Item 1. Financial Statements (Unaudited)
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings
| Three MonthsEnded September | Nine Months Ended September |
| in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 |
| Revenues |
| Investment banking | $ | 1,541 | $ | 3,548 | $ | 5,457 | $ | 10,564 |
| Investment management | 2,276 | 2,139 | 6,733 | 5,840 |
| Commissions and fees | 995 | 860 | 3,079 | 2,766 |
| Market making | 4,642 | 3,929 | 15,561 | 13,096 |
| Other principal transactions | 478 | 1,568 | 338 | 9,759 |
| Total non-interest revenues | 9,932 | 12,044 | 31,168 | 42,025 |
| Interest income | 8,550 | 3,117 | 16,613 | 9,110 |
| Interest expense | 6,507 | 1,553 | 11,009 | 4,435 |
| Net interest income | 2,043 | 1,564 | 5,604 | 4,675 |
| Total net revenues | 11,975 | 13,608 | 36,772 | 46,700 |
| Provision for credit losses | 515 | 175 | 1,743 | 13 |
| Operating expenses |
| Compensation and benefits | 3,606 | 3,167 | 11,384 | 14,473 |
| Transaction based | 1,317 | 1,139 | 3,878 | 3,520 |
| Market development | 199 | 165 | 596 | 360 |
| Communications and technology | 459 | 397 | 1,327 | 1,143 |
| Depreciation and amortization | 666 | 509 | 1,728 | 1,527 |
| Occupancy | 255 | 239 | 765 | 727 |
| Professional fees | 465 | 433 | 1,392 | 1,137 |
| Other expenses | 737 | 542 | 2,003 | 1,781 |
| Total operating expenses | 7,704 | 6,591 | 23,073 | 24,668 |
| Pre-tax earnings | 3,756 | 6,842 | 11,956 | 22,019 |
| Provision for taxes | 687 | 1,464 | 2,021 | 4,319 |
| Net earnings | 3,069 | 5,378 | 9,935 | 17,700 |
| Preferred stock dividends | 107 | 94 | 356 | 358 |
| Net earnings applicable to common shareholders | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 |
| Earnings per common share |
| Basic | $ | 8.35 | $ | 15.14 | $ | 27.03 | $ | 49.23 |
| Diluted | $ | 8.25 | $ | 14.93 | $ | 26.71 | $ | 48.59 |
| Average common shares |
| Basic | 352.8 | 348.3 | 353.0 | 351.8 |
| Diluted | 359.2 | 353.9 | 358.6 | 356.9 |

Consolidated Statements of Comprehensive Income
(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Net earnings | $ | 3,069 | $ | 5,378 | $ | 9,935 | $ | 17,700 |
| Other comprehensive income/(loss) adjustments, net of tax: |
| Currency translation | 26 | ( 20 ) | ( 5 ) | ( 36 ) |
| Debt valuation adjustment | 673 | 67 | 2,601 | 165 |
| Pension and postretirement liabilities | ( 2 ) | — | 10 | 7 |
| Available-for-sale securities | ( 615 ) | ( 114 ) | ( 2,410 ) | ( 658 ) |
| Other comprehensive income/(loss) | 82 | ( 67 ) | 196 | ( 522 ) |
| Comprehensive income | $ | 3,151 | $ | 5,311 | $ | 10,131 | $ | 17,178 |

The accompanying notes are an integral part of these consolidated financial statements.
| 1 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Assets |
| Cash and cash equivalents | $ | 284,251 | $ | 261,036 |
| Collateralized agreements: |
| Securities purchased under agreements to resell (at fair value) | 182,502 | 205,703 |
| Securities borrowed (includes $ 42,506 and $ 39,955 at fair value) | 196,968 | 178,771 |
| Customer and other receivables (includes $ 25 and $ 42 at fair value) | 165,421 | 160,673 |
| Trading assets (at fair value and includes $ 77,130 and $ 68,208 pledged as collateral) | 383,975 | 375,916 |
| Investments (includes $ 77,580 and $ 83,427 at fair value, and $ 20,375 and $ 12,840 pledged as collateral) | 126,963 | 88,719 |
| Loans (net of allowance of $ 4,846 and $ 3,573 , and includes $ 8,250 and $ 10,769 at fair value) | 176,669 | 158,562 |
| Other assets | 39,245 | 34,608 |
| Total assets | $ | 1,555,994 | $ | 1,463,988 |
| Liabilities and shareholders’ equity |
| Deposits (includes $ 23,587 and $ 35,425 at fair value) | $ | 394,733 | $ | 364,227 |
| Collateralized financings: |
| Securities sold under agreements to repurchase (at fair value) | 159,690 | 165,883 |
| Securities loaned (includes $ 7,444 and $ 9,170 at fair value) | 43,822 | 46,505 |
| Other secured financings (includes $ 14,240 and $ 17,074 at fair value) | 15,595 | 18,544 |
| Customer and other payables | 278,457 | 251,931 |
| Trading liabilities (at fair value) | 231,713 | 181,424 |
| Unsecured short-term borrowings (includes $ 32,470 and $ 29,832 at fair value) | 51,850 | 46,955 |
| Unsecured long-term borrowings (includes $ 65,358 and $ 52,390 at fair value) | 239,965 | 254,092 |
| Other liabilities (includes $ 462 and $ 359 at fair value) | 20,879 | 24,501 |
| Total liabilities | 1,436,704 | 1,354,062 |
| Commitments, contingencies and guarantees |
| Shareholders’ equity |
| Preferred stock; aggregate liquidation preference of $ 10,703 and $ 10,703 | 10,703 | 10,703 |
| Common stock; 917,804,656 and 906,430,314 shares issued, and 339,103,013 and 333,573,254 shares outstanding | 9 | 9 |
| Share-based awards | 5,479 | 4,211 |
| Nonvoting common stock; no shares issued and outstanding | — | — |
| Additional paid-in capital | 59,031 | 56,396 |
| Retained earnings | 139,067 | 131,811 |
| Accumulated other comprehensive loss | ( 1,872 ) | ( 2,068 ) |
| Stock held in treasury, at cost; 578,701,645 and 572,857,062 shares | ( 93,127 ) | ( 91,136 ) |
| Total shareholders’ equity | 119,290 | 109,926 |
| Total liabilities and shareholders’ equity | $ | 1,555,994 | $ | 1,463,988 |

The accompanying notes are an integral part of these consolidated financial statements.
| Goldman Sachs September 2022 Form 10-Q | 2 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Preferred stock |
| Beginning balance | $ | 10,703 | $ | 9,203 | $ | 10,703 | $ | 11,203 |
| Issued | — | 750 | — | 1,425 |
| Redeemed | — | — | — | ( 2,675 ) |
| Ending balance | 10,703 | 9,953 | 10,703 | 9,953 |
| Common stock |
| Beginning balance | 9 | 9 | 9 | 9 |
| Issued | — | — | — | — |
| Ending balance | 9 | 9 | 9 | 9 |
| Share-based awards |
| Beginning balance | 5,245 | 3,759 | 4,211 | 3,468 |
| Issuance and amortization of share-based awards | 311 | 202 | 3,811 | 2,180 |
| Delivery of common stock underlying share-based awards | ( 44 ) | ( 21 ) | ( 2,463 ) | ( 1,625 ) |
| Forfeiture of share-based awards | ( 33 ) | ( 44 ) | ( 80 ) | ( 127 ) |
| Ending balance | 5,479 | 3,896 | 5,479 | 3,896 |
| Additional paid-in capital |
| Beginning balance | 58,993 | 56,390 | 56,396 | 55,679 |
| Delivery of common stock underlying share-based awards | 61 | 23 | 2,494 | 1,676 |
| Cancellation of share-based awards in satisfaction of withholding tax requirements | ( 23 ) | ( 14 ) | ( 1,587 ) | ( 983 ) |
| Issuance costs of redeemed preferred stock | — | ( 1 ) | — | 25 |
| Issuance of common stock in connection with acquisition | — | — | 1,730 | — |
| Other | — | — | ( 2 ) | 1 |
| Ending balance | 59,031 | 56,398 | 59,031 | 56,398 |
| Retained earnings |
| Beginning balance | 136,998 | 124,051 | 131,811 | 112,947 |
| Net earnings | 3,069 | 5,378 | 9,935 | 17,700 |
| Accretion of redeemable noncontrolling interests | — | ( 4 ) | — | ( 69 ) |
| Dividends and dividend equivalents declared on common stock and share-based awards | ( 893 ) | ( 700 ) | ( 2,323 ) | ( 1,589 ) |
| Dividends declared on preferred stock | ( 107 ) | ( 94 ) | ( 356 ) | ( 317 ) |
| Preferred stock redemption premium | — | — | — | ( 41 ) |
| Ending balance | 139,067 | 128,631 | 139,067 | 128,631 |
| Accumulated other comprehensive income/(loss) |
| Beginning balance | ( 1,954 ) | ( 1,889 ) | ( 2,068 ) | ( 1,434 ) |
| Other comprehensive income/(loss) | 82 | ( 67 ) | 196 | ( 522 ) |
| Ending balance | ( 1,872 ) | ( 1,956 ) | ( 1,872 ) | ( 1,956 ) |
| Stock held in treasury, at cost |
| Beginning balance | ( 92,123 ) | ( 89,633 ) | ( 91,136 ) | ( 85,940 ) |
| Repurchased | ( 1,000 ) | ( 1,000 ) | ( 2,000 ) | ( 4,700 ) |
| Reissued | 1 | 1 | 20 | 11 |
| Other | ( 5 ) | ( 2 ) | ( 11 ) | ( 5 ) |
| Ending balance | ( 93,127 ) | ( 90,634 ) | ( 93,127 ) | ( 90,634 ) |
| Total shareholders’ equity | $ | 119,290 | $ | 106,297 | $ | 119,290 | $ | 106,297 |

The accompanying notes are an integral part of these consolidated financial statements.
| 3 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
| Nine Months Ended September |
| $ in millions | 2022 | 2021 |
| Cash flows from operating activities |
| Net earnings | $ | 9,935 | $ | 17,700 |
| Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities |
| Depreciation and amortization | 1,728 | 1,527 |
| Share-based compensation | 3,811 | 2,141 |
| Provision for credit losses | 1,743 | 13 |
| Changes in operating assets and liabilities: |
| Customer and other receivables and payables, net | 21,453 | 11,010 |
| Collateralized transactions (excluding other secured financings), net | ( 3,872 ) | ( 88,832 ) |
| Trading assets | ( 39,764 ) | ( 1,815 ) |
| Trading liabilities | 48,411 | 50,065 |
| Loans held for sale, net | 2,041 | ( 1,780 ) |
| Other, net | ( 21,781 ) | ( 14,005 ) |
| Net cash provided by/(used for) operating activities | 23,705 | ( 23,976 ) |
| Cash flows from investing activities |
| Purchase of property, leasehold improvements and equipment | ( 2,994 ) | ( 3,548 ) |
| Proceeds from sales of property, leasehold improvements and equipment | 1,272 | 3,111 |
| Net cash used for business acquisitions | ( 2,113 ) | — |
| Purchase of investments | ( 52,989 ) | ( 31,998 ) |
| Proceeds from sales and paydowns of investments | 8,080 | 40,127 |
| Loans (excluding loans held for sale), net | ( 20,924 ) | ( 24,219 ) |
| Net cash used for investing activities | ( 69,668 ) | ( 16,527 ) |
| Cash flows from financing activities |
| Unsecured short-term borrowings, net | 2,451 | 1,342 |
| Other secured financings (short-term), net | ( 1,415 ) | ( 635 ) |
| Proceeds from issuance of other secured financings (long-term) | 1,499 | 3,661 |
| Repayment of other secured financings (long-term), including the current portion | ( 2,677 ) | ( 4,922 ) |
| Proceeds from issuance of unsecured long-term borrowings | 69,620 | 68,798 |
| Repayment of unsecured long-term borrowings, including the current portion | ( 35,328 ) | ( 38,370 ) |
| Derivative contracts with a financing element, net | 1,749 | 477 |
| Deposits, net | 39,174 | 74,612 |
| Preferred stock redemption | — | ( 2,675 ) |
| Common stock repurchased | ( 2,000 ) | ( 4,700 ) |
| Settlement of share-based awards in satisfaction of withholding tax requirements | ( 1,591 ) | ( 984 ) |
| Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | ( 2,669 ) | ( 1,903 ) |
| Proceeds from issuance of preferred stock, net of issuance costs | — | 1,423 |
| Other financing, net | 365 | 367 |
| Net cash provided by financing activities | 69,178 | 96,491 |
| Net increase in cash and cash equivalents | 23,215 | 55,988 |
| Cash and cash equivalents, beginning balance | 261,036 | 155,842 |
| Cash and cash equivalents, ending balance | $ | 284,251 | $ | 211,830 |
| Supplemental disclosures: |
| Cash payments for interest, net of capitalized interest | $ | 9,882 | $ | 4,394 |
| Cash payments for income taxes, net | $ | 3,046 | $ | 4,769 |

See Notes 12 and 16 for information about non-cash activities.
The accompanying notes are an integral part of these consolidated financial statements.
| Goldman Sachs September 2022 Form 10-Q | 4 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
Note 1. Description of Business The Goldman Sachs Group, Inc. (Group Inc. or parent company), a Delaware corporation, together with its consolidated subsidiaries (collectively, the firm), is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. The firm reports its activities in four business segments: Investment Banking The firm provides a broad range of investment banking services to a diverse group of corporations, financial institutions, investment funds and governments. Services include strategic advisory assignments with respect to mergers and acquisitions, divestitures, corporate defense activities, restructurings and spin-offs, and equity and debt underwriting of public offerings and private placements. The firm also provides lending to corporate clients, including relationship lending, middle-market lending and acquisition financing. The firm also provides transaction banking services to certain corporate clients. Global Markets The firm facilitates client transactions and makes markets in fixed income, equity, currency and commodity products with institutional clients, such as corporations, financial institutions, investment funds and governments. The firm also makes markets in and clears institutional client transactions on major stock, options and futures exchanges worldwide and provides prime brokerage and other equities financing activities, including securities lending, margin lending and swaps. The firm also provides financing to clients through securities purchased under agreements to resell (resale agreements), and through structured credit, warehouse and asset-backed lending. Asset Management The firm manages assets and offers investment products (primarily through separately managed accounts and commingled vehicles, such as mutual funds and private investment funds) across all major asset classes to a diverse set of institutional clients and a network of third-party distributors around the world. The firm makes equity investments, which include alternative investing activities related to public and private equity investments in corporate, real estate and infrastructure assets, as well as investments through consolidated investment entities, substantially all of which are engaged in real estate investment activities. The firm also invests in corporate debt and provides financing for real estate and other assets. Consumer & Wealth Management The firm provides investing and wealth advisory solutions, including financial planning and counseling, executing brokerage transactions and managing assets for individuals in its wealth management business. The firm also provides loans, accepts deposits and provides investing services through its consumer banking digital platform, Marcus by Goldman Sachs , and through its private bank, as well as issues credit cards to consumers. The acquisition of GreenSky, Inc. (GreenSky) in March 2022 expanded the firm’s offering of point-of-sale financing. Note 2. Basis of Presentation These consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of Group Inc. and all other entities in which the firm has a controlling financial interest. Intercompany transactions and balances have been eliminated. These consolidated financial statements are unaudited and should be read in conjunction with the audited consolidated financial statements included in the firm’s Annual Report on Form 10-K for the year ended December 31, 2021. References to “the 2021 Form 10-K” are to the firm’s Annual Report on Form 10-K for the year ended December 31, 2021. Certain disclosures included in the annual financial statements have been condensed or omitted from these financial statements as they are not required for interim financial statements under U.S. GAAP and the rules of the SEC. These unaudited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year. All references to September 2022, June 2022 and September 2021 refer to the firm’s periods ended, or the dates, as the context requires, September 30, 2022, June 30, 2022 and September 30, 2021, respectively. All references to December 2021 refer to the date December 31, 2021. 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.
| 5 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Fair Value Measurements | Note 4 |
| Trading Assets and Liabilities | Note 5 |
| Trading Cash Instruments | Note 6 |
| Derivatives and Hedging Activities | Note 7 |
| Investments | Note 8 |
| Loans | Note 9 |
| Fair Value Option | Note 10 |
| Collateralized Agreements and Financings | Note 11 |
| Other Assets | Note 12 |
| Deposits | Note 13 |
| Unsecured Borrowings | Note 14 |
| Other Liabilities | Note 15 |
| Securitization Activities | Note 16 |
| Variable Interest Entities | Note 17 |
| Commitments, Contingencies and Guarantees | Note 18 |
| Shareholders’ Equity | Note 19 |
| Regulation and Capital Adequacy | Note 20 |
| Earnings Per Common Share | Note 21 |
| Transactions with Affiliated Funds | Note 22 |
| Interest Income and Interest Expense | Note 23 |
| Income Taxes | Note 24 |
| Business Segments | Note 25 |
| Credit Concentrations | Note 26 |
| Legal Proceedings | Note 27 |

| Goldman Sachs September 2022 Form 10-Q | 6 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Investment Funds. The firm has formed investment funds with third-party investors. These funds are typically organized as limited partnerships or limited liability companies for which the firm acts as general partner or manager. Generally, the firm does not hold a majority of the economic interests in these funds. These funds are usually voting interest entities and generally are not consolidated because third-party investors typically have rights to terminate the funds or to remove the firm as general partner or manager. Investments in these funds are generally measured at net asset value (NAV) and are included in investments. See Notes 8, 18 and 22 for further information about investments in funds. Use of Estimates Preparation of these consolidated financial statements requires management to make certain estimates and assumptions, the most important of which relate to fair value measurements, the allowance for credit losses on loans and lending commitments accounted for at amortized cost, discretionary compensation accruals, 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. These estimates and assumptions are based on the best available information, but actual results could be materially different. Revenue Recognition Financial Assets and Liabilities at Fair Value. Trading assets and liabilities and certain investments are carried at fair value either under the fair value option or in accordance with other U.S. GAAP. In addition, the firm has elected to account for certain of its loans and other financial assets and liabilities at fair value by electing the fair value option. 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. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. Fair value gains or losses are generally included in market making or other principal transactions. See Note 4 for further information about fair value measurements. Revenue from Contracts with Clients. The firm recognizes revenue earned from contracts with clients for services, such as investment banking, investment management, and execution and clearing (contracts with clients), when the performance obligations related to the underlying transaction are completed. Revenues from contracts with clients represent approximately 45 % of total non-interest revenues for the three months ended September 2022 (including approximately 90 % of investment banking revenues, approximately 95 % of investment management revenues and all commissions and fees) and approximately 45 % of total non-interest revenues for the nine months ended September 2022 (including approximately 85 % of investment banking revenues, approximately 95 % of investment management revenues and all commissions and fees), and approximately 50 % of total non-interest revenues for the three months ended September 2021 and approximately 40 % for the nine months ended September 2021 (in each case, reflecting approximately 90 % of investment banking revenues, approximately 95 % of investment management revenues and all commissions and fees). See Note 25 for information about net revenues by business segment. Investment Banking Advisory. Fees from financial advisory assignments are recognized in revenues when the services related to the underlying transaction are completed under the terms of the assignment. Non-refundable deposits and milestone payments in connection with financial advisory assignments are recognized in revenues upon completion of the underlying transaction or when the assignment is otherwise concluded. Expenses associated with financial advisory assignments are recognized when incurred and are included in transaction based expenses. Client reimbursements for such expenses are included in investment banking revenues. Underwriting. Fees from underwriting assignments are recognized in revenues upon completion of the underlying transaction based on the terms of the assignment. Expenses associated with underwriting assignments are generally deferred until the related revenue is recognized or the assignment is otherwise concluded. Such expenses are included in transaction based expenses for completed assignments.
| 7 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Investment Management The firm earns management fees and incentive fees for investment management services, which are included in investment management revenues. The firm makes payments to brokers and advisors related to the placement of the firm’s investment funds (distribution fees), which are included in transaction based expenses. Management Fees. Management fees for mutual funds are calculated as a percentage of daily net asset value and are received monthly. Management fees for hedge funds and separately managed accounts are calculated as a percentage of month-end net asset value and are generally received quarterly. Management fees for private equity funds are calculated as a percentage of monthly invested capital or committed capital and are received quarterly, semi-annually or annually, depending on the fund. Management fees are recognized over time in the period the services are provided. Distribution fees paid by the firm are calculated based on either a percentage of the management fee, the investment fund’s net asset value or the committed capital. Such fees are included in transaction based expenses. Incentive Fees. Incentive fees are calculated as a percentage of a fund’s or separately managed account’s return, or excess return above a specified benchmark or other performance target. Incentive fees are generally based on investment performance over a twelve-month period or over the life of a fund. Fees that are based on performance over a twelve-month period are subject to adjustment prior to the end of the measurement period. For fees that are based on investment performance over the life of the fund, future investment underperformance may require fees previously distributed to the firm to be returned to the fund. Incentive fees earned from a fund or separately managed account are recognized 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 investments held by the fund or separately managed account. Therefore, incentive fees recognized during the period may relate to performance obligations satisfied in previous periods. Commissions and Fees The firm earns commissions and fees from executing and clearing client transactions on stock, options and futures markets, as well as over-the-counter (OTC) transactions. Commissions and fees are recognized on the day the trade is executed. The firm also provides third-party research services to clients in connection with certain soft-dollar arrangements. Third-party research costs incurred by the firm in connection with such arrangements are presented net within commissions and fees. Remaining Performance Obligations Remaining performance obligations are services that the firm has committed to perform in the future in connection with its contracts with clients. The firm’s remaining performance obligations are generally related to its financial advisory assignments and certain investment management activities. Revenues associated with remaining performance obligations relating to financial advisory assignments cannot be determined until the outcome of the transaction. For the firm’s investment management activities, where fees are calculated based on the net asset value of the fund or separately managed account, future revenues associated with such remaining performance obligations cannot be determined as such fees are subject to fluctuations in the market value of investments held by the fund or separately managed account. The firm is able to determine the future revenues associated with management fees calculated based on committed capital. As of September 2022, substantially all future net revenues associated with such remaining performance obligations will be recognized through 2029. Annual revenues associated with such performance obligations average less than $ 300 million through 2029. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when the firm has relinquished control over the assets transferred. For transfers of financial assets accounted for as sales, any gains or losses are recognized in net revenues. Assets or liabilities that arise from the firm’s continuing involvement with transferred financial assets are initially recognized at fair value. For transfers of financial assets that are not accounted for as sales, the assets are generally included in trading assets and the transfer is accounted for as a collateralized financing, with the related interest expense recognized over the life of the transaction. See Note 11 for further information about transfers of financial assets accounted for as collateralized financings and Note 16 for further information about transfers of financial assets accounted for as sales.
| Goldman Sachs September 2022 Form 10-Q | 8 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Cash and Cash Equivalents The firm defines cash equivalents as highly liquid overnight deposits held in the ordinary course of business. Cash and cash equivalents included cash and due from banks of $ 9.15 billion as of September 2022 and $ 10.14 billion as of December 2021. Cash and cash equivalents also included interest-bearing deposits with banks of $ 275.10 billion as of September 2022 and $ 250.90 billion as of December 2021. The firm segregates cash for regulatory and other purposes related to client activity. Cash and cash equivalents segregated for regulatory and other purposes were $ 22.93 billion as of September 2022 and $ 24.87 billion as of December 2021. In addition, the firm segregates securities for regulatory and other purposes related to client activity. See Note 11 for further information about segregated securities. Customer and Other Receivables Customer and other receivables included receivables from customers and counterparties of $ 87.72 billion as of September 2022 and $ 103.82 billion as of December 2021, and receivables from brokers, dealers and clearing organizations of $ 77.70 billion as of September 2022 and $ 56.85 billion as of December 2021. Such receivables primarily consist of customer margin loans, receivables resulting from unsettled transactions and collateral posted in connection with certain derivative transactions.Substantially all of these receivables are accounted for at amortized cost net of any allowance for credit losses, which generally approximates fair value. As these receivables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these receivables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2022 and December 2021. See Note 10 for further information about customer and other receivables accounted for at fair value under the fair value option. Interest on customer and other receivables is recognized over the life of the transaction and included in interest income. Customer and other receivables includes receivables from contracts with clients and contract assets. Contract assets represent the firm’s right to receive consideration for services provided in connection with its contracts with clients for which collection is conditional and not merely subject to the passage of time. The firm’s receivables from contracts with clients were $ 2.80 billion as of September 2022 and $ 3.01 billion as of December 2021. As of both September 2022 and December 2021 contract assets were not material. Customer and Other Payables Customer and other payables included payables to customers and counterparties of $ 254.58 billion as of September 2022 and $ 241.93 billion as of December 2021, and payables to brokers, dealers and clearing organizations of $ 23.88 billion as of September 2022 and $ 10.00 billion as of December 2021. Such payables primarily consist of customer credit balances related to the firm’s prime brokerage activities. Customer and other payables are accounted for at cost plus accrued interest, which generally approximates fair value. As these payables are not accounted for at fair value, they are not included in the firm’s fair value hierarchy in Notes 4 through 10. Had these payables been included in the firm’s fair value hierarchy, substantially all would have been classified in level 2 as of both September 2022 and December 2021. Interest on customer and other payables is recognized over the life of the transaction and included in interest expense. Offsetting Assets and Liabilities To reduce credit exposures on derivatives and securities financing transactions, the firm may enter into master netting agreements or similar arrangements (collectively, netting agreements) with counterparties that permit it to offset receivables and payables with such counterparties. A netting agreement is a contract with a counterparty that permits net settlement of multiple transactions with that counterparty, including upon the exercise of termination rights by a non-defaulting party. Upon exercise of such termination rights, all transactions governed by the netting agreement are terminated and a net settlement amount is calculated. In addition, the firm receives and posts cash and securities collateral with respect to its derivatives and securities financing transactions, subject to the terms of the related credit support agreements or similar arrangements (collectively, credit support agreements). An enforceable credit support agreement grants the non-defaulting party exercising termination rights the right to liquidate the collateral and apply the proceeds to any amounts owed. In order to assess enforceability of the firm’s right of setoff under netting and credit support agreements, the firm evaluates various factors, including applicable bankruptcy laws, local statutes and regulatory provisions in the jurisdiction of the parties to the agreement.Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) in the consolidated balance sheets when a legal right of setoff exists under an enforceable netting agreement. Resale agreements and securities sold under agreements to repurchase (repurchase agreements) and securities borrowed and loaned transactions with the same term and currency are presented on a net-by-counterparty basis in the consolidated balance sheets when such transactions meet certain settlement criteria and are subject to netting agreements.
| 9 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
In the consolidated balance sheets, derivatives are reported net of cash collateral received and posted under enforceable credit support agreements, when transacted under an enforceable netting agreement. In the consolidated balance sheets, resale and repurchase agreements, and securities borrowed and loaned, are not reported net of the related cash and securities received or posted as collateral. See Note 11 for further information about collateral received and pledged, including rights to deliver or repledge collateral. See Notes 7 and 11 for further information about offsetting assets and liabilities. Share-Based Compensation The cost of employee services received in exchange for a share-based award is generally measured based on the grant-date fair value of the award. Share-based awards that do not require future service (i.e., vested awards, including awards granted to retirement-eligible employees) are expensed immediately. Share-based awards that require future service are amortized over the relevant service period. Forfeitures are recorded when they occur. Cash dividend equivalents paid on restricted stock units (RSUs) are generally charged to retained earnings. If RSUs that require future service are forfeited, the related dividend equivalents originally charged to retained earnings are reclassified to compensation expense in the period in which forfeiture occurs. The firm generally issues new shares of common stock upon delivery of share-based awards. In certain cases, primarily related to conflicted employment (as outlined in the applicable award agreements), the firm may cash settle share-based compensation awards accounted for as equity instruments. For these awards, whose terms allow for cash settlement, additional paid-in capital is adjusted to the extent of the difference between the value of the award at the time of cash settlement and the grant-date value of the award. The tax effect related to the settlement of share-based awards is recorded in income tax benefit or expense. Foreign Currency Translation Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the date of the consolidated balance sheets and revenues and expenses are translated at average rates of exchange for the period. Foreign currency remeasurement gains or losses on transactions in nonfunctional currencies are recognized in earnings. Gains or losses on translation of the financial statements of a non-U.S. operation, when the functional currency is other than the U.S. dollar, are included, net of hedges and taxes, in the consolidated statements of comprehensive income. Recent Accounting Developments Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASC 848). In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform — Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional relief from applying generally accepted accounting principles to contracts, hedging relationships and other transactions affected by reference rate reform. In addition, in January 2021 the FASB issued ASU No. 2021-01, “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The firm adopted these ASUs upon issuance and elected to apply the relief available to certain modified derivatives. The adoption of these ASUs did not have a material impact on the firm’s consolidated financial statements.Troubled Debt Restructurings and Vintage Disclosures (ASC 326). In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments — Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures.” This ASU eliminates the recognition and measurement guidance for troubled debt restructurings (TDRs) and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. This ASU also requires enhanced disclosure for loans that have been charged off. The ASU is effective in January 2023 under a prospective approach. Adoption of this ASU is not expected to have a material impact on the firm’s consolidated financial statements.Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for Platform Users (SAB 121). In March 2022, the SEC staff issued SAB 121 (SAB 121) — “Accounting for obligations to safeguard crypto-assets an entity holds for platform users.” SAB 121 adds interpretive guidance requiring an entity to recognize a liability on its balance sheet to reflect the obligation to safeguard the crypto-assets held for its platform users, along with a corresponding asset. The firm adopted this guidance in June 2022 under a modified retrospective approach and adoption did not have a material impact on the firm’s consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (ASC 820). In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” This ASU clarifies that a contractual restriction on the sale of an equity security should not be considered in measuring its fair value. In addition, the ASU requires specific disclosures related to equity securities that are subject to contractual sale restrictions. The ASU is effective in January 2024 under a prospective approach. Early adoption is permitted. Adoption of this ASU is not expected to have a material impact on the firm’s consolidated financial statements.
| Goldman Sachs September 2022 Form 10-Q | 10 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Note 4. Fair Value Measurements 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. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. The firm measures certain financial assets and liabilities as a portfolio (i.e., based on its net exposure to market and/or credit risks). The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced inputs, including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads and funding spreads (i.e., the spread or difference between the interest rate at which a borrower could finance a given financial instrument relative to a benchmark interest rate). U.S. GAAP has a three-level hierarchy for disclosure of fair value measurements. This hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in this hierarchy is based on the lowest level of input that is significant to its fair value measurement. In evaluating the significance of a valuation input, the firm considers, among other factors, a portfolio’s net risk exposure to that input. The fair value hierarchy is as follows: Level 1. Inputs are unadjusted quoted prices in active markets to which the firm had access at the measurement date for identical, unrestricted assets or liabilities. Level 2. Inputs to valuation techniques are observable, either directly or indirectly. Level 3. One or more inputs to valuation techniques are significant and unobservable. The fair values for substantially all of the firm’s 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 valuation adjustments that a market participant would require to arrive at fair value for factors, such as counterparty and the firm’s credit quality, funding risk, transfer restrictions, liquidity and bid/offer spreads. Valuation adjustments are generally based on market evidence. The valuation techniques and nature of significant inputs used to determine the fair value of the firm’s financial instruments are described below. See Notes 5 through 10 for further information about significant unobservable inputs used to value level 3 financial instruments. Valuation Techniques and Significant Inputs for Trading Cash Instruments, Investments and Loans Level 1. Level 1 instruments include U.S. government obligations, most non-U.S. government obligations, certain agency obligations, certain corporate debt instruments, certain money market instruments, certain other debt obligations and actively traded listed equities. These instruments are valued using quoted prices for identical unrestricted instruments in active markets. The firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity. Level 2. Level 2 instruments include certain non-U.S. government obligations, most agency obligations, most mortgage-backed loans and securities, most corporate debt instruments, most state and municipal obligations, most money market instruments, most other debt obligations, restricted or less liquid listed equities, certain private equities, commodities and certain lending commitments.Valuations of level 2 instruments can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Valuation adjustments are typically made to level 2 instruments (i) if the instrument is subject to transfer restrictions and/or (ii) for other premiums and liquidity discounts that a market participant would require to arrive at fair value. Valuation adjustments are generally based on market evidence. Level 3. Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the firm uses other methodologies to determine fair value, which vary based on the type of instrument. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales.
| 11 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Valuation techniques of level 3 instruments vary by instrument, but are generally based on discounted cash flow techniques. The valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 instrument are described below: Loans and Securities Backed by Commercial Real Estate Loans and securities backed by commercial real estate are directly or indirectly collateralized by a single property or a portfolio of properties, and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses and include: •Market yields implied by transactions of similar or related assets and/or current levels and changes in market indices, such as the CMBX (an index that tracks the performance of commercial mortgage bonds); •Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; •A measure of expected future cash flows in a default scenario (recovery rates) implied by the value of the underlying collateral, which is mainly driven by current performance of the underlying collateral and capitalization rates. Recovery rates are expressed as a percentage of notional or face value of the instrument and reflect the benefit of credit enhancements on certain instruments; and •Timing of expected future cash flows (duration) which, in certain cases, may incorporate the impact of any loan forbearances and other unobservable inputs (e.g., prepayment speeds). Loans and Securities Backed by Residential Real Estate Loans and securities backed by residential real estate are directly or indirectly collateralized by portfolios of residential real estate and may include tranches of varying levels of subordination. Significant inputs are generally determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles. Significant inputs include: •Market yields implied by transactions of similar or related assets; •Transaction prices in both the underlying collateral and instruments with the same or similar underlying collateral; •Cumulative loss expectations, driven by default rates, home price projections, residential property liquidation timelines, related costs and subsequent recoveries; and •Duration, driven by underlying loan prepayment speeds and residential property liquidation timelines.Corporate Debt Instruments Corporate debt instruments includes corporate loans, debt securities and convertible debentures. Significant inputs for corporate debt instruments are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same or similar issuer for which observable prices or broker quotations are available. Significant inputs include: •Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices, such as the CDX (an index that tracks the performance of corporate credit);•Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation;•Duration; and•Market and transaction multiples for corporate debt instruments with convertibility or participation options.Equity Securities Equity securities consists of private equities. Recent third-party completed or pending transactions (e.g., merger proposals, debt restructurings, tender offers) are considered the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate: •Industry multiples (primarily EBITDA and revenue multiples) and public comparables;•Transactions in similar instruments;•Discounted cash flow techniques; and•Third-party appraisals.The firm also considers changes in the outlook for the relevant industry and financial performance of the issuer as compared to projected performance. Significant inputs include: •Market and transaction multiples;•Discount rates and capitalization rates; and•For equity securities with debt-like features, market yields implied by transactions of similar or related assets, current performance and recovery assumptions, and duration.
| Goldman Sachs September 2022 Form 10-Q | 12 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Other Trading Cash Instruments, Investments and Loans The significant inputs to the valuation of other instruments, such as non-U.S. government and agency obligations, state and municipal obligations, and other loans and debt obligations are generally determined based on relative value analyses, which incorporate comparisons both to prices of credit default swaps that reference the same or similar underlying instrument or entity and to other debt instruments for the same issuer for which observable prices or broker quotations are available. Significant inputs include: •Market yields implied by transactions of similar or related assets and/or current levels and trends of market indices; •Current performance and recovery assumptions and, where the firm uses credit default swaps to value the related instrument, the cost of borrowing the underlying reference obligation; and •Duration. Valuation Techniques and Significant Inputs for Derivatives The firm’s level 2 and level 3 derivatives are valued using derivative pricing models (e.g., discounted cash flow models, correlation models and models that incorporate option pricing methodologies, such as Monte Carlo simulations). Price transparency of derivatives can generally be characterized by product type, as described below. •Interest Rate. In general, the key inputs used to value interest rate derivatives are transparent, even for most long-dated contracts. Interest rate swaps and options denominated in the currencies of leading industrialized nations are characterized by high trading volumes and tight bid/offer spreads. Interest rate derivatives that reference indices, such as an inflation index, or the shape of the yield curve (e.g., 10-year swap rate vs. 2-year swap rate) are more complex, but the key inputs are generally observable. •Credit. Price transparency for credit default swaps, including both single names and baskets of credits, varies by market and underlying reference entity or obligation. Credit default swaps that reference indices, large corporates and major sovereigns generally exhibit the most price transparency. For credit default swaps with other underliers, price transparency varies based on credit rating, the cost of borrowing the underlying reference obligations, and the availability of the underlying reference obligations for delivery upon the default of the issuer. Credit default swaps that reference loans, asset-backed securities and emerging market debt instruments tend to have less price transparency than those that reference corporate bonds. In addition, more complex credit derivatives, such as those sensitive to the correlation between two or more underlying reference obligations, generally have less price transparency.•Currency. Prices for currency derivatives based on the exchange rates of leading industrialized nations, including those with longer tenors, are generally transparent. The primary difference between the price transparency of developed and emerging market currency derivatives is that emerging markets tend to be only observable for contracts with shorter tenors.•Commodity. Commodity derivatives include transactions referenced to energy (e.g., oil, natural gas and electricity), metals (e.g., precious and base) and soft commodities (e.g., agricultural). Price transparency varies based on the underlying commodity, delivery location, tenor and product quality (e.g., diesel fuel compared to unleaded gasoline). In general, price transparency for commodity derivatives is greater for contracts with shorter tenors and contracts that are more closely aligned with major and/or benchmark commodity indices.•Equity. Price transparency for equity derivatives varies by market and underlier. Options on indices and the common stock of corporates included in major equity indices exhibit the most price transparency. Equity derivatives generally have observable market prices, except for contracts with long tenors or reference prices that differ significantly from current market prices. More complex equity derivatives, such as those sensitive to the correlation between two or more individual stocks, generally have less price transparency.Liquidity is essential to the observability of all product types. If transaction volumes decline, previously transparent prices and other inputs may become unobservable. Conversely, even highly structured products may at times have trading volumes large enough to provide observability of prices and other inputs.Level 1. Level 1 derivatives include short-term contracts for future delivery of securities when the underlying security is a level 1 instrument, and exchange-traded derivatives if they are actively traded and are valued at their quoted market price.Level 2. Level 2 derivatives include OTC derivatives for which all significant valuation inputs are corroborated by market evidence and exchange-traded derivatives that are not actively traded and/or that are valued using models that calibrate to market-clearing levels of OTC derivatives. The selection of a particular model to value a derivative depends on the contractual terms of and specific risks inherent in the instrument, as well as the availability of pricing information in the market. For derivatives that trade in liquid markets, model selection does not involve significant management judgment because outputs of models can be calibrated to market-clearing levels.
| 13 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Valuation models require a variety of inputs, such as contractual terms, market prices, yield curves, discount rates (including those derived from interest rates on collateral received and posted as specified in credit support agreements for collateralized derivatives), credit curves, measures of volatility, prepayment rates, loss severity rates and correlations of such inputs. Significant inputs to the valuations of level 2 derivatives can be verified to market transactions, broker or dealer quotations or other alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g., indicative or executable) and the relationship of recent market activity to the prices provided from alternative pricing sources. Level 3. Level 3 derivatives are valued using models which utilize observable level 1 and/or level 2 inputs, as well as unobservable level 3 inputs. The significant unobservable inputs used to value the firm’s level 3 derivatives are described below. •For level 3 interest rate and currency derivatives, significant unobservable inputs include correlations of certain currencies and interest rates (e.g., the correlation between Euro inflation and Euro interest rates) and specific interest rate and currency volatilities. •For level 3 credit derivatives, significant unobservable inputs include illiquid credit spreads and upfront credit points, which are unique to specific reference obligations and reference entities, and recovery rates. •For level 3 commodity derivatives, significant unobservable inputs include volatilities for options with strike prices that differ significantly from current market prices and prices or spreads for certain products for which the product quality or physical location of the commodity is not aligned with benchmark indices. •For level 3 equity derivatives, significant unobservable inputs generally include equity volatility inputs for options that are long-dated and/or have strike prices that differ significantly from current market prices. In addition, the valuation of certain structured trades requires the use of level 3 correlation inputs, such as the correlation of the price performance of two or more individual stocks or the correlation of the price performance for a basket of stocks to another asset class, such as commodities. Subsequent to the initial valuation of a level 3 derivative, the firm updates the level 1 and level 2 inputs to reflect observable market changes and any resulting gains and losses are classified in level 3. Level 3 inputs are changed when corroborated by evidence, such as similar market transactions, third-party pricing services and/or broker or dealer quotations or other empirical market data. In circumstances where the firm cannot verify the model value by reference to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. See Note 7 for further information about significant unobservable inputs used in the valuation of level 3 derivatives. Valuation Adjustments. Valuation adjustments are integral to determining the fair value of derivative portfolios and are used to adjust the mid-market valuations produced by derivative pricing models to the exit price valuation. These adjustments incorporate bid/offer spreads, the cost of liquidity, and credit and funding valuation adjustments, which account for the credit and funding risk inherent in the uncollateralized portion of derivative portfolios. The firm also makes funding valuation adjustments to collateralized derivatives where the terms of the agreement do not permit the firm to deliver or repledge collateral received. Market-based inputs are generally used when calibrating valuation adjustments to market-clearing levels. In addition, for derivatives that include significant unobservable inputs, the firm makes model or exit price adjustments to account for the valuation uncertainty present in the transaction.
| Goldman Sachs September 2022 Form 10-Q | 14 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | June | December |
| $ in millions | 2022 | 2022 | 2021 |
| Total level 1 financial assets | $ | 249,307 | $ | 249,974 | $ | 255,774 |
| Total level 2 financial assets | 490,992 | 526,910 | 498,527 |
| Total level 3 financial assets | 29,275 | 28,884 | 24,083 |
| Investments in funds at NAV | 2,971 | 3,045 | 3,469 |
| Counterparty and cash collateral netting | ( 77,707 ) | ( 70,198 ) | ( 66,041 ) |
| Total financial assets at fair value | $ | 694,838 | $ | 738,615 | $ | 715,812 |
| Total assets | $ | 1,555,994 | $ | 1,601,224 | $ | 1,463,988 |
| Total level 3 financial assets divided by: |
| Total assets | 1.9 | % | 1.8 % | 1.6 % |
| Total financial assets at fair value | 4.2 | % | 3.9 % | 3.4 % |
| Total level 1 financial liabilities | $ | 137,956 | $ | 168,941 | $ | 110,030 |
| Total level 2 financial liabilities | 434,313 | 435,827 | 403,627 |
| Total level 3 financial liabilities | 23,268 | 24,470 | 29,169 |
| Counterparty and cash collateral netting | ( 60,573 ) | ( 50,926 ) | ( 51,269 ) |
| Total financial liabilities at fair value | $ | 534,964 | $ | 578,312 | $ | 491,557 |
| Total liabilities | $ | 1,436,704 | $ | 1,483,353 | $ | 1,354,062 |
| Total level 3 financial liabilities divided by: |
| Total liabilities | 1.6 | % | 1.6 % | 2.2 % |
| Total financial liabilities at fair value | 4.3 | % | 4.2 % | 5.9 % |

