Oppenheimer Holdings Inc 10-Q for FY2024 Q1

Oppenheimer Holdings Inc (OPY)

10-Q 2024-04-26 For: 2024-03-31

Added on April 11, 2026

About this 10-Q

Oppenheimer Holdings Inc filed this 10-Q on April 26, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $353.14M; up 9.8% from $321.68M a year earlier
Net income: $26.05M; up 78.2% from net income of $14.62M a year earlier
Diluted EPS: $2.37; up 94.3% from $1.22 a year earlier

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


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A non-voting common stock	OPY	The New York Stock Exchange



		Page No.
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	3
	Condensed Consolidated Income Statements for the three months ended March 31, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three months ended March 31, 2024 and 2023	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	54
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	54
Item 5.	Other Information	54
Item 6.	Exhibits	55
	Signatures	56


(Expressed in thousands, except number of shares and per share amounts)	March 31, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	27,661	$	28,835
Deposits with clearing organizations	94,016		78,706

Receivable from brokers, dealers and clearing organizations	260,471		284,696
Receivable from customers, net of allowance for credit losses of $349 ($345 in 2023)	1,179,700		1,059,892
Income tax receivable	5,755		7,199
Securities purchased under agreements to resell	4,090		5,842
Securities owned, including amounts pledged of $917,804 ($689,381 in 2023), at fair value	1,044,089		795,312
Notes receivable, net	66,889		62,640
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $85,301 ($82,732 in 2023)	41,489		43,874
Right-of-use lease assets, net of accumulated amortization of $101,910 ($99,716 in 2023)	136,095		140,554
Corporate-owned life insurance	95,241		88,989
Goodwill	142,162		142,162
Intangible assets	34,264		34,340
Other assets	119,968		101,775
Total assets	$	3,251,890	$	2,874,816
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	21,459	$	9,002
Bank call loans	94,350		—
Payable to brokers, dealers and clearing organizations	497,366		361,890
Payable to customers	447,627		369,287
Securities sold under agreements to repurchase	286,455		640,382
Securities sold but not yet purchased, at fair value	520,932		31,676
Accrued compensation	161,525		256,244
Income tax payable	6,515		—
Accounts payable and other liabilities	82,852		82,810
Lease liabilities	177,336		183,273
Senior secured notes, net of debt issuance costs of $337 ($392 in 2023)	112,713		112,658
Deferred tax liabilities, net of deferred tax assets of $44,537 ($45,961 in 2023)	41,238		38,355
Total liabilities	2,450,368		2,085,577
Commitments and contingencies (Note 14)

Stockholders' equity
Common stock ($0.001 par value per share): Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,247,197 and 10,186,783 as of March 31, 2024 and December 31, 2023, respectively Class B: shares authorized, issued and outstanding: 99,665 as of March 31, 2024 and December 31, 2023	10		10
Additional paid-in capital	20,040		31,774
Retained earnings	780,946		756,468
Accumulated other comprehensive income	526		914
Total Oppenheimer Holdings Inc. stockholders' equity	801,522		789,166
Noncontrolling interest (Note 2)	—		73
Total Stockholders' equity	801,522		789,239
Total Liabilities and Stockholders' Equity	$	3,251,890	$	2,874,816



	For the Three Months Ended March 31,
(Expressed in thousands, except number of shares and per share amounts)	2024		2023
REVENUE
Commissions	$	95,850	$	86,697
Advisory fees	114,847		100,544
Investment banking	50,537		37,965
Bank deposit sweep income	36,685		48,909
Interest	26,766		24,941
Principal transactions, net	18,234		13,490
Other	10,219		9,133
Total revenue	353,138		321,679
EXPENSES
Compensation and related expenses	221,713		206,292
Communications and technology	24,576		22,440
Occupancy and equipment costs	15,848		15,901
Clearing and exchange fees	5,842		6,263
Interest	20,548		13,142
Other	27,156		38,592
Total expenses	315,683		302,630

