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Item 1. Financial Statements

2026-07-31 compared with 2026-05-01 · 334 added, 247 removed, 837 unchanged (41% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

March 31, 2026 December 31, 2025

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

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

Cash and cash equivalents $ 38,453 $ 38,405

3 unchanged sentences

1,550,773 1,415,049

Income tax receivable 1,403 1,406

Income tax receivables 5,997 1,406

Securities owned, including amounts pledged of $ 1,226,378 ($ 1,179,503 in 2025), at fair value

27 unchanged sentences

Common stock ($ 0.001 par value per share):

shares authorized:

shares issued and outstanding:

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 March 31, 2026 and December 31, 2025

10,608,340 and 10,387,575 as of June 30, 2026 and December 31, 2025, respectively

shares issued and outstanding:

99,665 as of each of June 30, 2026 and December 31, 2025

Additional paid-in capital 28,124 32,703

3 unchanged sentences

stockholders' equity 983,440 983,823

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

Noncontrolling interest 13,215 13,206

Total Stockholders' Equity 996,655 997,029

4 unchanged sentences

CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited)

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

(Expressed in thousands, except number of shares and per share amounts) 2026 2025

Commissions $ 127,538 $ 110,025 $ 255,879 $ 220,903

13 unchanged sentences

Total expenses 415,431 340,968 887,527 667,417

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.

Pre-tax income 39,445 32,210 12,444 73,586

Income tax provision 12,094 10,536 5,662 21,257

Net income $ 27,351 $ 21,674 $ 6,782 $ 52,329

Net income attributable to noncontrolling interest, net of tax — — 9 —

Net income attributable to Oppenheimer Holdings Inc.

$ 27,351 $ 21,674 $ 6,773 $ 52,329

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

Earnings per share attributable to Oppenheimer Holdings Inc.

Basic $ 2.55 $ 2.06 $ 0.63 $ 4.99

4 unchanged sentences

Period end shares outstanding 10,708,005 10,517,924 10,708,005 10,517,924

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

(1) Included in other expenses for the six months ended June 30, 2026 was a $ 70 million expense related to the settlement of the “cash sweep” program litigation.

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

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)

(Expressed in thousands) For the Three Months Ended

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

Other comprehensive income (loss), net of tax

For the Three Months Ended June 30,

For the Six Months Ended

(Expressed in thousands) 2026 2025 2026 2025

Net income $ 27,351 $ 21,674 $ 6,782 $ 52,329

Other comprehensive income, net of tax

Currency translation adjustment 1,278 2,146 1,491 1,659

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

Net income attributable to non-controlling interests 9 —

Comprehensive (loss) income attributable to Oppenheimer Holdings Inc.

Comprehensive income 28,629 23,820 8,273 53,988

Net income attributable to noncontrolling interests — — 9 —

Comprehensive attributable to Oppenheimer Holdings Inc.

$ 28,629 $ 23,820 $ 8,264 $ 53,988

2 unchanged sentences

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

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

(Expressed in thousands, except per share amounts) For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026 2025 2026 2025

Common stock ($ 0.001 par value per share)

11 unchanged sentences

Balance at beginning of period 924,908 848,721 947,413 819,961

Net (loss) income (1)

Repurchase of Class A non-voting common stock for cancellation — ( 580 ) — ( 580 )

Net income (1)

27,351 21,674 6,773 52,329

1 unchanged sentence

Balance at end of period 950,117 867,922 950,117 867,922

Accumulated other comprehensive income (loss)

Accumulated other comprehensive income

Balance at beginning of period 3,910 204 3,697 691

3 unchanged sentences

stockholders' equity $ 983,440 $ 896,858 $ 983,440 $ 896,858

Non-controlling interest

Noncontrolling interest

Balance at beginning of period 13,215 — 13,206 —

Net income attributable to non-controlling interest 9 —

Net income attributable to noncontrolling interest — — 9 —

Balance at end of period 13,215 — 13,215 —

6 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

FOR THE THREE MONTHS ENDED MARCH 31,

FOR THE SIX MONTHS ENDED JUNE 30,

(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:

Net income $ 6,782 $ 52,329

Adjustments to reconcile net income to net cash used in operating activities

Non-cash items included in net income:

Depreciation and amortization of furniture, equipment and leasehold improvements 5,076 5,527

2 unchanged sentences

Amortization of notes receivable 8,087 8,968

Reversal of credit losses 22 ( 10 )

