OPPENHEIMER HOLDINGS INC 10-Q

Item 1. FINANCIAL STATEMENTS (UNAUDITED) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) March 31, 2026 December 31, 2025 (Expressed in thousands, except number of shares and per share amounts) Assets Cash and cash equivalents $ 34,601 $ 38,405 Deposits with clearing organizations 114,230 107,607 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 Income tax receivable 1,403 1,406 Securities owned, including amounts pledged of $ 1,172,973 ($ 1,179,503 in 2025), at fair value 1,265,918 1,250,802 Notes receivable, net 55,137 57,965 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $ 104,464 ($ 101,962 in 2025) 29,919 32,402 Right-of-use lease assets, net of accumulated amortization of $ 143,446 ($ 137,005 in 2025) 113,679 119,111 Company-owned life insurance 106,144 109,094 Goodwill 143,607 143,607 Intangible assets 34,876 35,042 Other assets 136,633 151,924 Total assets $ 3,815,278 $ 3,722,415 Liabilities and Stockholders' Equity Liabilities Drafts payable $ 19,754 $ 18,347 Bank call loans 287,900 76,800 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 Securities sold but not yet purchased, at fair value 231,804 175,712 Accrued compensation 244,269 374,420 Income tax payable 12,444 15,640 Accounts payable and other liabilities 144,220 73,600 Lease liabilities 147,523 154,928 Deferred tax liabilities, net of deferred tax assets of $ 53,713 ($ 50,032 in 2025) 42,101 47,056 Total liabilities 2,849,637 2,725,386 Commitments and contingencies (Note 13) Stockholders' equity Common stock ($ 0.001 par value per share): Class A: shares authorized: 50,000,000 ; shares issued and outstanding: 10,608,340 and 10,387,575 as of March 31, 2026 and December 31, 2025, respectively Class B: shares authorized, issued and outstanding: 99,665 as of March 31, 2026 and December 31, 2025 11 10 Additional paid-in capital 23,597 32,703 Retained earnings 924,908 947,413 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 Total Liabilities and Stockholders' Equity $ 3,815,278 $ 3,722,415 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Content OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended March 31, 2026 2025 Revenue Commissions $ 128,341 $ 110,878 Advisory fees 141,718 128,803 Investment banking 97,720 47,623 Bank deposit sweep income 26,118 30,075 Interest 37,531 36,369 Principal transactions, net 10,787 8,975 Other 2,880 5,102 Total revenue 445,095 367,825 Expenses Compensation and related expenses $ 296,001 $ 227,091 Communications and technology 26,566 26,182 Occupancy and equipment costs 15,775 16,009 Clearing and exchange fees 6,361 7,752 Interest 18,686 21,396 Other (1) 108,707 28,019 Total expenses 472,096 326,449 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 (Loss) Earnings per share attributable to Oppenheimer Holdings Inc. Basic $ ( 1.93 ) $ 2.93 Diluted $ ( 1.93 ) $ 2.72 Weighted average shares outstanding Basic 10,642,909 10,465,771 Diluted 10,642,909 11,277,939 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. 4 Table of Content OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Expressed in thousands) For the Three Months Ended March 31, 2026 2025 Net (loss) income $ ( 20,569 ) $ 30,655 Other comprehensive income (loss), net of tax Currency translation adjustment 213 ( 487 ) 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. 5 Table of Content OPPENHEIMER HOLDINGS INC. 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 March 31, 2026 2025 Common stock ($ 0.001 par value per share) Balance at beginning of period $ 10 $ 10 Issuance of Class A non-voting common stock 1 — Balance at end of period 11 10 Additional paid-in capital Balance at beginning of period 32,703 29,733 Issuance of Class A non-voting common stock 8,261 6,199 Repurchase of Class A non-voting common stock for cancellation — ( 90 ) Share-based expense 3,951 3,458 Vested employee share plan awards ( 21,318 ) ( 15,969 ) Balance at end of period 23,597 23,331 Retained earnings Balance at beginning of period 947,413 819,961 Net (loss) income (1) ( 20,578 ) 30,655 Dividends declared ( 1,927 ) ( 1,895 ) Balance at end of period 924,908 848,721 Accumulated other comprehensive income (loss) Balance at beginning of period 3,697 691 Currency translation adjustment 213 ( 487 ) Balance at end of period 3,910 204 Total Oppenheimer Holdings Inc. stockholders' equity $ 952,426 $ 872,266 Non-controlling interest Balance at beginning of period 13,206 — Net income attributable to non-controlling interest 9 — Balance at end of period 13,215 — Total stockholders' equity $ 965,641 $ 872,266 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. 6 Table of Content OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) FOR THE THREE MONTHS ENDED MARCH 31, (Expressed in thousands) 2026 2025 Cash flows from operating activities 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 Deferred income taxes ( 5,035 ) 2,600 Amortization of intangible assets 167 166 Amortization of notes receivable 4,457 4,520 Reversal of credit losses 22 ( 10 ) Paid-in-kind interest ( 89 ) — Share-based compensation 26,237 716 Amortization of right-of-use lease assets 6,740 6,333 Decrease (increase) in operating assets: Deposits with clearing organizations ( 6,623 ) 3,087 Receivables from brokers, dealers and clearing organizations ( 35,375 ) ( 8,830 ) Receivables from customers ( 68,728 ) ( 81,062 ) Income tax receivable 3 396 Securities owned ( 15,027 ) ( 109,482 ) Notes receivable ( 1,629 ) ( 4,320 ) Company-owned life insurance 2,950 1,841 Other assets 14,955 2,829 Increase (decrease) in operating liabilities: Drafts payable 1,407 ( 6,330 ) 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 ) Securities sold but not yet purchased 56,092 178,996 Accrued compensation ( 152,436 ) ( 147,150 ) Income