Pre-tax income	37,455		19,049
Income tax provision	11,711		4,585
Net income	$	25,744	$	14,464

Net loss attributable to noncontrolling interest, net of tax	(310)		(153)
Net income attributable to Oppenheimer Holdings Inc.	$	26,054	$	14,617

Earnings per share attributable to Oppenheimer Holdings Inc.
Basic	$	2.50	$	1.32
Diluted	$	2.37	$	1.22

Weighted average shares outstanding
Basic	10,407,454		11,092,603
Diluted	11,001,669		11,963,492

Period end shares outstanding	10,346,862		11,075,388


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



	For the Three Months Ended March 31,
(Expressed in thousands)	2024		2023
Net income	$	25,744	$	14,464
Other comprehensive loss, net of tax
Currency translation adjustment	(388)		(497)
Comprehensive income	$	25,356	$	13,967
Less net loss attributable to noncontrolling interests	(310)		(153)
Comprehensive income attributable to Oppenheimer Holdings Inc.	$	25,666	$	14,120


	For the Three Months Ended March 31,
(Expressed in thousands, except per share amount)	2024		2023
Common stock ($0.001 par value per share)
Beginning Balance	$	10	$	11
Issuance of Class A non-voting common stock	—		—
Repurchase of Class A non-voting common stock for cancellation	—		—
Ending Balance	10		11
Additional paid-in capital
Balance at beginning of period	31,774		28,628
Issuance of Class A non-voting common stock	8,238		5,488
Repurchase of Class A non-voting common stock for cancellation	(8,384)		(3,687)



Share-based expense	3,145		3,293
Vested employee share plan awards	(14,996)		(11,319)
Change in redemption value of redeemable noncontrolling interests	263		(29)
Balance at end of period	20,040		22,374
Retained earnings
Balance at beginning of period	756,468		764,178
Repurchase of Class A non-voting common stock for cancellation	—		—
Net income (1)	26,054		14,617
Dividends paid	(1,576)		(1,674)

Balance at end of period	780,946		777,121
Accumulated other comprehensive income
Balance at beginning of period	914		1,416
Currency translation adjustment	(388)		(497)
Balance at end of period	526		919
Total Oppenheimer Holdings Inc. stockholders' equity	$	801,522	$	800,425
Noncontrolling interest
Balance at beginning of period	73		722

Net income (loss) attributable to noncontrolling interest	(310)		(153)
Change in redemption value of redeemable noncontrolling interests	237		(136)
Balance at end of period	—		433
Total stockholders' equity	$	801,522	$	800,858
Redeemable Noncontrolling Interests
Balance at beginning of period	—		25,466
Redemption of redeemable noncontrolling interests	—		(74)
Change in redemption value of redeemable noncontrolling interests	—		165
Balance at end of period	$	—	$	25,557

Dividends paid per share	$	0.15	$	0.15


(1) Attributable to Oppenheimer Holdings Inc.


Table of Contents
OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited)


(Expressed in thousands)
	As of March 31, 2024

2024	$	319
2023	2,495
2022	285
2021	1,645
2020	423
2019 and prior	1,999
Total	$	7,166


	As of
	March 31, 2024	December 31, 2023

Weighted average remaining lease term (in years)	6.22	6.35
Weighted average discount rate	7.74%	7.72%


(Expressed in thousands)	For the Three Months Ended March 31, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	44,930	$	—	$	43,045	$	5	$	87,980
Mutual fund and insurance income	7,864		—		1		5		7,870
Advisory fees	88,876		25,960		—		11		114,847
Investment banking - capital markets	3,021		—		15,627		—		18,648
Investment banking - advisory	21		—		31,868		—		31,889
Bank deposit sweep income	36,685		—		—		—		36,685
Other	3,416		—		320		980		4,716
Total revenue from contracts with customers	184,813		25,960		90,861		1,001		302,635
Other sources of revenue:
Interest	20,196		—		4,303		2,267		26,766
Principal transactions, net	1,736		—		16,733		(235)		18,234
Other	6,288		(1,032)		186		61		5,503
Total other sources of revenue	28,220		(1,032)		21,222		2,093		50,503
Total revenue	$	213,033	$	24,928	$	112,083	$	3,094	$	353,138


