GOLDMAN SACHS GROUP INC 10-Q form for quarterly period ended 2023-09-30, page 2: 
THE GOLDMAN SACHS GROUP, INC. AND SUBSIDIARIES


Consolidated Balance Sheets 

(Unaudited)

|    |                                                                                                             |           |           |           |    |           |
|---:|:------------------------------------------------------------------------------------------------------------|:----------|:----------|:----------|:---|:----------|
|  1 |                                                                                                             | As of     |           |           |    |           |
|  2 |                                                                                                             | September | December  |           |    |           |
|  3 | $ in millions                                                                                               | 2023      | 2022      |           |    |           |
|  4 | Assets                                                                                                      |           |           |           |    |           |
|  5 | Cash and cash equivalents                                                                                   | $         | 239,879   |           | $  | 241,825   |
|  6 | Collateralized agreements:                                                                                  |           |           |           |    |           |
|  7 | Securities purchased under agreements to resell (includes $190,446 and $225,117 at fair value)              | 190,695   |           | 225,117   |    |           |
|  8 | Securities borrowed (includes $36,792 and $38,578 at fair value)                                            | 196,925   |           | 189,041   |    |           |
|  9 | Customer and other receivables (includes $23 and $25 at fair value)                                         | 140,866   |           | 135,448   |    |           |
| 10 | Trading assets (at fair value and includes $97,406 and $40,143 pledged as collateral)                       | 448,060   |           | 301,245   |    |           |
| 11 | Investments (includes $76,307 and $78,201 at fair value, and $8,463 and $9,818 pledged as collateral)       | 145,530   |           | 130,629   |    |           |
| 12 | Loans (net of allowance of $4,895 and $5,543, and includes $6,448 and $7,655 at fair value)                 | 178,257   |           | 179,286   |    |           |
| 13 | Other assets (includes $324 and $145 at fair value)                                                         | 36,941    |           | 39,208    |    |           |
| 14 | Total assets                                                                                                | $         | 1,577,153 |           | $  | 1,441,799 |
| 16 | Liabilities and shareholders' equity                                                                        |           |           |           |    |           |
| 17 | Deposits (includes $28,557 and $15,746 at fair value)                                                       | $         | 402,962   |           | $  | 386,665   |
| 18 | Collateralized financings:                                                                                  |           |           |           |    |           |
| 19 | Securities sold under agreements to repurchase (at fair value)                                              | 225,679   |           | 110,349   |    |           |
| 20 | Securities loaned (includes $8,178 and $4,372 at fair value)                                                | 54,926    |           | 30,727    |    |           |
| 21 | Other secured financings (includes $14,114 and $12,756 at fair value)                                       | 14,728    |           | 13,946    |    |           |
| 22 | Customer and other payables                                                                                 | 252,342   |           | 262,045   |    |           |
| 23 | Trading liabilities (at fair value)                                                                         | 195,123   |           | 191,324   |    |           |
| 24 | Unsecured short-term borrowings (includes $42,351 and $39,731 at fair value)                                | 70,009    |           | 60,961    |    |           |
| 25 | Unsecured long-term borrowings (includes $73,916 and $73,147 at fair value)                                 | 224,024   |           | 247,138   |    |           |
| 26 | Other liabilities (includes $614 and $159 at fair value)                                                    | 20,083    |           | 21,455    |    |           |
| 27 | Total liabilities                                                                                           | 1,459,876 |           | 1,324,610 |    |           |
| 28 | Commitments, contingencies and guarantees                                                                   |           |           |           |    |           |
| 29 | Shareholders' equity                                                                                        |           |           |           |    |           |
| 30 | Preferred stock; aggregate liquidation preference of $11,203 and $10,703                                    | 11,203    |           | 10,703    |    |           |
| 31 | Common stock; 922,889,392 and 917,815,030 shares issued, and 326,604,718 and 334,918,639 shares outstanding | 9         |           | 9         |    |           |
| 32 | Share-based awards                                                                                          | 5,117     |           | 5,696     |    |           |
| 33 | Nonvoting common stock; no shares issued and outstanding                                                    | –         |           | –         |    |           |
| 34 | Additional paid-in capital                                                                                  | 60,233    |           | 59,050    |    |           |
| 35 | Retained earnings                                                                                           | 142,743   |           | 139,372   |    |           |
| 36 | Accumulated other comprehensive loss                                                                        | (2,599)   |           | (3,010)   |    |           |
| 37 | Stock held in treasury, at cost; 596,284,676 and 582,896,393 shares                                         | (99,429)  |           | (94,631)  |    |           |
| 38 | Total shareholders' equity                                                                                  | 117,277   |           | 117,189   |    |           |
| 39 | Total liabilities and shareholders' equity                                                                  | $         | 1,577,153 |           | $  | 1,441,799 |
The accompanying notes are an integral part of these consolidated financial statements. 

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|---:|:---------------------------------------|---:|
|  1 | Goldman Sachs September 2023 Form 10-Q |  2 |



Question: What was Goldman Sachs' Debt to Equity Ratio as of September 2023?
Answer: The Debt Equity Ratio for Goldman Sachs as of September 2023 is calculated as follows:
Debt Equity Ratio = Total Debt / Shareholders' Equity
Total Debt (2023) = $1,459,876 million
Shareholders' Equity (2023) = $117,277 million
Debt Equity Ratio = 1,459,876 / 117,277 = 12.45