| 15 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | June | December |
| $ in millions | 2022 | 2022 | 2021 |
| Trading assets: |
| Trading cash instruments | $ | 1,828 | $ | 2,080 | $ | 1,889 |
| Derivatives | 8,435 | 8,348 | 5,938 |
| Investments | 16,954 | 16,109 | 13,902 |
| Loans | 2,058 | 2,347 | 2,354 |
| Total | $ | 29,275 | $ | 28,884 | $ | 24,083 |
| Trading | Trading |
| $ in millions | Assets | Liabilities |
| As of September 2022 |
| Trading cash instruments | $ | 303,854 | $ | 160,944 |
| Derivatives | 80,121 | 70,769 |
| Total | $ | 383,975 | $ | 231,713 |
| As of December 2021 |
| Trading cash instruments | $ | 311,956 | $ | 129,471 |
| Derivatives | 63,960 | 51,953 |
| Total | $ | 375,916 | $ | 181,424 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Interest rates | $ | ( 3,043 ) | $ | ( 1,249 ) | $ | ( 7,705 ) | $ | ( 1,572 ) |
| Credit | ( 286 ) | 162 | 1,380 | 1,324 |
| Currencies | 5,769 | 1,779 | 13,997 | 4,521 |
| Equities | 1,464 | 2,521 | 6,064 | 6,839 |
| Commodities | 738 | 716 | 1,825 | 1,984 |
| Total | $ | 4,642 | $ | 3,929 | $ | 15,561 | $ | 13,096 |

| Goldman Sachs September 2022 Form 10-Q | 16 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Level 1 | Level 2 | Level 3 | Total |
| As of September 2022 |
| Assets |
| Government and agency obligations: |
| U.S. | $ | 62,481 | $ | 28,001 | $ | — | $ | 90,482 |
| Non-U.S. | 52,260 | 17,548 | 38 | 69,846 |
| Loans and securities backed by: |
| Commercial real estate | — | 1,435 | 55 | 1,490 |
| Residential real estate | — | 9,445 | 110 | 9,555 |
| Corporate debt instruments | 282 | 33,347 | 1,352 | 34,981 |
| State and municipal obligations | — | 563 | 32 | 595 |
| Other debt obligations | 254 | 3,387 | 135 | 3,776 |
| Equity securities | 83,569 | 1,947 | 102 | 85,618 |
| Commodities | — | 7,507 | 4 | 7,511 |
| Total | $ | 198,846 | $ | 103,180 | $ | 1,828 | $ | 303,854 |
| Liabilities |
| Government and agency obligations: |
| U.S. | $ | ( 24,009 ) | $ | ( 19 ) | $ | — | $ | ( 24,028 ) |
| Non-U.S. | ( 37,453 ) | ( 2,672 ) | — | ( 40,125 ) |
| Loans and securities backed by: |
| Commercial real estate | — | ( 31 ) | ( 1 ) | ( 32 ) |
| Residential real estate | — | ( 10 ) | ( 1 ) | ( 11 ) |
| Corporate debt instruments | ( 32 ) | ( 19,229 ) | ( 79 ) | ( 19,340 ) |
| Other debt obligations | — | ( 143 ) | — | ( 143 ) |
| Equity securities | ( 76,423 ) | ( 786 ) | ( 30 ) | ( 77,239 ) |
| Commodities | — | ( 26 ) | — | ( 26 ) |
| Total | $ | ( 137,917 ) | $ | ( 22,916 ) | $ | ( 111 ) | $ | ( 160,944 ) |
| As of December 2021 |
| Assets |
| Government and agency obligations: |
| U.S. | $ | 63,388 | $ | 27,427 | $ | — | $ | 90,815 |
| Non-U.S. | 35,284 | 13,511 | 19 | 48,814 |
| Loans and securities backed by: |
| Commercial real estate | — | 1,717 | 137 | 1,854 |
| Residential real estate | — | 13,083 | 152 | 13,235 |
| Corporate debt instruments | 590 | 36,874 | 1,318 | 38,782 |
| State and municipal obligations | — | 568 | 36 | 604 |
| Other debt obligations | 69 | 1,564 | 66 | 1,699 |
| Equity securities | 105,233 | 2,958 | 156 | 108,347 |
| Commodities | — | 7,801 | 5 | 7,806 |
| Total | $ | 204,564 | $ | 105,503 | $ | 1,889 | $ | 311,956 |
| Liabilities |
| Government and agency obligations: |
| U.S. | $ | ( 21,002 ) | $ | ( 25 ) | $ | — | $ | ( 21,027 ) |
| Non-U.S. | ( 39,983 ) | ( 2,602 ) | — | ( 42,585 ) |
| Loans and securities backed by: |
| Commercial real estate | — | ( 40 ) | ( 2 ) | ( 42 ) |
| Residential real estate | — | ( 5 ) | — | ( 5 ) |
| Corporate debt instruments | ( 23 ) | ( 15,781 ) | ( 71 ) | ( 15,875 ) |
| Equity securities | ( 48,991 ) | ( 915 ) | ( 31 ) | ( 49,937 ) |
| Total | $ | ( 109,999 ) | $ | ( 19,368 ) | $ | ( 104 ) | $ | ( 129,471 ) |
| As of September 2022 | As of December 2021 |
| $ in millions | Amount orRange | WeightedAverage | Amount orRange | WeightedAverage |
| Loans and securities backed by commercial real estate |
| Level 3 assets | $ | 55 | $ | 137 |
| Yield | 6.8 % to 34.0 % | 20.2 | % | 2.8 % to 28.5 % | 12.3 | % |
| Recovery rate | 47.0 % to 61.7 % | 53.1 | % | 5.1 % to 86.5 % | 55.0 | % |
| Duration (years) | 1.2 to 3.7 | 2.1 | 0.1 to 4.3 | 1.8 |
| Loans and securities backed by residential real estate |
| Level 3 assets | $ | 110 | $ | 152 |
| Yield | 1.0 % to 23.0 % | 9.7 | % | 0.4 % to 26.6 % | 7.0 | % |
| Cumulative loss rate | 11.0 % to 35.0 % | 20.8 | % | 0.1 % to 43.4 % | 17.7 | % |
| Duration (years) | 1.1 to 10.8 | 6.5 | 1.2 to 17.2 | 6.5 |
| Corporate debt instruments |
| Level 3 assets | $ | 1,352 | $ | 1,318 |
| Yield | 1.2 % to 33.0 % | 6.6 | % | 0.0 % to 18.0 % | 7.1 | % |
| Recovery rate | 17.0 % to 70.0 % | 51.6 | % | 9.0 % to 69.9 % | 52.0 | % |
| Duration (years) | 0.5 to 21.4 | 4.7 | 2.0 to 28.5 | 4.5 |
| Other |
| Level 3 assets | $ | 311 | $ | 282 |
| Yield | 4.0 % to 41.6 % | 11.5 | % | 1.1 % to 44.8 % | 9.4 | % |
| Multiples | 3.9 x to 4.2 x | 4.0 x | N/A | N/A |
| Duration (years) | 0.8 to 13.0 | 5.0 | 0.9 to 5.2 | 2.4 |

| 17 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Total trading cash instrument assets |
| Beginning balance | $ | 2,080 | $ | 1,304 | $ | 1,889 | $ | 1,237 |
| Net realized gains/(losses) | 40 | 27 | 85 | 63 |
| Net unrealized gains/(losses) | ( 124 ) | 11 | ( 1,496 ) | 64 |
| Purchases | 359 | 223 | 1,294 | 793 |
| Sales | ( 248 ) | ( 133 ) | ( 635 ) | ( 455 ) |
| Settlements | ( 78 ) | ( 113 ) | ( 206 ) | ( 287 ) |
| Transfers into level 3 | 326 | 358 | 1,277 | 306 |
| Transfers out of level 3 | ( 527 ) | ( 161 ) | ( 380 ) | ( 205 ) |
| Ending balance | $ | 1,828 | $ | 1,516 | $ | 1,828 | $ | 1,516 |
| Total trading cash instrument liabilities |
| Beginning balance | $ | ( 182 ) | $ | ( 78 ) | $ | ( 104 ) | $ | ( 80 ) |
| Net realized gains/(losses) | ( 4 ) | 2 | ( 42 ) | 5 |
| Net unrealized gains/(losses) | 53 | ( 2 ) | 47 | ( 1 ) |
| Purchases | 100 | 22 | 198 | 35 |
| Sales | ( 40 ) | ( 55 ) | ( 121 ) | ( 86 ) |
| Settlements | 5 | — | ( 2 ) | 8 |
| Transfers into level 3 | ( 86 ) | ( 32 ) | ( 103 ) | ( 22 ) |
| Transfers out of level 3 | 43 | 5 | 16 | 3 |
| Ending balance | $ | ( 111 ) | $ | ( 138 ) | $ | ( 111 ) | $ | ( 138 ) |

| Goldman Sachs September 2022 Form 10-Q | 18 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Loans and securities backed by commercial real estate |
| Beginning balance | $ | 74 | $ | 96 | $ | 137 | $ | 203 |
| Net realized gains/(losses) | 7 | 2 | 7 | 6 |
| Net unrealized gains/(losses) | ( 10 ) | ( 4 ) | ( 10 ) | ( 7 ) |
| Purchases | 2 | 28 | 11 | 54 |
| Sales | ( 1 ) | ( 2 ) | ( 54 ) | ( 39 ) |
| Settlements | ( 8 ) | ( 7 ) | ( 15 ) | ( 13 ) |
| Transfers into level 3 | 16 | 31 | 11 | 15 |
| Transfers out of level 3 | ( 25 ) | ( 8 ) | ( 32 ) | ( 83 ) |
| Ending balance | $ | 55 | $ | 136 | $ | 55 | $ | 136 |
| Loans and securities backed by residential real estate |
| Beginning balance | $ | 110 | $ | 130 | $ | 152 | $ | 131 |
| Net realized gains/(losses) | 2 | 2 | 10 | 6 |
| Net unrealized gains/(losses) | ( 5 ) | 5 | ( 12 ) | 16 |
| Purchases | 5 | 11 | 33 | 29 |
| Sales | ( 7 ) | ( 4 ) | ( 57 ) | ( 48 ) |
| Settlements | ( 4 ) | ( 25 ) | ( 14 ) | ( 36 ) |
| Transfers into level 3 | 23 | 14 | 15 | 39 |
| Transfers out of level 3 | ( 14 ) | ( 11 ) | ( 17 ) | ( 15 ) |
| Ending balance | $ | 110 | $ | 122 | $ | 110 | $ | 122 |
| Corporate debt instruments |
| Beginning balance | $ | 1,440 | $ | 891 | $ | 1,318 | $ | 797 |
| Net realized gains/(losses) | 13 | 24 | 44 | 48 |
| Net unrealized gains/(losses) | ( 43 ) | 12 | ( 115 ) | 57 |
| Purchases | 313 | 152 | 558 | 634 |
| Sales | ( 126 ) | ( 88 ) | ( 363 ) | ( 327 ) |
| Settlements | ( 51 ) | ( 67 ) | ( 131 ) | ( 195 ) |
| Transfers into level 3 | 201 | 292 | 339 | 187 |
| Transfers out of level 3 | ( 395 ) | ( 120 ) | ( 298 ) | ( 105 ) |
| Ending balance | $ | 1,352 | $ | 1,096 | $ | 1,352 | $ | 1,096 |
| Other |
| Beginning balance | $ | 456 | $ | 187 | $ | 282 | $ | 106 |
| Net realized gains/(losses) | 18 | ( 1 ) | 24 | 3 |
| Net unrealized gains/(losses) | ( 66 ) | ( 2 ) | ( 1,359 ) | ( 2 ) |
| Purchases | 39 | 32 | 692 | 76 |
| Sales | ( 114 ) | ( 39 ) | ( 161 ) | ( 41 ) |
| Settlements | ( 15 ) | ( 14 ) | ( 46 ) | ( 43 ) |
| Transfers into level 3 | 86 | 21 | 912 | 65 |
| Transfers out of level 3 | ( 93 ) | ( 22 ) | ( 33 ) | ( 2 ) |
| Ending balance | $ | 311 | $ | 162 | $ | 311 | $ | 162 |

| 19 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Transfers out of level 3 trading cash instrument assets during the three months ended September 2021 primarily reflected transfers of certain corporate debt instruments to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments). Nine Months Ended September 2021. The net realized and unrealized gains on level 3 trading cash instrument assets of $ 127 million (reflecting $ 63 million of net realized gains and $ 64 million of net unrealized gains) for the nine months ended September 2021 included gains of $ 63 million reported in market making and $ 64 million reported in interest income. The drivers of net unrealized gains on level 3 trading cash instrument assets for the nine months ended September 2021 were not material. Transfers into level 3 trading cash instrument assets during the nine months ended September 2021 primarily reflected transfers of certain corporate debt instruments from level 2 (principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments). Transfers out of level 3 trading cash instrument assets during the nine months ended September 2021 primarily reflected transfers of certain corporate debt instruments to level 2 (principally due to increased price transparency as a result of market evidence, including market transactions in these instruments). Note 7. Derivatives and Hedging Activities Derivative Activities Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as OTC derivatives. Certain of the firm’s OTC derivatives are cleared and settled through central clearing counterparties (OTC-cleared), while others are bilateral contracts between two counterparties (bilateral OTC). Market Making. As a market maker, the firm enters into derivative transactions to provide liquidity to clients and to facilitate the transfer and hedging of their risks. In this role, the firm typically acts as principal and is required to commit capital to provide execution, and maintains market-making positions in response to, or in anticipation of, client demand. Risk Management. The firm also enters into derivatives to actively manage risk exposures that arise from its market-making and investing and financing activities. The firm’s holdings and exposures are hedged, in many cases, on either a portfolio or risk-specific basis, as opposed to an instrument-by-instrument basis. The offsetting impact of this economic hedging is reflected in the same business segment as the related revenues. In addition, the firm may enter into derivatives designated as hedges under U.S. GAAP. These derivatives are used to manage interest rate exposure of certain fixed-rate unsecured borrowings and deposits and certain U.S. government securities classified as available-for-sale, foreign exchange risk of certain available-for-sale securities and the net investment in certain non-U.S. operations, and the price risk of certain commodities. The firm enters into various types of derivatives, including: •Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future. •Swaps. Contracts that require counterparties to exchange cash flows, such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices. •Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price. Derivatives are reported on a net-by-counterparty basis (i.e., the net payable or receivable for derivative assets and liabilities for a given counterparty) when a legal right of setoff exists under an enforceable netting agreement (counterparty netting). Derivatives are accounted for at fair value, net of cash collateral received or posted under enforceable credit support agreements (cash collateral netting). Derivative assets are included in trading assets and derivative liabilities are included in trading liabilities. Realized and unrealized gains and losses on derivatives not designated as hedges are included in market making (for derivatives included in the Global Markets segment), and other principal transactions (for derivatives included in the remaining business segments) in the consolidated statements of earnings. For each of the three and nine months ended September 2022 and September 2021, substantially all of the firm’s derivatives were included in the Global Markets segment.
| Goldman Sachs September 2022 Form 10-Q | 20 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of September 2022 | As of December 2021 |
| $ in millions | Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities |
| Not accounted for as hedges |
| Exchange-traded | $ | 1,048 | $ | 1,952 | $ | 256 | $ | 557 |
| OTC-cleared | 71,562 | 71,135 | 13,795 | 12,692 |
| Bilateral OTC | 206,352 | 184,457 | 232,595 | 205,073 |
| Total interest rates | 278,962 | 257,544 | 246,646 | 218,322 |
| OTC-cleared | 1,736 | 1,902 | 3,665 | 4,053 |
| Bilateral OTC | 12,479 | 10,831 | 12,591 | 11,702 |
| Total credit | 14,215 | 12,733 | 16,256 | 15,755 |
| Exchange-traded | 50 | 25 | 417 | 10 |
| OTC-cleared | 1,485 | 1,097 | 423 | 338 |
| Bilateral OTC | 147,357 | 147,099 | 86,076 | 85,795 |
| Total currencies | 148,892 | 148,221 | 86,916 | 86,143 |
| Exchange-traded | 13,519 | 13,615 | 6,534 | 6,189 |
| OTC-cleared | 853 | 1,019 | 652 | 373 |
| Bilateral OTC | 52,013 | 39,930 | 28,359 | 25,969 |
| Total commodities | 66,385 | 54,564 | 35,545 | 32,531 |
| Exchange-traded | 31,258 | 33,610 | 33,840 | 35,518 |
| OTC-cleared | 14 | 14 | 8 | 5 |
| Bilateral OTC | 35,209 | 42,826 | 39,718 | 44,750 |
| Total equities | 66,481 | 76,450 | 73,566 | 80,273 |
| Subtotal | 574,935 | 549,512 | 458,929 | 433,024 |
| Accounted for as hedges |
| OTC-cleared | — | 7 | 1 | — |
| Bilateral OTC | 323 | 10 | 945 | — |
| Total interest rates | 323 | 17 | 946 | — |
| OTC-cleared | 85 | 25 | 34 | 27 |
| Bilateral OTC | 831 | 134 | 60 | 139 |
| Total currencies | 916 | 159 | 94 | 166 |
| Subtotal | 1,239 | 176 | 1,040 | 166 |
| Total gross fair value | $ | 576,174 | $ | 549,688 | $ | 459,969 | $ | 433,190 |
| Offset in the consolidated balance sheets |
| Exchange-traded | $ | ( 39,580 ) | $ | ( 39,580 ) | $ | ( 35,724 ) | $ | ( 35,724 ) |
| OTC-cleared | ( 73,326 ) | ( 73,326 ) | ( 16,979 ) | ( 16,979 ) |
| Bilateral OTC | ( 309,469 ) | ( 309,469 ) | ( 279,189 ) | ( 279,189 ) |
| Counterparty netting | ( 422,375 ) | ( 422,375 ) | ( 331,892 ) | ( 331,892 ) |
| OTC-cleared | ( 1,559 ) | ( 154 ) | ( 1,033 ) | ( 361 ) |
| Bilateral OTC | ( 72,119 ) | ( 56,390 ) | ( 63,084 ) | ( 48,984 ) |
| Cash collateral netting | ( 73,678 ) | ( 56,544 ) | ( 64,117 ) | ( 49,345 ) |
| Total amounts offset | $ | ( 496,053 ) | $ | ( 478,919 ) | $ | ( 396,009 ) | $ | ( 381,237 ) |
| Included in the consolidated balance sheets |
| Exchange-traded | $ | 6,295 | $ | 9,622 | $ | 5,323 | $ | 6,550 |
| OTC-cleared | 850 | 1,719 | 566 | 148 |
| Bilateral OTC | 72,976 | 59,428 | 58,071 | 45,255 |
| Total | $ | 80,121 | $ | 70,769 | $ | 63,960 | $ | 51,953 |
| Not offset in the consolidated balance sheets |
| Cash collateral | $ | ( 595 ) | $ | ( 2,475 ) | $ | ( 1,008 ) | $ | ( 1,939 ) |
| Securities collateral | ( 17,908 ) | ( 4,887 ) | ( 15,751 ) | ( 7,349 ) |
| Total | $ | 61,618 | $ | 63,407 | $ | 47,201 | $ | 42,665 |
| Notional Amounts as of |
| September | December |
| $ in millions | 2022 | 2021 |
| Not accounted for as hedges |
| Exchange-traded | $ | 4,112,393 | $ | 2,630,915 |
| OTC-cleared | 16,663,199 | 17,874,504 |
| Bilateral OTC | 10,483,366 | 11,122,871 |
| Total interest rates | 31,258,958 | 31,628,290 |
| Exchange-traded | 13 | — |
| OTC-cleared | 531,824 | 463,477 |
| Bilateral OTC | 644,885 | 616,095 |
| Total credit | 1,176,722 | 1,079,572 |
| Exchange-traded | 9,312 | 14,617 |
| OTC-cleared | 183,609 | 194,124 |
| Bilateral OTC | 6,094,304 | 6,606,927 |
| Total currencies | 6,287,225 | 6,815,668 |
| Exchange-traded | 421,737 | 308,917 |
| OTC-cleared | 3,492 | 3,647 |
| Bilateral OTC | 270,884 | 234,322 |
| Total commodities | 696,113 | 546,886 |
| Exchange-traded | 1,243,432 | 1,149,777 |
| OTC-cleared | 301 | 198 |
| Bilateral OTC | 1,118,371 | 1,173,103 |
| Total equities | 2,362,104 | 2,323,078 |
| Subtotal | 41,781,122 | 42,393,494 |
| Accounted for as hedges |
| OTC-cleared | 263,785 | 219,083 |
| Bilateral OTC | 3,426 | 4,499 |
| Total interest rates | 267,211 | 223,582 |
| OTC-cleared | 1,885 | 2,758 |
| Bilateral OTC | 17,988 | 18,658 |
| Total currencies | 19,873 | 21,416 |
| Exchange-traded | 652 | 1,050 |
| Total commodities | 652 | 1,050 |
| Subtotal | 287,736 | 246,048 |
| Total notional amounts | $ | 42,068,858 | $ | 42,639,542 |

| 21 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Level 1 | Level 2 | Level 3 | Total |
| As of September 2022 |
| Assets |
| Interest rates | $ | 62 | $ | 276,914 | $ | 2,309 | $ | 279,285 |
| Credit | — | 11,404 | 2,811 | 14,215 |
| Currencies | — | 149,107 | 701 | 149,808 |
| Commodities | — | 64,227 | 2,158 | 66,385 |
| Equities | 124 | 64,862 | 1,495 | 66,481 |
| Gross fair value | 186 | 566,514 | 9,474 | 576,174 |
| Counterparty netting in levels | ( 417,307 ) | ( 1,039 ) | ( 418,346 ) |
| Subtotal | $ | 186 | $ | 149,207 | $ | 8,435 | $ | 157,828 |
| Cross-level counterparty netting | ( 4,029 ) |
| Cash collateral netting | ( 73,678 ) |
| Net fair value | $ | 80,121 |
| Liabilities |
| Interest rates | $ | ( 14 ) | $ | ( 256,711 ) | $ | ( 836 ) | $ | ( 257,561 ) |
| Credit | — | ( 11,588 ) | ( 1,145 ) | ( 12,733 ) |
| Currencies | — | ( 147,804 ) | ( 576 ) | ( 148,380 ) |
| Commodities | — | ( 53,923 ) | ( 641 ) | ( 54,564 ) |
| Equities | ( 25 ) | ( 74,292 ) | ( 2,133 ) | ( 76,450 ) |
| Gross fair value | ( 39 ) | ( 544,318 ) | ( 5,331 ) | ( 549,688 ) |
| Counterparty netting in levels | 417,307 | 1,039 | 418,346 |
| Subtotal | $ | ( 39 ) | $ | ( 127,011 ) | $ | ( 4,292 ) | $ | ( 131,342 ) |
| Cross-level counterparty netting | 4,029 |
| Cash collateral netting | 56,544 |
| Net fair value | $ | ( 70,769 ) |
| As of December 2021 |
| Assets |
| Interest rates | $ | 2 | $ | 246,525 | $ | 1,065 | $ | 247,592 |
| Credit | — | 12,823 | 3,433 | 16,256 |
| Currencies | — | 86,773 | 237 | 87,010 |
| Commodities | — | 34,501 | 1,044 | 35,545 |
| Equities | 33 | 72,570 | 963 | 73,566 |
| Gross fair value | 35 | 453,192 | 6,742 | 459,969 |
| Counterparty netting in levels | — | ( 329,164 ) | ( 804 ) | ( 329,968 ) |
| Subtotal | $ | 35 | $ | 124,028 | $ | 5,938 | $ | 130,001 |
| Cross-level counterparty netting | ( 1,924 ) |
| Cash collateral netting | ( 64,117 ) |
| Net fair value | $ | 63,960 |
| Liabilities |
| Interest rates | $ | ( 2 ) | $ | ( 217,438 ) | $ | ( 882 ) | $ | ( 218,322 ) |
| Credit | — | ( 14,176 ) | ( 1,579 ) | ( 15,755 ) |
| Currencies | — | ( 85,925 ) | ( 384 ) | ( 86,309 ) |
| Commodities | — | ( 31,925 ) | ( 606 ) | ( 32,531 ) |
| Equities | ( 29 ) | ( 77,393 ) | ( 2,851 ) | ( 80,273 ) |
| Gross fair value | ( 31 ) | ( 426,857 ) | ( 6,302 ) | ( 433,190 ) |
| Counterparty netting in levels | — | 329,164 | 804 | 329,968 |
| Subtotal | $ | ( 31 ) | $ | ( 97,693 ) | $ | ( 5,498 ) | $ | ( 103,222 ) |
| Cross-level counterparty netting | 1,924 |
| Cash collateral netting | 49,345 |
| Net fair value | $ | ( 51,953 ) |
| As of September 2022 | As of December 2021 |
| $ in millions, except inputs | Amount or Range | Average/ Median | Amount or Range | Average/ Median |
| Interest rates, net | $ | 1,473 | $ | 183 |
| Correlation | 25 % to 81 % | 64 %/ 63 % | 25 % to 81 % | 63 %/ 62 % |
| Volatility (bps) | 31 to 100 | 63 / 61 | 31 to 100 | 59 / 54 |
| Credit, net | $ | 1,666 | $ | 1,854 |
| Credit spreads (bps) | 4 to 1,040 | 188 / 117 | 1 to 568 | 136 / 107 |
| Upfront credit points | 0 to 100 | 41 / 34 | 2 to 100 | 34 / 26 |
| Recovery rates | 20 % to 50 % | 41 %/ 40 % | 20 % to 50 % | 37 %/ 40 % |
| Currencies, net | $ | 125 | $ | ( 147 ) |
| Correlation | 20 % to 71 % | 39 %/ 23 % | 20 % to 71 % | 40 %/ 41 % |
| Volatility | 20 % to 21 % | 21 %/ 21 % | 19 % to 19 % | 19 %/ 19 % |
| Commodities, net | $ | 1,517 | $ | 438 |
| Volatility | 25 % to 148 % | 56 %/ 47 % | 15 % to 93 % | 32 %/ 29 % |
| Natural gas spread | $( 3.59 ) to $ 8.59 | $( 0.16 )/ $( 0.20 ) | $( 1.33 ) to $ 2.60 | $( 0.11 )/ $( 0.07 ) |
| Oil spread | $( 5.50 ) to $ 48.91 | $ 20.75 / $ 20.07 | $ 8.64 to $ 22.68 | $ 13.36 / $ 12.69 |
| Electricity price | $ 2.60 to $ 309.83 | $ 54.13 / $ 48.43 | $ 1.50 to $ 289.96 | $ 37.42 / $ 32.20 |
| Equities, net | $ | ( 638 ) | $ | ( 1,888 ) |
| Correlation | ( 70 )% to 100 % | 64 %/ 66 % | ( 70 )% to 99 % | 59 %/ 62 % |
| Volatility | 2 % to 89 % | 16 %/ 13 % | 3 % to 150 % | 17 %/ 17 % |

| Goldman Sachs September 2022 Form 10-Q | 22 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
•The ranges, averages and medians of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one derivative. For example, the highest correlation for interest rate derivatives is appropriate for valuing a specific interest rate derivative but may not be appropriate for valuing any other interest rate derivative. Accordingly, the ranges of inputs do not represent uncertainty in, or possible ranges of, fair value measurements of level 3 derivatives.•Interest rates, currencies and equities derivatives are valued using option pricing models, credit derivatives are valued using option pricing, correlation and discounted cash flow models, and commodities derivatives are valued using option pricing and discounted cash flow models.•The fair value of any one instrument may be determined using multiple valuation techniques. For example, option pricing models and discounted cash flow models are typically used together to determine fair value. Therefore, the level 3 balance encompasses both of these techniques. •Correlation within currencies and equities includes cross-product type correlation. •Natural gas spread represents the spread per million British thermal units of natural gas.•Oil spread represents the spread per barrel of oil and refined products. •Electricity price represents the price per megawatt hour of electricity. Range of Significant Unobservable Inputs The following provides information about the ranges of significant unobservable inputs used to value the firm’s level 3 derivative instruments: •Correlation. Ranges for correlation cover a variety of underliers both within one product type (e.g., equity index and equity single stock names) and across product types (e.g., correlation of an interest rate and a currency), as well as across regions. Generally, cross-product type correlation inputs are used to value more complex instruments and are lower than correlation inputs on assets within the same derivative product type.•Volatility. Ranges for volatility cover numerous underliers across a variety of markets, maturities and strike prices. For example, volatility of equity indices is generally lower than volatility of single stocks.•Credit spreads, upfront credit points and recovery rates. The ranges for credit spreads, upfront credit points and recovery rates cover a variety of underliers (index and single names), regions, sectors, maturities and credit qualities (high-yield and investment-grade). The broad range of this population gives rise to the width of the ranges of significant unobservable inputs. •Commodity prices and spreads. The ranges for commodity prices and spreads cover variability in products, maturities and delivery locations. Sensitivity of Fair Value Measurement to Changes in Significant Unobservable Inputs The following is a description of the directional sensitivity of the firm’s level 3 fair value measurements to changes in significant unobservable inputs, in isolation, as of each period-end:•Correlation. In general, for contracts where the holder benefits from the convergence of the underlying asset or index prices (e.g., interest rates, credit spreads, foreign exchange rates, inflation rates and equity prices), an increase in correlation results in a higher fair value measurement. •Volatility. In general, for purchased options, an increase in volatility results in a higher fair value measurement. •Credit spreads, upfront credit points and recovery rates. In general, the fair value of purchased credit protection increases as credit spreads or upfront credit points increase or recovery rates decrease. Credit spreads, upfront credit points and recovery rates are strongly related to distinctive risk factors of the underlying reference obligations, which include reference entity-specific factors, such as leverage, volatility and industry, market-based risk factors, such as borrowing costs or liquidity of the underlying reference obligation, and macroeconomic conditions. •Commodity prices and spreads. In general, for contracts where the holder is receiving a commodity, an increase in the spread (price difference from a benchmark index due to differences in quality or delivery location) or price results in a higher fair value measurement. Due to the distinctive nature of each of the firm’s level 3 derivatives, the interrelationship of inputs is not necessarily uniform within each product type.
| 23 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Total level 3 derivatives, net |
| Beginning balance | $ | 3,174 | $ | 567 | $ | 440 | $ | 1,175 |
| Net realized gains/(losses) | ( 16 ) | ( 33 ) | 456 | 73 |
| Net unrealized gains/(losses) | 1,167 | 453 | 4,413 | 34 |
| Purchases | 156 | 92 | 216 | 439 |
| Sales | ( 232 ) | ( 366 ) | ( 1,004 ) | ( 1,058 ) |
| Settlements | 491 | ( 264 ) | 50 | 99 |
| Transfers into level 3 | 105 | ( 112 ) | ( 130 ) | ( 79 ) |
| Transfers out of level 3 | ( 702 ) | 312 | ( 298 ) | ( 34 ) |
| Ending balance | $ | 4,143 | $ | 649 | $ | 4,143 | $ | 649 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Interest rates, net |
| Beginning balance | $ | 1,035 | $ | 308 | $ | 183 | $ | 267 |
| Net realized gains/(losses) | ( 27 ) | ( 60 ) | ( 98 ) | ( 11 ) |
| Net unrealized gains/(losses) | 411 | ( 56 ) | 1,370 | 38 |
| Purchases | 8 | — | 55 | 67 |
| Sales | ( 1 ) | ( 24 ) | ( 27 ) | ( 72 ) |
| Settlements | 64 | 101 | 111 | 23 |
| Transfers into level 3 | ( 15 ) | ( 20 ) | ( 7 ) | ( 1 ) |
| Transfers out of level 3 | ( 2 ) | ( 2 ) | ( 114 ) | ( 64 ) |
| Ending balance | $ | 1,473 | $ | 247 | $ | 1,473 | $ | 247 |
| Credit, net |
| Beginning balance | $ | 2,164 | $ | 1,750 | $ | 1,854 | $ | 1,778 |
| Net realized gains/(losses) | ( 11 ) | ( 22 ) | 36 | ( 33 ) |
| Net unrealized gains/(losses) | 24 | 11 | 92 | 129 |
| Purchases | 64 | 18 | 2 | 62 |
| Sales | ( 8 ) | ( 35 ) | ( 40 ) | ( 62 ) |
| Settlements | ( 144 ) | ( 22 ) | ( 105 ) | ( 9 ) |
| Transfers into level 3 | 16 | 15 | 11 | ( 60 ) |
| Transfers out of level 3 | ( 439 ) | 4 | ( 184 ) | ( 86 ) |
| Ending balance | $ | 1,666 | $ | 1,719 | $ | 1,666 | $ | 1,719 |
| Currencies, net |
| Beginning balance | $ | ( 239 ) | $ | ( 234 ) | $ | ( 147 ) | $ | ( 338 ) |
| Net realized gains/(losses) | 28 | 9 | 66 | ( 29 ) |
| Net unrealized gains/(losses) | 199 | 43 | 225 | ( 7 ) |
| Purchases | 1 | 1 | 2 | 41 |
| Sales | ( 2 ) | ( 5 ) | ( 7 ) | ( 12 ) |
| Settlements | 122 | 36 | 62 | 235 |
| Transfers into level 3 | 2 | ( 4 ) | ( 81 ) | ( 20 ) |
| Transfers out of level 3 | 14 | 35 | 5 | 11 |
| Ending balance | $ | 125 | $ | ( 119 ) | $ | 125 | $ | ( 119 ) |
| Commodities, net |
| Beginning balance | $ | 1,435 | $ | 266 | $ | 438 | $ | 300 |
| Net realized gains/(losses) | ( 53 ) | ( 23 ) | ( 29 ) | ( 76 ) |
| Net unrealized gains/(losses) | 209 | 196 | 1,264 | 348 |
| Purchases | 5 | 16 | 4 | 38 |
| Sales | ( 16 ) | ( 4 ) | ( 23 ) | ( 34 ) |
| Settlements | ( 14 ) | 6 | ( 87 ) | ( 56 ) |
| Transfers into level 3 | 78 | 25 | 172 | 16 |
| Transfers out of level 3 | ( 127 ) | 31 | ( 222 ) | ( 23 ) |
| Ending balance | $ | 1,517 | $ | 513 | $ | 1,517 | $ | 513 |
| Equities, net |
| Beginning balance | $ | ( 1,221 ) | $ | ( 1,523 ) | $ | ( 1,888 ) | $ | ( 832 ) |
| Net realized gains/(losses) | 47 | 63 | 481 | 222 |
| Net unrealized gains/(losses) | 324 | 259 | 1,462 | ( 474 ) |
| Purchases | 78 | 57 | 153 | 231 |
| Sales | ( 205 ) | ( 298 ) | ( 907 ) | ( 878 ) |
| Settlements | 463 | ( 385 ) | 69 | ( 94 ) |
| Transfers into level 3 | 24 | ( 128 ) | ( 225 ) | ( 14 ) |
| Transfers out of level 3 | ( 148 ) | 244 | 217 | 128 |
| Ending balance | $ | ( 638 ) | $ | ( 1,711 ) | $ | ( 638 ) | $ | ( 1,711 ) |