(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	378	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	4,527		1,619		N/A	N/A
	$	4,905	$	1,619


(Expressed in thousands)
	Fair Value Measurements as of March 31, 2024
	Level 1		Level 2		Level 3		Total
Assets

Deposits with clearing organizations	$	35,225	$	—	$	—	$	35,225
Securities owned:
U.S. Treasury securities	927,933		—		—		927,933
U.S. Agency securities	—		8,419		—		8,419

Corporate debt and other obligations	—		11,707		—		11,707
Mortgage and other asset-backed securities	—		2,981		—		2,981
Municipal obligations	—		47,374		—		47,374
Convertible bonds	—		14,393		—		14,393
Corporate equities	28,319		—		—		28,319
Money markets	—		250		—		250
Auction rate securities	—		—		2,713		2,713
Securities owned, at fair value	956,252		85,124		2,713		1,044,089
Investments (1)	1,715		16,445		—		18,160
Loans(1)	—		2,485		—		2,485
Derivative contracts:

TBAs	—		185		—		185

Derivative contracts, total	—		185		—		185
Total	$	993,192	$	104,239	$	2,713	$	1,100,144
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	488,901	$	—	$	—	$	488,901
U.S. Agency securities	—		1		—		1

Corporate debt and other obligations	—		10,577		—		10,577
Mortgage and other asset-backed securities	—		—		—		—

Convertible bonds	—		11,687		—		11,687
Corporate equities	9,766		—		—		9,766

Securities sold but not yet purchased, at fair value	498,667		22,265		—		520,932

Derivative contracts:
Futures	1,714		—		—		1,714

TBAs	—		177		—		177


Derivative contracts, total	1,714		177		—		1,891
Total	$	500,381	$	22,442	$	—	$	522,823


(Expressed in thousands)
	As of
	March 31, 2024		December 31, 2023
2024	$	32,564	$	43,885
2025	39,411		38,759
2026	37,325		36,757
2027	35,168		34,823
2028	21,997		21,660
After 2028	58,779		58,081
Total lease payments	$	225,244	$	233,965
Less interest	(47,908)		(50,692)
Present value of lease liabilities	$	177,336	$	183,273


(Expressed in thousands)	As of
	March 31, 2024		December 31, 2023
Receivables
Commission (1)	$	5,388	$	4,554
Mutual fund income (2)	5,479		5,365
Advisory fees (3)	4,191		5,746
Bank deposit sweep income (4)	4,966		5,223
Investment banking fees (5)	21,181		12,847
Other	8,464		6,126
Total receivables	$	49,669	$	39,861
Deferred revenue (payables):
Investment Banking fees (6)	$	807	$	1,118
Software license fees (7)	607		—
	$	1,414	$	1,118


(Expressed in thousands)
	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets


Deposits with clearing organizations	$	34,789	$	—	$	—	$	34,789
Securities owned:
U.S. Treasury securities	695,346		—		—		695,346
U.S. Agency securities	—		2		—		2

Corporate debt and other obligations	—		5,769		—		5,769
Mortgage and other asset-backed securities	—		6,627		—		6,627
Municipal obligations	—		35,333		—		35,333
Convertible bonds	—		16,735		—		16,735
Corporate equities	27,170		—		—		27,170
Money markets	5,400		217		—		5,617
Auction rate securities	—		—		2,713		2,713
Securities owned, at fair value	727,916		64,683		2,713		795,312
Investments (1)	1,872		16,913		—		18,785
Securities purchased under agreements to resell	—		5,842		—		5,842
Derivative contracts:
Futures	2		—		—		2
TBAs	—		11		—		11

