
X			May 10, 2029			$	25,000		2,250
Y			November 10, 2034			$	25,000		2,000
Total									$	13,253

In the tables above:

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

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

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

•In April 2024, the firm issued 90,000 shares of Series X 7.50% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series X Preferred Stock).

•In September 2024, the firm issued 80,000 shares of Series Y 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock (Series Y Preferred Stock).

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

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

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

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

In the second quarter of 2024, the firm redeemed all outstanding shares of its Series K 6.375% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series K Preferred Stock) with a redemption value of $700 million ($25,000 per share), plus accrued and unpaid dividends. The difference between the redemption value and net carrying value was $16 million, which was recorded as an addition to preferred stock dividends in the second quarter of 2024.

In the third quarter of 2023, the firm redeemed all outstanding shares of its Series J 5.50% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series J Preferred Stock) with a redemption value of $1 billion ($25,000 per share), plus accrued and unpaid dividends. The difference between the redemption value and net carrying value was $10 million, which was recorded as an addition to preferred stock dividends in the third quarter of 2023.

In September 2024, the firm issued a notice that it will redeem all outstanding shares of its Series P 5.00% Fixed-to-Floating Rate Non-Cumulative Preferred Stock (Series P Preferred Stock) with a redemption value of $1.50 billion ($25,000 per share). Upon the issuance of the notice of redemption, Series P Preferred Stock was reclassified to unsecured short-term borrowings in a non-cash transaction. The difference between its redemption value and net carrying value at the issuance of the notice of redemption was $18 million, which was recorded as an addition to preferred stock dividends in the third quarter of 2024. The shares of Series P Preferred Stock were redeemed in October 2024.

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

Goldman Sachs September 2024 Form 10-Q						74

---

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents the dividend rates of perpetual preferred stock as of September 2024.

Series			Per Annum Dividend Rate
A			3 month term SOFR + 1.01161%, with floor of 3.75%, payable quarterly
C			3 month term SOFR + 1.01161%, with floor of 4.00%, payable quarterly
D			3 month term SOFR + 0.93161%, with floor of 4.00%, payable quarterly
E			3 month term SOFR + 1.02911%, with floor of 4.00%, payable quarterly
F			3 month term SOFR + 1.03161%, with floor of 4.00%, payable quarterly
O			5.30%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 3 month term SOFR + 4.09561%, payable quarterly, thereafter
Q			5 year treasury rate + 3.623%, payable semi-annually
R			4.95%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 3.224%, payable semi-annually, thereafter
S			4.40%, payable semi-annually, from issuance date to, but excluding, February 10, 2025; 5 year treasury rate + 2.85%, payable semi-annually thereafter
T			3.80%, payable semi-annually, from issuance date to, but excluding, May 10, 2026; 5 year treasury rate + 2.969%, payable semi-annually, thereafter
U			3.65%, payable semi-annually, from issuance date to, but excluding, August 10, 2026; 5 year treasury rate + 2.915%, payable semi-annually, thereafter
V			4.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2026; 5 year treasury rate + 2.949%, payable semi-annually, thereafter
W			7.50%, payable semi-annually, from issuance date to, but excluding, February 10, 2029; 5 year treasury rate + 3.156%, payable semi-annually, thereafter
X			7.50%, payable semi-annually, from issuance date to, but excluding, May 10, 2029; 5 year treasury rate + 2.809%, payable semi-annually, thereafter
Y			6.125%, payable semi-annually, from issuance date to, but excluding, November 10, 2034; 10 year treasury rate + 2.40%, payable semi-annually, thereafter

In the table above, dividends on each series of preferred stock are payable in arrears for the periods specified.

The table below presents preferred stock dividends declared.

			2024									2023
Series			per share			$ in millions						per share			$ in millions
Three Months Ended September
A			$	413.68		$	12					$	388.88		$	12
C			$	413.68		4						$	388.88		3
D			$	408.45		22						$	383.77		20
E			$	1,629.22		13						$	1,600.67		13
F			$	1,629.85		3						$	1,601.31		2
J			$	–		–						$	573.52		23
K			$	–		–						$	398.44		11
P			$	552.33		33						$	524.58		32
Q			$	687.50		14						$	687.50		14
R			$	618.75		15						$	618.75		15
S			$	550.00		7						$	550.00		8
U			$	456.25		13						$	456.25		13
W			$	937.50		56						$	–		–
Total						$	192								$	166
Nine Months Ended September
A			$	1,215.99		$	36					$	1,076.86		$	32
C			$	1,215.99		10						$	1,076.86		9
D			$	1,200.65		65						$	1,061.69		57
E			$	4,911.94		38						$	4,447.01		34
F			$	4,913.85		8						$	4,448.90		7
J			$	–		–						$	1,261.02		51
K			$	796.88		20						$	1,195.32		33
O			$	662.50		17						$	662.50		17
P			$	1,623.09		97						$	1,479.53		89
Q			$	1,375.00		28						$	1,375.00		28
R			$	1,237.50		30						$	1,237.50		30
S			$	1,100.00		15						$	1,100.00		16
T			$	475.00		13						$	475.00		13
U			$	912.50		27						$	912.50		27
V			$	515.63		15						$	515.63		15
W			$	1,833.33		110						$	–		–
Total						$	529								$	458

On October 7, 2024, Group Inc. declared dividends of $390.64 per share of Series A Preferred Stock, $390.64 per share of Series C Preferred Stock, $385.53 per share of Series D Preferred Stock, $662.50 per share of Series O Preferred Stock, $475.00 per share of Series T Preferred Stock, $515.63 per share of Series V Preferred Stock and $1,026.04 per share of Series X Preferred Stock that will be paid on November 12, 2024 to preferred shareholders of record on October 28, 2024. In addition, the firm declared dividends of $1,511.43 per share of Series E Preferred Stock and $1,512.06 per share of Series F Preferred Stock that will be paid on December 2, 2024 to preferred shareholders of record on November 17, 2024.

75						Goldman Sachs September 2024 Form 10-Q

---

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Accumulated Other Comprehensive Income/(Loss)

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

$ in millions			Beginning balance			Other comprehensive income/(loss) adjustments, net of tax			Ending balance
Three Months Ended September 2024
Currency translation			$	(825)		$	(25)		$	(850)
Debt valuation adjustment			(411)			(95)			(506)
Pension and postretirement liabilities			(553)			13			(540)
Available-for-sale securities			(1,111)			504			(607)
Total			$	(2,900)		$	397		$	(2,503)
Three Months Ended September 2023
Currency translation			$	(828)		$	(16)		$	(844)
Debt valuation adjustment			281			328			609
Pension and postretirement liabilities			(475)			9			(466)
Available-for-sale securities			(2,215)			317			(1,898)
Total			$	(3,237)		$	638		$	(2,599)
Nine Months Ended September 2024
Currency translation			$	(847)		$	(3)		$	(850)
Debt valuation adjustment			(123)			(383)			(506)
Pension and postretirement liabilities			(575)			35			(540)
Available-for-sale securities			(1,373)			766			(607)
Total			$	(2,918)		$	415		$	(2,503)
Nine Months Ended September 2023
Currency translation			$	(785)		$	(59)		$	(844)
Debt valuation adjustment			892			(283)			609
Pension and postretirement liabilities			(499)			33			(466)
Available-for-sale securities			(2,618)			720			(1,898)
Total			$	(3,010)		$	411		$	(2,599)

Note 20.

Regulation and Capital Adequacy

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

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

Capital Framework

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

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

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

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

Goldman Sachs September 2024 Form 10-Q						76

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Consolidated Regulatory Capital Requirements

Risk-Based Capital Ratios. The table below presents the risk-based capital requirements.

			Standardized			Advanced
As of September 2024
CET1 capital ratio			13.0		%	10.0		%
Tier 1 capital ratio			14.5		%	11.5		%
Total capital ratio			16.5		%	13.5		%
As of December 2023
CET1 capital ratio			13.0		%	10.0		%
Tier 1 capital ratio			14.5		%	11.5		%
Total capital ratio			16.5		%	13.5		%

In the table above:

•Under both the Standardized and Advanced Capital Rules, the CET1 capital ratio requirement includes a minimum of 4.5%, the Tier 1 capital ratio requirement includes a minimum of 6.0% and the Total capital ratio requirement includes a minimum of 8.0%. These requirements also include the capital conservation buffer requirements, consisting of the G-SIB surcharge (Method 2) of 3.0% and the countercyclical capital buffer, which the FRB has set to zero percent. In addition, the capital conservation buffer requirements include the stress capital buffer (SCB) of 5.5% under the Standardized Capital Rules and a buffer of 2.5% under the Advanced Capital Rules.

•The G-SIB surcharge is updated annually based on financial data from the prior year and is generally applicable for the following year. The G-SIB surcharge is calculated using two methodologies, the higher of which is reflected in the firm’s risk-based capital requirements. The first calculation (Method 1) is based on the Basel Committee’s methodology which, among other factors, relies upon measures of the size, activity and complexity of each G-SIB. The second calculation (Method 2) uses similar inputs but includes a measure of reliance on short-term wholesale funding.

Based on the firm's 2024 Comprehensive Capital Analysis and Review submission, in June 2024, the FRB had preliminarily set the firm's SCB to 6.4% for the period from October 1, 2024 through September 30, 2025. In August 2024, the FRB revised the firm's final SCB to 6.2%. As a result, beginning on October 1, 2024, the firm's Standardized requirements are 13.7% for the CET1 capital ratio, 15.2% for the Tier 1 capital ratio and 17.2% for the Total capital ratio.

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

$ in millions			Standardized			Advanced
As of September 2024
CET1 capital			$	102,261		$	102,261
Tier 1 capital			$	115,138		$	115,138
Tier 2 capital			$	14,723		$	10,715
Total capital			$	129,861		$	125,853
RWAs			$	698,198		$	658,397
CET1 capital ratio			14.6		%	15.5		%
Tier 1 capital ratio			16.5		%	17.5		%
Total capital ratio			18.6		%	19.1		%
As of December 2023
CET1 capital			$	99,442		$	99,442
Tier 1 capital			$	110,288		$	110,288
Tier 2 capital			$	14,874		$	10,684
Total capital			$	125,162		$	120,972
RWAs			$	692,737		$	665,348
CET1 capital ratio			14.4		%	14.9		%
Tier 1 capital ratio			15.9		%	16.6		%
Total capital ratio			18.1		%	18.2		%

Leverage Ratios. The table below presents the leverage requirements.

			As of
			September			December
			2024			2023
Tier 1 leverage ratio			4.0		%	4.0		%
SLR			5.0		%	5.0		%

In the table above, the SLR requirement of 5% includes a minimum of 3% and a 2% buffer applicable to G-SIBs.

The table below presents information about leverage ratios.

			For the Three Months
			Ended or as of
			September			December
$ in millions			2024			2023
Tier 1 capital			$	115,138		$	110,288
Average total assets			$	1,691,651		$	1,579,237
Deductions from Tier 1 capital			(6,739)			(7,167)
Average adjusted total assets			1,684,912			1,572,070
Off-balance sheet and other exposures			425,560			423,686
Total leverage exposure			$	2,110,472		$	1,995,756
Tier 1 leverage ratio			6.8		%	7.0%
SLR			5.5		%	5.5%

77						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

In the table above:

•Average total assets represents the average daily assets for the quarter adjusted for the impact of Current Expected Credit Losses (CECL) transition.

•Off-balance sheet and other exposures primarily includes the monthly average of off-balance sheet exposures, consisting of derivatives, securities financing transactions, commitments and guarantees.

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

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

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

			As of
			September			December
$ in millions			2024			2023
Common shareholders’ equity			$	107,947		$	105,702
Impact of CECL transition			276			553
Deduction for goodwill			(5,216)			(5,224)
Deduction for identifiable intangible assets			(720)			(950)
Other adjustments			(26)			(639)
CET1 capital			102,261			99,442
Preferred stock			13,253			11,203
Deduction for investments in covered funds			(374)			(354)
Other adjustments			(2)			(3)
Tier 1 capital			$	115,138		$	110,288
Standardized Tier 2 and Total capital
Tier 1 capital			$	115,138		$	110,288
Qualifying subordinated debt			9,636			9,886
Allowance for credit losses			5,120			5,012
Other adjustments			(33)			(24)
Standardized Tier 2 capital			14,723			14,874
Standardized Total capital			$	129,861		$	125,162
Advanced Tier 2 and Total capital
Tier 1 capital			$	115,138		$	110,288
Standardized Tier 2 capital			14,723			14,874
Allowance for credit losses			(5,120)			(5,012)
Other adjustments			1,112			822
Advanced Tier 2 capital			10,715			10,684
Advanced Total capital			$	125,853		$	120,972

In the table above:

•Beginning in January 2022, the firm started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model. The total amount of reduction to be phased in from January 1, 2022 through January 1, 2025 (at 25% per year) was $1.11 billion, of which $829 million had been phased in as of September 2024. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021. The impact of CECL transition reflects the remaining amount of reduction to be phased in as of both September 2024 and December 2023.

•Deduction for goodwill was net of deferred tax liabilities of $693 million as of September 2024 and $692 million as of December 2023.

•Deduction for identifiable intangible assets was net of deferred tax liabilities of $205 million as of September 2024 and $227 million as of December 2023.

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

•Other adjustments within CET1 capital and Tier 1 capital primarily include CVAs on derivative liabilities, the overfunded portion of the firm’s 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 for further information about the firm’s subordinated debt.

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

$ in millions			Standardized			Advanced
Nine Months Ended September 2024
CET1 capital
Beginning balance			$	99,442		$	99,442
Change in:
Common shareholders’ equity			2,245			2,245
Impact of CECL transition			(277)			(277)
Deduction for goodwill			8			8
Deduction for identifiable intangible assets			230			230
Other adjustments			613			613
Ending balance			$	102,261		$	102,261
Tier 1 capital
Beginning balance			$	110,288		$	110,288
Change in:
CET1 capital			2,819			2,819
Preferred stock			2,050			2,050
Deduction for investments in covered funds			(20)			(20)
Other adjustments			1			1
Ending balance			115,138			115,138
Tier 2 capital
Beginning balance			14,874			10,684
Change in:
Qualifying subordinated debt			(250)			(250)
Allowance for credit losses			108			–
Other adjustments			(9)			281
Ending balance			14,723			10,715
Total capital			$	129,861		$	125,853

Goldman Sachs September 2024 Form 10-Q						78

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

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, the firm computes 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.

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, the firm uses 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.

The firm’s positional losses observed on a single day exceeded its 99% one-day regulatory VaR on two occasions during the nine months ended September 2024 and exceeded its 99% one-day regulatory VaR on one occasion during 2023. There was no change in the firm’s VaR multiplier used to calculate Market RWAs;

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

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

•Comprehensive risk is the potential loss in value, due to price risk and defaults, within the firm’s 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.

79						Goldman Sachs September 2024 Form 10-Q

---

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Operational Risk

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

The table below presents information about RWAs.

$ in millions			Standardized			Advanced
As of September 2024
Credit RWAs
Derivatives			$	150,399		$	94,938
Commitments, guarantees and loans			246,288			197,458
Securities financing transactions			111,325			23,339
Equity investments			30,760			32,229
Other			73,605			97,987
Total Credit RWAs			612,377			445,951
Market RWAs
Regulatory VaR			18,729			18,729
Stressed VaR			39,872			39,872
Incremental risk			6,117			6,117
Comprehensive risk			2,415			2,415
Specific risk			18,688			18,688
Total Market RWAs			85,821			85,821
Total Operational RWAs			–			126,625
Total RWAs			$	698,198		$	658,397
As of December 2023
Credit RWAs
Derivatives			$	146,357		$	96,322
Commitments, guarantees and loans			243,094			194,236
Securities financing transactions			103,704			23,637
Equity investments			34,223			36,920
Other			76,481			96,755
Total Credit RWAs			603,859			447,870
Market RWAs
Regulatory VaR			16,457			16,457
Stressed VaR			48,496			48,496
Incremental risk			5,032			5,032
Comprehensive risk			2,718			2,718
Specific risk			16,175			16,175
Total Market RWAs			88,878			88,878
Total Operational RWAs			–			128,600
Total RWAs			$	692,737		$	665,348

In the table above:

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

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

The table below presents changes in RWAs.

$ in millions			Standardized			Advanced
Nine Months Ended September 2024
RWAs
Beginning balance			$	692,737		$	665,348
Credit RWAs
Change in:
Derivatives			4,042			(1,384)
Commitments, guarantees and loans			3,194			3,222
Securities financing transactions			7,621			(298)
Equity investments			(3,463)			(4,691)
Other			(2,876)			1,232
Change in Credit RWAs			8,518			(1,919)
Market RWAs
Change in:
Regulatory VaR			2,272			2,272
Stressed VaR			(8,624)			(8,624)
Incremental risk			1,085			1,085
Comprehensive risk			(303)			(303)
Specific risk			2,513			2,513
Change in Market RWAs			(3,057)			(3,057)
Change in Operational RWAs			–			(1,975)
Ending balance			$	698,198		$	658,397

RWAs Rollforward Commentary

Nine Months Ended September 2024. Standardized Credit RWAs as of September 2024 increased by $8.52 billion compared with December 2023, reflecting an increase in securities financing transactions (principally due to increased funding exposures), an increase in derivatives (principally due to increased exposures), an increase in commitments, guarantees and loans (principally due to increased lending exposures). These increases were partially offset by a decrease in equity investments (principally due to reduced exposures) and a decrease in other credit RWAs (principally due to decreases in other assets and customer and other receivables). Standardized Market RWAs as of September 2024 decreased by $3.06 billion compared with December 2023, primarily reflecting a decrease in stressed VaR (principally due to reduced exposures to interest rates), partially offset by an increase in specific risk (principally due to increased exposures to debt and equity instruments held for market-making purposes) and an increase in regulatory VaR (principally due to higher levels of volatility in equity markets).

Advanced Credit RWAs as of September 2024 decreased by $1.92 billion compared with December 2023, primarily reflecting a decrease in equity investments (principally due to reduced exposures), partially offset by an increase in commitments, guarantees and loans (principally due to increased lending exposures). Advanced Market RWAs as of September 2024 decreased by $3.06 billion compared with December 2023, primarily reflecting a decrease in stressed VaR (principally due to reduced exposures to interest rates), partially offset by an increase in specific risk (principally due to increased exposures to debt and equity instruments held for market-making purposes) and an increase in regulatory VaR (principally due to higher levels of volatility in equity markets).

Goldman Sachs September 2024 Form 10-Q						80

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

GS Bank USA

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

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

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

			As of
			September			December						September			December
			2024			2023						2024			2023
												"Well-capitalized"
			Requirements									Requirements
Risk-based capital requirements
CET1 capital ratio			7.0		%	7.0		%				6.5		%	6.5		%
Tier 1 capital ratio			8.5		%	8.5		%				8.0		%	8.0		%
Total capital ratio			10.5		%	10.5		%				10.0		%	10.0		%
Leverage requirements
Tier 1 leverage ratio			4.0		%	4.0		%				5.0		%	5.0		%
SLR			3.0		%	3.0		%				6.0		%	6.0		%

In the table above:

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

•The “well-capitalized” requirements are the binding requirements for leverage ratios.

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

$ in millions			Standardized			Advanced
As of September 2024
CET1 capital			$	60,354		$	60,354
Tier 1 capital			$	60,354		$	60,354
Tier 2 capital			$	4,246		$	930
Total capital			$	64,600		$	61,284
RWAs			$	388,365		$	287,399
CET1 capital ratio			15.5		%	21.0		%
Tier 1 capital ratio			15.5		%	21.0		%
Total capital ratio			16.6		%	21.3		%
As of December 2023
CET1 capital			$	53,781		$	53,781
Tier 1 capital			$	53,781		$	53,781
Tier 2 capital			$	6,314		$	2,951
Total capital			$	60,095		$	56,732
RWAs			$	380,774		$	288,938
CET1 capital ratio			14.1		%	18.6		%
Tier 1 capital ratio			14.1		%	18.6		%
Total capital ratio			15.8		%	19.6		%

In the table above:

•The lower of the Standardized or Advanced ratio is the ratio against which GS Bank USA’s compliance with the capital requirements is assessed under the risk-based Capital Rules, and therefore, the Standardized ratios applied to GS Bank USA as of both September 2024 and December 2023.

•Beginning in January 2022, GS Bank USA started to phase in the estimated reduction to regulatory capital as a result of adopting the CECL model at 25% per year through January 2025. The total amount to be phased in includes the impact of adopting CECL as of January 1, 2020, as well as 25% of the increase in the allowance for credit losses from January 1, 2020 through December 31, 2021.

•The Standardized and Advanced risk-based capital ratios increased from December 2023 to September 2024, reflecting an increase in capital, principally due to net earnings, and a decrease in Market RWAs, partially offset by an increase in Credit RWAs.

81						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents information about GS Bank USA’s leverage ratios.

			For the Three Months
			Ended or as of
			September			December
$ in millions			2024			2023
Tier 1 capital			$	60,354		$	53,781
Average adjusted total assets			$	554,355		$	523,546
Total leverage exposure			$	764,073		$	722,465
Tier 1 leverage ratio			10.9		%	10.3		%
SLR			7.9		%	7.4		%

In the table above:

•Average adjusted total assets represents the average daily assets for the quarter adjusted for deductions from Tier 1 capital and the impact of CECL transition.

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

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

The FRB requires that GS Bank USA maintain cash reserves with the Federal Reserve. As of both September 2024 and December 2023, the reserve requirement ratio was zero percent. See Note 26 for further information about cash deposits held by the firm at the Federal Reserve.

GS Bank USA is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both September 2024 and December 2023, GS Bank USA was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

Restrictions on Payments

Group Inc. may be limited in its ability to access capital held at certain subsidiaries as a result of regulatory, tax or other constraints. These limitations include provisions of applicable law and regulations and other regulatory restrictions that limit the ability of those subsidiaries to declare and pay dividends without prior regulatory approval. For example, the amount of dividends that may be paid by GS Bank USA are limited to the lesser of the amounts calculated under a recent earnings test and an undivided profits test.

In addition, subsidiaries not subject to separate regulatory capital requirements may hold capital to satisfy local tax and legal guidelines, rating agency requirements (for entities with assigned credit ratings) or internal policies, including policies concerning the minimum amount of capital a subsidiary should hold based on its underlying level of risk.

Group Inc.’s equity investment in subsidiaries was $139.74 billion as of September 2024 and $133.75 billion as of December 2023, of which Group Inc. was required to maintain $99.59 billion as of September 2024 and $95.80 billion as of December 2023, of minimum equity capital in its regulated subsidiaries in order to satisfy the regulatory requirements of such subsidiaries.

Group Inc.’s capital invested in certain non-U.S. dollar functional currency subsidiaries is exposed to foreign exchange risk, substantially all of which is managed through a combination of non-U.S. dollar-denominated debt and derivatives. See Note 7 for information about the firm’s net investment hedges used to hedge this risk.

Goldman Sachs September 2024 Form 10-Q						82

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 21.

Earnings Per Common Share

Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions.

The table below presents information about basic and diluted EPS.

			Three Months Ended September									Nine Months Ended September
in millions, except per share amounts			2024			2023						2024			2023
Net earnings to common			$	2,780		$	1,882					$	9,602		$	6,040
Weighted average basic shares			324.8			338.7						330.0			342.5
Effect of dilutive RSUs			6.0			5.2						5.3			4.9
Weighted average diluted shares			330.8			343.9						335.3			347.4
Basic EPS			$	8.52		$	5.52					$	28.98		$	17.52
Diluted EPS			$	8.40		$	5.47					$	28.64		$	17.39

In the table above:

•Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.

•Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.04 for both the three months ended September 2024 and September 2023, and $0.12 for both the nine months ended September 2024 and September 2023.

•Diluted EPS does not include antidilutive RSUs, including those that are subject to market or performance conditions, of 0.2 million for the three months ended September 2024, 0.3 million for the three months ended September 2023, 0.3 million for the nine months ended September 2024 and 0.4 million for the nine months ended September 2023.

Note 22.

Transactions with Affiliated Funds

The firm has formed nonconsolidated investment funds with third-party investors. As the firm generally acts as the investment manager for these funds, it is entitled to receive management fees and, in certain cases, advisory fees or incentive fees from these funds. Additionally, the firm invests alongside the third-party investors in certain funds.

The tables below present information about affiliated funds.

			Three Months Ended September												Nine Months Ended September
$ in millions			2024						2023						2024						2023
Fees earned from funds			$	1,386					$	1,179					$	3,905					$	3,496

			As of
			September			December
$ in millions			2024			2023
Fees receivable from funds			$	1,482		$	1,536
Aggregate carrying value of interests in funds			$	3,862		$	4,042

In the ordinary course of business, the firm may choose to provide voluntary financial support to funds, although any such support is not expected to be material to the results of operations of the firm. The firm has waived or deferred collection of management fees and has deferred reimbursement of expenses, and in the future may waive or defer collection of management fees, from select funds. The impact of these waivers and deferrals was not material to the firm's results of operations for each of the three and nine months ended September 2024 and September 2023. Except as noted above, the firm did not provide any additional financial support to its affiliated funds during each of the three and nine months ended September 2024 and September 2023.

In addition, in the ordinary course of business, the firm may also engage in other activities with its affiliated funds, including, among others, securities lending, trade execution, market-making, custody, and acquisition and bridge financing. See Note 18 for information about the firm’s investment commitments related to these funds.

83						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Note 23.

Interest Income and Interest Expense

Interest is recorded over the life of the instrument on an accrual basis based on contractual interest rates.

The table below presents sources of interest income and interest expense.

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Deposits with banks			$	2,354		$	3,065					$	7,589		$	8,331
Collateralized agreements			5,147			4,287						15,060			11,744
Trading assets			4,063			2,222						10,340			5,990
Investments			1,656			1,001						4,253			2,729
Loans			4,230			3,797						12,146			10,942
Other interest			3,998			3,885						12,055			10,295
Total interest income			21,448			18,257						61,443			50,031
Deposits			5,298			4,433						15,554			11,959
Collateralized financings			4,447			3,635						12,960			9,131
Trading liabilities			759			633						2,081			1,769
Short-term borrowings			589			317						1,628			848
Long-term borrowings			2,874			2,913						8,372			8,285
Other interest			4,858			4,779						14,375			13,027
Total interest expense			18,825			16,710						54,970			45,019
Net interest income			$	2,623		$	1,547					$	6,473		$	5,012

In the table above:

•Collateralized agreements includes rebates paid and interest income on securities borrowed.

•Loans excludes interest on loans held for sale that are accounted for at the lower of cost or fair value. Such interest is included within other interest.

•Other interest income includes interest income on customer debit balances, other interest-earning assets and loans held for sale that are accounted for at the lower of cost or fair value.

•Collateralized financings consists of repurchase agreements and securities loaned.

•Short- and long-term borrowings include both secured and unsecured borrowings.

•Other interest expense includes rebates received on other interest-bearing liabilities and interest expense on customer credit balances.

Note 24.

Income Taxes

Provision for Income Taxes

Income taxes are provided for using the asset and liability method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. The firm reports interest expense related to income tax matters in provision for taxes and income tax penalties in other expenses.

Deferred Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities. These temporary differences result in taxable or deductible amounts in future years and are measured using the tax rates and laws that will be in effect when such differences are expected to reverse. Valuation allowances are established to reduce deferred tax assets to the amount that more likely than not will be realized and primarily relate to the ability to utilize losses and tax credits in various tax jurisdictions. Tax assets are included in other assets and tax liabilities are included in other liabilities.

Unrecognized Tax Benefits

The firm recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements.

Regulatory Tax Examinations

The firm is subject to examination by the U.S. Internal Revenue Service (IRS) and other taxing authorities in jurisdictions where the firm has significant business operations, such as the United Kingdom, Japan, Hong Kong and various states, such as New York. The tax years under examination vary by jurisdiction. The firm does not expect completion of these audits to have a material impact on the firm’s financial condition, but it may be material to operating results for a particular period, depending, in part, on the operating results for that period.

Goldman Sachs September 2024 Form 10-Q						84

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents the earliest tax years that remain subject to examination by major jurisdiction.

			As of
Jurisdiction			September 2024
U.S. Federal			2011
New York State and City			2015
United Kingdom			2017
Japan			2018
Hong Kong			2018

The firm has been accepted into the Compliance Assurance Process (CAP) program by the IRS for each of the tax years from 2013 through 2024. This program allows the firm to work with the IRS to identify and resolve potential U.S. Federal tax issues before the filing of tax returns. All issues addressed through the CAP program for the 2011 through 2018 tax years have been resolved and completion is pending final review by the Joint Committee on Taxation. All issues for the 2019 through 2022 tax years have been resolved and will be effectively settled pending administrative completion by the IRS. Final completion of tax years 2011 through 2022 will not have a material impact on the effective tax rate. The 2023 tax year remains subject to post-filing review. New York State and City examinations of tax years 2015 through 2018 commenced during 2021.

