Oppenheimer Holdings Inc 10-Q for FY2023 Q2

Oppenheimer Holdings Inc (OPY)

10-Q 2023-07-28 For: 2023-06-30

Added on April 11, 2026

About this 10-Q

Oppenheimer Holdings Inc filed this 10-Q on July 28, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $306.19M; up 29.1% from $237.22M a year earlier
Net loss: $9.4M; compared with a net loss of $3.87M a year earlier
Diluted EPS: -$0.85; compared with -$0.32 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 June 30 , 2023 and December 31, 2022	3
	Condensed Consolidated Income Statements for the three and six months ended June 3 0 , 2023 and 2022	4
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 3 0 , 2023 and 2022	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and six months ended June 3 0 , 2023 and 2022	6
	Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2023 and 2022	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 4.	Controls and Procedures	53
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 6.	Exhibits	57
	Signatures	58


(Expressed in thousands, except number of shares and per share amounts)	June 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	29,145	$	112,433
Deposits with clearing organizations	76,294		77,691
Restricted cash	25,803		25,534
Receivable from brokers, dealers and clearing organizations	334,220		206,077
Receivable from customers, net of allowance for credit losses of $349 ($350 in 2022)	1,066,439		1,202,764
Income tax receivable	17,196		—

Securities owned, including amounts pledged of $660,007 ($175,724 in 2022), at fair value	924,183		498,594
Notes receivable, net	60,873		57,495
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $98,341 ($97,751 in 2022)	42,579		36,742
Right-of-use lease assets, net of accumulated amortization of $90,125 ($82,449 in 2022)	154,811		142,630
Goodwill	137,889		137,889
Intangible assets	32,100		32,100
Other assets	190,843		184,443
Total assets	$	3,092,375	$	2,714,392
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	21,734	$	—
Bank call loans	94,400		—
Payable to brokers, dealers and clearing organizations	421,403		550,006
Payable to customers	401,168		456,475
Securities sold under agreements to repurchase	645,315		161,009
Securities sold but not yet purchased, at fair value	71,101		52,768
Accrued compensation	189,475		239,136
Income tax payable	—		4,130
Accounts payable and other liabilities	89,557		102,202
Lease liabilities	196,934		182,570
Senior secured notes, net of debt issuance costs of $501 ($616 in 2022)	112,549		113,434
Deferred tax liabilities, net of deferred tax assets of $56,564 ($55,628 in 2022)	34,369		32,241
Total liabilities	2,278,005		1,893,971
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	25,948		25,466
Stockholders' equity
Common stock ($0.001 par value per share): Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,884,575 and 10,868,556 as of June 30, 2023 and December 31, 2022, respectively Class B: shares authorized, issued and outstanding: 99,665 as of June 30, 2023 and December 31, 2022	11		11
Additional paid-in capital	25,576		28,628
Retained earnings	762,471		764,178
Accumulated other comprehensive income	256		1,416
Total Oppenheimer Holdings Inc. stockholders' equity	788,314		794,233
Noncontrolling interest (Note 2)	108		722
Total Stockholders' equity	788,422		794,955
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity	$	3,092,375	$	2,714,392



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Expressed in thousands, except number of shares and per share amounts)	2023		2022		2023		2022
REVENUE
Commissions	$	88,544	$	94,378	$	175,241	$	192,699
Advisory fees	101,015		107,405		201,559		223,171
Investment banking	19,978		16,653		57,943		55,123
Bank deposit sweep income	44,060		14,845		92,969		19,199
Interest	27,320		11,789		52,261		21,306
Principal transactions, net	16,253		1,258		29,743		3,622
Other	9,019		(9,106)		18,152		(11,870)
Total revenue	306,189		237,222		627,868		503,250
EXPENSES
Compensation and related expenses	187,224		177,979		393,516		364,010
Communications and technology	22,783		20,896		45,223		42,481
Occupancy and equipment costs	16,440		14,554		32,341		29,244
Clearing and exchange fees	5,927		6,242		12,190		12,218
Interest	17,467		3,628		30,609		6,140
Other	68,047		20,092		106,639		41,113
Total expenses	317,888		243,391		620,518		495,206

Pre-tax income (loss)	(11,699)		(6,169)		7,350		8,044
Income taxes provision (benefit)	(2,131)		(1,449)		2,454		2,986
Net income (loss)	$	(9,568)	$	(4,720)	$	4,896	$	5,058

