Oppenheimer Holdings Inc 10-Q for FY2023 Q3

Oppenheimer Holdings Inc (OPY)

10-Q 2023-10-27 For: 2023-09-30

Added on April 11, 2026

About this 10-Q

Oppenheimer Holdings Inc filed this 10-Q on October 27, 2023, covering the quarter ended September 30, 2023 (FY2023 Q3).

Headline figures

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

Revenue: $312.67M; up 6.3% from $294.11M a year earlier
Net income: $13.86M; up 206.7% from net income of $4.52M a year earlier
Diluted EPS: $1.21; up 227.0% from $0.37 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 September 30, 2023 and December 31, 2022	3
	Condensed Consolidated Income Statements for the three and nine months ended September 30, 2023 and 2022	4
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and nine months ended September 30, 2023 and 2022	6
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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	40
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	54
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	57
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	57
Item 5.	Other Information	57
Item 6.	Exhibits	58
	Signatures	59


(Expressed in thousands, except number of shares and per share amounts)	September 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	30,773	$	112,433
Deposits with clearing organizations	88,927		77,691
Restricted cash	25,949		25,534
Receivable from brokers, dealers and clearing organizations	259,374		206,077
Receivable from customers, net of allowance for credit losses of $367 ($350 in 2022)	1,087,314		1,202,764
Income tax receivable	17,740		—

Securities owned, including amounts pledged of $680,891 ($175,724 in 2022), at fair value	853,945		498,594
Notes receivable, net	61,270		57,495
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $91,544 ($97,751 in 2022)	42,627		36,742
Right-of-use lease assets, net of accumulated amortization of $89,365 ($82,449 in 2022)	151,191		142,630
Goodwill	137,889		137,889
Intangible assets	32,100		32,100
Other assets	186,275		184,443
Total assets	$	2,975,374	$	2,714,392
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	14,521	$	—
Bank call loans	56,200		—
Payable to brokers, dealers and clearing organizations	350,344		550,006
Payable to customers	363,839		456,475
Securities sold under agreements to repurchase	680,064		161,009
Securities sold but not yet purchased, at fair value	45,577		52,768
Accrued compensation	224,282		239,136
Income tax payable	—		4,130
Accounts payable and other liabilities	86,536		102,202
Lease liabilities	193,954		182,570
Senior secured notes, net of debt issuance costs of $447 ($616 in 2022)	112,603		113,434
Deferred tax liabilities, net of deferred tax assets of $47,682 ($55,628 in 2022)	42,165		32,241
Total liabilities	2,170,085		1,893,971
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	25,974		25,466
Stockholders' equity
Common stock ($0.001 par value per share): Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,289,233 and 10,868,556 as of September 30, 2023 and December 31, 2022, respectively Class B: shares authorized, issued and outstanding: 99,665 as of September 30, 2023 and December 31, 2022	10		11
Additional paid-in capital	28,826		28,628
Retained earnings	750,798		764,178
Accumulated other comprehensive income (loss)	(324)		1,416
Total Oppenheimer Holdings Inc. stockholders' equity	779,310		794,233
Noncontrolling interest (Note 2)	5		722
Total Stockholders' equity	779,315		794,955
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity	$	2,975,374	$	2,714,392



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Expressed in thousands, except number of shares and per share amounts)	2023		2022		2023		2022
REVENUE
Commissions	$	83,933	$	89,608	$	259,174	$	282,307
Advisory fees	107,969		102,927		310,214		326,098
Investment banking	37,411		38,393		95,354		93,516
Bank deposit sweep income	42,304		35,769		135,273		54,968
Interest	26,430		17,361		78,691		38,667
Principal transactions, net	16,892		6,502		46,635		10,124
Other	(2,272)		3,551		15,195		(8,319)
Total revenue	312,667		294,111		940,536		797,361
EXPENSES
Compensation and related expenses	195,684		179,134		589,200		543,144
Communications and technology	22,590		21,500		67,813		63,981
Occupancy and equipment costs	17,281		15,457		49,622		44,701
Clearing and exchange fees	6,051		6,705		18,241		18,923
Interest	19,744		7,018		50,353		13,158
Other	29,730		57,059		136,369		98,172
Total expenses	291,080		286,873		911,598		782,079

Pre-tax income	21,587		7,238		28,938		15,282
Income taxes provision	7,808		2,573		10,262		5,559
Net income	$	13,779	$	4,665	$	18,676	$	9,723

Net income (loss) attributable to noncontrolling interest, net of tax	(82)		145		(403)		(215)
Net income attributable to Oppenheimer Holdings Inc.	$	13,861	$	4,520	$	19,079	$	9,938

