What changed in this filing

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Item 1. Financial Statements

2026-05-01 compared with 2025-10-31 · 285 added, 391 removed, 799 unchanged (46% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(Expressed in thousands, except number of shares and per share amounts) September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(Expressed in thousands, except number of shares and per share amounts)

Cash and cash equivalents $ 34,601 $ 38,405

Deposits with clearing organizations 114,230 107,607

Receivable from brokers, dealers and clearing organizations 325,342 241,478

Receivable from customers, net of allowance for credit losses of $ 152 ($ 175 in 2024)

Receivables from brokers, dealers and clearing organizations 295,376 260,001

Receivables from customers, net of allowance for credit losses of $ 154 ($ 131 in 2025)

1,483,755 1,415,049

7 unchanged sentences

113,679 119,111

Corporate-owned life insurance 107,686 98,828

Company-owned life insurance 106,144 109,094

Goodwill 143,607 143,607

5 unchanged sentences

Bank call loans 287,900 76,800

Payable to brokers, dealers and clearing organizations 322,339 253,816

Payable to customers 465,426 357,835

Payables to brokers, dealers and clearing organizations 374,933 397,997

Payables to customers 376,343 393,694

Securities sold under agreements to repurchase 968,346 997,192

12 unchanged sentences

shares issued and outstanding:

10,420,884 and 10,231,736 as of September 30, 2025 and December 31, 2024, respectively

10,608,340 and 10,387,575 as of March 31, 2026 and December 31, 2025, respectively

shares authorized, issued and outstanding:

99,665 as of September 30, 2025 and December 31, 2024

99,665 as of March 31, 2026 and December 31, 2025

Additional paid-in capital 23,597 32,703

1 unchanged sentence

Accumulated other comprehensive income 3,910 3,697

Total Oppenheimer Holdings Inc.

stockholders' equity 952,426 983,823

Non-controlling interest (Note 2) 13,215 13,206

Total Stockholders' equity 965,641 997,029

1 unchanged sentence

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Content

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)

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) 2025 2024 2025 2024

(Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended

Commissions $ 128,341 $ 110,878

11 unchanged sentences

Interest 18,686 21,396

Other 31,326 27,977 89,887 80,172

108,707 28,019

Total expenses 472,096 326,449

Pre-tax income 31,635 35,370 105,221 88,690

Income tax provision 9,923 10,862 31,180 28,172

Net income $ 21,712 $ 24,508 $ 74,041 $ 60,518

Net loss attributable to noncontrolling interest, net of tax — — — ( 310 )

Net income attributable to Oppenheimer Holdings Inc.

Pre-tax (loss) income ( 27,001 ) 41,376

Income tax (benefit) provision ( 6,432 ) 10,721

Net (loss) income $ ( 20,569 ) $ 30,655

Net income attributable to non-controlling interest, net of tax 9 —

Net (loss) income attributable to Oppenheimer Holdings Inc.

$ ( 20,578 ) $ 30,655

Earnings per share attributable to Oppenheimer Holdings Inc.

(Loss) Earnings per share attributable to Oppenheimer Holdings Inc.

Basic $ ( 1.93 ) $ 2.93

4 unchanged sentences

Period end shares outstanding 10,708,005 10,525,495

(1) Includes an accrual of $ 70.0 million related to the settlement of the “cash sweep” program litigation, see Note 13

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Content

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

(Expressed in thousands) 2025 2024 2025 2024

Net income $ 21,712 $ 24,508 $ 74,041 $ 60,518

(Expressed in thousands) For the Three Months Ended

Net (loss) income $ ( 20,569 ) $ 30,655

Other comprehensive income (loss), net of tax

Currency translation adjustment 213 ( 487 )

Comprehensive income 22,163 24,779 76,151 59,821

Net loss attributable to noncontrolling interests — — — ( 310 )

Comprehensive income attributable to Oppenheimer Holdings Inc.

Comprehensive (loss) income ( 20,356 ) 30,168

Net income attributable to non-controlling interests 9 —

Comprehensive (loss) income attributable to Oppenheimer Holdings Inc.

$ ( 20,365 ) $ 30,168

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Content

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (unaudited)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

(Expressed in thousands, except per share amounts) 2025 2024 2025 2024

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND NON-CONTROLLING INTERESTS (unaudited)

(Expressed in thousands, except per share amounts) For the Three Months Ended

Common stock ($ 0.001 par value per share)

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Issuance of Class A non-voting common stock 1 —

Repurchase of Class A non-voting common stock for cancellation — — — —

Balance at end of period 11 10

5 unchanged sentences

Vested employee share plan awards ( 21,318 ) ( 15,969 )

Change in redemption value of redeemable noncontrolling interests — — — 264

Balance at end of period 23,597 23,331

1 unchanged sentence

Balance at beginning of period 947,413 819,961

Repurchase of Class A non-voting common stock for cancellation — ( 295 ) ( 580 ) ( 1,219 )

Net income (1)

Net (loss) income (1)

( 20,578 ) 30,655

Dividends paid ( 1,894 ) ( 1,860 ) ( 5,682 ) ( 4,985 )

Dividends declared ( 1,927 ) ( 1,895 )

Balance at end of period 924,908 848,721

5 unchanged sentences

stockholders' equity $ 952,426 $ 872,266

Noncontrolling interest

Non-controlling interest

Balance at beginning of period 13,206 —

Capital addition to noncontrolling interest — — — 237

Net loss attributable to noncontrolling interest — — — ( 310 )

Net income attributable to non-controlling interest 9 —

Balance at end of period 13,215 —

Total stockholders' equity $ 965,641 $ 872,266

Dividends paid per share $ 0.18 $ 0.18 $ 0.54 $ 0.48

Dividends declared per share $ 0.18 $ 0.18

(1) Attributable to Oppenheimer Holdings Inc.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Content

OPPENHEIMER HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

FOR THE NINE MONTHS ENDED SEPTEMBER 30,

FOR THE THREE MONTHS ENDED MARCH 31,

(Expressed in thousands) 2026 2025

Cash flows from operating activities

Net income $ 74,041 $ 60,518

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Non-cash items included in net income:

Net (loss) income $ ( 20,569 ) $ 30,655

Adjustments to reconcile net (loss) income to net cash used in operating activities

Non-cash items included in net (loss) income:

Depreciation and amortization of furniture, equipment and leasehold improvements 2,483 2,785

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Amortization of notes receivable 4,457 4,520

Amortization of debt issuance costs — 164

Reversal of credit losses 22 ( 10 )

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Deposits with clearing organizations ( 6,623 ) 3,087

Receivable from brokers, dealers and clearing organizations ( 83,864 ) 8,157

Receivable from customers ( 105,637 ) ( 236,317 )

Receivables from brokers, dealers and clearing organizations ( 35,375 ) ( 8,830 )

Receivables from customers ( 68,728 ) ( 81,062 )

Income tax receivable 3 396

Securities purchased under agreements to resell — 5,842

Securities owned ( 15,027 ) ( 109,482 )

Notes receivable ( 1,629 ) ( 4,320 )

Corporate-owned life insurance ( 8,858 ) ( 9,079 )

Company-owned life insurance 2,950 1,841

Other assets 14,955 2,829

1 unchanged sentence

Drafts payable 1,407 ( 6,330 )

Payable to brokers, dealers and clearing organizations 68,523 ( 42,361 )

Payable to customers 107,591 ( 1,382 )

Payables to brokers, dealers and clearing organizations ( 23,064 ) 130,654

Payables to customers ( 17,351 ) ( 29,537 )

Securities sold under agreements to repurchase ( 28,846 ) ( 65,341 )

3 unchanged sentences

Accounts payable and other liabilities 72,473 ( 12,716 )

Cash provided by/(used in) operating activities 11,752 ( 182,880 )

Cash used in operating activities ( 189,982 ) ( 91,740 )

Cash flows from investing activities

Purchase of furniture, equipment and leasehold improvements — ( 1,681 )

Proceeds from the settlement of corporate-owned life insurance 3,396 2,342

Cash (used in)/provided by investing activities ( 618 ) 455

Proceeds from the settlement of company-owned life insurance 549 1,322

Cash provided by/(used in) investing activities 549 ( 359 )

Cash flows from financing activities

Cash dividends paid on Class A non-voting and Class B voting common stock ( 12,414 ) ( 1,895 )

Issuance of Class A non-voting common stock — 64

Repurchase of Class A non-voting common stock for cancellation — ( 90 )

Payments for employee taxes withheld related to vested share-based awards ( 13,057 ) ( 9,770 )

Redemption of redeemable noncontrolling interests — 500

Increase in bank call loans 211,100 107,400

Cash (used in)/provided by financing activities ( 5,996 ) 185,832

Net increase in cash and cash equivalents 5,138 3,407

Cash provided by financing activities 185,629 95,645

Net (decrease)/increase in cash and cash equivalents ( 3,804 ) 3,546

Cash and cash equivalents, beginning of period 38,405 33,150

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and Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is regulated by the Securities and Futures Commission.