All years, including and subsequent to the years in the table above, remain open to examination by the taxing authorities. The firm believes that the liability for unrecognized tax benefits it has established is adequate in relation to the potential for additional assessments.

Note 25.

Business Segments

The firm manages and reports its activities in three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. See Note 1 for information about the firm’s business segments.

Compensation and benefits expenses in the firm’s segments reflect, among other factors, the overall performance of the firm, as well as the performance of individual businesses. Consequently, pre-tax margins in one segment of the firm’s business may be significantly affected by the performance of the firm’s other business segments.

The firm allocates assets (including allocations of global core liquid assets and cash, secured client financing and other assets), revenues and expenses among the three business segments. Due to the integrated nature of these segments, estimates and judgments are made in allocating certain assets, revenues and expenses. The allocation process is based on the manner in which management currently views the performance of the 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.

Management believes that this allocation provides a reasonable representation of each segment’s contribution to consolidated net earnings to common, return on average common equity and total assets. Transactions between segments are based on specific criteria or approximate third-party rates.

85						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Segment Results

The table below presents a summary of the firm’s segment results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Global Banking & Markets
Non-interest revenues			$	7,441		$	7,838					$	24,293		$	22,922
Net interest income			1,113			171						2,171			720
Total net revenues			8,554			8,009						26,464			23,642
Provision for credit losses			54			29						95			214
Operating expenses			4,969			4,791						15,197			13,702
Pre-tax earnings			$	3,531		$	3,189					$	11,172		$	9,726
Net earnings			$	2,653		$	2,383					$	8,643		$	7,460
Net earnings to common			$	2,490		$	2,250					$	8,205		$	7,108
Average common equity			$	76,039		$	72,517					$	75,575		$	70,968
Return on average common equity			13.1		%	12.4		%				14.5		%	13.4		%
Asset & Wealth Management
Non-interest revenues			$	2,988		$	2,544					$	9,241		$	7,100
Net interest income			766			686						2,180			2,393
Total net revenues			3,754			3,230						11,421			9,493
Provision for credit losses			(109)			51						(189)			(499)
Operating expenses			2,848			3,005						8,819			9,448
Pre-tax earnings			$	1,015		$	174					$	2,791		$	544
Net earnings			$	767		$	129					$	2,159		$	417
Net earnings to common			$	727		$	93					$	2,053		$	318
Average common equity			$	26,475		$	28,601					$	26,348		$	30,806
Return on average common equity			11.0		%	1.3		%				10.4		%	1.4		%
Platform Solutions
Non-interest revenues			$	(353)		$	(112)					$	(364)		$	(98)
Net interest income			744			690						2,122			1,899
Total net revenues			391			578						1,758			1,801
Provision for credit losses			452			(73)						1,091			736
Operating expenses			498			1,258						1,490			2,850
Pre-tax earnings/(loss)			$	(559)		$	(607)					$	(823)		$	(1,785)
Net earnings/(loss)			$	(430)		$	(454)					$	(637)		$	(1,369)
Net earnings/(loss) to common			$	(437)		$	(461)					$	(656)		$	(1,386)
Average common equity			$	4,508		$	4,227					$	4,547		$	4,060
Return on average common equity			(38.8)		%	(43.6)		%				(19.2)		%	(45.5)		%
Total
Non-interest revenues			$	10,076		$	10,270					$	33,170		$	29,924
Net interest income			2,623			1,547						6,473			5,012
Total net revenues			12,699			11,817						39,643			34,936
Provision for credit losses			397			7						997			451
Operating expenses			8,315			9,054						25,506			26,000
Pre-tax earnings			$	3,987		$	2,756					$	13,140		$	8,485
Net earnings			$	2,990		$	2,058					$	10,165		$	6,508
Net earnings to common			$	2,780		$	1,882					$	9,602		$	6,040
Average common equity			$	107,022		$	105,345					$	106,470		$	105,834
Return on average common equity			10.4		%	7.1		%				12.0		%	7.6		%

In the table above:

•Revenues and expenses directly associated with each segment are included in determining pre-tax earnings.

•Net revenues in the firm’s segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. Net interest is included in segment net revenues as it is consistent with how management assesses segment performance.

•Expenses not directly associated with specific segments are allocated based on an estimate of support provided to each segment.

The table below presents depreciation and amortization expense by segment.

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Global Banking & Markets			$	276		$	275					$	854		$	837
Asset & Wealth Management			216			607						825			1,954
Platform Solutions			129			630						215			1,285
Total			$	621		$	1,512					$	1,894		$	4,076

In the table above:

•The decrease in Asset & Wealth Management for both the three and nine months ended September 2024 primarily reflected significantly lower impairments related to commercial real estate in CIEs.

•The decrease in Platform Solutions primarily reflected a write-down related to GreenSky of $506 million for both the three and nine months ended September 2023, and an impairment of goodwill related to Consumer platforms of $504 million for the nine months ended September 2023.

Segment Assets

The table below presents assets by segment.

			As of
			September			December
$ in millions			2024			2023
Global Banking & Markets			$	1,471,242		$	1,381,247
Asset & Wealth Management			196,460			191,863
Platform Solutions			60,378			68,484
Total			$	1,728,080		$	1,641,594

Geographic Information

Due to the highly integrated nature of international financial markets, the firm manages its businesses based on the profitability of the enterprise as a whole. The methodology for allocating profitability to geographic regions is dependent on estimates and management judgment because a significant portion of the firm’s activities require cross-border coordination in order to facilitate the needs of the firm’s clients. Geographic results are generally allocated as follows:

•Global Banking & Markets: Investment banking fees and Other: location of the client and investment banking team; FICC intermediation and Equities intermediation: location of the market-making desk; FICC financing and Equities financing: location of the desk.

•Asset & Wealth Management (excluding direct-to-consumer business, Equity investments and Debt investments): location of the sales team; Direct-to-consumer business: location of the client; Equity investments and Debt investments: location of the investment or investment professional.

•Platform Solutions: location of the client.

Goldman Sachs September 2024 Form 10-Q						86

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents total net revenues and pre-tax earnings by geographic region.

$ in millions			2024						2023
Three Months Ended September
Americas			$	8,045		63		%	$	7,570		64		%
EMEA			3,076			24		%	2,811			24		%
Asia			1,578			13		%	1,436			12		%
Total net revenues			$	12,699		100		%	$	11,817		100		%
Americas			$	2,389		60		%	$	1,590		58		%
EMEA			1,182			30		%	927			33		%
Asia			416			10		%	239			9		%
Total pre-tax earnings			$	3,987		100		%	$	2,756		100		%
Nine Months Ended September
Americas			$	25,351		64		%	$	21,565		62		%
EMEA			9,477			24		%	9,263			26		%
Asia			4,815			12		%	4,108			12		%
Total net revenues			$	39,643		100		%	$	34,936		100		%
Americas			$	8,192		62		%	$	4,209		50		%
EMEA			3,673			28		%	3,391			40		%
Asia			1,275			10		%	885			10		%
Total pre-tax earnings			$	13,140		100		%	$	8,485		100		%

In the table above:

•Americas pre-tax earnings for both the three and nine months ended September 2023 were impacted by impairments related to commercial real estate in CIEs and the write-down related to GreenSky. Additionally, Americas pre-tax earnings for the nine months ended September 2023 were impacted by an impairment of goodwill related to Consumer platforms.

•Substantially all of the amounts in the Americas were attributable to the U.S.

•Asia includes Australia and New Zealand.

Note 26.

Credit Concentrations

The firm’s concentrations of credit risk arise from its market-making, client facilitation, investing, underwriting, lending and collateralized transactions, and cash management activities, and may be impacted by changes in economic, industry or political factors. These activities expose the firm to many different industries and counterparties, and may also subject the firm to a concentration of credit risk to a particular central bank, counterparty, borrower or issuer, including sovereign issuers, or to a particular clearinghouse or exchange. The firm seeks to mitigate credit risk by actively monitoring exposures and obtaining collateral from counterparties as deemed appropriate.

The firm measures and monitors its credit exposure based on amounts owed to the firm after taking into account risk mitigants that the firm considers when determining credit risk. Such risk mitigants include netting and collateral arrangements and economic hedges, such as credit derivatives, futures and forward contracts. Netting and collateral agreements permit the firm to offset receivables and payables with such counterparties and/or enable the firm to obtain collateral on an upfront or contingent basis.

The table below presents the credit concentrations included in trading cash instruments and investments.

			As of
			September			December
$ in millions			2024			2023
U.S. government and agency obligations			$	389,164		$	260,531
Percentage of total assets			22.5		%	15.9		%
Non-U.S. government and agency obligations			$	104,139		$	90,681
Percentage of total assets			6.0		%	5.5		%

In addition, the firm had $120.96 billion as of September 2024 and $206.07 billion as of December 2023 of cash deposits held at central banks (included in cash and cash equivalents), of which $77.21 billion as of September 2024 and $105.66 billion as of December 2023 was held at the Federal Reserve.

As of both September 2024 and December 2023, the firm did not have credit exposure to any other counterparty that exceeded 2% of total assets.

Collateral obtained by the firm related to derivative assets is principally cash and is held by the firm or a third-party custodian. Collateral obtained by the firm related to resale agreements and securities borrowed transactions is primarily U.S. government and agency obligations, and non-U.S. government and agency obligations. See Note 11 for further information about collateralized agreements and financings.

87						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

The table below presents U.S. government and agency obligations, and non-U.S. government and agency obligations that collateralize resale agreements and securities borrowed transactions.

			As of
			September			December
$ in millions			2024			2023
U.S. government and agency obligations			$	159,191		$	154,056
Non-U.S. government and agency obligations			$	78,618		$	92,833

In the table above:

•Non-U.S. government and agency obligations primarily consists of securities issued by the governments of the U.K., Japan, Germany, France and Italy.

•Given that the firm’s primary credit exposure on such transactions is to the counterparty to the transaction, the firm would be exposed to the collateral issuer only in the event of counterparty default.

Note 27.

Legal Proceedings

The firm is involved in a number of judicial, regulatory and arbitration proceedings (including those described below) concerning matters arising in connection with the conduct of the firm’s businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages.

Under ASC 450, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the firm is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the firm believes the risk of loss is more than slight.

With respect to matters described below for which management has been able to estimate a range of reasonably possible loss where (i) actual or potential plaintiffs have claimed an amount of money damages, (ii) the firm is being, or threatened to be, sued by purchasers in a securities offering and is not being indemnified by a party that the firm believes will pay the full amount of any judgment, or (iii) the purchasers are demanding that the firm repurchase securities, management has estimated the upper end of the range of reasonably possible loss based on (a) in the case of (i), the amount of money damages claimed, (b) in the case of (ii), the difference between the initial sales price of the securities that the firm sold in such offering and the estimated lowest subsequent price of such securities prior to the action being commenced and (c) in the case of (iii), the price that purchasers paid for the securities less the estimated value, if any, as of September 2024 of the relevant securities, in each of cases (i), (ii) and (iii), taking into account any other factors believed to be relevant to the particular matter or matters of that type. As of the date hereof, the firm has estimated the upper end of the range of reasonably possible aggregate loss for such matters and for any other matters described below where management has been able to estimate a range of reasonably possible aggregate loss to be approximately $2.0 billion in excess of the aggregate reserves for such matters.

Management is generally unable to estimate a range of reasonably possible loss for matters other than those included in the estimate above, including where (i) actual or potential plaintiffs have not claimed an amount of money damages, except in those instances where management can otherwise determine an appropriate amount, (ii) matters are in early stages, (iii) matters relate to regulatory investigations or reviews, except in those instances where management can otherwise determine an appropriate amount, (iv) there is uncertainty as to the likelihood of a class being certified or the ultimate size of the class, (v) there is uncertainty as to the outcome of pending appeals or motions, (vi) there are significant factual issues to be resolved, and/or (vii) there are novel legal issues presented. For example, the firm’s potential liabilities with respect to the investigations and reviews described below in “Regulatory Investigations and Reviews and Related Litigation” generally are not included in management’s estimate of reasonably possible loss. However, management does not believe, based on currently available information, that the outcomes of such other matters will have a material adverse effect on the firm’s financial condition, though the outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period.

Goldman Sachs September 2024 Form 10-Q						88

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

1MDB-Related Matters

Between 2012 and 2013, subsidiaries of the firm acted as arrangers or purchasers of approximately $6.5 billion of debt securities of 1MDB.

On November 1, 2018, the U.S. Department of Justice (DOJ) unsealed a criminal information and guilty plea by Tim Leissner, a former participating managing director of the firm, and an indictment against Ng Chong Hwa, a former managing director of the firm. On August 28, 2018, Leissner was adjudicated guilty by the U.S. District Court for the Eastern District of New York of conspiring to launder money and to violate the U.S. Foreign Corrupt Practices Act’s (FCPA) anti-bribery and internal accounting controls provisions. Ng was charged with conspiring to launder money and to violate the FCPA’s anti-bribery and internal accounting controls provisions, and on April 8, 2022, Ng was found guilty on all counts following a trial.

On August 18, 2020, the firm announced that it entered into a settlement agreement with the Government of Malaysia to resolve the criminal and regulatory proceedings in Malaysia involving the firm, which includes a guarantee that the Government of Malaysia receives at least $1.4 billion in assets and proceeds from assets seized by governmental authorities around the world related to 1MDB. See Note 18 for further information about this guarantee, including related arbitration proceedings.

On October 22, 2020, the firm announced that it reached settlements of governmental and regulatory investigations relating to 1MDB with the DOJ, the SEC, the FRB, the NYDFS, the Financial Conduct Authority, the Prudential Regulation Authority, the Singapore Attorney General’s Chambers, the Singapore Commercial Affairs Department, the Monetary Authority of Singapore and the Hong Kong Securities and Futures Commission. Group Inc. entered into a three-year deferred prosecution agreement with the DOJ, in which a charge against the firm, one count of conspiracy to violate the FCPA, was filed and was later dismissed on May 6, 2024 in accordance with the agreement. In addition, GS Malaysia pleaded guilty to one count of conspiracy to violate the FCPA, and was sentenced on June 9, 2021. In May 2021, the U.S. Department of Labor granted the firm a five-year exemption to maintain its status as a qualified professional asset manager (QPAM).

On December 20, 2018, a putative securities class action lawsuit was filed in the U.S. District Court for the Southern District of New York against Group Inc. and certain former officers of the firm alleging violations of the anti-fraud provisions of the Exchange Act with respect to Group Inc.’s disclosures and public statements concerning 1MDB and seeking unspecified damages. The plaintiff filed the second amended complaint on October 28, 2019. On June 28, 2021, the court dismissed the claims against one of the individual defendants but denied the defendants’ motion to dismiss with respect to the firm and the remaining individual defendants. On August 4, 2023, the plaintiff filed a third amended complaint. On September 29, 2023, the plaintiff moved for class certification. On April 5, 2024, the Magistrate Judge recommended that the plaintiff’s motion for class certification be granted in part and denied in part. On May 3, 2024, the defendants filed objections to the Magistrate Judge’s report and recommendation with the district court.

Mortgage-Related Matters

Complaints were filed in the U.S. District Court for the Southern District of New York on July 25, 2019 and May 29, 2020 against Goldman Sachs Mortgage Company and GS Mortgage Securities Corp. by U.S. Bank National Association, as trustee for two residential mortgage-backed securitization trusts that issued $1.7 billion of securities. The complaints generally allege that mortgage loans in the trusts failed to conform to applicable representations and warranties and seek specific performance or, alternatively, compensatory damages and other relief. On November 23, 2020, the court granted in part and denied in part defendants’ motion to dismiss the complaint in the first action and denied defendants’ motion to dismiss the complaint in the second action. On January 14, 2021, amended complaints were filed in both actions.

Currencies-Related Litigation

GS&Co. is among the defendants named in a putative class action filed in the U.S. District Court for the Southern District of New York on August 4, 2021. The amended complaint, filed on January 6, 2022, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate auctions for foreign exchange transactions on an electronic trading platform, as well as claims under the Racketeer Influenced and Corrupt Organizations Act. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of treble and other damages. On May 18, 2023, the court dismissed certain state common law claims, but denied dismissal of the remaining claims. On July 7, 2023, the plaintiffs filed a second amended complaint.

89						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Banco Espirito Santo S.A. and Oak Finance

In December 2014, September 2015 and December 2015, the Bank of Portugal (BoP) rendered decisions to reverse an earlier transfer to Novo Banco of an $835 million facility agreement (the Facility), structured by GSI, between Oak Finance Luxembourg S.A. (Oak Finance), a special purpose vehicle formed in connection with the Facility, and Banco Espirito Santo S.A. (BES) prior to the failure of BES. In response, GSI and, with respect to the BoP’s December 2015 decision, GSIB commenced actions beginning in February 2015 against Novo Banco S.A. (Novo Banco) in the English Commercial Court and the BoP in the Portuguese Administrative Court. In July 2018, the English Supreme Court found that the English courts will not have jurisdiction over GSI’s action unless and until the Portuguese Administrative Court finds against BoP in GSI’s parallel action. In July 2018, the Liquidation Committee for BES issued a decision seeking to claw back from GSI $54 million paid to GSI and $50 million allegedly paid to Oak Finance in connection with the Facility, alleging that GSI acted in bad faith in extending the Facility, including because GSI allegedly knew that BES was at risk of imminent failure. In October 2018, GSI commenced an action in the Lisbon Commercial Court challenging the Liquidation Committee’s decision and has since also issued a claim against the Portuguese State seeking compensation for losses of approximately $222 million related to the failure of BES, together with a contingent claim for the $104 million sought by the Liquidation Committee. On April 11, 2023, GSI commenced administrative proceedings against the BoP, seeking the nullification of the BoP’s September 2015 and December 2015 decisions on new grounds.

Financial Advisory Services

Group Inc. and certain of its affiliates are from time to time parties to various civil litigation and arbitration proceedings and other disputes with clients and third parties relating to the firm’s financial advisory activities. These claims generally seek, among other things, compensatory damages and, in some cases, punitive damages, and in certain cases allege that the firm did not appropriately disclose or deal with conflicts of interest.

Archegos-Related Matters

GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 13, 2021 in New York Supreme Court, County of New York, relating to ViacomCBS Inc.’s (ViacomCBS) March 2021 public offerings of $1.7 billion of common stock and $1.0 billion of preferred stock. In addition to the underwriters, the defendants include ViacomCBS and certain of its officers and directors. GS&Co. underwrote 646,154 shares of common stock representing an aggregate offering price of approximately $55 million and 323,077 shares of preferred stock representing an aggregate offering price of approximately $32 million. The complaint asserts claims under the federal securities laws and alleges that the offering documents contained material misstatements and omissions, including, among other things, that the offering documents failed to disclose that Archegos Capital Management, LP (Archegos) had substantial exposure to ViacomCBS, including through total return swaps to which certain of the underwriters (the trading underwriters), including GS&Co., were allegedly counterparties, and that such underwriters failed to disclose their exposure to Archegos. On December 21, 2021, the plaintiffs filed a corrected amended complaint. The complaint seeks rescission and compensatory damages in unspecified amounts. On February 6, 2023, the trial court dismissed the claims against ViacomCBS and the individual defendants, but denied the defendants’ motions to dismiss with respect to GS&Co. and the other underwriter defendants. On January 4, 2024, the trial court granted the plaintiffs’ motion for class certification, and on February 14, 2024, the underwriter defendants appealed. On April 4, 2024, the Appellate Division for the First Department affirmed the trial court’s dismissal of the claims against ViacomCBS and the individual defendants, reversed the trial court’s failure to dismiss the claims against the non-trading underwriter defendants, and affirmed the trial court’s denial of the motion to dismiss claims against the trading underwriter defendants, including GS&Co.

Group Inc. is also a defendant in putative securities class actions filed beginning in October 2021 and consolidated in the U.S. District Court for the Southern District of New York. The complaints allege that Group Inc., along with another financial institution, sold shares in Baidu Inc. (Baidu), Discovery Inc. (Discovery), GSX Techedu Inc. (Gaotu), iQIYI Inc. (iQIYI), Tencent Music Entertainment Group (Tencent), ViacomCBS, and Vipshop Holdings Ltd. (Vipshop) based on material nonpublic information regarding the liquidation of Archegos’ position in Baidu, Discovery, Gaotu, iQIYI, Tencent, ViacomCBS and Vipshop, respectively. The complaints generally assert violations of Sections 10(b), 20A and 20(a) of the Exchange Act and seek unspecified damages. In May 2023, the plaintiffs in the class actions filed second amended complaints, and on March 28, 2024, the court granted the defendants’ motion to dismiss the second amended complaints with prejudice. On April 26, 2024, the plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit.

Goldman Sachs September 2024 Form 10-Q						90

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Silicon Valley Bank Matters

GS&Co. is among the underwriters named as defendants in a putative securities class action filed on April 7, 2023 and consolidated in the U.S. District Court for the Northern District of California and an individual action filed on January 25, 2024 in the same court relating to SVB Financial Group’s (SVBFG) January 2021 public offerings of $500 million principal amount of senior notes and $750 million of depositary shares representing interests in preferred stock, March 2021 public offering of approximately $1.2 billion of common stock, May 2021 public offerings of $1.0 billion of depositary shares representing interests in preferred stock and $500 million principal amount of senior notes, August 2021 public offering of approximately $1.3 billion of common stock, and April 2022 public offering of $800 million aggregate principal amount of senior notes, among other public offerings of securities. In addition to the underwriters, the defendants include certain of SVBFG’s officers and directors and its auditor. GS&Co. underwrote an aggregate of 831,250 depositary shares representing an aggregate offering price of approximately $831 million, an aggregate of 3,266,108 shares of common stock representing an aggregate offering price of approximately $1.8 billion and senior notes representing an aggregate price to the public of approximately $727 million. The complaints generally assert claims under the federal securities laws and allege that the offering documents contained material misstatements and omissions. The complaints seek compensatory damages in unspecified amounts. On March 17, 2023, SVBFG filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. On January 16, 2024, the plaintiffs filed a consolidated amended complaint in the putative class action, and on April 3, 2024, the defendants moved to dismiss the consolidated amended complaint.

The firm is also cooperating with and providing information to various governmental bodies in connection with their investigations and inquiries regarding SVBFG and its affiliates (collectively SVB), including the firm’s business with SVB in or around March 2023, when SVB engaged the firm to assist with a proposed capital raise and SVB sold the firm a portfolio of securities.

Underwriting Litigation

Firm affiliates are among the defendants in a number of proceedings in connection with securities offerings. In these proceedings, including those described below, the plaintiffs assert class action or individual claims under federal and state securities laws and in some cases other applicable laws, allege that the offering documents for the securities that they purchased contained material misstatements and omissions, and generally seek compensatory and rescissory damages in unspecified amounts, as well as rescission. Certain of these proceedings involve additional allegations.

Uber Technologies, Inc. GS&Co. is among the underwriters named as defendants in several putative securities class actions filed beginning in September 2019 in California Superior Court, County of San Francisco and the U.S. District Court for the Northern District of California, relating to Uber Technologies, Inc.’s (Uber) $8.1 billion May 2019 initial public offering. In addition to the underwriters, the defendants include Uber and certain of its officers and directors. GS&Co. underwrote 35,864,408 shares of common stock representing an aggregate offering price of approximately $1.6 billion. On November 16, 2020, the court in the state court action granted defendants’ motion to dismiss the consolidated amended complaint filed on February 11, 2020, and on December 16, 2020, plaintiffs appealed. On August 7, 2020, defendants’ motion to dismiss the district court action was denied. On September 25, 2020, the plaintiffs in the district court action moved for class certification. On December 5, 2020, the plaintiffs in the state court action filed a complaint in the district court, which was consolidated with the existing district court action on January 25, 2021. On May 14, 2021, the plaintiffs filed a second amended complaint in the district court, purporting to add the plaintiffs from the state court action as additional class representatives. On October 1, 2021, defendants’ motion to dismiss the additional class representatives from the second amended complaint was denied, and on July 26, 2022, the district court granted the plaintiffs’ motion for class certification. On February 27, 2023, the U.S. Court of Appeals for the Ninth Circuit denied the defendants’ petition seeking interlocutory review of the district court’s grant of class certification. On August 9, 2024, the court in the federal court action preliminarily approved a settlement, which will not require a contribution from GS&Co.

91						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Array Technologies, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 14, 2021 in the U.S. District Court for the Southern District of New York relating to Array Technologies, Inc.’s (Array) $1.2 billion October 2020 initial public offering of common stock, $1.3 billion December 2020 offering of common stock and $993 million March 2021 offering of common stock. In addition to the underwriters, the defendants include Array and certain of its officers and directors. GS&Co. underwrote an aggregate of 31,912,213 shares of common stock in the three offerings representing an aggregate offering price of approximately $877 million. On December 7, 2021, the plaintiffs filed an amended consolidated complaint, and on May 19, 2023, the court granted the defendants’ motion to dismiss the amended consolidated complaint. On July 5, 2023, the court denied the plaintiffs’ request for leave to amend the amended consolidated complaint and dismissed the case with prejudice. On August 4, 2023, plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit.

ContextLogic Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on May 17, 2021 and consolidated in the U.S. District Court for the Northern District of California, relating to ContextLogic Inc.’s (ContextLogic) $1.1 billion December 2020 initial public offering of common stock. In addition to the underwriters, the defendants include ContextLogic and certain of its officers and directors. GS&Co. underwrote 16,169,000 shares of common stock representing an aggregate offering price of approximately $388 million. On July 15, 2022, the plaintiffs filed a consolidated amended complaint, and on March 10, 2023, the court granted the defendants’ motion to dismiss the consolidated amended complaint with leave to amend. On April 10, 2023, the plaintiffs filed a second consolidated amended complaint, and on December 22, 2023, the court granted in part and denied in part the defendants’ motion to dismiss the second consolidated amended complaint with leave to amend. On February 15, 2024, the plaintiffs filed a third consolidated amended complaint, and on August 22, 2024, the court granted the defendants’ motion to dismiss the third consolidated amended complaint without leave to amend. On September 19, 2024, the plaintiffs filed a motion to alter the court’s judgment.

DiDi Global Inc. Goldman Sachs (Asia) L.L.C. (GS Asia) is among the underwriters named as defendants in putative securities class actions filed beginning on July 6, 2021 in the U.S. District Courts for the Southern District of New York and the Central District of California and New York Supreme Court, County of New York, relating to DiDi Global Inc.’s (DiDi) $4.4 billion June 2021 initial public offering of American Depositary Shares (ADS). In addition to the underwriters, the defendants include DiDi and certain of its officers and directors. GS Asia underwrote 104,554,000 ADS representing an aggregate offering price of approximately $1.5 billion. On September 22, 2021, plaintiffs in the California action voluntarily dismissed their claims without prejudice. On May 5, 2022, plaintiffs in the consolidated federal action filed a second consolidated amended complaint, which includes allegations of violations of Sections 10(b) and 20A of the Exchange Act against the underwriter defendants. On March 14, 2024, the court denied the defendants’ motions to dismiss the second consolidated amended complaint.

Vroom Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on October 4, 2021 in the U.S. District Court for the Southern District of New York relating to Vroom Inc.’s (Vroom) approximately $589 million September 2020 public offering of common stock. In addition to the underwriters, the defendants include Vroom and certain of its officers and directors. GS&Co. underwrote 3,886,819 shares of common stock representing an aggregate offering price of approximately $212 million. On December 20, 2021, the defendants served a motion to dismiss the consolidated complaint.

Goldman Sachs September 2024 Form 10-Q						92

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Zymergen Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 4, 2021 in the U.S. District Court for the Northern District of California relating to Zymergen Inc.’s (Zymergen) $575 million April 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Zymergen, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 5,750,345 shares of common stock representing an aggregate offering price of approximately $178 million. On February 24, 2022, the plaintiffs filed an amended complaint, and on November 29, 2022, the court granted in part and denied in part the defendants’ motion to dismiss the amended complaint, denying dismissal of the claims for violations of Section 11 of the Securities Act. On August 11, 2023, the court granted the plaintiffs’ motion for class certification. On October 3, 2023, Zymergen and three affiliates filed Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware. On March 4, 2024, the plaintiffs filed a second amended complaint.

Sea Limited. GS Asia is among the underwriters named as defendants in putative securities class actions filed on February 11, 2022 and June 17, 2022, respectively, in New York Supreme Court, County of New York, relating to Sea Limited’s approximately $4.0 billion September 2021 public offering of ADS and approximately $2.9 billion September 2021 public offering of convertible senior notes, respectively. In addition to the underwriters, the defendants include Sea Limited, certain of its officers and directors and certain of its shareholders. GS Asia underwrote 8,222,500 ADS representing an aggregate offering price of approximately $2.6 billion and convertible senior notes representing an aggregate offering price of approximately $1.9 billion. On August 3, 2022, the actions were consolidated, and on August 9, 2022, the plaintiffs filed a consolidated amended complaint. The defendants had previously moved to dismiss the action on July 15, 2022, with the parties stipulating that the motion would apply to the consolidated amended complaint. On May 15, 2023, the court granted the defendants’ motion to dismiss the consolidated amended complaint with prejudice. On May 28, 2024, the Appellate Division for the First Department reversed the trial court’s dismissal of the consolidated amended complaint, and on June 27, 2024, the defendants moved to reargue or alternatively, for leave to appeal the reversal.

