# EDGAR Filing Document

**Accession Number:** 0000791963
**File Stem:** 0000791963-25-000038
**Filing Date:** 2025-8
**Character Count:** 23831
**Document Hash:** 04edd6d24a32320f9f97f08c0038e10a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000791963-25-000038.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000791963-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250801

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OPPENHEIMER HOLDINGS INC
- **CENTRAL INDEX KEY:** 0000791963
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980080034
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12043
- **FILM NUMBER:** 251174015

**BUSINESS ADDRESS:**
- **STREET 1:** 85 BROAD STREET
- **STREET 2:** 22ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004
- **BUSINESS PHONE:** 2126688255

**MAIL ADDRESS:**
- **STREET 1:** 85 BROAD STREET
- **STREET 2:** 22ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FAHNESTOCK VINER HOLDINGS INC
- **DATE OF NAME CHANGE:** 19950725

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VINER E A HOLDINGS LTD
- **DATE OF NAME CHANGE:** 19880622

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDALE INVESTMENTS LTD
- **DATE OF NAME CHANGE:** 19861030

?xml version='1.0' encoding='ASCII'? opy-20250731

As filed with the Securities and Exchange Commission on August 1, 2025

___________________________________________________

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): August 1, 2025

**OPPENHEIMER HOLDINGS INC.** 

(Exact name of registrant as specified in its charter)

Commission File Number 1-12043

---

| | |
|:---|:---|
| **Delaware** | **98-0080034** |
| **(State or other jurisdiction of** | **(I.R.S. Employer** |
| **incorporation or organization)** | **Identification No.)** |

---

**85 Broad Street** 

**New York, New York 10004** 

**(Address of principal executive offices) (Zip Code)**

**(212) 668-8000** 

**(Registrant's telephone number, including area code)**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol</u>** | **<u>Name of each exchange on which registered</u>** |
| Class A non-voting common stock | OPY | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**SECTION 2 – FINANCIAL INFORMATION**

**ITEM 2.02. Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On August 1, 2025, Oppenheimer Holdings Inc. (the "Company") issued a press release announcing its second quarter 2025 earnings. A copy of the August 1, 2025 press release is furnished as Exhibit 99.1 to this Report and is incorporated herein by reference.

The information contained in this Item 2.02 and the related exhibit attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information or such exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth in this Item 2.02 or any exhibit related to this Item 2.02 on this Form 8-K shall not be deemed an admission as to the materiality of any information in the referenced items.

**SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS**

**ITEM 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits:

The following exhibit is furnished (not filed) with this Current Report on Form 8-K:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Oppenheimer Holdings Inc.'s Press Release dated August 1, 2025

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

**Oppenheimer Holdings Inc.** 

Date: August 1, 2025<br>By: /s/ Brad M. Watkins ---------------------------------<br>Brad M. Watkins <br>Chief Financial Officer<br>(Duly Authorized Officer)<br>

------

<u>EXHIBIT INDEX</u>

---

| | |
|:---|:---|
| <u>Exhibit Number</u> | <u>Description</u> |
| <u>[99.1](ex991-20258xkq2pressrelease.htm)</u> | <u>[Oppenheimer Holdings Inc.'s Press Release dated](ex991-20258xkq2pressrelease.htm)[August 1](ex991-20258xkq2pressrelease.htm)[, 2025](ex991-20258xkq2pressrelease.htm)</u> |

---

## Exhibit 99.1

<u>Exhibit 99.1</u>

**Oppenheimer Holdings Inc. Reports Second Quarter 2025 Earnings** 

**New York, August 1, 2025** – Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $21.7 million or $2.06 basic earnings per share for the second quarter of 2025, compared with net income of $10.3 million or $0.99 basic earnings per share for the second quarter of 2024. Revenue for the second quarter of 2025 was $373.2 million, an increase of 12.9%, compared to revenue of $330.6 million for the second quarter of 2024.