tax payable ( 3,196 ) 7,460 Accounts payable and other liabilities 72,473 ( 12,716 ) 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 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 ) 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 ) Increase in bank call loans 211,100 107,400 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 Cash and cash equivalents, end of period $ 34,601 $ 36,696 Reconciliation of cash and cash equivalents within the condensed consolidated balance sheets: 2026 2025 Cash and cash equivalents $ 34,601 $ 36,696 Total cash and cash equivalents $ 34,601 $ 36,696 Schedule of non-cash financing activities Employee share plan issuance $ 14,338 $ 10,277 Supplemental disclosure of cash flow information Cash paid during the period for interest $ 18,738 $ 20,630 Cash paid during the period for income taxes, net $ 1,664 $ 289 The accompanying notes are an integral part of these condensed consolidated financial statements. 7 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 1. Organization Oppenheimer Holdings Inc. ("OPY" or the "Parent") is incorporated under the laws of the State of Delaware. The condensed consolidated financial statements include the accounts of OPY and its consolidated subsidiaries (together, the "Company"). Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. The Company is headquartered in New York and has 88 retail branch offices in 25 states located throughout the United States and offices in Puerto Rico, Tel Aviv, Israel, Hong Kong, China, London, England, St. Helier, Isle of Jersey, and Geneva, Switzerland. The principal subsidiaries of OPY are Oppenheimer & Co. Inc. ("Oppenheimer"), a registered broker-dealer in securities and investment adviser under the Investment Advisers Act of 1940; Oppenheimer Asset Management Inc. ("OAM") and its wholly-owned subsidiary, Oppenheimer Investment Management LLC, both registered investment advisers under the Investment Advisers Act of 1940; Oppenheimer Trust Company of Delaware ("Oppenheimer Trust"), a limited purpose trust company that provides fiduciary services such as trust and estate administration and investment management; OPY Credit Corp., which conducts secondary trading activities related to the purchase and sale of loans and trade claims, primarily on a riskless principal basis; Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey, and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; 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 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. 2. Summary of significant accounting policies and estimates Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Form 10-K"). The accompanying condensed consolidated balance sheet data was derived from the same sources as the audited consolidated financial statements but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. 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. 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 months ended March 31, 2026 are not necessarily indicative of the results to be expected for any future interim or annual period. 8 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 3. Financial Instruments - Credit Losses Under ASC 326, "Financial Instruments - Credit Losses", the Company can elect to use an approach to measure the allowance for credit losses using the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Company has elected to use this approach for securities borrowed, margin loans, and reverse repurchase agreements. No material historical losses have been reported on these assets. See Note 9 for details. 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. These notes generally amortize over a service period of 3 to 9 years from the initial date of the note. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. At that point, any uncollected portion of the notes is reclassified into a defaulted notes category. The allowance for uncollectibles is a valuation account that is deducted from the amortized cost basis of the defaulted notes balance to present the net amount expected to be collected. Balances are charged-off against the allowance when management deems the amount to be uncollectible. The Company reserves 100 % of the uncollected balance of defaulted notes which are five years and older and applies an expected loss rate to the remaining balance. The expected loss rate is based on historical collection rates of defaulted notes. 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 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 March 31, 2026: (Expressed in thousands) As of March 31, 2026 2026 $ — 2025 379 2024 199 2023 495 2022 141 2021 and prior 2,058 Total $ 3,272 9 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 March 31, 2026 2025 Beginning balance $ 2,117 $ 2,814 Additions 435 168 Ending balance $ 2,552 $ 2,982 4. Leases The Company has operating leases for office space and equipment expiring at various dates through 2035. 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, United Kingdom; St. 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 consolidated balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew and the exercise of lease renewal options is at the Company's sole discretion. The Company did not include the renewal options as part of the right of use assets and liabilities. The depreciable life of assets and leasehold improvements is limited by the expected lease term. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. 