All data as of year end 2025.
¹ As of end of Q1 2026
² Services are provided in whole or in part by unaffiliated third parties. Health concierge services are provided through a referral to third parties whom Goldman Sachs does not supervise and on which Goldman Sachs has not necessarily performed due diligence. 

Disclosures

This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. Investing involves the risk of loss, including loss of principal. Alternative Investments such as private equity, private credit, private real estate, hedge funds, may not be suitable for all investors and involve a substantial degree of risk, including the risk of total loss of capital, use of leverage, lack of liquidity, and volatility of returns. While this material is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein, information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. This material may not, without Goldman Sachs’ prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. This material is not an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Neither asset diversification or investment in a continuous or periodic investment plan guarantees a profit or protects against a loss. Information and opinions provided herein are as of the date of this material only and are subject to change without notice.

Intended Audience

This material is generally intended for eligible clients of Goldman Sachs & Co. (""GS&Co."") and Goldman Sachs Wealth Services, L.P. (""GS Ayco"") and/or prospective clients who meet the eligibility requirements to be clients of GS&C0. or GS Ayco.

Entities Providing Lending Services

Loans, including securities-based loans, may be offered by Goldman Sachs Private Bank, a business unit of Goldman Sachs Bank USA, a New York state-chartered bank and a wholly-owned subsidiary of The Goldman Sachs Group, Inc. Margin loans may be offered by Goldman Sachs & Co. LLC, a wholly-owned subsidiary of The Goldman Sachs Group, Inc., or one of its affiliates.

Cash Management Products

Bank Deposit Accounts and Term Deposits are offered through Goldman Sachs & Co. LLC and placed at GS Bank USA. Member FDIC. Private Wealth Savings Accounts are provided by Goldman Sachs Bank USA. Member FDIC. Cash management products and services are available to eligible clients in select jurisdictions.

Securities-Based Lending Important Information

Loans collateralized by securities may not be appropriate for all parties and carry a number of risks, including the risk of a market downturn, tax implications if pledged securities are liquidated, and the potential fluctuation in interest rates. If the value of pledged securities declines below certain levels, the client (with assistance from their advisor) may be required to pledge additional collateral, rebalance existing collateral through trading, or pay down the loan to avoid the forced sale of securities to meet collateral maintenance requirements. Subject to applicable law, pledged securities may be sold with or without advance notice to the client to cover the deficiency at the bank’s sole discretion. Clients should understand the possible adverse tax consequences associated with the sale or pledge of their securities when considering whether a securities-based loan is appropriate for them.

Collateral Based Lending Important Information

Loans collateralized by a direct or indirect interest in real property may not be appropriate for all parties and can carry a number of risks, including the risk of loss of some, all, or substantially all value of the pledged collateral. If the marketable value of the underlying pledged asset falls below a certain level, the Borrower may be required to pledge additional collateral or pay down part of the loan prematurely. Client should understand the possible potential adverse tax consequences when considering whether a collateral based loan is appropriate for them.

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