Derivative contracts, total	2		11		—		13
Total	$	764,579	$	87,449	$	2,713	$	854,741
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	14,603	$	—	$	—	$	14,603


Corporate debt and other obligations	—		1,508		—		1,508
Mortgage and other asset-backed securities	—		2		—		2

Convertible bonds	—		2,136		—		2,136
Corporate equities	13,427		—		—		13,427

Securities sold but not yet purchased, at fair value	28,030		3,646		—		31,676

Derivative contracts:
Futures	735		—		—		735

TBAs	—		2		—		2

Derivative contracts, total	735		2		—		737
Total	$	28,765	$	3,648	$	—	$	32,413


(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended March 31, 2024
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	2,713	$	—	$	—	$	—	$	—	$	2,713


(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	27,661	$	27,661	$	—	$	—	$	27,661

Deposits with clearing organizations	58,791		58,791		—		—		58,791
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	147,647		—		147,647		—		147,647
Receivables from brokers	57,579		—		57,579		—		57,579
Securities failed to deliver	20,171		—		20,171		—		20,171
Clearing organizations and other	35,066		—		35,066		—		35,066

	260,463		—		260,463		—		260,463
Receivable from customers	1,179,700		—		1,179,700		—		1,179,700

Notes receivable, net	66,889		—		66,889		—		66,889
Securities purchased under agreements to resell	4,090		—		4,090				4,090
Investments (1)	97,299		—		97,299		—		97,299


(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	21,459	$	21,459	$	—	$	—	$	21,459
Bank call loans	94,350		—		94,350		—		94,350
Payables to brokers, dealers and clearing organizations:
Securities loaned	298,002		—		298,002		—		298,002
Payable to brokers	779		—		779		—		779
Securities failed to receive	25,573		—		25,573		—		25,573
Clearing organization and other	171,298		—		171,298		—		171,298
	495,652		—		495,652		—		495,652
Payables to customers	447,627		—		447,627		—		447,627
Securities sold under agreements to repurchase	286,455		—		286,455		—		286,455
Senior secured notes	113,050		—		111,617		—		111,617


(Expressed in thousands)
	Fair Value of Derivative Instruments as of March 31, 2024
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	26,000	$	185


		$	26,000	$	185
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	9,580,000	$	1,714

Other contracts	TBAs	26,000		177



		$	9,606,000	$	1,891


(Expressed in thousands)
	Overnight and Open
Repurchase agreements:
U.S. Government	$	861,136
Securities loaned:
Equity securities	298,002
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$	1,159,138


As of March 31, 2024
(Expressed in thousands)							Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Balance Sheet		Net Amounts of Assets Presented on the Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Reverse repurchase agreements	$	578,771	$	(574,681)	$	4,090	$	(4,087)	$	—	$	3
Securities borrowed (1)	147,647		—		147,647		(145,043)		—		2,604
Total	$	726,418	$	(574,681)	$	151,737	$	(149,130)	$	—	$	2,607


(Expressed in thousands)							Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset on the Balance Sheet		Net Amounts of Liabilities Presented on the Balance Sheet		Financial Instruments		Cash Collateral Pledged		Net Amount
Repurchase agreements	$	861,136	$	(574,681)	$	286,455	$	(286,455)	$	—	$	—
Securities loaned (2)	298,002		—		298,002		(287,288)		—		10,714
Total	$	1,159,138	$	(574,681)	$	584,457	$	(573,743)	$	—	$	10,714


As of December 31, 2023
(Expressed in thousands)							Gross Amounts Not Offset on the Balance Sheet
	Gross Amounts of Recognized Assets		Gross Amounts Offset on the Balance Sheet		Net Amounts of Assets Presented on the Balance Sheet		Financial Instruments		Cash Collateral Received		Net Amount
Reverse repurchase agreements	$	8,870	$	(3,028)	$	5,842	$	—	$	—	$	5,842
Securities borrowed (1)	158,612		—		158,612		(149,946)		—		8,666
Total	$	167,482	$	(3,028)	$	164,454	$	(149,946)	$	—	$	14,508