Oppenheimer owns Freedom Investments, Inc.

("Freedom"), a registered broker dealer in securities, which provides discount brokerage services on a limited basis, and Oppenheimer Israel (OPCO) Ltd., based in Tel Aviv, Israel, which provides investment services in the State of Israel and operates subject to the authority of the Israel Securities Authority.

Oppenheimer owns Oppenheimer Israel (OPCO) Ltd., based in Tel Aviv, Israel, which provides investment services in the State of Israel and operates subject to the authority of the Israel Securities Authority.

Freedom Investments Inc.

("Freedom"), which formerly offered discount brokerage services on a limited basis, ceased operations in late 2025.

Freedom's de-registration as an SEC-registered broker-dealer became effective on January 30, 2026.

Summary of significant accounting policies and estimates

7 unchanged sentences

The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

Certain reclassifications have been made to prior periods to place them on a basis comparable with current period presentation.

Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures.

Although these estimates are based on management's knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates.

The condensed consolidated results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for any future interim or annual period.

The condensed consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for any future interim or annual period.

OPPENHEIMER HOLDINGS INC.

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See Note 9 for details.

As of September 30, 2025, the Company had $ 67.4 million of notes receivable ($ 67.9 million as of December 31, 2024).

As of March 31, 2026, the Company had $ 55.1 million of notes receivable ($ 58.0 million as of December 31, 2025).

Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisors and key revenue producers as part of the Company's overall growth strategy.

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The expected loss rate is based on historical collection rates of defaulted notes.

The expected loss rate is adjusted for changes in environmental and market conditions such as changes in unemployment rates, changes in interest rates and/or other relevant factors.

For the three and nine months ended September 30, 2025, no adjustments were made to the expected loss rates.

The expected loss rate may be adjusted for changes in environmental and market conditions such as changes in unemployment rates, changes in interest rates and/or other relevant factors.

For the three months ended March 31, 2026, no adjustments were made to the expected loss rates.

The Company will continuously monitor the effect of these factors on the expected loss rate and adjust it as necessary.

The allowance is measured on a pool basis as the Company has determined that the entire defaulted portion of notes receivable has similar risk characteristics.

As of September 30, 2025, the balance of defaulted notes was $ 4.5 million and the allowance for uncollectibles was $ 2.7 million.

As of March 31, 2026, the balance of defaulted notes was $ 3.3 million and the allowance for uncollectibles was $ 2.6 million.

The allowance for uncollectibles consisted of $ 2.1 million related to defaulted notes balances (five years and older) and $ 0.5 million (under five years).

The following table presents the disaggregation of defaulted notes by year of default as of September 30, 2025:

The following table presents the disaggregation of defaulted notes by year of default as of March 31, 2026:

(Expressed in thousands)

As of September 30, 2025

As of March 31, 2026

2021 and prior 2,058

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Notes to Condensed Consolidated Financial Statements (unaudited)

The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and nine months ended September 30, 2025 and 2024:

The following table presents activity in the allowance for uncollectibles of defaulted notes for the three months ended March 31, 2026 and 2025:

(Expressed in thousands)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2025 2024 2025 2024

Beginning balance $ 2,117 $ 2,814

Additions 435 168

Write-offs ( 377 ) ( 952 ) ( 632 ) ( 1,097 )

Ending balance $ 2,552 $ 2,982

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The Company leases its corporate headquarters at 85 Broad Street, New York, New York, which houses its executive management team and many administrative functions for the Company as well as its research, trading, investment banking, and asset management divisions and an office in Troy, Michigan, which among other things, houses its payroll and human resources departments.

In addition, the Company has 88 retail branch offices in the United States as well as offices in London, England, St.

Helier, Isle of Jersey, Tel Aviv, Israel, Hong Kong, China, and Geneva, Switzerland.

In addition, the Company has 88 retail branch offices in the United States as well as offices in London, United Kingdom;

Helier, Isle of Jersey;

Geneva, Switzerland;

Tel Aviv, Israel;

and Hong Kong, China.

The Company is constantly assessing its needs for office space and, on a rolling basis, has many leases that expire in any given year.

Substantially all of the leases are held by the Company's subsidiary, Viner Finance Inc., which is a wholly-owned subsidiary of the Company.

Leases with an initial term of 12 months or less are not recorded on the balance sheet;

Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet;

the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

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The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As of September 30, 2025, the Company had right-of-use operating lease assets of $ 121.7 million (net of accumulated amortization of $ 132.9 million) which are comprised of real estate leases of $ 118.8 million (net of accumulated amortization of $ 130.7 million) and equipment leases of $ 2.9 million (net of accumulated amortization of $ 2.3 million).

As of September 30, 2025, the Company had operating lease liabilities of $ 158.8 million which are comprised of real estate lease liabilities of $ 155.9 million and equipment lease liabilities of $ 2.9 million.

The Company had no finance leases as of September 30, 2025.

As of March 31, 2026, the Company had right-of-use operating lease assets of $ 113.7 million (net of accumulated amortization of $ 143.4 million) which are comprised of real estate leases of $ 110.8 million (net of accumulated amortization of $ 141.4 million) and equipment leases of $ 2.9 million (net of accumulated amortization of $ 2.0 million).

As of March 31, 2026, the Company had operating lease liabilities of $ 147.5 million which are comprised of real estate lease liabilities of $ 144.6 million and equipment lease liabilities of $ 2.9 million.

The Company had no finance leases as of March 31, 2026.

As most of the Company's leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of September 30, 2025 and December 31, 2024, respectively:

September 30, 2025

The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of March 31, 2026 and December 31, 2025, respectively:

March 31, 2026

December 31, 2025

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Notes to Condensed Consolidated Financial Statements (unaudited)

The following table presents operating lease costs recognized for the three and nine months ended September 30, 2025 and September 30, 2024, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements:

(Expressed in thousands)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2025 2024 2025 2024

The following table presents operating lease costs recognized for the three months ended March 31, 2026 and March 31, 2025, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements:

(Expressed in thousands) For the Three Months Ended

Operating lease costs:

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Equipment leases - Interest expense 49 45

The maturities of lease liabilities as of September 30, 2025 and December 31, 2024 are as follows:

(Expressed in thousands)

September 30, 2025

The maturities of lease liabilities as of March 31, 2026 and December 31, 2025 are as follows:

(Expressed in thousands) As of

March 31, 2026

December 31, 2025

8 unchanged sentences

Present value of lease liabilities $ 147,523 $ 154,928

As of September 30, 2025, the Company had $ 3.1 million of additional real estate operating leases that have not yet commenced ($ 6.9 million as of December 31, 2024).

As of March 31, 2026, the Company had $ 9.8 million of additional real estate operating leases that have not yet commenced ($ 9.5 million as of December 31, 2025).

OPPENHEIMER HOLDINGS INC.

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Investment Banking

The Company earns underwriting revenue by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements.

The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements.

Underwriting revenue is recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that time.

