Goldman Sachs Groupreason 03 of 4it gets paid again without selling againderived 2026-09-11accession 0000886982-26-000297
As of June 2026, our assets under supervision increased $391 billion due to net inflows (reflecting net inflows across all asset classes, primarily in liquidity products and equity) and net market appreciation
Management and other fees included fees from alternatives of $725 million for the three months ended June 2026, $592 million for the three months ended June 2025
We have raised $85 billion in third-party commitments in the first half of 2026 and $523 billion since 2019, and expect fundraising for full year 2026 to exceed $125 billion
Our estimated unrecognized incentive fees were $7.08 billion as of June 2026 and $5.24 billion as of December 2025
the finding
The filing upgraded its characterization of Asset & Wealth Management revenue growth from 'higher' to 'significantly higher', consistent with the thesis regarding management fee expansion.
before · MD&A · 2026-03-31 → 2026-06-30
“Net revenues in Asset & Wealth Management were higher, primarily reflecting higher Management and other fees”
→ after
“Net revenues in Asset & Wealth Management were significantly higher, reflecting significantly higher Management and other fees”
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on
“As of June 2026, our assets under supervision increased $391 billion due to net inflows (reflecting net inflows across all asset classes, primarily in liquidity products and equity) and net market appreciation”
“Management and other fees included fees from alternatives of $725 million for the three months ended June 2026, $592 million for the three months ended June 2025”
“We have raised $85 billion in third-party commitments in the first half of 2026 and $523 billion since 2019, and expect fundraising for full year 2026 to exceed $125 billion”
“Our estimated unrecognized incentive fees were $7.08 billion as of June 2026 and $5.24 billion as of December 2025”