**Robert S. Lowenthal**, *President and CEO commented, "The Firm's improved operating results for the quarter showcase the strength of our businesses and the maturing of investments in experienced team members over the past several years. At the outset of the quarter, recession fears mounted as announced policies on trade drove significant market volatility and triggered a large selloff in the equity markets. As tariffs were suspended, the markets broadly rallied with both the NASDAQ and S&P 500 reaching new record highs to close out the quarter. Concerns remained over tariff-induced inflation, a potentially softening labor market and conflict in the Middle East.*

*Rising markets proved quite favorable to our Wealth Management business revenue, with the rally driving assets under management ("AUM") to a fresh record, resulting in higher asset-based advisory fees when compared with the prior year period. Retail trading volumes, driven by investor interest, also remained robust, boosting commission revenue. However, the fees we earn on our FDIC sweep program are reduced from the prior year period due to lower deposit balances as clients sought higher returns in money market funds and other investments.* 

*The Capital Markets businesses showed a substantial increase in total revenue. Institutional trading volumes were strong during the quarter due in part to increased volatility, which buoyed our sales and trading revenue. Investment Banking revenue also improved on the back of more advisory assignments that closed in the quarter and robust underwriting levels as capital markets re-opened. We are hopeful that higher deal volumes will continue in the latter half of the year as policymakers firm up key trade policy decisions and concerns around recession recede.*

*The Firm continues to maintain an unlevered balance sheet and ended the quarter with its capital reaching yet another all-time high. As we move into the second half of the year, we remain optimistic about our capabilities and our ability to continue delivering high quality services to our clients."* 

---

| | | |
|:---|:---|:---|
| **Summary Operating Results (Unaudited)** | **Summary Operating Results (Unaudited)** | **Summary Operating Results (Unaudited)** |
| *('000s, except per share amounts or otherwise indicated)* | *('000s, except per share amounts or otherwise indicated)* | *('000s, except per share amounts or otherwise indicated)* |
| **Firm** | **<u>2Q-25</u>** | **<u>2Q-24</u>** |
| Revenue | $373178 | $330589 |
| Compensation Expenses | $239074 | $220727 |
| Non-compensation Expenses | $101894 | $93997 |
| Pre-Tax Income | $32210 | $15865 |
| Income Tax Provision | $10536 | $5599 |
| Net Income <sup>(1)</sup> | $21674 | $10266 |
| Earnings Per Share (Basic) <sup>(1)</sup> | $2.06 | $0.99 |
| Earnings Per Share (Diluted) <sup>(1)</sup> | $1.91 | $0.92 |
| Book Value Per Share | $85.27 | $78.63 |
| Tangible Book Value Per Share <sup>(2)</sup> | $68.25 | $61.56 |
| **Wealth Management** |  |  |
| Revenue | $246421 | $234526 |
| Pre-Tax Income | $62834 | $64231 |
| Assets Under Administration (billions) | $138.4 | $126.0 |
| Assets Under Management (billions) | $52.8 | $47.5 |
| **Capital Markets** |  |  |
| Revenue | $122981 | $92141 |
| Pre-Tax Loss | $(3864) | $(21775) |
| (1) Attributable to Oppenheimer Holdings Inc. | (1) Attributable to Oppenheimer Holdings Inc. | (1) Attributable to Oppenheimer Holdings Inc. |
| (2) Represents book value less goodwill and intangible assets divided by number of shares outstanding. | (2) Represents book value less goodwill and intangible assets divided by number of shares outstanding. | (2) Represents book value less goodwill and intangible assets divided by number of shares outstanding. |

---

**<u>Highlights</u>**

• Increased revenue for the second quarter of 2025 was primarily driven by significantly higher investment banking revenue due to an uptick in underwriting volumes and larger advisory mandates, an increase in transaction-based commissions and greater advisory fees attributable to a rise in billable AUM