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Disaggregation of Revenue

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and nine months ended September 30, 2025 and 2024:

(Expressed in thousands) For the Three Months Ended September 30, 2025

Reportable Segments

Wealth Management Capital Markets Corporate/Other Total

Revenue from contracts with customers:

Commissions from sales and trading $ 53,511 $ 58,807 $ 8 $ 112,326

Mutual fund and insurance income 8,350 1 7 8,358

Advisory fees 134,397 — 7 134,404

Investment banking - capital markets 3,042 52,143 — 55,185

Investment banking - advisory 438 21,865 — 22,303

Bank deposit sweep income 28,349 — — 28,349

Other 7,809 84 1,397 9,290

Total revenue from contracts with customers 235,896 132,900 1,419 370,215

Other sources of revenue:

Interest 22,381 14,785 1,693 38,859

Principal transactions, net 1,254 14,194 ( 546 ) 14,902

Other 195 266 1 462

Total other sources of revenue 23,830 29,245 1,148 54,223

Total revenue $ 259,726 $ 162,145 $ 2,567 $ 424,438

(Expressed in thousands) For the Three Months Ended September 30, 2024

Reportable Segments

Wealth 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 121,620 — 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 216,770 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 3,971 282 61 4,314

Total other sources of revenue 29,279 25,163 2,270 56,712

Total revenue $ 246,049 $ 124,030 $ 3,273 $ 373,352

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands) For the Nine Months Ended September 30, 2025

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three months ended March 31, 2026 and 2025:

(Expressed in thousands) For the Three Months Ended March 31, 2026

Reportable Segments

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Total revenue $ 253,680 $ 189,122 $ 2,293 $ 445,095

(Expressed in thousands) For the Nine Months Ended September 30, 2024

(Expressed in thousands) For the Three Months Ended March 31, 2025

Reportable Segments

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Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.

The Company had receivables related to revenue from contracts with customers of $ 47.5 million and $ 46.2 million at September 30, 2025 and December 31, 2024, respectively.

The Company had no significant impairments related to these receivables during the three and nine months ended September 30, 2025.

Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company, software license fees received upfront from customers and retainer fees and other fees earned from certain advisory transactions where the performance obligations have not yet been satisfied.

Total deferred revenue was $ 2.9 million and $ 0.9 million at September 30, 2025 and December 31, 2024, respectively.

The Company had receivables related to revenue from contracts with customers of $ 50.1 million and $ 72.8 million at March 31, 2026 and December 31, 2025, respectively.

The Company had no significant impairments related to these receivables during the three months ended March 31, 2026.

The following presents the Company's receivables and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet:

(Expressed in thousands) As of

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Commission (1)

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Investment banking fees (6)

$ 1,153 $ 286

Software license fees (7)

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(7) Software license fees received upfront from customers and recognized ratably over the contract period

(8) Fees received in advance on an annual basis.

OPPENHEIMER HOLDINGS INC.

1 unchanged sentence

Earnings per share

Basic earnings per share is computed by dividing net income over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding.

Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and options to purchase Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method.

Basic earnings per share is computed by dividing net income or loss over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding.

Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and unvested restricted stock awards of Class A Stock using the treasury stock method.

Earnings per share have been calculated as follows:

(Expressed in thousands, except number of shares and per share amounts)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2025 2024 2025 2024

For the Three Months Ended March 31,

Basic weighted average number of shares outstanding 10,642,909 10,465,771

Net dilutive effect of share-based awards, treasury stock method (1)

930,624 944,938 847,700 800,554

Diluted weighted average number of shares outstanding 10,642,909 11,277,939

Net income attributable to Oppenheimer Holdings Inc.

Net (loss) income attributable to Oppenheimer Holdings Inc.

$ ( 20,578 ) $ 30,655

Earnings per share attributable to Oppenheimer Holdings Inc.

(Loss) Earnings per share attributable to Oppenheimer Holdings Inc.

Basic $ ( 1.93 ) $ 2.93

Diluted $ ( 1.93 ) $ 2.72

(1) For the three months ended September 30, 2025, the diluted net income per share computation did not include the anti-dilutive effect of 7,000 shares of Class A Stock granted under share-based compensation arrangements.

For the nine months ended September 30, 2025, the diluted net income per share computation did not include the anti-dilutive effect of 8,000 shares of Class A Stock granted under share-based compensation arrangements.

For the three and nine months ended September 30, 2024, there were no shares of Class A Stock with an anti-dilutive effect granted under share-based compensation arrangements.

Receivable from and payable to brokers, dealers and clearing organizations

(1) For the three months ended March 31, 2026, the diluted net loss per share computation did not include the anti-dilutive effect of 983,778 shares of Class A Stock granted under share-based compensation arrangements but not yet issued or vested.

For the three months ended March 31, 2025, the diluted net income per share computation did not include the anti-dilutive effect of 211,250 shares of Class A Stock granted under share-based compensation arrangements but not yet issued or vested.

Receivables from and payables to brokers, dealers and clearing organizations

(Expressed in thousands)

September 30, 2025 December 31, 2024

Receivable from brokers, dealers and clearing organizations consisting of:

March 31, 2026 December 31, 2025

Receivables from brokers, dealers and clearing organizations consisting of:

Securities borrowed $ 158,057 $ 160,006

Receivable from brokers 54,255 59,487

Receivables from brokers 48,775 51,080

Securities failed to deliver 20,360 2,583

Clearing organizations and other (1)

42,623 36,355

Clearing organizations 28,846 27,215

Trade date receivables 33,430 14,800

Other 5,908 4,317

Total $ 295,376 $ 260,001

Payable to brokers, dealers and clearing organizations consisting of:

Payables to brokers, dealers and clearing organizations consisting of:

Securities loaned $ 320,163 $ 370,331

Payables to brokers 1,136 728

Securities failed to receive 49,557 18,937

Payable to brokers 1,379 607

Clearing organizations and other 4,077 8,001

Total $ 374,933 $ 397,997

(1) As of September 30, 2025 and December 31, 2024, approximately $ 16.6 million and $ 15.4 million, respectively, of this balance represents a receivable for trades executed, but not yet settled.

OPPENHEIMER HOLDINGS INC.

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In limited situations where there is reduced activity or less observability around inputs to the valuation, we classify those securities in Level 3 of the valuation hierarchy.

The Company has valued the auction rate securities owned at the tender offer price and categorized them in Level 3 of the fair value hierarchy due to the illiquid nature of the securities and the period of time since the last tender offer.

As of September 30, 2025 and December 31, 2024, the Company had $ 128,000 and $ 2.7 million, respectively, of auction rate securities in Level 3 assets.

Additionally, the Company has valued a convertible note using a discounted cash flow model and warrants using a Black-Scholes option pricing model and categorized them in Level 3 of the fair value hierarchy due to the models' use of unobservable inputs.

As of September 30, 2025, the Company had $ 2.0 million and $ 1.2 million of convertible note and warrants, respectively, in Level 3 assets.

The Company valued the auction rate securities owned at the tender offer price and categorized them in Level 3 of the fair value hierarchy due to the illiquid nature of the securities and the period of time since the last tender offer.

As of March 31, 2026 and December 31, 2025, the Company had $ 128,000 , of auction rate securities in Level 3 assets.

The Company also valued a convertible note using a discounted cash flow model and warrants using a Black-Scholes option pricing model and categorized them in Level 3 of the fair value hierarchy due to the models' use of unobservable inputs.

As of March 31, 2026, the Company had $ 2.2 million and $ 1.2 million of convertible note and warrants, respectively, in Level 3 assets.

Additionally, the Company classified a $ 17.0 million equity security associated with a consolidated private equity fund sponsored by the Company within Level 3 of the fair value hierarchy due to unobservable pricing inputs.

Derivative financial instruments

2 unchanged sentences

The fair value of loans is estimated using recently executed transactions and current price quotations, which are usually observable.

In rare occurrences when observable pricing information is not available, fair value is generally determined based on cash flow models using discounted cash flow models, competitor comparable data and other valuation metrics.