Provision for (reversal of) credit losses 34 ( 6 )

Paid-in-kind interest ( 179 ) ( 52 )

23 unchanged sentences

Proceeds from the settlement of company-owned life insurance 1,598 1,549

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

Cash used in investing activities ( 432 ) ( 1,259 )

Cash flows from financing activities

4 unchanged sentences

Cash provided by financing activities 245,487 57,398

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

Net increase in cash and cash equivalents 48 4,468

Table of Content

(Expressed in thousands) 2026 2025

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

Cash and cash equivalents, end of period $ 38,453 $ 37,618

Reconciliation of cash and cash equivalents within the condensed consolidated balance sheets:

Cash and cash equivalents $ 34,601 $ 36,696

Total cash and cash equivalents $ 34,601 $ 36,696

Schedule of non-cash financing activities

21 unchanged sentences

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.

In addition, Oppenheimer (Switzerland) AG, based in Zurich, Switzerland, was formed in late 2025 and has not yet commenced substantive operations.

Upon completion of its registration with the Swiss Financial Market Supervisory Authority (“FINMA”), and receipt of other customary approvals, it intends to provide wealth management services to non-U.S.

high net worth and ultra-high net worth clients.

Summary of significant accounting policies and estimates

9 unchanged sentences

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.

The condensed consolidated results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for any future interim or annual period.

OPPENHEIMER HOLDINGS INC.

5 unchanged sentences

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).

As of June 30, 2026, the Company had $ 53.5 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.

8 unchanged sentences

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.

For the three and six months ended June 30, 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.

As of June 30, 2026, the balance of defaulted notes was $ 3.1 million and the allowance for uncollectibles was $ 2.4 million.

The allowance for uncollectibles consisted of $ 2.0 million related to defaulted notes balances (five years and older) and $ 0.4 million (under five years).

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

The following table presents the disaggregation of defaulted notes by year of default as of June 30, 2026:

(Expressed in thousands)

As of March 31, 2026

As of June 30, 2026

2021 and prior 2,006

2 unchanged sentences

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:

The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and six months ended June 30, 2026 and 2025:

(Expressed in thousands)

For the Three Months Ended

For the Six Months Ended

2026 2025 2026 2025

Beginning balance $ 2,552 $ 2,983 $ 2,117 $ 2,815

Additions — 128 351 296

Reversal ( 84 ) — — —

Write-offs ( 63 ) ( 255 ) ( 63 ) ( 255 )

Ending balance $ 2,405 $ 2,856 $ 2,405 $ 2,856

14 unchanged sentences

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 of June 30, 2026, the Company had right-of-use operating lease assets of $ 108.8 million (net of accumulated amortization of $ 150.3 million) which are comprised of real estate leases of $ 105.8 million (net of accumulated amortization of $ 148.1 million) and equipment leases of $ 3.0 million (net of accumulated amortization of $ 2.2 million).

As of June 30, 2026, the Company had operating lease liabilities of $ 141.2 million which are comprised of real estate lease liabilities of $ 138.2 million and equipment lease liabilities of $ 3.0 million.

The Company had no finance leases as of June 30, 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:

March 31, 2026

The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of June 30, 2026 and December 31, 2025, respectively:

2026 December 31,

3 unchanged sentences

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

The following table presents operating lease costs recognized for the three and six months ended June 30, 2026 and June 30, 2025, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements:

(Expressed in thousands)

For the Three Months Ended

For the Six Months Ended

2026 2025 2026 2025

Operating lease costs:

3 unchanged sentences

Equipment leases - Interest expense 52 48 101 93

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

The maturities of lease liabilities as of June 30, 2026 and December 31, 2025 are as follows:

(Expressed in thousands)

June 30, 2026

December 31, 2025

8 unchanged sentences

Present value of lease liabilities $ 141,185 $ 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).

As of June 30, 2026, the Company had $ 11.3 million of additional real estate operating leases that have not yet commenced ($ 9.5 million as of December 31, 2025).

OPPENHEIMER HOLDINGS INC.