Rivian Automotive Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed on March 7, 2022 and February 28, 2023 in the U.S. District Court for the Central District of California and in the Superior Court of the State of California, County of Orange, respectively, relating to Rivian Automotive Inc.’s (Rivian) approximately $13.7 billion November 2021 initial public offering. In addition to the underwriters, the defendants include Rivian and certain of its officers and directors. GS&Co. underwrote 44,733,050 shares of common stock representing an aggregate offering price of approximately $3.5 billion. On March 2, 2023, the plaintiffs in the federal court action filed an amended consolidated complaint, and on July 3, 2023, the court denied the defendants’ motion to dismiss the amended consolidated complaint. On June 30, 2023, the court in the state court action granted the defendants’ motion to dismiss the complaint, and on September 1, 2023, the plaintiffs appealed. On July 17, 2024, the court in the federal court action granted the plaintiffs’ motion for class certification.

Natera Inc. GS&Co. is among the underwriters named as defendants in putative securities class actions in New York Supreme Court, County of New York and the U.S. District Court for the Western District of Texas filed on March 10, 2022 and October 7, 2022, respectively, relating to Natera Inc.’s (Natera) approximately $585 million July 2021 public offering of common stock. In addition to the underwriters, the defendants include Natera and certain of its officers and directors. GS&Co. underwrote 1,449,000 shares of common stock representing an aggregate offering price of approximately $164 million. On July 15, 2022, the parties in the state court action filed a stipulation and proposed order approving the discontinuance of the action without prejudice. On September 11, 2023, the federal court granted in part and denied in part the defendants’ motion to dismiss. On June 4, 2024, the plaintiffs in the federal court action moved for class certification.

93						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Robinhood Markets, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on December 17, 2021 in the U.S. District Court for the Northern District of California relating to Robinhood Markets, Inc.’s (Robinhood) approximately $2.2 billion July 2021 initial public offering. In addition to the underwriters, the defendants include Robinhood and certain of its officers and directors. GS&Co. underwrote 18,039,706 shares of common stock representing an aggregate offering price of approximately $686 million. On February 10, 2023, the court granted the defendants’ motion to dismiss the complaint with leave to amend, and on March 13, 2023, the plaintiffs filed a second amended complaint. On January 24, 2024, the court granted the defendants’ motion to dismiss the second amended complaint without leave to amend. On February 21, 2024, the plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit.

ON24, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 3, 2021 in the U.S. District Court for the Northern District of California relating to ON24, Inc.’s (ON24) approximately $492 million February 2021 initial public offering of common stock. In addition to the underwriters, the defendants include ON24 and certain of its officers and directors, including a director who was a Managing Director of GS&Co. at the time of the initial public offering. GS&Co. underwrote 3,616,785 shares of common stock representing an aggregate offering price of approximately $181 million. On March 18, 2022, the plaintiffs filed a consolidated complaint, and on July 7, 2023, the court granted the defendants’ motion to dismiss the consolidated complaint with leave to amend. On September 1, 2023, the plaintiffs filed an amended consolidated complaint, and on March 5, 2024, the court granted the defendants’ motion to dismiss the amended consolidated complaint with prejudice. On April 4, 2024, the plaintiffs appealed to the U.S. Court of Appeals for the Ninth Circuit.

Oscar Health, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on May 12, 2022 in the U.S. District Court for the Southern District of New York relating to Oscar Health, Inc.’s (Oscar Health) approximately $1.4 billion March 2021 initial public offering. In addition to the underwriters, the defendants include Oscar Health and certain of its officers and directors. GS&Co. underwrote 12,760,633 shares of common stock representing an aggregate offering price of approximately $498 million. On December 5, 2022, the plaintiffs filed an amended complaint. On April 4, 2023, the defendants moved to dismiss the amended complaint.

Oak Street Health, Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on May 25, 2022 in the U.S. District Court for the Northern District of Illinois relating to Oak Street Health, Inc.’s (Oak Street) $377 million August 2020 initial public offering, $298 million December 2020 secondary equity offering, $691 million February 2021 secondary equity offering and $747 million May 2021 secondary equity offering. In addition to the underwriters, the defendants include Oak Street, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 4,157,103 shares of common stock in the August 2020 initial public offering representing an aggregate offering price of approximately $87 million, 1,503,944 shares of common stock in the December 2020 secondary equity offering representing an aggregate offering price of approximately $69 million, 3,083,098 shares of common stock in the February 2021 secondary equity offering representing an aggregate offering price of approximately $173 million and 3,013,065 shares of common stock in the May 2021 secondary equity offering representing an aggregate offering price of approximately $187 million. On February 10, 2023, the court granted in part and denied in part the defendants’ motion to dismiss, dismissing the claim alleging a violation of Section 12(a)(2) of the Securities Act and, with respect to the May 2021 secondary equity offering only, the claim alleging a violation of Section 11 of the Securities Act, but declining to dismiss the remaining claims. On December 15, 2023, the plaintiffs moved for class certification. On September 19, 2024, the court preliminarily approved a settlement, which will not require a contribution from GS&Co.

Goldman Sachs September 2024 Form 10-Q						94

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Bright Health Group, Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on June 24, 2022 in the U.S. District Court for the Eastern District of New York relating to Bright Health Group, Inc.’s (Bright Health) approximately $924 million June 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Bright Health and certain of its officers and directors. GS&Co. underwrote 11,297,000 shares of common stock representing an aggregate offering price of approximately $203 million. On September 30, 2024, the court granted the defendants’ motion to dismiss the amended complaint.

MINISO Group Holding Limited. GS Asia is among the underwriters named as defendants in a putative securities class action filed on August 17, 2022 in the U.S. District Court for the Central District of California and transferred to the U.S. District Court for the Southern District of New York on November 18, 2022 relating to MINISO Group Holding Limited’s (MINISO) approximately $656 million October 2020 initial public offering of ADS. In addition to the underwriters, the defendants include MINISO and certain of its officers and directors. GS Asia underwrote 16,408,093 ADS representing an aggregate offering price of approximately $328 million. On April 24, 2023, the plaintiffs filed a second amended complaint, and on February 23, 2024, the court granted the defendants’ motion to dismiss the second amended complaint with leave to amend.

Coupang, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on August 26, 2022 in the U.S. District Court for the Southern District of New York relating to Coupang, Inc.’s (Coupang) approximately $4.6 billion March 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Coupang and certain of its officers and directors. GS&Co. underwrote 42,900,000 shares of common stock representing an aggregate offering price of approximately $1.5 billion. On May 24, 2023, the plaintiffs filed an amended complaint, and on July 28, 2023, the defendants moved to dismiss the amended complaint.

Yatsen Holding Limited. GS Asia is among the underwriters named as defendants in a putative securities class action filed on September 23, 2022 in the U.S. District Court for the Southern District of New York relating to Yatsen Holding Limited’s (Yatsen) approximately $617 million November 2020 initial public offering of ADS. In addition to the underwriters, the defendants include Yatsen and certain of its officers and directors. GS Asia underwrote 22,912,500 ADS representing an aggregate offering price of approximately $241 million. On October 4, 2023, the plaintiffs filed an amended complaint, and on July 22, 2024, the court granted the defendants’ motion to dismiss the amended complaint.

Rent the Runway, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 14, 2022 in the U.S. District Court for the Eastern District of New York relating to Rent the Runway, Inc.’s (Rent the Runway) $357 million October 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Rent the Runway and certain of its officers and directors. GS&Co. underwrote 5,254,304 shares of common stock representing an aggregate offering price of approximately $110 million. On September 5, 2023, the plaintiffs filed an amended complaint, and on September 25, 2024, the court granted in part and denied in part the defendants’ motion to dismiss the amended complaint.

Opendoor Technologies Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on November 22, 2022 in the U.S. District Court for the District of Arizona relating to, among other things, Opendoor Technologies Inc.’s (Opendoor) approximately $886 million February 2021 public offering of common stock. In addition to the underwriters, the defendants include Opendoor and certain of its officers and directors. GS&Co. underwrote 10,173,401 shares of common stock representing an aggregate offering price of approximately $275 million. On April 17, 2023, the plaintiffs filed a consolidated amended complaint, and on February 28, 2024, the court granted the defendants’ motion to dismiss the consolidated amended complaint with leave to amend. On May 14, 2024, the court granted the plaintiffs’ motion for reconsideration and vacated the dismissal of certain of the plaintiffs’ claims, and on September 9, 2024, the court denied the defendants’ motion for certification of an interlocutory appeal as to the plaintiffs’ surviving claims.

95						Goldman Sachs September 2024 Form 10-Q

---

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

FIGS, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on December 8, 2022 in the U.S. District Court for the Central District of California relating to FIGS, Inc.’s (FIGS) approximately $668 million May 2021 initial public offering and approximately $413 million September 2021 secondary equity offering. In addition to the underwriters, the defendants include FIGS, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 9,545,073 shares of common stock in the May 2021 initial public offering representing an aggregate offering price of approximately $210 million and 3,179,047 shares of common stock in the September 2021 secondary equity offering representing an aggregate offering price of approximately $128 million. On April 10, 2023, the plaintiffs filed a consolidated complaint, and on January 17, 2024, the court granted the defendants’ motions to dismiss the consolidated complaint with leave to amend. On March 19, 2024, the plaintiffs filed a first amended complaint. On May 3, 2024, the defendants moved to dismiss the first amended complaint.

Silvergate Capital Corporation. GS&Co. is among the underwriters and sales agents named as defendants in a putative securities class action filed on January 19, 2023 in the U.S. District Court for the Southern District of California, as amended on May 11, 2023, relating to Silvergate Capital Corporation’s (Silvergate) approximately $288 million January 2021 public offering of common stock, approximately $300 million “at-the-market” offering of common stock conducted from March through May 2021, approximately $200 million July 2021 public offering of depositary shares representing interests in preferred stock, and approximately $552 million December 2021 public offering of common stock. In addition to the underwriters and sales agents, the defendants include Silvergate and certain of its officers and directors. GS&Co. underwrote 1,711,313 shares of common stock in the January 2021 public offering of common stock representing an aggregate offering price of approximately $108 million, acted as a sales agent with respect to up to a $300 million aggregate offering price of shares of common stock in the March through May 2021 “at-the-market” offering, underwrote 1,600,000 depositary shares in the July 2021 public offering representing an aggregate offering price of approximately $40 million, and underwrote 1,375,397 shares of common stock in the December 2021 public offering of common stock representing an aggregate offering price of approximately $199 million. On July 10, 2023, the defendants moved to dismiss the consolidated amended complaint. On September 17, 2024, Silvergate and two affiliates filed Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of Delaware.

Centessa Pharmaceuticals plc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on February 10, 2023 in the U.S. District Court for the Southern District of New York relating to Centessa Pharmaceuticals plc’s (Centessa) approximately $380 million May 2021 initial public offering of ADS. In addition to the underwriters, the defendants include Centessa and certain of its officers and directors. GS&Co. underwrote 6,072,000 ADS representing an aggregate offering price of approximately $121 million. On August 26, 2024, the court granted the defendants’ motion to dismiss the amended complaint with prejudice.

iQIYI, Inc. GS Asia is among the underwriters named as defendants in a putative securities class action filed on June 1, 2021 in the U.S. District Court for the Eastern District of New York relating to iQIYI’s approximately $2.4 billion March 2018 initial public offering of ADS. In addition to the underwriters, the defendants include iQIYI, certain of its officers and directors and its controlling shareholder. GS Asia underwrote 69,751,212 ADS representing an aggregate offering price of approximately $1.3 billion. On March 11, 2024, the plaintiffs filed a second amended complaint, and on September 30, 2024, the court granted the defendants’ motion to dismiss this action without leave to amend.

F45 Training Holdings Inc. GS&Co. is among the underwriters named as defendants in an amended complaint for a putative securities class action filed on May 19, 2023 in the U.S. District Court for the Western District of Texas relating to F45 Training Holdings Inc.’s (F45) approximately $350 million July 2021 initial public offering of common stock. In addition to the underwriters, the defendants include F45, certain of its officers and directors and certain of its shareholders. GS&Co. acted as a qualified independent underwriter for the offering and underwrote 8,303,744 shares of common stock representing an aggregate offering price of approximately $133 million. On August 7, 2023, the defendants filed a motion to dismiss the amended complaint. On January 25, 2024, the plaintiffs filed a second amended complaint, and on March 11, 2024, the defendants moved to dismiss the second amended complaint.

Goldman Sachs September 2024 Form 10-Q						96

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Olaplex Holdings, Inc. GS&Co. is among the underwriters named as defendants in a putative securities class action filed on April 28, 2023 in the U.S. District Court for the Central District of California relating to Olaplex Holdings, Inc.’s (Olaplex) approximately $1.8 billion September 2021 initial public offering of common stock. In addition to the underwriters, the defendants include Olaplex, certain of its officers and directors and selling shareholders. GS&Co. underwrote 19,419,420 shares of common stock representing an aggregate offering price of approximately $408 million. On June 22, 2023, the plaintiffs filed a revised consolidated complaint. On July 19, 2023, the defendants moved to dismiss the revised consolidated complaint. On August 23, 2024, the court stayed the proceedings pending the resolution of a case involving a relevant question of law before the United States Supreme Court.

agilon health, inc. GS&Co. is among the underwriters named as defendants in putative securities class actions filed beginning on March 19, 2024 and consolidated in the U.S. District Court for the Western District of Texas, relating to agilon health, inc.’s (agilon) approximately $1.2 billion April 2021 initial public offering, approximately $587 million September 2021 secondary equity offering and approximately $1.8 billion May 2023 secondary equity offering. In addition to the underwriters, the defendants include agilon, certain of its officers and directors and certain of its shareholders. GS&Co. underwrote 10,631,949 shares of common stock in the April 2021 initial public offering representing an aggregate offering price of approximately $245 million, 3,759,588 shares of common stock in the September 2021 secondary equity offering representing an aggregate offering price of approximately $113 million and 26,879,772 shares of common stock in the May 2023 secondary equity offering, of which 2,731,638 shares were purchased by agilon, representing an aggregate offering price of approximately $519 million sold to third parties. On September 6, 2024, the plaintiffs filed a consolidated complaint.

Investment Management Services

Group Inc. and certain of its affiliates are parties to various civil litigation and arbitration proceedings and other disputes with clients relating to losses allegedly sustained as a result of the firm’s investment management services. These claims generally seek, among other things, restitution or other compensatory damages and, in some cases, punitive damages.

Securities Lending Antitrust Litigation

Group Inc. and GS&Co. were among the defendants named in a putative antitrust class action and three individual actions relating to securities lending practices filed in the U.S. District Court for the Southern District of New York beginning in August 2017. The complaints generally assert claims under federal and state antitrust law and state common law in connection with an alleged conspiracy among the defendants to preclude the development of electronic platforms for securities lending transactions. The individual complaints also assert claims for tortious interference with business relations and under state trade practices law and, in the second and third individual actions, unjust enrichment under state common law. The complaints seek declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble, punitive and other damages. Group Inc. was voluntarily dismissed from the putative class action on January 26, 2018. Defendants’ motion to dismiss the class action complaint was denied on September 27, 2018. Defendants’ motion to dismiss the first individual action was granted on August 7, 2019. On September 30, 2021, the defendants’ motion to dismiss the second and third individual actions, which were consolidated in June 2019, was granted, and on March 24, 2023, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal. On June 30, 2022, the Magistrate Judge recommended that the plaintiffs’ motion for class certification in the putative class action be granted in part and denied in part. On August 15, 2022, the plaintiffs and defendants filed objections to the Magistrate Judge’s report and recommendation with the district court. On September 11, 2024, the court approved a final settlement among the plaintiffs and certain defendants, including the firm, to resolve this action. The firm has paid the full amount of its contribution to the settlement.

97						Goldman Sachs September 2024 Form 10-Q

---

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Variable Rate Demand Obligations Antitrust Litigation

Group Inc. and GS&Co. were among the defendants named in a putative class action relating to variable rate demand obligations (VRDOs), filed beginning in February 2019 under separate complaints and consolidated in the U.S. District Court for the Southern District of New York. The consolidated amended complaint, filed on May 31, 2019, generally asserts claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to manipulate the market for VRDOs. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble and other damages. Group Inc. was voluntarily dismissed from the putative class action on June 3, 2019. On November 2, 2020, the court granted in part and denied in part the defendants’ motion to dismiss, dismissing the state common law claims against GS&Co., but denying dismissal of the federal antitrust law claims.

GS&Co. is also among the defendants named in a related putative class action filed on June 2, 2021 in the U.S. District Court for the Southern District of New York. The complaint alleges the same conspiracy in the market for VRDOs as that alleged in the consolidated amended complaint filed on May 31, 2019, and asserts federal antitrust law, state law and state common law claims against the defendants. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of compensatory, treble and other damages. On August 6, 2021, plaintiffs in the May 31, 2019 action filed an amended complaint consolidating the June 2, 2021 action with the May 31, 2019 action. On September 14, 2021, defendants filed a joint partial motion to dismiss the August 6, 2021 amended consolidated complaint. On June 28, 2022, the court granted in part and denied in part the defendants’ motion to dismiss, dismissing the state breach of fiduciary duty claim against GS&Co., but declining to dismiss any portion of the federal antitrust law claims. On September 21, 2023, the court granted the plaintiffs’ motion for class certification. On February 5, 2024, the U.S. Court of Appeals for the Second Circuit granted the defendants’ petition seeking interlocutory review of the district court’s grant of class certification. On February 15, 2024, the district court granted the defendants’ request to stay the proceedings pending their appeal of the district court’s grant of class certification.

Interest Rate Swap Antitrust Litigation

Group Inc., GS&Co., GSI, GS Bank USA and Goldman Sachs Financial Markets, L.P. are among the defendants named in a putative antitrust class action relating to the trading of interest rate swaps, filed in November 2015 and consolidated in the U.S. District Court for the Southern District of New York. The same Goldman Sachs entities are also among the defendants named in two antitrust actions relating to the trading of interest rate swaps, commenced in April 2016 and June 2018, respectively, in the U.S. District Court for the Southern District of New York by three operators of swap execution facilities and certain of their affiliates. These actions have been consolidated for pretrial proceedings. The complaints generally assert claims under federal antitrust law and state common law in connection with an alleged conspiracy among the defendants to preclude exchange trading of interest rate swaps. The complaints in the individual actions also assert claims under state antitrust law. The complaints seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. Defendants moved to dismiss the class and the first individual action and the district court dismissed the state common law claims asserted by the plaintiffs in the first individual action and otherwise limited the state common law claim in the putative class action and the antitrust claims in both actions to the period from 2013 to 2016. On November 20, 2018, the court granted in part and denied in part the defendants’ motion to dismiss the second individual action, dismissing the state common law claims for unjust enrichment and tortious interference, but denying dismissal of the federal and state antitrust claims. On March 13, 2019, the court denied the plaintiffs’ motion in the putative class action to amend their complaint to add allegations related to conduct from 2008 to 2012, but granted the motion to add limited allegations from 2013 to 2016, which the plaintiffs added in a fourth consolidated amended complaint filed on March 22, 2019. On December 15, 2023, the court denied the plaintiffs’ motion for class certification, and on December 28, 2023, the plaintiffs filed a petition with the U.S. Court of Appeals for the Second Circuit seeking interlocutory review of the district court’s denial of class certification. On July 11, 2024, the court preliminarily approved a settlement among the plaintiffs and certain defendants, including the firm, to resolve the class action. The firm has paid the full amount of its proposed contribution to the settlement into an escrow account. The individual actions remain pending.

Goldman Sachs September 2024 Form 10-Q						98

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Commodities-Related Litigation

GSI is among the defendants named in putative class actions relating to trading in platinum and palladium, filed beginning on November 25, 2014 and most recently amended on May 15, 2017, in the U.S. District Court for the Southern District of New York. The amended complaint generally alleges that the defendants violated federal antitrust laws and the Commodity Exchange Act in connection with an alleged conspiracy to manipulate a benchmark for physical platinum and palladium prices and seek declaratory and injunctive relief, as well as treble damages in an unspecified amount. On March 29, 2020, the court granted the defendants’ motions to dismiss and for reconsideration, resulting in the dismissal of all claims, and on February 27, 2023, the U.S. Court of Appeals for the Second Circuit reversed the district court’s dismissal of certain plaintiffs’ antitrust claims and vacated the district court’s dismissal of the plaintiffs’ Commodity Exchange Act claim. On April 12, 2023, the defendants’ petition for rehearing or rehearing en banc with the U.S. Court of Appeals for the Second Circuit was denied. On July 21, 2023, the defendants filed a motion for judgment on the pleadings. On August 24, 2024, the court preliminarily approved a settlement among the plaintiffs and all defendants to resolve this action. The firm has paid the full amount of its proposed contribution to the settlement into an escrow account.

Corporate Bonds Antitrust Litigation

Group Inc. and GS&Co. are among the dealers named as defendants in a putative class action relating to the secondary market for odd-lot corporate bonds, filed on April 21, 2020 in the U.S. District Court for the Southern District of New York. The amended consolidated complaint, filed on October 29, 2020, asserts claims under federal antitrust law in connection with alleged anti-competitive conduct by the defendants in the secondary market for odd-lots of corporate bonds, and seeks declaratory and injunctive relief, as well as unspecified monetary damages, including treble and punitive damages and restitution. On October 25, 2021, the court granted defendants’ motion to dismiss with prejudice. On November 10, 2022, the district court denied the plaintiffs’ motion for an indicative ruling that the judgment should be vacated because the wife of the district judge owned stock in one of the defendants and the district judge did not recuse himself. On July 2, 2024, the U.S. Court of Appeals for the Second Circuit vacated the district court’s dismissal and remanded the case for further proceedings. On September 3, 2024, the plaintiffs filed a second amended complaint, and on October 18, 2024, the defendants moved to dismiss the second amended complaint.

Credit Default Swap Antitrust Litigation

Group Inc., GS&Co. and GSI were among the defendants named in a putative antitrust class action relating to the settlement of credit default swaps, filed on June 30, 2021 in the U.S. District Court for the District of New Mexico. The complaint generally asserts claims under federal antitrust law and the Commodity Exchange Act in connection with an alleged conspiracy among the defendants to manipulate the benchmark price used to value credit default swaps for settlement. The complaint also asserts a claim for unjust enrichment under state common law. The complaint seeks declaratory and injunctive relief, as well as unspecified amounts of treble and other damages. On November 15, 2021, the defendants filed a motion to dismiss the complaint. On February 4, 2022, the plaintiffs filed an amended complaint and voluntarily dismissed Group Inc. from the action. On June 5, 2023, the court dismissed the claims against certain foreign defendants for lack of personal jurisdiction but denied the defendants’ motion to dismiss with respect to GS&Co., GSI and the remaining defendants. On January 24, 2024, the court granted the defendants’ motion to stay the proceedings pending the resolution of the motion filed by the defendants on November 3, 2023 in the U.S. District Court for the Southern District of New York to enforce a 2015 settlement and release among the parties. On January 26, 2024, the U.S. District Court for the Southern District of New York granted the defendants’ motion to enforce the settlement and release and enjoined the plaintiffs from pursuing any claims against the defendants in the New Mexico action for any alleged violation of law based on conduct before June 30, 2014, and on February 23, 2024, the plaintiffs appealed to the U.S. Court of Appeals for the Second Circuit.

Consumer Investigation and Review

The firm has been cooperating with the CFPB and other governmental bodies relating to investigations and/or inquiries concerning GS Bank USA’s credit card account management practices and is providing information regarding the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, reporting to credit bureaus, and any other consumer-related information requested by them, and GS Bank USA has entered into a consent order, without admitting or denying the findings, to resolve the CFPB’s investigation. The consent order requires a $45 million penalty, approximately $20 million in restitution (to be offset by restitution GS Bank USA has already provided to consumers), and certain non-monetary remedial measures. The firm has reserved the full amount of the settlement.

99						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Unaudited)

Regulatory Investigations and Reviews and Related Litigation

Group Inc. and certain of its affiliates are subject to a number of other investigations and reviews by, and in some cases have received subpoenas and requests for documents and information from, various governmental and regulatory bodies and self-regulatory organizations and litigation and shareholder requests relating to various matters relating to the firm’s businesses and operations, including:

•The securities offering process and underwriting practices;

•The firm’s investment management and financial advisory services;

•Conflicts of interest;

•Research practices, including research independence and interactions between research analysts and other firm personnel, including investment banking personnel, as well as third parties;

•Transactions involving government-related financings and other matters, municipal securities, including wall-cross procedures and conflict of interest disclosure with respect to state and municipal clients, the trading and structuring of municipal derivative instruments in connection with municipal offerings, political contribution rules, municipal advisory services and the possible impact of credit default swap transactions on municipal issuers;

•Consumer lending, as well as residential mortgage lending, servicing and securitization, and compliance with related consumer laws;

•The offering, auction, sales, trading and clearance of corporate and government securities, currencies, commodities and other financial products and related sales and other communications and activities, as well as the firm’s supervision and controls relating to such activities, including compliance with applicable short sale rules, algorithmic, high-frequency and quantitative trading, the firm’s U.S. alternative trading system (dark pool), futures trading, options trading, when-issued trading, transaction and regulatory reporting, technology systems and controls, communications recordkeeping and recording, securities lending practices, prime brokerage activities, trading and clearance of credit derivative instruments and interest rate swaps, commodities activities and metals storage, private placement practices, allocations of and trading in securities, and trading activities and communications in connection with the establishment of benchmark rates, such as currency rates;

•Compliance with the FCPA;

•The firm’s hiring and compensation practices;

•The firm’s system of risk management and controls; and

•Insider trading, the potential misuse and dissemination of material nonpublic information regarding corporate and governmental developments and the effectiveness of the firm’s insider trading controls and information barriers.

The firm is cooperating with all such governmental and regulatory investigations and reviews.

Goldman Sachs September 2024 Form 10-Q						100

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Report of Independent Registered Public

Accounting Firm

To the Board of Directors and Shareholders of The Goldman Sachs Group, Inc.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of The Goldman Sachs Group, Inc. and its subsidiaries (the Company) as of September 30, 2024, the related consolidated statements of earnings, comprehensive income and changes in shareholders’ equity for the three and nine month periods ended September 30, 2024 and 2023, and the consolidated statements of cash flows for the nine month periods ended September 30, 2024 and 2023, including the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of earnings, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

November 1, 2024

101						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Statistical Disclosures

Distribution of Assets, Liabilities and Shareholders’ Equity

The tables below present information about average balances, interest and average interest rates.