Net loss attributable to noncontrolling interest, net of tax	(168)		(846)		(321)		(360)
Net income (loss) attributable to Oppenheimer Holdings Inc.	$	(9,400)	$	(3,874)	$	5,217	$	5,418

Earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Basic	$	(0.85)	$	(0.32)	$	0.47	$	0.44
Diluted	$	(0.85)	$	(0.32)	$	0.44	$	0.41

Weighted average shares outstanding
Basic	11,016,430		11,980,115		11,054,306		12,222,527
Diluted	11,016,430		11,980,115		11,911,379		13,141,538

Period end shares outstanding	10,984,240		11,370,609		10,984,240		11,370,609


☒			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 June 30,				For the Six Months Ended June 30,
(Expressed in thousands)	2023		2022		2023		2022
Net income (loss)	$	(9,568)	$	(4,720)	$	4,896	$	5,058
Other comprehensive loss, net of tax
Currency translation adjustment	(663)		(2,038)		(1,160)		(2,652)
Comprehensive income (loss)	$	(10,231)	$	(6,758)	3,736		2,406
Less net loss attributable to noncontrolling interests	(168)		(846)		(321)		(360)
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	$	(10,063)	$	(5,912)	$	4,057	$	2,766


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(Expressed in thousands, except per share amount)	2023		2022		2023		2022
Common stock ($0.001 par value per share)
Beginning Balance	$	11	$	12	$	11	$	12
Issuance of Class A non-voting common stock	—		—		—		—
Repurchase of Class A non-voting common stock for cancellation	—		(1)		—		(1)
Ending Balance	11		11		11		11
Additional paid-in capital
Balance at beginning of period	22,374		62,446		28,628		78,034
Issuance of Class A non-voting common stock	184		—		5,672		2,344
Repurchase of Class A non-voting common stock for cancellation	—		(30,217)		(3,687)		(46,375)



Share-based expense	3,349		3,232		6,642		6,053
Vested employee share plan awards	(259)		—		(11,578)		(4,595)
Change in redemption value of redeemable noncontrolling interests	(72)		—		(101)		—
Balance at end of period	25,576		35,461		25,576		35,461
Retained earnings
Balance at beginning of period	777,121		748,323		764,178		740,926
Repurchase of Class A non-voting common stock for cancellation	(3,599)		—		(3,599)		—
Net income (loss) (1)	(9,400)		(3,874)		5,217		5,418
Dividends paid	(1,651)		(1,835)		(3,325)		(3,730)

Balance at end of period	762,471		742,614		762,471		742,614
Accumulated other comprehensive income
Balance at beginning of period	919		3,611		1,416		4,225
Currency translation adjustment	(663)		(2,038)		(1,160)		(2,652)
Balance at end of period	256		1,573		256		1,573
Total Oppenheimer Holdings Inc. stockholders' equity	$	788,314	$	779,659	$	788,314	$	779,659
Noncontrolling interest
Balance at beginning of period	433		2,555		722		2,069
Capital distribution to noncontrolling interest	171		—		171		—
Net loss attributable to noncontrolling interest	(168)		(846)		(321)		(360)
Change in redemption value of redeemable noncontrolling interests	(328)		—		(464)		—
Balance at end of period	108		1,709		108		1,709
Total stockholders' equity	$	788,422	$	781,368	$	788,422	$	781,368
Redeemable Noncontrolling Interests
Balance at beginning of period	25,557		127,765		25,466		127,765
Redemption of redeemable noncontrolling interests	(9)		—		(83)		—
Change in redemption value of redeemable noncontrolling interests	400		—		565		—
Balance at end of period	$	25,948	$	127,765	$	25,948	$	127,765

Dividends paid per share	$	0.15	$	0.15	$	0.30	$	0.30


(1) Attributable to Oppenheimer Holdings Inc.


