OPY 10-Q

Oppenheimer Holdings Inc (OPY)

10-Q 2024-10-25 For: 2024-09-30

View Original

Added on April 11, 2026


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 Se ptember 30, 2024 and December 31, 2023	3
	Condensed Consolidated Income Statements for the three and nine months ended September 30, 2024 and 2023	4
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023	5
	Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and nine months ended September 30, 2024 and 2023	5
	Condensed Consolidated Statements of Cash Flows for the n ine months ended September 30, 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 and Use of Proceeds	54
Item 5.	Other Information	54
Item 6.	Exhibits	55
	Signatures	56


(Expressed in thousands, except number of shares and per share amounts)	September 30, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	32,242	$	28,835
Deposits with clearing organizations	89,549		78,706

Receivable from brokers, dealers and clearing organizations	276,539		284,696
Receivable from customers, net of allowance for credit losses of $215 ($345 in 2023)	1,296,339		1,059,892
Income tax receivable	4,029		7,199
Securities purchased under agreements to resell	—		5,842
Securities owned, including amounts pledged of $792,284 ($689,381 in 2023), at fair value	1,067,452		795,312
Notes receivable, net	65,580		62,640
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $89,776 ($82,732 in 2023)	37,642		43,874
Right-of-use lease assets, net of accumulated amortization of $114,371 ($99,716 in 2023)	128,707		140,554
Corporate-owned life insurance	98,068		88,989
Goodwill	142,162		142,162
Intangible assets	34,111		34,340
Other assets	94,865		101,775
Total assets	$	3,367,285	$	2,874,816
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Drafts payable	$	10,223	$	9,002
Bank call loans	206,700		—
Payable to brokers, dealers and clearing organizations	319,529		361,890
Payable to customers	367,905		369,287
Securities sold under agreements to repurchase	765,102		640,382
Securities sold but not yet purchased, at fair value	203,663		31,676
Accrued compensation	262,120		256,244

Accounts payable and other liabilities	64,803		82,810
Lease liabilities	167,424		183,273
Senior secured notes, net of debt issuance costs of $228 ($392 in 2023)	112,822		112,658
Deferred tax liabilities, net of deferred tax assets of $44,857 ($45,961 in 2023)	49,156		38,355
Total liabilities	2,529,447		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: 10,231,736 and 10,186,783 as of September 30, 2024 and December 31, 2023, respectively Class B: shares authorized, issued and outstanding: 99,665 as of September 30, 2024 and December 31, 2023	10		10
Additional paid-in capital	26,519		31,774
Retained earnings	811,092		756,468
Accumulated other comprehensive income	217		914
Total Oppenheimer Holdings Inc. stockholders' equity	837,838		789,166
Noncontrolling interest (Note 2)	—		73
Total Stockholders' equity	837,838		789,239
Total Liabilities and Stockholders' Equity	$	3,367,285	$	2,874,816



	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)	2024		2023		2024		2023
REVENUE
Commissions	$	103,079	$	83,933	$	295,984	$	259,174
Advisory fees	121,631		107,969		353,675		310,214
Investment banking	52,185		37,411		131,841		95,354
Bank deposit sweep income	34,875		42,304		106,406		135,273
Interest	38,034		26,430		99,605		78,691
Principal transactions, net	14,364		16,892		42,672		46,635
Other	9,184		(2,272)		26,896		15,195
Total revenue	373,352		312,667		1,057,079		940,536
EXPENSES
Compensation and related expenses	237,935		195,684		680,375		589,200
Communications and technology	24,602		22,590		73,860		67,813
Occupancy and equipment costs	16,240		17,281		47,604		49,622
Clearing and exchange fees	7,125		6,051		19,747		18,241
Interest	24,103		19,744		66,631		50,353
Other	27,977		29,730		80,172		136,369
Total expenses	337,982		291,080		968,389		911,598

Pre-tax income	35,370		21,587		88,690		28,938
Income tax provision	10,862		7,808		28,172		10,262
Net income	$	24,508	$	13,779	$	60,518	$	18,676

Net loss attributable to noncontrolling interest, net of tax	—		(82)		(310)		(403)
Net income attributable to Oppenheimer Holdings Inc.	$	24,508	$	13,861	$	60,828	$	19,079

Earnings per share attributable to Oppenheimer Holdings Inc.
Basic	$	2.38	$	1.32	$	5.87	$	1.75
Diluted	$	2.16	$	1.21	$	5.45	$	1.62

