Goldman Sachs Group Inc Liquidation Value

Goldman Sachs Group Inc. (GS) as of March 31, 2026 presents a balance sheet of $2.06 trillion in total assets against $1.94 trillion in total liabilities, implying $122.8 billion in book equity. Under a liquidation lens, the recovery posture is structurally negative to equity holders, which is expected for a highly leveraged broker-dealer/bank holding company. The asset side is dominated by financial instruments carried at or near fair value—trading assets, derivatives, securities financing transactions, and investment securities—which receive favorable treatment relative to traditional industrial assets but still require significant haircuts in a forced-liquidation scenario. The gross derivative book carries $412.6 billion in fair value of assets offset against $437.1 billion in liabilities before netting; net derivative assets after netting are $64.1 billion on the asset side and $90.2 billion net liability, reflecting the risk concentration in this book. The loan portfolio (notes receivable gross of $255.2 billion, net $252.8 billion after $2.3 billion allowance) is the primary credit-bearing asset; under liquidation, a forced-sale haircut on this book—which includes $38.8 billion in commercial real estate loans, $32.9 billion in residential real estate loans, and $104.6 billion in other collateralized loans—would be material. The liability stack is anchored by $561.3 billion in deposits, $396.3 billion in combined long- and short-term debt, and $90.2 billion in net derivative liabilities; all stay at face value under the lens. Cash and equivalents of $179.5 billion receive full credit but represent a shrinking fraction of total assets. Goodwill of $6.6 billion and intangibles net of $932 million are zeroed under liquidation. The $40 billion share repurchase program ($27 billion remaining authorization as of March-end) and quarterly dividends of $4.50/share per common share represent cash outflows that reduce the equity buffer. MFFAIS LLV of $386.9 billion versus CLV of $177.4 billion reflects the wide spread between liquid-asset recovery and a more conservative cash-centric view. No prior filing was provided for QoQ comparison.