| Goldman Sachs September 2022 Form 10-Q | 24 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
The net unrealized gains on level 3 derivatives for the three months ended September 2022 were primarily attributable to gains on certain interest rate derivatives (primarily reflecting the impact of an increase in interest rates), gains on certain equity derivatives (primarily reflecting the impact of a decrease in equity prices), gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices), and gains on certain currency derivatives (primarily reflecting the impact of changes in foreign exchange rates).The drivers of transfers into level 3 derivatives during the three months ended September 2022 were not material. Transfers out of level 3 derivatives during the three months ended September 2022 primarily reflected transfers of certain credit derivative assets to level 2 (principally due to certain unobservable credit spread inputs no longer being significant to the net risk of certain portfolios), certain equity derivative assets to level 2 (principally due to increased transparency of certain unobservable volatility inputs used to value these derivatives), and certain commodity derivative assets to level 2 (principally due to certain unobservable natural gas spread and volatility inputs no longer being significant to the valuation of these derivatives).Nine Months Ended September 2022. The net realized and unrealized gains on level 3 derivatives of $ 4.87 billion (reflecting $ 456 million of net realized gains and $ 4.41 billion of net unrealized gains) for the nine months ended September 2022 included gains of $ 4.85 billion reported in market making and gains of $ 16 million reported in other principal transactions. The net unrealized gains on level 3 derivatives for the nine months ended September 2022 were primarily attributable to gains on certain equity derivatives (primarily reflecting the impact of a decrease in equity prices), gains on certain interest rate derivatives (primarily reflecting the impact of an increase in interest rates), and gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices).Transfers into level 3 derivatives during the nine months ended September 2022 primarily reflected transfers of certain equity derivative liabilities from level 2 (principally due to decreased transparency of certain unobservable volatility inputs used to value these derivatives) and certain currency derivative liabilities from level 2 (principally due to certain unobservable correlation inputs becoming significant to the valuation of these derivatives), partially offset by transfers of certain commodity derivative assets from level 2 (principally due to certain unobservable electricity price inputs becoming significant to the valuation of these derivatives). Transfers out of level 3 derivatives during the nine months ended September 2022 primarily reflected transfers of certain commodity derivative assets to level 2 (principally due to certain unobservable natural gas spread and volatility inputs no longer being significant to the valuation of these derivatives), certain credit derivative assets to level 2 (principally due to certain unobservable credit spread inputs no longer being significant to the net risk of certain portfolios), and certain interest rate derivative assets to level 2 (principally due to increased transparency of certain unobservable volatility inputs used to value these derivatives), partially offset by transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain unobservable volatility inputs used to value these derivatives). Three Months Ended September 2021. The net realized and unrealized gains on level 3 derivatives of $ 420 million (reflecting $ 33 million of net realized losses and $ 453 million of net unrealized gains) for the three months ended September 2021 included gains of $ 405 million reported in market making and $ 15 million reported in other principal transactions.The net unrealized gains on level 3 derivatives for the three months ended September 2021 were primarily attributable to gains on certain equity derivatives (primarily reflecting the impact of changes in equity prices) and gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices).Transfers into level 3 derivatives during the three months ended September 2021 primarily reflected transfers of certain equity derivative liabilities from level 2 (principally due to certain unobservable inputs becoming significant to the valuation of these derivatives).Transfers out of level 3 derivatives during the three months ended September 2021 primarily reflected transfers of certain equity derivative liabilities to level 2 (principally due to increased transparency of certain volatility inputs used to value these derivatives). Nine Months Ended September 2021. The net realized and unrealized gains on level 3 derivatives of $ 107 million (reflecting $ 73 million of net realized gains and $ 34 million of net unrealized gains) for the nine months ended September 2021 included gains of $ 62 million reported in market making and $ 45 million reported in other principal transactions.The net unrealized gains on level 3 derivatives for the nine months ended September 2021 were primarily attributable to gains on certain commodity derivatives (primarily reflecting the impact of an increase in commodity prices) and gains on certain credit derivatives (primarily reflecting the impact of changes in foreign exchange rates), partially offset by losses on certain equity derivatives (primarily reflecting the impact of an increase in equity prices).
| 25 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Less than 1 Year | 1 - 5 Years | Greater than 5 Years | Total |
| As of September 2022 |
| Assets |
| Interest rates | $ | 12,714 | $ | 17,175 | $ | 53,692 | $ | 83,581 |
| Credit | 971 | 2,908 | 2,678 | 6,557 |
| Currencies | 25,586 | 10,152 | 8,154 | 43,892 |
| Commodities | 17,378 | 15,744 | 2,163 | 35,285 |
| Equities | 7,903 | 5,795 | 3,674 | 17,372 |
| Counterparty netting in tenors | ( 4,306 ) | ( 3,971 ) | ( 4,572 ) | ( 12,849 ) |
| Subtotal | $ | 60,246 | $ | 47,803 | $ | 65,789 | $ | 173,838 |
| Cross-tenor counterparty netting | ( 26,334 ) |
| Cash collateral netting | ( 73,678 ) |
| Total OTC derivative assets | $ | 73,826 |
| Liabilities |
| Interest rates | $ | 17,883 | $ | 24,168 | $ | 18,904 | $ | 60,955 |
| Credit | 1,459 | 2,013 | 1,603 | 5,075 |
| Currencies | 20,944 | 11,134 | 10,412 | 42,490 |
| Commodities | 11,761 | 10,555 | 1,049 | 23,365 |
| Equities | 13,020 | 8,807 | 3,162 | 24,989 |
| Counterparty netting in tenors | ( 4,306 ) | ( 3,971 ) | ( 4,572 ) | ( 12,849 ) |
| Subtotal | $ | 60,761 | $ | 52,706 | $ | 30,558 | $ | 144,025 |
| Cross-tenor counterparty netting | ( 26,334 ) |
| Cash collateral netting | ( 56,544 ) |
| Total OTC derivative liabilities | $ | 61,147 |
| As of December 2021 |
| Assets |
| Interest rates | $ | 6,076 | $ | 11,655 | $ | 61,380 | $ | 79,111 |
| Credit | 1,800 | 2,381 | 3,113 | 7,294 |
| Currencies | 13,366 | 6,642 | 6,570 | 26,578 |
| Commodities | 10,178 | 7,348 | 770 | 18,296 |
| Equities | 11,075 | 6,592 | 2,100 | 19,767 |
| Counterparty netting in tenors | ( 3,624 ) | ( 3,357 ) | ( 2,673 ) | ( 9,654 ) |
| Subtotal | $ | 38,871 | $ | 31,261 | $ | 71,260 | $ | 141,392 |
| Cross-tenor counterparty netting | ( 18,638 ) |
| Cash collateral netting | ( 64,117 ) |
| Total OTC derivative assets | $ | 58,637 |
| Liabilities |
| Interest rates | $ | 3,929 | $ | 10,932 | $ | 34,676 | $ | 49,537 |
| Credit | 1,695 | 3,257 | 1,841 | 6,793 |
| Currencies | 14,122 | 6,581 | 5,580 | 26,283 |
| Commodities | 7,591 | 6,274 | 1,763 | 15,628 |
| Equities | 8,268 | 12,944 | 3,587 | 24,799 |
| Counterparty netting in tenors | ( 3,624 ) | ( 3,357 ) | ( 2,673 ) | ( 9,654 ) |
| Subtotal | $ | 31,981 | $ | 36,631 | $ | 44,774 | $ | 113,386 |
| Cross-tenor counterparty netting | ( 18,638 ) |
| Cash collateral netting | ( 49,345 ) |
| Total OTC derivative liabilities | $ | 45,403 |

| Goldman Sachs September 2022 Form 10-Q | 26 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Credit Spread on Underlier (basis points) |
| $ in millions | 0 - 250 | 251 - 500 | 501 - 1,000 | Greater than 1,000 | Total |
| As of September 2022 |
| Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor |
| Less than 1 year | $ | 114,156 | $ | 2,562 | $ | 17,059 | $ | 4,569 | $ | 138,346 |
| 1 - 5 years | 263,129 | 33,493 | 20,948 | 12,831 | 330,401 |
| Greater than 5 years | 69,694 | 12,411 | 5,345 | 1,417 | 88,867 |
| Total | $ | 446,979 | $ | 48,466 | $ | 43,352 | $ | 18,817 | $ | 557,614 |
| Maximum Payout/Notional Amount of Purchased Credit Derivatives |
| Offsetting | $ | 356,426 | $ | 42,279 | $ | 29,204 | $ | 16,637 | $ | 444,546 |
| Other | $ | 152,001 | $ | 7,669 | $ | 12,077 | $ | 2,815 | $ | 174,562 |
| Fair Value of Written Credit Derivatives |
| Asset | $ | 3,459 | $ | 335 | $ | 85 | $ | 39 | $ | 3,918 |
| Liability | 2,493 | 1,813 | 2,408 | 3,478 | 10,192 |
| Net asset/(liability) | $ | 966 | $ | ( 1,478 ) | $ | ( 2,323 ) | $ | ( 3,439 ) | $ | ( 6,274 ) |
| As of December 2021 |
| Maximum Payout/Notional Amount of Written Credit Derivatives by Tenor |
| Less than 1 year | $ | 120,456 | $ | 6,173 | $ | 1,656 | $ | 4,314 | $ | 132,599 |
| 1 - 5 years | 305,255 | 14,328 | 12,754 | 3,814 | 336,151 |
| Greater than 5 years | 35,558 | 3,087 | 2,529 | 311 | 41,485 |
| Total | $ | 461,269 | $ | 23,588 | $ | 16,939 | $ | 8,439 | $ | 510,235 |
| Maximum Payout/Notional Amount of Purchased Credit Derivatives |
| Offsetting | $ | 381,715 | $ | 17,210 | $ | 12,806 | $ | 6,714 | $ | 418,445 |
| Other | $ | 138,214 | $ | 7,780 | $ | 3,576 | $ | 1,322 | $ | 150,892 |
| Fair Value of Written Credit Derivatives |
| Asset | $ | 9,803 | $ | 924 | $ | 318 | $ | 137 | $ | 11,182 |
| Liability | 941 | 123 | 1,666 | 1,933 | 4,663 |
| Net asset/(liability) | $ | 8,862 | $ | 801 | $ | ( 1,348 ) | $ | ( 1,796 ) | $ | 6,519 |

| 27 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| CVA, net of hedges | $ | 223 | $ | 49 | $ | 523 | $ | ( 14 ) |
| FVA, net of hedges | ( 74 ) | 17 | ( 465 ) | 54 |
| Total | $ | 149 | $ | 66 | $ | 58 | $ | 40 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Fair value of assets | $ | 283 | $ | 845 |
| Fair value of liabilities | ( 263 ) | ( 124 ) |
| Net asset/(liability) | $ | 20 | $ | 721 |
| Notional amount | $ | 8,856 | $ | 10,743 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Net derivative liabilities under bilateral agreements | $ | 36,526 | $ | 34,315 |
| Collateral posted | $ | 26,751 | $ | 29,214 |
| Additional collateral or termination payments: |
| One-notch downgrade | $ | 352 | $ | 345 |
| Two-notch downgrade | $ | 1,283 | $ | 1,536 |

| Goldman Sachs September 2022 Form 10-Q | 28 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Investments |
| Interest rate hedges | $ | 427 | $ | — | $ | 372 | $ | — |
| Hedged investments | ( 409 ) | — | ( 357 ) | — |
| Gains/(losses) | $ | 18 | $ | — | $ | 15 | $ | — |
| Borrowings and deposits |
| Interest rate hedges | $ | ( 7,820 ) | $ | ( 1,528 ) | $ | ( 22,629 ) | $ | ( 5,459 ) |
| Hedged borrowings and deposits | 7,741 | 1,365 | 22,279 | 4,991 |
| Gains/(losses) | $ | ( 79 ) | $ | ( 163 ) | $ | ( 350 ) | $ | ( 468 ) |
| $ in millions | Carrying Value | Cumulative Hedging Adjustment |
| As of September 2022 |
| Assets |
| Investments | $ | 10,174 | $ | ( 358 ) |
| Liabilities |
| Deposits | $ | 7,391 | $ | ( 297 ) |
| Unsecured short-term borrowings | $ | 7,553 | $ | ( 59 ) |
| Unsecured long-term borrowings | $ | 150,553 | $ | ( 15,395 ) |
| As of December 2021 |
| Liabilities |
| Deposits | $ | 14,131 | $ | 246 |
| Unsecured short-term borrowings | $ | 2,167 | $ | 5 |
| Unsecured long-term borrowings | $ | 144,934 | $ | 6,169 |

| 29 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Hedges: |
| Foreign currency forward contract | $ | 1,097 | $ | 373 | $ | 2,310 | $ | 600 |
| Foreign currency-denominated debt | $ | 551 | $ | 31 | $ | 1,147 | $ | 290 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Equity securities, at fair value | $ | 15,359 | $ | 18,937 |
| Debt instruments, at fair value | 14,096 | 15,558 |
| Available-for-sale securities, at fair value | 48,125 | 48,932 |
| Investments, at fair value | 77,580 | 83,427 |
| Held-to-maturity securities | 48,549 | 4,699 |
| Equity method investments | 834 | 593 |
| Total investments | $ | 126,963 | $ | 88,719 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Equity securities, at fair value | $ | 15,359 | $ | 18,937 |
| Equity Type |
| Public equity | 17 | % | 24 | % |
| Private equity | 83 | % | 76 | % |
| Total | 100 | % | 100 | % |
| Asset Class |
| Corporate | 73 | % | 78 | % |
| Real estate | 27 | % | 22 | % |
| Total | 100 | % | 100 | % |

| Goldman Sachs September 2022 Form 10-Q | 30 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Corporate debt securities | $ | 9,828 | $ | 9,793 |
| Securities backed by real estate | 1,316 | 2,280 |
| Money market instruments | 1,002 | 1,396 |
| Other | 1,950 | 2,089 |
| Total | $ | 14,096 | $ | 15,558 |
| $ in millions | Fair Value of Investments | Unfunded Commitments |
| As of September 2022 |
| Private equity funds | $ | 955 | $ | 589 |
| Credit funds | 1,649 | 417 |
| Hedge funds | 70 | — |
| Real estate funds | 297 | 129 |
| Total | $ | 2,971 | $ | 1,135 |
| As of December 2021 |
| Private equity funds | $ | 1,411 | $ | 619 |
| Credit funds | 1,686 | 556 |
| Hedge funds | 84 | — |
| Real estate funds | 288 | 147 |
| Total | $ | 3,469 | $ | 1,322 |

| 31 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Amortized Cost | Fair Value | Weighted Average Yield |
| As of September 2022 |
| Less than 1 year | $ | 2,353 | $ | 2,295 | 0.24 | % |
| 1 year to 5 years | 46,366 | 43,125 | 0.65 | % |
| 5 years to 10 years | 830 | 776 | 2.14 | % |
| Total U.S. government obligations | 49,549 | 46,196 | 0.65 | % |
| 1 year to 5 years | 9 | 9 | 0.28 | % |
| 5 years to 10 years | 2,461 | 1,920 | 0.40 | % |
| Total non-U.S. government obligations | 2,470 | 1,929 | 0.40 | % |
| Total available-for-sale securities | $ | 52,019 | $ | 48,125 | 0.64 | % |
| As of December 2021 |
| Less than 1 year | $ | 25 | $ | 25 | 0.12 | % |
| 1 year to 5 years | 41,536 | 41,066 | 0.47 | % |
| 5 years to 10 years | 5,337 | 5,229 | 0.92 | % |
| Greater than 10 years | 2 | 2 | 2.00 | % |
| Total U.S. government obligations | 46,900 | 46,322 | 0.53 | % |
| 5 years to 10 years | 2,693 | 2,610 | 0.33 | % |
| Total non-U.S. government obligations | 2,693 | 2,610 | 0.33 | % |
| Total available-for-sale securities | $ | 49,593 | $ | 48,932 | 0.52 | % |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Gross realized gains | $ | — | $ | 54 | $ | — | $ | 187 |
| Proceeds from sales | $ | — | $ | 11,467 | $ | 2 | $ | 24,882 |
| $ in millions | Level 1 | Level 2 | Level 3 | Total |
| As of September 2022 |
| Government and agency obligations: |
| U.S. | $ | 46,196 | $ | — | $ | — | $ | 46,196 |
| Non-U.S. | 1,921 | 20 | — | 1,941 |
| Corporate debt securities | 160 | 2,930 | 6,738 | 9,828 |
| Securities backed by real estate | — | 404 | 912 | 1,316 |
| Money market instruments | 24 | 978 | — | 1,002 |
| Other debt obligations | — | 8 | 284 | 292 |
| Equity securities | 1,974 | 3,040 | 9,020 | 14,034 |
| Subtotal | $ | 50,275 | $ | 7,380 | $ | 16,954 | $ | 74,609 |
| Investments in funds at NAV | 2,971 |
| Total investments | $ | 77,580 |
| As of December 2021 |
| Government and agency obligations: |
| U.S. | $ | 46,322 | $ | — | $ | — | $ | 46,322 |
| Non-U.S. | 2,612 | — | — | 2,612 |
| Corporate debt securities | 65 | 5,201 | 4,527 | 9,793 |
| Securities backed by real estate | — | 1,202 | 1,078 | 2,280 |
| Money market instruments | 41 | 1,355 | — | 1,396 |
| Other debt obligations | — | 35 | 382 | 417 |
| Equity securities | 2,135 | 7,088 | 7,915 | 17,138 |
| Subtotal | $ | 51,175 | $ | 14,881 | $ | 13,902 | $ | 79,958 |
| Investments in funds at NAV | 3,469 |
| Total investments | $ | 83,427 |

| Goldman Sachs September 2022 Form 10-Q | 32 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of September 2022 | As of December 2021 |
| $ in millions | Amount orRange | Weighted Average | Amount or Range | Weighted Average |
| Corporate debt securities |
| Level 3 assets | $ | 6,738 | $ | 4,527 |
| Yield | 2.0 % to 21.8 % | 11.8 | % | 2.0 % to 29.0 % | 10.8 | % |
| Recovery rate | 9.1 % to 78.5 % | 51.7 | % | 9.1 % to 76.0 % | 59.1 | % |
| Duration (years) | 1.2 to 5.5 | 3.9 | 1.4 to 6.4 | 3.8 |
| Multiples | 1.9 x to 66.5 x | 7.8 x | 0.5 x to 28.2 x | 6.9 x |
| Securities backed by real estate |
| Level 3 assets | $ | 912 | $ | 1,078 |
| Yield | 8.3 % to 23.3 % | 15.4 | % | 8.3 % to 20.3 % | 13.1 | % |
| Recovery rate | N/A | N/A | 55.1 % to 61.0 % | 56.4 | % |
| Duration (years) | 1.0 to 4.2 | 4.1 | 0.1 to 2.6 | 1.2 |
| Other debt obligations |
| Level 3 assets | $ | 284 | $ | 382 |
| Yield | 5.0 % to 20.0 % | 7.1 | % | 2.3 % to 10.6 % | 3.2 | % |
| Duration (years) | 0.4 to 1.5 | 1.3 | 0.9 to 9.3 | 4.8 |
| Equity securities |
| Level 3 assets | $ | 9,020 | $ | 7,915 |
| Multiples | 0.4 x to 34.4 x | 9.0 x | 0.4 x to 30.5 x | 10.1 x |
| Discount rate/yield | 6.0 % to 38.5 % | 14.7 | % | 2.0 % to 35.0 % | 14.1 | % |
| Capitalization rate | 4.0 % to 10.8 % | 5.4 | % | 3.5 % to 14.0 % | 5.7 | % |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Beginning balance | $ | 16,109 | $ | 16,332 | $ | 13,902 | $ | 16,423 |
| Net realized gains/(losses) | 103 | 78 | 428 | 184 |
| Net unrealized gains/(losses) | ( 407 ) | 155 | ( 1,828 ) | 1,244 |
| Purchases | 445 | 496 | 1,385 | 1,467 |
| Sales | ( 236 ) | ( 478 ) | ( 741 ) | ( 1,070 ) |
| Settlements | ( 272 ) | ( 831 ) | ( 1,461 ) | ( 2,421 ) |
| Transfers into level 3 | 1,687 | 806 | 6,425 | 1,843 |
| Transfers out of level 3 | ( 475 ) | ( 2,879 ) | ( 1,156 ) | ( 3,991 ) |
| Ending balance | $ | 16,954 | $ | 13,679 | $ | 16,954 | $ | 13,679 |

| 33 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Corporate debt securities |
| Beginning balance | $ | 6,576 | $ | 4,958 | $ | 4,527 | $ | 5,286 |
| Net realized gains/(losses) | 69 | 33 | 224 | 150 |
| Net unrealized gains/(losses) | ( 111 ) | 47 | ( 297 ) | 302 |
| Purchases | 137 | 101 | 624 | 374 |
| Sales | ( 78 ) | ( 204 ) | ( 151 ) | ( 383 ) |
| Settlements | ( 143 ) | ( 601 ) | ( 810 ) | ( 1,254 ) |
| Transfers into level 3 | 659 | 529 | 2,944 | 1,120 |
| Transfers out of level 3 | ( 371 ) | ( 586 ) | ( 323 ) | ( 1,318 ) |
| Ending balance | $ | 6,738 | $ | 4,277 | $ | 6,738 | $ | 4,277 |
| Securities backed by real estate |
| Beginning balance | $ | 1,067 | $ | 1,117 | $ | 1,078 | $ | 998 |
| Net realized gains/(losses) | 7 | 12 | 21 | 29 |
| Net unrealized gains/(losses) | ( 88 ) | ( 11 ) | ( 287 ) | 25 |
| Purchases | 17 | 14 | 76 | 212 |
| Sales | ( 47 ) | ( 19 ) | ( 96 ) | ( 43 ) |
| Settlements | ( 23 ) | ( 51 ) | ( 140 ) | ( 247 ) |
| Transfers into level 3 | 1 | 26 | 269 | 114 |
| Transfers out of level 3 | ( 22 ) | — | ( 9 ) | — |
| Ending balance | $ | 912 | $ | 1,088 | $ | 912 | $ | 1,088 |
| Other debt obligations |
| Beginning balance | $ | 303 | $ | 502 | $ | 382 | $ | 497 |
| Net realized gains/(losses) | 3 | 4 | 9 | 9 |
| Net unrealized gains/(losses) | ( 3 ) | 1 | ( 8 ) | 1 |
| Purchases | 4 | 10 | 28 | 32 |
| Sales | — | ( 1 ) | — | ( 3 ) |
| Settlements | ( 23 ) | ( 33 ) | ( 127 ) | ( 54 ) |
| Transfers out of level 3 | — | ( 96 ) | — | ( 95 ) |
| Ending balance | $ | 284 | $ | 387 | $ | 284 | $ | 387 |
| Equity securities |
| Beginning balance | $ | 8,163 | $ | 9,755 | $ | 7,915 | $ | 9,642 |
| Net realized gains/(losses) | 24 | 29 | 174 | ( 4 ) |
| Net unrealized gains/(losses) | ( 205 ) | 118 | ( 1,236 ) | 916 |
| Purchases | 287 | 371 | 657 | 849 |
| Sales | ( 111 ) | ( 254 ) | ( 494 ) | ( 641 ) |
| Settlements | ( 83 ) | ( 146 ) | ( 384 ) | ( 866 ) |
| Transfers into level 3 | 1,027 | 251 | 3,212 | 609 |
| Transfers out of level 3 | ( 82 ) | ( 2,197 ) | ( 824 ) | ( 2,578 ) |
| Ending balance | $ | 9,020 | $ | 7,927 | $ | 9,020 | $ | 7,927 |

| Goldman Sachs September 2022 Form 10-Q | 34 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | AmortizedCost | FairValue | Weighted AverageYield |
| As of September 2022 |
| Less than 1 year | $ | 5,920 | $ | 5,908 | 2.25 | % |
| 1 year to 5 years | 40,254 | 38,816 | 2.79 | % |
| 5 years to 10 years | 2,209 | 2,134 | 3.41 | % |
| Total U.S. government obligations | 48,383 | 46,858 | 2.75 | % |
| 5 years to 10 years | 2 | 2 | 4.39 | % |
| Greater than 10 years | 164 | 160 | 1.79 | % |
| Total securities backed by real estate | 166 | 162 | 1.84 | % |
| Total held-to-maturity securities | $ | 48,549 | $ | 47,020 | 2.75 | % |
| As of December 2021 |
| 1 year to 5 years | $ | 4,054 | $ | 4,200 | 2.30 | % |
| Total U.S. government obligations | 4,054 | 4,200 | 2.30 | % |
| 5 years to 10 years | 3 | 3 | 2.78 | % |
| Greater than 10 years | 642 | 670 | 1.03 | % |
| Total securities backed by real estate | 645 | 673 | 1.04 | % |
| Total held-to-maturity securities | $ | 4,699 | $ | 4,873 | 2.13 | % |

| 35 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | AmortizedCost | Fair Value | Held For Sale | Total |
| As of September 2022 |
| Loan Type |
| Corporate | $ | 57,431 | $ | 1,844 | $ | 3,906 | $ | 63,181 |
| Wealth management | 45,564 | 4,537 | — | 50,101 |
| Commercial real estate | 22,214 | 1,277 | 2,591 | 26,082 |
| Residential real estate | 14,084 | 257 | 1 | 14,342 |
| Consumer: |
| Installment | 5,157 | — | — | 5,157 |
| Credit cards | 13,691 | — | — | 13,691 |
| Other | 8,324 | 335 | 302 | 8,961 |
| Total loans, gross | 166,465 | 8,250 | 6,800 | 181,515 |
| Allowance for loan losses | ( 4,846 ) | — | — | ( 4,846 ) |
| Total loans | $ | 161,619 | $ | 8,250 | $ | 6,800 | $ | 176,669 |
| As of December 2021 |
| Loan Type |
| Corporate | $ | 50,960 | $ | 2,492 | $ | 2,475 | $ | 55,927 |
| Wealth management | 38,062 | 5,936 | — | 43,998 |
| Commercial real estate | 21,150 | 1,588 | 3,145 | 25,883 |
| Residential real estate | 15,493 | 320 | 100 | 15,913 |
| Consumer: |
| Installment | 3,672 | — | — | 3,672 |
| Credit cards | 8,212 | — | — | 8,212 |
| Other | 5,958 | 433 | 2,139 | 8,530 |
| Total loans, gross | 143,507 | 10,769 | 7,859 | 162,135 |
| Allowance for loan losses | ( 3,573 ) | — | — | ( 3,573 ) |
| Total loans | $ | 139,934 | $ | 10,769 | $ | 7,859 | $ | 158,562 |

| Goldman Sachs September 2022 Form 10-Q | 36 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Investment-Grade | Non-Investment- Grade | Other Metrics/Unrated | Total |
| As of September 2022 |
| Accounting Method |
| Amortized cost | $ | 62,336 | $ | 78,212 | $ | 25,917 | $ | 166,465 |
| Fair value | 1,784 | 3,606 | 2,860 | 8,250 |
| Held for sale | 1,036 | 5,703 | 61 | 6,800 |
| Total | $ | 65,156 | $ | 87,521 | $ | 28,838 | $ | 181,515 |
| Loan Type |
| Corporate | $ | 21,072 | $ | 42,033 | $ | 76 | $ | 63,181 |
| Wealth management | 36,376 | 6,090 | 7,635 | 50,101 |
| Real estate: |
| Commercial | 2,586 | 23,246 | 250 | 26,082 |
| Residential | 935 | 12,406 | 1,001 | 14,342 |
| Consumer: |
| Installment | — | — | 5,157 | 5,157 |
| Credit cards | — | — | 13,691 | 13,691 |
| Other | 4,187 | 3,746 | 1,028 | 8,961 |
| Total | $ | 65,156 | $ | 87,521 | $ | 28,838 | $ | 181,515 |
| Secured | 85 | % | 93 | % | 31 | % | 80 | % |
| Unsecured | 15 | % | 7 | % | 69 | % | 20 | % |
| Total | 100 | % | 100 | % | 100 | % | 100 | % |
| As of December 2021 |
| Accounting Method |
| Amortized cost | $ | 50,923 | $ | 75,179 | $ | 17,405 | $ | 143,507 |
| Fair value | 2,301 | 4,634 | 3,834 | 10,769 |
| Held for sale | 1,650 | 4,747 | 1,462 | 7,859 |
| Total | $ | 54,874 | $ | 84,560 | $ | 22,701 | $ | 162,135 |
| Loan Type |
| Corporate | $ | 15,370 | $ | 40,389 | $ | 168 | $ | 55,927 |
| Wealth management | 31,476 | 5,730 | 6,792 | 43,998 |
| Real estate: |
| Commercial | 3,986 | 21,523 | 374 | 25,883 |
| Residential | 1,112 | 13,779 | 1,022 | 15,913 |
| Consumer: |
| Installment | — | — | 3,672 | 3,672 |
| Credit cards | — | — | 8,212 | 8,212 |
| Other | 2,930 | 3,139 | 2,461 | 8,530 |
| Total | $ | 54,874 | $ | 84,560 | $ | 22,701 | $ | 162,135 |
| Secured | 85 | % | 92 | % | 36 | % | 82 | % |
| Unsecured | 15 | % | 8 | % | 64 | % | 18 | % |
| Total | 100 | % | 100 | % | 100 | % | 100 | % |

| 37 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of September 2022 |
| $ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total |
| 2022 | $ | 4,364 | $ | 3,512 | $ | — | $ | 7,876 |
| 2021 | 3,847 | 7,031 | — | 10,878 |
| 2020 | 1,246 | 4,334 | — | 5,580 |
| 2019 | 325 | 3,333 | — | 3,658 |
| 2018 | 1,833 | 2,064 | — | 3,897 |
| 2017 or earlier | 1,063 | 3,026 | — | 4,089 |
| Revolving | 7,259 | 14,193 | 1 | 21,453 |
| Corporate | 19,937 | 37,493 | 1 | 57,431 |
| 2022 | 1,886 | 766 | 907 | 3,559 |
| 2021 | 1,391 | 1,069 | 1,175 | 3,635 |
| 2020 | 522 | 377 | — | 899 |
| 2019 | 411 | 225 | — | 636 |
| 2018 | 356 | 36 | — | 392 |
| 2017 or earlier | 686 | 468 | — | 1,154 |
| Revolving | 30,018 | 2,083 | 3,188 | 35,289 |
| Wealth management | 35,270 | 5,024 | 5,270 | 45,564 |
| 2022 | 39 | 3,053 | 157 | 3,249 |
| 2021 | 219 | 3,437 | — | 3,656 |
| 2020 | 85 | 1,420 | — | 1,505 |
| 2019 | 47 | 1,203 | — | 1,250 |
| 2018 | 184 | 488 | — | 672 |
| 2017 or earlier | 655 | 674 | 6 | 1,335 |
| Revolving | 863 | 9,684 | — | 10,547 |
| Commercial real estate | 2,092 | 19,959 | 163 | 22,214 |
| 2022 | 97 | 734 | 218 | 1,049 |
| 2021 | 141 | 1,208 | 229 | 1,578 |
| 2020 | — | 11 | 91 | 102 |
| 2019 | — | — | 101 | 101 |
| 2018 | — | 103 | 142 | 245 |
| 2017 or earlier | 6 | 2 | 144 | 152 |
| Revolving | 669 | 10,188 | — | 10,857 |
| Residential real estate | 913 | 12,246 | 925 | 14,084 |
| 2022 | — | 84 | 114 | 198 |
| 2021 | — | 556 | 160 | 716 |
| 2020 | — | 30 | 320 | 350 |
| 2019 | — | 11 | 13 | 24 |
| 2018 | — | 13 | 10 | 23 |
| 2017 or earlier | — | 4 | 5 | 9 |
| Revolving | 4,124 | 2,792 | 88 | 7,004 |
| Other | 4,124 | 3,490 | 710 | 8,324 |
| Total | $ | 62,336 | $ | 78,212 | $ | 7,069 | $ | 147,617 |
| Percentage of total | 42 | % | 53 | % | 5 | % | 100 | % |
| As of December 2021 |
| $ in millions | Investment- Grade | Non-Investment- Grade | Other Metrics/ Unrated | Total |
| 2021 | $ | 4,687 | $ | 10,424 | $ | 52 | $ | 15,163 |
| 2020 | 1,911 | 4,561 | 7 | 6,479 |
| 2019 | 451 | 3,949 | — | 4,400 |
| 2018 | 1,842 | 2,901 | — | 4,743 |
| 2017 | 733 | 1,857 | — | 2,590 |
| 2016 or earlier | 274 | 1,693 | — | 1,967 |
| Revolving | 3,800 | 11,744 | 74 | 15,618 |
| Corporate | 13,698 | 37,129 | 133 | 50,960 |
| 2021 | 1,405 | 1,186 | 1,265 | 3,856 |
| 2020 | 558 | 287 | — | 845 |
| 2019 | 537 | 352 | — | 889 |
| 2018 | 334 | 38 | — | 372 |
| 2017 | 380 | 31 | — | 411 |
| 2016 or earlier | 565 | 243 | — | 808 |
| Revolving | 26,349 | 2,127 | 2,405 | 30,881 |
| Wealth management | 30,128 | 4,264 | 3,670 | 38,062 |
| 2021 | 334 | 4,084 | 94 | 4,512 |
| 2020 | 127 | 1,890 | — | 2,017 |
| 2019 | 52 | 1,336 | — | 1,388 |
| 2018 | 207 | 829 | — | 1,036 |
| 2017 | 398 | 624 | — | 1,022 |
| 2016 or earlier | 405 | 583 | 7 | 995 |
| Revolving | 1,768 | 8,412 | — | 10,180 |
| Commercial real estate | 3,291 | 17,758 | 101 | 21,150 |
| 2021 | 113 | 1,944 | 253 | 2,310 |
| 2020 | 260 | 557 | 103 | 920 |
| 2019 | — | — | 173 | 173 |
| 2018 | — | 84 | 165 | 249 |
| 2017 | 8 | 65 | 119 | 192 |
| 2016 or earlier | — | 1 | 56 | 57 |
| Revolving | 673 | 10,919 | — | 11,592 |
| Residential real estate | 1,054 | 13,570 | 869 | 15,493 |
| 2021 | — | 694 | 261 | 955 |
| 2020 | — | 59 | 378 | 437 |
| 2019 | — | 25 | 19 | 44 |
| 2018 | — | 30 | — | 30 |
| 2017 | — | 5 | 8 | 13 |
| Revolving | 2,752 | 1,645 | 82 | 4,479 |
| Other | 2,752 | 2,458 | 748 | 5,958 |
| Total | $ | 50,923 | $ | 75,179 | $ | 5,521 | $ | 131,623 |
| Percentage of total | 39 | % | 57 | % | 4 | % | 100 | % |