• Rising markets lifted assets under administration and under management to fresh records at June 30, 2025

• Compensation expenses increased from the prior year quarter largely as the result of higher production and salary-related expenses

• Non-compensation expenses increased from the prior year quarter primarily due to higher technology related expenses and greater travel and other miscellaneous costs

• Total stockholders' equity, book value and tangible book value per share reached new record highs as a result of positive earnings

------

**Wealth Management**

Wealth Management reported revenue for the current quarter of $246.4 million, 5.1% higher compared with the prior year period. Pre-tax income was $62.8 million in the current quarter, a decrease of 2.2% compared with a year ago. Financial advisor headcount at the end of the current quarter was 927, compared to 934 at the end of the second quarter of 2024.

***Revenue:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retail commissions increased 3.6% from the prior year period primarily due to higher retail trading activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory fees increased 7.2% due to higher AUM during the billing period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank deposit sweep income decreased $6.2 million from a year ago due to lower cash sweep balances and lower short-term interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest revenue was flat compared to the prior year period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other revenue increased from a year ago primarily due to an increase in the cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in the fair value of the policies' underlying investments

***Assets under Management (AUM):***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** AUM reached a record high of $52.8 billion at June 30, 2025, which is the basis for advisory fee billings for July 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The increase in AUM from the prior year period was comprised of higher asset values of $8.9 billion on existing client holdings, offset by net distributions of $3.6 billion

***Total Expenses:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation expenses increased 7.1% from the prior year period primarily due to higher production related expenses and higher deferred compensation costs, partially offset by lower expenses associated with share appreciation rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compensation expenses increased 9.7% from a year ago primarily due to an increase in interest and other miscellaneous expenses

---

| | | |
|:---|:---|:---|
| *('000s, except otherwise indicated)* | *('000s, except otherwise indicated)* | *('000s, except otherwise indicated)* |
|  | **<u>2Q-25</u>** | **<u>2Q-24</u>** |
| **Revenue** | $**246421** | $**234526** |
| &nbsp;&nbsp;&nbsp;Commissions | $54788 | $52872 |
| &nbsp;&nbsp;&nbsp;Advisory Fees | $125610 | $117187 |
| &nbsp;&nbsp;&nbsp;Bank Deposit Sweep Income | $28654 | $34847 |
| &nbsp;&nbsp;&nbsp;Interest | $21943 | $21626 |
| &nbsp;&nbsp;&nbsp;Other | $15426 | $7994 |
| **Total Expenses** | $**183587** | $**170295** |
| &nbsp;&nbsp;&nbsp;Compensation | $132291 | $123538 |
| &nbsp;&nbsp;&nbsp;Non-compensation | $51296 | $46757 |
| **Pre-Tax Income** | $**62834** | $**64231** |
| Compensation Ratio | 53.7% | 52.7% |
| Non-compensation Ratio | 20.8% | 19.9% |
| **Pre-Tax Margin** | **25.5%** | **27.4%** |
| **Assets Under Administration (billions)** | $**138.4** | $**126.0** |
| **Assets Under Management (billions)** | $**52.8** | $**47.5** |
| **Cash Sweep Balances (billions)** | $**2.8** | $**2.9** |

---

------

**Capital Markets**

Capital Markets reported revenue for the current quarter of $123.0 million, 33.5% higher when compared with the prior year period. Pre-tax loss was $3.9 million compared with a pre-tax loss of $21.8 million a year ago.