			Average Balance for the
			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Assets
U.S.			$	106,919		$	140,127					$	113,857		$	138,467
Non-U.S.			92,195			130,387						106,516			127,841
Deposits with banks			199,114			270,514						220,373			266,308
U.S.			241,390			210,743						248,150			206,090
Non-U.S.			144,107			155,246						142,367			161,926
Collateralized agreements			385,497			365,989						390,517			368,016
U.S.			300,110			209,673						279,894			196,817
Non-U.S.			211,812			147,591						191,319			140,177
Trading assets			511,922			357,264						471,213			336,994
U.S.			155,993			126,566						144,583			120,499
Non-U.S.			14,831			15,049						14,432			15,138
Investments			170,824			141,615						159,015			135,637
U.S.			169,233			154,948						165,842			154,604
Non-U.S.			16,442			18,777						16,253			19,663
Loans			185,675			173,725						182,095			174,267
U.S.			77,846			85,503						80,056			88,061
Non-U.S.			57,338			54,623						58,872			56,507
Other interest-earning assets			135,184			140,126						138,928			144,568
Interest-earning assets			1,588,216			1,449,233						1,562,141			1,425,790
Cash and due from banks			5,508			5,508						5,823			6,330
Other non-interest-earning assets			97,651			102,421						100,487			110,822
Assets			$	1,691,375		$	1,557,162					$	1,668,451		$	1,542,942
Liabilities
U.S.			$	334,829		$	307,812					$	332,098		$	304,903
Non-U.S.			97,162			85,904						97,259			79,661
Interest-bearing deposits			431,991			393,716						429,357			384,564
U.S.			203,294			166,256						198,090			148,679
Non-U.S.			107,253			102,897						113,216			93,525
Collateralized financings			310,547			269,153						311,306			242,204
U.S.			57,335			58,727						57,255			63,401
Non-U.S.			82,983			77,769						79,633			74,885
Trading liabilities			140,318			136,496						136,888			138,286
U.S.			53,583			50,022						51,795			46,391
Non-U.S.			36,993			25,974						36,140			26,483
Short-term borrowings			90,576			75,996						87,935			72,874
U.S.			197,449			190,429						191,882			200,382
Non-U.S.			57,242			44,613						53,650			44,774
Long-term borrowings			254,691			235,042						245,532			245,156
U.S.			148,772			144,973						144,863			152,537
Non-U.S.			88,280			93,142						89,139			95,673
Other interest-bearing liabilities			237,052			238,115						234,002			248,210
Interest-bearing liabilities			1,465,175			1,348,518						1,445,020			1,331,294
Non-interest-bearing deposits			5,144			4,731						4,967			4,750
Other non-interest-bearing liabilities			101,156			87,615						99,811			90,261
Liabilities			1,571,475			1,440,864						1,549,798			1,426,305
Shareholders’ equity
Preferred stock			12,878			10,953						12,183			10,803
Common stock			107,022			105,345						106,470			105,834
Shareholders’ equity			119,900			116,298						118,653			116,637
Liabilities and shareholders’ equity			$	1,691,375		$	1,557,162					$	1,668,451		$	1,542,942
Percentage attributable to non-U.S. operations
Interest-earning assets			33.79		%	36.00		%				33.91		%	36.56		%
Interest-bearing liabilities			32.07		%	31.91		%				32.46		%	31.17		%

			Interest for the
			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Assets
U.S.			$	1,473		$	1,911					$	4,751		$	5,522
Non-U.S.			881			1,154						2,838			2,809
Deposits with banks			2,354			3,065						7,589			8,331
U.S.			3,623			2,892						10,715			8,028
Non-U.S.			1,524			1,395						4,345			3,716
Collateralized agreements			5,147			4,287						15,060			11,744
U.S.			2,619			1,482						6,899			3,958
Non-U.S.			1,444			740						3,441			2,032
Trading assets			4,063			2,222						10,340			5,990
U.S.			1,493			788						3,742			2,129
Non-U.S.			163			213						511			600
Investments			1,656			1,001						4,253			2,729
U.S.			3,885			3,403						11,117			9,760
Non-U.S.			345			394						1,029			1,182
Loans			4,230			3,797						12,146			10,942
U.S.			2,359			2,299						7,118			6,136
Non-U.S.			1,639			1,586						4,937			4,159
Other interest-earning assets			3,998			3,885						12,055			10,295
Interest-earning assets			$	21,448		$	18,257					$	61,443		$	50,031
Liabilities
U.S.			$	4,138		$	3,580					$	12,080		$	9,900
Non-U.S.			1,160			853						3,474			2,059
Interest-bearing deposits			5,298			4,433						15,554			11,959
U.S.			3,110			2,526						8,851			6,291
Non-U.S.			1,337			1,109						4,109			2,840
Collateralized financings			4,447			3,635						12,960			9,131
U.S.			331			246						870			692
Non-U.S.			428			387						1,211			1,077
Trading liabilities			759			633						2,081			1,769
U.S.			496			305						1,346			778
Non-U.S.			93			12						282			70
Short-term borrowings			589			317						1,628			848
U.S.			2,795			2,842						8,154			8,090
Non-U.S.			79			71						218			195
Long-term borrowings			2,874			2,913						8,372			8,285
U.S.			3,663			3,124						9,914			8,226
Non-U.S.			1,195			1,655						4,461			4,801
Other interest-bearing liabilities			4,858			4,779						14,375			13,027
Interest-bearing liabilities			$	18,825		$	16,710					$	54,970		$	45,019
Net interest income
U.S.			$	919		$	152					$	3,127		$	1,556
Non-U.S.			1,704			1,395						3,346			3,456
Net interest income			$	2,623		$	1,547					$	6,473		$	5,012

Goldman Sachs September 2024 Form 10-Q						102

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Statistical Disclosures

			Annualized Average Rate for the
			Three Months Ended September									Nine Months Ended September
			2024			2023						2024			2023
Assets
U.S.			5.39		%	5.46		%				5.56		%	5.32		%
Non-U.S.			3.74		%	3.54		%				3.55		%	2.93		%
Deposits with banks			4.63		%	4.53		%				4.59		%	4.17		%
U.S.			5.88		%	5.49		%				5.76		%	5.19		%
Non-U.S.			4.14		%	3.59		%				4.07		%	3.06		%
Collateralized agreements			5.23		%	4.69		%				5.14		%	4.25		%
U.S.			3.42		%	2.83		%				3.29		%	2.68		%
Non-U.S.			2.67		%	2.01		%				2.40		%	1.93		%
Trading assets			3.11		%	2.49		%				2.93		%	2.37		%
U.S.			3.75		%	2.49		%				3.45		%	2.36		%
Non-U.S.			4.30		%	5.66		%				4.72		%	5.28		%
Investments			3.80		%	2.83		%				3.57		%	2.68		%
U.S.			8.99		%	8.78		%				8.94		%	8.42		%
Non-U.S.			8.21		%	8.39		%				8.44		%	8.02		%
Loans			8.92		%	8.74		%				8.89		%	8.37		%
U.S.			11.86		%	10.76		%				11.86		%	9.29		%
Non-U.S.			11.19		%	11.61		%				11.18		%	9.81		%
Other interest-earning assets			11.58		%	11.09		%				11.57		%	9.49		%
Interest-earning assets			5.29		%	5.04		%				5.24		%	4.68		%
Liabilities
U.S.			4.84		%	4.65		%				4.85		%	4.33		%
Non-U.S.			4.67		%	3.97		%				4.76		%	3.45		%
Interest-bearing deposits			4.80		%	4.50		%				4.83		%	4.15		%
U.S.			5.99		%	6.08		%				5.96		%	5.64		%
Non-U.S.			4.88		%	4.31		%				4.84		%	4.05		%
Collateralized financings			5.61		%	5.40		%				5.55		%	5.03		%
U.S.			2.26		%	1.68		%				2.03		%	1.46		%
Non-U.S.			2.02		%	1.99		%				2.03		%	1.92		%
Trading liabilities			2.12		%	1.85		%				2.03		%	1.71		%
U.S.			3.62		%	2.44		%				3.46		%	2.24		%
Non-U.S.			0.98		%	0.18		%				1.04		%	0.35		%
Short-term borrowings			2.55		%	1.67		%				2.47		%	1.55		%
U.S.			5.54		%	5.97		%				5.67		%	5.38		%
Non-U.S.			0.54		%	0.64		%				0.54		%	0.58		%
Long-term borrowings			4.42		%	4.96		%				4.55		%	4.51		%
U.S.			9.64		%	8.62		%				9.12		%	7.19		%
Non-U.S.			5.30		%	7.11		%				6.67		%	6.69		%
Other interest-bearing liabilities			8.02		%	8.03		%				8.19		%	7.00		%
Interest-bearing liabilities			5.03		%	4.96		%				5.07		%	4.51		%
Interest rate spread			0.26		%	0.08		%				0.17		%	0.17		%
U.S.			0.34		%	0.07		%				0.40		%	0.23		%
Non-U.S.			1.24		%	1.07		%				0.84		%	0.88		%
Net yield on interest-earning assets			0.65		%	0.43		%				0.55		%	0.47		%

In the tables above:

•Assets, liabilities and interest are classified as U.S. and non-U.S. based on the location of the legal entity in which the assets and liabilities are held.

•Derivative instruments and commodities are included in other non-interest-earning assets and other non-interest-bearing liabilities.

•Average collateralized agreements included $180.86 billion of resale agreements and $204.64 billion of securities borrowed for the three months ended September 2024, $174.40 billion of resale agreements and $191.59 billion of securities borrowed for the three months ended September 2023, $186.14 billion of resale agreements and $204.38 billion of securities borrowed for the nine months ended September 2024, and $175.00 billion of resale agreements and $193.01 billion of securities borrowed for the nine months ended September 2023.

•Other interest-earning assets primarily consists of certain receivables from customers and counterparties.

•Collateralized financings included $247.00 billion of repurchase agreements and $63.55 billion of securities loaned for the three months ended September 2024, and $215.00 billion of repurchase agreements and $54.15 billion of securities loaned for the three months ended September 2023, $246.53 billion of repurchase agreements and $64.78 billion of securities loaned for the nine months ended September 2024, and $195.28 billion of repurchase agreements and $46.92 billion of securities loaned for the nine months ended September 2023.

•Substantially all other interest-bearing liabilities consists of certain payables to customers and counterparties.

•Interest rates for borrowings include the effects of interest rate swaps accounted for as hedges.

•Loans exclude loans held for sale that are accounted for at the lower of cost or fair value. Such loans are included within other interest-earning assets.

•Short- and long-term borrowings include both secured and unsecured borrowings.

103						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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, 2023. References to “the 2023 Form 10-K” are to our Annual Report on Form 10-K for the year ended December 31, 2023. References to “this Form 10-Q” are to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024. All references to “the consolidated financial statements” or “Statistical Disclosures” are to Part I, Item 1 of this Form 10-Q. The consolidated financial statements are unaudited. All references to September 2024, June 2024 and September 2023 refer to our periods ended, or the dates, as the context requires, September 30, 2024, June 30, 2024 and September 30, 2023, respectively. All references to December 2023 refer to the date December 31, 2023. Any reference to a future year refers to a year ending on December 31 of that year. Certain reclassifications have been made to previously reported amounts to conform to the current presentation.

Executive Overview

Three Months Ended September 2024 versus September 2023. We generated net earnings of $2.99 billion for the third quarter of 2024, compared with $2.06 billion for the third quarter of 2023. Diluted earnings per common share (EPS) was $8.40 for the third quarter of 2024, compared with $5.47 for the third quarter of 2023. Annualized return on average common shareholders’ equity (ROE) was 10.4% for the third quarter of 2024, compared with 7.1% for the third quarter of 2023. Book value per common share was $332.96 as of September 2024, 1.8% higher compared with June 2024 and 6.2% higher compared with December 2023.

Net revenues were $12.70 billion for the third quarter of 2024, 7% higher than the third quarter of 2023, reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management, partially offset by lower net revenues in Platform Solutions. The increase in net revenues in Global Banking & Markets primarily reflected higher net revenues in Equities and significantly higher net revenues in Investment banking fees, partially offset by lower net revenues in Fixed Income, Currency and Commodities (FICC). The increase in net revenues in Asset & Wealth Management primarily reflected net gains in Equity investments compared with net losses in the prior year period and higher Management and other fees, partially offset by significantly lower net revenues in Debt investments. The decrease in net revenues in Platform Solutions primarily reflected significantly lower net revenues in Consumer platforms.

Provision for credit losses was $397 million for the third quarter of 2024, compared with $7 million for the third quarter of 2023. Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans). Provisions for the third quarter of 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans (driven by impairments, partially offset by a reserve reduction based on increased stability in the macroeconomic environment), offset by a net release related to the GreenSky loan portfolio (including a reserve reduction related to the transfer of the portfolio to held for sale).

Goldman Sachs September 2024 Form 10-Q						104

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Operating expenses were $8.32 billion for the third quarter of 2024, 8% lower than the third quarter of 2023, reflecting decreases driven by the write-down of identifiable intangible assets related to GreenSky Holdings, LLC (GreenSky) in the prior year period and significantly lower expenses, including impairments, related to commercial real estate in consolidated investment entities (CIEs), partially offset by increases driven by higher transaction based expenses and the write-down of identifiable intangible assets related to the General Motors (GM) credit card program in the current period. Our efficiency ratio (total operating expenses divided by total net revenues) was 65.5% for the third quarter of 2024, compared with 76.6% for the third quarter of 2023.

During the third quarter of 2024, we returned a total of $1.98 billion of capital to common shareholders, including $1.00 billion of common share repurchases and $978 million of common stock dividends. As of September 2024, our Common Equity Tier 1 (CET1) capital ratio was 14.6% under the Standardized Capital Rules and 15.5% under the Advanced Capital Rules. See Note 20 to the consolidated financial statements for further information about our capital ratios.

Nine Months Ended September 2024 versus September 2023. We generated net earnings of $10.17 billion for the first nine months of 2024, compared with $6.51 billion for the first nine months of 2023. Diluted EPS was $28.64 for the first nine months of 2024, compared with $17.39 for the first nine months of 2023. Annualized ROE was 12.0% for the first nine months of 2024, compared with 7.6% for the first nine months of 2023.

Net revenues were $39.64 billion for the first nine months of 2024, 13% higher than the first nine months of 2023, reflecting higher net revenues in Global Banking & Markets and Asset & Wealth Management. The increase in net revenues in Global Banking & Markets primarily reflected significantly higher Investment banking fees, higher net revenues in Equities and slightly higher net revenues in FICC. The increase in net revenues in Asset & Wealth Management primarily reflected net gains in Equity investments compared with net losses in the prior year period, higher Management and other fees and higher net revenues in Private banking and lending. Net revenues in Platform Solutions were slightly lower.

Provision for credit losses was $997 million for the first nine months of 2024, compared with $451 million for the first nine months of 2023. Provisions for the first nine months of 2024 reflected net provisions related to the credit card portfolio (driven by net charge-offs). Provisions for the first nine months of 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans (primarily driven by impairments), partially offset by a reserve reduction related to the sale of substantially all of the Marcus by Goldman Sachs (Marcus) loan portfolio and a net release related to the GreenSky loan portfolio (including a reserve reduction related to the transfer of the portfolio to held for sale).

Operating expenses were $25.51 billion for the first nine months of 2024, 2% lower than the first nine months of 2023, reflecting decreases driven by significantly lower expenses, including impairments, related to commercial real estate in CIEs, the write-down related to GreenSky in the prior year period and an impairment of goodwill related to Consumer platforms in the prior year period, partially offset by higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses. Our efficiency ratio was 64.3% for the first nine months of 2024, compared with 74.4% for the first nine months of 2023.

During the first nine months of 2024, we returned a total of $8.84 billion of capital to common shareholders, including $6.00 billion of common stock repurchases and $2.84 billion of common stock dividends.

Business Environment

During the third quarter of 2024, economic activity continued to be impacted by concerns about inflation, although some measures had begun to improve, and ongoing geopolitical stresses, including tensions with China and conflicts in Ukraine and the Middle East. Despite these concerns, the economy in the U.S. has remained resilient. Additionally, markets were focused on policy interest rate cuts by several central banks, including the first rate cut by the U.S. Federal Reserve since it began increasing the rate in 2022, as well as the potential outcomes of national elections.

There remains uncertainty and concerns about geopolitical risks, central bank policy and inflation. 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.

105						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Critical Accounting Policies

Fair Value

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

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

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

Instruments classified in level 3 of the fair value hierarchy are those which require one or more significant inputs that are not observable. Level 3 financial assets represented 1.3% as of September 2024, 1.4% as of June 2024 and 1.5% as of December 2023 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.

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

Goldman Sachs September 2024 Form 10-Q						106

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Price Verification. All financial instruments at fair value classified in levels 1, 2 and 3 of the fair value hierarchy are subject to our independent price verification process. The objective of price verification is to have an informed and independent opinion with regard to the valuation of financial instruments under review. Instruments that have one or more significant inputs which cannot be corroborated by external market data are classified in level 3 of the fair value hierarchy. Price verification strategies utilized by our independent risk oversight and control functions 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. Independent risk oversight and control functions ensure adherence to our pricing policy through a combination of daily procedures, including the explanation and attribution of net revenues based on the underlying factors. Through this process, we independently validate net revenues, identify and resolve potential fair value or trade booking issues on a timely basis and seek to ensure that risks are being properly categorized and quantified.

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

Allowance for Credit Losses

We estimate and record an allowance for credit losses related to our loans held for investment that are accounted for at amortized cost. To determine the allowance for credit losses, we classify our loans accounted for at amortized cost into wholesale and consumer portfolios. These portfolios represent the level at which we have developed and documented our methodology to determine the allowance for credit losses. The allowance for credit losses is measured on a collective basis for loans that exhibit similar risk characteristics using a modeled approach and on an asset-specific basis for loans that do not share similar risk characteristics.

107						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The allowance for credit losses takes into account the weighted average of a range of forecasts of future economic conditions over the expected life of the loans and lending commitments. The expected life of each loan or lending commitment is determined based on the contractual term adjusted for extension options or demand features, or is modeled in the case of revolving credit card loans. The forecasts include baseline, favorable and adverse economic scenarios over a three-year period. For loans with expected lives beyond three years, the model reverts to historical loss information based on a non-linear modeled approach. We apply judgment in weighting individual scenarios each quarter based on a variety of factors, including our internally derived economic outlook, market consensus, recent macroeconomic conditions and industry trends. The forecasted economic scenarios consider a number of risk factors relevant to the wholesale and consumer portfolios. Risk factors for wholesale loans include internal credit ratings, industry default and loss data, expected life, macroeconomic indicators (e.g., unemployment rates and GDP), the borrower’s capacity to meet its financial obligations, the borrower’s country of risk and industry, loan seniority and collateral type. In addition, for loans backed by real estate, risk factors include the loan-to-value ratio, debt service ratio and home price index. The allowance for loan losses for wholesale loans that do not share similar risk characteristics, such as nonaccrual loans, is calculated using the present value of expected future cash flows discounted at the loan’s effective rate, the observable market price of the loan, or, in the case of collateral dependent loans, the fair value of the collateral less estimated costs to sell, if applicable. Risk factors for installment and credit card loans include Fair Isaac Corporation (FICO) credit scores, delinquency status, loan vintage and macroeconomic indicators.

The allowance for credit losses also includes qualitative components which allow management to reflect the uncertain nature of economic forecasting, capture uncertainty regarding model inputs, and account for model imprecision and concentration risk.

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 review and approval by senior management within our independent risk oversight and control functions. Personnel within our independent risk oversight and control functions are responsible for forecasting the economic variables that underlie the economic scenarios that are used in the modeling of expected credit losses. While we use the best information available to determine this estimate, future adjustments to the allowance may be necessary based on, among other things, changes in the economic environment or variances between actual results and the original assumptions used. Loans are charged off against the allowance for loan losses when deemed to be uncollectible.

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

To estimate the potential impact of an adverse macroeconomic environment on our allowance for credit losses, we, among other things, compared the expected credit losses under the weighted average forecast used in the calculation of allowance for credit losses as of September 2024 (which was weighted towards the baseline and adverse economic scenarios) to the expected credit losses under a 100% weighted adverse economic scenario. The adverse economic scenario of the forecast model reflects a global recession in the fourth quarter of 2024 through the third quarter of 2025, resulting in an economic contraction and rising unemployment rates. A 100% weighting to the adverse economic scenario would have resulted in an approximate $0.8 billion increase in our allowance for credit losses as of September 2024. This hypothetical increase does not take into consideration any potential adjustments to qualitative reserves. The forecasts of macroeconomic conditions are inherently uncertain and do not take into account any other offsetting or correlated effects. The actual credit loss in an adverse macroeconomic environment may differ significantly from this estimate. See Note 9 to the consolidated financial statements for further information about the allowance for credit losses.

Use of Estimates

U.S. GAAP requires us to make certain estimates and assumptions. In addition to the estimates we make in connection with fair value measurements and the allowance for credit losses on loans and lending commitments held for investment and accounted for at amortized cost, the use of estimates and assumptions is also important in determining discretionary compensation accruals, the accounting for goodwill and identifiable intangible assets, provisions for losses that may arise from litigation and regulatory proceedings (including governmental investigations), and accounting for income taxes.

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.

Goldman Sachs September 2024 Form 10-Q						108

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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. During the third quarter of 2024, in connection with the planned sale of our seller financing loan portfolio, we performed a quantitative goodwill test and determined that the goodwill associated with Transaction banking and other was impaired, and accordingly, recorded a $14 million impairment. There were no events or changes in circumstances during the three or nine months ended September 2024 that would indicate that it was more likely than not that the estimated fair value of each of the other reporting units with goodwill did not exceed its respective carrying value as of September 2024. See Note 12 to the consolidated financial statements for further information about our annual assessment of goodwill for impairment. If we experience a prolonged or severe period of weakness in the business environment, financial markets, the performance of one or more of our reporting units or our common stock price, or additional increases in capital requirements, our goodwill could be impaired in the future.

Identifiable intangible assets are tested for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Judgment is required to evaluate whether indications of potential impairment have occurred, and to test identifiable intangible assets for impairment, if required. An impairment is recognized if the estimated undiscounted cash flows relating to the asset or asset group is less than the corresponding carrying value. During the third quarter of 2024, in connection with the planned transition of the GM credit card program to another issuer, we classified the GM credit card program to held for sale and recognized a $72 million write-down of identifiable intangible assets. See Note 12 to the consolidated financial statements for further information about identifiable intangible assets.

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

In accounting for income taxes, we recognize tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. We use estimates to recognize current and deferred income taxes in the U.S. federal, state and local and non-U.S. jurisdictions in which we operate. The income tax laws in these jurisdictions are complex and can be subject to different interpretations between taxpayers and taxing authorities. Disputes may arise over these interpretations and can be settled by audit, administrative appeals or judicial proceedings. 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 2023 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.

109						Goldman Sachs September 2024 Form 10-Q

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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 2023 Form 10-K for further information about the impact of economic and market conditions on our results of operations.

Financial Overview

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

			Three Months Ended September									Nine Months Ended September
$ in millions, except per share amounts			2024			2023						2024			2023
Net revenues			$	12,699		$	11,817					$	39,643		$	34,936
Pre-tax earnings			$	3,987		$	2,756					$	13,140		$	8,485
Net earnings			$	2,990		$	2,058					$	10,165		$	6,508
Net earnings to common			$	2,780		$	1,882					$	9,602		$	6,040
Diluted EPS			$	8.40		$	5.47					$	28.64		$	17.39
ROE			10.4		%	7.1		%				12.0		%	7.6		%
ROTE			11.1		%	7.7		%				12.9		%	8.2		%
Net earnings to average assets			0.7		%	0.5		%				0.8		%	0.6		%
Return on shareholders’ equity			10.0		%	7.1		%				11.4		%	7.4		%
Average equity to average assets			7.1		%	7.5		%				7.1		%	7.6		%
Dividend payout ratio			35.7		%	50.3		%				29.7		%	44.6		%

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

In the table above:

•Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.

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

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

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

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

			Average for the
			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Total shareholders’ equity			$	119,900		$	116,298					$	118,653		$	116,637
Preferred stock			(12,878)			(10,953)						(12,183)			(10,803)
Common shareholders’ equity			107,022			105,345						106,470			105,834
Goodwill			(5,905)			(5,934)						(5,902)			(6,218)
Identifiable intangible assets			(978)			(1,764)						(1,042)			(1,888)
Tangible common shareholders’ equity			$	100,139		$	97,647					$	99,526		$	97,728

•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 monthly shareholders’ equity.

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

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

Net Revenues

The table below presents our net revenues by line item.

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Investment banking			$	1,864		$	1,555					$	5,682		$	4,565
Investment management			2,649			2,409						7,673			7,054
Commissions and fees			873			883						3,001			2,864
Market making			4,005			4,958						14,222			14,742
Other principal transactions			685			465						2,592			699
Total non-interest revenues			10,076			10,270						33,170			29,924
Interest income			21,448			18,257						61,443			50,031
Interest expense			18,825			16,710						54,970			45,019
Net interest income			2,623			1,547						6,473			5,012
Total net revenues			$	12,699		$	11,817					$	39,643		$	34,936

In the table above:

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

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

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

Goldman Sachs September 2024 Form 10-Q						110

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

Operating Environment. During the third quarter of 2024, the operating environment was generally characterized by continued broad macroeconomic concerns, including concerns and uncertainty about inflation, ongoing geopolitical tensions, central bank policy and the potential outcomes of national elections. Industry-wide investment banking activity levels generally declined, while market-making activity levels increased compared with the prior quarter. Global equity and bond prices were generally higher compared with the end of the second quarter of 2024, and concerns about the commercial real estate market persisted. In the U.S., the rate of unemployment remained low and the pace of growth in consumer spending increased slightly compared with the second quarter of 2024.

If uncertainty and concerns about geopolitical tensions and the economic outlook remain elevated or grow, including those about central bank policy, inflation and the commercial real estate sector, it may lead to a decline in asset prices, a decline in market-making activity levels, or a continued decline in investment banking activity levels, and net revenues and provision for credit losses would likely be negatively impacted. See “Segment Assets and Operating Results — Segment Operating Results” for information about the operating environment and material trends and uncertainties that may impact our results of operations.

Three Months Ended September 2024 versus September 2023. Net revenues in the consolidated statements of earnings were $12.70 billion for the third quarter of 2024, 7% higher than the third quarter of 2023, reflecting significantly higher net interest income, investment banking revenues and other principal transactions revenues, as well as higher investment management revenues, partially offset by lower market making revenues.

Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $1.86 billion for the third quarter of 2024, 20% higher than the third quarter of 2023, primarily reflecting significantly higher revenues in debt underwriting, driven by leveraged finance and investment-grade activity, and higher revenues in equity underwriting, driven by secondary offerings.

Investment management revenues in the consolidated statements of earnings were $2.65 billion for the third quarter of 2024, 10% higher than the third quarter of 2023, 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 $873 million for the third quarter of 2024, essentially unchanged compared with the third quarter of 2023, due to higher commissions and fees in Equities, reflecting generally higher market volumes and increased transaction fees, largely offset by a loss related to the planned transition of the GM credit card program to another issuer.

Market making revenues in the consolidated statements of earnings were $4.01 billion for the third quarter of 2024, 19% lower than the third quarter of 2023, reflecting significantly lower revenues in intermediation and lower revenues in financing. The decrease from intermediation activities primarily reflected significantly lower revenues in interest rate products and commodities. The decrease from financing activities reflected significantly lower revenues from FICC financing, partially offset by higher revenues in equities financing.

Other principal transactions revenues in the consolidated statements of earnings were $685 million for the third quarter of 2024, 47% higher than the third quarter of 2023, reflecting significantly higher net gains from investments in equities, driven by investments in corporate private and public equities.

Net Interest Income. Net interest income in the consolidated statements of earnings was $2.62 billion for the third quarter of 2024, 70% higher than the third quarter of 2023, reflecting an increase in interest income, partially offset by an increase in interest expense. The increase in interest income primarily related to trading assets, collateralized agreements, and investments, each reflecting the impact of higher average balances and higher average interest rates, partially offset by deposits with banks, reflecting the impact of lower average balances. The increase in interest expense primarily related to deposits and collateralized financings, both reflecting the impact of higher average balances. See “Statistical Disclosures — Distribution of Assets, Liabilities and Shareholders’ Equity” for further information about our sources of net interest income.

111						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Nine Months Ended September 2024 versus September 2023. Net revenues in the consolidated statements of earnings were $39.64 billion for the first nine months of 2024, 13% higher than the first nine months of 2023, primarily reflecting significantly higher other principal transactions revenues, net interest income and investment banking revenues.

Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $5.68 billion for the first nine months of 2024, 24% higher than the first nine months of 2023, reflecting significantly higher revenues in debt underwriting, primarily driven by leveraged finance activity, significantly higher revenues in equity underwriting, primarily from secondary and initial public offerings, and higher revenues in advisory, reflecting an increase in completed mergers and acquisitions transactions.

Investment management revenues in the consolidated statements of earnings were $7.67 billion for the first nine months of 2024, 9% higher than the first nine months of 2023, primarily due to higher management and other fees, primarily reflecting the impact of higher average AUS.

Commissions and fees in the consolidated statements of earnings were $3.00 billion for the first nine months of 2024, 5% higher than the first nine months of 2023, due to higher commissions and fees in Equities, reflecting generally higher market volumes and increased transaction fees, partially offset by a loss related to the planned transition of the GM credit card program to another issuer.

Market making revenues in the consolidated statements of earnings were $14.22 billion for the first nine months of 2024, 4% lower than the first nine months of 2023, reflecting slightly lower revenues in both intermediation and financing. The decrease from intermediation activities primarily reflected significantly lower revenues in commodities, partially offset by significantly higher revenues from currencies and mortgages. The decrease from financing activities reflected significantly lower revenues in FICC financing, largely offset by higher revenues from Equities financing.

Other principal transactions revenues in the consolidated statements of earnings were $2.59 billion for the first nine months of 2024, compared with $699 million for the first nine months of 2023, with the increase primarily reflecting significantly higher net gains from investments in equities, driven by investments in corporate private equities and real estate, and the impact of the sale of the Marcus loan portfolio in 2023 (including net revenues of approximately $(370) million related to the sale of substantially all of the portfolio).

Net Interest Income. Net interest income in the consolidated statements of earnings was $6.47 billion for the first nine months of 2024, 29% higher than the first nine months of 2023, reflecting a significant increase in interest income, partially offset by a significant increase in interest expense. The increase in interest income primarily related to trading assets, collateralized agreements, and investments, each reflecting the impact of higher average balances and higher average interest rates, and, other interest-earning assets, reflecting the impact of higher average interest rates. The increase in interest expense primarily related to collateralized financings, deposits, and borrowings, each reflecting the impact of higher average balances and higher average interest rates, and other interest-bearing liabilities, reflecting the impact of higher average interest rates. See “Statistical Disclosures — Distribution of Assets, Liabilities and Shareholders’ Equity” for further information about our sources of net interest income.

Provision for Credit Losses

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

The table below presents our provision for credit losses.