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 March 31, 2026 and December 31, 2025, respectively: As of March 31, 2026 December 31, 2025 Weighted average remaining lease term (in years) 5.42 5.57 Weighted average discount rate 7.36 % 7.36 % 10 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 March 31, 2026 2025 Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 6,330 $ 5,957 Real estate leases - Interest expense 2,688 3,129 Equipment leases - Right-of-use lease asset amortization 410 424 Equipment leases - Interest expense 49 45 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 2026 $ 32,654 $ 43,665 2027 41,441 40,976 2028 27,348 26,884 2029 20,324 20,251 2030 17,429 17,429 After 2030 40,675 40,674 Total lease payments $ 179,871 $ 189,879 Less interest ( 32,348 ) ( 34,951 ) Present value of lease liabilities $ 147,523 $ 154,928 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). 11 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 5. Revenue from contracts with customers Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of its past experiences, the time period during which uncertainties are expected to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties. The Company earns revenue from contracts with customers and other sources (principal transactions, interest and other). The following provides detailed information on the recognition of the Company's revenue from contracts with customers: Commissions Commissions from Sales and Trading — The Company earns commission revenue by executing, settling and clearing transactions with clients primarily in exchange-traded and over-the-counter corporate equity and debt securities, money market instruments and exchange-traded options and futures contracts. A substantial portion of the Company's revenue is derived from commissions from private clients through accounts with transaction-based pricing. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenue associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, is recognized at a point in time on trade date when the performance obligation is satisfied. Commission revenue is generally paid on settlement date, which is generally one business day after trade date. The Company records a receivable on the trade date and receives a payment on the settlement date. Mutual Fund Income — The Company earns mutual fund income for sales and distribution of mutual fund shares, which consists of a fixed fee amount and a variable amount. The Company recognizes mutual fund income at a point in time on the trade date when the performance obligation is satisfied which is when the mutual fund interest is sold to the investor. The ongoing distribution fees for distributing investment products from mutual fund companies are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. The Company recognizes distribution fees over the investment period as the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. Mutual fund income is generally received within 90 days. 12 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) Advisory Fees The Company earns management and performance (or incentive) fees in connection with the advisory and asset management services it provides to various types of funds, asset-based programs and investment vehicles through its subsidiaries. Management fees are generally based on the account value at the valuation date per the respective asset management agreements and are recognized over time as the customer receives the benefits of the services evenly throughout the term of the contract. Performance fees are recognized when the return on client AUM exceeds a specified benchmark return or other performance targets over a 12-month measurement period are met. Performance fees are considered variable as they are subject to fluctuation and/or are contingent on a future event over the measurement period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Both management and performance fees are generally received within 90 days. Investment Banking 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. These fees are generally received within 90 days after the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenue and related expenses are presented gross on the condensed consolidated income statements. Revenue from financial advisory services includes fees generated in connection with mergers, acquisitions and restructuring transactions. Such revenue and fees are primarily recorded at a point in time when services for the performance obligations have been completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Payment for advisory services is generally due upon a completion of the transaction or milestone. Retainer fees and fees earned from certain advisory services are recognized ratably over the service period as the customer receives the benefit of the services throughout the term of the contracts, and such fees are collected based on the terms of the contracts. Bank Deposit Sweep Income Bank deposit sweep income consists of revenue earned from the FDIC-insured bank deposit program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. Fees are earned over time and are generally received within 30 days. 13 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 months ended March 31, 2026 and 2025: (Expressed in thousands) For the Three Months Ended March 31, 2026 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 51,567 $ 67,941 $ 14 $ 119,522 Mutual fund and insurance income 8,811 1 7 8,819 Advisory fees 141,694 — 24 141,718 Investment banking - capital markets 3,935 30,521 — 34,456 Investment banking - advisory 268 62,996 — 63,264 Bank deposit sweep income 26,118 — — 26,118 Other 4,211 48 1,216 5,475 Total revenue from contracts with customers 236,604 161,507 1,261 399,372 Other sources of revenue: Interest 20,863 15,418 1,250 37,531 Principal transactions, net ( 897 ) 11,905 ( 221 ) 10,787 Other ( 2,890 ) 292 3 ( 2,595 ) Total other sources of revenue 17,076 27,615 1,032 45,723 Total revenue $ 253,680 $ 189,122 $ 2,293 $ 445,095 (Expressed