When observable pricing information is not available, fair value is generally determined based on cash flow models using discounted cash flow models, competitor comparable data and other valuation metrics.

As of March 31, 2026 and December 31, 2025, the Company had $ 296,000 and $ 653,000 of loans, respectively, in Level 2 assets.

The Company owns an equity method investment in a financial technologies firm.

1 unchanged sentence

The Company determined the fair value of the investment based on an implied market-multiple approach and observable market data, including comparable company transactions.

The fair value of this investment was $ 5.9 million and $ 5.9 million, respectively at September 30, 2025 and December 31, 2024, and was categorized in Level 2 of the fair value hierarchy.

Trade claims are categorized in Level 3 of the fair value hierarchy due to the illiquid nature of the claims and the period of time since the executed prices.

As of September 30, 2025, the Company had no trade claims.

As of December 31, 2024, the Company had $ 2.7 million of trade claims in Level 3 assets.

As of March 31, 2026 and December 31, 2025, the fair value of this investment was $ 6.1 million and $ 6.3 million, respectively, and was categorized in Level 2 of the fair value hierarchy.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Trade claims are categorized in Level 3 of the fair value hierarchy due to the illiquid nature of the claims and the period of time since the executed prices.

As of March 31, 2026 and December 31, 2025, the Company had no trade claims.

In its role as general partner in certain hedge funds and private equity funds, the Company, through its subsidiaries, holds direct investments in such funds.

There are no readily available market quotations for these investments.

The Company records these investments within other assets and uses the net asset value of the underlying fund as a basis for estimating the fair value of its investment unless another method provides a better indicator of fair value.

Changes in the fair value of these investments are reflected within other income in the condensed consolidated financial statements.

The following table provides information about the Company's investments in Company-sponsored funds as of September 30, 2025:

The following table provides information about the Company's investments in Company-sponsored funds as of March 31, 2026:

(Expressed in thousands)

3 unchanged sentences

Notice Period

Hedge funds (1)

$ 141 $ — Quarterly - Annually 30 - 120 Days

Private equity funds (1)

1 unchanged sentence

$ 10,543 $ 741

(1) Hedge funds represent investments in credit driven strategies.

(2) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities.

(1) Private equity funds include portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities

The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2025:

4 unchanged sentences

Notice Period

Hedge funds (1)

$ 283 $ — Quarterly - Annually 30 - 120 Days

Private equity funds (2)

1 unchanged sentence

$ 5,555 $ 741

(1) Hedge funds represent investments in credit driven strategies.

(1) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities

2 unchanged sentences

Assets and Liabilities Measured at Fair Value

The Company's assets and liabilities, recorded at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 :

The Company's assets and liabilities, recorded at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, have been categorized based upon the above fair value hierarchy as follows:

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 :

(Expressed in thousands)

Fair Value Measurements as of September 30, 2025

Fair Value Measurements as of March 31, 2026

Level 1 Level 2 Level 3 Total

10 unchanged sentences

Money markets 5,000 230 — 5,230

Auction rate securities — — 128 128

Other debt securities (3)

Securities owned, at fair value 1,194,737 67,730 3,451 1,265,918

19 unchanged sentences

(1) Included in other assets on the condensed consolidated balance sheet

(2) Included in receivable/payable from/to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

(2) Included in receivables from/payables to brokers, dealers and clearing organizations on the condensed consolidated balance sheet

(3) Represents auction rate securities that failed in the auction rate market

OPPENHEIMER HOLDINGS INC.

8 unchanged sentences

Agency securities — 5,925 — 5,925

Sovereign obligations — 1,223 — 1,223

Corporate debt and other obligations — 3,989 2,064 6,053

4 unchanged sentences

Money markets 5,000 4 — 5,004

Auction rate securities — — 2,652 2,652

Other debt securities (3)

Securities owned, at fair value 1,184,764 62,676 3,362 1,250,802

1 unchanged sentence

1,600 13,695 17,000 32,295

Trade claims (1)

— — 2,684 2,684

Derivative contracts:

TBAs — 34 — 34

Derivative contracts, total — 34 — 34

Total $ 1,214,360 $ 77,058 $ 20,362 $ 1,311,780

2 unchanged sentences

Agency securities — 1 — 1

Sovereign obligations — 2,410 — 2,410

Corporate debt and other obligations — 1,965 — 1,965

4 unchanged sentences

Futures 133 — — 133

TBAs — 27 — 27

Derivative contracts, total 133 27 — 160

1 unchanged sentence

(1) Included in other assets on the condensed consolidated balance sheet

(2) Included in receivable/payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

(2) Included in receivables from/payables to brokers, dealers and clearing organizations

(3) Represents auction rate securities that failed in the auction rate market

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and nine months ended September 30, 2025 and 2024:

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for three-months periods ended March 31, 2026 and 2025:

(Expressed in thousands)

Level 3 Assets and Liabilities

For the Three Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Total Realized

2 unchanged sentences

and Issuances Settlements In (Out) Balance

Corporate equities $ 1,190 $ ( 20 ) $ — $ — $ — $ 1,170

Corporate debt and other obligations 1,170 — — — — 1,170

Auction rate securities (1)

128 — — — — 128

(1) Represents auction rate securities that failed in the auction rate market.

(2) Included in principal transactions in the condensed consolidated income statement except amounts for corporate and other obligations, which represent paid-in-kind interest, that are included in interest income in the condensed consolidated income statement.

(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 (2)

and Issuances Settlements In (Out) Balance

Auction rate securities (1)

$ 2,713 $ 3 $ — $ ( 35 ) $ — $ 2,681

(1) Represents auction rate securities that failed in the auction rate market.

(2) Included in principal transactions in the condensed consolidated income statement.

(Expressed in thousands)

Level 3 Assets and Liabilities

For the Nine Months Ended September 30, 2025

Total Realized

Beginning and Unrealized Purchases Sales and Transfers Ending

Balance Gain (2)

and Issuances Settlements In (Out) Balance

Corporate equities 2,064 89 — — — 2,153

Corporate debt and other obligations — 143 1,830 — — 1,973

Auction rate securities (1)

Private equity securities (3)

17,000 — — — — 17,000

Trade claims 2,684 957 534 ( 4,175 ) — —

Other debt securities (1)

128 — — — — 128

(1) Represents auction rate securities that failed in the auction rate market

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(3) Represents equity security associated with a consolidated private equity fund sponsored by the Company

(Expressed in thousands)

Level 3 Assets and Liabilities

For the Nine Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

Total Realized

2 unchanged sentences

and Issuances Settlements In (Out) Balance

Auction rate securities (1)

Trade claims $ 2,684 $ — $ 534 $ — $ — $ 3,218

Other debt securities (1)

2,652 206 — ( 2,730 ) — 128

5 unchanged sentences

The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 or Level 2 (e.g., cash and receivables from customers) approximates fair value because of the relatively short-term nature of the underlying assets.