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Provision for credit losses			$	397		$	7					$	997		$	451

Three Months Ended September 2024 versus September 2023. Provision for credit losses in the consolidated statements of earnings was $397 million for the third quarter of 2024, compared with $7 million for the third quarter of 2023. Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans). Provisions for the third quarter of 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans (driven by impairments, partially offset by a reserve reduction based on increased stability in the macroeconomic environment), offset by a net release related to the GreenSky loan portfolio (including a reserve reduction of $637 million related to the transfer of the portfolio to held for sale).

Goldman Sachs September 2024 Form 10-Q						112

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Nine Months Ended September 2024 versus September 2023. Provision for credit losses in the consolidated statements of earnings was $997 million for the first nine months of 2024, compared with $451 million for the first nine months of 2023. Provisions for the first nine months of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). Provisions for the first nine months of 2023 reflected net provisions related to both the credit card portfolio (primarily driven by net charge-offs) and wholesale loans (primarily driven by impairments), partially offset by a reserve reduction of approximately $440 million related to the sale of substantially all of the Marcus loan portfolio and a net release related to the GreenSky loan portfolio (including a reserve reduction of $637 million related to the transfer of the portfolio to held for sale).

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 compensation programs and the external environment.

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Compensation and benefits			$	4,122		$	4,188					$	12,947		$	11,897
Transaction based			1,701			1,452						4,852			4,242
Market development			159			136						465			454
Communications and technology			498			468						1,468			1,416
Depreciation and amortization			621			1,512						1,894			4,076
Occupancy			242			267						733			785
Professional fees			400			377						1,177			1,152
Other expenses			572			654						1,970			1,978
Total operating expenses			$	8,315		$	9,054					$	25,506		$	26,000
Headcount at period-end			46,400			45,900

Three Months Ended September 2024 versus September 2023. Operating expenses in the consolidated statements of earnings were $8.32 billion for the third quarter of 2024, 8% lower than the third quarter of 2023. Our efficiency ratio was 65.5% for the third quarter of 2024, compared with 76.6% for the third quarter of 2023.

Operating expenses, compared with the third quarter of 2023, reflected decreases driven by the write-down of identifiable intangible assets related to GreenSky of $506 million in the prior year period (in depreciation and amortization) and significantly lower expenses, including impairments, related to commercial real estate in CIEs (largely in depreciation and amortization), partially offset by increases driven by higher transaction based expenses and the write-down of identifiable intangible assets related to the GM credit card program of $72 million in the current period (in depreciation and amortization). Net provisions for litigation and regulatory proceedings were $41 million for the third quarter of 2024 compared with $15 million for the third quarter of 2023.

As of September 2024, headcount increased 5% compared with June 2024, reflecting the timing of campus hires.

Nine Months Ended September 2024 versus September 2023. Operating expenses in the consolidated statements of earnings were $25.51 billion for the first nine months of 2024, 2% lower than the first nine months of 2023. Our efficiency ratio was 64.3% for the first nine months of 2024, compared with 74.4% for the first nine months of 2023. The ratio of compensation and benefits to net revenues, net of provision for credit losses, was 33.5% for the first nine months of 2024, unchanged compared with the first half of 2024 and compared with 34.5% for the first nine months of 2023.

Operating expenses, compared with the first nine months of 2023, reflected decreases driven by significantly lower expenses, including impairments, related to commercial real estate in CIEs (largely in depreciation and amortization), the write-down related to GreenSky of $506 million in the prior year period (in depreciation and amortization) and an impairment of goodwill related to Consumer platforms of $504 million in the prior year period (in depreciation and amortization). These decreases were partially offset by higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses. In the first and second quarters of 2024, the FDIC notified banks subject to the special assessment fee of the updated estimated cost to the Deposit Insurance Fund resulting from the closures in 2023 of Silicon Valley Bank and Signature Bank. In the third quarter of 2024, based on additional information received from the FDIC, the firm recognized a reduction in the estimated cost of the FDIC special assessment fee. As a result, we recognized an incremental pre-tax expense of $80 million in the first nine months of 2024 (including a reduction of $17 million in the third quarter of 2024). Net provisions for litigation and regulatory proceedings were $168 million for the first nine months of 2024 compared with $106 million for the first nine months of 2023.

As of September 2024, headcount increased 2% compared with December 2023.

113						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Provision for Taxes

The effective income tax rate for the first nine months of 2024 was 22.6%, up from the full year income tax rate of 20.7% for 2023, primarily due to a decrease in permanent tax benefits, partially offset by a decrease in taxes on non-U.S. earnings and changes in the geographic mix of earnings. The increase compared with 21.6% for the first half of 2024 was primarily due to a decrease in the impact of permanent tax benefits.

The Organisation for Economic Co-operation and Development (OECD) Global Anti-Base Erosion Model Rules (Pillar II) 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 jurisdictions in which we operate have adopted certain portions of the OECD directive (Pillar II legislation) effective beginning in calendar year 2024. The Pillar II legislation did not have a material impact on our effective tax rate for the first nine months of 2024 and we do not expect a material impact on our 2024 annual effective tax rate based on our current interpretation of the guidance published by the OECD and enacted legislation. We expect additional guidance or legislation to be issued by the OECD and various jurisdictions in the fourth quarter of 2024 which could impact any minimum tax we owe in future periods, possibly materially, and our effective tax rate could increase in 2025 and thereafter. This minimum tax, if any, will be recognized in the period in which it is incurred.

We expect our 2024 annual effective tax rate to be approximately 22%.

Segment Assets and Operating Results

Segment Assets. The table below presents assets by segment.

			As of
			September			December
$ in millions			2024			2023
Global Banking & Markets			$	1,471,242		$	1,381,247
Asset & Wealth Management			196,460			191,863
Platform Solutions			60,378			68,484
Total			$	1,728,080		$	1,641,594

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 generally included within cash and cash equivalents, collateralized agreements and trading assets on our balance sheet. Due to the integrated nature of these segments, estimates and judgments are made in allocating these assets. See “Risk Management — Liquidity Risk Management” for further information about our GCLA.

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Global Banking & Markets
Net revenues			$	8,554		$	8,009					$	26,464		$	23,642
Provision for credit losses			54			29						95			214
Operating expenses			4,969			4,791						15,197			13,702
Pre-tax earnings			$	3,531		$	3,189					$	11,172		$	9,726
Net earnings to common			$	2,490		$	2,250					$	8,205		$	7,108
Average common equity			$	76,039		$	72,517					$	75,575		$	70,968
Return on average common equity			13.1		%	12.4		%				14.5		%	13.4		%
Asset & Wealth Management
Net revenues			$	3,754		$	3,230					$	11,421		$	9,493
Provision for credit losses			(109)			51						(189)			(499)
Operating expenses			2,848			3,005						8,819			9,448
Pre-tax earnings			$	1,015		$	174					$	2,791		$	544
Net earnings to common			$	727		$	93					$	2,053		$	318
Average common equity			$	26,475		$	28,601					$	26,348		$	30,806
Return on average common equity			11.0		%	1.3		%				10.4		%	1.4		%
Platform Solutions
Net revenues			$	391		$	578					$	1,758		$	1,801
Provision for credit losses			452			(73)						1,091			736
Operating expenses			498			1,258						1,490			2,850
Pre-tax earnings/(loss)			$	(559)		$	(607)					$	(823)		$	(1,785)
Net earnings/(loss) to common			$	(437)		$	(461)					$	(656)		$	(1,386)
Average common equity			$	4,508		$	4,227					$	4,547		$	4,060
Return on average common equity			(38.8)		%	(43.6)		%				(19.2)		%	(45.5)		%
Total
Net revenues			$	12,699		$	11,817					$	39,643		$	34,936
Provision for credit losses			397			7						997			451
Operating expenses			8,315			9,054						25,506			26,000
Pre-tax earnings			$	3,987		$	2,756					$	13,140		$	8,485
Net earnings to common			$	2,780		$	1,882					$	9,602		$	6,040
Average common equity			$	107,022		$	105,345					$	106,470		$	105,834
Return on average common equity			10.4		%	7.1		%				12.0		%	7.6		%

Net revenues in our segments include allocations of interest income and expense to specific positions in relation to the cash generated by, or funding requirements of, such positions. 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.

Goldman Sachs September 2024 Form 10-Q						114

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Global Banking & Markets

Global Banking & Markets generates revenues from the following:

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

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

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

FICC. FICC generates revenues from intermediation and financing activities.

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

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

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

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

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

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

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

Equities. Equities generates revenues from intermediation and financing activities.

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

•Equities financing. Includes prime financing, which provides financing to our clients for their securities trading activities through margin loans that are collateralized by securities, cash or other collateral. 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.

115						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

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

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

The table below presents our Global Banking & Markets assets.

			As of
			September			December
$ in millions			2024			2023
Cash and cash equivalents			$	108,766		$	168,857
Collateralized agreements			398,018			401,554
Customer and other receivables			125,997			117,633
Trading assets			529,456			435,275
Investments			160,103			122,350
Loans			129,080			117,464
Other assets			19,822			18,114
Total			$	1,471,242		$	1,381,247

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

			As of
			September			December
$ in millions			2024			2023
Corporate			$	24,306		$	24,159
Real estate			36,203			34,813
Securities-based			4,057			3,758
Other collateralized			65,588			55,527
Installment			89			173
Other			146			475
Loans, gross			130,389			118,905
Allowance for loan losses			(1,309)			(1,441)
Total loans			$	129,080		$	117,464

Our average Global Banking & Markets gross loans were $128.38 billion for the three months ended September 2024, $109.89 billion for the three months ended September 2023, $124.96 billion for the nine months ended September 2024 and $109.75 billion for the nine months ended September 2023.

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Advisory			$	875		$	831					$	2,574		$	2,294
Equity underwriting			385			308						1,178			901
Debt underwriting			605			415						1,926			1,369
Investment banking fees			1,865			1,554						5,678			4,564
FICC intermediation			2,013			2,654						7,814			8,023
FICC financing			949			730						2,651			2,003
FICC			2,962			3,384						10,465			10,026
Equities intermediation			2,209			1,713						5,984			4,987
Equities financing			1,291			1,248						3,996			3,955
Equities			3,500			2,961						9,980			8,942
Other			227			110						341			110
Net revenues			8,554			8,009						26,464			23,642
Provision for credit losses			54			29						95			214
Operating expenses			4,969			4,791						15,197			13,702
Pre-tax earnings			3,531			3,189						11,172			9,726
Provision for taxes			878			806						2,529			2,266
Net earnings			2,653			2,383						8,643			7,460
Preferred stock dividends			163			133						438			352
Net earnings to common			$	2,490		$	2,250					$	8,205		$	7,108
Average common equity			$	76,039		$	72,517					$	75,575		$	70,968
Return on average common equity			13.1		%	12.4		%				14.5		%	13.4		%

Goldman Sachs September 2024 Form 10-Q						116

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

$ in millions			FICC			Equities
Three Months Ended September 2024
Market making			$	1,855		$	2,150
Commissions and fees			–			1,110
Other principal transactions			229			3
Net interest income			878			237
Total			$	2,962		$	3,500
Three Months Ended September 2023
Market making			$	3,060		$	1,898
Commissions and fees			–			882
Other principal transactions			243			29
Net interest income			81			152
Total			$	3,384		$	2,961
Nine Months Ended September 2024
Market making			$	7,578		$	6,644
Commissions and fees			–			3,184
Other principal transactions			712			40
Net interest income			2,175			112
Total			$	10,465		$	9,980
Nine Months Ended September 2023
Market making			$	8,945		$	5,797
Commissions and fees			–			2,807
Other principal transactions			480			76
Net interest income			601			262
Total			$	10,026		$	8,942

In the table above:

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

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

•The increase in net interest income across FICC and Equities for the third quarter of 2024 compared with the third quarter of 2023 reflected an increase in interest-earning assets. Due to the nature of activities within FICC and Equities and the composition of their associated balance sheet, we assess the performance of these businesses based on total net revenues, as offsets can occur across revenue line items. For example, cash instruments that generate interest income are in some cases hedged or funded by derivatives for which changes in fair value are reflected in market making revenues. Also, certain activities produce market making revenues but incur interest expense related to the funding of the related inventory.

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

			Three Months Ended September									Nine Months Ended September
$ in billions			2024			2023						2024			2023
Announced mergers and acquisitions			$	213		$	240					$	704		$	545
Completed mergers and acquisitions			$	178		$	317					$	676		$	677
Equity and equity-related offerings			$	14		$	12					$	44		$	33
Debt offerings			$	72		$	41					$	228		$	172

In the table above:

•Volumes are per Dealogic.

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

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

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

Operating Environment. During the third quarter of 2024, Global Banking & Markets operated in an environment generally characterized by continued broad macroeconomic concerns, including concerns and uncertainty about inflation, prolonged geopolitical stresses, central bank policy and the potential outcomes of national elections.

In investment banking, industry-wide completed mergers and acquisitions transactions, as well as industry-wide debt and industry-wide equity underwriting volumes, declined compared with the second quarter of 2024.

In interest rates, the yields on 10-year U.S. and U.K. government bonds decreased during the quarter. In equities, both the S&P 500 Index and the MSCI World Index increased by 6% compared with the end of the second quarter of 2024.

In the future, if market and economic conditions deteriorate, and market-making activity levels decline or investment banking activity levels continue to 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.

117						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Three Months Ended September 2024 versus September 2023. Net revenues in Global Banking & Markets were $8.55 billion for the third quarter of 2024, 7% higher than the third quarter of 2023.

Investment banking fees were $1.87 billion, 20% higher than the third quarter of 2023, primarily reflecting significantly higher net revenues in Debt underwriting, driven by leveraged finance and investment-grade activity, and higher net revenues in Equity underwriting, driven by secondary offerings. Net revenues in Advisory were slightly higher.

As of September 2024, our Investment banking fees backlog increased compared with June 2024, due to higher estimated net revenues from potential advisory 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 $2.96 billion, 12% lower than the third quarter of 2023, reflecting significantly lower net revenues in FICC intermediation, due to significantly lower net revenues in interest rate products and commodities, partially offset by significantly higher net revenues in currencies and credit products and higher net revenues in mortgages. This decrease was partially offset by significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending.

The decrease in FICC intermediation net revenues reflected the impact of less favorable market-making conditions on our inventory. The following provides information about our FICC intermediation net revenues by business, compared with results for the third quarter of 2023:

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

•Net revenues in currencies and mortgages primarily reflected the impact of improved market-making conditions on our inventory.

•Net revenues in credit products reflected higher client activity.

Net revenues in Equities were $3.50 billion, 18% higher than the third quarter of 2023, primarily reflecting significantly higher net revenues in Equities intermediation in both derivatives and cash products. Net revenues in Equities financing were slightly higher.

Net revenues in Other were $227 million for the third quarter of 2024, compared with $110 million for the third quarter of 2023, primarily reflecting higher net gains from direct investments.

Provision for credit losses was $54 million for the third quarter of 2024, compared with $29 million for the third quarter of 2023. Provisions for the third quarter of 2024 primarily reflected growth in the loan portfolio. Provisions for the third quarter of 2023 reflected impairments on loans, offset by a reserve reduction based on increased stability in the macroeconomic environment.

Operating expenses were $4.97 billion for the third quarter of 2024, 4% higher than the third quarter of 2023, primarily due to higher transaction based expenses. Pre-tax earnings were $3.53 billion for the third quarter of 2024, 11% higher than the third quarter of 2023.

Goldman Sachs September 2024 Form 10-Q						118

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Nine Months Ended September 2024 versus September 2023. Net revenues in Global Banking & Markets were $26.46 billion for the first nine months of 2024, 12% higher than the first nine months of 2023.

Investment banking fees were $5.68 billion, 24% higher than the first nine months of 2023, reflecting significantly higher net revenues in Debt underwriting, primarily driven by leveraged finance activity, significantly higher net revenues in Equity underwriting, primarily from secondary and initial public offerings, and higher net revenues in Advisory, reflecting an increase in completed mergers and acquisitions transactions.

As of September 2024, our Investment banking fees backlog increased compared with December 2023, due to higher estimated net revenues from potential advisory transactions and significantly higher estimated net revenues from potential debt underwriting transactions (primarily from leveraged finance transactions), partially offset by significantly lower estimated net revenues from potential equity underwriting transactions (primarily from initial public offerings).

Net revenues in FICC were $10.47 billion, 4% higher than the first nine months of 2023, reflecting significantly higher net revenues in FICC financing, primarily driven by mortgages and structured lending. This increase was partially offset by slightly lower net revenues in FICC intermediation, due to lower net revenues in interest rate products and significantly lower net revenues in commodities, largely offset by significantly higher net revenues in currencies and mortgages and higher net revenues in credit products.

The decrease in FICC intermediation net revenues reflected lower client activity, largely offset by the impact of improved market-making conditions on our inventory. The following provides information about our FICC intermediation net revenues by business, compared with results for the first nine months of 2023:

•Net revenues in interest rate products and commodities primarily reflected lower client activity.

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

Net revenues in Equities were $9.98 billion, 12% higher than the first nine months of 2023, reflecting significantly higher net revenues in Equities intermediation, due to significantly higher net revenues in derivatives and higher net revenues in cash products. Net revenues in Equities financing were essentially unchanged.

Net revenues in Other were $341 million for the first nine months of 2024, compared with $110 million for the first nine months of 2023, primarily reflecting higher net revenues from relationship lending.

Provision for credit losses was $95 million for the first nine months of 2024, compared with $214 million for the first nine months of 2023. Provisions for the first nine months of 2023 primarily reflected net provisions related to the commercial real estate portfolio.

Operating expenses were $15.20 billion for the first nine months of 2024, 11% higher than the first nine months of 2023, primarily due to higher compensation and benefits expenses (reflecting improved operating performance) and higher transaction based expenses. Pre-tax earnings were $11.17 billion for the first nine months of 2024, 15% higher than the first nine months of 2023.

Asset & Wealth Management

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

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

We also provide tailored wealth advisory services to clients across the wealth spectrum. 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 accept deposits through 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.

119						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Asset & Wealth Management generates revenues from the following:

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

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

•Private banking and lending. Our private banking and lending activities include issuing loans to our wealth management clients. We also accept deposits from wealth management clients, including through Marcus. Private banking and lending revenues include net interest income allocated to deposits and net interest income earned on loans to individual clients.

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

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

The table below presents our Asset & Wealth Management assets.

			As of
			September			December
$ in millions			2024			2023
Cash and cash equivalents			$	32,692		$	48,677
Collateralized agreements			13,003			14,020
Customer and other receivables			18,847			14,859
Trading assets			49,349			27,324
Investments			23,554			24,487
Loans			45,104			45,866
Other assets			13,911			16,630
Total			$	196,460		$	191,863

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

			As of
			September			December
$ in millions			2024			2023
Corporate			$	8,513		$	11,715
Real estate			17,228			16,603
Securities-based			11,957			10,863
Other collateralized			7,108			6,698
Other			1,291			1,121
Loans, gross			46,097			47,000
Allowance for loan losses			(993)			(1,134)
Total loans			$	45,104		$	45,866

In the table above, gross loans included $36 billion of loans as of September 2024 and $33 billion of loans as of December 2023 that were related to Private banking and lending.

The average Asset & Wealth Management gross loans were $45.14 billion for the three months ended September 2024, $49.61 billion for the three months ended September 2023, $45.67 billion for the nine months ended September 2024 and $53.26 billion for the nine months ended September 2023.

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Management and other fees			$	2,619		$	2,405					$	7,607		$	7,041
Incentive fees			85			24						219			102
Private banking and lending			756			687						2,145			1,915
Equity investments			116			(212)						630			(496)
Debt investments			178			326						820			931
Net revenues			3,754			3,230						11,421			9,493
Provision for credit losses			(109)			51						(189)			(499)
Operating expenses			2,848			3,005						8,819			9,448
Pre-tax earnings			1,015			174						2,791			544
Provision for taxes			248			45						632			127
Net earnings			767			129						2,159			417
Preferred stock dividends			40			36						106			99
Net earnings to common			$	727		$	93					$	2,053		$	318
Average common equity			$	26,475		$	28,601					$	26,348		$	30,806
Return on average common equity			11.0		%	1.3		%				10.4		%	1.4		%

In the table above, Management and other fees included fees from alternatives of $527 million for the three months ended September 2024, $542 million for the three months ended September 2023, and $1.56 billion for both the nine months ended September 2024 and September 2023.

Goldman Sachs September 2024 Form 10-Q						120

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Our target is to achieve annual firmwide management and other fees of more than $10 billion in 2024. This includes more than $2 billion from alternatives, which was surpassed in 2023.

Our target is to achieve pre-tax margins in the mid-twenties and ROE in the mid-teens within the medium term (three to five year time horizon from year-end 2022) for Asset & Wealth Management. The pre-tax margin for Asset & Wealth Management was 24% for the first nine months of 2024.

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

$ in millions			Asset management			Wealth management			Asset & Wealth Management
Three Months Ended September 2024
Management and other fees			$	1,179		$	1,440		$	2,619
Incentive fees			85			–			85
Private banking and lending			–			756			756
Equity investments			116			–			116
Debt investments			178			–			178
Total			$	1,558		$	2,196		$	3,754
Three Months Ended September 2023
Management and other fees			$	1,052		$	1,353		$	2,405
Incentive fees			24			–			24
Private banking and lending			–			687			687
Equity investments			(212)			–			(212)
Debt investments			326			–			326
Total			$	1,190		$	2,040		$	3,230
Nine Months Ended September 2024
Management and other fees			$	3,391		$	4,216		$	7,607
Incentive fees			219			–			219
Private banking and lending			–			2,145			2,145
Equity investments			628			2			630
Debt investments			820			–			820
Total			$	5,058		$	6,363		$	11,421
Nine Months Ended September 2023
Management and other fees			$	3,114		$	3,927		$	7,041
Incentive fees			102			–			102
Private banking and lending			–			1,915			1,915
Equity investments			(496)			–			(496)
Debt investments			931			–			931
Total			$	3,651		$	5,842		$	9,493

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Equity Type
Private equity			$	42		$	(170)					$	746		$	(440)
Public equity			74			(42)						(116)			(56)
Total			$	116		$	(212)					$	630		$	(496)
Asset Class
Real estate			$	(60)		$	(129)					$	192		$	(369)
Corporate			176			(83)						438			(127)
Total			$	116		$	(212)					$	630		$	(496)

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Fair value net gains/(losses)			$	(63)		$	(2)					$	41		$	(146)
Net interest income			241			328						779			1,077
Total			$	178		$	326					$	820		$	931

Operating Environment. During the third quarter of 2024, Asset & Wealth Management operated in an environment generally characterized by continued broad macroeconomic concerns, including persistent concerns about the commercial real estate market. However, global equity and bond prices were generally higher compared with the end of the second quarter of 2024, positively affecting assets under supervision.

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

Three Months Ended September 2024 versus September 2023. Net revenues in Asset & Wealth Management were $3.75 billion for the third quarter of 2024, 16% higher than the third quarter of 2023, primarily reflecting net gains in Equity investments compared with net losses in the prior year period and higher Management and other fees, partially offset by significantly lower net revenues in Debt investments. In addition, net revenues in Private banking and lending and Incentive fees were higher.

The increase in Equity investments net revenues primarily reflected net gains from investments in corporate private and public equities, compared with net losses in the prior year period. The increase in Management and other fees primarily reflected the impact of higher average assets under supervision. The decrease in Debt investments net revenues primarily reflected lower net interest income due to a reduction in the debt investments balance sheet. The increase in Private banking and lending net revenues primarily reflected the impact of higher deposit balances, and the increase in Incentive fees was driven by harvesting.

Provision for credit losses was a net benefit of $109 million for the third quarter of 2024, compared with a net provision of $51 million for the third quarter of 2023. The net benefit for the third quarter of 2024 reflected a net benefit related to the wholesale portfolio (driven by recoveries on previously impaired loans and paydowns). Provisions for the third quarter of 2023 reflected net provisions related to wholesale loans (driven by impairments).

Operating expenses were $2.85 billion for the third quarter of 2024, 5% lower than the third quarter of 2023, due to significantly lower expenses, including impairments, related to commercial real estate in CIEs, partially offset by higher compensation and benefits expenses (reflecting improved operating performance). Pre-tax earnings were $1.02 billion for the third quarter of 2024, compared with $174 million for the third quarter of 2023.

121						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Nine Months Ended September 2024 versus September 2023. Net revenues in Asset & Wealth Management were $11.42 billion for the first nine months of 2024, 20% higher than the first nine months of 2023, primarily reflecting net gains in Equity investments compared with net losses in the prior year period, higher Management and other fees and higher net revenues in Private banking and lending. In addition, Incentive fees were higher, while net revenues in Debt investments were lower.

The increase in Equity investments net revenues reflected net gains from investments in corporate private equities and real estate, compared with net losses in the prior year period. The increase in Management and other fees primarily reflected higher average assets under supervision. The increase in Private banking and lending net revenues primarily reflected the impact of the sale of the Marcus loan portfolio in 2023 (including net revenues of approximately $(370) million related to the sale of substantially all of the portfolio). The increase in Incentive fees was driven by harvesting. The decrease in Debt investments net revenues reflected significantly lower net interest income due to a reduction in the debt investments balance sheet, partially offset by net gains in the current period compared with net losses (particularly from real estate investments) in the prior year period.

Provision for credit losses was a net benefit of $189 million for the first nine months of 2024, compared with a net benefit of $499 million for the first nine months of 2023. The net benefit for the first nine months of 2024 reflected a net benefit related to the wholesale portfolio (driven by paydowns). The net benefit for the first nine months of 2023 reflected reserve reductions related to the sale of substantially all of the Marcus loan portfolio and lower balances in corporate loans, partially offset by impairments.

Operating expenses were $8.82 billion for the first nine months of 2024, 7% lower than the first nine months of 2023, due to significantly lower expenses, including impairments, related to commercial real estate in CIEs, partially offset by higher compensation and benefits expenses (reflecting improved operating performance). Pre-tax earnings were $2.79 billion for the first nine months of 2024, compared with $544 million for the first nine months of 2023.

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

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

			As of September
$ in billions			2024			2023
Asset Class
Alternative investments			$	328		$	267
Equity			780			607
Fixed income			1,220			1,031
Total long-term AUS			2,328			1,905
Liquidity products			775			775
Total AUS			$	3,103		$	2,680
Client Channel
Institutional			$	1,126		$	924
Wealth management			913			771
Third-party distributed			1,064			985
Total AUS			$	3,103		$	2,680
Region
Americas			$	2,171		$	1,914
EMEA			712			572
Asia			220			194
Total AUS			$	3,103		$	2,680
Vehicle
Separate accounts			$	1,723		$	1,428
Public funds			962			891
Private funds and other			418			361
Total AUS			$	3,103		$	2,680

In the table above:

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

•EMEA represents Europe, Middle East and Africa.

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

The table below presents changes in our AUS.

			Three Months Ended September									Nine Months Ended September
$ in billions			2024			2023						2024			2023
Beginning balance			$	2,934		$	2,714					$	2,812		$	2,547
Net inflows/(outflows):
Alternative investments			9			2						27			2
Equity			4			–						11			(5)
Fixed income			16			5						46			26
Total long-term AUS net inflows/(outflows)			29			7						84			23
Liquidity products			37			11						38			64
Total AUS net inflows/(outflows)			66			18						122			87
Net market appreciation/(depreciation)			103			(52)						169			46
Ending balance			$	3,103		$	2,680					$	3,103		$	2,680

During the third quarter of 2024, our AUS increased $169 billion due to net market appreciation, primarily in fixed income and equity assets, and net inflows across all asset classes, particularly in liquidity products and fixed income assets. During the first nine months of 2024, our AUS increased $291 billion due to net market appreciation, primarily in equity and fixed income assets, and net inflows across all asset classes.

Goldman Sachs September 2024 Form 10-Q						122

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

			Three Months Ended September									Nine Months Ended September
$ in billions			2024			2023						2024			2023
Institutional			$	13		$	(1)					$	42		$	(6)
Wealth management			17			11						43			26
Third-party distributed			36			8						37			67
Total AUS net inflows/(outflows)			$	66		$	18					$	122		$	87

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

			Average for the
			Three Months Ended September									Nine Months Ended September
$ in billions			2024			2023						2024			2023
Asset Class
Alternative investments			$	322		$	267					$	308		$	266
Equity			757			628						718			606
Fixed income			1,185			1,054						1,154			1,044
Total long-term AUS			2,264			1,949						2,180			1,916
Liquidity products			751			768						733			748
Total AUS			$	3,015		$	2,717					$	2,913		$	2,664

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

We earn management fees on client assets that we manage and also receive incentive fees based on a percentage of a fund’s or a separately managed account’s return, or when the return exceeds a specified benchmark or other performance targets. These incentive fees are recognized when it is probable that a significant reversal of such fees will not occur. Our estimated unrecognized incentive fees were $4.00 billion as of September 2024 and $3.77 billion as of December 2023. Such amounts are based on the completion of the funds’ financial statements, which is generally one quarter in arrears. These fees will be recognized, assuming no decline in fair value, if and when it is probable that a significant reversal of such fees will not occur, which is generally when such fees are no longer subject to fluctuations in the market value of the assets.