Weighted average shares outstanding
Basic	10,332,927		10,519,431		10,355,982		10,874,055
Diluted	11,277,865		11,440,229		11,156,536		11,746,337

Period end shares outstanding	10,331,401		10,388,898		10,331,401		10,388,898


☒			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)	2024		2023		2024		2023
Net income	$	24,508	$	13,779	$	60,518	$	18,676
Other comprehensive income (loss), net of tax
Currency translation adjustment	271		(580)		(697)		(1,740)
Comprehensive income	$	24,779	$	13,199	59,821		16,936
Less net loss attributable to noncontrolling interests	—		(82)		(310)		(403)
Comprehensive income attributable to Oppenheimer Holdings Inc.	$	24,779	$	13,281	$	60,131	$	17,339


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
(Expressed in thousands, except per share amount)	2024		2023		2024		2023
Common stock ($0.001 par value per share)
Beginning Balance	$	10	$	11	$	10	$	11
Issuance of Class A non-voting common stock	—		—		—		—
Repurchase of Class A non-voting common stock for cancellation	—		(1)		—		(1)
Ending Balance	10		10		10		10
Additional paid-in capital
Balance at beginning of period	23,365		25,576		31,774		28,628
Issuance of Class A non-voting common stock	391		367		8,800		6,040
Repurchase of Class A non-voting common stock for cancellation	—		(211)		(8,384)		(3,898)



Share-based expense	3,175		3,413		9,645		10,054
Vested employee share plan awards	(412)		(314)		(15,580)		(11,892)
Change in redemption value of redeemable noncontrolling interests	—		(5)		264		(106)
Balance at end of period	26,519		28,826		26,519		28,826
Retained earnings
Balance at beginning of period	788,739		762,471		756,468		764,178
Repurchase of Class A non-voting common stock for cancellation	(295)		(23,956)		(1,219)		(27,555)
Net income (1)	24,508		13,861		60,828		19,079
Dividends paid	(1,860)		(1,578)		(4,985)		(4,904)

Balance at end of period	811,092		750,798		811,092		750,798
Accumulated other comprehensive income
Balance at beginning of period	(54)		256		914		1,416
Currency translation adjustment	271		(580)		(697)		(1,740)
Balance at end of period	217		(324)		217		(324)
Total Oppenheimer Holdings Inc. stockholders' equity	$	837,838	$	779,310	$	837,838	$	779,310
Noncontrolling interest
Balance at beginning of period	—		109		73		722
Capital addition to noncontrolling interest	—		—		237		171
Net loss attributable to noncontrolling interest	—		(82)		(310)		(403)
Change in redemption value of redeemable noncontrolling interests	—		(22)		—		(485)
Balance at end of period	—		5		—		5
Total stockholders' equity	$	837,838	$	779,315	$	837,838	$	779,315
Redeemable Noncontrolling Interests
Balance at beginning of period	—		25,948		—		25,466
Redemption of redeemable noncontrolling interests	—		—		—		(83)
Change in redemption value of redeemable noncontrolling interests	—		26		—		591
Balance at end of period	$	—	$	25,974	$	—	$	25,974

Dividends paid per share	$	0.18	$	0.15	$	0.48	$	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, 2024

2024	$	622
2023	1,300
2022	141
2021	1,593
2020	423
2019 and prior	1,970
Total	$	6,049


	As of
	September 30, 2024	December 31, 2023

Weighted average remaining lease term (in years)	5.91	6.35
Weighted average discount rate	7.76%	7.72%


(Expressed in thousands)	For the Three Months Ended September 30, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	46,641	$	—	$	48,195	$	6	$	94,842
Mutual fund and insurance income	8,231		—		1		5		8,237
Advisory fees	94,188		27,432		—		11		121,631
Investment banking - capital markets	2,410		—		16,977		—		19,387
Investment banking - advisory	—		—		32,798		—		32,798
Bank deposit sweep income	34,875		—		—		—		34,875
Other	2,993		—		896		981		4,870
Total revenue from contracts with customers	189,338		27,432		98,867		1,003		316,640
Other sources of revenue:
Interest	24,331		—		11,847		1,856		38,034
Principal transactions, net	977		—		13,034		353		14,364
Other	4,141		(170)		282		61		4,314
Total other sources of revenue	29,449		(170)		25,163		2,270		56,712
Total revenue	$	218,787	$	27,262	$	124,030	$	3,273	$	373,352