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


(Expressed in thousands)
	As of June 30, 2023

2023	$	1,130
2022	285
2021	1,899
2020	423
2019	323
2018 and prior	2,176
Total	$	6,236


	As of
	June 30, 2023	December 31, 2022

Weighted average remaining lease term (in years)	6.86	6.82
Weighted average discount rate	7.05%	6.66%


(Expressed in thousands)	For the Three Months Ended June 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	37,666	$	—	$	43,154	$	8	$	80,828
Mutual fund and insurance income	7,711		—		1		4		7,716
Advisory fees	78,811		22,196		—		8		101,015
Investment banking - capital markets	1,688		—		7,345		—		9,033
Investment banking - advisory	—		—		10,945		—		10,945
Bank deposit sweep income	44,060		—		—		—		44,060
Other	3,284		—		594		21		3,899
Total revenue from contracts with customers	173,220		22,196		62,039		41		257,496
Other sources of revenue:
Interest	22,403		—		4,109		808		27,320
Principal transactions, net	1,072		—		13,410		1,771		16,253
Other	4,550		2		24		544		5,120
Total other sources of revenue	28,025		2		17,543		3,123		48,693
Total revenue	$	201,245	$	22,198	$	79,582	$	3,164	$	306,189


(Expressed in thousands)	For the Three Months Ended June 30, 2022
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	38,108	$	—	$	48,425	$	6	$	86,539
Mutual fund and insurance income	7,808		—		1		30		7,839
Advisory fees	83,085		24,311		—		9		107,405
Investment banking - capital markets	2,359		—		6,010		—		8,369
Investment banking - advisory	—		—		8,284		—		8,284
Bank deposit sweep income	14,845		—		—		—		14,845
Other	4,807		—		479		66		5,352
Total revenue from contracts with customers	151,012		24,311		63,199		111		238,633
Other sources of revenue:
Interest	10,369		—		1,392		28		11,789
Principal transactions, net	(2,233)		—		6,564		(3,073)		1,258
Other	(14,677)		4		119		96		(14,458)
Total other sources of revenue	(6,541)		4		8,075		(2,949)		(1,411)
Total revenue	$	144,471	$	24,315	$	71,274	$	(2,838)	$	237,222


(Expressed in thousands)	For the Six Months Ended June 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	76,590	$	—	83,201		14		$	159,805
Mutual fund and insurance income	15,423		—		5		8		15,436
Advisory fees	155,394		46,150		—		15		201,559
Investment banking - capital markets	3,475		—		15,586		—		19,061
Investment banking - advisory	—		—		38,882		—		38,882
Bank deposit sweep income	92,969		—		—		—		92,969
Other	7,277		—		1,100		118		8,495
Total revenue from contracts with customers	351,128		46,150		138,774		155		536,207
Other sources of revenue:
Interest	42,982		—		7,138		2,141		52,261
Principal transactions, net	2,121		—		23,814		3,808		29,743
Other	8,435		7		138		1,077		9,657
Total other sources of revenue	53,538		7		31,090		7,026		91,661
Total revenue	$	404,666	$	46,157	$	169,864	$	7,181	$	627,868


(Expressed in thousands)
	As of
	June 30, 2023		December 31, 2022
2023	$	22,196	$	42,343
2024	43,123		38,018
2025	37,174		31,684
2026	34,753		29,671
2027	33,205		28,178
After 2027	79,433		58,146
Total lease payments	$	249,884	$	228,040
Less interest	(52,950)		(45,470)
Present value of lease liabilities	$	196,934	$	182,570


(Expressed in thousands)	For the Six Months Ended June 30, 2022
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	81,463	$	—	95,061		17		$	176,541
Mutual fund and insurance income	16,130		—		6		22		16,158
Advisory fees	171,613		51,424		117		17		223,171
Investment banking - capital markets	5,665		—		19,234		—		24,899
Investment banking - advisory	35		—		30,189		—		30,224
Bank deposit sweep income	19,199		—		—		—		19,199
Other	7,642		—		797		188		8,627
Total revenue from contracts with customers	301,747		51,424		145,404		244		498,819
Other sources of revenue:
Interest	18,517		—		2,685		104		21,306
Principal transactions, net	(4,166)		—		8,080		(292)		3,622
Other	(20,780)		8		156		119		(20,497)
Total other sources of revenue	(6,429)		8		10,921		(69)		4,431
Total revenue	$	295,318	$	51,432	$	156,325	$	175	$	503,250


(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	520	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	12,173		2,705		N/A	N/A
	$	12,693	$	2,705


(Expressed in thousands)
	Fair Value Measurements as of June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets

Deposits with clearing organizations	$	27,675	$	—	$	—	$	27,675
Securities owned:
U.S. Treasury securities	719,574		—		—		719,574
U.S. Agency securities	—		5,919		—		5,919