Assets and liabilities not measured at fair value as of September 30, 2025:

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Assets and liabilities not measured at fair value as of March 31, 2026:

(Expressed in thousands) Fair Value Measurement:

2 unchanged sentences

Deposits with clearing organizations 85,993 85,993 — — 85,993

Receivable from brokers, dealers and clearing organizations:

Receivables from brokers, dealers and clearing organizations:

Securities borrowed 158,057 — 158,057 — 158,057

1 unchanged sentence

Securities failed to deliver 20,360 — 20,360 — 20,360

Clearing organizations and other 82,799 — 82,799 — 82,799

Clearing organizations 28,846 — 28,846 — 28,846

Trade date receivables 33,430 — 33,430 — 33,430

Other 5,810 — 5,810 — 5,810

295,278 — 295,278 — 295,278

Receivable from customers 1,374,526 — 1,374,526 — 1,374,526

Receivables from customers 1,483,755 — 1,483,755 — 1,483,755

Notes receivable, net 55,137 — 55,137 55,137

Corporate-owned life insurance 107,686 — 107,686 — 107,686

Company-owned life insurance 106,144 — 106,144 — 106,144

Investments (1)

1 unchanged sentence

(1) Included within other assets on the condensed consolidated balance sheet

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands) Fair Value Measurement:

4 unchanged sentences

Securities loaned 320,163 — 320,163 — 320,163

Payable to brokers 1,379 — 1,379 — 1,379

Payables to brokers 1,136 — 1,136 — 1,136

Securities failed to receive 49,557 — 49,557 — 49,557

3 unchanged sentences

Securities sold under agreements to repurchase 968,346 — 968,346 — 968,346

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Assets and liabilities not measured at fair value as of December 31, 2025:

2 unchanged sentences

Cash and cash equivalents $ 38,405 $ 38,405 $ — $ — $ 38,405

Deposits with clearing organization 70,838 70,838 — — 70,838

Receivable from brokers, dealers and clearing organizations:

Deposits with clearing organizations 79,611 79,611 — — 79,611

Receivables from brokers, dealers and clearing organizations:

Securities borrowed 160,006 — 160,006 — 160,006

1 unchanged sentence

Securities failed to deliver 2,583 — 2,583 — 2,583

Clearing organizations and other 36,355 — 36,355 — 36,355

Clearing organizations 27,215 — 27,215 — 27,215

Trade date receivables 14,800 — 14,800 — 14,800

Other 4,283 — 4,283 — 4,283

259,967 — 259,967 — 259,967

Receivable from customers 1,268,866 — 1,268,866 — 1,268,866

Receivables from customers 1,415,049 — 1,415,049 — 1,415,049

Notes receivable, net 57,965 — 57,965 — 57,965

Corporate-owned life insurance 98,828 — 98,828 — 98,828

Company-owned life insurance 109,094 — 109,094 — 109,094

Investments (1)

1 unchanged sentence

(1) Included within other assets on the condensed consolidated balance sheet

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands) Fair Value Measurement:

4 unchanged sentences

Securities loaned 370,331 — 370,331 — 370,331

Payable to brokers 607 — 607 — 607

Payables to brokers 728 — 728 — 728

Securities failed to receive 18,937 — 18,937 — 18,937

11 unchanged sentences

Such hedges have not been designated as accounting hedges.

Unrealized gains and losses on foreign exchange forward contracts are recorded in other assets or other liabilities on the condensed consolidated balance sheet and other income in the condensed consolidated income statement.

Any unrealized gains and losses on foreign exchange forward contracts

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

are recorded in other assets or other liabilities on the condensed consolidated balance sheet and other income in the condensed consolidated income statement.

Derivatives used for trading and investment purposes

4 unchanged sentences

Treasury Notes, federal funds, general collateral futures and Eurodollar contracts primarily as an economic hedge of interest rate risk associated with government trading activities.

Unrealized gains and losses on futures contracts are recorded on the condensed consolidated balance sheet in receivable from or payable to brokers, dealers and clearing organizations and in the condensed consolidated income statement as principal transactions revenue, net.

Unrealized gains and losses on futures contracts are recorded on the condensed consolidated balance sheet in receivables from or payables to brokers, dealers and clearing organizations and in the condensed consolidated income statement as principal transactions revenue, net.

To-be-announced securities

2 unchanged sentences

The contractual or notional amounts related to these financial instruments reflect the volume of activity and do not reflect the amounts at risk.

Net unrealized gains and losses on TBAs are recorded on the condensed consolidated balance sheet in receivable from brokers, dealers and clearing organizations or payable to brokers, dealers and clearing organizations and in the condensed consolidated income statement as principal transactions revenue, net.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

The notional amounts and fair values of the Company's derivatives as of September 30, 2025 and December 31, 2024 by product were as follows:

Net unrealized gains and losses on TBAs are recorded on the condensed consolidated balance sheet in receivables from brokers, dealers and clearing organizations or payables to brokers, dealers and clearing organizations and in the condensed consolidated income statement as principal transactions revenue, net.

The notional amounts and fair values of the Company's derivatives as of March 31, 2026 and December 31, 2025 by product were as follows:

(Expressed in thousands)

Fair Value of Derivative Instruments as of September 30, 2025

Fair Value of Derivative Instruments as of March 31, 2026

Description Notional Fair Value

9 unchanged sentences

Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands)

10 unchanged sentences

Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated income statements for the three and nine months ended September 30, 2025 and 2024:

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Three Months Ended September 30, 2025

Recognized in Income on Derivatives

Types Description Location Net Gain

Commodity contracts Futures Principal transactions revenue, net $ 172

Other contracts TBAs Principal transactions revenue, net 3

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Three Months Ended September 30, 2024

Recognized in Income on Derivatives

Types Description Location Net Loss

Commodity contracts Futures Principal transactions revenue, net $ ( 5,892 )

Other contracts TBAs Principal transactions revenue, net ( 2 )

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Recognized in Income on Derivatives

1 unchanged sentence

Commodity contracts Futures Principal transactions revenue, net $ 3,929

Other contracts Foreign exchange forward contracts Other revenue/(Compensation and related expenses) 2

Other contracts TBAs Principal transactions revenue, net ( 2 )

1 unchanged sentence

The Effect of Derivative Instruments in the Income Statement

For the Nine Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

Recognized in Income on Derivatives

Types Description Location Net Gain (Loss)

Types Description Location Net Loss

Commodity contracts Futures Principal transactions revenue, net $ ( 1,138 )

Other contracts Foreign exchange forward contracts Other revenue/(Compensation and related expenses) ( 24 )

Other contracts TBAs Principal transactions revenue, net 1

OPPENHEIMER HOLDINGS INC.

5 unchanged sentences

Government and Agency securities.

The Company obtains short-term borrowings primarily through bank call loans.

The Company obtains short-term borrowings primarily through bank call loans, securities loaned and repurchase transactions.

Bank call loans are generally payable on demand and bear interest at various rates.

As of September 30, 2025, the outstanding balance of bank call loans was $ 262.3 million ($ 252.1 million as of December 31, 2024).

As of September 30, 2025, such loans with commercial banks were collateralized by the Company's securities and customer securities with market values of approximately $ 26.9 million and $ 265.9 million, respectively.

As of September 30, 2025, the Company had approximately $ 1.9 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $ 233.2 million under securities loan agreements.

As of September 30, 2025, the Company had pledged $ 361.7 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers.

As of September 30, 2025, the Company had no outstanding letters of credit.

As of March 31, 2026, the outstanding balance of bank call loans was $ 287.9 million ($ 76.8 million as of December 31, 2025).

As of March 31, 2026, such loans with commercial banks were collateralized by the Company's securities and customer securities with market values of approximately $ 27.4 million and $ 293.3 million, respectively.

As of March 31, 2026, the Company had approximately $ 2.0 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $ 275.4 million under securities loan agreements.

As of March 31, 2026, the Company had pledged $ 442.8 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers.

As of March 31, 2026, the Company had no outstanding letters of credit.

The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers' needs and to finance the Company's inventory positions.

2 unchanged sentences

Repurchase agreements and reverse repurchase agreements are presented on a net-by-counterparty basis, when the repurchase agreements and reverse repurchase agreements are executed with the same counterparty, have the same explicit settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase agreements and reverse repurchase agreements exist in "book entry" form and certain other requirements are met.