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

			Three Months Ended September									Nine Months Ended September
Effective fees (bps)			2024			2023						2024			2023
Alternative investments			62			65						62			65
Equity			55			57						55			58
Fixed income			17			17						17			18
Liquidity products			15			15						15			15
Total average effective fee			31			31						31			31

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

$ in billions			Direct strategies			Fund of funds			Total
Three Months Ended September 2024
Average AUS
Corporate equity			$	34		$	87		$	121
Credit			49			13			62
Real estate			13			17			30
Hedge funds and other			45			27			72
Funds and discretionary accounts			$	141		$	144		$	285
Advisory accounts									37
Total average AUS for alternative investments									$	322
Effective Fees (bps)
Corporate equity			121			56			75
Credit			83			13			71
Real estate			82			33			54
Hedge funds and other			68			48			60
Funds and discretionary accounts			87			48			68
Advisory accounts									17
Total average effective fee									62
Three Months Ended September 2023
Average AUS
Corporate equity			$	29		$	69		$	98
Credit			44			2			46
Real estate			11			9			20
Hedge funds and other			42			22			64
Funds and discretionary accounts			$	126		$	102		$	228
Advisory accounts									39
Total average AUS for alternative investments									$	267
Effective Fees (bps)
Corporate equity			123			62			80
Credit			79			40			77
Real estate			84			42			66
Hedge funds and other			68			54			63
Funds and discretionary accounts			86			58			73
Advisory accounts									17
Total average effective fee									65
Nine Months Ended September 2024
Average AUS
Corporate equity			$	33		$	82		$	115
Credit			48			11			59
Real estate			13			14			27
Hedge funds and other			44			24			68
Funds and discretionary accounts			$	138		$	131		$	269
Advisory accounts									39
Total average AUS for alternative investments									$	308
Effective Fees (bps)
Corporate equity			120			57			75
Credit			82			13			71
Real estate			87			31			57
Hedge funds and other			67			51			61
Funds and discretionary accounts			87			49			69
Advisory accounts									16
Total average effective fee									62
Nine Months Ended September 2023
Average AUS
Corporate equity			$	29		$	69		$	98
Credit			43			2			45
Real estate			11			8			19
Hedge funds and other			42			22			64
Funds and discretionary accounts			$	125		$	101		$	226
Advisory accounts									41
Total average AUS for alternative investments									$	267
Effective Fees (bps)
Corporate equity			127			61			81
Credit			79			47			77
Real estate			81			44			65
Hedge funds and other			67			53			62
Funds and discretionary accounts			86			58			73
Advisory accounts									16
Total average effective fee									65

123						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

$ in billions			AUS			Non-fee-earning alternative assets			Total alternative assets
As of September 2024
Corporate equity			$	124		$	74		$	198
Credit			63			81			144
Real estate			29			25			54
Hedge funds and other			75			4			79
Funds and discretionary accounts			291			184			475
Advisory accounts			37			2			39
Total alternative investments			$	328		$	186		$	514
As of September 2023
Corporate equity			$	98		$	80		$	178
Credit			46			75			121
Real estate			20			32			52
Hedge funds and other			64			2			66
Funds and discretionary accounts			228			189			417
Advisory accounts			39			–			39
Total alternative investments			$	267		$	189		$	456

In the table above:

•Corporate equity primarily includes private equity.

•Total alternative assets included uncalled capital that is available for future investing of $61 billion as of September 2024 and $55 billion as of September 2023.

•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.

We announced a strategic objective of growing our third-party alternatives business and established a target of achieving gross inflows of $225 billion for alternative investments from the beginning of 2020 through the end of 2024. We surpassed this target in 2023. We also target growing our total credit alternative assets from $130 billion as of December 2023 to $300 billion over the next five years.

The table below presents information about third-party commitments raised in our alternatives business from the beginning of 2020 through the third quarter of 2024.

			As of
$ in billions			September 2024
Included in AUS			$	221
Included in non-fee-earning alternative assets			82
Third-party commitments raised			$	303

In the table above, commitments included in non-fee-earning alternative assets included approximately $63 billion, which will begin to earn fees (and become AUS) if and when the commitments are drawn and assets are invested. In the third quarter of 2024, we raised $16 billion in third-party commitments in our alternatives business, including $6 billion in corporate equity, $5 billion in credit, $1 billion in real estate and $4 billion in hedge funds and other. For the nine months ended September 2024, we have raised $52 billion of third-party commitments in our alternatives business and expect to exceed $60 billion in fundraising during 2024.

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

			As of
			September			December
$ in billions			2024			2023
Loans			$	9.4		$	12.9
Debt securities			9.4			10.8
Equity securities			13.4			13.2
CIE investments and other			6.3			9.3
Total			$	38.5		$	46.2

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

			As of
			September			December
$ in billions			2024			2023
Client co-invest			$	19.1		$	21.3
Firmwide initiatives			8.5			8.6
Historical principal investments:
Loans			2.0			3.5
Debt securities			2.8			3.6
Equity securities			3.6			4.0
CIE investments and other			2.5			5.2
Total historical principal investments			10.9			16.3
Total			$	38.5		$	46.2

In the table above:

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

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

Goldman Sachs September 2024 Form 10-Q						124

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

•Historical principal investments includes our remaining balance sheet alternative investments portfolio that we plan to reduce. This portfolio was approximately $30 billion as of December 2022 and we expect to sell down the vast majority of this portfolio by the end of 2026. The impact of historical principal investments to our pre-tax earnings was $135 million for the three months ended September 2024 and $467 million for the nine months ended September 2024. Attributed equity associated with historical principal investments was approximately $4.0 billion as of September 2024.

The table below presents the rollforward of our alternative investments categorized as historical principal investments for the third quarter of 2024.

			Historical
			principal
$ in billions			investments
Beginning balance			$	12.6
Additions			0.1
Dispositions			(2.0)
Net markups/(markdowns)			0.2
Ending balance			$	10.9

The table below presents the commercial real estate investments in Asset & Wealth Management that we hold on our balance sheet.

			As of
$ in billions			September 2024
Loans			$	1.5
Debt securities			0.4
Equity securities			3.7
CIE investments, net of financings			1.5
Total			$	7.1

In the table above:

•Office-related investments included in loans were $0.2 billion, in debt securities were $0.1 billion, in equity securities were $0.3 billion, and in CIE investments, net of financings, were $0.5 billion.

•Commercial real estate investments consisted of approximately 29% of historical principal investments.

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

			As of
			September			December
$ in billions			2024			2023
Loans			$	9.4		$	12.9
Debt securities			9.4			10.8
Total			$	18.8		$	23.7
Accounting Classification
Debt securities at fair value			50		%	45		%
Loans at amortized cost			47		%	49		%
Loans at fair value			2		%	3		%
Loans held for sale			1		%	3		%
Total			100		%	100		%
Region
Americas			55		%	52		%
EMEA			34		%	37		%
Asia			11		%	11		%
Total			100		%	100		%
Industry
Consumer & Retail			12		%	11		%
Financial Institutions			9		%	6		%
Healthcare			13		%	15		%
Industrials			15		%	18		%
Natural Resources & Utilities			2		%	2		%
Real Estate			11		%	11		%
Technology, Media & Telecommunications			29		%	28		%
Other			9		%	9		%
Total			100		%	100		%

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

			As of
			September			December
$ in billions			2024			2023
Equity securities			$	13.4		$	13.2
Region
Americas			69		%	70		%
EMEA			16		%	15		%
Asia			15		%	15		%
Total			100		%	100		%
Industry
Consumer & Retail			5		%	6		%
Financial Institutions			11		%	11		%
Healthcare			6		%	6		%
Industrials			10		%	10		%
Natural Resources & Utilities			13		%	13		%
Real Estate			28		%	30		%
Technology, Media & Telecommunications			24		%	22		%
Other			3		%	2		%
Total			100		%	100		%

In the table above:

•Equity securities included $12.4 billion as of September 2024 and $12.1 billion as of December 2023 of private equity positions, and $1.0 billion as of September 2024 and $1.1 billion as of December 2023 of public equity positions that converted from private equity upon the initial public offerings of the underlying companies.

125						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

•The concentrations for real estate equity securities as of September 2024 were 14% for multifamily (13% as of December 2023), 2% for office (2% as of December 2023), 6% for mixed use (8% as of December 2023) and 6% for other real estate equity securities (7% as of December 2023).

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

			Vintage
As of September 2024
2017 or earlier			26		%
2018 - 2020			29		%
2021 - thereafter			45		%
Total			100		%
As of December 2023
2016 or earlier			25		%
2017 - 2019			26		%
2020 - thereafter			49		%
Total			100		%

CIE Investments and Other. CIE investments and other included assets held by CIEs of $3.2 billion as of September 2024 and $5.9 billion as of December 2023, which were funded with liabilities of approximately $1.5 billion as of September 2024 and $3.5 billion as of December 2023. Substantially all such liabilities were nonrecourse, thereby reducing our equity at risk.

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

			As of
			September			December
$ in billions			2024			2023
CIE assets, net of financings			$	1.7		$	2.4
Region
Americas			60		%	61		%
EMEA			29		%	25		%
Asia			11		%	14		%
Total			100		%	100		%
Asset Class
Hospitality			6		%	6		%
Industrials			18		%	16		%
Multifamily			17		%	13		%
Office			30		%	24		%
Retail			5		%	7		%
Senior Housing			10		%	15		%
Student Housing			3		%	7		%
Other			11		%	12		%
Total			100		%	100		%

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

			Vintage
As of September 2024
2017 or earlier			31		%
2018 - 2020			43		%
2021 - thereafter			26		%
Total			100		%
As of December 2023
2016 or earlier			12		%
2017 - 2019			57		%
2020 - thereafter			31		%
Total			100		%

Platform Solutions

Platform Solutions includes our consumer platforms, such as partnerships offering credit cards, and transaction banking and other platform businesses.

Platform Solutions generates revenues from the following:

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

Transaction banking and other. We provide transaction banking and other services, such as deposit-taking, payment solutions and other cash management services, for corporate and institutional clients. Transaction banking revenues include net interest income attributed to transaction banking deposits. We also have seller financing loans that were extended to small- and medium-sized retailers. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

The table below presents our Platform Solutions assets.

			As of
			September			December
$ in millions			2024			2023
Cash and cash equivalents			$	13,231		$	24,043
Collateralized agreements			5,918			7,651
Customer and other receivables			77			3
Trading assets			22,460			14,911
Investments			3			2
Loans			17,565			20,028
Other assets			1,124			1,846
Total			$	60,378		$	68,484

Goldman Sachs September 2024 Form 10-Q						126

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents details about our Platform Solutions loans.

			As of
			September			December
$ in millions			2024			2023
Installment			$	107		$	3,125
Credit cards			19,908			19,361
Other			–			17
Loans, gross			20,015			22,503
Allowance for loan losses			(2,450)			(2,475)
Total loans			$	17,565		$	20,028

The average Platform Solutions gross loans were $19.78 billion for the three months ended September 2024, $23.04 billion for the three months ended September 2023, $20.40 billion for the nine months ended September 2024 and $20.56 billion for the nine months ended September 2023.

The table below presents our Platform Solutions operating results.

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Consumer platforms			$	333		$	501					$	1,550		$	1,568
Transaction banking and other			58			77						208			233
Net revenues			391			578						1,758			1,801
Provision for credit losses			452			(73)						1,091			736
Operating expenses			498			1,258						1,490			2,850
Pre-tax earnings/(loss)			(559)			(607)						(823)			(1,785)
Provision/(benefit) for taxes			(129)			(153)						(186)			(416)
Net earnings/(loss)			(430)			(454)						(637)			(1,369)
Preferred stock dividends			7			7						19			17
Net earnings/(loss) to common			$	(437)		$	(461)					$	(656)		$	(1,386)
Average common equity			$	4,508		$	4,227					$	4,547		$	4,060
Return on average common equity			(38.8)		%	(43.6)		%				(19.2)		%	(45.5)		%

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

Operating Environment. The operating environment for Platform Solutions is mainly impacted by the economic environment in the U.S., which, during the third quarter of 2024, was generally characterized by concerns about inflation (although some measures had begun to improve), a continued low rate of unemployment and a slight increase in the pace of growth in consumer spending compared with the second quarter of 2024.

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

Three Months Ended September 2024 versus September 2023. Net revenues in Platform Solutions were $391 million for the third quarter of 2024, 32% lower than the third quarter of 2023, primarily reflecting significantly lower net revenues in Consumer platforms.

The decrease in Consumer platforms net revenues reflected lower net revenues from the GM credit card program, including a loss related to the planned transition of the program to another issuer, partially offset by higher average credit card balances. Transaction banking and other net revenues were lower, primarily reflecting mark-downs related to the seller financing loan portfolio that was transferred to held for sale, and lower average deposit balances. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

Provision for credit losses was $452 million for the third quarter of 2024, compared with a net benefit of $73 million for the third quarter of 2023. Provisions for the third quarter of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). The net benefit for the third quarter of 2023 reflected a net release related to the GreenSky loan portfolio (including a reserve reduction of $637 million related to the transfer of the portfolio to held for sale), partially offset by net provisions related to the credit card portfolio (primarily driven by net charge-offs).

Operating expenses were $498 million for the third quarter of 2024, 60% lower than the third quarter of 2023, primarily due to the write-down of identifiable intangible assets related to GreenSky of $506 million in the prior year period, partially offset by a write-down of identifiable intangible assets related to the GM credit card program of $72 million in the current period. Pre-tax loss was $559 million for the third quarter of 2024, compared with a pre-tax loss of $607 million for the third quarter of 2023.

Nine Months Ended September 2024 versus September 2023. Net revenues in Platform Solutions were $1.76 billion for the first nine months of 2024, 2% lower than the first nine months of 2023.

Notwithstanding our strategic decision to narrow our focus on consumer-related activities, Consumer platforms net revenues were essentially unchanged, reflecting lower net revenues from the GM credit card program, including a loss related to the planned transition of the program to another issuer, offset by higher average credit card balances and higher average deposit balances. Transaction banking and other net revenues were lower, reflecting lower average deposit balances, and mark-downs related to the seller financing loan portfolio that was transferred to held for sale. See “Regulatory and Other Matters — Other Matters — Narrowing our Focus on Consumer-Related Activities” for further information.

Provision for credit losses was $1.09 billion for the first nine months of 2024, compared with $736 million for the first nine months of 2023. Provisions for the first nine months of 2024 reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs). Provisions for the first nine months of 2023 primarily reflected net provisions related to the credit card portfolio (primarily driven by net charge-offs), partially offset by a net release related to the GreenSky loan portfolio (including a reserve reduction related to the transfer of the portfolio to held for sale).

127						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Operating expenses were $1.49 billion for the first nine months of 2024, 48% lower than the first nine months of 2023, primarily due to the write-down of identifiable intangible assets related to GreenSky of $506 million and an impairment of goodwill related to Consumer platforms of $504 million in the prior year period. Pre-tax loss was $823 million for the first nine months of 2024, compared with a pre-tax loss of $1.79 billion for the first nine months of 2023.

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) balance sheet limits, (iii) monitoring of key metrics and (iv) scenario analyses.

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

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

•To allow Treasury and our independent risk oversight and control functions to objectively evaluate balance sheet limit requests from our revenue-producing units 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.

Treasury and our independent risk oversight and control functions, 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, limit utilization, risk and performance measures, and capital usage.

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

Balance Sheet Limits. The Firmwide Asset Liability Committee and the Firmwide Risk Appetite Committee have the responsibility to review and approve balance sheet limits. These limits 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, Treasury and our independent risk oversight and control functions on a routine basis. Requests for changes in limits are evaluated after giving consideration to their impact on our key metrics. Compliance with limits is monitored by our revenue-producing units and Treasury, as well as our independent risk oversight and control functions.

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, limit utilization and risk measures. We attribute assets to businesses and review and analyze movements resulting from new business activity, as well as market fluctuations.

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

Goldman Sachs September 2024 Form 10-Q						128

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Balance Sheet Analysis and Metrics

As of September 2024, total assets in our consolidated balance sheets were $1.73 trillion, an increase of $86.49 billion from December 2023, primarily reflecting increases in trading assets of $123.76 billion (primarily due to increases in government obligations, reflecting the impact of our and our clients’ activities), investments of $36.82 billion (primarily due to an increase in U.S. government obligations accounted for as available-for-sale) and customer and other receivables of $12.43 billion (primarily reflecting our clients’ activities), partially offset by decreases in cash and cash equivalents of $86.89 billion (primarily reflecting our activity). See “Liquidity Risk Management — Cash Flows” for further information about cash and cash equivalents.

As of September 2024, total liabilities in our consolidated balance sheets were $1.61 trillion, an increase of $82.19 billion from December 2023, primarily reflecting increases in collateralized financings of $23.68 billion (reflecting the impact of our and our clients' activities), customer and other payables of $19.63 billion (primarily reflecting our clients' activities), deposits of $16.89 billion (due to an increase in consumer deposits, partially offset by a decrease in transaction banking deposits), and trading liabilities of $14.84 billion (primarily reflecting the impact of equity price movements on derivative instruments, and an increase in corporate debt, driven by our clients' activities).

Our total securities sold under agreements to repurchase (repurchase agreements), accounted for as collateralized financings, were $261.62 billion as of September 2024 and $249.89 billion as of December 2023, which were 6% higher as of September 2024 and 21% higher as of December 2023 than the average daily amount of repurchase agreements over the respective quarters. As of September 2024, the increase in our repurchase agreements relative to the average daily amount of repurchase agreements during the quarter resulted from lower levels of our and our clients’ activities at the end of the period.

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

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

			As of
			September			December
$ in millions			2024			2023
Total assets			$	1,728,080		$	1,641,594
Unsecured long-term borrowings			$	250,250		$	241,877
Total shareholders’ equity			$	121,200		$	116,905
Leverage ratio			14.3x			14.0x
Debt-to-equity ratio			2.1x			2.1x

In the table above:

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

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

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

			As of
			September			December
$ in millions, except per share amounts			2024			2023
Total shareholders’ equity			$	121,200		$	116,905
Preferred stock			(13,253)			(11,203)
Common shareholders’ equity			107,947			105,702
Goodwill			(5,909)			(5,916)
Identifiable intangible assets			(925)			(1,177)
Tangible common shareholders’ equity			$	101,113		$	98,609
Book value per common share			$	332.96		$	313.56
Tangible book value per common share			$	311.88		$	292.52

In the table above:

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

•Book value per common share and tangible book value per common share are based on common shares outstanding and restricted stock units granted to employees with no future service requirements and not subject to performance or market conditions (collectively, basic shares) of 324.2 million as of September 2024 and 337.1 million as of December 2023. 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.

129						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Funding Sources

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

The table below presents information about our funding sources.

			As of
$ in millions			September 2024						December 2023
Deposits			$	445,311		36		%	$	428,417		36		%
Collateralized financings			347,242			28		%	323,564			27		%
Unsecured short-term borrowings			75,371			6		%	75,945			6		%
Unsecured long-term borrowings			250,250			20		%	241,877			21		%
Total shareholders’ equity			121,200			10		%	116,905			10		%
Total			$	1,239,374		100		%	$	1,186,708		100		%

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

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

The table below presents the types and sources of deposits.

$ in millions			Savings and  Demand			Time			Total
As of September 2024
Consumer			$	126,642		$	55,724		$	182,366
Private bank			89,245			8,416			97,661
Brokered certificates of deposit			–			43,417			43,417
Deposit sweep programs			32,804			–			32,804
Transaction banking			58,884			2,173			61,057
Other			1,478			26,528			28,006
Total			$	309,053		$	136,258		$	445,311
As of December 2023
Consumer			$	120,211		$	36,903		$	157,114
Private bank			86,457			6,855			93,312
Brokered certificates of deposit			–			46,860			46,860
Deposit sweep programs			31,916			–			31,916
Transaction banking			68,177			3,643			71,820
Other			1,568			25,827			27,395
Total			$	308,329		$	120,088		$	428,417

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 0.6 years as of both September 2024 and December 2023.

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

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

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

•Other deposits are substantially all from institutional clients.

•Deposits insured by the FDIC were $243.14 billion as of September 2024 and $221.52 billion as of December 2023.

•Deposits insured by non-U.S. insurance programs were $27.33 billion as of September 2024 and $26.00 billion as of December 2023.

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

Goldman Sachs September 2024 Form 10-Q						130

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

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

We also raise financing through other types of collateralized financings, such as secured loans and notes. GS Bank USA has access to funding from the Federal Home Loan Bank. Our outstanding borrowings from the Federal Home Loan Bank were $5.04 billion as of September 2024 and we had no outstanding borrowings as of December 2023. Additionally, we have access to funding through the Federal Reserve discount window, but we do not rely on this funding in our liquidity planning and stress testing.

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

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

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

$ in millions			First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Total
As of September 2024
2025			$	–		$	–		$	–		$	12,228		$	12,228
2026			$	8,639		$	6,858		$	8,475		$	10,340		34,312
2027			$	13,206		$	8,830		$	8,467		$	11,870		42,373
2028			$	11,727		$	6,434		$	4,837		$	8,265		31,263
2029			$	4,685		$	11,105		$	6,755		$	9,047		31,592
2030 - thereafter															98,482
Total															$	250,250

The weighted average maturity of our unsecured long-term borrowings as of September 2024 was approximately six years. To mitigate refinancing risk, we seek to limit the principal amount of debt maturing over the course of any monthly, quarterly, semi-annual or annual time horizon. We enter into interest rate swaps to convert a portion of our unsecured long-term borrowings into floating-rate obligations to manage our exposure to interest rates. See Note 14 to the consolidated financial statements for further information about our unsecured long-term borrowings.

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

131						Goldman Sachs September 2024 Form 10-Q

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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 limits on the balance sheet and/or limits on risk, in each case at both the firmwide and business levels.

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

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

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

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

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

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

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

Based on our 2024 CCAR submission, in June 2024, the FRB had preliminarily set our SCB to 6.4% for the period from October 1, 2024 through September 30, 2025. In August 2024, the FRB revised our final SCB to 6.2%, resulting in a Standardized CET1 capital ratio requirement of 13.7% beginning on October 1, 2024. See “Share Repurchase Program” for further information about common stock repurchases and dividends and “Consolidated Regulatory Capital” for further information about the global systemically important bank (G-SIB) surcharge. We published a summary of our annual DFAST results in June 2024. See “Available Information.”

GS Bank USA is required to conduct stress tests on an annual basis and publish a summary of certain results. GS Bank USA published a summary of its annual DFAST results in June 2024. See “Available Information.”

Goldman Sachs September 2024 Form 10-Q						132

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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, 2024, our allocation of attributed equity changed (relative to the allocation as of December 2023) as follows: attributed equity increased by approximately $1.6 billion for Platform Solutions, while attributed equity decreased by approximately $1.2 billion for Asset & Wealth Management and approximately $0.4 billion for Global Banking & Markets. See “Results of Operations — Segment Assets and Operating Results — Segment Operating Results” for information about our average quarterly attributed equity by segment.

Share Repurchase Program. We use our share repurchase program to help maintain the appropriate level of common equity. On an annual basis, we submit a Board of Directors of Group Inc. (Board) approved capital plan to the Federal Reserve, which includes planned share repurchases for each quarter. The share repurchases are effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are determined primarily by our current and projected capital position, and capital deployment opportunities, but which may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock.

In February 2023, the Board approved a share repurchase program authorizing repurchases of up to $30 billion of our common stock. The program has no set expiration or termination date. See “Unregistered Sales of Equity Securities and Use of Proceeds” in Part II, Item 2 of this Form 10-Q and Note 19 to the consolidated financial statements for further information about our share repurchase program, and see above for information about our capital planning and stress testing process.

During the third quarter of 2024, we returned a total of $1.98 billion of capital to common shareholders, including $1.00 billion of common share repurchases and $978 million of common stock dividends. The Board approved an increase in our quarterly common stock dividend from $2.75 to $3.00 per share beginning in the third quarter of 2024. Consistent with our capital management philosophy, we will continue prioritizing deployment of capital for our clients where returns are attractive and distribute any excess capital to shareholders through dividends and share repurchases, while targeting a 50 to 100 basis point buffer above our capital requirement.

We are subject to a one percent non-deductible federal excise tax (buyback tax) that is applicable to the fair market value of certain corporate share repurchases. The fair market value of share repurchases subject to the tax is reduced by the fair market value of any applicable stock issued during the calendar year, including stock issued to employees. The buyback tax did not have a material impact on our financial condition, results of operations or cash flows for either the three or nine months ended September 2024.

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.

133						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Rating Agency Guidelines

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

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

Consolidated Regulatory Capital

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

The capital requirements calculated under the Capital Framework include the capital conservation buffer requirements, which are comprised of a 2.5% buffer (under the Advanced Capital Rules), the SCB (under the Standardized Capital Rules), a countercyclical capital buffer (under both Capital Rules) and the G-SIB surcharge (under both Capital Rules). Our G-SIB surcharge is 3.0% for both 2024 and 2025. Based on financial data for 2023, we are in the 3.5% G-SIB surcharge threshold range. The earliest this surcharge could be effective is January 2026. The G-SIB surcharge and countercyclical capital buffer in the future may differ due to additional guidance from our regulators and/or positional changes, and our SCB is likely to change from year to year based on the results of the annual supervisory stress tests. Our target is to maintain capital ratios equal to the regulatory requirements plus a buffer of 50 to 100 basis points.

See Note 20 to the consolidated financial statements for further information about our risk-based capital ratios and leverage ratios, and the Capital Framework.

Total Loss-Absorbing Capacity (TLAC)

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

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

			As of
			September			December
			2024			2023
TLAC to RWAs			22.0		%	22.0		%
TLAC to leverage exposure			9.5		%	9.5		%
External long-term debt to RWAs			9.0		%	9.0		%
External long-term debt to leverage exposure			4.5		%	4.5		%

In the table above:

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

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

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

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

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

			For the Three Months Ended or as of
			September			December
$ in millions			2024			2023
TLAC			$	273,138		$	278,188
External long-term debt			$	149,100		$	154,300
RWAs			$	698,198		$	692,737
Leverage exposure			$	2,110,472		$	1,995,756
TLAC to RWAs			39.1		%	40.2		%
TLAC to leverage exposure			12.9		%	13.9		%
External long-term debt to RWAs			21.4		%	22.3		%
External long-term debt to leverage exposure			7.1		%	7.7		%

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.

Goldman Sachs September 2024 Form 10-Q						134

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

•In accordance with the TLAC rules, the higher of Standardized or Advanced RWAs are used in the calculation of TLAC and external long-term debt ratios and applicable requirements. RWAs represent Standardized RWAs as of both September 2024 and December 2023.

•Leverage exposure consists of average adjusted total assets and certain off-balance sheet exposures.

See “Business — Regulation” in Part I, Item 1 of the 2023 Form 10-K for further information about TLAC.

Subsidiary Capital Requirements

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

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

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

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

			As of
			September			December
			2024			2023
Risk-based capital requirements
CET1 capital ratio			10.2		%	10.1		%
Tier 1 capital ratio			12.5		%	12.4		%
Total capital ratio			15.5		%	15.4		%

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

			As of
			September			December
$ in millions			2024			2023
Risk-based capital and risk-weighted assets
CET1 capital			$	4,359		$	3,936
Tier 1 capital			$	4,359		$	3,936
Tier 2 capital			$	826		$	826
Total capital			$	5,185		$	4,762
RWAs			$	17,354		$	16,546
Risk-based capital ratios
CET1 capital ratio			25.1		%	23.8		%
Tier 1 capital ratio			25.1		%	23.8		%
Total capital ratio			29.9		%	28.8		%

In the table above, the risk-based capital ratios as of September 2024 reflected profits that are still subject to annual audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed 216 basis points to the CET1 capital ratio as of September 2024.

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

			As of
			September			December
			2024			2023
Leverage ratio requirement			3.6		%	3.6		%
Leverage ratio			8.2		%	7.4		%

In the table above, the leverage ratio as of September 2024 reflected profits that are still subject to annual audit by GSIB’s external auditors and approval by GSIB’s Board of Directors for inclusion in risk-based capital. These profits contributed 70 basis points to the leverage ratio as of September 2024.

GSIB is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both September 2024 and December 2023, 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 amended E.U. Capital Requirements Directive (CRD) and E.U. Capital Requirements Regulation (CRR), which are largely based on Basel III. The deposits of GSBE are covered by the German statutory deposit protection program to the extent provided by law. In addition, GSBE has elected to participate in the German voluntary deposit protection program which provides further insurance for certain eligible deposits beyond the coverage of the German statutory deposit program.