in thousands) For the Three Months Ended March 31, 2025 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 48,767 $ 53,948 $ 12 $ 102,727 Mutual fund and insurance income 8,144 1 6 8,151 Advisory fees 128,792 — 11 128,803 Investment banking - capital markets 2,962 18,699 — 21,661 Investment banking - advisory — 25,962 — 25,962 Bank deposit sweep income 30,075 — — 30,075 Other 4,349 1,108 1,313 6,770 Total revenue from contracts with customers 223,089 99,718 1,342 324,149 Other sources of revenue: Interest 21,485 13,454 1,430 36,369 Principal transactions, net ( 587 ) 9,795 ( 233 ) 8,975 Other ( 2,001 ) 294 39 ( 1,668 ) Total other sources of revenue 18,897 23,543 1,236 43,676 Total revenue $ 241,986 $ 123,261 $ 2,578 $ 367,825 14 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) Contract Assets and Liabilities The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records contract assets when payment is due from a client conditioned on future performance or the occurrence of other events. 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 $ 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 March 31, 2026 December 31, 2025 Receivables Commission (1) $ 7,618 $ 5,011 Mutual fund and insurance income (2) 6,199 6,106 Advisory fees (3) 4,873 24,166 Bank deposit sweep income (4) 4,192 3,876 Investment banking fees (5) 21,544 25,414 Other 5,695 8,221 Total receivables $ 50,121 $ 72,794 Deferred revenue (payables): Investment banking fees (6) $ 1,153 $ 286 Software license fees (7) 1,289 1,846 $ 2,442 $ 2,132 (1) Commissions earned but not yet received (2) Mutual fund and insurance income earned but not yet received (3) Management and performance fees earned but not yet received (4) Fees earned from FDIC-insured bank deposit program but not yet received (5) Underwriting revenue and advisory fees earned but not yet received (6) Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied (7) Software license fees received upfront from customers and recognized ratably over the contract period 15 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 6. Earnings per share 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 March 31, 2026 2025 Basic weighted average number of shares outstanding 10,642,909 10,465,771 Net dilutive effect of share-based awards, treasury stock method (1) — 812,168 Diluted weighted average number of shares outstanding 10,642,909 11,277,939 Net (loss) income attributable to Oppenheimer Holdings Inc. $ ( 20,578 ) $ 30,655 (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 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. 7. Receivables from and payables to brokers, dealers and clearing organizations (Expressed in thousands) As of March 31, 2026 December 31, 2025 Receivables from brokers, dealers and clearing organizations consisting of: Securities borrowed $ 158,057 $ 160,006 Receivables from brokers 48,775 51,080 Securities failed to deliver 20,360 2,583 Clearing organizations 28,846 27,215 Trade date receivables 33,430 14,800 Other 5,908 4,317 Total $ 295,376 $ 260,001 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 Clearing organizations and other 4,077 8,001 Total $ 374,933 $ 397,997 16 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 8. Fair value measurements Securities owned, securities sold but not yet purchased, investments, derivative contracts and certain loans are carried at fair value with changes in fair value recognized in earnings each period. Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A description of the valuation techniques applied and inputs used in measuring the fair value of the Company’s financial instruments, as well as the general classification of such instruments pursuant to the valuation hierarchy, are as follows: Securities The Company determines the fair value of securities (both long and short) primarily based on pricing sources with reasonable levels of price transparency. Where unadjusted quoted prices for identical assets or liabilities are available in an active market, we classify the securities within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities, money market funds and corporate equities. If quoted market prices are unavailable, fair values are generally determined using pricing models which incorporate market observable inputs, such as benchmark yields, recently executed transaction prices, issuer spreads, reported trades, bids, offers and other reference data. Examples of such instruments, which are typically classified within Level 2 of the valuation hierarchy, include U.S. Agency securities, sovereign obligations, corporate debt and other obligations, mortgage and other asset-backed securities, municipal obligations, money market funds and convertible bonds. 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 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 The Company classifies exchange-traded derivative financial instruments such as futures contracts in Level 1 of the valuation hierarchy. Some of our derivative positions, such as to-be-announced securities, are valued using models that use observable market parameters, and we classify them in Level 2 of the valuation hierarchy. Loans The fair value of loans is estimated using recently executed transactions and current price quotations, which are usually observable. 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. Other The Company owns an equity method investment in a financial technologies firm. The Company elected the fair value option for this investment and it is included in other assets on the condensed consolidated balance sheet. The Company determined the fair value of the investment based on an implied market-multiple approach and observable market data, including comparable company transactions. 