The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of September 30, 2025:

(Expressed in thousands)

7 unchanged sentences

Notes to Condensed Consolidated Financial Statements (unaudited)

The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of September 30, 2025 and December 31, 2024:

As of September 30, 2025

As of March 31, 2026

(Expressed in thousands)

10 unchanged sentences

Total $ 351,921 $ ( 193,864 ) $ 158,057 $ ( 157,144 ) $ — $ 913

(1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

(1) Included in receivables from brokers, dealers and clearing organizations on the condensed consolidated balance sheet

(Expressed in thousands) Gross Amounts Not Offset

10 unchanged sentences

Total $ 1,482,373 $ ( 193,864 ) $ 1,288,509 $ ( 1,286,771 ) $ — $ 1,738

(2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

(2) Included in payables to brokers, dealers and clearing organizations on the condensed consolidated balance sheet

As of December 31, 2025

10 unchanged sentences

Total $ 335,771 $ ( 175,765 ) $ 160,006 $ ( 152,278 ) $ — $ 7,728

(1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

(1) Included in receivables from brokers, dealers and clearing organizations on the condensed consolidated balance sheet

(Expressed in thousands)

11 unchanged sentences

Total $ 1,543,288 $ ( 175,765 ) $ 1,367,523 $ ( 1,355,006 ) $ — $ 12,517

(2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

(2) Included in payables to brokers, dealers and clearing organizations on the condensed consolidated balance sheet

OPPENHEIMER HOLDINGS INC.

2 unchanged sentences

Under many agreements, the Company is permitted to sell or re-pledge the securities received (e.g., use the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions).

As of September 30, 2025, the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $ 160.7 million ($ 131.7 million as of December 31, 2024) and $ 238.4 million ($ 68.1 million as of December 31, 2024), respectively, of which the Company has sold and re-pledged approximately $ 43.6 million ($ 39.2 million as of December 31, 2024) under securities loaned transactions and $ 238.4 million under repurchase agreements ($ 68.1 million as of December 31, 2024).

As of March 31, 2026, the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $ 158.9 million ($ 153.3 million as of December 31, 2025) and $ 193.9 million ($ 175.8 million as of December 31, 2025), respectively, of which the Company has sold and re-pledged approximately $ 43.7 million ($ 49.1 million as of December 31, 2025) under securities loaned transactions and $ 193.9 million under repurchase agreements ($ 175.8 million as of December 31, 2025).

The Company pledges certain of its securities owned for securities lending and repurchase agreements and to collateralize bank call loan transactions.

The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was $ 1.2 billion, as presented on the face of the condensed consolidated balance sheet as of September 30, 2025 ($ 1.0 billion as of December 31, 2024).

The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was $ 1.2 billion, as presented on the face of the condensed consolidated balance sheet as of March 31, 2026 ($ 1.2 billion as of December 31, 2025).

The Company manages credit exposure arising from repurchase and reverse repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Company, in the event of a customer default, the right to liquidate securities and the right to offset a counterparty's rights and obligations.

6 unchanged sentences

The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate.

Included in receivable from brokers, dealers and clearing organizations as of September 30, 2025 were receivables from three major U.S.

Included in receivables from brokers, dealers and clearing organizations as of March 31, 2026 were receivables related to securities borrowed transactions from two major U.S.

broker-dealers totaling approximately $ 60.4 million.

Included in receivable from customers as of September 30, 2025 were fully secured margin loans from our two largest customer accounts totaling approximately $ 652.4 million, comprising 48.4 % of total margin loans.

Included in receivables from customers as of March 31, 2026 were fully secured margin loans from our two largest customer accounts totaling approximately $ 658.2 million, comprising 45.2 % of total margin loans.

The Company is obligated to settle transactions with brokers and other financial institutions even if its clients fail to meet their obligations to the Company.

2 unchanged sentences

The Company has clearing/participating arrangements with the National Securities Clearing Corporation, the Fixed Income Clearing Corporation ("FICC"), the Mortgage-Backed Securities Division (a division of the FICC), the Options Clearing Corporation and others.

With respect to its business in reverse repurchase and repurchase agreements, all open contracts as of September 30, 2025 are with the FICC .

With respect to its business in reverse repurchase and repurchase agreements, all open contracts as of March 31, 2026 are with the FICC .

In addition, the Company clears its non-U.S.

5 unchanged sentences

As the right to charge the Company has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right.

As of September 30, 2025, the Company had recorded no liabilities with regard to this right.

As of March 31, 2026, the Company had recorded no liabilities with regard to this right.

The Company's policy is to monitor the credit standing of the clearing brokers and banks with which it conducts business.

3 unchanged sentences

The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE.

In the normal course of business, the Company may sponsor and serve as general partner of hedge funds and private equity funds that were established for the purpose of providing alternative investments to both its institutional and qualified retail clients.

Upon initial formation, the Company or its affiliates may extend to these funds a loan to finance the purchase of underlying investments.

These loans mature in 90 days or less and are repaid by the fund when the underlying fund interests are sold to qualified clients.

In the normal course of business, the Company may sponsor and serve as the general partner or managing member of hedge funds and private equity funds established for the purpose of providing alternative investments to both its institutional and qualified retail clients.

Upon initial formation, the Company or its affiliates may provide loans to these funds to finance the purchase of underlying investments.

These loans generally mature in 90 days or less and are repaid by the funds when the underlying fund interests are sold to qualified clients.

Depending on the facts and circumstances, the sponsored investment funds may be considered VIEs, as the loans are considered variable interests.

As of September 30, 2025, no such loans were outstanding.

Additionally, the Company's investment in and additional capital commitments to these hedge funds and private equity funds are considered variable interests.

The Company's additional capital commitments are subject to call at a later date and are limited to the amount committed.

As of September 30, 2025, the Company does not have any outstanding or pending investments in or capital commitments to these funds.

For funds that are VIEs, the Company assesses whether it is the primary beneficiary.

In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds.

The subsidiaries' general and limited partnership interests and additional capital commitments represent its maximum exposure to loss.

The subsidiaries' general partnership and limited partnership interests are included in other assets on the condensed consolidated balance sheet.

As of September 30, 2025, assets and liabilities related to a VIE where the Company is not the primary beneficiary were included in Securities owned, at fair value on the condensed consolidated balance sheet and primarily related to a convertible note and warrants issued by a beverage manufacturing company.

There was no VIE where the Company was not the primary beneficiary as of December 31, 2024.

The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to, the VIE.

(Expressed in thousands)

As of September 30,

In November 2025, such loan ("the Loan") was made to a private equity fund (the "Fund").

As of December 31, 2025, $ 5.0 million of the Loan was outstanding.

On March 31, 2026, the Loan was converted into equity interests in the Fund.

The Company determined that the Fund meets the definition of a VIE because a simple majority of the underlying investors (equity holders) do not have the ability to remove the Managing Member and the Company has power and potential to absorb the significant gains and losses of the fund.

Since an affiliate of the Company serves as the Managing Member and has the power to direct the activities that most significantly impact the Fund's economic performance, the Company concluded it is the primary beneficiary and consolidated the Fund as of March 31, 2026 and December 31, 2025.

The assets of the VIE can only be used to settle the obligations of the VIE.

The following table sets forth the total assets and liabilities of the VIE consolidated on our condensed consolidated balance sheet.

Assets and liabilities of consolidated VIE

(Expressed in thousands) As of

March 31, 2026 December 31, 2025

Cash and cash equivalents $ 250 $ 250

Other assets 18,350 18,350

Total Assets 18,600 18,600

Other liabilities 34 34

Total Liabilities $ 34 $ 34

As of March 31, 2026 and December 31, 2025, assets and liabilities in the Company's condensed consolidated balance sheet related to a VIE where the Company is not the primary beneficiary were included in Securities owned, at fair value on the condensed consolidated balance sheet and primarily related to a convertible note and equity security warrant issued by a VIE.

Assets and liabilities of unconsolidated VIE

The maximum loss exposure indicated in the following table relates solely to our investments in, and unfunded commitments to the unconsolidated VIE.

(Expressed in thousands) As of

March 31, 2026 December 31, 2025

Assets $ 3,323 $ 3,234

2 unchanged sentences

Maximum loss exposure $ 3,323 $ 3,234

The effective income tax rate for the three and nine months ended September 30, 2025 was 31.4 % and 29.6 %, respectively, compared with 30.7 % and 31.8 % for the three and nine month ended September 30, 2024, respectively, and reflects the Company's annual estimate of the statutory federal and state tax rates adjusted for certain discrete items.