| Goldman Sachs September 2022 Form 10-Q | 38 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Greater than or equal to 660 | Less than 660 | Total |
| As of September 2022 |
| 2022 | $ | 2,951 | $ | 118 | $ | 3,069 |
| 2021 | 1,271 | 102 | 1,373 |
| 2020 | 324 | 27 | 351 |
| 2019 | 210 | 29 | 239 |
| 2018 | 98 | 17 | 115 |
| 2017 or earlier | 8 | 2 | 10 |
| Installment | 4,862 | 295 | 5,157 |
| Credit cards | 9,495 | 4,196 | 13,691 |
| Total | $ | 14,357 | $ | 4,491 | $ | 18,848 |
| Percentage of total: |
| Installment | 94 | % | 6 | % | 100 | % |
| Credit cards | 69 | % | 31 | % | 100 | % |
| Total | 76 | % | 24 | % | 100 | % |
| As of December 2021 |
| 2021 | $ | 2,017 | $ | 42 | $ | 2,059 |
| 2020 | 665 | 40 | 705 |
| 2019 | 508 | 61 | 569 |
| 2018 | 257 | 42 | 299 |
| 2017 | 32 | 7 | 39 |
| 2016 | 1 | — | 1 |
| Installment | 3,480 | 192 | 3,672 |
| Credit cards | 6,100 | 2,112 | 8,212 |
| Total | $ | 9,580 | $ | 2,304 | $ | 11,884 |
| Percentage of total: |
| Installment | 95 | % | 5 | % | 100 | % |
| Credit cards | 74 | % | 26 | % | 100 | % |
| Total | 81 | % | 19 | % | 100 | % |
| $ in millions | Carrying Value | Americas | EMEA | Asia | Total |
| As of September 2022 |
| Corporate | $ | 63,181 | 64 | % | 29 | % | 7 | % | 100 | % |
| Wealth management | 50,101 | 89 | % | 10 | % | 1 | % | 100 | % |
| Commercial real estate | 26,082 | 79 | % | 16 | % | 5 | % | 100 | % |
| Residential real estate | 14,342 | 95 | % | 3 | % | 2 | % | 100 | % |
| Consumer: |
| Installment | 5,157 | 100 | % | — | — | 100 | % |
| Credit cards | 13,691 | 100 | % | — | — | 100 | % |
| Other | 8,961 | 89 | % | 10 | % | 1 | % | 100 | % |
| Total | $ | 181,515 | 80 | % | 16 | % | 4 | % | 100 | % |
| As of December 2021 |
| Corporate | $ | 55,927 | 54 | % | 38 | % | 8 | % | 100 | % |
| Wealth management | 43,998 | 87 | % | 10 | % | 3 | % | 100 | % |
| Commercial real estate | 25,883 | 80 | % | 15 | % | 5 | % | 100 | % |
| Residential real estate | 15,913 | 95 | % | 2 | % | 3 | % | 100 | % |
| Consumer: |
| Installment | 3,672 | 100 | % | — | — | 100 | % |
| Credit cards | 8,212 | 100 | % | — | — | 100 | % |
| Other | 8,530 | 84 | % | 15 | % | 1 | % | 100 | % |
| Total | $ | 162,135 | 76 | % | 19 | % | 5 | % | 100 | % |

| 39 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | 30-89 days | 90 days or more | Total |
| As of September 2022 |
| Corporate | $ | 12 | $ | 129 | $ | 141 |
| Wealth management | 253 | 37 | 290 |
| Commercial real estate | 24 | 316 | 340 |
| Residential real estate | 2 | 7 | 9 |
| Consumer: |
| Installment | 34 | 12 | 46 |
| Credit cards | 226 | 196 | 422 |
| Other | 20 | 8 | 28 |
| Total | $ | 571 | $ | 705 | $ | 1,276 |
| Total divided by gross loans at amortized cost | 0.8 | % |
| As of December 2021 |
| Corporate | $ | 5 | $ | 90 | $ | 95 |
| Wealth management | — | 20 | 20 |
| Commercial real estate | 7 | 143 | 150 |
| Residential real estate | 3 | 4 | 7 |
| Consumer: |
| Installment | 20 | 7 | 27 |
| Credit cards | 86 | 71 | 157 |
| Other | 15 | 3 | 18 |
| Total | $ | 136 | $ | 338 | $ | 474 |
| Total divided by gross loans at amortized cost | 0.3 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Corporate | $ | 1,422 | $ | 1,559 |
| Wealth management | 213 | 21 |
| Commercial real estate | 574 | 841 |
| Residential real estate | 4 | 5 |
| Installment | 38 | 43 |
| Total | $ | 2,251 | $ | 2,469 |
| Total divided by gross loans at amortized cost | 1.4 | % | 1.7 | % |

| Goldman Sachs September 2022 Form 10-Q | 40 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September 2022 | December 2021 |
| $ in millions | Loans | Lending Commitments | Loans | Lending Commitments |
| Wholesale |
| Corporate | $ | 57,431 | $ 139,946 | $ | 50,960 | $ 143,296 |
| Wealth management | 45,564 | 4,638 | 38,062 | 4,091 |
| Commercial real estate | 22,214 | 2,715 | 21,150 | 4,306 |
| Residential real estate | 14,084 | 2,793 | 15,493 | 3,317 |
| Other | 8,324 | 4,940 | 5,958 | 6,169 |
| Consumer |
| Installment | 5,157 | 957 | 3,672 | 9 |
| Credit cards | 13,691 | 60,655 | 8,212 | 35,932 |
| Total | $ | 166,465 | $ 216,644 | $ | 143,507 | $ 197,120 |

| 41 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Wholesale | Consumer | Total |
| Three Months Ended September 2022 |
| Allowance for loan losses |
| Beginning balance | $ | 2,458 | $ | 2,104 | $ | 4,562 |
| Net (charge-offs)/recoveries | ( 43 ) | ( 129 ) | ( 172 ) |
| Provision | 78 | 403 | 481 |
| Other | ( 25 ) | — | ( 25 ) |
| Ending balance | $ | 2,468 | $ | 2,378 | $ | 4,846 |
| Allowance ratio | 1.7 | % | 12.6 | % | 2.9 | % |
| Net charge-off ratio | 0.1 | % | 2.9 | % | 0.4 | % |
| Allowance for losses on lending commitments |
| Beginning balance | $ | 702 | $ | 3 | $ | 705 |
| Provision | ( 10 ) | 44 | 34 |
| Ending balance | $ | 692 | $ | 47 | $ | 739 |
| Three Months Ended September 2021 |
| Allowance for loan losses |
| Beginning balance | $ | 2,173 | $ | 1,098 | $ | 3,271 |
| Net (charge-offs)/recoveries | ( 40 ) | ( 36 ) | ( 76 ) |
| Provision | 25 | 139 | 164 |
| Other | ( 27 ) | — | ( 27 ) |
| Ending balance | $ | 2,131 | $ | 1,201 | $ | 3,332 |
| Allowance ratio | 1.8 | % | 12.4 | % | 2.6 | % |
| Net charge-off ratio | 0.1 | % | 1.6 | % | 0.2 | % |
| Allowance for losses on lending commitments |
| Beginning balance | $ | 636 | $ | 186 | $ | 822 |
| Provision | 13 | ( 2 ) | 11 |
| Ending balance | $ | 649 | $ | 184 | $ | 833 |
| Nine Months Ended September 2022 |
| Allowance for loan losses |
| Beginning balance | $ | 2,135 | $ | 1,438 | $ | 3,573 |
| Net (charge-offs)/recoveries | ( 189 ) | ( 286 ) | ( 475 ) |
| Provision | 551 | 1,226 | 1,777 |
| Other | ( 29 ) | — | ( 29 ) |
| Ending balance | $ | 2,468 | $ | 2,378 | $ | 4,846 |
| Allowance ratio | 1.7 | % | 12.6 | % | 2.9 | % |
| Net charge-off ratio | 0.2 | % | 2.5 | % | 0.4 | % |
| Allowance for losses on lending commitments |
| Beginning balance | $ | 589 | $ | 187 | $ | 776 |
| Provision | 106 | ( 140 ) | ( 34 ) |
| Other | ( 3 ) | — | ( 3 ) |
| Ending balance | $ | 692 | $ | 47 | $ | 739 |
| Nine Months Ended September 2021 |
| Allowance for loan losses |
| Beginning balance | $ | 2,584 | $ | 1,290 | $ | 3,874 |
| Net (charge-offs)/recoveries | ( 49 ) | ( 153 ) | ( 202 ) |
| Provision | ( 345 ) | 64 | ( 281 ) |
| Other | ( 59 ) | — | ( 59 ) |
| Ending balance | $ | 2,131 | $ | 1,201 | $ | 3,332 |
| Allowance ratio | 1.8 | % | 12.4 | % | 2.6 | % |
| Net charge-off ratio | 0.1 | % | 2.4 | % | 0.2 | % |
| Allowance for losses on lending commitments |
| Beginning balance | $ | 557 | $ | — | $ | 557 |
| Provision | 110 | 184 | 294 |
| Other | ( 18 ) | — | ( 18 ) |
| Ending balance | $ | 649 | $ | 184 | $ | 833 |

| Goldman Sachs September 2022 Form 10-Q | 42 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of September 2022 |
| U.S. unemployment rate |
| Forecast for the quarter ended: |
| December 2022 | 3.8 | % |
| June 2023 | 4.0 | % |
| December 2023 | 4.1 | % |
| Growth in U.S. GDP |
| Forecast for the year: |
| 2022 | 1.5 | % |
| 2023 | 0.8 | % |
| 2024 | 1.5 | % |

| 43 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Level 1 | Level 2 | Level 3 | Total |
| As of September 2022 |
| Loan Type |
| Corporate | $ | — | $ | 1,101 | $ | 743 | $ | 1,844 |
| Wealth management | — | 4,474 | 63 | 4,537 |
| Commercial real estate | — | 432 | 845 | 1,277 |
| Residential real estate | — | 162 | 95 | 257 |
| Other | — | 23 | 312 | 335 |
| Total | $ | — | $ | 6,192 | $ | 2,058 | $ | 8,250 |
| As of December 2021 |
| Loan Type |
| Corporate | $ | — | $ | 1,655 | $ | 837 | $ | 2,492 |
| Wealth management | — | 5,873 | 63 | 5,936 |
| Commercial real estate | — | 605 | 983 | 1,588 |
| Residential real estate | — | 115 | 205 | 320 |
| Other | — | 167 | 266 | 433 |
| Total | $ | — | $ | 8,415 | $ | 2,354 | $ | 10,769 |
| As of September 2022 | As of December 2021 |
| $ in millions | Amount orRange | Weighted Average | Amount orRange | Weighted Average |
| Corporate |
| Level 3 assets | $ | 743 | $ | 837 |
| Yield | 2.0 % to 25.0 % | 10.7 | % | 1.5 % to 55.6 % | 14.9 | % |
| Recovery rate | 15.0 % to 95.0 % | 43.6 | % | 15.0 % to 92.0 % | 40.8 | % |
| Duration (years) | 0.3 to 3.5 | 2.6 | 0.9 to 6.8 | 2.7 |
| Commercial real estate |
| Level 3 assets | $ | 845 | $ | 983 |
| Yield | 1.4 % to 27.0 % | 14.1 | % | 3.2 % to 18.7 % | 12.6 | % |
| Recovery rate | 3.6 % to 23.5 % | 16.8 | % | 4.1 % to 99.5 % | 41.4 | % |
| Duration (years) | 0.3 to 4.8 | 2.1 | 0.4 to 4.0 | 1.7 |
| Residential real estate |
| Level 3 assets | $ | 95 | $ | 205 |
| Yield | 3.8 % to 17.0 % | 13.8 | % | 2.1 % to 20.0 % | 16.1 | % |
| Duration (years) | 0.3 to 7.3 | 2.4 | 0.1 to 2.4 | 1.0 |
| Wealth management and other |
| Level 3 assets | $ | 375 | $ | 329 |
| Yield | 5.7 % to 13.0 % | 8.7 | % | 3.6 % to 18.7 % | 7.1 | % |
| Duration (years) | 2.9 to 5.4 | 3.9 | 2.9 to 5.5 | 3.6 |

| Goldman Sachs September 2022 Form 10-Q | 44 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Beginning balance | $ | 2,347 | $ | 2,229 | $ | 2,354 | $ | 2,678 |
| Net realized gains/(losses) | 17 | 23 | 89 | 72 |
| Net unrealized gains/(losses) | ( 89 ) | ( 16 ) | ( 217 ) | ( 31 ) |
| Purchases | 7 | 74 | 212 | 140 |
| Sales | ( 18 ) | ( 13 ) | ( 61 ) | ( 17 ) |
| Settlements | ( 156 ) | ( 181 ) | ( 429 ) | ( 555 ) |
| Transfers into level 3 | 141 | 93 | 272 | 181 |
| Transfers out of level 3 | ( 191 ) | ( 10 ) | ( 162 ) | ( 269 ) |
| Ending balance | $ | 2,058 | $ | 2,199 | $ | 2,058 | $ | 2,199 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Corporate |
| Beginning balance | $ | 958 | $ | 852 | $ | 837 | $ | 929 |
| Net realized gains/(losses) | 9 | 11 | 21 | 21 |
| Net unrealized gains/(losses) | ( 10 ) | ( 16 ) | ( 31 ) | ( 24 ) |
| Purchases | 7 | 17 | 121 | 63 |
| Sales | ( 18 ) | ( 13 ) | ( 53 ) | ( 13 ) |
| Settlements | ( 78 ) | ( 81 ) | ( 141 ) | ( 208 ) |
| Transfers into level 3 | 41 | 15 | 78 | 103 |
| Transfers out of level 3 | ( 166 ) | ( 10 ) | ( 89 ) | ( 96 ) |
| Ending balance | $ | 743 | $ | 775 | $ | 743 | $ | 775 |
| Commercial real estate |
| Beginning balance | $ | 891 | $ | 920 | $ | 983 | $ | 1,104 |
| Net realized gains/(losses) | 6 | 9 | 47 | 33 |
| Net unrealized gains/(losses) | ( 70 ) | 11 | ( 149 ) | ( 15 ) |
| Purchases | — | — | 69 | 19 |
| Sales | — | — | ( 7 ) | ( 3 ) |
| Settlements | ( 57 ) | ( 82 ) | ( 162 ) | ( 227 ) |
| Transfers into level 3 | 100 | 78 | 109 | 78 |
| Transfers out of level 3 | ( 25 ) | — | ( 45 ) | ( 53 ) |
| Ending balance | $ | 845 | $ | 936 | $ | 845 | $ | 936 |
| Residential real estate |
| Beginning balance | $ | 116 | $ | 118 | $ | 205 | $ | 260 |
| Net realized gains/(losses) | 1 | 3 | — | 6 |
| Net unrealized gains/(losses) | ( 9 ) | 1 | ( 18 ) | ( 36 ) |
| Purchases | — | 57 | 4 | 58 |
| Sales | — | — | ( 1 ) | ( 1 ) |
| Settlements | ( 13 ) | ( 13 ) | ( 87 ) | ( 45 ) |
| Transfers into level 3 | — | — | 19 | — |
| Transfers out of level 3 | — | — | ( 27 ) | ( 76 ) |
| Ending balance | $ | 95 | $ | 166 | $ | 95 | $ | 166 |
| Wealth management and other |
| Beginning balance | $ | 382 | $ | 339 | $ | 329 | $ | 385 |
| Net realized gains/(losses) | 1 | — | 21 | 12 |
| Net unrealized gains/(losses) | — | ( 12 ) | ( 19 ) | 44 |
| Purchases | — | — | 18 | — |
| Settlements | ( 8 ) | ( 5 ) | ( 39 ) | ( 75 ) |
| Transfers into level 3 | — | — | 66 | — |
| Transfers out of level 3 | — | — | ( 1 ) | ( 44 ) |
| Ending balance | $ | 375 | $ | 322 | $ | 375 | $ | 322 |

| 45 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Carrying Value | Estimated Fair Value |
| $ in millions | Level 2 | Level 3 | Total |
| As of September 2022 |
| Amortized cost | $ | 161,619 | $ | 85,846 | $ | 77,386 | $ | 163,232 |
| Held for sale | $ | 6,800 | $ | 3,589 | $ | 3,221 | $ | 6,810 |
| As of December 2021 |
| Amortized cost | $ | 139,934 | $ | 87,676 | $ | 54,127 | $ | 141,803 |
| Held for sale | $ | 7,859 | $ | 5,970 | $ | 1,917 | $ | 7,887 |

| Goldman Sachs September 2022 Form 10-Q | 46 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Level 1 | Level 2 | Level 3 | Total |
| As of September 2022 |
| Assets |
| Resale agreements | $ | — | $ | 182,502 | $ | — | $ | 182,502 |
| Securities borrowed | — | 42,506 | — | 42,506 |
| Customer and other receivables | — | 25 | — | 25 |
| Total | $ | — | $ | 225,033 | $ | — | $ | 225,033 |
| Liabilities |
| Deposits | $ | — | $ | ( 20,858 ) | $ | ( 2,729 ) | $ | ( 23,587 ) |
| Repurchase agreements | — | ( 159,690 ) | — | ( 159,690 ) |
| Securities loaned | — | ( 7,444 ) | — | ( 7,444 ) |
| Other secured financings | — | ( 12,370 ) | ( 1,870 ) | ( 14,240 ) |
| Unsecured borrowings: |
| Short-term | — | ( 27,958 ) | ( 4,512 ) | ( 32,470 ) |
| Long-term | — | ( 55,685 ) | ( 9,673 ) | ( 65,358 ) |
| Other liabilities | — | ( 381 ) | ( 81 ) | ( 462 ) |
| Total | $ | — | $ | ( 284,386 ) | $ | ( 18,865 ) | $ | ( 303,251 ) |
| As of December 2021 |
| Assets |
| Resale agreements | $ | — | $ | 205,703 | $ | — | $ | 205,703 |
| Securities borrowed | — | 39,955 | — | 39,955 |
| Customer and other receivables | — | 42 | — | 42 |
| Total | $ | — | $ | 245,700 | $ | — | $ | 245,700 |
| Liabilities |
| Deposits | $ | — | $ | ( 31,812 ) | $ | ( 3,613 ) | $ | ( 35,425 ) |
| Repurchase agreements | — | ( 165,883 ) | — | ( 165,883 ) |
| Securities loaned | — | ( 9,170 ) | — | ( 9,170 ) |
| Other secured financings | — | ( 14,508 ) | ( 2,566 ) | ( 17,074 ) |
| Unsecured borrowings: |
| Short-term | — | ( 22,003 ) | ( 7,829 ) | ( 29,832 ) |
| Long-term | — | ( 42,977 ) | ( 9,413 ) | ( 52,390 ) |
| Other liabilities | — | ( 213 ) | ( 146 ) | ( 359 ) |
| Total | $ | — | $ | ( 286,566 ) | $ | ( 23,567 ) | $ | ( 310,133 ) |

| 47 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Beginning balance | $ | ( 19,114 ) | $ | ( 28,136 ) | $ | ( 23,567 ) | $ | ( 28,058 ) |
| Net realized gains/(losses) | ( 90 ) | ( 181 ) | ( 222 ) | ( 388 ) |
| Net unrealized gains/(losses) | 1,538 | 819 | 5,977 | 822 |
| Issuances | ( 3,296 ) | ( 4,856 ) | ( 9,486 ) | ( 11,797 ) |
| Settlements | 2,691 | 6,742 | 8,548 | 13,325 |
| Transfers into level 3 | ( 1,494 ) | ( 570 ) | ( 2,562 ) | ( 745 ) |
| Transfers out of level 3 | 900 | 1,845 | 2,447 | 2,504 |
| Ending balance | $ | ( 18,865 ) | $ | ( 24,337 ) | $ | ( 18,865 ) | $ | ( 24,337 ) |

| Goldman Sachs September 2022 Form 10-Q | 48 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Deposits |
| Beginning balance | $ | ( 2,789 ) | $ | ( 3,908 ) | $ | ( 3,613 ) | $ | ( 4,221 ) |
| Net realized gains/(losses) | — | ( 8 ) | ( 7 ) | ( 23 ) |
| Net unrealized gains/(losses) | 135 | 74 | 466 | ( 28 ) |
| Issuances | ( 261 ) | ( 144 ) | ( 735 ) | ( 341 ) |
| Settlements | 259 | 307 | 1,041 | 904 |
| Transfers into level 3 | ( 89 ) | — | ( 20 ) | ( 23 ) |
| Transfers out of level 3 | 16 | 42 | 139 | 95 |
| Ending balance | $ | ( 2,729 ) | $ | ( 3,637 ) | $ | ( 2,729 ) | $ | ( 3,637 ) |
| Repurchase agreements |
| Beginning balance | $ | — | $ | — | $ | — | $ | ( 2 ) |
| Settlements | — | — | — | 2 |
| Ending balance | $ | — | $ | — | $ | — | $ | — |
| Other secured financings |
| Beginning balance | $ | ( 1,412 ) | $ | ( 2,891 ) | $ | ( 2,566 ) | $ | ( 3,474 ) |
| Net realized gains/(losses) | ( 13 ) | 3 | ( 18 ) | ( 1 ) |
| Net unrealized gains/(losses) | 86 | 30 | 177 | 71 |
| Issuances | ( 406 ) | ( 43 ) | ( 545 ) | ( 101 ) |
| Settlements | 22 | 414 | 527 | 657 |
| Transfers into level 3 | ( 147 ) | ( 233 ) | ( 110 ) | ( 243 ) |
| Transfers out of level 3 | — | 80 | 665 | 451 |
| Ending balance | $ | ( 1,870 ) | $ | ( 2,640 ) | $ | ( 1,870 ) | $ | ( 2,640 ) |
| Unsecured short-term borrowings |
| Beginning balance | $ | ( 5,209 ) | $ | ( 11,461 ) | $ | ( 7,829 ) | $ | ( 7,523 ) |
| Net realized gains/(losses) | ( 54 ) | ( 112 ) | ( 126 ) | ( 168 ) |
| Net unrealized gains/(losses) | 286 | 429 | 1,241 | 334 |
| Issuances | ( 1,165 ) | ( 3,453 ) | ( 3,582 ) | ( 8,042 ) |
| Settlements | 1,747 | 4,846 | 5,443 | 6,399 |
| Transfers into level 3 | ( 528 ) | ( 200 ) | ( 470 ) | ( 183 ) |
| Transfers out of level 3 | 411 | 1,282 | 811 | 514 |
| Ending balance | $ | ( 4,512 ) | $ | ( 8,669 ) | $ | ( 4,512 ) | $ | ( 8,669 ) |
| Unsecured long-term borrowings |
| Beginning balance | $ | ( 9,626 ) | $ | ( 9,714 ) | $ | ( 9,413 ) | $ | ( 12,576 ) |
| Net realized gains/(losses) | ( 23 ) | ( 64 ) | ( 71 ) | ( 196 ) |
| Net unrealized gains/(losses) | 1,034 | 289 | 4,028 | 348 |
| Issuances | ( 1,464 ) | ( 1,216 ) | ( 4,624 ) | ( 3,313 ) |
| Settlements | 663 | 1,175 | 1,537 | 5,363 |
| Transfers into level 3 | ( 730 ) | ( 137 ) | ( 1,962 ) | ( 296 ) |
| Transfers out of level 3 | 473 | 441 | 832 | 1,444 |
| Ending balance | $ | ( 9,673 ) | $ | ( 9,226 ) | $ | ( 9,673 ) | $ | ( 9,226 ) |
| Other liabilities |
| Beginning balance | $ | ( 78 ) | $ | ( 162 ) | $ | ( 146 ) | $ | ( 262 ) |
| Net unrealized gains/(losses) | ( 3 ) | ( 3 ) | 65 | 97 |
| Ending balance | $ | ( 81 ) | $ | ( 165 ) | $ | ( 81 ) | $ | ( 165 ) |

| 49 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
Transfers out of level 3 other financial liabilities during the nine months ended September 2022 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings to level 2 (principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments) and transfers of certain other secured financings to level 2 (principally due to certain unobservable yield inputs no longer being significant to the valuation of these instruments).Three Months Ended September 2021. The net realized and unrealized gains on level 3 other financial liabilities of $ 638 million (reflecting $ 181 million of net realized losses and $ 819 million of net unrealized gains) for the three months ended September 2021 included gains/(losses) of $ 599 million reported in market making, $ 19 million reported in other principal transactions and $( 5 ) million reported in interest expense in the consolidated statements of earnings, and $ 25 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The net unrealized gains on level 3 other financial liabilities for the three months ended September 2021 primarily reflected gains on certain hybrid financial instruments included in unsecured short- and long-term borrowings (principally due to higher levels of volatility and decreases in the market value of certain underlying equities). Transfers into level 3 other financial liabilities during the three months ended September 2021 primarily reflected transfers of certain other secured financings from level 2 (principally due to reduced price transparency of certain yield and duration inputs used to value these instruments) and certain hybrid financial instruments included in unsecured short- and long-term borrowings from level 2 (principally due to reduced price transparency of certain volatility and correlation inputs used to value these instruments). Transfers out of level 3 other financial liabilities during the three months ended September 2021 primarily reflected transfers of certain hybrid financial instruments included in unsecured short- and long-term borrowings to level 2 (principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments). Nine Months Ended September 2021. The net realized and unrealized gains on level 3 other financial liabilities of $ 434 million (reflecting $ 388 million of net realized losses and $ 822 million of net unrealized gains) for the nine months ended September 2021 included gains/(losses) of $ 366 million reported in market making, $ 49 million reported in other principal transactions and $( 14 ) million reported in interest expense in the consolidated statements of earnings, and $ 33 million reported in debt valuation adjustment in the consolidated statements of comprehensive income. The net unrealized gains on level 3 other financial liabilities for the nine months ended September 2021 primarily reflected gains on certain hybrid financial instruments included in unsecured long- and short-term borrowings (principally due to higher levels of volatility in certain underlying equities and an increase in interest rates, partially offset by an increase in global equity prices).Transfers into level 3 other financial liabilities during the nine months ended September 2021 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings from level 2 (principally due to reduced price transparency of certain volatility and correlation inputs used to value these instruments) and certain other secured financings from level 2 (principally due to reduced price transparency of certain yield and duration inputs used to value these instruments). Transfers out of level 3 other financial liabilities during the nine months ended September 2021 primarily reflected transfers of certain hybrid financial instruments included in unsecured long- and short-term borrowings to level 2 (principally due to increased price transparency of certain volatility and correlation inputs used to value these instruments, and certain unobservable volatility inputs no longer being significant to the valuation of these instruments) and certain other secured financings to level 2 (principally due to increased price transparency of certain yield and duration inputs used to value these instruments).
| Goldman Sachs September 2022 Form 10-Q | 50 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Unsecured short-term borrowings | $ | 1,114 | $ | 875 | $ | 5,379 | $ | ( 935 ) |
| Unsecured long-term borrowings | 2,445 | ( 128 ) | 8,316 | ( 1,830 ) |
| Other | 434 | 54 | 1,255 | ( 17 ) |
| Total | $ | 3,993 | $ | 801 | $ | 14,950 | $ | ( 2,782 ) |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Pre-tax DVA | $ | 907 | $ | 92 | $ | 3,488 | $ | 222 |
| After tax DVA | $ | 673 | $ | 67 | $ | 2,601 | $ | 165 |

| 51 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Performing loans |
| Aggregate contractual principal in excess of fair value | $ | 3,208 | $ | 1,373 |
| Loans on nonaccrual status and/or more than 90 days past due |
| Aggregate contractual principal in excess of fair value | $ | 6,319 | $ | 8,600 |
| Aggregate fair value | $ | 2,555 | $ | 3,559 |

| Goldman Sachs September 2022 Form 10-Q | 52 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Assets | Liabilities |
| $ in millions | Resale agreements | Securities borrowed | Repurchase agreements | Securities loaned |
| As of September 2022 |
| Included in the consolidated balance sheets |
| Gross carrying value | $ | 274,034 | $ | 198,548 | $ | 251,222 | $ | 45,402 |
| Counterparty netting | ( 91,532 ) | ( 1,580 ) | ( 91,532 ) | ( 1,580 ) |
| Total | 182,502 | 196,968 | 159,690 | 43,822 |
| Amounts not offset |
| Counterparty netting | ( 23,623 ) | ( 7,827 ) | ( 23,623 ) | ( 7,827 ) |
| Collateral | ( 152,988 ) | ( 177,823 ) | ( 133,537 ) | ( 34,824 ) |
| Total | $ | 5,891 | $ | 11,318 | $ | 2,530 | $ | 1,171 |
| As of December 2021 |
| Included in the consolidated balance sheets |
| Gross carrying value | $ | 334,725 | $ | 190,197 | $ | 294,905 | $ | 57,931 |
| Counterparty netting | ( 129,022 ) | ( 11,426 ) | ( 129,022 ) | ( 11,426 ) |
| Total | 205,703 | 178,771 | 165,883 | 46,505 |
| Amounts not offset |
| Counterparty netting | ( 27,376 ) | ( 12,822 ) | ( 27,376 ) | ( 12,822 ) |
| Collateral | ( 173,915 ) | ( 157,752 ) | ( 134,465 ) | ( 33,143 ) |
| Total | $ | 4,412 | $ | 8,197 | $ | 4,042 | $ | 540 |

| 53 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Repurchase agreements | Securities loaned |
| As of September 2022 |
| Money market instruments | $ | 1,132 | $ | — |
| U.S. government and agency obligations | 134,142 | 443 |
| Non-U.S. government and agency obligations | 89,464 | 958 |
| Securities backed by commercial real estate | 211 | 30 |
| Securities backed by residential real estate | 278 | — |
| Corporate debt securities | 15,370 | 428 |
| State and municipal obligations | 50 | — |
| Other debt obligations | 104 | 25 |
| Equity securities | 10,471 | 43,518 |
| Total | $ | 251,222 | $ | 45,402 |
| As of December 2021 |
| Money market instruments | $ | 328 | $ | 14 |
| U.S. government and agency obligations | 132,049 | 503 |
| Non-U.S. government and agency obligations | 126,397 | 1,254 |
| Securities backed by commercial real estate | 362 | — |
| Securities backed by residential real estate | 919 | — |
| Corporate debt securities | 11,034 | 510 |
| State and municipal obligations | 248 | — |
| Other debt obligations | 374 | — |
| Equity securities | 23,194 | 55,650 |
| Total | $ | 294,905 | $ | 57,931 |
| As of September 2022 |
| $ in millions | Repurchase agreements | Securities loaned |
| No stated maturity and overnight | $ | 96,905 | $ | 26,459 |
| 2 - 30 days | 67,705 | 611 |
| 31 - 90 days | 31,650 | 863 |
| 91 days - 1 year | 44,190 | 11,102 |
| Greater than 1 year | 10,772 | 6,367 |
| Total | $ | 251,222 | $ | 45,402 |

| Goldman Sachs September 2022 Form 10-Q | 54 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | U.S. Dollar | Non-U.S. Dollar | Total |
| As of September 2022 |
| Other secured financings (short-term): |
| At fair value | $ | 4,983 | $ | 2,201 | $ | 7,184 |
| At amortized cost | 583 | 152 | 735 |
| Other secured financings (long-term): |
| At fair value | 4,470 | 2,586 | 7,056 |
| At amortized cost | 261 | 359 | 620 |
| Total other secured financings | $ | 10,297 | $ | 5,298 | $ | 15,595 |
| Other secured financings collateralized by: |
| Financial instruments | $ | 5,381 | $ | 4,272 | $ | 9,653 |
| Other assets | $ | 4,916 | $ | 1,026 | $ | 5,942 |
| As of December 2021 |
| Other secured financings (short-term): |
| At fair value | $ | 5,315 | $ | 3,664 | $ | 8,979 |
| At amortized cost | — | 191 | 191 |
| Other secured financings (long-term): |
| At fair value | 4,170 | 3,925 | 8,095 |
| At amortized cost | 827 | 452 | 1,279 |
| Total other secured financings | $ | 10,312 | $ | 8,232 | $ | 18,544 |
| Other secured financings collateralized by: |
| Financial instruments | $ | 5,990 | $ | 6,834 | $ | 12,824 |
| Other assets | $ | 4,322 | $ | 1,398 | $ | 5,720 |
| As of |
| $ in millions | September 2022 |
| Other secured financings (short-term) | $ | 7,919 |
| Other secured financings (long-term): |
| 2023 | 917 |
| 2024 | 2,229 |
| 2025 | 934 |
| 2026 | 1,457 |
| 2027 | 132 |
| 2028 - thereafter | 2,007 |
| Total other secured financings (long-term) | 7,676 |
| Total other secured financings | $ | 15,595 |

| 55 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Collateral available to be delivered or repledged | $ | 898,556 | $ | 1,057,195 |
| Collateral that was delivered or repledged | $ | 741,587 | $ | 875,213 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Pledged to counterparties that had the right to deliver or repledge |
| Trading assets | $ | 77,130 | $ | 68,208 |
| Investments | $ | 20,375 | $ | 12,840 |
| Pledged to counterparties that did not have the right to deliver or repledge |
| Trading assets | $ | 92,793 | $ | 102,259 |
| Investments | $ | 22,220 | $ | 8,683 |
| Loans | $ | 7,307 | $ | 6,808 |
| Other assets | $ | 8,464 | $ | 8,878 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Property, leasehold improvements and equipment | $ | 17,167 | $ | 18,094 |
| Goodwill | 6,288 | 4,285 |
| Identifiable intangible assets | 1,963 | 418 |
| Operating lease right-of-use assets | 2,067 | 2,292 |
| Income tax-related assets | 5,394 | 3,860 |
| Miscellaneous receivables and other | 6,366 | 5,659 |
| Total | $ | 39,245 | $ | 34,608 |

| Goldman Sachs September 2022 Form 10-Q | 56 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Investment Banking | $ | 281 | $ | 281 |
| Global Markets: |
| FICC | 269 | 269 |
| Equities | 2,637 | 2,638 |
| Asset Management | 1,299 | 349 |
| Consumer & Wealth Management: |
| Consumer banking | 1,102 | 48 |
| Wealth management | 700 | 700 |
| Total | $ | 6,288 | $ | 4,285 |

| 57 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| $ in millions | September 2022 | December 2021 |
| By Reporting Unit |
| Global Markets: |
| FICC | $ | 1 | $ | 1 |
| Equities | 40 | 43 |
| Asset Management | 938 | 122 |
| Consumer & Wealth Management: |
| Consumer banking | 764 | — |
| Wealth management | 220 | 252 |
| Total | $ | 1,963 | $ | 418 |
| By Type |
| Customer lists and merchant relationships |
| Gross carrying value | $ | 3,126 | $ | 1,460 |
| Accumulated amortization | ( 1,229 ) | ( 1,130 ) |
| Net carrying value | 1,897 | 330 |
| Acquired leases and other |
| Gross carrying value | 487 | 500 |
| Accumulated amortization | ( 421 ) | ( 412 ) |
| Net carrying value | 66 | 88 |
| Total gross carrying value | 3,613 | 1,960 |
| Total accumulated amortization | ( 1,650 ) | ( 1,542 ) |
| Total net carrying value | $ | 1,963 | $ | 418 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Amortization | $ | 54 | $ | 22 | $ | 124 | $ | 89 |
| As of |
| $ in millions | September 2022 |
| Estimated future amortization |
| Remainder of 2022 | $ | 48 |
| 2023 | $ | 193 |
| 2024 | $ | 181 |
| 2025 | $ | 164 |
| 2026 | $ | 156 |
| 2027 | $ | 155 |

| Goldman Sachs September 2022 Form 10-Q | 58 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Savings and Demand | Time | Total |
| As of September 2022 |
| Consumer | $ | 91,884 | $ | 21,566 | $ | 113,450 |
| Private bank | 81,585 | 13,397 | 94,982 |
| Brokered certificates of deposit | — | 37,578 | 37,578 |
| Deposit sweep programs | 46,165 | — | 46,165 |
| Transaction banking | 73,139 | 5,572 | 78,711 |
| Other | 1,462 | 22,385 | 23,847 |
| Total | $ | 294,235 | $ | 100,498 | $ | 394,733 |
| As of December 2021 |
| Consumer | $ | 89,150 | $ | 20,533 | $ | 109,683 |
| Private bank | 85,427 | 9,665 | 95,092 |
| Brokered certificates of deposit | — | 30,816 | 30,816 |
| Deposit sweep programs | 37,965 | — | 37,965 |
| Transaction banking | 48,618 | 5,689 | 54,307 |
| Other | 275 | 36,089 | 36,364 |
| Total | $ | 261,435 | $ | 102,792 | $ | 364,227 |