Corporate debt and other obligations	—		10,544		—		10,544
Mortgage and other asset-backed securities	—		3,867		—		3,867
Municipal obligations	—		91,648		—		91,648
Convertible bonds	—		28,581		—		28,581
Corporate equities	31,887		—		—		31,887
Money markets	—		487		—		487
Auction rate securities	—		—		31,682		31,682
Securities owned, at fair value	751,461		141,046		31,682		924,189
Investments (1)	5,454		11,713		—		17,167

Derivative contracts:

TBAs	—		4,734		—		4,734

Derivative contracts, total	—		4,734		—		4,734
Total	$	784,590	$	157,493	$	31,682	$	973,765
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	41,737	$	—	$	—	$	41,737
U.S. Agency securities	—		2		—		2

Corporate debt and other obligations	—		2,782		—		2,782


Convertible bonds	—		9,857		—		9,857
Corporate equities	16,723		—		—		16,723

Securities sold but not yet purchased, at fair value	58,460		12,641		—		71,101

Derivative contracts:
Futures	3,057		—		—		3,057

TBAs	—		4,696		—		4,696


Derivative contracts, total	3,057		4,696		—		7,753
Total	$	61,517	$	17,337	$	—	$	78,854


(Expressed in thousands)
	Fair Value Measurements as of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets


Deposits with clearing organizations	$	24,937	$	—	$	—	$	24,937
Securities owned:
U.S. Treasury securities	362,815		—		—		362,815
U.S. Agency securities	—		6,012		—		6,012
Sovereign obligations	—		9,502		—		9,502
Corporate debt and other obligations	—		9,844		—		9,844
Mortgage and other asset-backed securities	—		1,882		—		1,882
Municipal obligations	—		30,126		—		30,126
Convertible bonds	—		21,800		—		21,800
Corporate equities	24,837		—		—		24,837
Money markets	—		—		—		—
Auction rate securities	—		—		31,776		31,776
Securities owned, at fair value	387,652		79,166		31,776		498,594
Investments (1)	—		7,068		—		7,068

Derivative contracts:
TBAs	—		1,762		—		1,762


Total	$	412,589	$	87,996	$	31,776	$	532,361
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	25,006	$	—	$	—	$	25,006
U.S. Agency securities	—		3		—		3
Sovereign obligations	—		9,048		—		9,048
Corporate debt and other obligations	—		2,905		—		2,905


Convertible bonds	—		4,428		—		4,428
Corporate equities	11,378		—		—		11,378

Securities sold but not yet purchased, at fair value	36,384		16,384		—		52,768

Derivative contracts:
Futures	44		—		—		44

TBAs	—		1,761		—		1,761

Derivative contracts, total	44		1,761		—		1,805
Total	$	36,428	$	18,145	$	—	$	54,573


(Expressed in thousands)
	Level 3 Assets and Liabilities
	For the Three Months Ended June 30, 2023
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Losses		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	31,776	$	6	$	—	$	(100)	$	—	$	31,682


(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash	$	29,145	$	29,145	$	—	$	—	$	29,145
Restricted cash	25,803		25,803		—		—		25,803
Deposits with clearing organization	48,619		48,619		—		—		48,619
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	255,568		—		255,568		—		255,568
Receivables from brokers	48,354		—		48,354		—		48,354
Securities failed to deliver	5,509		—		5,509		—		5,509
Clearing organizations and other	24,751		—		24,751		—		24,751

	334,182		—		334,182		—		334,182
Receivable from customers	1,066,439		—		1,066,439		—		1,066,439

Notes receivable, net	60,873		—		60,873		—		60,873
Investments (1)	87,826		—		87,826		—		87,826


(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	21,734	$	21,734	$	—	$	—	$	21,734
Bank call loans	94,400		—		94,400		—		94,400
Payables to brokers, dealers and clearing organizations:
Securities loaned	336,513		—		336,513		—		336,513
Payable to brokers	553		—		553		—		553
Securities failed to receive	5,656		—		5,656		—		5,656
Clearing organization and other	75,624		—		75,624		—		75,624
	418,346		—		418,346		—		418,346
Payables to customers	401,168		—		401,168		—		401,168
Securities sold under agreements to repurchase	645,315		—		645,315		—		645,315
Senior secured notes	113,050		—		107,702		—		107,702