The effective tax rate for the third quarter of 2025 was impacted by certain unfavorable permanent items.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

The effective income tax rate for the three months ended March 31, 2026 was 23.8 % compared with 25.9 % for the three months ended March 31, 2025 and reflects the Company's annual estimate of the statutory federal and state tax rates adjusted for certain discrete items.

The effective tax rate for the first quarter of 2026 was impacted by a discrete legal charge recorded during the quarter.

Stockholders' Equity

7 unchanged sentences

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2025 2024 2025 2024

Class A Stock outstanding, beginning of period 10,387,575 10,231,736

3 unchanged sentences

Stock buy-back

As of December 31, 2023, 223,699 shares remained available to be purchased under its share repurchase program.

On March 1, 2024, the Company's Board of Directors approved a share repurchase program that authorized 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.

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As of December 31, 2024, 497,893 shares remained available to be purchased under its share repurchase program.

During the three months ended September 30, 2025, the Company did not purchase any shares of Class A Stock under its share repurchase program.

During the nine months ended September 30, 2025, the Company purchased and canceled an aggregate of 11,385 shares of Class A Stock for a total consideration of $ 670,310 ($ 58.88 per share) under its share repurchase program.

During the three months ended September 30, 2024, the Company purchased and canceled an aggregate of 5,981 shares of Class A Stock for a total consideration of $ 294,862 ($ 49.30 per share) under this program.

During the nine months ended September 30, 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 this program.

As of September 30, 2025, 486,508 shares remained available to be purchased under the share repurchase program.

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.

During the three months ended March 31, 2025, the Company purchased and canceled an aggregate of 1,530 shares of Class A Stock for a total consideration of $ 80,950 ($ 58.79 per share) under this program.

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 three months ended March 31, 2026, the Company did not purchase any shares of Class A Stock under its share repurchase program.

As of March 31, 2026, 451,601 shares remained available to be purchased under the share repurchase program.

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 or other liquidity sources, 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.

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The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements 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.

On October 31, 2025, the Company announced a quarterly dividend in the amount of $ 0.18 per share, payable on November 28, 2025 to holders of Class A Stock and Class B Stock of record on November 14, 2025.

The share repurchase program does not obligate the

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

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.

On May 1, 2026, the Company announced a quarterly dividend in the amount of $ 0.20 per share, payable on May 29, 2026 to holders of Class A Stock and Class B Stock of record on May 15, 2026.

Commitments and Contingencies

Underwriting commitments

The Company had capital commitments of $ 0.7 million with respect to unfunded obligation in private equity funds sponsored by the Company and $ 9.8 million of commitments related to additional operating leases that have not yet commenced.

As of March 31, 2026, the Company had no collateralized or uncollateralized letters of credit outstanding.

In the normal course of business, the Company enters into commitments for debt and equity underwritings.

As of September 30, 2025, the Company had certain open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

As of March 31, 2026, the Company had certain open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Contingencies

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For legal and regulatory proceedings where there is at least a reasonable possibility that a loss or an additional loss may be incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of up to $ 3 million.

This estimated aggregate range is based upon currently available information for those legal proceedings in which the Company is involved, where the Company can make an estimate for such losses.

This estimated

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

aggregate range is based upon currently available information for those legal proceedings in which the Company is involved, where the Company can make an estimate for such losses.

For certain cases, the Company does not believe that it can make an estimate.

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Accordingly, the Company's estimate will change from time to time, and actual losses may be more than the current estimate.

In June and August of 2023, Oppenheimer was served with two complaints in Georgia State Court, by plaintiffs, virtually all of whom were never Oppenheimer customers, alleging unspecified losses arising from an investment in Horizon Private Equity III

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

In 2024, each of those complaints was dismissed by the trial court.

Plaintiffs in each case subsequently filed an appeal of the court’s order dismissing the cases.

In May of 2025, the Georgia Court of Appeals upheld the trial court’s decision dismissing the cases.

In May of 2025, plaintiffs filed a writ of certiorari with the Georgia Supreme Court.

On September 30, 2025, the Georgia Supreme Court denied the writ of certiorari.

On September 13, 2022, the SEC filed a complaint against Oppenheimer in the United States District Court for the Southern District of New York (the “Court") alleging that Oppenheimer violated Section 15B(c)(1) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 for not having fully complied with the exemption from the continuing disclosure obligations under Rule 15c2-12.

The SEC asked the Court to enter an order enjoining Oppenheimer from violating the above-referenced rules and requiring it to disgorge approximately $ 1.9 million plus interest and pay a civil penalty.

On January 30, 2024, Oppenheimer and the SEC reached an agreement in principle to settle the litigation pursuant to which Oppenheimer would pay a civil penalty of $ 1.2 million.

The settlement is subject to Oppenheimer obtaining a waiver of certain statutory disqualifications.

On June 6, 2025, a complaint in a putative class action entitled Liberty Capital Group, Individually and on Behalf of All Others Similarly Situated v.

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Inc., and Oppenheimer Asset Management Inc., was filed in the U.S.

District Court for the Southern District of New York.

Plaintiff purports to represent customers who had cash deposits or balances in the Advantage Bank Deposit (“ABD”) program.

District Court for the Southern District of New York ("District Court").

Plaintiff's complaint purports to represent customers who had cash deposits or balances in the Advantage Bank Deposit (“ABD”) program.

Plaintiff alleges that the Company paid customers unreasonably low interest rates in the ABD program and seeks unspecified damages.

Plaintiff alleges breaches of the terms and conditions of the ABD program and its implied covenant of good faith and fair dealing, breach of fiduciary duties, violation of New York General Business Law (“GBL”), negligence, negligent misrepresentations and unjust enrichment.

Plaintiff alleges breaches of the terms and conditions of the ABD program and implied covenant of good faith and fair dealing, breach of fiduciary duties, violation of New York General Business Law (the “GBL”), negligence, negligent misrepresentations and unjust enrichment.

On August 8, 2025, Oppenheimer filed a motion to dismiss the complaint on a number of grounds.

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from the case, and granting in part, and denying in part, Oppenheimer’s motion to dismiss.

Specifically, Oppenheimer's motion to dismiss plaintiff's causes of action for breach of fiduciary duty for non-advisory clients, unjust enrichment, negligence and negligent misrepresentation were granted, while the motion to dismiss causes of action for breach of the terms and conditions and its implied covenant of good faith and fair dealing, breach of fiduciary duty for advisory clients and violation of GBL were denied.

The court further set November 21, 2025 for oral argument on class certification.

Oppenheimer believes the claims to be without merit and intends to vigorously defend itself against this action.

Specifically, Oppenheimer's motion to dismiss plaintiff's causes of action for breach of fiduciary duty for non-advisory clients, unjust enrichment, negligence and negligent misrepresentation were granted, while the motion to dismiss causes of action for breach of the terms and conditions and implied covenant of good faith and fair dealing, breach of fiduciary duty for advisory clients and violation of the GBL were denied.

On October 21, 2025, plaintiff moved for class certification, which Oppenheimer opposed.

On December 8, 2025, the Court issued its decision granting class certification on plaintiff’s causes of action for breach of the terms and conditions and implied covenant of good faith and fair dealing, and violation of the GBL.

The Court held that plaintiff did not have standing to assert a class claim for breach of fiduciary duty, but granted plaintiff leave to amend the complaint by December 22, 2025 to include a plaintiff with standing.

Plaintiff did not amend its complaint.

On December 22, 2025, Oppenheimer filed a petition for permission to appeal the decision granting class certification with the U.S.

Court of Appeals for the Second Circuit ("Court of Appeals"), which petition is currently pending.

On March 30, 2026 Oppenheimer and plaintiff each filed a motion for summary judgment, which motions are currently pending.

The case was scheduled for trial commencing in June 2026.

Both the petition for permission to appeal and the motions for summary judgment are being held in abeyance by the Appeals Court and the District Court respectively, pending the approval of the settlement discussed below.

On April 24, 2026 the parties entered into a settlement of the litigation.

The terms of the agreement are set forth in a binding term sheet executed by representatives for plaintiffs and Oppenheimer.

