Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
(a) Market information
The Company's Class A Stock is listed and traded on the NYSE (trading symbol "OPY"). The Class B Stock is not traded on any stock exchange and, as a consequence, there is only limited trading in the Class B Stock. The Company does not presently contemplate listing the Class B Stock in the United States on any national or regional stock exchange or on NASDAQ. The following table sets forth for the periods indicated the high and low trades for the Company's Class A Stock.
2025 2024
High Low High Low
First quarter $ 73.12 $ 58.40 $ 41.48 $ 37.14
Second quarter $ 66.81 $ 49.26 $ 47.93 $ 36.93
Third quarter $ 79.99 $ 64.66 $ 58.35 $ 47.47
Fourth quarter $ 77.10 $ 63.81 $ 70.25 $ 47.39
Cash dividends per share declared during the year are reflected below. The dividends were typically declared in the same quarter in which they were paid.
(Expressed in thousands, except per share amounts) 2025 2024 2023
Dividend
Per Share Total Dividend Declared Dividend
Per Share Total Dividend Declared Dividend
Per Share Total Dividend Declared
First quarter $ 0.18 $ 1,894 $ 0.15 $ 1,583 $ 0.15 $ 1,674
Second quarter $ 0.18 $ 1,893 $ 0.15 $ 1,550 $ 0.15 $ 1,659
Third quarter $ 0.18 $ 1,894 $ 0.18 $ 1,849 $ 0.15 $ 1,583
Fourth quarter $ 1.18 $ 12,381 $ 0.18 $ 1,860 $ 0.15 $ 1,556
Total $ 1.72 $ 18,062 $ 0.66 $ 6,842 $ 0.60 $ 6,472
On December 12, 2025, the Company announced a special cash dividend in the amount of $1.00 per share, payable on January 9, 2026 to holders of record of Class A Stock and Class B Stock as of the close of business on December 26, 2025.
The payment of dividends in the future is subject to the discretion of our Board of Directors and will depend upon general business conditions, legal and contractual restrictions on the payment of dividends and other factors that our Board of Directors may deem to be relevant.
The following table sets forth information about the stockholders of the Company as of February 26, 2026 as set forth in the records of the Company's transfer agent and registrar:
Number of Shares Outstanding Number of Stockholders of Record
Class A Stock 10,607,590 83
Class B Stock 99,665 32
Our Class A Stock is owned by numerous beneficial owners, whose shares are held in the names of various banks, broker-dealers and other financial institutions.
As of December 31, 2025, there were 1,265,307 shares of Class A Stock underlying outstanding restricted share awards. The Class A Stock underlying all vested restricted shares could be sold pursuant to Rule 144 or effective registration statements on Form S-8.
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(b) Issuer Purchases of Equity Securities
On March 1, 2024, the Company's Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 518,000 shares of the Company's Class A Stock, representing approximately 5.0% of its 10,357,376 then issued and outstanding shares of Class A Stock. This authorization supplemented the 120,155 shares that remained authorized and available under the Company's previous share repurchase program for a total of 638,155 shares authorized.
During the year ended December 31, 2025, the Company purchased and canceled an aggregate of 46,292 shares of Class A Stock for a total consideration of $3.0 million ($64.36 per share) under its share repurchase program. As of December 31, 2025, 451,601 shares remained available to be purchased under the share repurchase program. During the year ended December 31, 2024, the Company purchased and canceled an aggregate of 243,806 shares of Class A Stock for a total consideration of $9.6 million ($39.39 per share) under its share repurchase program. As of December 31, 2024, 497,893 shares remained available to be purchased under its share repurchase program. For additional information on the Company’s share repurchase program, see Note 13 to the Consolidated Financial Statements.
Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange and federal and state securities laws. All shares purchased will be canceled. The share repurchase program is expected to continue indefinitely. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements, tax impact and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of Class A Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.
The following table provides information regarding purchases of shares of Class A Stock during the fourth quarter of 2025:
(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)
October 1 - 31, 2025
— $ — — 486,508
November 1 - 30, 2025
33,747 $ 66.20 33,747 452,761
December 1 - 31, 2025
1,160 $ 66.74 1,160 451,601
Q4 2025 Total
34,907 $ 66.14 34,907 451,601
(1) None of the foregoing authorizations is subject to expiration.
(c) Securities Authorized for Issuance Under Equity Compensation Plans
Information related to the Company's compensation plans under which equity securities are authorized for issuance is presented in Note 16 of the Notes to Consolidated Financial Statements and Part III, Item 12 of this Form 10-K.
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(d) Share Performance Graph
The following graph shows cumulative total stockholder return over the past five year period of U.S. $100 invested in (1) the Company's Class A Stock, (2) the Standard & Poor's 500 Index (S&P 500), and (3) the Standard & Poor's 500 Financials Index:
As of December 31, 2020 2021 2022 2023 2024 2025
Oppenheimer Class A Stock 100 152 141 140 215 246
S&P 500 100 129 105 133 166 196
S&P 500 Financials 100 135 121 135 177 203
Item 6. Reserved
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