| 59 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| U.S. offices | $ | 323,048 | $ | 283,705 |
| Non-U.S. offices | 71,685 | 80,522 |
| Total | $ | 394,733 | $ | 364,227 |
| As of September 2022 |
| $ in millions | U.S. | Non-U.S. | Total |
| Remainder of 2022 | $ | 16,347 | $ | 14,867 | $ | 31,214 |
| 2023 | 37,121 | 12,374 | 49,495 |
| 2024 | 10,198 | 94 | 10,292 |
| 2025 | 3,782 | 199 | 3,981 |
| 2026 | 2,432 | 240 | 2,672 |
| 2027 | 1,089 | 170 | 1,259 |
| 2028 - thereafter | 1,270 | 315 | 1,585 |
| Total | $ | 72,239 | $ | 28,259 | $ | 100,498 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Unsecured short-term borrowings | $ | 51,850 | $ | 46,955 |
| Unsecured long-term borrowings | 239,965 | 254,092 |
| Total | $ | 291,815 | $ | 301,047 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Current portion of unsecured long-term borrowings | $ | 28,306 | $ | 18,118 |
| Hybrid financial instruments | 16,322 | 20,073 |
| Commercial paper | 5,152 | 6,730 |
| Other unsecured short-term borrowings | 2,070 | 2,034 |
| Total unsecured short-term borrowings | $ | 51,850 | $ | 46,955 |
| Weighted average interest rate | 2.74 | % | 2.34 | % |

| Goldman Sachs September 2022 Form 10-Q | 60 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | U.S. Dollar | Non-U.S. Dollar | Total |
| As of September 2022 |
| Fixed-rate obligations | $ | 119,962 | $ | 35,620 | $ | 155,582 |
| Floating-rate obligations | 55,812 | 28,571 | 84,383 |
| Total | $ | 175,774 | $ | 64,191 | $ | 239,965 |
| As of December 2021 |
| Fixed-rate obligations | $ | 126,534 | $ | 46,408 | $ | 172,942 |
| Floating-rate obligations | 50,995 | 30,155 | 81,150 |
| Total | $ | 177,529 | $ | 76,563 | $ | 254,092 |
| As of |
| $ in millions | September 2022 |
| 2023 | $ | 14,609 |
| 2024 | 40,828 |
| 2025 | 34,203 |
| 2026 | 20,824 |
| 2027 | 27,937 |
| 2028 - thereafter | 101,564 |
| Total | $ | 239,965 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Fixed-rate obligations: |
| At fair value | $ | 5,692 | $ | 4,863 |
| At amortized cost | 5,411 | 30,370 |
| Floating-rate obligations: |
| At fair value | 59,666 | 47,527 |
| At amortized cost | 169,196 | 171,332 |
| Total | $ | 239,965 | $ | 254,092 |

| 61 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Par Amount | Carrying Value | Rate |
| As of September 2022 |
| Subordinated debt | $ | 12,118 | $ | 11,745 | 4.54 | % |
| Junior subordinated debt | 968 | 1,052 | 3.76 | % |
| Total | $ | 13,086 | $ | 12,797 | 4.49 | % |
| As of December 2021 |
| Subordinated debt | $ | 12,437 | $ | 15,571 | 1.74 | % |
| Junior subordinated debt | 968 | 1,321 | 1.31 | % |
| Total | $ | 13,405 | $ | 16,892 | 1.71 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Compensation and benefits | $ | 6,217 | $ | 10,838 |
| Income tax-related liabilities | 3,274 | 2,360 |
| Operating lease liabilities | 2,057 | 2,288 |
| Noncontrolling interests | 824 | 840 |
| Employee interests in consolidated funds | 28 | 29 |
| Accrued expenses and other | 8,479 | 8,146 |
| Total | $ | 20,879 | $ | 24,501 |

| Goldman Sachs September 2022 Form 10-Q | 62 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Operating lease liabilities |
| As of September 2022 |
| Remainder of 2022 | $ | 76 |
| 2023 | 327 |
| 2024 | 299 |
| 2025 | 261 |
| 2026 | 217 |
| 2027 - thereafter | 1,543 |
| Total undiscounted lease payments | 2,723 |
| Imputed interest | ( 666 ) |
| Total operating lease liabilities | $ | 2,057 |
| Weighted average remaining lease term | 13 years |
| Weighted average discount rate | 3.60 | % |
| As of December 2021 |
| 2022 | $ | 305 |
| 2023 | 307 |
| 2024 | 284 |
| 2025 | 258 |
| 2026 | 216 |
| 2027 - thereafter | 1,655 |
| Total undiscounted lease payments | 3,025 |
| Imputed interest | ( 737 ) |
| Total operating lease liabilities | $ | 2,288 |
| Weighted average remaining lease term | 14 years |
| Weighted average discount rate | 3.61 | % |

| 63 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Residential mortgages | $ | 6,128 | $ | 9,888 | $ | 25,069 | $ | 19,894 |
| Commercial mortgages | 2,306 | 3,066 | 13,820 | 13,832 |
| Other financial assets | 902 | 2,353 | 3,519 | 4,017 |
| Total financial assets securitized | $ | 9,336 | $ | 15,307 | $ | 42,408 | $ | 37,743 |
| Retained interests cash flows | $ | 125 | $ | 204 | $ | 428 | $ | 452 |
| $ in millions | Outstanding Principal Amount | Retained Interests | Purchased Interests |
| As of September 2022 |
| U.S. government agency-issued CMOs | $ | 39,848 | $ | 1,899 | $ | — |
| Other residential mortgage-backed | 27,703 | 1,233 | 129 |
| Other commercial mortgage-backed | 59,919 | 1,351 | 108 |
| Corporate debt and other asset-backed | 9,092 | 425 | 34 |
| Total | $ | 136,562 | $ | 4,908 | $ | 271 |
| As of December 2021 |
| U.S. government agency-issued CMOs | $ | 33,984 | $ | 955 | $ | 3 |
| Other residential mortgage-backed | 23,262 | 1,114 | 96 |
| Other commercial mortgage-backed | 50,350 | 1,123 | 130 |
| Corporate debt and other asset-backed | 7,755 | 360 | 37 |
| Total | $ | 115,351 | $ | 3,552 | $ | 266 |

| Goldman Sachs September 2022 Form 10-Q | 64 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Fair value of retained interests | $ | 4,421 | $ | 3,209 |
| Weighted average life (years) | 6.6 | 5.1 |
| Constant prepayment rate | 8.4 % | 14.1 % |
| Impact of 10% adverse change | $ | ( 28 ) | $ | ( 38 ) |
| Impact of 20% adverse change | $ | ( 52 ) | $ | ( 69 ) |
| Discount rate | 7.6 % | 5.6 % |
| Impact of 10% adverse change | $ | ( 131 ) | $ | ( 49 ) |
| Impact of 20% adverse change | $ | ( 251 ) | $ | ( 96 ) |

| 65 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Total nonconsolidated VIEs |
| Assets in VIEs | $ | 184,515 | $ | 176,809 |
| Carrying value of variable interests — assets | $ | 12,035 | $ | 9,582 |
| Carrying value of variable interests — liabilities | $ | 791 | $ | 928 |
| Maximum exposure to loss: |
| Retained interests | $ | 4,908 | $ | 3,552 |
| Purchased interests | 916 | 1,071 |
| Commitments and guarantees | 2,642 | 2,440 |
| Derivatives | 8,128 | 8,682 |
| Debt and equity | 5,887 | 4,639 |
| Total | $ | 22,481 | $ | 20,384 |

| Goldman Sachs September 2022 Form 10-Q | 66 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Mortgage-backed |
| Assets in VIEs | $ | 129,580 | $ | 120,343 |
| Carrying value of variable interests — assets | $ | 4,892 | $ | 4,147 |
| Maximum exposure to loss: |
| Retained interests | $ | 4,483 | $ | 3,192 |
| Purchased interests | 408 | 955 |
| Commitments and guarantees | 61 | 34 |
| Derivatives | 13 | 18 |
| Total | $ | 4,965 | $ | 4,199 |
| Real estate, credit- and power-related and other investing |
| Assets in VIEs | $ | 27,198 | $ | 26,867 |
| Carrying value of variable interests — assets | $ | 4,105 | $ | 3,923 |
| Carrying value of variable interests — liabilities | $ | 2 | $ | 8 |
| Maximum exposure to loss: |
| Commitments and guarantees | $ | 2,061 | $ | 2,030 |
| Derivatives | 61 | 64 |
| Debt and equity | 4,102 | 3,923 |
| Total | $ | 6,224 | $ | 6,017 |
| Corporate debt and other asset-backed |
| Assets in VIEs | $ | 20,700 | $ | 18,391 |
| Carrying value of variable interests — assets | $ | 2,757 | $ | 1,156 |
| Carrying value of variable interests — liabilities | $ | 789 | $ | 920 |
| Maximum exposure to loss: |
| Retained interests | $ | 425 | $ | 360 |
| Purchased interests | 508 | 116 |
| Commitments and guarantees | 367 | 250 |
| Derivatives | 8,052 | 8,597 |
| Debt and equity | 1,504 | 360 |
| Total | $ | 10,856 | $ | 9,683 |
| Investments in funds |
| Assets in VIEs | $ | 7,037 | $ | 11,208 |
| Carrying value of variable interests — assets | $ | 281 | $ | 356 |
| Maximum exposure to loss: |
| Commitments and guarantees | $ | 153 | $ | 126 |
| Derivatives | 2 | 3 |
| Debt and equity | 281 | 356 |
| Total | $ | 436 | $ | 485 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Total consolidated VIEs |
| Assets |
| Cash and cash equivalents | $ | 918 | $ | 501 |
| Customer and other receivables | 11 | — |
| Trading assets | 145 | 122 |
| Investments | 98 | 153 |
| Loans | 1,293 | 1,988 |
| Other assets | 298 | 314 |
| Total | $ | 2,763 | $ | 3,078 |
| Liabilities |
| Other secured financings | $ | 1,348 | $ | 1,143 |
| Customer and other payables | 5 | 34 |
| Trading liabilities | 1 | 7 |
| Unsecured short-term borrowings | 46 | 146 |
| Unsecured long-term borrowings | 23 | 81 |
| Other liabilities | 128 | 163 |
| Total | $ | 1,551 | $ | 1,574 |

| 67 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Real estate, credit-related and other investing |
| Assets |
| Cash and cash equivalents | $ | 301 | $ | 274 |
| Customer and other receivables | 11 | — |
| Trading assets | 30 | 16 |
| Investments | 98 | 153 |
| Loans | 1,293 | 1,988 |
| Other assets | 298 | 314 |
| Total | $ | 2,031 | $ | 2,745 |
| Liabilities |
| Other secured financings | $ | 132 | $ | 150 |
| Customer and other payables | 5 | 34 |
| Trading liabilities | 1 | 7 |
| Other liabilities | 128 | 163 |
| Total | $ | 266 | $ | 354 |
| Corporate debt and other asset-backed |
| Assets |
| Cash and cash equivalents | $ | 617 | $ | 227 |
| Trading assets | 70 | 17 |
| Total | $ | 687 | $ | 244 |
| Liabilities |
| Other secured financings | $ | 940 | $ | 602 |
| Total | $ | 940 | $ | 602 |
| Principal-protected notes |
| Assets |
| Trading assets | $ | 45 | $ | 89 |
| Total | $ | 45 | $ | 89 |
| Liabilities |
| Other secured financings | $ | 276 | $ | 391 |
| Unsecured short-term borrowings | 46 | 146 |
| Unsecured long-term borrowings | 23 | 81 |
| Total | $ | 345 | $ | 618 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Commitment Type |
| Commercial lending: |
| Investment-grade | $ | 95,229 | $ | 95,585 |
| Non-investment-grade | 57,231 | 69,635 |
| Warehouse financing | 8,865 | 10,391 |
| Consumer | 61,612 | 35,941 |
| Total lending | 222,937 | 211,552 |
| Risk participations | 9,486 | 10,016 |
| Collateralized agreement | 104,691 | 101,031 |
| Collateralized financing | 33,858 | 29,561 |
| Investment | 7,246 | 11,381 |
| Other | 12,514 | 9,143 |
| Total commitments | $ | 390,732 | $ | 372,684 |
| As of September 2022 |
| Remainder of | 2023 - | 2025 - | 2027 - |
| $ in millions | 2022 | 2024 | 2026 | Thereafter |
| Commitment Type |
| Commercial lending: |
| Investment-grade | $ | 3,472 | $ | 26,957 | $ | 41,053 | $ | 23,747 |
| Non-investment-grade | 2,040 | 15,452 | 23,532 | 16,207 |
| Warehouse financing | — | 5,497 | 2,989 | 379 |
| Consumer | 60,677 | 935 | — | — |
| Total lending | 66,189 | 48,841 | 67,574 | 40,333 |
| Risk participations | 243 | 5,852 | 2,261 | 1,130 |
| Collateralized agreement | 95,230 | 9,461 | — | — |
| Collateralized financing | 30,495 | 3,363 | — | — |
| Investment | 1,110 | 1,325 | 509 | 4,302 |
| Other | 9,315 | 2,923 | 28 | 248 |
| Total commitments | $ | 202,582 | $ | 71,765 | $ | 70,372 | $ | 46,013 |

| Goldman Sachs September 2022 Form 10-Q | 68 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Held for investment | $ | 216,644 | $ | 197,120 |
| Held for sale | 4,820 | 13,175 |
| At fair value | 1,473 | 1,257 |
| Total | $ | 222,937 | $ | 211,552 |

| 69 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Derivatives | Securities lending and clearing | Other financial guarantees |
| As of September 2022 |
| Carrying Value of Net Liability | $ | 7,849 | $ | — | $ | 400 |
| Maximum Payout/Notional Amount by Period of Expiration |
| Remainder of 2022 | $ | 21,519 | $ | 14,041 | $ | 499 |
| 2023 - 2024 | 145,915 | — | 3,757 |
| 2025 - 2026 | 37,383 | — | 2,376 |
| 2027 - thereafter | 33,490 | — | 421 |
| Total | $ | 238,307 | $ | 14,041 | $ | 7,053 |
| As of December 2021 |
| Carrying Value of Net Liability | $ | 3,406 | $ | — | $ | 234 |
| Maximum Payout/Notional Amount by Period of Expiration |
| 2022 | $ | 68,212 | $ | 11,046 | $ | 871 |
| 2023 - 2024 | 48,273 | — | 3,608 |
| 2025 - 2026 | 19,706 | — | 2,015 |
| 2027 - thereafter | 30,006 | — | 97 |
| Total | $ | 166,197 | $ | 11,046 | $ | 6,591 |

| Goldman Sachs September 2022 Form 10-Q | 70 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes 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. There were no amounts outstanding under the guarantee as of both September 2022 and December 2021. 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 is also required to make a one-time interim payment of $ 250 million towards the $ 1.4 billion if the Government of Malaysia has not received at least $ 500 million in assets and proceeds by August 2022. The firm considers the reports that it receives on a semi-annual basis, expected in February and August, in evaluating the progress of Malaysia’s recovery efforts. In the latest report as of August 2022, the Government of Malaysia unilaterally reduced the value of one asset previously included in its prior reports by $ 80 million and declined to include substantial additional assets in its accounting of assets and proceeds recovered. The firm and the Government of Malaysia disagree about, and continue to discuss, whether the Government of Malaysia did, in fact, recover at least $ 500 million as of August 2022 and whether any interim payment was due. Pursuant to their August 2020 agreement, the parties have a three-month period to try to resolve this dispute, which has commenced. If the parties are unable to reach such a resolution, this dispute would be settled by arbitration. 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. 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.
| 71 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 |
| Common share repurchases | 3.0 | 2.5 | 5.9 | 14.1 |
| Average cost per share | $ | 332.32 | $ | 395.28 | $ | 337.32 | $ | 333.61 |
| Total cost of common share repurchases | $ | 1,000 | $ | 1,000 | $ | 2,000 | $ | 4,700 |
| Three MonthsEnded September | Nine Months Ended September |
| 2022 | 2021 | 2022 | 2021 |
| Dividends declared per common share | $ | 2.50 | $ | 2.00 | $ | 6.50 | $ | 4.50 |

| Goldman Sachs September 2022 Form 10-Q | 72 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| 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 |
| J | 46,000 | 40,000 | 40,000 | 1,000 |
| K | 32,200 | 28,000 | 28,000 | 1,000 |
| O | 26,000 | 26,000 | 26,000 | 25 |
| P | 66,000 | 60,000 | 60,000 | 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 |
| Total | 472,700 | 400,282 | 400,280 |
| 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 |
| J | May 10, 2023 | $ | 25,000 | 1,000 |
| K | May 10, 2024 | $ | 25,000 | 700 |
| O | November 10, 2026 | $ | 25,000 | 650 |
| P | November 10, 2022 | $ | 25,000 | 1,500 |
| Q | August 10, 2024 | $ | 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 |
| Total | $ | 10,703 |

| 73 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Series | Per Annum Dividend Rate |
| A | 3 month LIBOR + 0.75%, with floor of 3.75%, payable quarterly |
| C | 3 month LIBOR + 0.75%, with floor of 4.00%, payable quarterly |
| D | 3 month LIBOR + 0.67%, with floor of 4.00%, payable quarterly |
| E | 3 month LIBOR + 0.7675%, with floor of 4.00%, payable quarterly |
| F | 3 month LIBOR + 0.77%, with floor of 4.00%, payable quarterly |
| J | 5.50% to, but excluding, May 10, 2023; 3 month LIBOR + 3.64% thereafter, payable quarterly |
| K | 6.375% to, but excluding, May 10, 2024; 3 month LIBOR + 3.55% thereafter, payable quarterly |
| O | 5.30%, payable semi-annually, from issuance date to, but excluding,November 10, 2026; 3 month LIBOR + 3.834%, payable quarterly, thereafter |
| P | 5.00%, payable semi-annually, from issuance date to, but excluding,November 10, 2022; 3 month LIBOR + 2.874%, payable quarterly, thereafter |
| Q | 5.50%, payable semi-annually, from issuance date to, but excluding, August 10, 2024; 5 year treasury rate + 3.623%, payable semi-annually, thereafter |
| 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 |
| 2022 | 2021 |
| Series | per share | $ in millions | per share | $ in millions |
| Three Months Ended September |
| A | $ | 239.58 | $ | 7 | $ | 239.58 | $ | 7 |
| C | $ | 255.56 | 2 | $ | 255.56 | 2 |
| D | $ | 255.56 | 14 | $ | 255.56 | 14 |
| E | $ | 1,022.22 | 7 | $ | 1,022.22 | 8 |
| F | $ | 1,022.22 | 2 | $ | 1,022.22 | 2 |
| J | $ | 343.75 | 13 | $ | 343.75 | 14 |
| K | $ | 398.44 | 11 | $ | 398.44 | 11 |
| Q | $ | 687.50 | 14 | $ | 687.50 | 14 |
| R | $ | 618.75 | 15 | $ | 618.75 | 15 |
| S | $ | 550.00 | 8 | $ | 550.00 | 7 |
| U | $ | 456.25 | 14 | $ | — | — |
| Total | $ | 107 | $ | 94 |
| Nine Months Ended September |
| A | $ | 710.93 | $ | 21 | $ | 710.93 | $ | 21 |
| C | $ | 758.34 | 6 | $ | 758.34 | 6 |
| D | $ | 758.34 | 41 | $ | 758.34 | 41 |
| E | $ | 3,044.44 | 23 | $ | 3,044.44 | 23 |
| F | $ | 3,044.44 | 5 | $ | 3,044.44 | 5 |
| J | $ | 1,031.25 | 41 | $ | 1,031.25 | 41 |
| K | $ | 1,195.32 | 33 | $ | 1,195.32 | 33 |
| N | $ | — | — | $ | 787.50 | 19 |
| O | $ | 662.50 | 17 | $ | 662.50 | 17 |
| P | $ | 625.00 | 38 | $ | 625.00 | 38 |
| Q | $ | 1,375.00 | 28 | $ | 1,375.00 | 28 |
| R | $ | 1,237.50 | 30 | $ | 1,237.50 | 30 |
| S | $ | 1,100.00 | 16 | $ | 1,100.00 | 15 |
| T | $ | 475.00 | 13 | $ | — | — |
| U | $ | 942.92 | 28 | $ | — | — |
| V | $ | 547.14 | 16 | $ | — | — |
| Total | $ | 356 | $ | 317 |

| Goldman Sachs September 2022 Form 10-Q | 74 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Beginning balance | Other comprehensiveincome/(loss)adjustments,net of tax | Ending balance |
| Three Months Ended September 2022 |
| Currency translation | $ | ( 769 ) | $ | 26 | $ | ( 743 ) |
| Debt valuation adjustment | 1,417 | 673 | 2,090 |
| Pension and postretirement liabilities | ( 315 ) | ( 2 ) | ( 317 ) |
| Available-for-sale securities | ( 2,287 ) | ( 615 ) | ( 2,902 ) |
| Total | $ | ( 1,954 ) | $ | 82 | $ | ( 1,872 ) |
| Three Months Ended September 2021 |
| Currency translation | $ | ( 712 ) | $ | ( 20 ) | $ | ( 732 ) |
| Debt valuation adjustment | ( 735 ) | 67 | ( 668 ) |
| Pension and postretirement liabilities | ( 361 ) | — | ( 361 ) |
| Available-for-sale securities | ( 81 ) | ( 114 ) | ( 195 ) |
| Total | $ | ( 1,889 ) | $ | ( 67 ) | $ | ( 1,956 ) |
| Nine Months Ended September 2022 |
| Currency translation | $ | ( 738 ) | $ | ( 5 ) | $ | ( 743 ) |
| Debt valuation adjustment | ( 511 ) | 2,601 | 2,090 |
| Pension and postretirement liabilities | ( 327 ) | 10 | ( 317 ) |
| Available-for-sale securities | ( 492 ) | ( 2,410 ) | ( 2,902 ) |
| Total | $ | ( 2,068 ) | $ | 196 | $ | ( 1,872 ) |
| Nine Months Ended September 2021 |
| Currency translation | $ | ( 696 ) | $ | ( 36 ) | $ | ( 732 ) |
| Debt valuation adjustment | ( 833 ) | 165 | ( 668 ) |
| Pension and postretirement liabilities | ( 368 ) | 7 | ( 361 ) |
| Available-for-sale securities | 463 | ( 658 ) | ( 195 ) |
| Total | $ | ( 1,434 ) | $ | ( 522 ) | $ | ( 1,956 ) |

| 75 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Standardized | Advanced |
| CET1 capital ratio | 13.4 | % | 9.5 | % |
| Tier 1 capital ratio | 14.9 | % | 11.0 | % |
| Total capital ratio | 16.9 | % | 13.0 | % |
| $ in millions | Standardized | Advanced |
| As of September 2022 |
| CET1 capital | $ | 98,707 | $ | 98,707 |
| Tier 1 capital | $ | 109,214 | $ | 109,214 |
| Tier 2 capital | $ | 15,599 | $ | 12,555 |
| Total capital | $ | 124,813 | $ | 121,769 |
| RWAs | $ | 688,566 | $ | 675,075 |
| CET1 capital ratio | 14.3 | % | 14.6 | % |
| Tier 1 capital ratio | 15.9 | % | 16.2 | % |
| Total capital ratio | 18.1 | % | 18.0 | % |
| As of December 2021 |
| CET1 capital | $ | 96,254 | $ | 96,254 |
| Tier 1 capital | $ | 106,766 | $ | 106,766 |
| Tier 2 capital | $ | 14,636 | $ | 12,051 |
| Total capital | $ | 121,402 | $ | 118,817 |
| RWAs | $ | 676,863 | $ | 647,921 |
| CET1 capital ratio | 14.2 | % | 14.9 | % |
| Tier 1 capital ratio | 15.8 | % | 16.5 | % |
| Total capital ratio | 17.9 | % | 18.3 | % |
| Requirements |
| Tier 1 leverage ratio | 4.0 | % |
| SLR | 5.0 | % |
| For the Three Months Ended or as of |
| September | December |
| $ in millions | 2022 | 2021 |
| Tier 1 capital | $ | 109,214 | $ | 106,766 |
| Average total assets | $ | 1,581,084 | $ | 1,466,770 |
| Deductions from Tier 1 capital | ( 8,333 ) | ( 4,583 ) |
| Average adjusted total assets | 1,572,751 | 1,462,187 |
| Off-balance sheet and other exposures | 382,549 | 448,334 |
| Total leverage exposure | $ | 1,955,300 | $ | 1,910,521 |
| Tier 1 leverage ratio | 6.9 | % | 7.3 % |
| SLR | 5.6 | % | 5.6 % |

| Goldman Sachs September 2022 Form 10-Q | 76 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Common shareholders’ equity | $ | 108,587 | $ | 99,223 |
| Impact of CECL transition | 829 | 1,105 |
| Deduction for goodwill | ( 5,606 ) | ( 3,610 ) |
| Deduction for identifiable intangible assets | ( 1,717 ) | ( 401 ) |
| Other adjustments | ( 3,386 ) | ( 63 ) |
| CET1 capital | 98,707 | 96,254 |
| Preferred stock | 10,703 | 10,703 |
| Deduction for investments in covered funds | ( 193 ) | ( 189 ) |
| Other adjustments | ( 3 ) | ( 2 ) |
| Tier 1 capital | $ | 109,214 | $ | 106,766 |
| Standardized Tier 2 and Total capital |
| Tier 1 capital | $ | 109,214 | $ | 106,766 |
| Qualifying subordinated debt | 11,011 | 11,554 |
| Junior subordinated debt | — | 94 |
| Allowance for credit losses | 4,598 | 3,034 |
| Other adjustments | ( 10 ) | ( 46 ) |
| Standardized Tier 2 capital | 15,599 | 14,636 |
| Standardized Total capital | $ | 124,813 | $ | 121,402 |
| Advanced Tier 2 and Total capital |
| Tier 1 capital | $ | 109,214 | $ | 106,766 |
| Standardized Tier 2 capital | 15,599 | 14,636 |
| Allowance for credit losses | ( 4,598 ) | ( 3,034 ) |
| Other adjustments | 1,554 | 449 |
| Advanced Tier 2 capital | 12,555 | 12,051 |
| Advanced Total capital | $ | 121,769 | $ | 118,817 |

| 77 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Standardized | Advanced |
| Nine Months Ended September 2022 |
| CET1 capital |
| Beginning balance | $ | 96,254 | $ | 96,254 |
| Change in: |
| Common shareholders’ equity | 9,364 | 9,364 |
| Impact of CECL transition | ( 276 ) | ( 276 ) |
| Deduction for goodwill | ( 1,996 ) | ( 1,996 ) |
| Deduction for identifiable intangible assets | ( 1,316 ) | ( 1,316 ) |
| Other adjustments | ( 3,323 ) | ( 3,323 ) |
| Ending balance | $ | 98,707 | $ | 98,707 |
| Tier 1 capital |
| Beginning balance | $ | 106,766 | $ | 106,766 |
| Change in: |
| CET1 capital | 2,453 | 2,453 |
| Deduction for investments in covered funds | ( 4 ) | ( 4 ) |
| Other adjustments | ( 1 ) | ( 1 ) |
| Ending balance | 109,214 | 109,214 |
| Tier 2 capital |
| Beginning balance | 14,636 | 12,051 |
| Change in: |
| Qualifying subordinated debt | ( 543 ) | ( 543 ) |
| Junior subordinated debt | ( 94 ) | ( 94 ) |
| Allowance for credit losses | 1,564 | — |
| Other adjustments | 36 | 1,141 |
| Ending balance | 15,599 | 12,555 |
| Total capital | $ | 124,813 | $ | 121,769 |
| Year Ended December 2021 |
| CET1 capital |
| Beginning balance | $ | 81,641 | $ | 81,641 |
| Change in: |
| Common shareholders’ equity | 14,494 | 14,494 |
| Impact of CECL transition | ( 21 ) | ( 21 ) |
| Deduction for goodwill | 42 | 42 |
| Deduction for identifiable intangible assets | 200 | 200 |
| Other adjustments | ( 102 ) | ( 102 ) |
| Ending balance | $ | 96,254 | $ | 96,254 |
| Tier 1 capital |
| Beginning balance | $ | 92,730 | $ | 92,730 |
| Change in: |
| CET1 capital | 14,613 | 14,613 |
| Deduction for investments in covered funds | ( 83 ) | ( 83 ) |
| Preferred stock | ( 500 ) | ( 500 ) |
| Other adjustments | 6 | 6 |
| Ending balance | 106,766 | 106,766 |
| Tier 2 capital |
| Beginning balance | 15,424 | 13,279 |
| Change in: |
| Qualifying subordinated debt | ( 642 ) | ( 642 ) |
| Junior subordinated debt | ( 94 ) | ( 94 ) |
| Allowance for credit losses | ( 61 ) | — |
| Other adjustments | 9 | ( 492 ) |
| Ending balance | 14,636 | 12,051 |
| Total capital | $ | 121,402 | $ | 118,817 |

| Goldman Sachs September 2022 Form 10-Q | 78 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Standardized | Advanced |
| As of September 2022 |
| Credit RWAs |
| Derivatives | $ 168,177 | $ 122,589 |
| Commitments, guarantees and loans | 242,565 | 179,657 |
| Securities financing transactions | 77,807 | 22,339 |
| Equity investments | 31,527 | 33,165 |
| Other | 81,992 | 96,202 |
| Total Credit RWAs | 602,068 | 453,952 |
| Market RWAs |
| Regulatory VaR | 22,156 | 22,156 |
| Stressed VaR | 36,208 | 36,208 |
| Incremental risk | 9,324 | 9,324 |
| Comprehensive risk | 3,485 | 3,485 |
| Specific risk | 15,325 | 15,325 |
| Total Market RWAs | 86,498 | 86,498 |
| Total Operational RWAs | — | 134,625 |
| Total RWAs | $ 688,566 | $ 675,075 |
| As of December 2021 |
| Credit RWAs |
| Derivatives | $ 175,628 | $ 109,532 |
| Commitments, guarantees and loans | 233,639 | 182,210 |
| Securities financing transactions | 76,346 | 14,407 |
| Equity investments | 43,256 | 45,582 |
| Other | 71,485 | 86,768 |
| Total Credit RWAs | 600,354 | 438,499 |
| Market RWAs |
| Regulatory VaR | 13,510 | 13,510 |
| Stressed VaR | 38,922 | 38,922 |
| Incremental risk | 6,867 | 6,867 |
| Comprehensive risk | 2,521 | 2,521 |
| Specific risk | 14,689 | 14,689 |
| Total Market RWAs | 76,509 | 76,509 |
| Total Operational RWAs | — | 132,913 |
| Total RWAs | $ 676,863 | $ 647,921 |

| 79 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | Standardized | Advanced |
| Nine Months Ended September 2022 |
| RWAs |
| Beginning balance | $ 676,863 | $ 647,921 |
| Credit RWAs |
| Change in: |
| Derivatives | ( 7,451 ) | 13,057 |
| Commitments, guarantees and loans | 8,926 | ( 2,553 ) |
| Securities financing transactions | 1,461 | 7,932 |
| Equity investments | ( 11,729 ) | ( 12,417 ) |
| Other | 10,507 | 9,434 |
| Change in Credit RWAs | 1,714 | 15,453 |
| Market RWAs |
| Change in: |
| Regulatory VaR | 8,646 | 8,646 |
| Stressed VaR | ( 2,714 ) | ( 2,714 ) |
| Incremental risk | 2,457 | 2,457 |
| Comprehensive risk | 964 | 964 |
| Specific risk | 636 | 636 |
| Change in Market RWAs | 9,989 | 9,989 |
| Change in Operational RWAs | — | 1,712 |
| Ending balance | $ 688,566 | $ 675,075 |
| Year Ended December 2021 |
| RWAs |
| Beginning balance | $ 554,162 | $ 609,750 |
| Credit RWAs |
| Change in: |
| Derivatives | 55,336 | ( 2,159 ) |
| Commitments, guarantees and loans | 57,138 | 30,623 |
| Securities financing transactions | 4,919 | ( 2,161 ) |
| Equity investments | ( 3,688 ) | ( 3,686 ) |
| Other | 1,211 | 3,169 |
| Change in Credit RWAs | 114,916 | 25,786 |
| Market RWAs |
| Change in: |
| Regulatory VaR | ( 1,403 ) | ( 1,403 ) |
| Stressed VaR | 6,944 | 6,944 |
| Incremental risk | ( 1,015 ) | ( 1,015 ) |
| Comprehensive risk | 763 | 763 |
| Specific risk | 2,496 | 2,496 |
| Change in Market RWAs | 7,785 | 7,785 |
| Change in Operational RWAs | — | 4,600 |
| Ending balance | $ 676,863 | $ 647,921 |

| Goldman Sachs September 2022 Form 10-Q | 80 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Requirements | “Well-capitalized”Requirements |
| Risk-based capital requirements |
| CET1 capital ratio | 7.0 | % | 6.5 | % |
| Tier 1 capital ratio | 8.5 | % | 8.0 | % |
| Total capital ratio | 10.5 | % | 10.0 | % |
| Leverage requirements |
| Tier 1 leverage ratio | 4.0 | % | 5.0 | % |
| SLR | 3.0 | % | 6.0 | % |
| $ in millions | Standardized | Advanced |
| As of September 2022 |
| CET1 capital | $ | 45,578 | $ | 45,578 |
| Tier 1 capital | $ | 45,578 | $ | 45,578 |
| Tier 2 capital | $ | 7,728 | $ | 5,312 |
| Total capital | $ | 53,306 | $ | 50,890 |
| RWAs | $ | 343,781 | $ | 261,371 |
| CET1 capital ratio | 13.3 | % | 17.4 | % |
| Tier 1 capital ratio | 13.3 | % | 17.4 | % |
| Total capital ratio | 15.5 | % | 19.5 | % |
| As of December 2021 |
| CET1 capital | $ | 42,535 | $ | 42,535 |
| Tier 1 capital | $ | 42,535 | $ | 42,535 |
| Tier 2 capital | $ | 6,430 | $ | 4,646 |
| Total capital | $ | 48,965 | $ | 47,181 |
| RWAs | $ | 312,601 | $ | 222,607 |
| CET1 capital ratio | 13.6 | % | 19.1 | % |
| Tier 1 capital ratio | 13.6 | % | 19.1 | % |
| Total capital ratio | 15.7 | % | 21.2 | % |

| 81 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| For the Three Months Ended or as of |
| September | December |
| $ in millions | 2022 | 2021 |
| Tier 1 capital | $ | 45,578 | $ | 42,535 |
| Average adjusted total assets | $ | 506,003 | $ | 409,739 |
| Total leverage exposure | $ | 670,832 | $ | 627,799 |
| Tier 1 leverage ratio | 9.0 | % | 10.4 % |
| SLR | 6.8 | % | 6.8 | % |
| As of |
| September | December |
| 2022 | 2021 |
| Risk-based capital requirements |
| CET1 capital ratio | 9.3 | % | 8.5 | % |
| Tier 1 capital ratio | 11.5 | % | 10.5 | % |
| Total capital ratio | 14.5 | % | 13.2 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Risk-based capital and risk-weighted assets |
| CET1 capital | $ | 3,329 | $ | 3,408 |
| Tier 1 capital | $ | 3,329 | $ | 3,408 |
| Tier 2 capital | $ | 826 | $ | 826 |
| Total capital | $ | 4,155 | $ | 4,234 |
| RWAs | $ | 15,542 | $ | 17,196 |
| Risk-based capital ratios |
| CET1 capital ratio | 21.4 | % | 19.8 | % |
| Tier 1 capital ratio | 21.4 | % | 19.8 | % |
| Total capital ratio | 26.7 | % | 24.6 | % |
| As of |
| September | December |
| 2022 | 2021 |
| Risk-based capital requirements |
| CET1 capital ratio | 9.0 | % | 8.7 | % |
| Tier 1 capital ratio | 11.1 | % | 10.8 | % |
| Total capital ratio | 13.8 | % | 13.5 | % |

| Goldman Sachs September 2022 Form 10-Q | 82 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Risk-based capital and risk-weighted assets |
| CET1 capital | $ | 8,587 | $ | 6,527 |
| Tier 1 capital | $ | 8,587 | $ | 6,527 |
| Tier 2 capital | $ | 20 | $ | 23 |
| Total capital | $ | 8,607 | $ | 6,550 |
| RWAs | $ | 31,440 | $ | 28,924 |
| Risk-based capital ratios |
| CET1 capital ratio | 27.3 | % | 22.6 % |
| Tier 1 capital ratio | 27.3 | % | 22.6 % |
| Total capital ratio | 27.4 | % | 22.6 % |
| As of |
| September | December |
| 2022 | 2021 |
| Leverage ratio requirement | 3.0 | % | 3.0 | % |
| Leverage ratio | 7.8 | % | 7.6 | % |

| 83 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 |
| Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 |
| Weighted average basic shares | 352.8 | 348.3 | 353.0 | 351.8 |
| Effect of dilutive RSUs | 6.4 | 5.6 | 5.6 | 5.1 |
| Weighted average diluted shares | 359.2 | 353.9 | 358.6 | 356.9 |
| Basic EPS | $ | 8.35 | $ | 15.14 | $ | 27.03 | $ | 49.23 |
| Diluted EPS | $ | 8.25 | $ | 14.93 | $ | 26.71 | $ | 48.59 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Fees earned from funds | $ | 1,172 | $ | 1,046 | $ | 3,422 | $ | 2,647 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Fees receivable from funds | $ | 1,187 | $ | 873 |
| Aggregate carrying value of interests in funds | $ | 3,784 | $ | 4,321 |