(Expressed in thousands)
	As of March 31,
	2024		2023
Asset
Cash and cash equivalents	$	11	$	5,810
Restricted Cash	—		25,581
Other Assets	—		730
Total Assets	$	11	$	32,121
Liabilities
Other Liabilities	171		859
Total Liabilities	$	171	$	859


(Expressed in thousands)
Issued	Maturity Date	March 31, 2024		December 31, 2023
5.50% Senior Secured Notes	10/1/2025	$	113,050	$	113,050
Unamortized Debt Issuance Cost		(337)		(392)
		$	112,713	$	112,658


(Expressed in thousands, except Per Share Amounts or otherwise indicated)
	1Q-2024		1Q-2023		Change		% Change
Revenue	$	353,138	$	321,679	$	31,459	9.8
Compensation expense	$	221,713	$	206,292	$	15,421	7.5
Non-compensation expense	$	93,970	$	96,338	$	(2,368)	(2.5)
Pre-tax Income	$	37,455	$	19,049	$	18,406	96.6
Income taxes provision	$	11,711	$	4,585	$	7,126	155.4
Net Income (1)	$	26,054	$	14,617	$	11,437	78.2

Earnings per share (basic) (1)	$	2.50	$	1.32	$	1.18	89.4
Earnings per share (diluted) (1)	$	2.37	$	1.22	$	1.15	94.3

Book Value Per Share	$	77.47	$	72.27	$	5.20	7.2
Tangible Book Value Per Share (2)	$	60.41	$	56.92	$	3.49	6.1
Class A Shares Outstanding	10,247,197		10,975,723		(728,526)		(6.6)

AUA ($ billions)	$	124.9	$	108.9	$	16.0	14.7
AUM ($ billions)	$	46.6	$	39.3	$	7.3	18.6
(1) Attributable to Oppenheimer Holdings Inc.
(2) Represents book value less goodwill and intangible assets divided by number of shares outstanding.


(Expressed in thousands)
	For the Three Months Ended March 31,
	2024		2023		% Change
Revenue
Private Client	$	213,033	$	203,421	4.7
Asset Management	24,928		23,959		4.0
Capital Markets	112,083		90,282		24.1
Corporate/Other	3,094		4,017		(23.0)
Total	$	353,138	$	321,679	9.8

Pre-Tax Income (Loss)
Private Client	$	68,151	$	54,456	25.1
Asset Management	7,634		6,481		17.8
Capital Markets	(6,702)		(15,477)		(56.7)
Corporate/Other	(31,628)		(26,411)		19.8
Total	$	37,455	$	19,049	96.6


('000s unless otherwise indicated)
	1Q-2024			1Q-2023			Change			% Change
Revenue	$	213,033		$	203,421		$	9,612		4.7
Retail commissions	$	52,794		$	46,636		$	6,158		13.2
Advisory fee revenue	$	88,876		$	76,583		$	12,293		16.1
Bank deposit sweep income	$	36,685		$	48,909		$	(12,224)		(25)
Interest	$	20,196		$	20,579		$	(383)		(1.9)
Other	$	14,482		$	10,714		$	3,768		35.2

Total Expenses	$	144,882		$	148,965		$	(4,083)		(2.7)
Compensation	$	109,148		$	95,074		$	14,074		14.8
Non-compensation	$	35,734		$	53,891		$	(18,157)		(33.7)

Pre-tax Income	$	68,151		$	54,456		$	13,695		25.1

Compensation Ratio	51.2		%	46.7		%	450			9.6
Non-compensation Ratio	16.8		%	26.5		%	(970)			(36.6)
Pre-tax Margin	32.0		%	26.8		%	5.2		%	19.4