Pursuant to the agreement, Oppenheimer has agreed to pay $ 70 million in full settlement of the claims asserted in the litigation.

The settlement amount would be paid into an escrow account ten business days after receiving preliminary approval by the District Court of the settlement which the Company expects will take sixty to ninety days.

The Settlement Agreement provides that the Company will receive a release from any and all claims arising from the facts and circumstances alleged in the litigation.

The settlement remains subject to approval by the District Court.

The parties have agreed to finalize formal settlement documentation and file a Stipulation of Settlement and motion for preliminary approval within 60 days of execution of the Settlement Agreement.

The settlement contemplates that the resolution of the matter would be without any admission of liability or wrongdoing by the Company.

The agreement is subject to the negotiation, execution, and delivery of a definitive settlement agreement and both preliminary and final approval by the District Court.

There can be no assurance that a definitive settlement agreement will be executed or that the District Court will approve the proposed settlement on its current or any other terms.

If a definitive settlement agreement is executed and District Court approval is obtained, the settlement would resolve all claims asserted against the Company in the litigation.

The Company expects that the amount of the settlement will be fully tax deductible.

Regulatory requirements

The Company's U.S.

broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the "Rule") promulgated under the Exchange Act.

broker dealer subsidiary, Oppenheimer, is subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the "Rule") promulgated under the Exchange Act.

Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3.

As of September 30, 2025, the net capital of Oppenheimer as calculated under the Rule was $ 383.0 million or 24.43 % of Oppenheimer's aggregate debit items.

As of March 31, 2026, the net capital of Oppenheimer

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

as calculated under the Rule was $ 437.2 million or 26.28 % of Oppenheimer's aggregate debit items.

This was $ 403.9 million in excess of the minimum required net capital at that date.

Freedom computes its net capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to the greater of $ 100,000 or 6-2/3% of aggregate indebtedness, as defined.

As of September 30, 2025, Freedom had net capital of $ 3.4 million, which was $ 3.3 million in excess of the $ 100,000 required to be maintained at that date.

As of September 30, 2025, the capital required and held under the Financial Conduct Authority's Investment Firms’ Prudential Regime (“IFPR”) for Oppenheimer Europe Ltd.

As of March 31, 2026, the capital required and held under the Financial Conduct Authority's Investment Firms’ Prudential Regime (“IFPR”) for Oppenheimer Europe Ltd.

was as follows:

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• Total Capital ratio 209 % (required 100.0 %).

As of September 30, 2025, Oppenheimer Europe Ltd.

As of March 31, 2026, Oppenheimer Europe Ltd.

was in compliance with its regulatory requirements.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

As of September 30, 2025, the regulatory capital of Oppenheimer Investments Asia Limited was $ 1.5 million, which was $ 1.1 million in excess of the $ 385,582 required to be maintained on that date.

As of March 31, 2026, the regulatory capital of Oppenheimer Investments Asia Limited was $ 3.5 million, which was $ 3.1 million in excess of the $ 382,612 required to be maintained on that date.

Oppenheimer Investments Asia Limited computes its regulatory capital pursuant to the requirements of the Securities and Futures Commission of Hong Kong.

As of September 30, 2025, Oppenheimer Investments Asia Limited was in compliance with its regulatory requirements.

As of September 30, 2025, Oppenheimer Trust is required to maintain minimal capital of $ 4.15 million.

As of March 31, 2026, Oppenheimer Investments Asia Limited was in compliance with its regulatory requirements.

As of March 31, 2026, Oppenheimer Trust is required to maintain minimal capital of $ 4.15 million.

Oppenheimer Trust is currently in compliance with its capital requirements.

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The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The CODM evaluates the performance of the Company’s reportable segments based on their year-over-year revenue and pre-tax profit or loss and uses these measures to allocate resources (including employee, financial and/or capital resources), largely in conjunction with monthly and/or quarterly reviews of segment financial performance.

The CODM evaluates the performance of the Company’s reportable segments based on their year-over-year revenue and pre-tax profit or loss and uses this measure to allocate resources (including employee, financial and/or capital resources), largely in conjunction with monthly and/or quarterly reviews of segment financial performance.

The CODM also uses segment profit or loss in evaluating the incentive and other compensation of segment employees as well as capital investment for facilities and information technology development.

Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment.

The revised segment structure is aligned with how the CODM and senior management view the performance and operations of our retail-focused business.

Our Capital Markets and Corporate/Other segments were not impacted by these changes.

To provide historical information on a basis consistent with the revised segment presentation, the Company recast prior period segment results.

The Company's reportable segments are:

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Capital Markets — includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment.

The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments.

Corporate/Other — The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments.

These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit.

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The costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization.

The Company also includes activities associated with BondWave, LLC, an indirectly wholly-owned subsidiary, in Corporate/Other.

The tables below present information about the Company’s reported segment revenues, segment pre-tax income or loss, compensation expenses, and other segment items for the three and nine months ended September 30, 2025 and 2024.

There are no adjustments or reconciling items for any of the periods presented.

Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the CODM.

The Company also includes activities associated with BondWave, LLC in Corporate/Other.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

adjustments or reconciling items for any of the periods presented.

Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the CODM.

(Expressed in thousands)

For the Three Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Wealth Management Capital Markets Corporate/Other Total

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Compensation expenses (1)

Other segment items (1)

155,800 112,639 27,562 296,001

Pre-tax income (loss) $ 62,528 $ 12,289 $ ( 43,182 ) $ 31,635

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(Expressed in thousands)

For the Three Months Ended September 30, 2024

Wealth Management Capital Markets Corporate/Other Total

Revenue $ 246,049 $ 124,030 $ 3,273 $ 373,352

Compensation expenses 125,270 87,649 25,016 237,935

Other segment items (2)

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Pre-tax income (loss) $ 43,554 $ 35,441 $ ( 105,996 ) $ ( 27,001 )

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(1) Includes compensation expenses related to liability-based stock appreciation rights totaling $ 22.3 million.

(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest, legal accrual for the settlement of the “cash sweep” program litigation and other expenses.

(Expressed in thousands)

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2025

Wealth Management Capital Markets Corporate/Other Total

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Compensation expenses (1)

Other segment items (1)

119,648 87,344 20,099 227,091

Pre-tax income (loss) $ 193,226 $ 3,328 $ ( 91,333 ) $ 105,221

(1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

(Expressed in thousands)

For the Nine Months Ended September 30, 2024

Wealth Management Capital Markets Corporate/Other Total

Revenue $ 718,536 $ 328,254 $ 10,289 $ 1,057,079

Compensation expenses 364,381 242,527 73,469 680,377

Other segment items (2)

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Pre-tax income (loss) $ 67,864 $ ( 5,097 ) $ ( 21,391 ) $ 41,376

(1) Includes a reduction to compensation expenses related to liability-based stock appreciation rights totaling $ 2.7 million.

(2) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Revenue, classified by the major geographic areas in which it was earned, for the three and nine months ended September 30, 2025 and 2024 was:

Revenue, classified by the major geographic areas in which it was earned, for the three months ended March 31, 2026 and 2025 was:

(Expressed in thousands)

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

2025 2024 2025 2024

Americas $ 423,036 $ 354,709

Europe/Middle East 21,358 12,352

Asia 669 937 2,061 2,612

Total $ 445,095 $ 367,825

Subsequent events

The Company has performed an evaluation of events that occurred since September 30, 2025 and through the date on which the condensed consolidated financial statements were issued, and determined t here are no events that have occurred that would require recognition or additional disclosure except as disclosed in Note 12 related to the Company's declaration of a quarterly dividend.

The Company has performed an evaluation of events that occurred since March 31, 2026 and through the date on which the condensed consolidated financial statements were issued, and determined t here are no events that have occurred that would require recognition or additional disclosure, except as disclosed in Note 12 related to the Company's declaration of a quarterly dividend and in Note 13 regarding the settlement in the Liberty Capital Group actions which was recognized in the three months ended March 31, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements