GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2024-03-31, page 2: 
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Balance Sheets 

(Unaudited)

|    |                                                                                                             |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                                             | As of     |           |           |    |           |
|  2 |                                                                                                             | March     | December  |           |    |           |
|  3 | $ in millions                                                                                               | 2024      | 2023      |           |    |           |
|  4 | Assets                                                                                                      |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                   | $         | 209,385   |           | $  | 241,577   |
|  6 | Collateralized agreements:                                                                                  |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $231,655 and $223,543 at fair value)              | 231,918   |           | 223,805   |    |           |
|  8 | Securities borrowed (includes $48,624 and $44,930 at fair value)                                            | 214,913   |           | 199,420   |    |           |
|  9 | Customer and other receivables (includes $23 and $23 at fair value)                                         | 160,419   |           | 132,495   |    |           |
| 10 | Trading assets (at fair value and includes $113,748 and $110,567 pledged as collateral)                     | 507,718   |           | 477,510   |    |           |
| 11 | Investments (includes $81,777 and $75,767 at fair value)                                                    | 154,900   |           | 146,839   |    |           |
| 12 | Loans (net of allowance of $4,902 and $5,050, and includes $6,123 and $6,506 at fair value)                 | 183,934   |           | 183,358   |    |           |
| 13 | Other assets (includes $248 and $366 at fair value)                                                         | 35,253    |           | 36,590    |    |           |
| 14 | Total assets                                                                                                | $         | 1,698,440 |           | $  | 1,641,594 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $31,370 and $29,460 at fair value)                                                       | $         | 440,662   |           | $  | 428,417   |
| 18 | Collateralized financings:                                                                                  |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 267,479   |           | 249,887   |    |           |
| 20 | Securities loaned (includes $10,289 and $8,934 at fair value)                                               | 66,261    |           | 60,483    |    |           |
| 21 | Other secured financings (includes $14,798 and $12,554 at fair value)                                       | 15,052    |           | 13,194    |    |           |
| 22 | Customer and other payables                                                                                 | 256,662   |           | 230,728   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 201,142   |           | 200,355   |    |           |
| 24 | Unsecured short-term borrowings (includes $50,017 and $46,127 at fair value)                                | 78,603    |           | 75,945    |    |           |
| 25 | Unsecured long-term borrowings (includes $87,142 and $86,410 at fair value)                                 | 233,919   |           | 241,877   |    |           |
| 26 | Other liabilities (includes $150 and $266 at fair value)                                                    | 20,114    |           | 23,803    |    |           |
| 27 | Total liabilities                                                                                           | 1,579,894 |           | 1,524,689 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                        |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $11,203                                    | 11,203    |           | 11,203    |    |           |
| 31 | Common stock; 927,253,617 and 922,895,030 shares issued, and 324,014,481 and 323,376,354 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                          | 4,564     |           | 5,121     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                  | 61,314    |           | 60,247    |    |           |
| 35 | Retained earnings                                                                                           | 146,690   |           | 143,688   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (3,317)   |           | (2,918)   |    |           |
| 37 | Stock held in treasury, at cost; 603,239,138 and 599,518,678 shares                                         | (101,917) |           | (100,445) |    |           |
| 38 | Total shareholders' equity                                                                                  | 118,546   |           | 116,905   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,698,440 |           | $  | 1,641,594 |
The accompanying notes are an integral part of these consolidated financial statements. 

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|---:|:-----------------------------------|---:|
|  1 | Goldman Sachs March 2024 Form 10-Q |  2 |



Question: As of March 2024, what is Goldman Sachs' Debt to Equity Ratio?
Answer: The Debt Equity Ratio for Goldman Sachs as of March 2024 is calculated as follows:
Debt Equity Ratio = Total Debt / Shareholders' Equity
Total Debt (2024) = $1,579,894 million
Shareholders' Equity (2024) = $118,546 million
Debt Equity Ratio = 1,579,894 / 118,546 = 13.33