(Expressed in thousands)	For the Nine Months Ended September 30, 2024
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other		Total
Revenue from contracts with customers:
Commissions from sales and trading	$	136,337	$	—	$	135,414	$	14	$	271,765
Mutual fund and insurance income	24,201		—		3		15		24,219
Advisory fees	274,011		79,633		—		31		353,675
Investment banking - capital markets	8,238		—		46,626		(1)		54,863
Investment banking - advisory	21		—		76,957		—		76,978
Bank deposit sweep income	106,407		—		—		(1)		106,406
Other	9,577		(1)		1,796		3,903		15,275
Total revenue from contracts with customers	558,792		79,632		260,796		3,961		903,181
Other sources of revenue:
Interest	66,153		—		27,560		5,892		99,605
Principal transactions, net	3,089		—		39,333		250		42,672
Other	12,487		(1,617)		565		186		11,621
Total other sources of revenue	81,729		(1,617)		67,458		6,328		153,898
Total revenue	$	640,521	$	78,015	$	328,254	$	10,289	$	1,057,079


(Expressed in thousands)
	Fair Value		Unfunded Commitments		Redemption Frequency	Redemption Notice Period
Hedge funds (1)	$	324	$	—	Quarterly - Annually	30 - 120 Days
Private equity funds (2)	4,667		1,323		N/A	N/A
	$	4,991	$	1,323


(Expressed in thousands)
	As of
	September 30, 2024		December 31, 2023
2024	$	11,015	$	43,885
2025	40,842		38,759
2026	38,682		36,757
2027	36,266		34,823
2028	22,939		21,660
After 2028	60,432		58,081
Total lease payments	$	210,176	$	233,965
Less interest	(42,752)		(50,692)
Present value of lease liabilities	$	167,424	$	183,273


(Expressed in thousands)
	Fair Value Measurements as of September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets

Deposits with clearing organizations	$	35,480	$	—	$	—	$	35,480
Securities owned:
U.S. Treasury securities	940,816		—		—		940,816
U.S. Agency securities	—		4,602		—		4,602
Sovereign obligations	—		5,390		—		5,390
Corporate debt and other obligations	—		15,040		—		15,040
Mortgage and other asset-backed securities	—		2,204		—		2,204
Municipal obligations	—		37,592		—		37,592
Convertible bonds	—		22,907		—		22,907
Corporate equities	29,375		—		—		29,375
Money markets	5,794		1,051		—		6,845
Auction rate securities	—		—		2,681		2,681
Securities owned, at fair value	975,985		88,786		2,681		1,067,452
Investments (1)	1,244		17,636		—		18,880
Trade claims(1)	—		1,257		—		1,257
Loans(1)	—		677		—		677
Derivative contracts:

TBAs	—		38		—		38

Derivative contracts, total	—		38		—		38
Total	$	1,012,709	$	108,394	$	2,681	$	1,123,784
Liabilities
Securities sold but not yet purchased:
U.S. Treasury securities	$	166,160	$	—	$	—	$	166,160
U.S. Agency securities	—		1		—		1
Sovereign obligations	—		1,678		—		1,678
Corporate debt and other obligations	—		5,406		—		5,406


Convertible bonds	—		15,767		—		15,767
Corporate equities	14,651		—		—		14,651

Securities sold but not yet purchased, at fair value	180,811		22,852		—		203,663

Derivative contracts:
Futures	4,936		—		—		4,936

TBAs	—		42		—		42


Derivative contracts, total	4,936		42		—		4,978
Total	$	185,747	$	22,894	$	—	$	208,641


(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 September 30, 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	$	3	$	—	$	(35)	$	—	$	2,681


(Expressed in thousands)			Fair Value Measurement: Assets
	Carrying Value		Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	32,242	$	32,242	$	—	$	—	$	32,242

Deposits with clearing organizations	54,069		54,069		—		—		54,069
Receivable from brokers, dealers and clearing organizations:
Securities borrowed	142,812		—		142,812		—		142,812
Receivables from brokers	58,041		—		58,041		—		58,041
Securities failed to deliver	32,006		—		32,006		—		32,006

Clearing organizations and other	43,680		—		43,680		—		43,680
	276,539		—		276,539		—		276,539
Receivable from customers	1,296,339		—		1,296,339		—		1,296,339
Notes receivable, net	65,580		—		65,580		—		65,580
Securities purchased under agreements to resell	—		—		—		—		—
Corporate-owned life insurance	98,068		—		98,068		—		98,068
Investments(1)	1,469		—		1,469		—		1,469