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. 17 Table of Contents 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. Investments 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 March 31, 2026: (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equity funds (1) $ 10,543 $ 741 N/A N/A $ 10,543 $ 741 (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: (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equity funds (2) $ 5,555 $ 741 N/A N/A $ 5,555 $ 741 (1) Private equity funds includes portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities 18 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) Assets and Liabilities Measured at Fair Value 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 March 31, 2026 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 28,237 $ — $ — $ 28,237 Securities owned: U.S. Treasury securities 1,160,684 — — 1,160,684 U.S. Agency securities — 5,878 — 5,878 Sovereign obligations — 5,316 — 5,316 Corporate debt and other obligations — 7,990 2,153 10,143 Mortgage and other asset-backed securities — 2,140 — 2,140 Municipal obligations — 28,350 — 28,350 Convertible bonds — 17,826 — 17,826 Corporate equities 29,053 — 1,170 30,223 Money markets 5,000 230 — 5,230 Other debt securities (3) — — 128 128 Securities owned, at fair value 1,194,737 67,730 3,451 1,265,918 Investments (1) 1,600 10,499 17,000 29,099 Loans (1) — 296 — 296 Derivative contracts: (2) TBAs — 98 — 98 Derivative contracts, total — 98 — 98 Total $ 1,224,574 $ 78,623 $ 20,451 $ 1,323,648 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 209,798 $ — $ — $ 209,798 U.S. Agency securities — 2 — 2 Sovereign obligations — 997 — 997 Corporate debt and other obligations — 1,275 — 1,275 Convertible bonds — 10,652 — 10,652 Corporate equities 9,080 — — 9,080 Securities sold but not yet purchased, at fair value 218,878 12,926 — 231,804 Derivative contracts: (2) Futures 3,812 — — 3,812 TBAs — 92 — 92 Derivative contracts, total 3,812 92 — 3,904 Total $ 222,690 $ 13,018 $ — $ 235,708 (1) Included in other assets 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 19 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025: (Expressed in thousands) Fair Value Measurements as of December 31, 2025 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 27,996 $ — $ — $ 27,996 Securities owned: U.S. Treasury securities 1,151,564 — — 1,151,564 U.S. Agency securities — 5,925 — 5,925 Sovereign obligations — 1,223 — 1,223 Corporate debt and other obligations — 3,989 2,064 6,053 Mortgage and other asset-backed securities — 2,109 — 2,109 Municipal obligations — 28,926 — 28,926 Convertible bonds — 20,500 — 20,500 Corporate equities 28,200 — 1,170 29,370 Money markets 5,000 4 — 5,004 Other debt securities (3) — — 128 128 Securities owned, at fair value 1,184,764 62,676 3,362 1,250,802 Investments (1) 1,600 13,695 17,000 32,295 Loans (1) — 653 — 653 Derivative contracts: (2) TBAs — 34 — 34 Derivative contracts, total — 34 — 34 Total $ 1,214,360 $ 77,058 $ 20,362 $ 1,311,780 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 155,518 $ — $ — $ 155,518 U.S. Agency securities — 1 — 1 Sovereign obligations — 2,410 — 2,410 Corporate debt and other obligations — 1,965 — 1,965 Convertible bonds — 6,096 — 6,096 Corporate equities 9,722 — — 9,722 Securities sold but not yet purchased, at fair value 165,240 10,472 — 175,712 Derivative contracts: (2) Futures 133 — — 133 TBAs — 27 — 27 Derivative contracts, total 133 27 — 160 Total $ 165,373 $ 10,499 $ — $ 175,872 (1) Included in other assets 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 20 Table of Contents 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 three-months periods ended March 31, 2026 and 2025: (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended March 31, 2026 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Gain (2) and Issuances Settlements In (Out) Balance Assets Corporate debt and other obligations 1,170 — — — — 1,170 Corporate equities 2,064 89 — — — 2,153 Private equity securities (3) 17,000 — — — — 17,000 Other debt 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 (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 Three Months Ended March 31, 2025 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Gain (2) and Issuances Settlements In (Out) Balance Assets Trade claims $ 2,684 $ — $ 534 $ — $ — $ 3,218 Other debt securities (1) 2,652 206 — ( 2,730 ) — 128 (1) Represents auction rate securities that failed in the auction rate market (2) Included in principal transactions in the condensed consolidated income statement Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the condensed consolidated balance sheets. The table below excludes non-financial assets and liabilities (e.g., furniture, equipment and leasehold improvements and accrued compensation). 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. 21 Table of Contents 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: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 34,601 $ 34,601 $ — $ — $ 34,601 Deposits with clearing organizations 85,993 85,993 — — 85,993 Receivables from brokers, dealers and clearing organizations: Securities borrowed 158,057 — 158,057 — 158,057 Receivables from brokers 48,775 — 48,775 — 48,775 Securities failed to deliver 20,360 — 20,360 — 20,360 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 Receivables from customers 1,483,755 — 1,483,755 — 1,483,755 Notes receivable, net 55,137 — 55,137 55,137 Company-owned life insurance 106,144 — 106,144 — 106,144 Investments (1) 2,924 — 2,924 — 2,924 (1) Included within other assets on the condensed consolidated balance sheet (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 19,754 $ 19,754 $ — $ — $ 19,754 Bank call loans 287,900 — 287,900 — 287,900 Payables to brokers, dealers