***Revenue:***

Investment Banking

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Advisory fees earned from investment banking activities increased 83.0% compared with the prior year period due to increased deal volumes and larger mandate sizes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equities underwriting fees increased 9.1% compared with the prior year period primarily due to higher underwriting fees associated with larger deal sizes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income underwriting fees increased 115.3% compared with the prior year period primarily due to higher corporate and sovereign issuance activity levels

Sales and Trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equities sales and trading revenue increased 20.2% compared with the prior year period mostly due to higher trading volumes and greater options-related commissions revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed income sales and trading revenue increased 23.6% compared with a year ago largely due to higher trading volumes and interest income on trading inventory

***Total Expenses:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation expenses increased 10.0% compared with the prior year period largely due to greater production-related expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compensation expenses were 13.8% higher than a year ago primarily due to an increase in communication and technology expenses and travel-related costs

---

| | | |
|:---|:---|:---|
| *('000s)* |  |  |
|  | **<u>2Q-25</u>** | **<u>2Q-24</u>** |
| **Revenue** | $**122981** | $**92141** |
| **Investment Banking** | $**43394** | $**26699** |
| &nbsp;&nbsp;&nbsp;Advisory Fees | $22487 | $12290 |
| &nbsp;&nbsp;&nbsp;Equities Underwriting | $12225 | $11208 |
| &nbsp;&nbsp;&nbsp;Fixed Income Underwriting | $6062 | $2815 |
| &nbsp;&nbsp;&nbsp;Other | $2620 | $386 |
| **Sales and Trading** | $**78904** | $**64766** |
| &nbsp;&nbsp;&nbsp;Equities | $39953 | $33250 |
| &nbsp;&nbsp;&nbsp;Fixed Income | $38951 | $31516 |
| **Other** | $**683** | $**676** |
| **Total Expenses** | $**126845** | $**113916** |
| &nbsp;&nbsp;&nbsp;Compensation | $80610 | $73290 |
| &nbsp;&nbsp;&nbsp;Non-compensation | $46235 | $40626 |
| **Pre-Tax Loss** | $**(3864)** | $**(21775)** |
| Compensation Ratio | 65.5% | 79.5% |
| Non-compensation Ratio | 37.6% | 44.1% |
| **Pre-Tax Margin** | **(3.1)%** | **(23.6)%** |

---

**Other Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Directors announced a quarterly dividend of $0.18 per share payable on August 29, 2025 to holders of Class A non-voting and Class B voting common stock of record on August 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compensation expense as a percentage of revenue was modestly lower at 64.1% during the current period versus 66.8% during the same period last year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The effective tax rate for the current period was 32.7% compared with 35.3% for the prior year period, as the impact of certain unfavorable permanent items and nondeductible foreign losses was reduced in the current period

---

| | | |
|:---|:---|:---|
| *(In millions, except number of shares and per share amounts)* | *(In millions, except number of shares and per share amounts)* | *(In millions, except number of shares and per share amounts)* |
|  | **<u>2Q-25</u>** | **<u>2Q-24</u>** |
| **Capital** |  |  |
| Stockholders' Equity <sup>(1)</sup> | $896.9 | $812.1 |
| Regulatory Net Capital <sup>(2)</sup> | $408.9 | $460.7 |
| Regulatory Excess Net Capital <sup>(2)</sup> | $382.2 | $439.7 |
| **Common Stock Repurchases** |  |  |
| Repurchases | $0.6 | $0.9 |
| Number of Shares | 9855 | 23102 |
| Average Price | $58.89 | $40.01 |
| **Period End Shares** | **10517924** | **10327510** |
| **Effective Tax Rate** | **32.7%** | **35.3%** |
| <sup>(1)</sup> Attributable to Oppenheimer Holdings Inc. | <sup>(1)</sup> Attributable to Oppenheimer Holdings Inc. | <sup>(1)</sup> Attributable to Oppenheimer Holdings Inc. |
| <sup>(2)</sup> Attributable to Oppenheimer & Co. Inc. broker-dealer | <sup>(2)</sup> Attributable to Oppenheimer & Co. Inc. broker-dealer | <sup>(2)</sup> Attributable to Oppenheimer & Co. Inc. broker-dealer |

---

------

**Company Information**

Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 88 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong.

