Notes issued by GS Finance and backed by Goldman Sachs, linked to Strategy shares (MSTR), are set to pay approximately $217 per $1,000 note at their July 29 maturity, representing a 78.3% loss of principal. MSTR’s July 24 close at $91.67, well below the $337.392 threshold set at 80% of the $421.74 starting price, triggered the downside calculation formula. Goldman Sachs & Co. LLC retains control over the final calculation and may postpone the date or adjust the terms. The notes were designed to return $1,417 if MSTR closed above the threshold, but a dip just below it instantly switched to the downside formula, creating a steep cliff effect. The original aggregate face amount totaled $660,000, with no disclosure of remaining outstanding principal at maturity.
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