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

			As of
			September			December
			2024			2023
Risk-based capital requirements
CET1 capital ratio			10.3		%	10.0		%
Tier 1 capital ratio			12.3		%	12.1		%
Total capital ratio			15.0		%	14.8		%

135						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

			As of
			September			December
$ in millions			2024			2023
Risk-based capital and risk-weighted assets
CET1 capital			$	14,807		$	14,212
Tier 1 capital			$	14,807		$	14,212
Tier 2 capital			$	23		$	22
Total capital			$	14,830		$	14,234
RWAs			$	47,718		$	39,797
Risk-based capital ratios
CET1 capital ratio			31.0		%	35.7		%
Tier 1 capital ratio			31.0		%	35.7		%
Total capital ratio			31.1		%	35.8		%

In the table above, the risk-based capital ratios as of September 2024 reflected 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 138 basis points to the CET1 capital ratio as of September 2024.

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

			As of
			September			December
			2024			2023
Leverage ratio requirement			3.0		%	3.0		%
Leverage ratio			9.4		%	11.4		%

In the table above, the leverage ratio as of September 2024 reflected 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 42 basis points to the leverage ratio as of September 2024.

GSBE is subject to minimum reserve requirements at central banks in certain of the jurisdictions in which it operates. As of both September 2024 and December 2023, GSBE was in compliance with these requirements.

GSBE is a registered swap dealer with the CFTC and a registered security-based swap dealer with the SEC. As of both September 2024 and December 2023, 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 $19.41 billion as of September 2024 and $20.25 billion as of December 2023, 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 $14.02 billion as of September 2024 and $15.07 billion as of December 2023. In addition to its alternative minimum net capital requirements, GS&Co. is also required to hold tentative net capital in excess of $5 billion and net capital in excess of $1 billion in accordance with Rule 15c3-1. GS&Co. is also required to notify the SEC in the event that its tentative net capital is less than $6 billion. As of both September 2024 and December 2023, GS&Co. had tentative net capital and net capital in excess of both the minimum and the notification requirements.

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

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

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

			As of
			September			December
			2024			2023
Risk-based capital requirements
CET1 capital ratio			9.1		%	9.1		%
Tier 1 capital ratio			11.1		%	11.0		%
Total capital ratio			13.7		%	13.7		%

Goldman Sachs September 2024 Form 10-Q						136

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

			As of
			September			December
$ in millions			2024			2023
Risk-based capital and risk-weighted assets
CET1 capital			$	32,313		$	32,403
Tier 1 capital			$	37,813		$	37,903
Tier 2 capital			$	6,877		$	6,877
Total capital			$	44,690		$	44,780
RWAs			$	269,509		$	257,956
Risk-based capital ratios
CET1 capital ratio			12.0		%	12.6%
Tier 1 capital ratio			14.0		%	14.7%
Total capital ratio			16.6		%	17.4%

In the table above, the risk-based capital ratios as of September 2024 excluded GSI’s profits from April 1, 2024 through September 30, 2024, all of which are expected to be distributed as dividends in the future, subject to approval by GSI’s Board of Directors after verification by GSI’s external auditors.

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

			As of
			September			December
			2024			2023
Leverage ratio requirement			3.6		%	3.5		%
Leverage ratio			4.4		%	4.9		%

In the table above, the leverage ratio as of September 2024 excluded GSI’s profits from April 1, 2024 through September 30, 2024, all of which are expected to be distributed as dividends in the future, subject to approval by GSI’s Board of Directors 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 September 2024 and December 2023, GSI was subject to and in compliance with applicable capital requirements for swap dealers and security-based swap dealers.

GSJCL, our Japanese broker-dealer, is regulated by Japan’s Financial Services Agency. GSJCL and certain other non-U.S. subsidiaries are also subject to capital requirements promulgated by authorities of the countries in which they operate. As of both September 2024 and December 2023, 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 2023 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.

Resolution Plan. We are required by the Federal Reserve Board and the FDIC to submit a periodic plan that describes our strategy for a rapid and orderly resolution in the event of material financial distress or failure (resolution plan). In June 2024, the Federal Reserve Board and the FDIC provided feedback on our 2023 resolution plan and identified one shortcoming, other areas for additional focus to address resolution readiness and additional information required to be included in our 2025 resolution plan. In August 2024, we submitted a description of our key actions to address the shortcoming. We will submit our targeted resolution plan by July 1, 2025. See “Available Information” for information about the public portion of our resolution plan submission.

Other Matters

Narrowing our Focus on Consumer-Related Activities. During 2023, we made a strategic decision to narrow our focus with respect to consumer-related activities and took the following actions:

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

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

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

•During the fourth quarter of 2024, we entered into an agreement to transition the GM credit card program (included within Platform Solutions) to another issuer. The transition is expected to be completed in the third quarter of 2025.

•During the fourth quarter of 2024, we entered into an agreement to sell our seller financing loan portfolio (included within Platform Solutions). This portfolio consists of loans that were extended to small- and medium-sized retailers. The sale is expected to be completed in the fourth quarter of 2024.

137						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
Marcus loan portfolio			$	–		$	(37)					$	–		$	240
PFM			–			(25)						–			(69)
GreenSky			(5)			(203)						(26)			(1,073)
GM credit card program			(376)			(81)						(494)			(174)
Seller financing loan portfolio			(34)			(4)						(77)			(24)
Total			$	(415)		$	(350)					$	(597)		$	(1,100)

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

We have the following remaining consumer-related activities within Platform Solutions:

•We issue credit cards to and accept deposits from Apple Card customers.

•We will continue to support existing GM customers and issue credit cards to new GM customers until the transition of the GM credit card program to another issuer is completed.

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

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

The Enhancement and Standardization of Climate-Related Disclosures for Investors. In March 2024, the SEC adopted final rules requiring registrants to provide certain climate-related disclosures, including Scope 1 and Scope 2 greenhouse gas emissions to the extent they are material. These rules require certain disclosures related to severe weather events and other natural conditions in the notes to audited financial statements. These disclosures are required to be phased-in over multiple years beginning with fiscal year 2025 for large accelerated filers like us. However, the SEC has stayed the implementation of these rules, pending the outcome of litigation challenging the rules.

Off-Balance Sheet Arrangements

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

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

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

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

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

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

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

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

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

Goldman Sachs September 2024 Form 10-Q						138

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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 2023 Form 10-K.

Overview and Structure of Risk Management

Overview

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

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

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

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

Our revenue-producing units, as well as Treasury, Engineering, Human Capital Management, Corporate and Workplace Solutions, and Corporate Planning & Management, are considered our first line of defense. They are accountable for the outcomes of our risk-generating activities, as well as for assessing and managing those risks within our risk appetite.

Our independent risk oversight and control functions are considered our second line of defense and provide independent assessment, oversight and challenge of the risks taken by our first line of defense, as well as lead and participate in risk committees. Independent risk oversight and control functions include Compliance, Conflicts Resolution, Controllers, Legal, Risk and Tax.

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

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

139						Goldman Sachs September 2024 Form 10-Q

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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 control assessment, (ii) risk appetite, limits, thresholds and alerts setting, (iii) risk metrics, reporting and monitoring, and (iv) risk decision-making.

•Risk Identification and Control Assessment. We believe the identification of our risks and related control assessment 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 control 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. This approach also encompasses our control assessment, led by our second line of defense, to review and challenge the control environment to help ensure it supports our strategic business plan.

To effectively assess our risks, 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.

An important part of our risk management process is firmwide stress testing. 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, climate, strategic, systemic and emerging risks into a single combined scenario. 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.

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

The Firmwide Risk Appetite Committee is responsible for approving 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. Additionally, through delegated authority from the Firmwide Risk Appetite Committee, 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.

•Risk Metrics, Reporting and Monitoring. Effective risk reporting and risk decision-making depends on our ability to get the right information to the right people at the right time. 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 metrics, reporting and monitoring processes are 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. Furthermore, our limit and threshold breach processes provide means for timely escalation. We evaluate changes in our risk profile and our businesses, including changes in business mix or jurisdictions in which we operate, by monitoring risk factors at a firmwide level.

Goldman Sachs September 2024 Form 10-Q						140

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

•Risk Decision-Making. Our governance structure provides the protocol and responsibility for decision-making on risk management issues and is designed to ensure implementation of those decisions. We make extensive use of risk committees 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 responsible for management of their risk, we dedicate extensive resources to our second line of defense in order to ensure a strong oversight structure and an appropriate segregation of duties. We regularly reinforce our 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.

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 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 established procedures 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 authority delegated to committees it has established. 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.

141						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

•Firmwide Risk Council. The Firmwide Risk Council is responsible for the ongoing monitoring of relevant financial risks at the firmwide, business and product levels. This council is co-chaired by our chief financial officer and our chief risk officer.

•Firmwide New Activity Committee. The Firmwide New Activity Committee is responsible for reviewing new activities and 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 chaired by our controller and chief accounting officer, who is appointed as chair by the chairs of the Firmwide Enterprise Risk Committee.

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

•Firmwide Operational Risk and Resilience Committee. The Firmwide Operational Risk and Resilience Committee is responsible for overseeing operational risk, and seeks to ensure our business and operational resilience. This committee is co-chaired by our chief administrative officer for EMEA and our head of Operational Risk, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee.

•Firmwide Conduct Committee. The Firmwide Conduct Committee is responsible for the ongoing approval and monitoring of the frameworks and policies which govern our conduct risks. Conduct risk is the risk that our people fail to act in a manner consistent with our Business Principles and related core values, policies or codes, or applicable laws or regulations, thereby falling short in fulfilling their responsibilities to us, our clients, colleagues, other market participants or the broader community. This committee is chaired by our chief legal officer, who is appointed as chair 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 core 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 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.

Goldman Sachs September 2024 Form 10-Q						142

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Firmwide Capital Committee. The Firmwide Capital Committee provides approval and oversight of debt-related transactions, including principal commitments of our capital. This committee aims to ensure that business, reputational and suitability standards for underwritings and capital commitments are maintained on a global basis. This committee is co-chaired by our head of Credit Risk and the head of our Global Financing Group, who are appointed as chairs by the chair of the Firmwide Risk Appetite Committee.

Firmwide Commitments Committee. The Firmwide Commitments Committee reviews our underwriting and distribution activities with respect to equity and equity-related product offerings, and sets and maintains policies and procedures designed to ensure that legal, reputational, regulatory and business standards are maintained on a global basis. In addition to reviewing specific transactions, this committee periodically conducts general strategic reviews of sectors and products and establishes policies in connection with transaction practices. This committee is co-chaired by our chief equity underwriting officer for the Americas, head of our Financial Institutions Group in the Americas, and a co-head of our Global Investment Grade Capital Markets and Risk Management Group in Global Banking & Markets, who are appointed as chairs by the chair of the Firmwide Risk Appetite Committee.

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

Firmwide Suitability Committee. The Firmwide Suitability Committee is responsible for setting standards and policies for product, transaction and client suitability and providing a forum for consistency across functions, regions and products on suitability assessments. This committee also reviews suitability matters escalated from other committees. This committee is co-chaired by our chief compliance officer and an advisory director, who are appointed as chairs by the chair of the Firmwide Reputational Risk Committee.

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

Firmwide Asset Liability Committee. The Firmwide Asset Liability Committee reviews and approves the strategic direction for 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 makes recommendations as to any adjustments to asset liability management and financial resource allocation in light of current events, risks, exposures, and regulatory requirements and approves related policies. 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.

Treasury, which reports to our chief financial officer, has primary responsibility for developing, managing and executing our liquidity and funding strategy within our risk appetite.

Liquidity Risk, which is independent of our revenue-producing units and Treasury, and reports to our chief risk officer, has primary responsibility for identifying, monitoring and managing our liquidity risk through firmwide oversight across our global businesses and the establishment of stress testing and limits frameworks.

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.

143						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

Our GCLA reflects the following principles:

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

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

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

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

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

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

Our approach to asset-liability management includes:

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

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

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

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

Goldman Sachs September 2024 Form 10-Q						144

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Subsidiary Funding Policies

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

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

Group Inc. has provided substantial amounts of equity and subordinated indebtedness, directly or indirectly, to its regulated subsidiaries. For example, as of September 2024, Group Inc. had $37.64 billion of equity and subordinated indebtedness invested in GS&Co., its principal U.S. registered broker-dealer; $48.96 billion invested in GSI, a regulated U.K. broker-dealer; $2.33 billion invested in GSJCL, a regulated Japanese broker-dealer; $61.12 billion invested in GS Bank USA, a regulated New York State-chartered bank; and $5.29 billion invested in GSIB, a regulated U.K. bank. Group Inc. also provides financing, directly or indirectly, in the form of: $143.50 billion of unsubordinated loans (including secured loans of $49.11 billion) and $28.12 billion of collateral and cash deposits to these entities as of September 2024. In addition, as of September 2024, Group Inc. had significant amounts of capital invested in and loans to its other regulated subsidiaries.

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

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

Stress Tests

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

145						Goldman Sachs September 2024 Form 10-Q

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

GCLA and Unencumbered Metrics

GCLA. Based on the results of our internal liquidity risk models, described above, as well as our consideration of other factors, including, but not limited to, a qualitative assessment of our condition, as well as the financial markets, we believe our liquidity position as of both September 2024 and December 2023 was appropriate. We strictly limit our GCLA to a narrowly defined list of securities and cash because they are highly liquid, even in a difficult funding environment. We do not include other potential sources of excess liquidity in our GCLA, such as less liquid unencumbered securities or committed credit facilities.

Goldman Sachs September 2024 Form 10-Q						146

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The table below presents information about our GCLA.

			Average for the Three Months Ended
			September			June
$ in millions			2024			2024
Denomination
U.S. dollar			$	315,587		$	286,084
Non-U.S. dollar			131,781			137,842
Total			$	447,368		$	423,926
Asset Class
Overnight cash deposits			$	177,539		$	194,005
U.S. government obligations			176,672			154,696
U.S. agency obligations			38,501			23,763
Non-U.S. government obligations			54,656			51,462
Total			$	447,368		$	423,926
Entity Type
Group Inc. and Funding IHC			$	77,037		$	64,537
Major broker-dealer subsidiaries			118,216			117,440
Major bank subsidiaries			252,115			241,949
Total			$	447,368		$	423,926

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 $290.14 billion for the three months ended September 2024 and $290.80 billion for the three months ended June 2024. We do not consider these assets liquid enough to be eligible for our GCLA.

Liquidity Regulatory Framework

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

The table below presents information about our average daily LCR.

			Average for the Three Months Ended
			September			June
$ in millions			2024			2024
Total HQLA			$	434,256		$	411,413
Eligible HQLA			$	369,119		$	339,477
Net cash outflows			$	277,825		$	269,661
LCR			133		%	126		%

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

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

The table below presents information about our average daily NSFR.

			Average for the Three Months Ended
			September						June
$ in millions			2024						2024
Total ASF			$	673,860					$	657,768
Total RSF			$	577,525					$	573,534
NSFR			117		%				115		%

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

147						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

The following provides information about our subsidiary liquidity regulatory requirements:

•GS Bank USA. GS Bank USA is subject to a minimum LCR of 100% under the LCR rule approved by the U.S. federal bank regulatory agencies. As of September 2024, GS Bank USA’s LCR exceeded the minimum requirement. The NSFR requirement described above also applies to GS Bank USA. As of September 2024, GS Bank USA’s NSFR exceeded the minimum requirement.

•GSI and GSIB. GSI and GSIB are subject to a minimum LCR of 100% under the LCR rule approved by the U.K. regulatory authorities. GSI’s and GSIB’s average monthly LCR for the trailing twelve-month period ended September 2024 exceeded the minimum requirement. GSI and GSIB are subject to the applicable NSFR requirement in the U.K. As of September 2024, both GSI’s and GSIB’s NSFR exceeded the minimum requirement.

•GSBE. GSBE is subject to a minimum LCR of 100% under the LCR rule approved by the European Parliament and Council. GSBE’s average monthly LCR for the trailing twelve-month period ended September 2024 exceeded the minimum requirement. GSBE is subject to the applicable NSFR requirement in the E.U. As of September 2024, GSBE’s NSFR exceeded the minimum requirement.

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

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

Credit Ratings

We rely on the short- and long-term debt capital markets to fund a significant portion of our day-to-day operations, and the cost and availability of debt financing is influenced by our credit ratings. Credit ratings are also important when we are competing in certain markets, such as OTC derivatives, and when we seek to engage in longer-term transactions. See “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K for information about the risks associated with a reduction in our credit ratings.

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

As of September 2024

DBRS

Fitch

Moody’s

R&I

S&P

Short-term debt

R-1 (middle)

F1

P-1

a-1

A-2

Long-term debt

A (high)

A

A2

A

BBB+

Subordinated debt

A

BBB+

Baa2

A-

BBB

Trust preferred

A

BBB-

Baa3

N/A

BB+

Preferred stock

BBB (high)

BBB-

Ba1

N/A

BB+

Ratings outlook

Stable

Stable

Stable

Stable

Stable

In the table above:

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

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

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

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

			As of September 2024
			Fitch			Moody’s			S&P
GS Bank USA
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Short-term bank deposits			F1+			P-1			N/A
Long-term bank deposits			AA-			A1			N/A
Ratings outlook			Stable			Stable			Stable
GSIB
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Short-term bank deposits			F1			P-1			N/A
Long-term bank deposits			A+			A1			N/A
Ratings outlook			Stable			Stable			Stable
GSBE
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Short-term bank deposits			N/A			P-1			N/A
Long-term bank deposits			N/A			A1			N/A
Ratings outlook			Stable			Stable			Stable
GS&Co.
Short-term debt			F1			N/A			A-1
Long-term debt			A+			N/A			A+
Ratings outlook			Stable			N/A			Stable
GSI
Short-term debt			F1			P-1			A-1
Long-term debt			A+			A1			A+
Ratings outlook			Stable			Stable			Stable

Goldman Sachs September 2024 Form 10-Q						148

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

•Our level and variability of earnings;

•Our capital base;

•Our franchise, reputation and management;

•Our corporate governance; and

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

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

Cash Flows

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

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

Nine Months Ended September 2023. Our cash and cash equivalents decreased by $1.95 billion to $239.88 billion at the end of the third quarter of 2023, primarily due to net cash used for investing activities and the effect of exchange rate changes on cash and cash equivalents, partially offset by net cash provided by operating activities. The net cash used for investing activities primarily reflected net purchases of investments (primarily U.S. government obligations accounted for as held-to-maturity securities). The decrease in net cash and cash equivalents as a result of changes in foreign exchange rates was due to the U.S. dollar strengthening during the first nine months of 2023. The net cash provided by operating activities primarily reflected cash inflows from collateralized transactions (reflecting both an increase in collateralized financings and a decrease in collateralized agreements), partially offset by cash outflows from trading assets.

149						Goldman Sachs September 2024 Form 10-Q

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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 independent of our revenue-producing units and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our market risk through firmwide oversight across our global businesses.

Managers in revenue-producing units, Treasury and Market Risk discuss market information, positions and estimated loss scenarios on an ongoing basis. Managers in revenue-producing units and 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 Value-at-Risk (VaR), Earnings-at-Risk (EaR) and other stress measures, capture risk measures at individual position levels, attribute risk measures to individual risk factors of each position, report many different views of the risk measures (e.g., by desk, business, product type or entity) and produce ad hoc analyses in a timely manner.

Risk Measures

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

We use a variety of risk measures to estimate the size of potential losses for both 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 our independent risk oversight and control functions.

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

Goldman Sachs September 2024 Form 10-Q						150

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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.

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

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

151						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Risk, which is independent of our revenue-producing units, and Treasury, have primary responsibility for assessing and monitoring EaR and EVE sensitivity through firmwide oversight, including oversight of interest rate risk stress testing and assumptions, and the establishment of our risk appetite.

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 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 VaRs for the four risk categories. This effect arises because the four market risk categories are not perfectly correlated. Substantially all positions in VaR are included within Global Banking & Markets.

The table below presents our average daily VaR.

															Nine Months Ended September
			Three Months Ended
			September			June			September
$ in millions			2024			2024			2023						2024			2023
Categories
Interest rates			$	75		$	81		$	88					$	81		$	99
Equity prices			39			33			28						34			29
Currency rates			26			30			19						25			26
Commodity prices			20			18			18						18			19
Diversification effect			(68)			(71)			(66)						(68)			(72)
Total			$	92		$	91		$	87					$	90		$	101

Our average daily VaR of $92 million for the three months ended September 2024 was essentially unchanged compared with the three months ended June 2024. Increases in the equity prices and commodity prices categories and a decrease in the diversification effect were largely offset by decreases in the interest rates and currency rates categories.

Our average daily VaR increased to $92 million for the three months ended September 2024 from $87 million for the three months ended September 2023, primarily due to increased exposures. The total increase was primarily driven by increases in the equity prices and currency rates categories, partially offset by a decrease in the interest rates category.

Goldman Sachs September 2024 Form 10-Q						152

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Our average daily VaR decreased to $90 million for the nine months ended September 2024 from $101 million for the nine months ended September 2023, due to lower levels of volatility, partially offset by increased exposures. The total decrease was primarily driven by a decrease in the interest rates category, partially offset by an increase in the equity prices category and a decrease in the diversification effect.

The table below presents our period-end VaR.

			As of
			September			June			September
$ in millions			2024			2024			2023
Categories
Interest rates			$	74		$	66		$	78
Equity prices			38			39			24
Currency rates			26			33			18
Commodity prices			22			22			19
Diversification effect			(70)			(78)			(54)
Total			$	90		$	82		$	85

Our period-end VaR increased to $90 million as of September 2024 from $82 million as of June 2024, due to increased exposures, partially offset by lower levels of volatility. The total increase was primarily driven by an increase in the interest rates category and a decrease in the diversification effect, partially offset by a decrease in the currency rates category.

Our period-end VaR increased to $90 million as of September 2024 from $85 million as of September 2023, due to increased exposures, partially offset by lower levels of volatility. The total increase was driven by increases in the equity prices, currency rates and commodity prices categories, partially offset by an increase in the diversification effect and a decrease in the interest rates category.

During the nine months ended September 2024, there was a permanent increase to the firmwide VaR risk limit due to higher levels of volatility and increased exposures. The firmwide VaR risk limit was not exceeded during this period. During 2023, the firmwide VaR risk limit was not exceeded and there were no permanent changes to the firmwide VaR risk limit. However, the firmwide VaR risk limit was temporarily changed on four occasions as a result of changes in the market environment in the first half of 2023.

The table below presents our high and low VaR.

			Three Months Ended
			September 2024									June 2024									September 2023
$ in millions			High			Low						High			Low						High			Low
Categories
Interest rates			$	92		$	57					$	105		$	66					$	111		$	78
Equity prices			$	61		$	31					$	46		$	26					$	49		$	23
Currency rates			$	38		$	13					$	40		$	15					$	26		$	14
Commodity prices			$	23		$	18					$	23		$	15					$	23		$	15
Firmwide
VaR			$	109		$	77					$	105		$	82					$	102		$	79

The chart below presents our daily VaR for the nine months ended September 2024.

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

			Three Months Ended September									Nine Months Ended September
$ in millions			2024			2023						2024			2023
>$100			13			13						47			47
$75 – $100			12			13						31			32
$50 – $75			12			12						45			40
$25 – $50			13			19						35			34
$0 – $25			10			4						20			14
$(25) – $0			1			2						6			16
$(50) – $(25)			1			–						2			2
$(75) – $(50)			–			–						–			1
$(100) – $(75)			–			–						–			–
<$(100)			2			–						2			1
Total			64			63						188			187

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 two occasions during the three and nine months ended September 2024. There were no VaR exceptions during the three months ended September 2023 and there was one VaR exception during the nine months ended September 2023.

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

153						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Sensitivity Measures

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

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

			As of
			September			June			September
$ in millions			2024			2024			2023
Equity			$	1,545		$	1,550		$	1,528
Debt			1,991			2,004			2,662
Total			$	3,536		$	3,554		$	4,190

In the table above:

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

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

•Debt positions include mezzanine and senior debt, and corporate and real estate loans, substantially all of which are included within Asset & Wealth Management. Debt positions also included approximately $1.7 billion as of September 2024 and $1.9 billion as of June 2024 of GM co-branded credit card loans, and approximately $6.0 billion as of September 2023 of GreenSky loans that were classified as held for sale. These held for sale loans were included within Platform Solutions.

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

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

Credit and Funding Spread Sensitivity on Derivatives and Financial Liabilities. VaR excludes the impact of changes in counterparty credit spreads, our own credit spreads and unsecured funding spreads on derivatives, as well as changes in our own credit spreads (debt valuation adjustment) on financial liabilities for which the fair value option was elected. The estimated sensitivity to a one basis point increase in credit spreads (counterparty and our own) and unsecured funding spreads on derivatives (including hedges) was a loss of $2 million as of September 2024 and $1 million as of June 2024. 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 $45 million as of September 2024 and $43 million as of June 2024. However, the actual net impact of a change in our own credit spreads is also affected by the liquidity, duration and convexity (as the sensitivity is not linear to changes in yields) of those financial liabilities for which the fair value option was elected, as well as the relative performance of any hedges undertaken.

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

			As of
			September			June
$ in millions			2024			2024
+100 basis points parallel shift in rates			$	125		$	201
-100 basis points parallel shift in rates			$	(180)		$	(298)
+200 basis points parallel shift in rates			$	165		$	362
-200 basis points parallel shift in rates			$	(357)		$	(599)

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. We expect our EaR to be more sensitive to short-term interest rates than long-term rates.

Other Market Risk Considerations

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

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

Goldman Sachs September 2024 Form 10-Q						154

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

Credit Risk Management Process

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

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

•Establishing or approving underwriting standards;

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

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

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

•Maximizing recovery through active workout and restructuring of claims.

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

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

155						Goldman Sachs September 2024 Form 10-Q

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

Limits

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

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

Risk Mitigants

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

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

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

Goldman Sachs September 2024 Form 10-Q						156

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Credit Exposures

As of September 2024, our aggregate credit exposure decreased compared with December 2023, primarily reflecting a decrease in cash deposits with central banks, partially offset by an increase in loans and lending commitments. The percentage of our credit exposures arising from non-investment-grade counterparties (based on our internally determined public rating agency equivalents) increased compared with December 2023, primarily reflecting a decrease in investment-grade credit exposure related to cash deposits with central banks. Our credit exposures are described further below.

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

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

			As of
			September			December
$ in millions			2024			2023
Cash and Cash Equivalents			$140,036			$224,493
Industry
Financial Institutions			16		%	9		%
Sovereign			84		%	91		%
Total			100		%	100		%
Region
Americas			60		%	50		%
EMEA			30		%	34		%
Asia			10		%	16		%
Total			100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			75		%	65		%
AA			7		%	15		%
A			17		%	20		%
BBB			1		%	–
Total			100		%	100		%

The table above excludes cash segregated for regulatory and other purposes of $14.65 billion as of September 2024 and $17.08 billion as of December 2023.

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 credit valuation adjustment (CVA) in the fair value of derivatives to reflect counterparty credit risk, as described in Note 7 to the consolidated financial statements. CVA is a function of the present value of expected exposure, the probability of counterparty default and the assumed recovery upon default.

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

			As of
			September			December
$ in millions			2024			2023
OTC derivative assets			$41,561			$42,950
Collateral (not netted under U.S. GAAP)			(15,525)			(14,420)
Net credit exposure			$26,036			$28,530
Industry
Consumer & Retail			4		%	3		%
Diversified Industrials			11		%	11		%
Financial Institutions			17		%	21		%
Funds			23		%	20		%
Healthcare			3		%	2		%
Municipalities & Nonprofit			3		%	4		%
Natural Resources & Utilities			16		%	17		%
Sovereign			10		%	14		%
Technology, Media & Telecommunications			8		%	6		%
Other (including Special Purpose Vehicles)			5		%	2		%
Total			100		%	100		%
Region
Americas			44		%	48		%
EMEA			49		%	45		%
Asia			7		%	7		%
Total			100		%	100		%

Our credit exposure (before any potential recoveries) to OTC derivative counterparties that defaulted during the nine months ended September 2024 remained low, representing less than 2% of our total credit exposure from OTC derivatives.