Earnings per share attributable to Oppenheimer Holdings Inc.
Basic	$	1.32	$	0.40	$	1.75	$	0.84
Diluted	$	1.21	$	0.37	$	1.62	$	0.78

Weighted average shares outstanding
Basic	10,519,431		11,270,589		10,874,055		11,901,727
Diluted	11,440,229		12,190,425		11,746,337		12,809,000

Period end shares outstanding	10,388,898		10,974,655		10,388,898		10,974,655


☒			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 September 30,				For the Nine Months Ended September 30,
(Expressed in thousands)	2023		2022		2023		2022
Net income	$	13,779	$	4,665	$	18,676	$	9,723
Other comprehensive loss, net of tax
Currency translation adjustment	(580)		(410)		(1,740)		(3,062)
Comprehensive income	$	13,199	$	4,255	16,936		6,661
Less net income (loss) attributable to noncontrolling interests	(82)		145		(403)		(215)
Comprehensive income attributable to Oppenheimer Holdings Inc.	$	13,281	$	4,110	$	17,339	$	6,876


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Expressed in thousands, except per share amount)	2023		2022		2023		2022
Common stock ($0.001 par value per share)
Beginning Balance	$	11	$	11	$	11	$	12
Issuance of Class A non-voting common stock	—		—		—		—
Repurchase of Class A non-voting common stock for cancellation	(1)		—		(1)		(1)
Ending Balance	10		11		10		11
Additional paid-in capital
Balance at beginning of period	25,576		35,461		28,628		78,034
Issuance of Class A non-voting common stock	367		518		6,040		2,862
Repurchase of Class A non-voting common stock for cancellation	(211)		(12,206)		(3,898)		(58,581)



Share-based expense	3,413		2,631		10,054		8,684
Vested employee share plan awards	(314)		(486)		(11,892)		(5,081)
Change in redemption value of redeemable noncontrolling interests	(5)		—		(106)		—
Balance at end of period	28,826		25,918		28,826		25,918
Retained earnings
Balance at beginning of period	762,471		742,614		764,178		740,926
Repurchase of Class A non-voting common stock for cancellation	(23,956)		(1,781)		(27,555)		(1,781)
Net income (1)	13,861		4,520		19,079		9,938
Dividends paid	(1,578)		(1,703)		(4,904)		(5,433)

Balance at end of period	750,798		743,650		750,798		743,650
Accumulated other comprehensive income
Balance at beginning of period	256		1,573		1,416		4,225
Currency translation adjustment	(580)		(410)		(1,740)		(3,062)
Balance at end of period	(324)		1,163		(324)		1,163
Total Oppenheimer Holdings Inc. stockholders' equity	$	779,310	$	770,742	$	779,310	$	770,742
Noncontrolling interest
Balance at beginning of period	109		1,709		722		2,069
Capital addition (distribution) to noncontrolling interest	—		(21)		171		(21)
Net income (loss) attributable to noncontrolling interest	(82)		145		(403)		(215)
Change in redemption value of redeemable noncontrolling interests	(22)		—		(485)		—
Balance at end of period	5		1,833		5		1,833
Total stockholders' equity	$	779,315	$	772,575	$	779,315	$	772,575
Redeemable Noncontrolling Interests
Balance at beginning of period	25,948		127,765		25,466		127,765
Redemption of redeemable noncontrolling interests	—		—		(83)		—
Change in redemption value of redeemable noncontrolling interests	26		—		591		—
Balance at end of period	$	25,974	$	127,765	$	25,974	$	127,765

Dividends paid per share	$	0.15	$	0.15	$	0.45	$	0.45


(1) Attributable to Oppenheimer Holdings Inc.


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


(Expressed in thousands)
	As of September 30, 2023

2023	$	1,535
2022	285
2021	1,842
2020	423
2019	319
2018 and prior	2,172
Total	$	6,576


	As of
	September 30, 2023	December 31, 2022

Weighted average remaining lease term (in years)	6.72	6.82
Weighted average discount rate	7.06%	6.66%


