The Goldman Sachs Group, Inc.

- David Solomon noted ongoing fundraising activity, particularly highlighting positive inflows in their GS Credit BDC with 40% of subscriptions from institutions, many first-time investors. - The firm raised $10 billion in credit during the past quarter, indicating active fundraising in credit. - The private credit business is growing, with a focus on institutional investors who make up over 80% of the broad platform. - They are well positioned toward their $300 billion target in credit fundraising. - Despite some noise in the retail channel, the long-term view on private credit fundraising remains very attractive. - Equities financing revenue grew significantly, supported by balance sheet and capital commitments, reflecting strong client demand. - The firm continues to expand lending balances and financing activities, including in private wealth and FICC financing. - Overall, fundraising through both debt (credit) and equity financing remains active and is a strategic priority.

- The firm is making infrastructure investments, including AI-driven investments, as part of a front-loading strategy to support platform growth. - There is a significant focus on deploying capital into client franchises to support durable revenue streams. - Growth in equities financing and private wealth lending are identified as strategic priorities with increased capital deployment. - The firm continues to invest in cybersecurity and infrastructure resilience, including harnessing capabilities from partners like Anthropic, to address evolving technology and cyber risks. - Despite increased capital deployment in client activities, the firm maintains aggressive capital return to shareholders through record stock repurchases. - Investments also support the expansion of FICC financing and overall lending activities across the firm.

- Goldman Sachs expects continued growth driven by record performance in Global Banking & Markets and strong inflows in Asset & Wealth Management. - Expansion in financing activities, particularly in Asia and ultra-high net worth clients, is a key growth focus. - Private credit fundraising remains robust with $10 billion raised in the quarter, supporting a long-term $300 billion target. - M&A activity and capital markets remain constructive despite geopolitical uncertainties, with a strong backlog and pipeline. - IPO activity may accelerate as equity markets show resilience, though near-term caution exists due to geopolitical risk. - The firm is investing in technology, notably AI and cloud migration, to drive future efficiency and operating leverage. - Alternatives fundraising continues strong with $26 billion raised, supporting the goal of $750 billion in assets under supervision. - Overall, Goldman Sachs is well-positioned for growth due to diversified revenue streams and ongoing strategic investments.

- Goldman Sachs delivered record strong Q1 2026 results with net revenues, earnings, and EPS at second highest ever, indicating solid current momentum. - Continued investment in technology, AI, and infrastructure aims to drive stronger operating leverage, efficiency, and returns over time. - Private credit and alternatives fundraising maintain strong inflows, supporting diversified revenue growth. - Progress in Asia financing business and ultra-high net worth client lending expected to contribute to growth. - Regulatory capital cushion (CET1 ratio buffer) provides capacity for client-driven growth and shareholder returns. - Elevated market uncertainty and geopolitical risks, such as the Middle East conflict, may impact short-term activity, especially IPOs. - Long-term optimism supported by accelerating technological change, M&A pipeline strength, and resilient capital markets. - Management plans sustained disciplined expense control while investing to drive productivity gains and scale. - Overall, Goldman Sachs expects continued profitable growth supported by a diversified, scalable business model bolstered by innovation and expansion initiatives.

- The M&A backlog remains high and did not move significantly despite extraordinary accruals during the quarter. - There is a high level of pipeline activity, with significant engagement across M&A and capital markets. - IPO activity slowed slightly in March due to geopolitical conflicts but the pipeline is very full. - Resilience in equity markets suggests IPO activity may accelerate if current market conditions hold. - Corporates and investors remain highly engaged, with no signs of significant derisking in investor participation. - The firm expects sustained client activity in strategic M&A and capital markets, barring major deterioration in the macro environment. - Overall, the orderbook and pending transactions indicate robust deal flow and client demand.