(Expressed in thousands)
	Fair Value of Derivative Instruments as of June 30, 2023
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	5,525	$	4,734


		$	5,525	$	4,734
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	8,117,000	$	3,057

Other contracts	TBAs	5,525		4,696

	Forward repurchase agreements	104,000		—

		$	8,226,525	$	7,753


(Expressed in thousands)
	Overnight and Open
Repurchase agreements:
U.S. Government	$	685,436
Securities loaned:
Equity securities	336,513
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$	1,021,949


As of June 30, 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	$	40,122	$	(40,122)	$	—	$	—	$	—	$	—
Securities borrowed (1)	255,568		—		255,568		(252,975)		—		2,593
Total	$	295,690	$	(40,122)	$	255,568	$	(252,975)	$	—	$	2,593


							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	$	685,436	$	(40,122)	$	645,314	$	(643,479)	$	—	$	1,835
Securities loaned (2)	336,513		—		336,513		(328,171)		—		8,342
Total	$	1,021,949	$	(40,122)	$	981,827	$	(971,650)	$	—	$	10,177


As of December 31, 2022
(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	$	28,012	$	(28,012)	$	—	$	—	$	—	$	—
Securities borrowed (1)	127,817		—		127,817		(127,365)		—		452
Total	$	155,829	$	(28,012)	$	127,817	$	(127,365)	$	—	$	452


(Expressed in thousands)
	As of June 30,
	2023		2022
Asset
Cash and cash equivalents	$	5,487	$	1,458
Restricted Cash	25,803		127,875
Other Assets	2,297		568
Total Assets	$	33,587	$	129,901
Liabilities
Other Liabilities	821		123
Total Liabilities	$	821	$	123


(Expressed in thousands)
Issued	Maturity Date	June 30, 2023		December 31, 2022
5.50% Senior Secured Notes	10/1/2025	$	113,050	$	114,050
Unamortized Debt Issuance Cost		(501)		(616)
		$	112,549	$	113,434


(Expressed in thousands, except Per Share Amounts or otherwise indicated)
	2Q-2023		2Q-2022		Change		% Change
Revenue	$	306,189	$	237,222	$	68,967	29.1
Compensation expense	$	187,224	$	177,979	$	9,245	5.2
Non-compensation expense	$	130,664	$	65,412	$	65,252	99.8
Pre-Tax (Loss)	$	(11,699)	$	(6,169)	$	(5,530)	89.6
Income Taxes (Benefit)	$	(2,131)	$	(1,449)	$	(682)	47.1
Net (Loss) (1)	$	(9,400)	$	(3,874)	$	(5,526)	142.6

(Loss) per share (basic) (1)	$	(0.85)	$	(0.32)	$	(0.53)	165.6
(Loss) per share (diluted) (1)	$	(0.85)	$	(0.32)	$	(0.53)	165.6

Book Value Per Share	$	71.77	$	68.57	$	3.20	4.7
Tangible Book Value Per Share (2)	$	56.29	$	53.62	$	2.67	5.0
Class A Shares Outstanding	10,884,575		11,270,944		(386,369)		(3.4)

AUA ($ billions)	$	113.2	$	104.0	$	9.2	8.8
AUM ($ billions)	$	41.2	$	37.1	$	4.1	11.1
(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 June 30,					For the Six Months Ended June 30,
	2023		2022		% Change	2023		2022		% Change
Revenue
Private Client	$	201,245	$	144,471	39.3	$	404,666	$	295,318	37.0
Asset Management	22,198		24,315		(8.7)	46,157		51,432		(10.3)
Capital Markets	79,582		71,274		11.7	169,864		156,325		8.7
Corporate/Other	3,164		(2,838)		*	7,181		175		4,003.4
Total	$	306,189	$	237,222	29.1	$	627,868	$	503,250	24.8

Pre-Tax Income (Loss)
Private Client	$	20,794	$	38,800	(46.4)	$	75,250	$	62,946	19.5
Asset Management	6,533		8,120		(19.5)	13,014		17,594		(26.0)
Capital Markets	(14,051)		(17,935)		(21.7)	(29,528)		(16,769)		76.1
Corporate/Other	(24,975)		(35,154)		(29.0)	(51,386)		(55,727)		(7.8)
Total	$	(11,699)	$	(6,169)	89.6	$	7,350	$	8,044	(8.6)
*Percentage not meaningful


('000s, except Financial advisor headcount or otherwise indicated)
	2Q-2023			2Q-2022			Change			% Change
Revenue	$	201,245		$	144,471		$	56,774		39.3
Retail commissions	$	45,377		$	45,916		$	(539)		(1.2)
Advisory fee revenue	$	78,811		$	83,085		$	(4,274)		(5.1)
Bank deposit sweep income	$	44,060		$	14,845		$	29,215		197
Interest	$	22,403		$	10,369		$	12,034		116.1
Other	$	10,594		$	(9,744)		$	20,338		*

Total Expenses	$	180,451		$	105,671		$	74,780		70.8
Compensation	$	99,528		$	77,342		$	22,186		28.7
Non-compensation	$	80,923		$	28,329		$	52,594		185.7

Pre-tax Income	$	20,794		$	38,800		$	(18,006)		(46.4)

Compensation Ratio	49.5		%	53.5		%	(400)			(7.5)
Non-compensation Ratio	40.2		%	19.6		%	2,060			105.1
Pre-tax Margin	10.3		%	26.9		%	(16.6)		%	(61.7)

Asset Under Administration (billions)	$	113.2		$	104.0		$	9.2		8.8
Cash Sweep Balances (billions)	$	3.9		$	7.5		$	(3.6)		(48.0)

*Percentage not meaningful


('000s unless otherwise indicated)	2Q-2023			2Q-2022			Change			% Change
Revenue	$	22,198		$	24,315		$	(2,117)		(8.7)
Advisory fee revenue	$	22,196		$	24,311		$	(2,115)		(8.7)
Other	$	2		$	4		$	(2)		(50.0)

Total Expenses	$	15,664		$	16,195		$	(531)		(3.3)
Compensation	$	6,283		$	6,697		$	(414)		(6.2)
Non-compensation	$	9,381		$	9,498		$	(117)		(1.2)

Pre-tax Income	$	6,534		$	8,120		$	(1,586)		(19.5)

Compensation Ratio	28.3		%	27.5		%	80			2.9
Non-compensation Ratio	42.3		%	39.1		%	320			8.2
Pre-tax Margin	29.4		%	33.4		%	(4.0)		%	(12.0)

AUM (billions)	$	41.2		$	37.1		$	4.1		11.1


(Expressed in millions)
	For the Three Months Ended June 30, 2023
Fund Type	Beginning Balance		Contributions			Redemptions/Profit Distribution		Appreciation (Depreciation)		Ending Balance
Traditional (1)	$	33,698	$	1,604		$	(1,522)	$	1,663	$	35,443
Institutional Fixed Income (2)	841		1		-17	(17)		2		827
Alternative Investments:
Hedge funds (3)	3,246		45			(20)		128		3,399
Private Equity Funds (4)	1,188		11			(20)		4		1,183
Portfolio Enhancement Program (5)	332		—			(9)		—		323
	$	39,305	$	1,661		$	(1,588)	$	1,797	$	41,175


('000s)	2Q-2023			2Q-2022			Change			% Change
Revenues	$	79,582		$	71,274		$	8,308		11.7

Investment Banking	$	18,749		$	14,699		$	4,050		27.6
Advisory fees	$	10,945		$	8,284		$	2,661		32.1
Equities underwriting	$	5,478		$	2,751		$	2,727		99.1
Fixed income underwriting	$	1,867		$	3,259		$	(1,392)		(42.7)
Other	$	459		$	405		$	54		13.3

Sales and Trading	$	60,216		$	55,978		$	4,238		7.6
Equities	$	34,453		$	37,126		$	(2,673)		(7.2)
Fixed Income	$	25,763		$	18,852		$	6,911		36.7

Other	$	617		$	597		$	20		3.4

Total Expenses	$	93,633		$	89,209		$	4,424		5.0
Compensation	$	61,255		$	67,172		$	(5,917)		(8.8)
Non-compensation	$	32,378		$	22,037		$	10,341		46.9

Pre-tax Loss	$	(14,051)		$	(17,935)		$	3,884		(21.7)

Compensation Ratio	77.0		%	94.2		%	(1,720)			(18.3)
Non-compensation Ratio	40.7		%	30.9		%	980			31.7
Pre-tax Margin	(17.7)		%	(25.2)		%	7.5		%	(29.8)