Asset Under Administration (billions)	$	124.9		$	108.9		$	16.0		14.7
Cash Sweep Balances (billions)	$	3.2		$	4.4		$	(1.2)		(27.3)


(Expressed in millions)
	For the Three Months Ended March 31, 2024
Fund Type	Beginning Balance		Contributions			Redemptions/Profit Distribution		Appreciation (Depreciation)		Ending Balance
Traditional (1)	$	38,143	$	2,023		$	(2,098)	$	2,423	$	40,491
Institutional Fixed Income (2)	852		100		-17	(93)		6		865
Alternative Investments:
Hedge funds (3)	3,463		24			(160)		504		3,831
Private Equity Funds (4)	1,107		15			(12)		(14)		1,096
Portfolio Enhancement Program (5)	305		6			(11)		—		300
	$	43,870	$	2,168		$	(2,374)	$	2,919	$	46,583


('000s)	1Q-2024			1Q-2023			Change			% Change
Revenues	$	112,083		$	90,282		$	21,801		24.1

Investment Banking	$	47,918		$	36,281		$	11,637		32.1
Advisory fees	$	31,868		$	27,937		$	3,931		14.1
Equities underwriting	$	13,179		$	7,343		$	5,836		79.5
Fixed income underwriting	$	2,447		$	897		$	1,550		172.8
Other	$	424		$	104		$	320		307.7

Sales and Trading	$	63,659		$	53,379		$	10,280		19.3
Equities	$	30,266		$	31,686		$	(1,420)		(4.5)
Fixed Income	$	33,393		$	21,693		$	11,700		53.9

Other	$	506		$	622		$	(116)		(18.6)

Total Expenses	$	118,785		$	105,759		$	13,026		12.3
Compensation	$	81,588		$	76,796		$	4,792		6.2
Non-compensation	$	37,197		$	28,963		$	8,234		28.4

Pre-tax Loss	$	(6,702)		$	(15,477)		$	8,775		*

Compensation Ratio	72.8		%	85.1		%	(1,230)			(14.5)
Non-compensation Ratio	33.2		%	32.1		%	110			3.4
Pre-tax Margin	(6.0)		%	(17.1)		%	11.1		%	(64.9)
*Percentage not meaningful


	(a)	(b)	(c)	(d)
Period	Total number of shares purchased	Average price paid per share	Total number of shares purchased as part of publicly announced plans or programs	Maximum number of shares that may yet be purchased under the plans or programs (1)
January 1 - 31, 2024	—	—	—	223,699
February 1 - 28, 2024	103,544	$38.94	103,544	120,155
March 1 - 31, 2024 (2)	111,179	$39.13	111,179	526,976
Q1 2024 Total	214,723	$39.05	214,723	526,976

(1) None of the foregoing authorizations is subject to expiration.
(2) During March 2024, the Company authorized an additional 518,000 shares for the Share Repurchase Program.


31.1			Certification of Albert G. Lowenthal

31.2			Certification of Brad M. Watkins

32			Certification of Albert G. Lowenthal and Brad M. Watkins

101			Interactive data files pursuant to Rule 405 of Regulation S-T (unaudited): (i) the Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023, (ii) the Condensed Consolidated Income Statements for the three and three months ended March 31, 2024 and 2023, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and three months ended March 31, 2024 and 2023, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and three months ended March 31, 2024 and 2023, (v) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023, and (vi) the notes to the Condensed Consolidated Financial Statements.*
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*			This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.


OPPENHEIMER HOLDINGS INC.

BY: /s/ Albert G. Lowenthal
Albert G. Lowenthal, Chairman and Chief Executive Officer
(Principal Executive Officer)

BY: /s/ Brad M. Watkins
Brad M. Watkins, Chief Financial Officer
(Principal Financial and Accounting Officer)


1.	I have reviewed this quarterly report on Form 10-Q of Oppenheimer Holdings Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.