and clearing organizations: Securities loaned 320,163 — 320,163 — 320,163 Payables to brokers 1,136 — 1,136 — 1,136 Securities failed to receive 49,557 — 49,557 — 49,557 Clearing organization and other 173 — 173 — 173 371,029 — 371,029 — 371,029 Payables to customers 376,343 — 376,343 — 376,343 Securities sold under agreements to repurchase 968,346 — 968,346 — 968,346 22 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) Assets and liabilities not measured at fair value as of December 31, 2025: (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 38,405 $ 38,405 $ — $ — $ 38,405 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 Receivables from brokers 51,080 — 51,080 — 51,080 Securities failed to deliver 2,583 — 2,583 — 2,583 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 Receivables from customers 1,415,049 — 1,415,049 — 1,415,049 Notes receivable, net 57,965 — 57,965 — 57,965 Company-owned life insurance 109,094 — 109,094 — 109,094 Investments (1) 2,114 — 2,114 — 2,114 (1) Included within other assets on the condensed consolidated balance sheet (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 18,347 $ 18,347 $ — $ — $ 18,347 Bank call loans 76,800 — 76,800 — 76,800 Payables to brokers, dealers and clearing organizations: Securities loaned 370,331 — 370,331 — 370,331 Payables to brokers 728 — 728 — 728 Securities failed to receive 18,937 — 18,937 — 18,937 Clearing organizations and other 7,841 — 7,841 — 7,841 397,837 — 397,837 — 397,837 Payables to customers 393,694 — 393,694 — 393,694 Securities sold under agreements to repurchase 997,192 — 997,192 — 997,192 Derivative Instruments and Hedging Activities The Company transacts, on a limited basis, in exchange traded and over-the-counter derivatives for both asset and liability management as well as for trading and investment purposes. Risks managed using derivative instruments include interest rate risk and, to a lesser extent, foreign exchange risk. All derivative instruments are measured at fair value and are recognized as either assets or liabilities on the condensed consolidated balance sheet. Foreign exchange hedges From time to time, the Company also utilizes forward and options contracts to hedge the foreign currency risk associated with compensation obligations to Oppenheimer Israel (OPCO) Ltd. employees denominated in New Israeli Shekel ("NIS"). Such hedges have not been designated as accounting hedges. Any unrealized gains and losses on foreign exchange forward contracts 23 Table of Contents 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 Futures contracts represent commitments to purchase or sell securities or other commodities at a future date and at a specified price. Market risk exists with respect to these instruments. Notional or contractual amounts are used to express the volume of these transactions and do not represent the amounts potentially subject to market risk. The Company uses futures contracts, including U.S. 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 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 The Company also transacts in pass-through mortgage-backed securities eligible to be sold in the TBA market as economic hedges against mortgage-backed securities that it owns or has sold but not yet purchased. TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. 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 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 March 31, 2026 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 20,075 $ 98 $ 20,075 $ 98 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 14,420,000 $ 3,812 Other contracts TBAs 20,075 92 $ 14,440,075 $ 3,904 (1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. 24 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2025 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 9,900 $ 34 $ 9,900 $ 34 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 13,960,000 $ 133 Other contracts TBAs 9,900 27 $ 13,969,900 $ 160 (1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. 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 months ended March 31, 2026 and 2025: (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended March 31, 2026 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain/(Loss) 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 ) $ 3,929 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended March 31, 2025 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Loss Commodity contracts Futures Principal transactions revenue, net $ ( 1,138 ) $ ( 1,138 ) 25 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 9. Collateralized transactions The Company enters into collateralized borrowing and lending transactions in order to meet customers' needs and earn interest rate spreads, obtain securities for settlement and finance trading inventory positions. Under these transactions, the Company either receives or provides collateral, including U.S. Government and Agency, asset-backed, corporate debt, equity, and non-U.S. Government and Agency securities. 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 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. Except as described below, repurchase and reverse repurchase agreements, principally involving U.S. Government and Agency securities, are carried at amounts at which the securities subsequently will be resold or reacquired as specified in the respective agreements and include accrued interest. 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 March 31, 2026: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury securities $ 1,162,210 Securities loaned: Corporate equities 320,163 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,482,373 26 Table of Contents OPPENHEIMER HOLDINGS INC. 