| Goldman Sachs September 2022 Form 10-Q | 84 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Deposits with banks | $ | 1,107 | $ | ( 13 ) | $ | 1,392 | $ | ( 9 ) |
| Collateralized agreements | 1,542 | ( 220 ) | 1,712 | ( 651 ) |
| Trading assets | 1,334 | 1,230 | 3,551 | 3,553 |
| Investments | 578 | 358 | 1,433 | 1,243 |
| Loans | 2,487 | 1,363 | 5,937 | 3,878 |
| Other interest | 1,502 | 399 | 2,588 | 1,096 |
| Total interest income | 8,550 | 3,117 | 16,613 | 9,110 |
| Deposits | 1,811 | 319 | 2,975 | 978 |
| Collateralized financings | 990 | 33 | 1,308 | 41 |
| Trading liabilities | 513 | 495 | 1,427 | 1,240 |
| Short-term borrowings | 152 | 115 | 333 | 433 |
| Long-term borrowings | 1,503 | 843 | 3,433 | 2,477 |
| Other interest | 1,538 | ( 252 ) | 1,533 | ( 734 ) |
| Total interest expense | 6,507 | 1,553 | 11,009 | 4,435 |
| Net interest income | $ | 2,043 | $ | 1,564 | $ | 5,604 | $ | 4,675 |

| 85 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| Jurisdiction | September 2022 |
| U.S. Federal | 2011 |
| New York State and City | 2015 |
| United Kingdom | 2017 |
| Japan | 2016 |
| Hong Kong | 2016 |

| Goldman Sachs September 2022 Form 10-Q | 86 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Investment Banking |
| Non-interest revenues | $ | 1,373 | $ | 3,599 | $ | 5,661 | $ | 10,755 |
| Net interest income | 203 | 101 | 463 | 325 |
| Total net revenues | 1,576 | 3,700 | 6,124 | 11,080 |
| Provision for credit losses | 78 | 41 | 325 | ( 229 ) |
| Operating expenses | 1,038 | 1,343 | 3,391 | 5,161 |
| Pre-tax earnings | $ | 460 | $ | 2,316 | $ | 2,408 | $ | 6,148 |
| Net earnings | $ | 370 | $ | 1,831 | $ | 2,001 | $ | 4,942 |
| Net earnings to common | $ | 355 | $ | 1,818 | $ | 1,950 | $ | 4,890 |
| Average common equity | $ | 9,720 | $ | 10,346 | $ | 10,649 | $ | 10,201 |
| Return on average common equity | 14.6 | % | 70.3 | % | 24.4 | % | 63.9 | % |
| Global Markets |
| Non-interest revenues | $ | 5,648 | $ | 4,943 | $ | 18,770 | $ | 16,121 |
| Net interest income | 553 | 668 | 1,770 | 1,971 |
| Total net revenues | 6,201 | 5,611 | 20,540 | 18,092 |
| Provision for credit losses | ( 43 ) | ( 24 ) | 190 | ( 30 ) |
| Operating expenses | 3,213 | 2,794 | 10,340 | 10,352 |
| Pre-tax earnings | $ | 3,031 | $ | 2,841 | $ | 10,010 | $ | 7,770 |
| Net earnings | $ | 2,474 | $ | 2,244 | $ | 8,318 | $ | 6,246 |
| Net earnings to common | $ | 2,408 | $ | 2,190 | $ | 8,102 | $ | 6,041 |
| Average common equity | $ | 57,078 | $ | 46,959 | $ | 54,842 | $ | 44,067 |
| Return on average common equity | 16.9 | % | 18.7 | % | 19.7 | % | 18.3 | % |
| Asset Management |
| Non-interest revenues | $ | 1,742 | $ | 2,174 | $ | 3,107 | $ | 11,619 |
| Net interest income | 79 | 105 | 344 | 406 |
| Total net revenues | 1,821 | 2,279 | 3,451 | 12,025 |
| Provision for credit losses | 29 | 10 | 129 | ( 2 ) |
| Operating expenses | 1,565 | 823 | 4,121 | 4,656 |
| Pre-tax earnings/(loss) | $ | 227 | $ | 1,446 | $ | ( 799 ) | $ | 7,371 |
| Net earnings/(loss) | $ | 195 | $ | 1,115 | $ | ( 664 ) | $ | 5,925 |
| Net earnings/(loss) to common | $ | 181 | $ | 1,096 | $ | ( 717 ) | $ | 5,853 |
| Average common equity | $ | 24,587 | $ | 25,788 | $ | 24,358 | $ | 25,294 |
| Return on average common equity | 2.9 | % | 17.0 | % | ( 3.9 ) | % | 30.9 | % |
| Consumer & Wealth Management |
| Non-interest revenues | $ | 1,169 | $ | 1,328 | $ | 3,630 | $ | 3,530 |
| Net interest income | 1,208 | 690 | 3,027 | 1,973 |
| Total net revenues | 2,377 | 2,018 | 6,657 | 5,503 |
| Provision for credit losses | 451 | 148 | 1,099 | 274 |
| Operating expenses | 1,888 | 1,631 | 5,221 | 4,499 |
| Pre-tax earnings | $ | 38 | $ | 239 | $ | 337 | $ | 730 |
| Net earnings | $ | 30 | $ | 188 | $ | 280 | $ | 587 |
| Net earnings to common | $ | 18 | $ | 180 | $ | 244 | $ | 558 |
| Average common equity | $ | 15,925 | $ | 10,740 | $ | 14,866 | $ | 10,475 |
| Return on average common equity | 0.5 | % | 6.7 | % | 2.2 | % | 7.1 | % |
| Total |
| Non-interest revenues | $ | 9,932 | $ | 12,044 | $ | 31,168 | $ | 42,025 |
| Net interest income | 2,043 | 1,564 | 5,604 | 4,675 |
| Total net revenues | 11,975 | 13,608 | 36,772 | 46,700 |
| Provision for credit losses | 515 | 175 | 1,743 | 13 |
| Operating expenses | 7,704 | 6,591 | 23,073 | 24,668 |
| Pre-tax earnings | $ | 3,756 | $ | 6,842 | $ | 11,956 | $ | 22,019 |
| Net earnings | $ | 3,069 | $ | 5,378 | $ | 9,935 | $ | 17,700 |
| Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 |
| Average common equity | $ | 107,310 | $ | 93,833 | $ | 104,715 | $ | 90,037 |
| Return on average common equity | 11.0 | % | 22.5 | % | 12.2 | % | 25.7 | % |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Investment Banking | $ | 49 | $ | 50 | $ | 142 | $ | 144 |
| Global Markets | 221 | 209 | 665 | 571 |
| Asset Management | 259 | 153 | 557 | 539 |
| Consumer & Wealth Management | 137 | 97 | 364 | 273 |
| Total | $ | 666 | $ | 509 | $ | 1,728 | $ | 1,527 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Investment Banking | $ | 145,563 | $ | 144,157 |
| Global Markets | 1,163,721 | 1,082,378 |
| Asset Management | 85,814 | 91,115 |
| Consumer & Wealth Management | 160,896 | 146,338 |
| Total | $ | 1,555,994 | $ | 1,463,988 |

| 87 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| $ in millions | 2022 | 2021 |
| Three Months Ended September |
| Americas | $ | 7,542 | 63 | % | $ | 8,169 | 60 | % |
| EMEA | 3,094 | 26 | % | 3,394 | 25 | % |
| Asia | 1,339 | 11 | % | 2,045 | 15 | % |
| Total net revenues | $ | 11,975 | 100 | % | $ | 13,608 | 100 | % |
| Americas | $ | 2,280 | 61 | % | $ | 4,004 | 59 | % |
| EMEA | 1,235 | 33 | % | 1,922 | 28 | % |
| Asia | 241 | 6 | % | 916 | 13 | % |
| Total pre-tax earnings | $ | 3,756 | 100 | % | $ | 6,842 | 100 | % |
| Nine Months Ended September |
| Americas | $ | 21,975 | 60 | % | $ | 28,951 | 62 | % |
| EMEA | 10,344 | 28 | % | 11,585 | 25 | % |
| Asia | 4,453 | 12 | % | 6,164 | 13 | % |
| Total net revenues | $ | 36,772 | 100 | % | $ | 46,700 | 100 | % |
| Americas | $ | 6,424 | 54 | % | $ | 13,484 | 61 | % |
| EMEA | 4,399 | 37 | % | 6,012 | 27 | % |
| Asia | 1,133 | 9 | % | 2,523 | 12 | % |
| Total pre-tax earnings | $ | 11,956 | 100 | % | $ | 22,019 | 100 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| U.S. government and agency obligations | $ | 185,061 | $ | 141,191 |
| Percentage of total assets | 11.9 | % | 9.6 | % |
| Non-U.S. government and agency obligations | $ | 71,787 | $ | 51,426 |
| Percentage of total assets | 4.6 | % | 3.5 | % |

| Goldman Sachs September 2022 Form 10-Q | 88 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements(Unaudited)
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| U.S. government and agency obligations | $ | 94,016 | $ | 86,274 |
| Non-U.S. government and agency obligations | $ | 108,677 | $ | 141,588 |

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 across investment banking, securities, investment management and consumer banking 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 report our activities in four business segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. 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 (BHC) 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, 2021. References to “the 2021 Form 10-K” are to our Annual Report on Form 10-K for the year ended December 31, 2021. References to “this Form 10-Q” are to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022. 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 2022, June 2022 and September 2021 refer to our periods ended, or the dates, as the context requires, September 30, 2022, June 30, 2022 and September 30, 2021, respectively. All references to December 2021 refer to the date December 31, 2021. 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 2022 versus September 2021. We generated net earnings of $3.07 billion for the third quarter of 2022, compared with $5.38 billion for the third quarter of 2021. Diluted earnings per common share (EPS) was $8.25 for the third quarter of 2022 compared with $14.93 for the third quarter of 2021. Annualized return on average common shareholders’ equity (ROE) was 11.0% for the third quarter of 2022, compared with 22.5% for the third quarter of 2021. Book value per common share was $308.22 as of September 2022, 2.1% higher compared with June 2022 and 8.4% higher compared with December 2021. Net revenues were $11.98 billion for the third quarter of 2022, 12% lower than a strong third quarter of 2021, reflecting significantly lower net revenues in Investment Banking and Asset Management, partially offset by higher net revenues in Global Markets and Consumer & Wealth Management. Net revenues in Investment Banking primarily reflected significantly lower net revenues in Underwriting and Financial advisory compared with a strong prior year period, and net revenues in Asset Management primarily reflected significantly lower net revenues in Equity investments and Lending and debt investments, partially offset by higher Management and other fees. Net revenues in Global Markets reflected significantly higher net revenues in Fixed Income, Currency and Commodities (FICC), partially offset by lower net revenues in Equities compared with a strong prior year period, and net revenues in Consumer & Wealth Management reflected growth in Consumer banking net revenues.Provision for credit losses was $515 million for the third quarter of 2022, compared with $175 million for the third quarter of 2021. Provisions for the third quarter of 2022 primarily reflected consumer portfolio growth, net charge-offs and the continued impact of broad macroeconomic concerns. The third quarter of 2021 primarily reflected provisions related to portfolio growth (primarily in credit cards).
| 105 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Operating expenses were $7.70 billion for the third quarter of 2022, 17% higher than the third quarter of 2021, reflecting significantly higher non-compensation expenses and higher compensation and benefits expenses (reflecting a smaller reduction in the year-to-date ratio of compensation and benefits to net revenues, net of provision for credit losses, compared with the prior year period). Our efficiency ratio (total operating expenses divided by total net revenues) for the third quarter of 2022 was 64.3%, compared with 48.4% for the third quarter of 2021. During the third quarter of 2022, we returned $1.89 billion of capital to common shareholders, including $1.00 billion of common share repurchases and $893 million of common stock dividends. As of September 2022, our Common Equity Tier 1 (CET1) capital ratio was 14.3% under the Standardized Capital Rules and 14.6% under the Advanced Capital Rules. See Note 20 to the consolidated financial statements for further information about our capital ratios. Beginning with the fourth quarter of 2022, consistent with our announced organizational changes that will become effective in December 2022, we will make certain changes to our business segments and report our results in the following three business segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Nine Months Ended September 2022 versus September 2021. We generated net earnings of $9.94 billion for the first nine months of 2022, compared with $17.70 billion for the first nine months of 2021. Diluted EPS was $26.71 for the first nine months of 2022, compared with $48.59 for the first nine months of 2021. Annualized ROE was 12.2% for the first nine months of 2022, compared with 25.7% for the first nine months of 2021. Net revenues were $36.77 billion for the first nine months of 2022, 21% lower than a strong first nine months of 2021, reflecting significantly lower net revenues in Asset Management and Investment Banking, partially offset by higher net revenues in Global Markets and significantly higher net revenues in Consumer & Wealth Management. Broad macroeconomic and geopolitical concerns led to volatility in global equity prices and wider credit spreads, contributing to significantly lower net revenues in Equity investments and Lending and debt investments within Asset Management and significantly lower net revenues in Underwriting within Investment Banking. Net revenues in Global Markets reflected significantly higher net revenues in FICC, partially offset by lower net revenues in Equities compared with a strong prior year period, and net revenues in Consumer & Wealth Management reflected growth in both Consumer banking and Wealth management net revenues.Provision for credit losses was $1.74 billion for the first nine months of 2022, compared with $13 million in the first nine months of 2021. Provisions in the first nine months of 2022 primarily reflected consumer portfolio growth (primarily in credit cards) and the impact of broad macroeconomic and geopolitical concerns. The first nine months of 2021 reflected portfolio growth, largely offset by reserve reductions as the broad economic environment continued to improve following the initial impact of the coronavirus (COVID-19) pandemic. Operating expenses were $23.07 billion for the first nine months of 2022, 6% lower than the first nine months of 2021, reflecting significantly lower compensation and benefits expenses (reflecting a decline in operating performance compared with a strong prior year period), partially offset by higher non-compensation expenses. Our efficiency ratio for the first nine months of 2022 was 62.7%, compared with 52.8% for the first nine months of 2021. During the first nine months of 2022, we returned $4.32 billion of capital to common shareholders, including $2.00 billion of common share repurchases and $2.32 billion of common stock dividends.Business Environment During the third quarter of 2022, the continuation of broad macroeconomic and geopolitical concerns, including inflationary pressures and the prolonged war in Ukraine, and uncertainty about the outlook, weighed on economic activity and kept market volatility high. In response, global central banks have generally continued to tighten monetary policy with additional policy interest rate increases during the quarter. These factors contributed to a decrease in global equity prices compared with the end of the second quarter of 2022.The economic outlook remains uncertain, reflecting concerns about the continuation or escalation of the war between Russia and Ukraine and other geopolitical risks, inflation, and supply chain complications. 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.
| Goldman Sachs September 2022 Form 10-Q | 106 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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 1.9% as of September 2022, 1.8% as of June 2022 and 1.6% as of December 2021 of our total assets. See Notes 4 through 10 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.
| 107 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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, IHS Markit, Bloomberg, IDC, 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. 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 loan-to-value ratio, debt service ratio and home price index. Risk factors for installment and credit card loans include Fair Isaac Corporation (FICO) credit scores, delinquency status, loan vintage and macroeconomic indicators.
| Goldman Sachs September 2022 Form 10-Q | 108 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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 2022 (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 2022 through the second half of 2023 resulting in an economic contraction, decline in consumer spending and rising unemployment rates. A 100% weighting to the adverse economic scenario would have resulted in an approximate $1.0 billion increase in our allowance for credit losses as of September 2022. 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. 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 estimated 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 and allocated equity. There is inherent uncertainty in the projected earnings. The estimated carrying value of each reporting unit reflects an allocation of total shareholders’ equity and represents the estimated amount of total shareholders’ equity required to support the activities of the reporting unit under currently applicable regulatory capital requirements. See Note 12 to the consolidated financial statements for further information about goodwill. If we experience a prolonged or severe period of weakness in the business environment, financial markets, our performance or our common stock price, or additional increases in capital requirements, our goodwill could be impaired in the future.
| 109 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Identifiable intangible assets are tested for impairment when events or changes in circumstances suggest that an asset’s or asset group’s carrying value may not be fully recoverable. Judgment is required to evaluate whether indications of potential impairment have occurred, and to test identifiable intangible assets for impairment, if required. An impairment is recognized if the estimated undiscounted cash flows relating to the asset or asset group is less than the corresponding carrying value. See Note 12 to the consolidated financial statements for further information about identifiable intangible assets. 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 2021 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. 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 2021 Form 10-K for further information about the impact of economic and market conditions on our results of operations.
| Goldman Sachs September 2022 Form 10-Q | 110 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions, except per share amounts | 2022 | 2021 | 2022 | 2021 |
| Net revenues | $ | 11,975 | $ | 13,608 | $ | 36,772 | $ | 46,700 |
| Pre-tax earnings | $ | 3,756 | $ | 6,842 | $ | 11,956 | $ | 22,019 |
| Net earnings | $ | 3,069 | $ | 5,378 | $ | 9,935 | $ | 17,700 |
| Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 |
| Diluted EPS | $ | 8.25 | $ | 14.93 | $ | 26.71 | $ | 48.59 |
| ROE | 11.0 | % | 22.5 | % | 12.2 | % | 25.7 | % |
| ROTE | 12.0 | % | 23.8 | % | 13.1 | % | 27.2 | % |
| Net earnings to average assets | 0.8 | % | 1.5 | % | 0.9 | % | 1.8 | % |
| Return on shareholders’ equity | 10.4 | % | 20.8 | % | 11.5 | % | 23.7 | % |
| Average equity to average assets | 7.5 | % | 7.4 | % | 7.4 | % | 7.4 | % |
| Dividend payout ratio | 30.3 | % | 13.4 | % | 24.3 | % | 9.3 | % |
| Average for the |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Total shareholders’ equity | $ | 118,013 | $ | 103,599 | $ | 115,418 | $ | 99,665 |
| Preferred stock | (10,703) | (9,766) | (10,703) | (9,628) |
| Common shareholders’ equity | 107,310 | 93,833 | 104,715 | 90,037 |
| Goodwill | (6,242) | (4,331) | (5,546) | (4,332) |
| Identifiable intangible assets | (1,987) | (510) | (1,463) | (558) |
| Tangible common shareholders’ equity | $ | 99,081 | $ | 88,992 | $ | 97,706 | $ | 85,147 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Investment banking | $ | 1,541 | $ | 3,548 | $ | 5,457 | $ | 10,564 |
| Investment management | 2,276 | 2,139 | 6,733 | 5,840 |
| Commissions and fees | 995 | 860 | 3,079 | 2,766 |
| Market making | 4,642 | 3,929 | 15,561 | 13,096 |
| Other principal transactions | 478 | 1,568 | 338 | 9,759 |
| Total non-interest revenues | 9,932 | 12,044 | 31,168 | 42,025 |
| Interest income | 8,550 | 3,117 | 16,613 | 9,110 |
| Interest expense | 6,507 | 1,553 | 11,009 | 4,435 |
| Net interest income | 2,043 | 1,564 | 5,604 | 4,675 |
| Total net revenues | $ | 11,975 | $ | 13,608 | $ | 36,772 | $ | 46,700 |

| 111 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
•Other principal transactions consists of revenues (excluding net interest) from our equity investing activities, including revenues related to our consolidated investments (included in our Asset Management segment), and debt investing and lending activities (included across our four segments). Operating Environment. During the third quarter of 2022, the operating environment continued to be generally characterized by broad macroeconomic and geopolitical concerns and market volatility, which contributed to a decrease in global equity prices compared with the end of the second quarter of 2022. These factors contributed to solid market-making activity levels, a decline in industry-wide mergers and acquisitions transactions volumes and low industry-wide underwriting volumes. Additionally, global central banks continued to react to inflationary pressures by generally increasing policy interest rates.If concerns about the economic outlook grow, including those about the continuation or escalation of geopolitical events, inflation and supply chain complications, and the persistence of COVID-19-related effects, it may lead to a continued decline in equity prices, a continued widening of credit spreads, a decline in market-making activity levels, or a continued decline in investment banking volumes, 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 2022 versus September 2021. Net revenues in the consolidated statements of earnings were $11.98 billion for the third quarter of 2022, 12% lower than a strong third quarter of 2021, primarily reflecting significantly lower investment banking revenues and other principal transactions revenues, partially offset by higher market making revenues and significantly higher net interest income. Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $1.54 billion for the third quarter of 2022, 57% lower than a strong third quarter of 2021, due to significantly lower revenues in both equity underwriting and debt underwriting, reflecting a significant decline in industry-wide activity, and in financial advisory, reflecting a significant decline in industry-wide completed mergers and acquisitions transactions compared with elevated activity levels in the prior year period. Investment management revenues in the consolidated statements of earnings were $2.28 billion for the third quarter of 2022, 6% higher than the third quarter of 2021, due to higher management and other fees, reflecting the inclusion of NN Investment Partners (NNIP) and the impact of fee waivers on money market funds in the prior year period. Commissions and fees in the consolidated statements of earnings were $995 million for the third quarter of 2022, 16% higher than the third quarter of 2021, primarily due to higher commissions and fees in Equities, reflecting generally higher volumes. Market making revenues in the consolidated statements of earnings were $4.64 billion for the third quarter of 2022, 18% higher than the third quarter of 2021, primarily reflecting significantly higher revenues in interest rate products and currencies, partially offset by significantly lower revenues in equity products. Other principal transactions revenues in the consolidated statements of earnings were $478 million for the third quarter of 2022, 70% lower than the third quarter of 2021, primarily reflecting significantly lower net gains from investments in private equities and, to a lesser extent, from debt investments, partially offset by mark-to-market net gains from investments in public equities compared with significant net losses in the third quarter of 2021. Net Interest Income. Net interest income in the consolidated statements of earnings was $2.04 billion for the third quarter of 2022, 31% higher than the third quarter of 2021, reflecting an increase in interest income primarily related to collateralized agreements, deposits with banks, and other interest-earning assets, each reflecting the impact of higher average interest rates, and loans, reflecting the impact of higher average interest rates and higher average balances. The increase in interest income was partially offset by an increase in interest expense related to other interest-bearing liabilities, deposits, collateralized financings, and borrowings, each 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.Nine Months Ended September 2022 versus September 2021. Net revenues in the consolidated statements of earnings were $36.77 billion for the first nine months of 2022, 21% lower than a strong first nine months of 2021, primarily reflecting significantly lower other principal transactions revenues and investment banking revenues, partially offset by higher market making revenues and significantly higher net interest income. Non-Interest Revenues. Investment banking revenues in the consolidated statements of earnings were $5.46 billion for the first nine months of 2022, 48% lower than the first nine months of 2021, due to significantly lower revenues in both equity and debt underwriting, reflecting a significant decline in industry-wide activity, and lower revenues in financial advisory, reflecting a decline in industry-wide completed mergers and acquisitions transactions.
| Goldman Sachs September 2022 Form 10-Q | 112 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Provision for credit losses | $ | 515 | $ | 175 | $ | 1,743 | $ | 13 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Compensation and benefits | $ | 3,606 | $ | 3,167 | $ | 11,384 | $ | 14,473 |
| Transaction based | 1,317 | 1,139 | 3,878 | 3,520 |
| Market development | 199 | 165 | 596 | 360 |
| Communications and technology | 459 | 397 | 1,327 | 1,143 |
| Depreciation and amortization | 666 | 509 | 1,728 | 1,527 |
| Occupancy | 255 | 239 | 765 | 727 |
| Professional fees | 465 | 433 | 1,392 | 1,137 |
| Other expenses | 737 | 542 | 2,003 | 1,781 |
| Total operating expenses | $ | 7,704 | $ | 6,591 | $ | 23,073 | $ | 24,668 |
| Headcount at period-end | 49,100 | 43,000 |

| 113 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Investment Banking | $ | 145,563 | $ | 144,157 |
| Global Markets | 1,163,721 | 1,082,378 |
| Asset Management | 85,814 | 91,115 |
| Consumer & Wealth Management | 160,896 | 146,338 |
| Total | $ | 1,555,994 | $ | 1,463,988 |

| Goldman Sachs September 2022 Form 10-Q | 114 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Investment Banking |
| Net revenues | $ | 1,576 | $ | 3,700 | $ | 6,124 | $ | 11,080 |
| Provision for credit losses | 78 | 41 | 325 | (229) |
| Operating expenses | 1,038 | 1,343 | 3,391 | 5,161 |
| Pre-tax earnings | $ | 460 | $ | 2,316 | $ | 2,408 | $ | 6,148 |
| Net earnings to common | $ | 355 | $ | 1,818 | $ | 1,950 | $ | 4,890 |
| Average common equity | $ | 9,720 | $ | 10,346 | $ | 10,649 | $ | 10,201 |
| Return on average common equity | 14.6 | % | 70.3 | % | 24.4 | % | 63.9 | % |
| Global Markets |
| Net revenues | $ | 6,201 | $ | 5,611 | $ | 20,540 | $ | 18,092 |
| Provision for credit losses | (43) | (24) | 190 | (30) |
| Operating expenses | 3,213 | 2,794 | 10,340 | 10,352 |
| Pre-tax earnings | $ | 3,031 | $ | 2,841 | $ | 10,010 | $ | 7,770 |
| Net earnings to common | $ | 2,408 | $ | 2,190 | $ | 8,102 | $ | 6,041 |
| Average common equity | $ | 57,078 | $ | 46,959 | $ | 54,842 | $ | 44,067 |
| Return on average common equity | 16.9 | % | 18.7 | % | 19.7 | % | 18.3 | % |
| Asset Management |
| Net revenues | $ | 1,821 | $ | 2,279 | $ | 3,451 | $ | 12,025 |
| Provision for credit losses | 29 | 10 | 129 | (2) |
| Operating expenses | 1,565 | 823 | 4,121 | 4,656 |
| Pre-tax earnings/(loss) | $ | 227 | $ | 1,446 | $ | (799) | $ | 7,371 |
| Net earnings/(loss) to common | $ | 181 | $ | 1,096 | $ | (717) | $ | 5,853 |
| Average common equity | $ | 24,587 | $ | 25,788 | $ | 24,358 | $ | 25,294 |
| Return on average common equity | 2.9 | % | 17.0 | % | (3.9) | % | 30.9 | % |
| Consumer & Wealth Management |
| Net revenues | $ | 2,377 | $ | 2,018 | $ | 6,657 | $ | 5,503 |
| Provision for credit losses | 451 | 148 | 1,099 | 274 |
| Operating expenses | 1,888 | 1,631 | 5,221 | 4,499 |
| Pre-tax earnings | $ | 38 | $ | 239 | $ | 337 | $ | 730 |
| Net earnings to common | $ | 18 | $ | 180 | $ | 244 | $ | 558 |
| Average common equity | $ | 15,925 | $ | 10,740 | $ | 14,866 | $ | 10,475 |
| Return on average common equity | 0.5 | % | 6.7 | % | 2.2 | % | 7.1 | % |
| Total |
| Net revenues | $ | 11,975 | $ | 13,608 | $ | 36,772 | $ | 46,700 |
| Provision for credit losses | 515 | 175 | 1,743 | 13 |
| Operating expenses | 7,704 | 6,591 | 23,073 | 24,668 |
| Pre-tax earnings | $ | 3,756 | $ | 6,842 | $ | 11,956 | $ | 22,019 |
| Net earnings to common | $ | 2,962 | $ | 5,284 | $ | 9,579 | $ | 17,342 |
| Average common equity | $ | 107,310 | $ | 93,833 | $ | 104,715 | $ | 90,037 |
| Return on average common equity | 11.0 | % | 22.5 | % | 12.2 | % | 25.7 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Cash and cash equivalents | $ | 66,458 | $ | 64,437 |
| Collateralized agreements | 17,670 | 21,354 |
| Customer and other receivables | 2,550 | 5,248 |
| Trading assets | 23,271 | 20,338 |
| Investments | 1,080 | 1,053 |
| Loans | 32,317 | 29,555 |
| Other assets | 2,217 | 2,172 |
| Total | $ | 145,563 | $ | 144,157 |

| 115 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Corporate | $ | 33,280 | $ | 30,421 |
| Loans, gross | 33,280 | 30,421 |
| Allowance for loan losses | (963) | (866) |
| Total loans | $ | 32,317 | $ | 29,555 |
| Average for the |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Corporate | $ | 33,664 | $ | 26,439 | $ | 32,808 | $ | 26,714 |
| Loans, gross | $ | 33,664 | $ | 26,439 | $ | 32,808 | $ | 26,714 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Financial advisory | $ | 972 | $ | 1,648 | $ | 3,296 | $ | 4,022 |
| Equity underwriting | 241 | 1,174 | 633 | 3,986 |
| Debt underwriting | 328 | 726 | 1,528 | 2,556 |
| Underwriting | 569 | 1,900 | 2,161 | 6,542 |
| Corporate lending | 35 | 152 | 667 | 516 |
| Net revenues | 1,576 | 3,700 | 6,124 | 11,080 |
| Provision for credit losses | 78 | 41 | 325 | (229) |
| Operating expenses | 1,038 | 1,343 | 3,391 | 5,161 |
| Pre-tax earnings | 460 | 2,316 | 2,408 | 6,148 |
| Provision for taxes | 90 | 485 | 407 | 1,206 |
| Net earnings | 370 | 1,831 | 2,001 | 4,942 |
| Preferred stock dividends | 15 | 13 | 51 | 52 |
| Net earnings to common | $ | 355 | $ | 1,818 | $ | 1,950 | $ | 4,890 |
| Average common equity | $ | 9,720 | $ | 10,346 | $ | 10,649 | $ | 10,201 |
| Return on average common equity | 14.6 | % | 70.3 | % | 24.4 | % | 63.9 | % |
| Three MonthsEnded September | Nine Months Ended September |
| $ in billions | 2022 | 2021 | 2022 | 2021 |
| Announced mergers and acquisitions | $ | 189 | $ | 471 | $ | 1,004 | $ | 1,414 |
| Completed mergers and acquisitions | $ | 225 | $ | 418 | $ | 988 | $ | 1,070 |
| Equity and equity-related offerings | $ | 10 | $ | 25 | $ | 27 | $ | 111 |
| Debt offerings | $ | 39 | $ | 81 | $ | 177 | $ | 269 |

| Goldman Sachs September 2022 Form 10-Q | 116 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Operating expenses were $1.04 billion for the third quarter of 2022, 23% lower than the third quarter of 2021, reflecting significantly lower compensation and benefits expenses. Pre-tax earnings were $460 million for the third quarter of 2022, 80% lower than the third quarter of 2021. As of September 2022, our investment banking transaction backlog was essentially unchanged compared with June 2022. 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. Nine Months Ended September 2022 versus September 2021. Net revenues in Investment Banking were $6.12 billion for the first nine months of 2022, 45% lower than the first nine months of 2021, primarily reflecting significantly lower net revenues in Underwriting and lower net revenues in Financial advisory. The decrease in Underwriting net revenues was due to significantly lower net revenues in both Equity and Debt underwriting, reflecting a significant decline in industry-wide volumes. The decrease in Financial advisory reflected a decline in industry-wide completed mergers and acquisitions transactions. Corporate lending net revenues were significantly higher, primarily due to net gains from hedges related to relationship lending activities compared with net losses in the prior year period and higher net revenues from transaction banking, partially offset by net mark-downs on acquisition financing activities. Provision for credit losses was $325 million for the first nine months of 2022, compared with a net benefit of $229 million for the first nine months of 2021. Provisions for the first nine months of 2022 primarily reflected the impact of broad macroeconomic and geopolitical concerns, while the net benefit in the first nine months of 2021 reflected reserve reductions as the broad economic environment continued to improve following the initial impact of the COVID-19 pandemic. Operating expenses were $3.39 billion for the first nine months of 2022, 34% lower than the first nine months of 2021, primarily reflecting significantly lower compensation and benefits expenses. Pre-tax earnings were $2.41 billion for the first nine months of 2022, 61% lower than the first nine months of 2021. As of September 2022, our investment banking transaction backlog decreased compared with December 2021, due to significantly lower estimated net revenues from potential debt underwriting transactions (primarily from leveraged finance transactions). Global Markets Our Global Markets segment consists of: 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, emerging market and 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.
| 117 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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. For further information about market-making activities, see “Market-Making Activities” below. •FICC financing. Includes providing financing to our clients through warehouse loans backed by mortgages (including residential and commercial mortgage loans), corporate loans and consumer loans (including auto loans and private student loans). We also provide financing to clients through structured credit, asset-backed lending, and through securities purchased under agreements to resell (resale agreements). 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. For further information about market-making activities, see “Market-Making Activities” below. •Equities financing. Includes prime brokerage and other equities financing activities, including securities lending, margin lending and swaps. We earn fees by providing clearing, settlement and custody services globally. We provide services that principally involve borrowing and lending securities to cover institutional clients’ short sales and borrowing securities to cover our short sales and to make deliveries into the market. In addition, we are an active participant in broker-to-broker securities lending and third-party agency lending activities. We provide financing to our clients for their securities trading activities through margin loans that are collateralized by securities, cash or other acceptable collateral. In addition, we execute swap transactions to provide our clients with exposure to securities and indices. 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. 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.
| Goldman Sachs September 2022 Form 10-Q | 118 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Cash and cash equivalents | $ | 152,199 | $ | 131,390 |
| Collateralized agreements | 345,564 | 343,535 |
| Customer and other receivables | 149,387 | 142,547 |
| Trading assets | 339,324 | 337,040 |
| Investments | 98,106 | 55,285 |
| Loans | 65,748 | 60,916 |
| Other assets | 13,393 | 11,665 |
| Total | $ | 1,163,721 | $ | 1,082,378 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Corporate | $ | 23,173 | $ | 18,578 |
| Real estate | 34,915 | 34,986 |
| Other | 8,353 | 7,838 |
| Loans, gross | 66,441 | 61,402 |
| Allowance for loan losses | (693) | (486) |
| Total loans | $ | 65,748 | $ | 60,916 |
| Average for the |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Corporate | $ | 22,187 | $ | 16,739 | $ | 20,728 | $ | 14,974 |
| Real estate | 37,226 | 25,406 | 36,475 | 21,954 |
| Other | 8,245 | 5,375 | 8,041 | 4,422 |
| Loans, gross | $ | 67,658 | $ | 47,520 | $ | 65,244 | $ | 41,350 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| FICC intermediation | $ | 2,800 | $ | 1,995 | $ | 9,677 | $ | 7,343 |
| FICC financing | 725 | 513 | 2,178 | 1,378 |
| FICC | 3,525 | 2,508 | 11,855 | 8,721 |
| Equities intermediation | 1,549 | 1,920 | 5,444 | 6,271 |
| Equities financing | 1,127 | 1,183 | 3,241 | 3,100 |
| Equities | 2,676 | 3,103 | 8,685 | 9,371 |
| Net revenues | 6,201 | 5,611 | 20,540 | 18,092 |
| Provision for credit losses | (43) | (24) | 190 | (30) |
| Operating expenses | 3,213 | 2,794 | 10,340 | 10,352 |
| Pre-tax earnings | 3,031 | 2,841 | 10,010 | 7,770 |
| Provision for taxes | 557 | 597 | 1,692 | 1,524 |
| Net earnings | 2,474 | 2,244 | 8,318 | 6,246 |
| Preferred stock dividends | 66 | 54 | 216 | 205 |
| Net earnings to common | $ | 2,408 | $ | 2,190 | $ | 8,102 | $ | 6,041 |
| Average common equity | $ | 57,078 | $ | 46,959 | $ | 54,842 | $ | 44,067 |
| Return on average common equity | 16.9 | % | 18.7 | % | 19.7 | % | 18.3 | % |
| $ in millions | FICC | Equities | GlobalMarkets |
| Three Months Ended September 2022 |
| Market making | $ | 3,237 | $ | 1,405 | $ | 4,642 |
| Commissions and fees | — | 918 | 918 |
| Other principal transactions | 68 | 20 | 88 |
| Net interest income | 220 | 333 | 553 |
| Total | $ | 3,525 | $ | 2,676 | $ | 6,201 |
| Three Months Ended September 2021 |
| Market making | $ | 1,716 | $ | 2,213 | $ | 3,929 |
| Commissions and fees | — | 842 | 842 |
| Other principal transactions | 122 | 50 | 172 |
| Net interest income | 670 | (2) | 668 |
| Total | $ | 2,508 | $ | 3,103 | $ | 5,611 |
| Nine Months Ended September 2022 |
| Market making | $ | 10,190 | $ | 5,371 | $ | 15,561 |
| Commissions and fees | — | 2,869 | 2,869 |
| Other principal transactions | 314 | 26 | 340 |
| Net interest income | 1,351 | 419 | 1,770 |
| Total | $ | 11,855 | $ | 8,685 | $ | 20,540 |
| Nine Months Ended September 2021 |
| Market making | $ | 6,474 | $ | 6,622 | $ | 13,096 |
| Commissions and fees | — | 2,670 | 2,670 |
| Other principal transactions | 306 | 49 | 355 |
| Net interest income | 1,941 | 30 | 1,971 |
| Total | $ | 8,721 | $ | 9,371 | $ | 18,092 |