(Expressed in thousands)	For the Three Months Ended September 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	36,176	$	—	$	39,539	$	4	$	75,719
Mutual fund and insurance income	8,209		—		1		4		8,214
Advisory fees	82,774		25,188		—		7		107,969
Investment banking - capital markets	2,115		—		17,295		—		19,410
Investment banking - advisory	—		—		18,001		—		18,001
Bank deposit sweep income	42,304		—		—		—		42,304
Other	3,236		—		311		27		3,574
Total revenue from contracts with customers	174,814		25,188		75,147		42		275,191
Other sources of revenue:
Interest	21,248		—		4,246		936		26,430
Principal transactions, net	(612)		—		15,020		2,484		16,892
Other	(2,196)		(4,358)		163		545		(5,846)
Total other sources of revenue	18,440		(4,358)		19,429		3,965		37,476
Total revenue	$	193,254	$	20,830	$	94,576	$	4,007	$	312,667


(Expressed in thousands)	For the Nine Months Ended September 30, 2023
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	112,766	$	—	122,740		18		$	235,524
Mutual fund and insurance income	23,632		—		6		12		23,650
Advisory fees	238,168		72,023		—		23		310,214
Investment banking - capital markets	5,590		—		32,881		—		38,471
Investment banking - advisory	—		—		56,883		—		56,883
Bank deposit sweep income	135,273		—		—		—		135,273
Other	10,513		—		1,411		145		12,069
Total revenue from contracts with customers	525,942		72,023		213,921		198		812,084
Other sources of revenue:
Interest	64,230		—		11,384		3,077		78,691
Principal transactions, net	1,509		—		38,834		6,292		46,635
Other	6,239		(5,036)		301		1,622		3,126
Total other sources of revenue	71,978		(5,036)		50,519		10,991		128,452
Total revenue	$	597,920	$	66,987	$	264,440	$	11,189	$	940,536


(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	459	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	10,971		2,367		N/A	N/A
	$	11,430	$	2,367


(Expressed in thousands)
	As of
	September 30, 2023		December 31, 2022
2023	$	11,101	$	42,343
2024	43,600		38,018
2025	38,338		31,684
2026	35,985		29,671
2027	34,348		28,178
After 2027	81,512		58,146
Total lease payments	$	244,884	$	228,040
Less interest	(50,930)		(45,470)
Present value of lease liabilities	$	193,954	$	182,570


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

Deposits with clearing organizations	$	34,970	$	—	$	—	$	34,970
Securities owned:
U.S. Treasury securities	710,730		—		—		710,730
U.S. Agency securities	—		2		—		2
Sovereign obligations	—		261		—		261
Corporate debt and other obligations	—		23,079		—		23,079
Mortgage and other asset-backed securities	—		6,664		—		6,664
Municipal obligations	—		61,735		—		61,735
Convertible bonds	—		19,028		—		19,028
Corporate equities	29,360		—		—		29,360
Money markets	—		373		—		373
Auction rate securities	—		—		2,713		2,713
Securities owned, at fair value	740,090		111,142		2,713		853,945
Investments (1)	3,976		12,084		—		16,060

Derivative contracts:
Futures	1		—		—		1
TBAs	—		153		—		153

Derivative contracts, total	1		153		—		154
Total	$	779,037	$	123,379	$	2,713	$	905,129
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	12,505	$	—	$	—	$	12,505


Corporate debt and other obligations	—		13,799		—		13,799
Mortgage and other asset-backed securities	—		143		—		143

Convertible bonds	—		8,117		—		8,117
Corporate equities	11,013		—		—		11,013

Securities sold but not yet purchased, at fair value	23,518		22,059		—		45,577

Derivative contracts:
Futures	1,874		—		—		1,874

TBAs	—		146		—		146


Derivative contracts, total	1,874		146		—		2,020
Total	$	25,392	$	22,205	$	—	$	47,597


(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

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 September 30, 2023
			Total Realized
	Beginning		and Unrealized		Purchases		Sales and		Transfers		Ending
	Balance		Gain		and Issuances		Settlements		In (Out)		Balance
Assets
Auction rate securities (1)	$	31,682	$	3,153	$	—	$	(32,122)	$	—	$	2,713


(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	30,773	$	30,773	$	—	$	—	$	30,773
Restricted cash	25,949		25,949		—		—		25,949
Deposits with clearing organizations	53,957		53,957		—		—		53,957
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	142,544		—		142,544		—		142,544
Receivables from brokers	45,021		—		45,021		—		45,021
Securities failed to deliver	20,203		—		20,203		—		20,203
Clearing organizations and other	51,599		—		51,599		—		51,599

	259,367		—		259,367		—		259,367
Receivable from customers	1,087,314		—		1,087,314		—		1,087,314

Notes receivable, net	61,270		—		61,270		—		61,270
Investments (1)	85,606		—		85,606		—		85,606