(Expressed in thousands)			Fair Value Measurement: Liabilities
	Carrying Value		Level 1		Level 2		Level 3		Total
Drafts payable	$	10,223	$	10,223	$	—	$	—	$	10,223
Bank call loans	206,700		—		206,700		—		206,700
Payables to brokers, dealers and clearing organizations:
Securities loaned	272,010		—		272,010		—		272,010
Payable to brokers	4,685		—		4,685		—		4,685
Securities failed to receive	35,200		—		35,200		—		35,200
Clearing organization and other	2,694		—		2,694		—		2,694
	314,589		—		314,589		—		314,589
Payables to customers	367,905		—		367,905		—		367,905
Securities sold under agreements to repurchase	765,102		—		765,102		—		765,102
Senior secured notes	113,050		—		113,012		—		113,012


(Expressed in thousands)
	Fair Value of Derivative Instruments as of September 30, 2024
	Description	Notional		Fair Value
Assets:
Derivatives not designated as hedging instruments (1)
Other contracts	TBAs	$	8,400	$	38

Commodity contracts	Futures	335,000		—
		$	343,400	$	38
Liabilities:
Derivatives not designated as hedging instruments (1)
Commodity contracts	Futures	$	10,185,000	$	4,936

Other contracts	TBAs	8,400		42



		$	10,193,400	$	4,978


(Expressed in thousands)
	Overnight and Open
Repurchase agreements:
U.S. Government	$	1,009,455
Securities loaned:
Equity securities	272,010
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$	1,281,465


As of September 30, 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	$	244,353	$	(244,353)	$	—	$	—	$	—	$	—
Securities borrowed (1)	142,812		—		142,812		(141,441)		—		1,371
Total	$	387,165	$	(244,353)	$	142,812	$	(141,441)	$	—	$	1,371


(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	$	1,009,455	$	(244,353)	$	765,102	$	(765,102)	$	—	$	—
Securities loaned (2)	272,010		—		272,010		(260,349)		—		11,661
Total	$	1,281,465	$	(244,353)	$	1,037,112	$	(1,025,451)	$	—	$	11,661


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 September 30,
	2024		2023
Asset
Cash and cash equivalents	$	—	$	5,348
Restricted Cash	—		25,949
Other Assets	—		1,801
Total Assets	$	—	$	33,098
Liabilities
Other Liabilities	—		942
Total Liabilities	$	—	$	942


(Expressed in thousands)
Issued	Maturity Date	September 30, 2024		December 31, 2023
5.50% Senior Secured Notes	10/1/2025	$	113,050	$	113,050
Unamortized Debt Issuance Cost		(228)		(392)
		$	112,822	$	112,658


(Expressed in thousands, except Per Share Amounts or otherwise indicated)
	3Q-2024		3Q-2023		Change		% Change
Revenue	$	373,352	$	312,667	$	60,685	19.4
Compensation expense	$	237,935	$	195,684	$	42,251	21.6
Non-compensation expense	$	100,047	$	95,396	$	4,651	4.9
Pre-tax Income	$	35,370	$	21,587	$	13,783	63.8
Income tax provision	$	10,862	$	7,808	$	3,054	39.1
Net Income (1)	$	24,508	$	13,861	$	10,647	76.8

Earnings per share (basic) (1)	$	2.38	$	1.32	$	1.06	80.3
Earnings per share (diluted) (1)	$	2.16	$	1.21	$	0.95	78.5

Book Value Per Share	$	81.10	$	75.01	$	6.09	8.1
Tangible Book Value Per Share (2)	$	64.03	$	58.65	$	5.38	9.2
Class A Shares Outstanding	10,231,736		10,289,233		(57,497)		(0.6)

AUA ($ billions)	$	129.8	$	110.7	$	19.1	17.3
AUM ($ billions)	$	49.1	$	40.4	$	8.7	21.5
(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,
	2024		2023		% Change	2024		2023		% Change
Revenue
Private Client	$	218,787	$	193,254	13.2	$	640,521	$	597,920	7.1
Asset Management	27,262		20,830		30.9	78,015		66,987		16.5
Capital Markets	124,030		94,576		31.1	328,254		264,440		24.1
Corporate/Other	3,273		4,007		(18.3)	10,289		11,189		(8.0)
Total	$	373,352	$	312,667	19.4	$	1,057,079	$	940,536	12.4