**Forward-Looking Statements**

This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Oppenheimer Holdings Inc.** | **Oppenheimer Holdings Inc.** | **Oppenheimer Holdings Inc.** | **Oppenheimer Holdings Inc.** | **Oppenheimer Holdings Inc.** | **Oppenheimer Holdings Inc.** | **Oppenheimer Holdings Inc.** |
| **Consolidated Income Statements (Unaudited)** | **Consolidated Income Statements (Unaudited)** | **Consolidated Income Statements (Unaudited)** | **Consolidated Income Statements (Unaudited)** | **Consolidated Income Statements (Unaudited)** | **Consolidated Income Statements (Unaudited)** | **Consolidated Income Statements (Unaudited)** |
| *('000s, except number of shares and per share amounts)* | *('000s, except number of shares and per share amounts)* |  |  |  |  |  |
|  | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Three Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** | **For the Six Months Ended<br>June 30,** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **REVENUE** |  |  |  |  |  |  |
| Commissions | $110025 | $97055 | 13.4 | $220903 | $192905 | 14.5 |
| Advisory fees | 125628 | 117197 | 7.2 | 254431 | 232044 | 9.6 |
| Investment banking | 43533 | 29119 | 49.5 | 91156 | 79656 | 14.4 |
| Bank deposit sweep income | 28654 | 34846 | (17.8) | 58729 | 71531 | (17.9) |
| Interest | 38017 | 34805 | 9.2 | 74386 | 61571 | 20.8 |
| Principal transactions, net | 14532 | 10074 | 44.3 | 23507 | 28308 | (17.0) |
| Other | 12789 | 7493 | 70.7 | 17891 | 17712 | 1.0 |
| Total revenue | 373178 | 330589 | 12.9 | 741003 | 683727 | 8.4 |
| **EXPENSES** |  |  |  |  |  |  |
| Compensation and related expenses | 239074 | 220727 | 8.3 | 466165 | 442440 | 5.4 |
| Communications and technology | 26204 | 24682 | 6.2 | 52386 | 49258 | 6.4 |
| Occupancy and equipment costs | 15578 | 15516 | 0.4 | 31587 | 31364 | 0.7 |
| Clearing and exchange fees | 7041 | 6780 | 3.8 | 14793 | 12622 | 17.2 |
| Interest | 22529 | 21980 | 2.5 | 43925 | 42528 | 3.3 |
| Other | 30542 | 25039 | 22.0 | 58561 | 52195 | 12.2 |
| Total expenses | 340968 | 314724 | 8.3 | 667417 | 630407 | 5.9 |
| **Pre-Tax Income** | 32210 | 15865 | 103.0 | 73586 | 53320 | 38.0 |
| Income tax provision | 10536 | 5599 | 88.2 | 21257 | 17310 | 22.8 |
| **Net Income** | $21674 | $10266 | 111.1 | $52329 | $36010 | 45.3 |
| Less: Net loss attributable to non-controlling interest, net of tax |  |  |  |  | (310) |  |
| **Net income attributable to Oppenheimer Holdings Inc.** | $21674 | $10266 | 111.1 | $52329 | $36320 | 44.1 |
| **Earnings per share attributable to Oppenheimer Holdings Inc.** |  |  |  |  |  |  |
| Basic | $2.06 | $0.99 | 108.1 | $4.99 | $3.49 | 43.0 |
| Diluted | $1.91 | $0.92 | 107.6 | $4.63 | $3.29 | 40.7 |
| **Weighted average number of common shares outstanding** | **Weighted average number of common shares outstanding** | **Weighted average number of common shares outstanding** |  |  |  |  |
| Basic | 10520219 | 10327818 | 1.9 | 10493145 | 10367636 | 1.2 |
| Diluted | 11349049 | 11111903 | 2.1 | 11308979 | 11083422 | 2.0 |
| **Period end number of common shares outstanding** | 10517924 | 10327510 | 1.8 | 10517924 | 10327510 | 1.8 |

---

<br>