| 119 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Operating Environment. During the third quarter of 2022, Global Markets continued to operate in an environment generally characterized by broad macroeconomic and geopolitical concerns and market volatility, which contributed to solid client activity and a decrease in global equity prices. For volatility, the average daily VIX for the third quarter of 2022 was 25, consistent with the average year-to-date level. In equities, the S&P 500 Index decreased by 5% and the MSCI World Index decreased by 7%, compared with the end of the second quarter of 2022. Additionally, global central banks continued to react to inflationary pressures by generally increasing policy interest rates.In the future, if market and economic conditions deteriorate further, and activity levels or volatility decline, net revenues in Global Markets would likely be negatively impacted. Three Months Ended September 2022 versus September 2021. Net revenues in Global Markets were $6.20 billion for the third quarter of 2022, 11% higher than the third quarter of 2021. Net revenues in FICC were $3.53 billion, 41% higher than the third quarter of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in interest rate products and currencies, and higher net revenues in commodities and credit products, partially offset by significantly lower net revenues in mortgages. In addition, net revenues in FICC financing were significantly higher, primarily driven by securities sold under agreements to repurchase (repurchase agreements) and mortgage lending. The increase in FICC intermediation net revenues reflected significantly higher client activity as we supported clients amid an evolving macroeconomic environment. The following provides information about our FICC intermediation net revenues by business, compared with results in the third quarter of 2021: •Net revenues in interest rate products, currencies, commodities and credit products primarily reflected higher client activity. •Net revenues in mortgages primarily reflected the impact of challenging market-making conditions on our inventory. Net revenues in Equities were $2.68 billion, 14% lower than a strong third quarter of 2021, primarily due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and lower net revenues in derivatives. Net revenues in Equities financing were slightly lower. Provision for credit losses was a net benefit of $43 million for the third quarter of 2022, compared with a net benefit of $24 million for the third quarter of 2021. Operating expenses were $3.21 billion for the third quarter of 2022, 15% higher than the third quarter of 2021, primarily reflecting significantly higher compensation and benefits expenses and higher transaction based expenses. Pre-tax earnings were $3.03 billion for the third quarter of 2022, 7% higher than the third quarter of 2021.Nine Months Ended September 2022 versus September 2021. Net revenues in Global Markets were $20.54 billion for the first nine months of 2022, 14% higher than the first nine months of 2021. Net revenues in FICC were $11.86 billion, 36% higher than the first nine months of 2021, primarily reflecting significantly higher net revenues in FICC intermediation, driven by significantly higher net revenues in currencies, interest rate products and commodities, partially offset by significantly lower net revenues in mortgages and credit products. Net revenues in FICC financing were also significantly higher, reflecting significantly higher net revenues from mortgage lending and repurchase agreements. The increase in FICC intermediation net revenues reflected significantly higher client activity as we supported clients amid an evolving macroeconomic environment. The following provides information about our FICC intermediation net revenues by business, compared with results in the first nine months of 2021: •Net revenues in currencies, interest rate products and commodities primarily reflected higher client activity. •Net revenues in mortgages and credit products primarily reflected the impact of challenging market-making conditions on our inventory. Net revenues in Equities were $8.69 billion, 7% lower than the first nine months of 2021, due to lower net revenues in Equities intermediation, reflecting significantly lower net revenues in cash products and slightly lower net revenues in derivatives. Net revenues in Equities financing were slightly higher, primarily reflecting increased activity. Provision for credit losses was $190 million for the first nine months of 2022, compared with a net benefit of $30 million for the first nine months of 2021. Provisions for the first nine months of 2022 primarily reflected the impact of broad concerns about the macroeconomic outlook. Operating expenses were $10.34 billion for the first nine months of 2022, essentially unchanged compared with the first nine months of 2021. Pre-tax earnings were $10.01 billion for the first nine months of 2022, 29% higher than the first nine months of 2021.
| Goldman Sachs September 2022 Form 10-Q | 120 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Cash and cash equivalents | $ | 17,154 | $ | 16,636 |
| Collateralized agreements | 4,212 | 5,227 |
| Customer and other receivables | 1,205 | 946 |
| Trading assets | 5,554 | 5,000 |
| Investments | 27,732 | 32,318 |
| Loans | 12,103 | 13,698 |
| Other assets | 17,854 | 17,290 |
| Total | $ | 85,814 | $ | 91,115 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Corporate | $ | 6,728 | $ | 6,928 |
| Real estate | 5,509 | 6,810 |
| Other | 608 | 692 |
| Loans, gross | 12,845 | 14,430 |
| Allowance for loan losses | (742) | (732) |
| Total loans | $ | 12,103 | $ | 13,698 |
| Average for the |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Corporate | $ | 6,845 | $ | 7,363 | $ | 6,833 | $ | 7,544 |
| Real estate | 6,254 | 8,489 | 6,404 | 8,821 |
| Other | 676 | 694 | 682 | 675 |
| Loans, gross | $ | 13,775 | $ | 16,546 | $ | 13,919 | $ | 17,040 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Management and other fees | $ | 1,027 | $ | 724 | $ | 2,807 | $ | 2,144 |
| Incentive fees | 36 | 100 | 248 | 220 |
| Equity investments | 527 | 935 | (61) | 7,772 |
| Lending and debt investments | 231 | 520 | 457 | 1,889 |
| Net revenues | 1,821 | 2,279 | 3,451 | 12,025 |
| Provision for credit losses | 29 | 10 | 129 | (2) |
| Operating expenses | 1,565 | 823 | 4,121 | 4,656 |
| Pre-tax earnings/(loss) | 227 | 1,446 | (799) | 7,371 |
| Provision/(benefit) for taxes | 32 | 331 | (135) | 1,446 |
| Net earnings/(loss) | 195 | 1,115 | (664) | 5,925 |
| Preferred stock dividends | 14 | 19 | 53 | 72 |
| Net earnings/(loss) to common | $ | 181 | $ | 1,096 | $ | (717) | $ | 5,853 |
| Average common equity | $ | 24,587 | $ | 25,788 | $ | 24,358 | $ | 25,294 |
| Return on average common equity | 2.9 | % | 17.0 | % | (3.9) | % | 30.9 | % |

| 121 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Equity Type |
| Private equity | $ | 311 | $ | 1,753 | $ | 1,008 | $ | 7,350 |
| Public equity | 216 | (818) | (1,069) | 422 |
| Total | $ | 527 | $ | 935 | $ | (61) | $ | 7,772 |
| Asset Class |
| Real estate | $ | 167 | $ | 677 | $ | 1,106 | $ | 1,649 |
| Corporate | 360 | 258 | (1,167) | 6,123 |
| Total | $ | 527 | $ | 935 | $ | (61) | $ | 7,772 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Fair value net gains/(losses) | $ | (36) | $ | 214 | $ | (365) | $ | 951 |
| Net interest income | 267 | 306 | 822 | 938 |
| Total | $ | 231 | $ | 520 | $ | 457 | $ | 1,889 |

| Goldman Sachs September 2022 Form 10-Q | 122 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Cash and cash equivalents | $ | 48,440 | $ | 48,573 |
| Collateralized agreements | 12,024 | 14,358 |
| Customer and other receivables | 12,279 | 11,932 |
| Trading assets | 15,826 | 13,538 |
| Investments | 45 | 63 |
| Loans | 66,501 | 54,393 |
| Other assets | 5,781 | 3,481 |
| Total | $ | 160,896 | $ | 146,338 |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Wealth management | $ | 50,101 | $ | 43,998 |
| Installment | 5,157 | 3,672 |
| Credit cards | 13,691 | 8,212 |
| Loans, gross | 68,949 | 55,882 |
| Allowance for loan losses | (2,448) | (1,489) |
| Total loans | $ | 66,501 | $ | 54,393 |
| Average for the |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Wealth management | $ | 49,221 | $ | 41,020 | $ | 46,895 | $ | 37,650 |
| Installment | 4,828 | 3,341 | 4,334 | 3,470 |
| Credit cards | 12,785 | 5,670 | 11,066 | 4,907 |
| Loans, gross | $ | 66,834 | $ | 50,031 | $ | 62,295 | $ | 46,027 |

| 123 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Management and other fees | $ | 1,217 | $ | 1,223 | $ | 3,696 | $ | 3,409 |
| Incentive fees | 21 | 121 | 72 | 162 |
| Private banking and lending | 395 | 292 | 1,054 | 816 |
| Wealth management | 1,633 | 1,636 | 4,822 | 4,387 |
| Consumer banking | 744 | 382 | 1,835 | 1,116 |
| Net revenues | 2,377 | 2,018 | 6,657 | 5,503 |
| Provision for credit losses | 451 | 148 | 1,099 | 274 |
| Operating expenses | 1,888 | 1,631 | 5,221 | 4,499 |
| Pre-tax earnings | 38 | 239 | 337 | 730 |
| Provision for taxes | 8 | 51 | 57 | 143 |
| Net earnings | 30 | 188 | 280 | 587 |
| Preferred stock dividends | 12 | 8 | 36 | 29 |
| Net earnings to common | $ | 18 | $ | 180 | $ | 244 | $ | 558 |
| Average common equity | $ | 15,925 | $ | 10,740 | $ | 14,866 | $ | 10,475 |
| Return on average common equity | 0.5 | % | 6.7 | % | 2.2 | % | 7.1 | % |

| Goldman Sachs September 2022 Form 10-Q | 124 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of September |
| $ in billions | 2022 | 2021 |
| Segment |
| Asset Management | $ | 1,760 | $ | 1,678 |
| Consumer & Wealth Management | 667 | 694 |
| Total AUS | $ | 2,427 | $ | 2,372 |
| Asset Class |
| Alternative investments | $ | 256 | $ | 224 |
| Equity | 516 | 569 |
| Fixed income | 955 | 940 |
| Total long-term AUS | 1,727 | 1,733 |
| Liquidity products | 700 | 639 |
| Total AUS | $ | 2,427 | $ | 2,372 |
| Distribution Channel |
| Institutional | $ | 855 | $ | 812 |
| Wealth management | 667 | 694 |
| Third-party distributed | 905 | 866 |
| Total AUS | $ | 2,427 | $ | 2,372 |
| Region |
| Americas | $ | 1,751 | $ | 1,853 |
| EMEA | 497 | 339 |
| Asia | 179 | 180 |
| Total AUS | $ | 2,427 | $ | 2,372 |
| Vehicle |
| Separate accounts | $ | 1,296 | $ | 1,300 |
| Public funds | 837 | 776 |
| Private funds and other | 294 | 296 |
| Total AUS | $ | 2,427 | $ | 2,372 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in billions | 2022 | 2021 | 2022 | 2021 |
| Asset Management |
| Beginning balance | $ | 1,824 | $ | 1,633 | $ | 1,719 | $ | 1,530 |
| Net inflows/(outflows): |
| Alternative investments | (2) | 3 | 3 | 9 |
| Equity | (4) | 3 | (3) | 1 |
| Fixed income | (1) | 27 | (5) | 55 |
| Total long-term AUS net inflows/(outflows) | (7) | 33 | (5) | 65 |
| Liquidity products | 14 | 11 | 13 | 56 |
| Total AUS net inflows/(outflows) | 7 | 44 | 8 | 121 |
| Acquisitions/(dispositions) | 6 | — | 318 | — |
| Net market appreciation/(depreciation) | (77) | 1 | (285) | 27 |
| Ending balance | $ | 1,760 | $ | 1,678 | $ | 1,760 | $ | 1,678 |
| Consumer & Wealth Management |
| Beginning balance | $ | 671 | $ | 672 | $ | 751 | $ | 615 |
| Net inflows/(outflows): |
| Alternative investments | 9 | 6 | 13 | 13 |
| Equity | 2 | 9 | 16 | 28 |
| Fixed income | 5 | 1 | 4 | 2 |
| Total long-term AUS net inflows/(outflows) | 16 | 16 | 33 | 43 |
| Liquidity products | 4 | 6 | (8) | — |
| Total AUS net inflows/(outflows) | 20 | 22 | 25 | 43 |
| Acquisitions/(dispositions) | (2) | — | (2) | — |
| Net market appreciation/(depreciation) | (22) | — | (107) | 36 |
| Ending balance | $ | 667 | $ | 694 | $ | 667 | $ | 694 |
| Firmwide |
| Beginning balance | $ | 2,495 | $ | 2,305 | $ | 2,470 | $ | 2,145 |
| Net inflows/(outflows): |
| Alternative investments | 7 | 9 | 16 | 22 |
| Equity | (2) | 12 | 13 | 29 |
| Fixed income | 4 | 28 | (1) | 57 |
| Total long-term AUS net inflows/(outflows) | 9 | 49 | 28 | 108 |
| Liquidity products | 18 | 17 | 5 | 56 |
| Total AUS net inflows/(outflows) | 27 | 66 | 33 | 164 |
| Acquisitions/(dispositions) | 4 | — | 316 | — |
| Net market appreciation/(depreciation) | (99) | 1 | (392) | 63 |
| Ending balance | $ | 2,427 | $ | 2,372 | $ | 2,427 | $ | 2,372 |

| 125 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Average for the |
| Three MonthsEnded September | Nine Months Ended September |
| $ in billions | 2022 | 2021 | 2022 | 2021 |
| Segment |
| Asset Management | $ | 1,824 | $ | 1,663 | $ | 1,806 | $ | 1,602 |
| Consumer & Wealth Management | 683 | 688 | 707 | 656 |
| Total AUS | $ | 2,507 | $ | 2,351 | $ | 2,513 | $ | 2,258 |
| Asset Class |
| Alternative investments | $ | 256 | $ | 217 | $ | 251 | $ | 205 |
| Equity | 556 | 569 | 586 | 532 |
| Fixed income | 999 | 932 | 995 | 911 |
| Total long-term AUS | 1,811 | 1,718 | 1,832 | 1,648 |
| Liquidity products | 696 | 633 | 681 | 610 |
| Total AUS | $ | 2,507 | $ | 2,351 | $ | 2,513 | $ | 2,258 |
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| Asset Management | $ | 1,027 | $ | 724 | $ | 2,807 | $ | 2,144 |
| Consumer & Wealth Management | 1,217 | 1,223 | 3,696 | 3,409 |
| Total | $ | 2,244 | $ | 1,947 | $ | 6,503 | $ | 5,553 |
| Three MonthsEnded September | Nine Months Ended September |
| Effective fees (bps) | 2022 | 2021 | 2022 | 2021 |
| Alternative investments | 64 | 64 | 64 | 63 |
| Equity | 58 | 59 | 58 | 60 |
| Fixed income | 18 | 17 | 17 | 17 |
| Liquidity products | 15 | 5 | 13 | 6 |
| Total average effective fee | 31 | 29 | 31 | 29 |
| $ in billions | DirectStrategies | Fund ofFunds | Total |
| Three Months Ended September 2022 |
| Average AUS |
| Corporate equity | $ | 27 | $ | 61 | $ | 88 |
| Credit | 40 | 2 | 42 |
| Real estate | 10 | 8 | 18 |
| Hedge funds and other | 44 | 22 | 66 |
| Funds and discretionary accounts | $ | 121 | $ | 93 | $ | 214 |
| Advisory accounts | 42 |
| Total average AUS for alternative investments | $ | 256 |
| Effective Fees (bps) |
| Corporate equity | 139 | 62 | 86 |
| Credit | 78 | 55 | 77 |
| Real estate | 82 | 48 | 66 |
| Hedge funds and other | 63 | 47 | 58 |
| Funds and discretionary accounts | 86 | 57 | 74 |
| Advisory accounts | 16 |
| Total average effective fee | 64 |
| Three Months Ended September 2021 |
| Average AUS |
| Corporate equity | $ | 21 | $ | 59 | $ | 80 |
| Credit | 18 | 2 | 20 |
| Real estate | 8 | 8 | 16 |
| Hedge funds and other | 44 | 20 | 64 |
| Funds and discretionary accounts | $ | 91 | $ | 89 | $ | 180 |
| Advisory accounts | 37 |
| Total average AUS for alternative investments | $ | 217 |
| Effective Fees (bps) |
| Corporate equity | 129 | 59 | 77 |
| Credit | 103 | 65 | 100 |
| Real estate | 93 | 54 | 74 |
| Hedge funds and other | 65 | 54 | 61 |
| Funds and discretionary accounts | 90 | 57 | 74 |
| Advisory accounts | 17 |
| Total average effective fee | 64 |
| Nine Months Ended September 2022 |
| Average AUS |
| Corporate equity | $ | 26 | $ | 60 | $ | 86 |
| Credit | 35 | 2 | 37 |
| Real estate | 10 | 8 | 18 |
| Hedge funds and other | 46 | 22 | 68 |
| Funds and discretionary accounts | $ | 117 | $ | 92 | $ | 209 |
| Advisory accounts | 42 |
| Total average AUS for alternative investments | $ | 251 |
| Effective Fees (bps) |
| Corporate equity | 134 | 60 | 82 |
| Credit | 81 | 56 | 80 |
| Real estate | 89 | 50 | 71 |
| Hedge funds and other | 64 | 48 | 59 |
| Funds and discretionary accounts | 87 | 56 | 73 |
| Advisory accounts | 16 |
| Total average effective fee | 64 |
| Nine Months Ended September 2021 |
| Average AUS |
| Corporate equity | $ | 18 | $ | 59 | $ | 77 |
| Credit | 17 | 2 | 19 |
| Real estate | 8 | 7 | 15 |
| Hedge funds and other | 41 | 19 | 60 |
| Funds and discretionary accounts | $ | 84 | $ | 87 | $ | 171 |
| Advisory accounts | 34 |
| Total average AUS for alternative investments | $ | 205 |
| Effective Fees (bps) |
| Corporate equity | 133 | 57 | 75 |
| Credit | 102 | 54 | 98 |
| Real estate | 91 | 56 | 74 |
| Hedge funds and other | 66 | 54 | 62 |
| Funds and discretionary accounts | 90 | 56 | 73 |
| Advisory accounts | 15 |
| Total average effective fee | 63 |

| Goldman Sachs September 2022 Form 10-Q | 126 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| $ in billions | AUS | Non-fee-earningalternativeassets | Totalalternativeassets |
| As of September 2022 |
| Corporate equity | $ | 92 | $ | 75 | $ | 167 |
| Credit | 41 | 62 | 103 |
| Real estate | 17 | 37 | 54 |
| Hedge funds and other | 65 | 2 | 67 |
| Funds and discretionary accounts | 215 | 176 | 391 |
| Advisory accounts | 41 | — | 41 |
| Total alternative investments | $ | 256 | $ | 176 | $ | 432 |
| As of September 2021 |
| Corporate equity | $ | 84 | $ | 74 | $ | 158 |
| Credit | 22 | 69 | 91 |
| Real estate | 15 | 44 | 59 |
| Hedge funds and other | 66 | 3 | 69 |
| Funds and discretionary accounts | 187 | 190 | 377 |
| Advisory accounts | 37 | 2 | 39 |
| Total alternative investments | $ | 224 | $ | 192 | $ | 416 |
| As of |
| $ in billions | September 2022 |
| Included in AUS | $ | 109 |
| Included in non-fee-earning alternative assets | 55 |
| Third-party commitments raised | $ | 164 |
| $ in billions | Loans | Debtsecurities | Equitysecurities | CIEinvestmentsand other | Total |
| As of September 2022 |
| Corporate equity | $ | — | $ | — | $ | 12 | $ | — | $ | 12 |
| Credit | 7 | 11 | — | — | 18 |
| Real estate | 5 | 1 | 4 | 13 | 23 |
| Other | — | — | — | 1 | 1 |
| Total | $ | 12 | $ | 12 | $ | 16 | $ | 14 | $ | 54 |
| As of September 2021 |
| Corporate equity | $ | — | $ | — | $ | 16 | $ | — | $ | 16 |
| Credit | 8 | 11 | — | — | 19 |
| Real estate | 8 | 2 | 4 | 17 | 31 |
| Other | — | — | — | 1 | 1 |
| Total | $ | 16 | $ | 13 | $ | 20 | $ | 18 | $ | 67 |

| 127 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of September |
| $ in billions | 2022 | 2021 |
| Loans | $12 | $16 |
| Debt securities | 12 | 13 |
| Total | $24 | $29 |
| Accounting Classification |
| Debt securities at fair value | 49 | % | 45 | % |
| Loans at amortized cost | 38 | % | 38 | % |
| Loans at fair value | 9 | % | 12 | % |
| Loans held for sale | 4 | % | 5 | % |
| Total | 100 | % | 100 | % |
| Region |
| Americas | 47 | % | 47 | % |
| EMEA | 34 | % | 34 | % |
| Asia | 19 | % | 19 | % |
| Total | 100 | % | 100 | % |
| Industry |
| Consumers | 4 | % | 4 | % |
| Financial Institutions | 8 | % | 8 | % |
| Healthcare | 11 | % | 9 | % |
| Industrials | 13 | % | 15 | % |
| Natural Resources & Utilities | 3 | % | 3 | % |
| Real Estate | 27 | % | 36 | % |
| Technology, Media & Telecommunications | 22 | % | 14 | % |
| Other | 12 | % | 11 | % |
| Total | 100 | % | 100 | % |
| As of September |
| $ in billions | 2022 | 2021 |
| Equity securities | $16 | $20 |
| Region |
| Americas | 67 | % | 57 | % |
| EMEA | 16 | % | 23 | % |
| Asia | 17 | % | 20 | % |
| Total | 100 | % | 100 | % |
| Industry |
| Consumers | 4 | % | 5 | % |
| Financial Institutions | 11 | % | 14 | % |
| Healthcare | 10 | % | 10 | % |
| Industrials | 7 | % | 7 | % |
| Natural Resources & Utilities | 11 | % | 8 | % |
| Real Estate | 28 | % | 21 | % |
| Technology, Media & Telecommunications | 26 | % | 32 | % |
| Other | 3 | % | 3 | % |
| Total | 100 | % | 100 | % |
| Vintage |
| As of September 2022 |
| 2015 or earlier | 30 | % |
| 2016 - 2018 | 25 | % |
| 2019 - thereafter | 45 | % |
| Total | 100 | % |
| As of September 2021 |
| 2014 or earlier | 25 | % |
| 2015 - 2017 | 34 | % |
| 2018 - thereafter | 41 | % |
| Total | 100 | % |
| $ in billions | Total Equity |
| Beginning balance | $22 |
| Additions | 8 |
| Dispositions | (21) |
| Mark-ups | 7 |
| Ending balance | $16 |

| Goldman Sachs September 2022 Form 10-Q | 128 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of September |
| $ in billions | 2022 | 2021 |
| CIE assets, net of financings | $6 | $8 |
| Region |
| Americas | 68 | % | 63 | % |
| EMEA | 22 | % | 25 | % |
| Asia | 10 | % | 12 | % |
| Total | 100 | % | 100 | % |
| Asset Class |
| Hospitality | 4 | % | 4 | % |
| Industrials | 14 | % | 11 | % |
| Multifamily | 23 | % | 24 | % |
| Office | 22 | % | 26 | % |
| Retail | 3 | % | 5 | % |
| Senior Housing | 14 | % | 14 | % |
| Student Housing | 7 | % | 6 | % |
| Other | 13 | % | 10 | % |
| Total | 100 | % | 100 | % |
| Vintage |
| As of September 2022 |
| 2015 or earlier | 4 | % |
| 2016 - 2018 | 46 | % |
| 2019 - thereafter | 50 | % |
| Total | 100 | % |
| As of September 2021 |
| 2014 or earlier | 2 | % |
| 2015 - 2017 | 27 | % |
| 2018 - thereafter | 71 | % |
| Total | 100 | % |

| 129 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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 Risk Governance 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 Risk Governance 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 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. Balance Sheet Analysis and Metrics As of September 2022, total assets in our consolidated balance sheets were $1.56 trillion, an increase of $92.01 billion from December 2021, primarily reflecting increases in investments of $38.24 billion (primarily due to an increase in U.S. government obligations accounted for as held-to-maturity), cash and cash equivalents of $23.22 billion (primarily reflecting our activity), and loans of $18.11 billion (reflecting increases in corporate, consumer and wealth management loans). As of September 2022, total liabilities in our consolidated balance sheets were $1.44 trillion, an increase of $82.64 billion from December 2021, reflecting increases in trading liabilities of $50.29 billion (primarily due to an increase in equity securities, reflecting the impact of our and our clients' activities, and due to an increase in derivative instruments, reflecting the impact of currency, commodity prices and interest rate movements), deposits of $30.51 billion (primarily due to increases in transaction banking, deposit sweep program balances, brokered certificates of deposit, and consumer deposits, partially offset by a decrease in other deposits), and customer and other payables of $26.53 billion (primarily reflecting our clients' activities), partially offset by decreases in collateralized financings of $11.83 billion (primarily reflecting the impact of our and our clients' activities) and unsecured borrowings of $9.23 billion (primarily driven by maturities, partially offset by new issuances).Our total repurchase agreements, accounted for as collateralized financings, were $159.69 billion as of September 2022, which were essentially the same as the average daily amount over the third quarter of 2022. As of December 2021, total repurchase agreements were $165.88 billion, which were 3% higher than the average daily amount over the fourth quarter of 2021. 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.
| Goldman Sachs September 2022 Form 10-Q | 130 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Total assets | $ | 1,555,994 | $ | 1,463,988 |
| Unsecured long-term borrowings | $ | 239,965 | $ | 254,092 |
| Total shareholders’ equity | $ | 119,290 | $ | 109,926 |
| Leverage ratio | 13.0x | 13.3x |
| Debt-to-equity ratio | 2.0x | 2.3x |
| As of |
| September | December |
| $ in millions, except per share amounts | 2022 | 2021 |
| Total shareholders’ equity | $ | 119,290 | $ | 109,926 |
| Preferred stock | (10,703) | (10,703) |
| Common shareholders’ equity | 108,587 | 99,223 |
| Goodwill | (6,288) | (4,285) |
| Identifiable intangible assets | (1,963) | (418) |
| Tangible common shareholders’ equity | $ | 100,336 | $ | 94,520 |
| Book value per common share | $ | 308.22 | $ | 284.39 |
| Tangible book value per common share | $ | 284.80 | $ | 270.91 |
| As of |
| $ in millions | September 2022 | December 2021 |
| Deposits | $ | 394,733 | 39 | % | $ | 364,227 | 36 | % |
| Collateralized financings | 219,107 | 21 | % | 230,932 | 23 | % |
| Unsecured short-term borrowings | 51,850 | 5 | % | 46,955 | 5 | % |
| Unsecured long-term borrowings | 239,965 | 23 | % | 254,092 | 25 | % |
| Total shareholders’ equity | 119,290 | 12 | % | 109,926 | 11 | % |
| Total | $ | 1,024,945 | 100 | % | $ | 1,006,132 | 100 | % |

| 131 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| $ in millions | FirstQuarter | SecondQuarter | ThirdQuarter | FourthQuarter | Total |
| As of September 2022 |
| 2023 | $ | — | $ | — | $ | — | $ | 14,609 | $ | 14,609 |
| 2024 | $ | 13,294 | $ | 10,256 | $ | 9,479 | $ | 7,799 | 40,828 |
| 2025 | $ | 11,300 | $ | 10,306 | $ | 6,503 | $ | 6,094 | 34,203 |
| 2026 | $ | 5,461 | $ | 3,571 | $ | 3,159 | $ | 8,633 | 20,824 |
| 2027 | $ | 8,665 | $ | 3,179 | $ | 6,427 | $ | 9,666 | 27,937 |
| 2028 - thereafter | 101,564 |
| Total | $ | 239,965 |

| Goldman Sachs September 2022 Form 10-Q | 132 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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 other 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 preferred stock and other subordinated debt. 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 2022 CCAR submission, the FRB reduced our SCB from 6.4% to 6.3% for the period from October 1, 2022 through September 30, 2023. As a result, beginning on October 1, 2022, our Standardized CET1 capital ratio requirement is 13.3%. Additionally, effective January 1, 2023, our global systemically important bank (G-SIB) surcharge will increase from 2.5% to 3.0%, resulting in a Standardized CET1 capital ratio requirement of 13.8%. See “Share Repurchase Program” for further information about common stock repurchases and dividends and “Consolidated Regulatory Capital” for further information about the G-SIB surcharge. We published a summary of our annual DFAST results in June 2022. 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 2022. See “Available Information.”
| 133 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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 each of our businesses’ capital usage based on our internal assessment of risks, which incorporates an attribution of our relevant regulatory capital requirements. These regulatory capital requirements are allocated using our attributed equity framework, which takes into consideration our most binding capital constraints. Our most binding capital constraint is based on the results of the FRB’s annual stress test, which includes the Standardized risk-based capital and leverage ratios. We review and make any necessary adjustments to our attributed equity framework in January each year, to reflect, among other things, the results of our latest CCAR process, as well as projected changes in our balance sheet. On January 1, 2022, our allocation of attributed equity changed (relative to the allocation as of December 2021) as follows: attributed equity increased by approximately $1.0 billion for Consumer & Wealth Management and approximately $0.5 billion for Investment Banking, while attributed equity decreased by approximately $0.8 billion for Global Markets and approximately $0.7 billion for Asset Management. See “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. The 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 our current and projected capital position and our capital plan submitted to the FRB as part of CCAR. The amounts and timing of the repurchases may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock. In the third quarter of 2022, the Board of Directors of Group Inc. (Board) approved an increase in our common stock dividend from $2.00 to $2.50 per share. During the third quarter of 2022, we returned a total of $1.89 billion to shareholders, including common stock repurchases of $1.00 billion and common stock dividends of $893 million. Consistent with our capital management philosophy, we will continue prioritizing deployment of capital for our clients where returns are attractive and return any excess capital to shareholders through dividends and share repurchases. As of September 2022, the remaining share authorization under our existing repurchase program was 28.5 million shares. 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.In August 2022, the Inflation Reduction Act of 2022 introduced a one percent non-deductible excise tax on the fair market value of certain corporate share repurchases after December 31, 2022. The fair market value of share repurchases subject to the tax is reduced by the fair market value of any stock issued by the corporation during the calendar year, including stock issued to employees. We are analyzing the impact of the excise tax on our financial condition, results of operations and cash flows. 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.
| Goldman Sachs September 2022 Form 10-Q | 134 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Requirements |
| TLAC to RWAs | 21.5 | % |
| TLAC to leverage exposure | 9.5 | % |
| External long-term debt to RWAs | 8.5 | % |
| External long-term debt to leverage exposure | 4.5 | % |
| For the Three MonthsEnded or as of |
| September | December |
| $ in millions | 2022 | 2021 |
| TLAC | $ | 299,366 | $ | 297,765 |
| External long-term debt | $ | 174,203 | $ | 174,500 |
| RWAs | $ | 688,566 | $ | 676,863 |
| Leverage exposure | $ | 1,955,300 | $ | 1,910,521 |
| TLAC to RWAs | 43.5 | % | 44.0 | % |
| TLAC to leverage exposure | 15.3 | % | 15.6 | % |
| External long-term debt to RWAs | 25.3 | % | 25.8 | % |
| External long-term debt to leverage exposure | 8.9 | % | 9.1 | % |

| 135 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| 2022 | 2021 |
| Risk-based capital requirements |
| CET1 capital ratio | 8.4 | % | 8.1 | % |
| Tier 1 capital ratio | 10.4 | % | 9.9 | % |
| Total capital ratio | 13.0 | % | 12.4 | % |

| Goldman Sachs September 2022 Form 10-Q | 136 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Risk-based capital and risk-weighted assets |
| CET1 capital | $ | 31,331 | $ | 28,810 |
| Tier 1 capital | $ | 39,631 | $ | 37,110 |
| Tier 2 capital | $ | 5,377 | $ | 5,377 |
| Total capital | $ | 45,008 | $ | 42,487 |
| RWAs | $ | 267,737 | $ | 269,762 |
| Risk-based capital ratios |
| CET1 capital ratio | 11.7% | 10.7% |
| Tier 1 capital ratio | 14.8% | 13.8% |
| Total capital ratio | 16.8% | 15.7% |

| 137 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| 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 (VIEs) | 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 2022 Form 10-Q | 138 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Risk Management Risks are inherent in our businesses and include liquidity, market, credit, operational, model, legal, compliance, conduct, regulatory and reputational risks. Our risks include the risks across our risk categories, regions or global businesses, as well as those which have uncertain outcomes and have the potential to materially impact our financial results, our liquidity and our reputation. 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,” “Model Risk Management” and “Other Risk Management,” as well as “Risk Factors” in Part I, Item 1A of the 2021 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 receives regular briefings on firmwide risks, including liquidity risk, market risk, credit risk, operational risk and model risk, from our independent risk oversight and control functions, including the chief risk officer, and on compliance risk and conduct risk from Compliance, on legal and regulatory enforcement matters from the chief legal officer, and on other matters impacting our reputation from the chair of our Firmwide Client and Business Standards Committee and 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, Operations, and Corporate and Workplace Solutions, 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.
| 139 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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. Processes. We maintain various processes that are critical components of our risk management framework, including (i) risk identification and assessment, (ii) risk appetite, limit and threshold setting, (iii) risk reporting and monitoring, and (iv) risk decision-making. •Risk Identification and Assessment. We believe that the identification and assessment of our risks is a critical step in providing our Board and senior management transparency and insight into the range and materiality of our risks. We have a comprehensive data collection process, including firmwide policies and procedures that require all employees to report and escalate risk events. Our approach for risk identification and assessment is comprehensive across all risk types, is dynamic and forward-looking to reflect and adapt to our changing risk profile and business environment, leverages subject matter expertise, and allows for prioritization of our most critical risks. 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, 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, Limit and Threshold Setting. We apply a rigorous 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 and thresholds included in our risk appetite statement at firmwide, business and product levels. In addition, the Firmwide Enterprise Risk Committee is responsible for approving our risk limits framework, subject to the overall limits approved by the Risk Committee of the Board, and monitoring these limits. The Risk Governance 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 Risk Governance Committee, Market Risk sets limits at certain product and desk levels, and Credit Risk sets limits for individual counterparties, counterparties and their subsidiaries, industries and countries. Limits are reviewed regularly and amended on a permanent or temporary basis to reflect changing market conditions, business conditions or risk tolerance. •Risk 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 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 2022 Form 10-Q | 140 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
•Risk Decision-Making. Our governance structure provides the protocol and responsibility for decision-making on risk management issues and ensures 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 with specific risk management mandates that have oversight or decision-making responsibilities for risk management activities. Committee membership generally consists of senior managers from both our first and second lines of defense. We have established procedures for these committees to ensure 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 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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 framework. This committee, which reports to the Management Committee, is co-chaired by our president and chief operating officer and our chief risk officer, who are appointed as chairs by our chief executive officer, and the vice-chair is our chief financial officer, who is appointed as vice-chair by the chairs of the Firmwide Enterprise Risk Committee. The following are the primary committees or councils that report to the Firmwide Enterprise Risk Committee: •Firmwide Risk Council. The Firmwide Risk Council is responsible for the ongoing monitoring of relevant financial risks and related risk limits 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 for establishing a process to identify and review previously approved activities that are significant and that have changed in complexity and/or structure or present different reputational and suitability concerns over time to consider whether these activities remain appropriate. This committee is co-chaired by our controller and chief accounting officer and our chief operating and strategy officer for Engineering, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk Committee. •Firmwide Operational Risk and Resilience Committee. The Firmwide Operational Risk and Resilience Committee is responsible for overseeing operational risk, and for ensuring our business and operational resilience. To assist the Firmwide Operational Risk and Resilience Committee in carrying out its mandate, other risk committees with dedicated oversight for technology-related risks, including cyber security matters, report into the Firmwide Operational Risk and Resilience Committee. This committee is co-chaired by our chief administrative officer 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. •Risk Governance Committee. The Risk Governance 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, at firmwide, business and product levels. In addition, this committee reviews the results of stress tests and scenario analyses. To assist the Risk Governance Committee in carrying out its mandate, a number of other risk committees with dedicated oversight for stress testing, model risks and Volcker Rule compliance report into the Risk Governance Committee. This committee is chaired by our chief risk officer, who is appointed as chair by the chairs of the Firmwide Enterprise Risk Committee. Firmwide Client and Business Standards Committee. The Firmwide Client and Business Standards Committee is responsible for overseeing relationships with our clients, client service and experience, and related business standards, as well as client-related reputational matters. This committee is chaired by our president and chief operating officer, who is appointed as chair by our chief executive officer, and reports to the Management Committee. This committee periodically provides updates to, and receives guidance from, the Public Responsibilities Committee of the Board.
| Goldman Sachs September 2022 Form 10-Q | 142 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
The following committees report jointly to the Firmwide Enterprise Risk Committee and the Firmwide Client and Business Standards Committee: •Firmwide Reputational Risk Committee. The Firmwide Reputational Risk Committee is responsible for assessing reputational risks arising from transactions that have been identified as having potential heightened reputational risk pursuant to the criteria established by the Firmwide Reputational Risk Committee and as determined by committee leadership. 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 former chair of Conflicts Resolution (now a senior advisor to the firm), 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. •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 a co-head of EMEA FICC sales, who are appointed as chairs by the chair of the Firmwide Client and Business Standards Committee. •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 a co-head of our Global Financing Group, who are appointed as chairs by the chairs of the Firmwide Enterprise Risk 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 EMEA, our chief equity underwriting officer for the Americas, a co-chairman of our Global Financial Institutions Group and a co-head of our Global Investment Grade Capital Markets and Risk Management Group in our Investment Banking Division, who are appointed as chairs by the chair of the Firmwide Client and Business Standards 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.
| 143 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Liquidity Risk, which is independent of our revenue-producing units and Treasury, and reports to our chief risk officer, has primary responsibility for assessing, 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. 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 to provide 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.
| Goldman Sachs September 2022 Form 10-Q | 144 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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 consolidated total capital position (unsecured long-term borrowings plus total shareholders’ equity) so 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 first use our GCLA in order to avoid reliance on asset sales (other than our GCLA). However, we recognize that orderly asset sales may be prudent or necessary in a severe or persistent liquidity crisis. Subsidiary Funding Policies The majority of our unsecured funding 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 2022, Group Inc. had $38.27 billion of equity and subordinated indebtedness invested in GS&Co., its principal U.S. registered broker-dealer; $48.29 billion invested in GSI, a regulated U.K. broker-dealer; $2.53 billion invested in GSJCL, a regulated Japanese broker-dealer; $51.51 billion invested in GS Bank USA, a regulated New York State-chartered bank; and $4.21 billion invested in GSIB, a regulated U.K. bank. Group Inc. also provides financing, directly or indirectly, in the form of: $97.56 billion of unsubordinated loans (including secured loans of $46.10 billion) and $35.35 billion of collateral and cash deposits to these entities as of September 2022. In addition, as of September 2022, 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.
| 145 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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. 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, 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 using a scenario analysis characterized by the same qualitative elements as our Modeled Liquidity Outflow. The model assesses the risk of increased intraday liquidity requirements during a scenario where access to sources of intraday liquidity may become constrained. 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.
| Goldman Sachs September 2022 Form 10-Q | 146 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Average for theThree Months Ended |
| September | June |
| $ in millions | 2022 | 2022 |
| Denomination |
| U.S. dollar | $ | 295,985 | $ | 270,121 |
| Non-U.S. dollar | 120,937 | 121,146 |
| Total | $ | 416,922 | $ | 391,267 |
| Asset Class |
| Overnight cash deposits | $ | 257,162 | $ | 226,414 |
| U.S. government obligations | 122,568 | 120,355 |
| U.S. agency obligations | 12,348 | 8,483 |
| Non-U.S. government obligations | 24,844 | 36,015 |
| Total | $ | 416,922 | $ | 391,267 |
| Entity Type |
| Group Inc. and Funding IHC | $ | 64,305 | $ | 63,070 |
| Major broker-dealer subsidiaries | 120,346 | 114,507 |
| Major bank subsidiaries | 232,271 | 213,690 |
| Total | $ | 416,922 | $ | 391,267 |
| Average for theThree Months Ended |
| September | June |
| $ in millions | 2022 | 2022 |
| Total HQLA | $ | 407,969 | $ | 380,531 |
| Eligible HQLA | $ | 279,121 | $ | 261,718 |
| Net cash outflows | $ | 224,408 | $ | 209,577 |
| LCR | 124 | % | 125 | % |