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 March 31, 2026 and December 31, 2025: As of March 31, 2026 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 193,864 $ ( 193,864 ) $ — $ — $ — $ — Securities borrowed (1) 158,057 — 158,057 ( 157,144 ) — 913 Total $ 351,921 $ ( 193,864 ) $ 158,057 $ ( 157,144 ) $ — $ 913 (1) Included in receivables from brokers, dealers and clearing organizations on the condensed consolidated balance sheet (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 1,162,210 $ ( 193,864 ) $ 968,346 $ ( 968,346 ) $ — $ — Securities loaned (2) 320,163 — 320,163 ( 318,425 ) — 1,738 Total $ 1,482,373 $ ( 193,864 ) $ 1,288,509 $ ( 1,286,771 ) $ — $ 1,738 (2) Included in payables to brokers, dealers and clearing organizations on the condensed consolidated balance sheet As of December 31, 2025 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 175,765 $ ( 175,765 ) $ — $ — $ — $ — Securities borrowed (1) 160,006 — 160,006 ( 152,278 ) — 7,728 Total $ 335,771 $ ( 175,765 ) $ 160,006 $ ( 152,278 ) $ — $ 7,728 (1) Included in receivables from brokers, dealers and clearing organizations on the condensed consolidated balance sheet (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 1,172,957 $ ( 175,765 ) $ 997,192 $ ( 997,192 ) $ — $ — Securities loaned (2) 370,331 — 370,331 ( 357,814 ) — 12,517 Total $ 1,543,288 $ ( 175,765 ) $ 1,367,523 $ ( 1,355,006 ) $ — $ 12,517 (2) Included in payables to brokers, dealers and clearing organizations on the condensed consolidated balance sheet 27 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) The Company receives collateral in connection with securities borrowed and reverse repurchase agreement transactions and customer margin loans. 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 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 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. The Company manages market risk of repurchase agreements and securities loaned by monitoring the market value of collateral held and the market value of securities receivable from others. It is the Company's policy to request and obtain additional collateral when exposure to loss exists. In the event the counterparty is unable to meet its contractual obligation to return the securities, the Company may be exposed to off-balance sheet risk of acquiring securities at prevailing market prices. Credit Concentrations Credit concentrations may arise from trading, investing, underwriting and financing activities and may be impacted by changes in economic, industry or political factors. In the normal course of business, the Company may be exposed to credit risk in the event customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill their contractual obligations. The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate. 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 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. Clients are required to complete their transactions on the settlement date, generally one business day after the trade date. If clients do not fulfill their contractual obligations, the Company may incur losses. 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 March 31, 2026 are with the FICC . In addition, the Company clears its non-U.S. international equities business carried on by Oppenheimer Europe Ltd. through Global Prime Partners, Ltd., a global clearing financial institution located in the United Kingdom. The clearing organizations have the right to charge the Company for losses that result from a client's failure to fulfill its contractual obligations. Accordingly, the Company has credit exposures with these clearing brokers. The clearing brokers can re-hypothecate the securities held on behalf of the Company. 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 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. 28 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 10. Variable interest entities ("VIEs") 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 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. 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 Assets Cash and cash equivalents $ 250 $ 250 Other assets 18,350 18,350 Total Assets 18,600 18,600 Liabilities 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 Liabilities — — Unfunded commitments — — Maximum loss exposure $ 3,323 $ 3,234 29 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 11. Income taxes 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. 12. Stockholders' Equity The Company's authorized shares consist of (a) 50,000,000 shares of Preferred Stock, par value $ 0.001 per share; (b) 50,000,000 shares of Class A Stock, par value $ 0.001 per share; and (c) 99,665 shares of Class B Stock, par value $ 0.001 per share. No Preferred Stock has been issued. 99,665 shares of Class B Stock have been issued and are outstanding. The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting. The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended March 31, 2026 2025 Class A Stock outstanding, beginning of period 10,387,575 10,231,736 Issued pursuant to share-based compensation plans 220,765 195,624 Repurchased and cancelled — ( 1,530 ) Class A Stock outstanding, end of period 10,608,340 10,425,830 Stock buy-back 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. 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. 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. 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 and capital availability. The share repurchase program does not obligate the 30 Table of Contents 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. 