(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	14,521	$	14,521	$	—	$	—	$	14,521
Bank call loans	56,200		—		56,200		—		56,200
Payables to brokers, dealers and clearing organizations:
Securities loaned	292,860		—		292,860		—		292,860
Payable to brokers	1,337		—		1,337		—		1,337
Securities failed to receive	29,031		—		29,031		—		29,031
Clearing organization and other	25,243		—		25,243		—		25,243
	348,471		—		348,471		—		348,471
Payables to customers	363,839		—		363,839		—		363,839
Securities sold under agreements to repurchase	680,064		—		680,064		—		680,064
Senior secured notes	113,050		—		108,084		—		108,084


(Expressed in thousands)
	Fair Value of Derivative Instruments as of September 30, 2023
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	8,746	$	153

	Futures	5,000		1
		$	13,746	$	154
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	7,625,000	$	1,874

Other contracts	TBAs	8,746		146



		$	7,633,746	$	2,020


(Expressed in thousands)
	Overnight and Open
Repurchase agreements:
U.S. Government	$	685,217
Securities loaned:
Equity securities	292,860
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$	978,077


As of September 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	$	5,153	$	(5,153)	$	—	$	—	$	—	$	—
Securities borrowed (1)	142,544		—		142,544		(140,573)		—		1,971
Total	$	147,697	$	(5,153)	$	142,544	$	(140,573)	$	—	$	1,971


							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	$	685,217	$	(5,153)	$	680,064	$	(677,287)	$	—	$	2,777
Securities loaned (2)	292,860		—		292,860		(280,803)		—		12,057
Total	$	978,077	$	(5,153)	$	972,924	$	(958,090)	$	—	$	14,834


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 September 30,
	2023		2022
Asset
Cash and cash equivalents	$	5,348	$	1,369
Restricted Cash	25,949		128,280
Other Assets	1,801		456
Total Assets	$	33,098	$	130,105
Liabilities
Other Liabilities	942		189
Total Liabilities	$	942	$	189


(Expressed in thousands)
Issued	Maturity Date	September 30, 2023		December 31, 2022
5.50% Senior Secured Notes	10/1/2025	$	113,050	$	114,050
Unamortized Debt Issuance Cost		(447)		(616)
		$	112,603	$	113,434


(Expressed in thousands, except Per Share Amounts or otherwise indicated)
	3Q-2023		3Q-2022		Change		% Change
Revenue	$	312,667	$	294,111	$	18,556	6.3
Compensation expense	$	195,684	$	179,134	$	16,550	9.2
Non-compensation expense	$	95,396	$	107,739	$	(12,343)	(11.5)
Pre-Tax Income	$	21,587	$	7,238	$	14,349	198.2
Income Taxes Provision	$	7,808	$	2,573	$	5,235	203.5
Net Income (1)	$	13,861	$	4,520	$	9,341	206.7

Earnings per share (basic) (1)	$	1.32	$	0.40	$	0.92	230.0
Earnings per share (diluted) (1)	$	1.21	$	0.37	$	0.84	227.0

Book Value Per Share	$	75.01	$	70.23	$	4.78	6.8
Tangible Book Value Per Share (2)	$	58.65	$	54.74	$	3.91	7.1
Class A Shares Outstanding	10,289,233		10,874,990		(585,757)		(5.4)

AUA ($ billions)	$	110.7	$	100.3	$	10.4	10.4
AUM ($ billions)	$	40.4	$	35.3	$	5.1	14.4
(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 September 30,					For the Nine Months Ended September 30,
	2023		2022		% Change	2023		2022		% Change
Revenue
Private Client	$	193,254	$	178,614	8.2	$	597,920	$	473,932	26.2
Asset Management	20,830		24,870		(16.2)	66,987		76,302		(12.2)
Capital Markets	94,576		90,947		4.0	264,440		247,272		6.9
Corporate/Other	4,007		(320)		*	11,189		(145)		*
Total	$	312,667	$	294,111	6.3	$	940,536	$	797,361	18.0

Pre-Tax Income (Loss)
Private Client	$	65,249	$	29,973	117.7	$	140,499	$	92,919	51.2
Asset Management	4,951		8,322		(40.5)	17,965		25,916		(30.7)
Capital Markets	(15,254)		2,401		*	(44,782)		(14,368)		211.7
Corporate/Other	(33,359)		(33,458)		(0.3)	(84,744)		(89,185)		(5.0)
Total	$	21,587	$	7,238	198.2	$	28,938	$	15,282	89.4
*Percentage not meaningful