Pre-Tax Income (Loss)
Private Client	$	62,894	$	65,249	(3.6)	$	186,582	$	140,499	32.8
Asset Management	9,121		4,951		84.2	25,449		17,965		41.7
Capital Markets	(6,144)		(15,254)		(59.7)	(34,621)		(44,782)		(22.7)
Corporate/Other	(30,501)		(33,359)		(8.6)	(88,720)		(84,744)		4.7
Total	$	35,370	$	21,587	63.8	$	88,690	$	28,938	206.5


('000s unless otherwise indicated)
	3Q-2024			3Q-2023			Change			% Change
Revenue	$	218,787		$	193,254		$	25,533		13.2
Commissions	$	54,872		$	44,385		$	10,487		23.6
Advisory fee revenue	$	94,187		$	82,774		$	11,413		13.8
Bank deposit sweep income	$	34,875		$	42,304		$	(7,429)		(17.6)
Interest	$	24,331		$	21,248		$	3,083		14.5
Other	$	10,522		$	2,543		$	7,979		313.8

Total Expenses	$	155,893		$	128,005		$	27,888		21.8
Compensation	$	118,674		$	92,383		$	26,291		28.5
Non-compensation	$	37,219		$	35,622		$	1,597		4.5

Pre-tax Income	$	62,894		$	65,249		$	(2,355)		(3.6)

Compensation Ratio	54.2		%	47.8		%	6.4		%	13.4
Non-compensation Ratio	17.0		%	18.4		%	(1.4)		%	(7.6)
Pre-tax Margin	28.8		%	33.8		%	(5.0)		%	(14.8)

Asset Under Administration (billions)	$	129.8		$	110.7		$	19.1		17.3
Cash Sweep Balances (billions)	$	2.8		$	3.5		$	(0.7)		(20.0)


(Expressed in millions)
	For the Three Months Ended September 30, 2024
Fund Type	Beginning Balance		Contributions		Redemptions/Profit Distribution		Appreciation (Depreciation)		Ending Balance
Traditional (1)	$	41,257	$	1,661	$	(2,193)	$	2,178	$	42,903
Institutional Fixed Income (2)	870		32		(12)		37		927
Alternative Investments:
Hedge funds (3)	3,993		52		(167)		19		3,897
Private Equity Funds (4)	1,133		6		(6)		(31)		1,102
Portfolio Enhancement Program (5)	268		—		(22)		—		246
	$	47,521	$	1,751	$	(2,400)	$	2,203	$	49,075


('000s)	3Q-2024			3Q-2023			Change			% Change
Revenues	$	124,030		$	94,576		$	29,454		31.1

Investment Banking	$	50,098		$	36,000		$	14,098		39.2
Advisory fees	$	32,798		$	18,001		$	14,797		82.2
Equities underwriting	$	12,588		$	15,246		$	(2,658)		(17.4)
Fixed income underwriting	$	4,390		$	2,049		$	2,341		114.3
Other	$	322		$	704		$	(382)		(54.3)

Sales and Trading	$	72,755		$	58,102		$	14,653		25.2
Equities	$	33,303		$	30,985		$	2,318		7.5
Fixed Income	$	39,452		$	27,117		$	12,335		45.5

Other	$	1,177		$	474		$	703		148.3

Total Expenses	$	130,174		$	109,830		$	20,344		18.5
Compensation	$	87,649		$	72,933		$	14,716		20.2
Non-compensation	$	42,525		$	36,897		$	5,628		15.3

Pre-tax Loss	$	(6,144)		$	(15,254)		$	9,110		*

Compensation Ratio	70.7		%	77.1		%	(6.4)		%	(8.3)
Non-compensation Ratio	34.3		%	39.0		%	(4.7)		%	(12.1)
Pre-tax Margin	(5.0)		%	(16.1)		%	11.1		%	(68.9)
*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)
July 1 - 31, 2024	—	$—	—	503,874
August 1 - 31, 2024	—	$—		503,874
September 1 - 30, 2024	5,981	$49.30	5,981	497,893
Q3 2024 Total	5,981	$49.30	5,981	503,874

(1) None of the foregoing authorizations is subject to expiration.


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 September 30, 2024 and December 31, 2023, (ii) the Condensed Consolidated Income Statements for the three and nine months ended September 30, 2024 and 2023, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests for the three and nine months ended September 30, 2024 and 2023, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 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)

*			Filed herewith
+			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.

Signed at New York, New York, this 25th day of October, 2024

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)