| 147 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of September 2022 |
| 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 |

| Goldman Sachs September 2022 Form 10-Q | 148 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of September 2022 |
| 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 |

| 149 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Market Risk Management Overview Market risk is the risk of loss in the value of our inventory, investments, loans and other financial assets and liabilities accounted for at fair value due to changes in market conditions. We hold such positions primarily for market making for our clients and for our investing and financing activities, and therefore, these positions change based on client demands and our investment opportunities. Since these positions are accounted for at fair value, they fluctuate on a daily basis, with the related gains and losses included in the consolidated statements of earnings. 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 and Market Risk discuss market information, positions and estimated loss scenarios on an ongoing basis. Managers in revenue-producing units 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) and 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, which is used for shorter-term periods, and 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 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 2022 Form 10-Q | 150 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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 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. Stress Testing. Stress testing is a method of determining the effect of various hypothetical stress scenarios. We use stress testing 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 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. Market 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 (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.
| 151 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Nine Months Ended September |
| Three Months Ended |
| September | June | September |
| $ in millions | 2022 | 2022 | 2021 | 2022 | 2021 |
| Categories |
| Interest rates | $ | 112 | $ | 104 | $ | 58 | $ | 97 | $ | 60 |
| Equity prices | 34 | 36 | 40 | 34 | 46 |
| Currency rates | 36 | 23 | 12 | 28 | 12 |
| Commodity prices | 51 | 63 | 22 | 54 | 22 |
| Diversification effect | (103) | (102) | (52) | (95) | (53) |
| Total | $ | 130 | $ | 124 | $ | 80 | $ | 118 | $ | 87 |
| As of |
| September | June | September |
| $ in millions | 2022 | 2022 | 2021 |
| Categories |
| Interest rates | $ | 96 | $ | 134 | $ | 57 |
| Equity prices | 37 | 37 | 37 |
| Currency rates | 42 | 20 | 9 |
| Commodity prices | 35 | 59 | 31 |
| Diversification effect | (99) | (100) | (47) |
| Total | $ | 111 | $ | 150 | $ | 87 |
| Three Months Ended |
| September 2022 | June 2022 | September 2021 |
| $ in millions | High | Low | High | Low | High | Low |
| Categories |
| Interest rates | $ | 139 | $ | 93 | $ | 134 | $ | 84 | $ | 74 | $ | 50 |
| Equity prices | $ | 41 | $ | 28 | $ | 48 | $ | 31 | $ | 48 | $ | 33 |
| Currency rates | $ | 53 | $ | 19 | $ | 31 | $ | 16 | $ | 16 | $ | 8 |
| Commodity prices | $ | 67 | $ | 35 | $ | 74 | $ | 51 | $ | 33 | $ | 15 |
| Firmwide |
| VaR | $ | 158 | $ | 102 | $ | 150 | $ | 108 | $ | 95 | $ | 74 |

| Goldman Sachs September 2022 Form 10-Q | 152 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Three MonthsEnded September | Nine Months Ended September |
| $ in millions | 2022 | 2021 | 2022 | 2021 |
| >$100 | 22 | 13 | 85 | 47 |
| $75 – $100 | 7 | 11 | 20 | 39 |
| $50 – $75 | 7 | 11 | 20 | 30 |
| $25 – $50 | 9 | 10 | 20 | 26 |
| $0 – $25 | 10 | 11 | 22 | 31 |
| $(25) – $0 | 5 | 7 | 9 | 14 |
| $(50) – $(25) | 2 | — | 6 | — |
| $(75) – $(50) | — | — | 1 | — |
| $(100) – $(75) | 2 | — | 3 | — |
| <$(100) | — | 1 | 2 | 1 |
| Total | 64 | 64 | 188 | 188 |
| As of |
| September | June | September |
| $ in millions | 2022 | 2022 | 2021 |
| Equity | $ | 1,645 | $ | 1,563 | $ | 2,034 |
| Debt | 1,984 | 2,107 | 2,385 |
| Total | $ | 3,629 | $ | 3,670 | $ | 4,419 |

| 153 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| Assets or Liabilities | Market Risk Measures |
| Collateralized agreements, at fair value | VaR |
| Customer and other receivables, at fair value | 10% Sensitivity Measures |
| Trading assets | VaRCredit Spread Sensitivity |
| Investments, at fair value | VaR10% Sensitivity Measures |
| Loans | VaR10% Sensitivity MeasuresInterest Rate Sensitivity |
| Deposits, at fair value | VaRCredit Spread Sensitivity |
| Collateralized financings, at fair value | VaR |
| Trading liabilities | VaRCredit Spread Sensitivity |
| Unsecured borrowings, at fair value | VaRCredit Spread Sensitivity |

| Goldman Sachs September 2022 Form 10-Q | 154 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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 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 mitigate our credit risk using credit derivatives or participation agreements.
| 155 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Cash and Cash Equivalents | $261,324 | $236,168 |
| Industry |
| Financial Institutions | 5 | % | 5 | % |
| Sovereign | 95 | % | 95 | % |
| Total | 100 | % | 100 | % |
| Region |
| Americas | 64 | % | 55 | % |
| EMEA | 29 | % | 36 | % |
| Asia | 7 | % | 9 | % |
| Total | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| AAA | 75 | % | 64 | % |
| AA | 16 | % | 24 | % |
| A | 8 | % | 11 | % |
| BBB | 1 | % | 1 | % |
| Total | 100 | % | 100 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| OTC derivative assets | $73,826 | $58,637 |
| Collateral (not netted under U.S. GAAP) | (19,502) | (17,245) |
| Net credit exposure | $54,324 | $41,392 |
| Industry |
| Consumer & Retail | 2 | % | 2 | % |
| Diversified Industrials | 8 | % | 10 | % |
| Financial Institutions | 16 | % | 15 | % |
| Funds | 23 | % | 13 | % |
| Healthcare | 1 | % | 1 | % |
| Municipalities & Nonprofit | 2 | % | 5 | % |
| Natural Resources & Utilities | 36 | % | 33 | % |
| Sovereign | 6 | % | 8 | % |
| Technology, Media & Telecommunications | 3 | % | 8 | % |
| Other (including Special Purpose Vehicles) | 3 | % | 5 | % |
| Total | 100 | % | 100 | % |
| Region |
| Americas | 47 | % | 53 | % |
| EMEA | 42 | % | 37 | % |
| Asia | 11 | % | 10 | % |
| Total | 100 | % | 100 | % |

| Goldman Sachs September 2022 Form 10-Q | 156 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| $ in millions | Investment-Grade | Non-Investment-Grade / Unrated | Total |
| As of September 2022 |
| Less than 1 year | $ | 48,533 | $ | 11,713 | $ | 60,246 |
| 1 – 5 years | 35,570 | 12,233 | 47,803 |
| Greater than 5 years | 60,524 | 5,265 | 65,789 |
| Total | 144,627 | 29,211 | 173,838 |
| Netting | (107,255) | (12,259) | (119,514) |
| Net credit exposure | $ | 37,372 | $ | 16,952 | $ | 54,324 |
| As of December 2021 |
| Less than 1 year | $ | 27,668 | $ | 11,203 | $ | 38,871 |
| 1 – 5 years | 21,746 | 9,515 | 31,261 |
| Greater than 5 years | 64,670 | 6,590 | 71,260 |
| Total | 114,084 | 27,308 | 141,392 |
| Netting | (89,244) | (10,756) | (100,000) |
| Net credit exposure | $ | 24,840 | $ | 16,552 | $ | 41,392 |
| Investment-Grade |
| $ in millions | AAA | AA | A | BBB | Total |
| As of September 2022 |
| Less than 1 year | $ | 1,167 | $ | 8,183 | $ | 20,816 | $ | 18,367 | $ | 48,533 |
| 1 – 5 years | 1,843 | 4,760 | 14,225 | 14,742 | 35,570 |
| Greater than 5 years | 5,525 | 16,031 | 22,444 | 16,524 | 60,524 |
| Total | 8,535 | 28,974 | 57,485 | 49,633 | 144,627 |
| Netting | (4,918) | (22,822) | (46,068) | (33,447) | (107,255) |
| Net credit exposure | $ | 3,617 | $ | 6,152 | $ | 11,417 | $ | 16,186 | $ | 37,372 |
| As of December 2021 |
| Less than 1 year | $ | 1,017 | $ | 4,926 | $ | 12,481 | $ | 9,244 | $ | 27,668 |
| 1 – 5 years | 1,150 | 3,071 | 8,298 | 9,227 | 21,746 |
| Greater than 5 years | 13,777 | 5,421 | 23,867 | 21,605 | 64,670 |
| Total | 15,944 | 13,418 | 44,646 | 40,076 | 114,084 |
| Netting | (13,535) | (9,501) | (36,005) | (30,203) | (89,244) |
| Net credit exposure | $ | 2,409 | $ | 3,917 | $ | 8,641 | $ | 9,873 | $ | 24,840 |
| Non-Investment-Grade / Unrated |
| $ in millions | BB or lower | Unrated | Total |
| As of September 2022 |
| Less than 1 year | $ | 11,152 | $ | 561 | $ | 11,713 |
| 1 – 5 years | 11,204 | 1,029 | 12,233 |
| Greater than 5 years | 5,156 | 109 | 5,265 |
| Total | 27,512 | 1,699 | 29,211 |
| Netting | (12,155) | (104) | (12,259) |
| Net credit exposure | $ | 15,357 | $ | 1,595 | $ | 16,952 |
| As of December 2021 |
| Less than 1 year | $ | 10,446 | $ | 757 | $ | 11,203 |
| 1 – 5 years | 9,210 | 305 | 9,515 |
| Greater than 5 years | 6,320 | 270 | 6,590 |
| Total | 25,976 | 1,332 | 27,308 |
| Netting | (10,683) | (73) | (10,756) |
| Net credit exposure | $ | 15,293 | $ | 1,259 | $ | 16,552 |
| $ in millions | Loans | LendingCommitments | Total |
| As of September 2022 |
| Corporate | $ | 63,181 | $ | 145,607 | $ | 208,788 |
| Wealth management | 50,101 | 4,638 | 54,739 |
| Commercial real estate | 26,082 | 3,231 | 29,313 |
| Residential real estate | 14,342 | 2,828 | 17,170 |
| Consumer: |
| Installment | 5,157 | 957 | 6,114 |
| Credit cards | 13,691 | 60,655 | 74,346 |
| Other | 8,961 | 5,021 | 13,982 |
| Total | $ | 181,515 | $ | 222,937 | $ | 404,452 |
| Allowance for loan losses | $ | (4,846) | $ | (739) | $ | (5,585) |
| As of December 2021 |
| Corporate | $ | 55,927 | $ | 155,930 | $ | 211,857 |
| Wealth management | 43,998 | 4,094 | 48,092 |
| Commercial real estate | 25,883 | 5,813 | 31,696 |
| Residential real estate | 15,913 | 3,396 | 19,309 |
| Consumer: |
| Installment | 3,672 | 9 | 3,681 |
| Credit cards | 8,212 | 35,932 | 44,144 |
| Other | 8,530 | 6,378 | 14,908 |
| Total | $ | 162,135 | $ | 211,552 | $ | 373,687 |
| Allowance for loan losses | $ | (3,573) | $ | (776) | $ | (4,349) |

| 157 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| $ in millions | Loans | LendingCommitments | Total |
| As of September 2022 |
| Corporate | $63,181 | $145,607 | $208,788 |
| Industry |
| Consumer & Retail | 7 | % | 13 | % | 11 | % |
| Diversified Industrials | 12 | % | 17 | % | 16 | % |
| Financial Institutions | 8 | % | 8 | % | 8 | % |
| Funds | 23 | % | 5 | % | 10 | % |
| Healthcare | 6 | % | 9 | % | 8 | % |
| Natural Resources & Utilities | 7 | % | 20 | % | 16 | % |
| Real Estate | 8 | % | 5 | % | 6 | % |
| Technology, Media & Telecommunications | 17 | % | 20 | % | 19 | % |
| Other (including Special Purpose Vehicles) | 12 | % | 3 | % | 6 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Region |
| Americas | 64 | % | 75 | % | 72 | % |
| EMEA | 29 | % | 23 | % | 25 | % |
| Asia | 7 | % | 2 | % | 3 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| AAA | — | 1 | % | 1 | % |
| AA | 1 | % | 5 | % | 4 | % |
| A | 6 | % | 18 | % | 14 | % |
| BBB | 26 | % | 39 | % | 35 | % |
| BB or lower | 67 | % | 36 | % | 45 | % |
| Other metrics/unrated | — | 1 | % | 1 | % |
| Total | 100 | % | 100 | % | 100 | % |
| As of December 2021 |
| Corporate | $55,927 | $155,930 | $211,857 |
| Industry |
| Consumer & Retail | 8 | % | 13 | % | 12 | % |
| Diversified Industrials | 13 | % | 16 | % | 15 | % |
| Financial Institutions | 8 | % | 7 | % | 7 | % |
| Funds | 21 | % | 4 | % | 8 | % |
| Healthcare | 7 | % | 9 | % | 9 | % |
| Natural Resources & Utilities | 9 | % | 17 | % | 14 | % |
| Real Estate | 8 | % | 5 | % | 6 | % |
| Technology, Media & Telecommunications | 18 | % | 24 | % | 23 | % |
| Other (including Special Purpose Vehicles) | 8 | % | 5 | % | 6 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Region |
| Americas | 54 | % | 76 | % | 70 | % |
| EMEA | 38 | % | 21 | % | 26 | % |
| Asia | 8 | % | 3 | % | 4 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| AAA | — | 1 | % | 1 | % |
| AA | 1 | % | 5 | % | 3 | % |
| A | 5 | % | 16 | % | 13 | % |
| BBB | 22 | % | 38 | % | 34 | % |
| BB or lower | 72 | % | 40 | % | 49 | % |
| Total | 100 | % | 100 | % | 100 | % |
| $ in millions | Loans | LendingCommitments | Total |
| As of September 2022 |
| Wealth Management | $50,101 | $4,638 | $54,739 |
| Region |
| Americas | 89 | % | 96 | % | 90 | % |
| EMEA | 10 | % | 4 | % | 9 | % |
| Asia | 1 | % | — | 1 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 73 | % | 75 | % | 73 | % |
| Non-investment-grade | 12 | % | 12 | % | 12 | % |
| Other metrics/unrated | 15 | % | 13 | % | 15 | % |
| Total | 100 | % | 100 | % | 100 | % |
| As of December 2021 |
| Wealth Management | $43,998 | $4,094 | $48,092 |
| Region |
| Americas | 87 | % | 98 | % | 88 | % |
| EMEA | 10 | % | 2 | % | 9 | % |
| Asia | 3 | % | — | 3 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 72 | % | 67 | % | 71 | % |
| Non-investment-grade | 13 | % | 19 | % | 14 | % |
| Other metrics/unrated | 15 | % | 14 | % | 15 | % |
| Total | 100 | % | 100 | % | 100 | % |

| Goldman Sachs September 2022 Form 10-Q | 158 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| $ in millions | Loans | LendingCommitments | Total |
| As of September 2022 |
| Commercial Real Estate | $26,082 | $3,231 | $29,313 |
| Region |
| Americas | 79 | % | 63 | % | 77 | % |
| EMEA | 16 | % | 24 | % | 17 | % |
| Asia | 5 | % | 13 | % | 6 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 10 | % | 7 | % | 9 | % |
| Non-investment-grade | 89 | % | 93 | % | 90 | % |
| Other metrics/unrated | 1 | % | — | 1 | % |
| Total | 100 | % | 100 | % | 100 | % |
| As of December 2021 |
| Commercial Real Estate | $25,883 | $5,813 | $31,696 |
| Region |
| Americas | 80 | % | 75 | % | 79 | % |
| EMEA | 15 | % | 11 | % | 14 | % |
| Asia | 5 | % | 14 | % | 7 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 15 | % | 10 | % | 14 | % |
| Non-investment-grade | 83 | % | 90 | % | 85 | % |
| Other metrics/unrated | 2 | % | — | 1 | % |
| Total | 100 | % | 100 | % | 100 | % |
| $ in millions | Loans | LendingCommitments | Total |
| As of September 2022 |
| Residential Real Estate | $14,342 | $2,828 | $17,170 |
| Region |
| Americas | 95 | % | 98 | % | 95 | % |
| EMEA | 3 | % | 2 | % | 3 | % |
| Asia | 2 | % | — | 2 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 7 | % | 1 | % | 6 | % |
| Non-investment-grade | 86 | % | 98 | % | 88 | % |
| Other metrics/unrated | 7 | % | 1 | % | 6 | % |
| Total | 100 | % | 100 | % | 100 | % |
| As of December 2021 |
| Residential Real Estate | $15,913 | $3,396 | $19,309 |
| Region |
| Americas | 95 | % | 79 | % | 92 | % |
| EMEA | 2 | % | 19 | % | 5 | % |
| Asia | 3 | % | 2 | % | 3 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 7 | % | 24 | % | 10 | % |
| Non-investment-grade | 87 | % | 74 | % | 84 | % |
| Other metrics/unrated | 6 | % | 2 | % | 6 | % |
| Total | 100 | % | 100 | % | 100 | % |

| 159 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Installment | $5,157 | $3,672 |
| California | 11 | % | 11 | % |
| Texas | 9 | % | 9 | % |
| Florida | 7 | % | 7 | % |
| New York | 7 | % | 7 | % |
| Illinois | 4 | % | 4 | % |
| New Jersey | 4 | % | 4 | % |
| Pennsylvania | 4 | % | 4 | % |
| Georgia | 3 | % | 3 | % |
| Ohio | 3 | % | 3 | % |
| Virginia | 3 | % | 3 | % |
| Other | 45 | % | 45 | % |
| Total | 100 | % | 100 | % |
| Credit Cards | $13,691 | $8,212 |
| California | 16 | % | 18 | % |
| Texas | 9 | % | 9 | % |
| New York | 8 | % | 8 | % |
| Florida | 8 | % | 8 | % |
| New Jersey | 4 | % | 4 | % |
| Illinois | 4 | % | 4 | % |
| Pennsylvania | 3 | % | 3 | % |
| Georgia | 3 | % | 3 | % |
| Ohio | 3 | % | 3 | % |
| Virginia | 2 | % | 2 | % |
| Other | 40 | % | 38 | % |
| Total | 100 | % | 100 | % |
| $ in millions | Loans | LendingCommitments | Total |
| As of September 2022 |
| Other | $8,961 | $5,021 | $13,982 |
| Region |
| Americas | 89 | % | 100 | % | 92 | % |
| EMEA | 10 | % | — | 7 | % |
| Asia | 1 | % | — | 1 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 47 | % | 88 | % | 61 | % |
| Non-investment-grade | 42 | % | 11 | % | 31 | % |
| Other metrics/unrated | 11 | % | 1 | % | 8 | % |
| Total | 100 | % | 100 | % | 100 | % |
| As of December 2021 |
| Other | $8,530 | $6,378 | $14,908 |
| Region |
| Americas | 84 | % | 98 | % | 90 | % |
| EMEA | 15 | % | — | 9 | % |
| Asia | 1 | % | 2 | % | 1 | % |
| Total | 100 | % | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| Investment-grade | 34 | % | 90 | % | 58 | % |
| Non-investment-grade | 37 | % | 9 | % | 25 | % |
| Other metrics/unrated | 29 | % | 1 | % | 17 | % |
| Total | 100 | % | 100 | % | 100 | % |

| Goldman Sachs September 2022 Form 10-Q | 160 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Securities Financing Transactions | $35,138 | $34,505 |
| Industry |
| Financial Institutions | 39 | % | 34 | % |
| Funds | 30 | % | 23 | % |
| Municipalities & Nonprofit | 5 | % | 5 | % |
| Sovereign | 25 | % | 35 | % |
| Other (including Special Purpose Vehicles) | 1 | % | 3 | % |
| Total | 100 | % | 100 | % |
| Region |
| Americas | 37 | % | 36 | % |
| EMEA | 42 | % | 44 | % |
| Asia | 21 | % | 20 | % |
| Total | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| AAA | 13 | % | 19 | % |
| AA | 32 | % | 28 | % |
| A | 35 | % | 33 | % |
| BBB | 9 | % | 9 | % |
| BB or lower | 11 | % | 11 | % |
| Total | 100 | % | 100 | % |
| As of |
| September | December |
| $ in millions | 2022 | 2021 |
| Other Credit Exposures | $60,733 | $61,187 |
| Industry |
| Financial Institutions | 69 | % | 86 | % |
| Funds | 19 | % | 9 | % |
| Other (including Special Purpose Vehicles) | 12 | % | 5 | % |
| Total | 100 | % | 100 | % |
| Region |
| Americas | 37 | % | 50 | % |
| EMEA | 54 | % | 43 | % |
| Asia | 9 | % | 7 | % |
| Total | 100 | % | 100 | % |
| Credit Quality (Credit Rating Equivalent) |
| AAA | 4 | % | 4 | % |
| AA | 37 | % | 47 | % |
| A | 36 | % | 29 | % |
| BBB | 8 | % | 6 | % |
| BB or lower | 13 | % | 13 | % |
| Unrated | 2 | % | 1 | % |
| Total | 100 | % | 100 | % |

| 161 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Country Exposures. The Russian invasion of Ukraine continues to negatively affect the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. Governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on specific industry sectors, companies and individuals in Russia. Retaliatory restrictions against investors, non-Russian owned businesses and other sovereign states have been implemented by Russia. Businesses in the U.S. and globally continue to experience shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine presents heightened risks relating to cyber attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, and inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. Complying with economic sanctions and restrictions imposed by governments has resulted in increased operational risk. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for our business, liquidity and results of operations, are difficult to predict. Our senior management, risk committees and the Board receive regular briefings from our independent risk oversight and control functions, including our chief risk officer, on Russian and Ukrainian exposures, as well as other relevant risk metrics. We continue to focus on closing our positions and reducing our exposure to Russia and Ukraine, and wind down our operations in Russia. The overall direct financial impact to our net revenues for the nine months ended September 2022 from Russian and Ukrainian counterparties, borrowers, issuers and related instruments was not material. We have established a firmwide working group to identify and assess the operational risk associated with complying with economic sanctions and restrictions as a result of this invasion. In addition, to mitigate the risk of increased cyber attacks, we liaise with government agencies in order to update our monitoring processes with the latest information. Our total credit exposure to Russia as of September 2022 was $205 million, substantially all of which was to non-sovereign counterparties. Such exposure consisted of $13 million related to OTC derivatives and $192 million related to deposits and other receivables. In addition, our total market exposure relating to Russian issuers as of September 2022 was not material. Our total credit exposure to Ukrainian counterparties or borrowers and our total market exposure relating to Ukrainian issuers was not material as of September 2022. High external funding needs and inconsistent monetary policy have led to significant depreciation of the Turkish Lira, prompting concerns about foreign exchange reserves and economic instability. As of September 2022, our total credit exposure to Turkey was $2.23 billion, substantially all of which was to non-sovereign counterparties or borrowers. Such exposure consisted of $948 million related to OTC derivatives, $157 million related to loans and lending commitments and $1.13 billion related to secured receivables. After taking into consideration the benefit of Turkish corporate and sovereign collateral, and other risk mitigants provided by Turkish counterparties, our net credit exposure was $940 million. In addition, our total market exposure relating to Turkish issuers as of September 2022 was $(83) million, primarily to sovereign issuers. Such exposure consisted of $80 million related to debt, $(245) million related to credit derivatives and $82 million related to equities. In addition, economic and/or political uncertainties in Argentina, Lebanon, Venezuela, Ethiopia and Sri Lanka 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 2022.
| Goldman Sachs September 2022 Form 10-Q | 162 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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. We 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 for ensuring our business and operational resilience. 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 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 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.
| 163 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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 information and cyber security risk, third-party risk and business resilience risk. We manage those risks as follows: Information and Cyber Security Risk. Information and cyber security 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 cyber security 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. See “Risk Factors” in Part I, Item 1A of the 2021 Form 10-K for further information about information and cyber security risk. 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, reputational, operational or any 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 cyber security, resilience and additional third-party dependencies. 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 2021 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. We approach business continuity planning (BCP) through the lens of business and operational resilience. The resilience framework defines the fundamental principles for BCP and crisis management to ensure that critical functions can continue to operate in the event of a disruption. The business continuity program is comprehensive, consistent firmwide and up-to-date, incorporating new information, techniques and technologies as and when they become available, and our resilience recovery plans incorporate and test specific and measurable recovery time objectives in accordance with local market best practices and regulatory requirements, and under specific scenarios. See “Business — Business Continuity and Information Security” in Part I, Item 1 of the 2021 Form 10-K for further information about business continuity.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.
| Goldman Sachs September 2022 Form 10-Q | 164 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Our model risk management framework is managed through a governance structure and risk management controls, which encompass standards designed to ensure we maintain a comprehensive model inventory, including risk assessment and classification, sound model development practices, independent review and model-specific usage controls. The Firmwide Model Risk Control Committee oversees our model risk management framework. Model Review and Validation Process Model Risk consists of quantitative professionals who perform an independent review, validation and approval of our models. This review includes an analysis of the model documentation, independent testing, an assessment of the appropriateness of the methodology used, and verification of compliance with model development and implementation standards. We regularly refine and enhance our models to reflect changes in market or economic conditions and our business mix. All models are reviewed on an annual basis, and new models or significant changes to existing models and their assumptions are approved prior to implementation. The model validation process incorporates a review of models and trade and risk parameters across a broad range of scenarios (including extreme conditions) in order to critically evaluate and verify: •The model’s conceptual soundness, including the reasonableness of model assumptions, and suitability for intended use; •The testing strategy utilized by the model developers to ensure that the models function as intended; •The suitability of the calculation techniques incorporated in the model; •The model’s accuracy in reflecting the characteristics of the related product and its significant risks; •The model’s consistency with models for similar products; and •The model’s sensitivity to input parameters and assumptions. See “Critical Accounting 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 review functions in Risk that, among other things, assess regulatory capital policies and related interpretations, escalate certain interpretations to senior management and/or the appropriate risk committee, and perform calculation testing to corroborate alignment with applicable capital rules.
| 165 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Climate Risk Management We categorize climate risk 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 risks manifest in different ways across our businesses and we have continued to make significant enhancements to our climate risk management framework, including steps to further integrate climate 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 risks. Senior management within Risk is responsible for the development of our climate risk program. We have begun incorporating climate risk into our credit evaluation and underwriting processes for select industries. Climate risk factors are now evaluated as part of transaction due diligence for select loan commitments. See “Business — Sustainability” in Part I, Item 1 and “Risk Factors” in Part I, Item 1A of the 2021 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, the Firmwide Client and Business Standards Committee, and other 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 Investment Banking 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.
| Goldman Sachs September 2022 Form 10-Q | 166 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
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 2021 Form 10-K.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, our Code of Business Conduct and Ethics governing our directors, officers and employees, and our Sustainability Report. 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) DFAST results; (iv) the public portion of our resolution plan submission; (v) our Pillar 3 disclosure; and (vi) our average daily LCR. 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 Twitter account (twitter.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 may 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 and liquidity 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 2021 Form 10-K.
| 167 | Goldman Sachs September 2022 Form 10-Q |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’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 firmwide AUS inflows, 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, (iii) our level of future compensation expense, including as a percentage of both operating expenses and revenues net of provision for credit losses, (iv) our investment banking transaction backlog and future 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 and expenses from investing in our consumer and transaction banking businesses, (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 and new consumer financial products, (x) our planned 2022 benchmark debt issuances, (xi) the amount, composition and location of GCLA we expect to hold, (xii) our credit exposures, (xiii) our expected provisions for credit losses, (xiv) the adequacy of our allowance for credit losses, (xv) the projected growth of our consumer lending and credit card businesses, (xvi) the objectives and effectiveness of our BCP strategy, 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 replacement of IBORs and our transition to alternative risk-free reference rates, (xxvi) the impact of the COVID-19 pandemic on our business, results, financial position and liquidity, (xxvii) the effectiveness of our management of our human capital, including our diversity goals, (xxviii) our sustainability and carbon neutrality targets and goals, (xxix) our plans for our people to return to our offices, (xxx) future inflation, (xxxi) our completed, announced and prospective acquisitions, (xxxii) the impact of Russia’s invasion of Ukraine and related sanctions and other developments on our business, results and financial position and (xxxiii) the realignment of our segments and the timing of the completion of the realignment. 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 or the interpretation or application of existing regulations or changes in the nature and composition of our activities. Statements about our firmwide AUS inflows 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 are based on our current expectations regarding our ability to implement these initiatives and actual results may differ, possibly materially, from 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. Statements about the level of future compensation expense, including as a percentage of both operating expenses and revenues net of provision for credit losses, and our efficiency ratio as our platform business initiatives reach scale are subject to the risks that the compensation and other costs to operate our businesses, including platform initiatives, may be greater than currently expected.
| Goldman Sachs September 2022 Form 10-Q | 168 |

THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIESManagement’s Discussion and Analysis
Statements about our investment banking transaction backlog and future results are subject to the risk 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 the escalation or continuation of the war between Russia and Ukraine, continuing volatility in the securities markets or an adverse development with respect to the issuer of the securities and, for financial advisory transactions, a decline in the securities markets, an inability to obtain adequate financing, an adverse development with respect to a party to the transaction or a failure to obtain a required regulatory approval. For information about other important factors that could adversely affect our investment banking transactions, see “Risk Factors” in Part I, Item 1A of the 2021 Form 10-K.Statements about the projected growth of our deposits and other funding, asset liability management and funding strategies and related interest expense savings, and our consumer lending and credit card businesses, are subject to the risk that actual growth and savings 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 2022 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 provisions 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, including with respect to the CAMT. 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 risk exposure related to the asset recovery guarantee provided to the Government of Malaysia are subject to the risk that the actual value of, or credit received for, assets and proceeds from assets seized and returned to the Government of Malaysia may be less than currently anticipated. 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. Statements about our objectives in management of our human capital, including our diversity goals, are based on our current expectations and are subject to the risk that we may not achieve these objectives and goals due to, among other things, competition in recruiting and attracting diverse candidates and unsuccessful efforts in retaining diverse employees. Statements about our sustainability and carbon neutrality targets and goals are based on our current expectations and are subject to the risk that we may not achieve these targets and goals due to, among other things, global socio-demographic and economic trends, energy prices, lack of technological innovations, climate-related conditions and weather events, legislative and regulatory changes, and other unforeseen events or conditions. Statements about our plans for our people to return to our offices are based on our current expectations and that return may be delayed due to, among other factors, future events that are unpredictable, including the course of the COVID-19 pandemic, responses of governmental authorities, the emergence of new variants of COVID-19 and the effectiveness of vaccines over the long term and against new variants. Statements about future inflation are subject to the risk that actual inflation may differ, possibly materially, due to, among other things, changes in economic growth, unemployment or consumer demand. Statements about the impact of Russia’s invasion of Ukraine and related sanctions and other developments on our business, results and financial position are subject to the risks that hostilities may escalate and expand, that sanctions may increase and that the actual impact may differ, possibly materially, from what is currently expected.
| 169 | Goldman Sachs September 2022 Form 10-Q |

Item 3. Quantitative and Qualitative Disclosures About Market Risk
Quantitative and qualitative disclosures about market risk are set forth in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Risk Management” in Part I, Item 2 of this Form 10-Q.
Item 4. Controls and Procedures
As of the end of the period covered by this report, an evaluation was carried out by our management, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during the quarter ended September 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. We have estimated the upper end of the range of reasonably possible aggregate loss for matters where we have been able to estimate a range and we believe, based on currently available information, that the results of matters where we have not been able to estimate a range of reasonably possible loss, in the aggregate, will not have a material adverse effect on our financial condition, but may be material to our operating results in a given period. Given the range of litigation and investigations presently under way, our litigation expenses may remain high. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Use of Estimates” in Part I, Item 2 of this Form 10-Q. See Notes 18 and 27 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q for information about our reasonably possible aggregate loss estimate and judicial, regulatory and legal proceedings.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
The table below presents purchases made by or on behalf of Group Inc. or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock during the three months ended September 2022.
| TotalSharesPurchased | AveragePrice PaidPer Share | Total SharesPurchased asPart of a PubliclyAnnounced Program | Maximum SharesThat May Yet BePurchased Underthe Program |
| July | 1,391,775 | $323.33 | 1,391,775 | 30,078,676 |
| August | 1,617,453 | $340.05 | 1,617,404 | 28,461,272 |
| September | — | — | — | 28,461,272 |
| Total | 3,009,228 | 3,009,179 |

In the table above, total shares purchased during August 2022 included 49 shares remitted to satisfy statutory withholding taxes on the delivery of equity-based awards.
Since March 2000, our Board has approved a repurchase program authorizing repurchases of up to 605 million shares of our common stock. The 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 our current and projected capital position, but which may also be influenced by general market conditions and the prevailing price and trading volumes of our common stock. The repurchase program has no set expiration or termination date.
| Goldman Sachs September 2022 Form 10-Q | 170 |

PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of our businesses. Many of these proceedings are in early stages, and many of these cases seek an indeterminate amount of damages. We have estimated the upper end of the range of reasonably possible aggregate loss for matters where we have been able to estimate a range and we believe, based on currently available information, that the results of matters where we have not been able to estimate a range of reasonably possible loss, in the aggregate, will not have a material adverse effect on our financial condition, but may be material to our operating results in a given period. Given the range of litigation and investigations presently under way, our litigation expenses may remain high. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Use of Estimates” in Part I, Item 2 of this Form 10-Q. See Notes 18 and 27 to the consolidated financial statements in Part I, Item 1 of this Form 10-Q for information about our reasonably possible aggregate loss estimate and judicial, regulatory and legal proceedings.
Item 6. Exhibits
Exhibits
15.1 Letter re: Unaudited Interim Financial Information.
31.1 Rule 13a-14(a) Certifications.
32.1 Section 1350 Certifications (This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934).
101 Pursuant to Rules 405 and 406 of Regulation S-T, the following information is formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Earnings for the three and nine months ended September 30, 2022 and September 30, 2021, (ii) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and September 30, 2021, (iii) the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2022 and September 30, 2021, (v) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and September 30, 2021, (vi) the notes to the Consolidated Financial Statements and (vii) the cover page.
104 Cover Page Interactive Data File (formatted in iXBRL in Exhibit 101).
| By: | /s/ | Denis P. Coleman III |
| Name: | Denis P. Coleman III |
| Title: | Chief Financial Officer(Principal Financial Officer) |
| Date: | November 2, 2022 |
| By: | /s/ | Sheara J. Fredman |
| Name: | Sheara J. Fredman |
| Title: | Chief Accounting Officer(Principal Accounting Officer) |
| Date: | November 2, 2022 |

| 171 | Goldman Sachs September 2022 Form 10-Q |


Question: What is the percentage change in the Net Earnings Per Diluted Share from Three Months Ended September 2021 to Three Months Ended September 2022?

Solution:
def solution():
    #Define variables name and value

    earnings_per_diluted_share_2022 = 8.25 #dollars

    earnings_per_diluted_share_2021 = 14.93 #dollars 

    #Do math calculation to get the answer
    percentage_change = ((earnings_per_diluted_share_2022 - earnings_per_diluted_share_2021) / earnings_per_diluted_share_2021) * 100
    return percentage_change


Answer: -44.74212993971869