13. Commitments and Contingencies 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 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 Many aspects of the Company's business involve substantial risks of liability. In the normal course of business, the Company has been named as defendant or co-defendant in various legal actions, including arbitrations, class actions and other litigation, creating substantial exposure and periodic expenses. Certain of the actual or threatened legal matters include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. These proceedings arise primarily from securities brokerage, asset management and investment banking activities. The Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Company's business, which may result in expenses, adverse judgments, settlements, fines, penalties, injunctions or other relief. The investigations include inquiries from the SEC, the Financial Industry Regulatory Authority ("FINRA") and other regulators. The Company accrues for estimated loss contingencies related to legal and regulatory matters within other expenses in the condensed consolidated income statement when available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. In many proceedings, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is often not possible to reasonably estimate the size of the possible loss or range of loss or possible additional losses or range of additional losses. For certain legal and regulatory proceedings, the Company cannot reasonably estimate such losses, particularly for proceedings that are in their early stages of development or where plaintiffs seek substantial, indeterminate or special damages. Counsel may be required to review, analyze and resolve numerous issues, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the proceedings in question, before the Company can reasonably estimate a loss or range of loss or additional loss for the proceeding. Even after lengthy review and analysis, the Company, in many legal and regulatory proceedings, may not be able to reasonably estimate possible losses or range of losses. For certain other legal and regulatory proceedings, the Company can estimate possible losses, or range of loss in excess of amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses individually, or in the aggregate, will have a material adverse effect on the Company's condensed consolidated financial statements as a whole. 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 31 Table of Contents 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. The foregoing aggregate estimate is based on various factors, including the varying stages of the proceedings (including the fact that some are currently in preliminary stages), the numerous yet-unresolved issues in many of the proceedings and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Company's estimate will change from time to time, and actual losses may be more than the current estimate. 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. Oppenheimer Holdings Inc., Oppenheimer & Co. Inc., and Oppenheimer Asset Management Inc., was filed in the U.S. 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 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. On October 4, 2025, the court issued an order dismissing Oppenheimer Holdings Inc. and Oppenheimer Asset Management Inc. 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 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. 14. Regulatory requirements The Company's U.S. 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 March 31, 2026, the net capital of Oppenheimer 32 Table of Contents 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. 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: • Common Equity Tier 1 ratio 157 % (required 56.0 %); • Tier 1 Capital ratio 157 % (required 75.0 %); and • Total Capital ratio 209 % (required 100.0 %). As of March 31, 2026, Oppenheimer Europe Ltd. was in compliance with its regulatory requirements. 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 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. 15. Segment information The Company has determined its reportable segments based on the Company's method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. 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 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. The Company's reportable segments are: Wealth Management — includes commissions and fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees, net contributions from stock loan activities and financing activities, and direct expenses; and 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. 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. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. 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 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 months ended March 31, 2026 and 2025. There are no 33 Table of Contents 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 March 31, 2026 Wealth Management Capital Markets Corporate/Other Total Revenue $ 253,680 $ 189,122 $ 2,293 $ 445,095 Less : Compensation expenses (1) 155,800 112,639 27,562 296,001 Other segment items (2) 54,326 41,042 80,727 176,095 Pre-tax income (loss) $ 43,554 $ 35,441 $ ( 105,996 ) $ ( 27,001 ) (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 Three Months Ended March 31, 2025 Wealth Management Capital Markets Corporate/Other Total Revenue $ 241,986 $ 123,261 $ 2,578 $ 367,825 Less : Compensation expenses (1) 119,648 87,344 20,099 227,091 Other segment items (2) 54,474 41,014 3,870 99,358 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. 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 March 31, 2026 2025 Americas $ 423,036 $ 354,709 Europe/Middle East 21,358 12,352 Asia 701 764 Total $ 445,095 $ 367,825 16. Subsequent events 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. 34 Table of Contents