('000s unless otherwise indicated)
	3Q-2023			3Q-2022			Change			% Change
Revenue	$	193,254		$	178,614		$	14,640		8.2
Retail commissions	$	44,385		$	46,893		$	(2,508)		(5.3)
Advisory fee revenue	$	82,774		$	78,055		$	4,719		6.0
Bank deposit sweep income	$	42,304		$	35,769		$	6,535		18
Interest	$	21,248		$	14,471		$	6,777		46.8
Other	$	2,543		$	3,426		$	(883)		(25.8)

Total Expenses	$	128,005		$	148,641		$	(20,636)		(13.9)
Compensation	$	92,383		$	87,555		$	4,828		5.5
Non-compensation	$	35,622		$	61,086		$	(25,464)		(41.7)

Pre-tax Income	$	65,249		$	29,973		$	35,276		117.7

Compensation Ratio	47.8		%	49.0		%	(120)			(2.4)
Non-compensation Ratio	18.4		%	34.2		%	(1,580)			(46.2)
Pre-tax Margin	33.8		%	16.8		%	17.0		%	101.2

Asset Under Administration (billions)	$	110.7		$	100.3		$	10.4		10.4
Cash Sweep Balances (billions)	$	3.5		$	6.5		$	(3.0)		(46.2)


(Expressed in millions)
	For the Three Months Ended September 30, 2023
Fund Type	Beginning Balance		Contributions			Redemptions/Profit Distribution		Appreciation (Depreciation)		Ending Balance
Traditional (1)	$	35,443	$	1,765		$	(1,495)	$	(790)	$	34,923
Institutional Fixed Income (2)	827		12		-17	(21)		8		826
Alternative Investments:
Hedge funds (3)	3,399		26			(141)		(107)		3,177
Private Equity Funds (4)	1,184		66			(20)		(97)		1,133
Portfolio Enhancement Program (5)	323		—			(13)		—		310
	$	41,176	$	1,869		$	(1,690)	$	(986)	$	40,369


('000s)	3Q-2023			3Q-2022			Change			% Change
Revenues	$	94,576		$	90,947		$	3,629		4.0

Investment Banking	$	36,000		$	36,951		$	(951)		(2.6)
Advisory fees	$	18,001		$	29,270		$	(11,269)		(38.5)
Equities underwriting	$	15,246		$	5,061		$	10,185		201.2
Fixed income underwriting	$	2,049		$	2,111		$	(62)		(2.9)
Other	$	704		$	509		$	195		38.3

Sales and Trading	$	58,102		$	53,093		$	5,009		9.4
Equities	$	30,985		$	34,877		$	(3,892)		(11.2)
Fixed Income	$	27,117		$	18,216		$	8,901		48.9

Other	$	474		$	903		$	(429)		(47.5)

Total Expenses	$	109,830		$	88,546		$	21,284		24.0
Compensation	$	72,933		$	60,415		$	12,518		20.7
Non-compensation	$	36,897		$	28,131		$	8,766		31.2

Pre-tax Income (Loss)	$	(15,254)		$	2,401		$	(17,655)		*

Compensation Ratio	77.1		%	66.4		%	1,070			16.1
Non-compensation Ratio	39.0		%	30.9		%	810			26.2
Pre-tax Margin	(16.1)		%	2.6		%	(18.7)		%	(719.2)
*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
July 1 - 31, 2023 (1)	437,183	$40.00	437,183	495,844 (3)
August 1 - 31, 2023 (2)	81,041	$38.33	81,041	414,803
September 1 - 30, 2023 (2)	87,863	$38.27	87,863	326,940
Q3 2023 Total	606,087	$38.30	606,087	326,940

(1) These shares were repurchased pursuant to a "Dutch Auction” tender offer commenced on May 31 and completed on July 6, 2023.
(2) These shares were repurchased pursuant to the share repurchase programs. None of the foregoing authorizations is subject to expiration.
(3) These shares were available during the July period under the share repurchase programs.


31.1			Certification of Albert G. Lowenthal

31.2			Certification of Brad M. Watkins

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

10.12			Third Amendment to Agreement of Lease dated June 13, 2023 between 666 Third Avenue LLC (Landlord) and Viner Finance Inc., Tenant for premises at 45 Rockefeller Plaza, New York, NY.

101			Interactive data files pursuant to Rule 405 of Regulation S-T (unaudited): (i) the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, (ii) the Condensed Consolidated Income Statements for the three and nine months ended September 30, 2023 and 2022, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and nine months ended September 30, 2023 and 2022, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, and (vi) the notes to the Condensed Consolidated Financial Statements.*

*			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)