8-KShareholder MattersCorporate ChangesExhibits & Filings

GOLDMAN SACHS GROUP INC 8-K Report, Rights Modification (Jan 24, 2025)

Filed January 24, 2025For Securities:GSGS-PAGS-PCGS-PDGSCE

Summary

Goldman Sachs Group, Inc. (GS) has filed an 8-K report detailing the creation and terms of its new Series Z Preferred Stock. This new class of preferred stock, specifically the 6.850% Fixed-Rate Reset Non-Cumulative Preferred Stock, was established through a Certificate of Designations filed on January 21, 2025. The liquidation preference for each share of Series Z Preferred Stock is set at $25,000. This issuance has implications for common stockholders, as the ability of Goldman Sachs to declare or pay dividends on, or purchase, redeem, or acquire shares of its common stock will be restricted if the company fails to meet its dividend obligations on the Series Z Preferred Stock. These restrictions are detailed within the Certificate of Designations, a key document incorporated by reference into this filing. The report also notes related exhibits concerning the offering and sale of depositary shares representing interests in this new preferred stock.

Key Highlights

  • 1Goldman Sachs has issued Series Z Preferred Stock, a new class of preferred equity.
  • 2The Series Z Preferred Stock carries a fixed dividend rate of 6.850% and is non-cumulative.
  • 3Each share of Series Z Preferred Stock has a liquidation preference of $25,000.
  • 4The issuance of Series Z Preferred Stock imposes restrictions on the company's ability to pay common stock dividends or repurchase common stock if preferred dividends are missed.
  • 5The Certificate of Designations outlining the terms of the Series Z Preferred Stock has been filed and is incorporated by reference.
  • 6Related documents for depositary shares representing interests in the Series Z Preferred Stock are also included.

Frequently Asked Questions

This 8-K filing announces the creation and terms of Goldman Sachs' new Series Z Preferred Stock, including its dividend rate, liquidation preference, and the restrictions it places on common stock actions if preferred dividends are not met.

The Series Z Preferred Stock has a fixed dividend rate of 6.850% and is non-cumulative, meaning missed dividend payments are not accrued for future payment.

If Goldman Sachs fails to pay dividends on the Series Z Preferred Stock, its ability to declare or pay dividends on, or purchase, redeem, or otherwise acquire, shares of its common stock will be restricted.

Detailed information is available in the Certificate of Designations for the Series Z Preferred Stock, which is filed as Exhibit 3.1 to this Form 8-K and is incorporated by reference.