In the table above:

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

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

157						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

$ in millions			Investment- Grade			Non-Investment- Grade / Unrated			Total
As of September 2024
Less than 1 year			$	15,715		$	8,111		$	23,826
1 – 5 years			19,079			5,864			24,943
Greater than 5 years			50,332			3,514			53,846
Total			85,126			17,489			102,615
Netting			(69,061)			(7,518)			(76,579)
Net credit exposure			$	16,065		$	9,971		$	26,036
As of December 2023
Less than 1 year			$	19,314		$	7,700		$	27,014
1 – 5 years			19,673			6,331			26,004
Greater than 5 years			51,944			3,999			55,943
Total			90,931			18,030			108,961
Netting			(72,412)			(8,019)			(80,431)
Net credit exposure			$	18,519		$	10,011		$	28,530

In the table above:

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

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

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

			Investment-Grade
$ in millions			AAA			AA			A			BBB			Total
As of September 2024
Less than 1 year			$	388		$	2,547		$	6,220		$	6,560		$	15,715
1 – 5 years			815			4,874			7,798			5,592			19,079
Greater than 5 years			2,147			14,280			18,435			15,470			50,332
Total			3,350			21,701			32,453			27,622			85,126
Netting			(1,402)			(19,453)			(28,016)			(20,190)			(69,061)
Net credit exposure			$	1,948		$	2,248		$	4,437		$	7,432		$	16,065
As of December 2023
Less than 1 year			$	583		$	4,383		$	7,718		$	6,630		$	19,314
1 – 5 years			1,226			4,850			6,755			6,842			19,673
Greater than 5 years			5,963			13,417			15,507			17,057			51,944
Total			7,772			22,650			29,980			30,529			90,931
Netting			(5,308)			(18,364)			(25,470)			(23,270)			(72,412)
Net credit exposure			$	2,464		$	4,286		$	4,510		$	7,259		$	18,519
									Non-Investment-Grade / Unrated
$ in millions									≤ BB			Unrated			Total
As of September 2024
Less than 1 year									$	7,293		$	818		$	8,111
1 – 5 years									5,835			29			5,864
Greater than 5 years									3,380			134			3,514
Total									16,508			981			17,489
Netting									(7,447)			(71)			(7,518)
Net credit exposure									$	9,061		$	910		$	9,971
As of December 2023
Less than 1 year									$	7,274		$	426		$	7,700
1 – 5 years									6,244			87			6,331
Greater than 5 years									3,887			112			3,999
Total									17,405			625			18,030
Netting									(7,975)			(44)			(8,019)
Net credit exposure									$	9,430		$	581		$	10,011

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 September 2024
Corporate			$	32,819		$	166,081		$	198,900
Commercial real estate			28,413			3,994			32,407
Residential real estate			25,018			2,241			27,259
Securities-based			16,014			1,535			17,549
Other collateralized			72,696			30,230			102,926
Consumer:
Installment			196			–			196
Credit cards			19,908			77,446			97,354
Other			1,437			775			2,212
Total			$	196,501		$	282,302		$	478,803
Allowance for loan losses			$	(4,752)		$	(697)		$	(5,449)
As of December 2023
Corporate			$	35,874		$	144,463		$	180,337
Commercial real estate			26,028			3,440			29,468
Residential real estate			25,388			1,471			26,859
Securities-based			14,621			691			15,312
Other collateralized			62,225			23,731			85,956
Consumer:
Installment			3,298			2,250			5,548
Credit cards			19,361			70,824			90,185
Other			1,613			888			2,501
Total			$	188,408		$	247,758		$	436,166
Allowance for loan losses			$	(5,050)		$	(620)		$	(5,670)

In the table above, lending commitments excluded $5.40 billion as of September 2024 and $5.81 billion as of December 2023 related to issued letters of credit which are classified as guarantees in our consolidated financial statements. See Note 18 to the consolidated financial statements for further information about guarantees.

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

Goldman Sachs September 2024 Form 10-Q						158

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

$ in millions			Loans			Lending Commitments			Total
As of September 2024
Corporate			$32,819			$166,081			$198,900
Industry
Consumer & Retail			10		%	15		%	14		%
Diversified Industrials			18		%	19		%	19		%
Financial Institutions			9		%	10		%	10		%
Funds			4		%	2		%	3		%
Healthcare			9		%	10		%	10		%
Natural Resources & Utilities			9		%	16		%	15		%
Real Estate			14		%	5		%	6		%
Technology, Media & Telecommunications			23		%	21		%	21		%
Other (including Special Purpose Vehicles)			4		%	2		%	2		%
Total			100		%	100		%	100		%
Region
Americas			66		%	75		%	73		%
EMEA			26		%	24		%	24		%
Asia			8		%	1		%	3		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			–			2		%	1		%
AA			1		%	4		%	4		%
A			4		%	19		%	16		%
BBB			23		%	38		%	36		%
BB or lower			72		%	37		%	43		%
Total			100		%	100		%	100		%
As of December 2023
Corporate			$35,874			$144,463			$180,337
Industry
Consumer & Retail			11		%	13		%	12		%
Diversified Industrials			17		%	20		%	20		%
Financial Institutions			8		%	9		%	9		%
Funds			4		%	3		%	3		%
Healthcare			9		%	11		%	10		%
Natural Resources & Utilities			8		%	18		%	16		%
Real Estate			13		%	5		%	7		%
Technology, Media & Telecommunications			25		%	20		%	21		%
Other (including Special Purpose Vehicles)			5		%	1		%	2		%
Total			100		%	100		%	100		%
Region
Americas			63		%	77		%	74		%
EMEA			29		%	22		%	23		%
Asia			8		%	1		%	3		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			–			1		%	1		%
AA			1		%	5		%	4		%
A			5		%	20		%	17		%
BBB			20		%	41		%	37		%
BB or lower			74		%	33		%	41		%
Total			100		%	100		%	100		%

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

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

$ in millions			Loans			Lending Commitments			Total
As of September 2024
Commercial Real Estate			$28,413			$3,994			$32,407
Region
Americas			78		%	82		%	78		%
EMEA			19		%	18		%	19		%
Asia			3		%	–			3		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			52		%	57		%	52		%
Non-investment-grade			47		%	41		%	47		%
Unrated			1		%	2		%	1		%
Total			100		%	100		%	100		%
As of December 2023
Commercial Real Estate			$26,028			$3,440			$29,468
Region
Americas			80		%	74		%	79		%
EMEA			17		%	25		%	18		%
Asia			3		%	1		%	3		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			47		%	46		%	47		%
Non-investment-grade			52		%	54		%	52		%
Unrated			1		%	–			1		%
Total			100		%	100		%	100		%

In the table above:

•The concentration of loans and lending commitments by asset class as of September 2024 was 51% for warehouse and other indirect, 11% for multifamily, 7% for industrials, 6% for hospitality, 5% for office, 3% for mixed use and 17% for other asset classes. The concentration of loans and lending commitments by asset class as of December 2023 was 42% for warehouse and other indirect, 13% for multifamily, 12% for industrials, 7% for office, 7% for hospitality, 7% for mixed use and 12% for other asset classes.

•The net charge-off ratio for commercial real estate loans was 0.3% for the nine months ended September 2024. The net charge-off ratio is calculated by dividing annualized net charge-offs by average gross loans accounted for at amortized cost.

159						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

In addition, we also have credit exposure to commercial real estate loans held for securitization of $798 million as of September 2024 and $119 million as of December 2023. 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 September 2024
Residential Real Estate			$25,018			$2,241			$27,259
Region
Americas			95		%	100		%	95		%
EMEA			4		%	–			4		%
Asia			1		%	–			1		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			38		%	32		%	37		%
Non-investment-grade			14		%	47		%	17		%
Other metrics			48		%	21		%	46		%
Total			100		%	100		%	100		%
As of December 2023
Residential Real Estate			$25,388			$1,471			$26,859
Region
Americas			95		%	93		%	95		%
EMEA			4		%	7		%	4		%
Asia			1		%	–			1		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			42		%	56		%	43		%
Non-investment-grade			13		%	25		%	13		%
Other metrics			45		%	16		%	43		%
Unrated			–			3		%	1		%
Total			100		%	100		%	100		%

In the table above:

•Credit exposure included loans and lending commitments of $14.21 billion as of September 2024 and $14.45 billion as of December 2023 which are extended to clients who warehouse assets that are directly or indirectly secured by residential real estate.

•Substantially all residential real estate loans included in the other metrics category consists of loans extended to wealth management clients. As of both September 2024 and December 2023, substantially all of such loans had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms. Additionally, as of both September 2024 and December 2023, 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 $8.94 billion as of September 2024 and $7.65 billion as of December 2023. Such loans are included in trading assets in our consolidated balance sheets.

Goldman Sachs September 2024 Form 10-Q						160

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

$ in millions			Loans			Lending Commitments			Total
As of September 2024
Securities-based			$16,014			$1,535			$17,549
Region
Americas			75		%	49		%	73		%
EMEA			25		%	51		%	27		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			76		%	62		%	75		%
Non-investment-grade			2		%	–			2		%
Other metrics			22		%	38		%	23		%
Total			100		%	100		%	100		%
As of December 2023
Securities-based			$14,621			$691			$15,312
Region
Americas			79		%	98		%	80		%
EMEA			20		%	2		%	19		%
Asia			1		%	–			1		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			75		%	25		%	73		%
Non-investment-grade			4		%	2		%	4		%
Other metrics			21		%	73		%	23		%
Total			100		%	100		%	100		%

In the table above, the vast majority of securities-based loans included in the other metrics category had a loan-to-value ratio of less than 80% and were performing in accordance with the contractual terms as of both September 2024 and December 2023.

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 are extended to clients who warehouse assets that are directly or indirectly secured by corporate loans, consumer loans and other assets. Other collateralized also includes loans and lending commitments to investment funds (managed by third parties) that are collateralized by capital commitments of the funds’ investors or assets held by the fund, as well as other secured loans and lending commitments extended to our wealth management and corporate clients.

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

$ in millions			Loans			Lending Commitments			Total
As of September 2024
Other Collateralized			$72,696			$30,230			$102,926
Region
Americas			84		%	90		%	86		%
EMEA			15		%	8		%	12		%
Asia			1		%	2		%	2		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			85		%	86		%	85		%
Non-investment-grade			14		%	13		%	14		%
Unrated			1		%	1		%	1		%
Total			100		%	100		%	100		%
As of December 2023
Other Collateralized			$62,225			$23,731			$85,956
Region
Americas			89		%	94		%	90		%
EMEA			10		%	5		%	9		%
Asia			1		%	1		%	1		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			78		%	80		%	79		%
Non-investment-grade			21		%	18		%	20		%
Unrated			1		%	2		%	1		%
Total			100		%	100		%	100		%

In the table above, credit exposure included loans and lending commitments extended to clients who warehouse assets of $30.44 billion as of September 2024 and $21.78 billion as of December 2023.

161						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Credit Cards and Installment Loans. We provide credit card loans (pursuant to revolving lines of credit) to consumers in the Americas. The credit card lines are cancellable by us and therefore do not result in credit exposure. We also have installment loans to consumers in the Americas but have ceased originating such loans.

The tables below present our credit exposure from credit card funded loans and originated installment loans, and the concentration by the five most concentrated U.S. states.

$ in millions						Credit Cards
As of September 2024
Loans, gross						$19,908
California						17		%
Texas						9		%
Florida						9		%
New York						8		%
Illinois						4		%
Other						53		%
Total						100		%
As of December 2023
Loans, gross						$19,361
California						17		%
Texas						9		%
Florida						8		%
New York						8		%
Illinois						4		%
Other						54		%
Total						100		%

$ in millions						Installment
As of September 2024
Loans, gross						$196
New Jersey						20		%
California						15		%
New York						13		%
Florida						10		%
Minnesota						7		%
Other						35		%
Total						100		%
As of December 2023
Loans, gross						$3,298
California						8		%
Texas						8		%
Florida						7		%
New York						5		%
New Jersey						5		%
Other						67		%
Total						100		%

In addition, we had credit exposure of $2.25 billion as of December 2023 related to our commitments to extend unsecured installment loans to consumers.

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

Other. Other includes unsecured loans extended to wealth management clients and unsecured consumer and credit card loans purchased by us.

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

$ in millions			Loans			Lending Commitments			Total
As of September 2024
Other			$1,437			$775			$2,212
Region
Americas			96		%	95		%	96		%
EMEA			4		%	5		%	4		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			81		%	66		%	76		%
Non-investment-grade			10		%	18		%	13		%
Other metrics			9		%	16		%	11		%
Total			100		%	100		%	100		%
As of December 2023
Other			$1,613			$888			$2,501
Region
Americas			97		%	100		%	98		%
EMEA			3		%	–			2		%
Total			100		%	100		%	100		%
Credit Quality (Credit Rating Equivalent)
Investment-grade			61		%	87		%	70		%
Non-investment-grade			9		%	13		%	11		%
Other metrics			30		%	–			19		%
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 $1.10 billion as of September 2024 and $1.22 billion as of December 2023. 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.

Goldman Sachs September 2024 Form 10-Q						162

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

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

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

			As of
			September			December
$ in millions			2024			2023
Securities Financing Transactions			$42,499			$40,201
Industry
Financial Institutions			33		%	30		%
Funds			28		%	33		%
Municipalities & Nonprofit			8		%	7		%
Sovereign			31		%	29		%
Other (including Special Purpose Vehicles)			–			1		%
Total			100		%	100		%
Region
Americas			43		%	45		%
EMEA			21		%	38		%
Asia			36		%	17		%
Total			100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			20		%	14		%
AA			23		%	31		%
A			42		%	38		%
BBB			9		%	7		%
BB or lower			6		%	10		%
Total			100		%	100		%

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

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

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

			As of
			September			December
$ in millions			2024			2023
Other Credit Exposures			$48,779			$50,820
Industry
Financial Institutions			72		%	80		%
Funds			18		%	13		%
Other (including Special Purpose Vehicles)			10		%	7		%
Total			100		%	100		%
Region
Americas			43		%	35		%
EMEA			44		%	54		%
Asia			13		%	11		%
Total			100		%	100		%
Credit Quality (Credit Rating Equivalent)
AAA			3		%	2		%
AA			43		%	57		%
A			26		%	26		%
BBB			8		%	6		%
BB or lower			18		%	8		%
Unrated			2		%	1		%
Total			100		%	100		%

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

163						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Selected Exposures

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

Country Exposures. The Russian invasion of Ukraine has negatively affected the global economy and increased macroeconomic uncertainty. Our total credit exposure to Ukrainian counterparties or borrowers was not material as of September 2024. Our total market exposure to Ukrainian issuers as of September 2024 was $108 million, primarily to sovereign issuers. Such exposure consisted of $117 million related to debt and $(9) million related to credit derivatives. Our credit exposure to Russian counterparties or borrowers and our market exposure to Russian issuers was not material as of September 2024. See “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K for further information about our risks related to Russia’s invasion of Ukraine.

Economic challenges persist for the Argentine government given uncertainty relating to its fiscal and economic policies. As of September 2024, our total credit exposure to Argentinian counterparties or borrowers was not material. Our total market exposure to Argentinian issuers as of September 2024 was $126 million, primarily to non-sovereign issuers. Such exposure consisted of $47 million related to debt, $10 million related to credit derivatives and $69 million related to equities.

In addition, economic and/or political uncertainties in Ethiopia, Lebanon and Venezuela have led to concerns about their financial stability. Our credit exposure to counterparties or borrowers and our market exposure to issuers relating to each of these countries was not material as of September 2024.

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.

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;

•Damage to physical assets;

•Internal fraud; and

•External fraud.

Operational Risk, which is independent of our revenue-producing units and reports to our chief risk officer, has primary responsibility for developing and implementing a formalized framework for assessing, monitoring and managing operational risk 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.

Goldman Sachs September 2024 Form 10-Q						164

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

We seek to maintain a comprehensive control framework designed to provide a well-controlled environment to minimize operational risks. The Firmwide Operational Risk and Resilience Committee is responsible for overseeing operational risk and the operational resilience of 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. These analyses are used in the determination of the appropriate level of operational risk capital to hold. 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 2023 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 2023 Form 10-K for further information about business continuity.

165						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Cybersecurity Risk Management

Overview

Cybersecurity risk is the risk of compromising the confidentiality, integrity or availability of our data and systems, leading to an adverse impact to us, our reputation, our clients and/or the broader financial system. We seek to minimize the occurrence and impact of unauthorized access, disruption or use of information and/or information systems. We deploy and operate preventive and detective controls and processes to mitigate emerging and evolving information security and cybersecurity threats, including monitoring our network for known vulnerabilities and signs of unauthorized attempts to access our data and systems. There is increased information risk through diversification of our data across external service providers, including use of a variety of cloud-provided or -hosted services and applications. In addition, new AI technologies may increase the frequency and severity of cybersecurity attacks. See “Risk Factors” in Part I, Item 1A of the 2023 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, 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 concerns 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.

Goldman Sachs September 2024 Form 10-Q						166

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

During the first nine months of 2024, 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 ransomware attacks reported globally over the past year, we have emphasized phishing 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 and Audit Committees, 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, that we face. 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 that oversee the implementation of our cybersecurity risk management strategy and framework. These committees are informed about cybersecurity incidents and risks by designated members of Technology Risk, who periodically report to these committees about the Cybersecurity Program, including the efforts of the Technology Risk teams to prevent, detect, mitigate and remediate incidents and threats. These committees enable formal escalation and reporting of risks, and our CISO and other members of Technology Risk provide regular briefings to these committees.

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. See “Overview and Structure of Risk Management” for further information about this 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 CISO, and reports to the Firmwide Technology Risk Committee.

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

Model Risk Management

Overview

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

Model Risk, which is independent of our revenue-producing units, model developers, model owners and model users, and reports to our chief risk officer, has primary responsibility for assessing, monitoring and managing our model risk through firmwide oversight across our global businesses, and provides periodic updates to senior management, risk committees and the Risk Committee of the Board.

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.

167						Goldman Sachs September 2024 Form 10-Q

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Model Review and Validation Process

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

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

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

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

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

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

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

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

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

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

Other Risk Management

In addition to the areas of risks discussed above, we also manage other risks, including capital, climate, compliance and conflicts. 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. Accordingly, we have in place a comprehensive capital management policy that provides a framework, defines objectives and establishes guidelines to maintain an 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.

Goldman Sachs September 2024 Form 10-Q						168

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

Climate-Related and Environmental Risk Management

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

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

See “Business — Sustainability” in Part I, Item 1 and “Risk Factors” in Part I, Item 1A of the 2023 Form 10-K for information about our sustainability initiatives, including in relation to climate transition.

Compliance Risk Management

Compliance risk is the risk of legal or regulatory sanctions, material financial loss or damage to our reputation arising from our failure to comply with the requirements of applicable laws, rules and regulations, and our internal policies and procedures. Compliance risk is inherent in all activities through which we conduct our businesses. Our Compliance Risk Management Program, administered by Compliance, assesses our compliance, regulatory and reputational risk; monitors for compliance with new or amended laws, rules and regulations; designs and implements controls, policies, procedures and training; conducts independent testing; investigates, surveils and monitors for compliance risks and breaches; and leads our responses to 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, such as the Firmwide Capital, Commitments and Suitability Committees and other 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.

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 2023 Form 10-K.

169						Goldman Sachs September 2024 Form 10-Q

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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 People Strategy Report; (viii) our Sustainability Report; (ix) our Task Force on Climate-Related Financial Disclosures Report; and (x) our average daily NSFR.

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 2023 Form 10-K.

Goldman Sachs September 2024 Form 10-Q						170

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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 and total credit alternative assets, and how they can be achieved, (ii) trends in or growth opportunities for our businesses, including the timing, costs, profitability, benefits and other aspects of business and strategic initiatives and their impact on our efficiency ratio, as well as the opportunities and challenges presented by artificial intelligence, (iii) our level of future compensation expense, including as a percentage of both operating expenses and net revenues, net of provision for credit losses, (iv) our Investment banking fees backlog and future advisory and capital market results, (v) our expected interest income and interest expense, (vi) our expense savings and strategic locations initiatives, (vii) expenses we may incur, including future litigation expense, (viii) the projected growth of our deposits and other funding, asset liability management and funding strategies and related interest expense savings, (ix) our business initiatives, including transaction banking, (x) our planned 2024 and 2025 benchmark debt issuances, (xi) the amount, composition and location of GCLA we expect to hold, (xii) our credit exposures, (xiii) our expected provision for credit losses, (xiv) the adequacy of our allowance for credit losses, (xv) the narrowing of our consumer business, (xvi) the objectives and effectiveness of our BCP, information security program, risk management and liquidity policies, (xvii) our resolution plan and strategy and their implications for stakeholders, (xviii) the design and effectiveness of our resolution capital and liquidity models and triggers and alerts framework, (xix) the results of stress tests, the effect of changes to regulations, and our future status, activities or reporting under banking and financial regulation, (xx) our expected tax rate, (xxi) the future state of our liquidity and regulatory capital ratios, and our prospective capital distributions (including dividends and repurchases), (xxii) our expected SCB and G-SIB surcharge, (xxiii) legal proceedings, governmental investigations or other contingencies, (xxiv) the asset recovery guarantee and our remediation activities related to our 1Malaysia Development Berhad (1MDB) settlements, (xxv) the effectiveness of our management of our human capital, including our diversity goals, (xxvi) our sustainability and carbon neutrality targets and goals, (xxvii) future inflation, (xxviii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments on our business, results and financial position, (xxix) our ability to sell, and the terms of any proposed sales of, Asset & Wealth Management historical principal investments, the pending sale of the seller financing loan portfolio and our ability to transition the GM credit card program to another issuer, (xxx) the impact of the conflicts in the Middle East, (xxxi) our ability to manage our commercial real estate exposures, (xxxii) the profitability of Platform Solutions and (xxxiii) 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, lower profitability of new business initiatives, increases in technology and other costs to launch and bring new business initiatives to scale, and increases in liquidity requirements.

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 the July 2023 proposal to revise the U.S. bank regulatory capital rules, or the interpretation or application of existing regulations or changes in the nature and composition of our activities. Statements about our total credit alternative assets targets are based on our current expectations regarding our fundraising prospects and are subject to the risk that actual inflows may be lower than expected due to, among other factors, competition from other asset managers, changes in investment preferences and changes in economic or market conditions.

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

Statements about the 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.

171						Goldman Sachs September 2024 Form 10-Q

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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 increase as the firm expects 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, an outbreak or worsening of hostilities, including those in Ukraine and the Middle East, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for 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, asset liability management and funding strategies and related interest expense savings, and our platform solutions business, are subject to the risk that actual growth, savings and profitability may differ, possibly materially, from that currently anticipated due to, among other things, changes in interest rates and competition from other similar products.

Statements about planned 2024 and 2025 benchmark debt issuances and the amount, composition and location of GCLA we expect to hold are subject to the risk that actual issuances and GCLA levels 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 income 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 the impact of taxes on share repurchases. Statements about the estimated impact of proposed, but not finalized, capital rules are subject to change as we continue to analyze the proposals, the final rules may differ from the proposed rules and our balance sheet composition will change. As a consequence, we may underestimate the actual impact of the final rules (including any final rules in respect of the July 2023 proposal from the U.S. federal bank regulatory agencies).

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 progress or the status of remediation activities relating to 1MDB are based on our expectations regarding our current remediation plans. Accordingly, our ability to complete the remediation activities may change, possibly materially, from what is currently expected.

Goldman Sachs September 2024 Form 10-Q						172

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THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES

Management’s Discussion and Analysis

關於我們人力資本管理目標的陳述，包括我們的多樣性目標，是基於我們目前的預期，並可能無法實現這些目標和目標，原因包括招聘和吸引不同候選人的競爭以及留住不同員工的努力不成功。

關於我們的可持續性和碳中和、淨零或其他與可持續性相關的目標和目標的聲明是基於我們目前的預期，並面臨着我們可能無法實現這些目標和目標的風險，原因包括全球社會人口和經濟趨勢、能源價格、缺乏技術創新、氣候相關條件和天氣事件、立法和監管變化、消費者行爲和需求以及其他不可預見的事件或條件。

關於未來通脹的聲明可能會受到實際通脹可能不同的風險，可能是由於經濟增長、失業或消費者需求等方面的變化。

有關俄羅斯入侵烏克蘭和相關制裁的影響、中東衝突的影響以及對我們的業務、業績和財務狀況的其他事態發展的聲明，都受到敵對行動可能升級和擴大、制裁可能增加以及實際影響可能與目前預期的不同的風險。

有關擬議出售Asset&Wealth Management歷史本金投資的聲明可能會受到以下風險的影響：買家可能不會競購這些資產，或以我們無法接受的水平或條款競標，並且這些活動的表現可能會因擬議的出售而惡化，而有關即將出售的賣方融資貸款組合以及我們將通用汽車信用卡計劃轉移到另一家發行商的能力的聲明，可能會受到交易可能無法在預期的時間線上完成或根本無法完成的風險，包括由於未能獲得必要的監管批准。

有關我們網絡安全風險管理流程有效性的聲明可能會受到這樣的風險，即我們爲保護我們的系統(以及我們與之交互的第三方)而實施的措施可能不足以防止成功的網絡安全攻擊或導致機密信息泄露或以其他方式擾亂我們運營的重大安全漏洞。

173						高盛2024年9月10-Q表格

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項目3.關於市場風險的定量和定性披露

關於市場風險的定量和定性披露在本表格10-Q第一部分第二項「管理層對財務狀況和經營結果的討論和分析--風險管理」中闡述。

項目4.控制和程序

截至本報告所述期間結束時，我們的管理層在我們的首席執行官和首席財務官的參與下，對我們的披露控制和程序(如《交易所法案》第13a-15(E)條所界定)的有效性進行了評估。根據這一評估，我們的首席執行官和首席財務官得出結論，截至本報告所述期間結束時，這些披露控制和程序是有效的。此外，在截至2024年9月的季度內，我們對財務報告的內部控制(根據外匯法案規則13a-15(F)的定義)沒有發生重大影響或合理地很可能對我們的財務報告內部控制產生重大影響的變化。

第二部分.其他信息

項目1.法律訴訟

我們參與了多個司法、監管和仲裁程序，涉及與我們的業務行爲相關的問題。其中許多訴訟程序還處於早期階段，許多此類案件尋求的損害賠償金數額不詳。吾等已就我們已能估計範圍的事項估計合理可能虧損範圍的上限，並根據目前掌握的資料，相信未能估計合理可能虧損範圍的事項的結果將不會對本公司的財務狀況造成重大不利影響，但可能會對本公司於特定期間的經營業績產生重大影響。鑑於目前正在進行的訴訟和調查的範圍，我們的訴訟費用可能仍然很高。見本表格10-Q第一部分第2項「管理層對財務狀況和業務成果的討論和分析--估計數的使用」。有關我們合理可能的總損失估計以及司法、監管和法律程序的信息，請參閱本表格第一部分第1項合併財務報表的附註18和27。

第二項股權證券的未經登記的銷售和收益的使用

下表顯示了在截至2024年9月的三個月內，集團公司或任何「關聯買家」(根據交易法第100亿.18(A)(3)條的定義)購買了我們的普通股。

			總計 股份 購買			平均 支付價格 每股			總股份數 購買方式爲 公開的一部分 已宣佈的計劃			剩餘授權回購的美元價值(百萬美元)
七月			1,209,327			$	496.18		1,209,154			$	18,604
八月			833,644			$	479.82		833,644			$	18,204
九月			–			$	–		–			$	18,204
總計			2,042,971						2,042,798

在上表中，購買的總股份包括2024年7月爲滿足與基於股份的獎勵相關的法定預扣稅而匯出的173股。

2023年2月，我們的董事會批准了一項股票回購計劃，授權回購最多300亿美元的普通股億。這一計劃取代了我們之前的股票回購計劃，沒有設定到期或終止日期。股份回購主要通過定期公開市場回購(可能包括旨在遵守規則10b5-1的回購計劃和加速回購)，其金額和時間主要由我們當前和預計的資本狀況以及資本部署機會決定，但也可能受到一般市場狀況以及我們普通股的現行價格和交易量的影響。

項目5.其他信息

規則10b5-1交易計劃

在截至2024年9月的三個月內，沒有董事或高管簽訂了、修改或終止旨在滿足規則10b5-1的正面抗辯條件或構成非規則10b5-1的交易安排(定義見S-K規則第408項)的集團公司S證券的買賣合同、指示或書面計劃。

高盛2024年9月10-Q表格						174

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項目6.展品

展品

3.1    重述高盛公司註冊證書，自10月起修訂23，2024(通過引用方式併入附件3.2關於登記人於#年#月提交的表格8-k的當前報告24, 2024).

15.1     信函Re：未經審計的中期財務信息。

31.1     規則第13a-14(A)條.

32.1    第1350條證書(此信息是爲1933年《證券法》第11條和第12條以及1934年《證券交易法》第18條的目的提供的，而不是爲了存檔)。

根據S-t規則第405和406條，以下信息採用iXBRL(內聯可擴展商業報告語言)格式：(I)截至2024年9月30日和2023年9月30日的三個月和九個月的綜合收益表；(Ii)截至2024年9月30日和2023年9月30日的三個月和九個月的綜合全面收益表；(Iii)截至2024年9月30日的綜合資產負債表和截至2023年12月31日的綜合資產負債表；(Iv)截至2023年9月30日的三個月和九個月的綜合股東權益變動表2024年9月30日和2023年9月30日，(V)截至2024年9月30日和2023年9月30日止九個月的合併現金流量表，(Vi)合併財務報表附註和(Vii)封面。

104頁和封面互動數據文件(格式爲iXBRL，見附件101)。

簽名

根據1934年《證券交易法》的要求，註冊人已正式促使本報告由正式授權的簽署人代表其簽署。

高盛集團有限公司

作者：			/s/						丹尼斯·P·科爾曼三世
姓名：									丹尼斯·P·科爾曼三世
標題：									首席財務官 （首席財務官）
日期：									2024年11月1日
作者：			/s/						希拉·J·弗裏德曼
姓名：									希拉·J·弗裏德曼
標題：									首席會計官 （首席會計官）
日期：									2024年11月1日

175						高盛2024年9月10-Q表格