Summary of Business Structure

The Trust is a structured financial product holding only the capital securities issued by Goldman Sachs Capital I. These securities are ultimately backed by junior subordinated debentures issued by The Goldman Sachs Group, Inc. The certificates do not represent obligations or interests in the Depositor or the Trustee.

Note: The performance and risks associated with the Trust are directly linked to the credit and performance of the underlying Goldman Sachs Group, Inc. securities.

Regulatory and Reporting Compliance

• SEC Reporting: The Trust is in full compliance with its reporting requirements, with all required 8-K and 10-K filings made in a timely manner. There were no unresolved staff comments or legal proceedings during the period.
• Market Information: The Certificates are listed on the NYSE. The Trust has no voting stock or class of common stock held by non-affiliates, and there is no aggregate market value attributable to non-affiliates.
• Issuer Status: The Trust is not a well-known seasoned issuer, not an accelerated filer, not a smaller reporting company, and not a shell company.

Financial & Operational Highlights

• Distribution Reports: All distributions to certificateholders for 2025 were documented and filed via Form 8-K. These statements are incorporated by reference in the 10-K. There were no financial statements, management discussion, or additional financial data required or applicable—typical for a static asset-backed trust structure.
• Exhibits: The annual report includes certifications from management and the trustee, as well as an independent accountant’s report attesting to full compliance with the Trust Agreement.

Management and Governance

• No directors, executive officers, or compensation applicable to the Trust.
• No related party transactions or principal accountant fees to report.

Important Shareholder Information

• All required distributions were made during the year with no identified deficiencies or compliance issues. Both the Depositor and Trustee were found to be in full compliance with all covenants and conditions under the Trust Agreements, as confirmed by independent auditor Aston Bell, CPA.
• No legal proceedings or material events affecting the Trust or the underlying securities were disclosed during the period.
• The value and risk profile of the Certificates are entirely dependent on the performance and creditworthiness of The Goldman Sachs Group, Inc. Investors are urged to monitor Goldman Sachs’ own SEC filings (under CIK 001-14965) for any material developments.

Potential Price-Sensitive Issues

• No new material developments, defaults, or breaches were reported. The Trust’s structure and performance remain unchanged, and all compliance certificates and auditor attestations confirm a clean bill of health for 2025.
• Investor Risk: There is no direct involvement or guarantee from the Depositor (SCS LABS Corp) or the Trustee. The sole asset of the Trust is the underlying Goldman Sachs Capital I securities. Any material adverse event at Goldman Sachs could directly impact the value of JBK Certificates.

Conclusion

There are no price-moving disclosures in this annual report. The JBK Certificates continue to operate as a pass-through trust with no operational or compliance issues in 2025. Investors should focus on the credit profile and financial disclosures of The Goldman Sachs Group, Inc., as that is the underlying risk driver.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult their financial advisor and review the official filings and disclosures of The Goldman Sachs Group, Inc. and the Trust before making any investment decisions. No warranty is made as to the completeness or accuracy of the information presented above.

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