Goldman Sachs sells $2.5 billion of 6.500% Series AA preferred

Goldman Sachs issued 2,500,000 depositary shares of its Series AA preferred stock, a $2.5 billion aggregate liquidation preference, at a fixed 6.500% rate. Original issue was on or about July 27, 2026. The rate stays fixed until August 10, 2031, then resets every five years to the five-year Treasury yield plus 2.175%, and the proceeds were earmarked for redeeming the 3.65% Series U preferred.

• 2,500,000 depositary shares; $2.5 billion aggregate liquidation preference
• Fixed 6.500% until August 10, 2031, then resets to five-year Treasury + 2.175%
• Non-cumulative; dividends payable semi-annually starting February 10, 2027
• Replaces the 3.65% Series U preferred ($750M)