49 unchanged sentences

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

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 six months ended June 30, 2026 and 2025:

(Expressed in thousands) For the Three Months Ended June 30, 2026

Reportable Segments

15 unchanged sentences

Total revenue $ 272,671 $ 179,163 $ 3,042 $ 454,876

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

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

Reportable Segments

17 unchanged sentences

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands) For the Six Months Ended June 30, 2026

Reportable Segments

Wealth Management Capital Markets Corporate/Other Total

Revenue from contracts with customers:

Commissions from sales and trading $ 102,373 $ 136,150 $ 26 $ 238,549

Mutual fund and insurance income 17,317 2 11 17,330

Advisory fees 287,243 — 40 287,283

Investment banking - capital markets 7,486 53,165 — 60,651

Investment banking - advisory 268 121,133 — 121,401

Bank deposit sweep income 51,073 — — 51,073

Other 8,994 921 2,526 12,441

Total revenue from contracts with customers 474,754 311,371 2,603 788,728

Other sources of revenue:

Interest 42,784 31,428 2,612 76,824

Principal transactions, net 1,859 25,053 114 27,026

Other 6,954 433 6 7,393

Total other sources of revenue 51,597 56,914 2,732 111,243

Total revenue $ 526,351 $ 368,285 $ 5,335 $ 899,971

(Expressed in thousands) For the Six Months Ended June 30, 2025

Reportable Segments

Wealth Management Capital Markets Corporate/Other Total

Revenue from contracts with customers:

Commissions from sales and trading $ 95,970 109,165 25 $ 205,160

Mutual fund and insurance income 15,729 2 12 15,743

Advisory fees 254,402 — 29 254,431

Investment banking - capital markets 5,720 36,987 — 42,707

Investment banking - advisory — 48,449 — 48,449

Bank deposit sweep income 58,729 — — 58,729

Other 7,969 1,655 2,711 12,335

Total revenue from contracts with customers 438,519 196,258 2,777 637,554

Other sources of revenue:

Interest 43,428 27,706 3,252 74,386

Principal transactions, net 1,386 21,846 275 23,507

Other 5,074 432 50 5,556

Total other sources of revenue 49,888 49,984 3,577 103,449

Total revenue $ 488,407 $ 246,242 $ 6,354 $ 741,003

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Contract Assets and Liabilities

2 unchanged sentences

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 Company had receivables related to revenue from contracts with customers of $ 52.3 million and $ 72.8 million at June 30, 2026 and December 31, 2025, respectively.

The Company had no significant impairments related to these receivables during the three and six months ended June 30, 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

June 30, 2026 December 31, 2025

Commission (1)

19 unchanged sentences

(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.

5 unchanged sentences

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

For the Three Months Ended March 31,

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026 2025 2026 2025

Basic weighted average number of shares outstanding 10,708,005 10,520,219 10,675,637 10,493,145

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

775,281 828,830 705,123 815,834

Diluted weighted average number of shares outstanding 11,483,286 11,349,049 11,380,760 11,308,979

Net (loss) income attributable to Oppenheimer Holdings Inc.

Net income attributable to Oppenheimer Holdings Inc.

$ 27,351 $ 21,674 $ 6,773 $ 52,329

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

Earnings per share attributable to Oppenheimer Holdings Inc.

Basic 2.55 2.06 $ 0.63 4.99

Diluted 2.38 1.91 $ 0.60 4.63

(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.

(1) For the three and six months ended June 30, 2026, there were no shares of Class A Stock with anti-dilutive effect under share-based compensation arrangements but not yet issued or vested.

For the three months ended June 30, 2025, the diluted net income per share computation did not include the anti-dilutive effect of 199,850 shares of Class A Stock granted under share-based compensation arrangements but not yet issued or vested.

For the six months ended June 30, 2025, the diluted net income per share computation did not include the anti-dilutive effect of 202,475 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)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Receivables from brokers, dealers and clearing organizations consisting of:

3 unchanged sentences

Clearing organizations 56,929 27,215

Trade date receivables 33,430 14,800

Trade date receivables, net — 14,800

Other 7,479 4,317

4 unchanged sentences

Securities failed to receive 36,095 18,937

Trade date payables, net 181,210 —

Clearing organizations and other 9,864 8,001

14 unchanged sentences

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.

The Company 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 June 30, 2026, the Company had $ 2.2 million ($ 2.1 million as of December 31, 2025) and $ 1.2 million ($ 1.2 million as of December 31, 2025) of convertible note and warrants, respectively, in Level 3 assets.

Additionally, as of each of June 30, 2026 and December 31, 2025, 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.

Some of our derivative positions, such as to-be-announced ("TBA") securities, are valued using models that use observable market parameters, and we classify them in Level 2 of the valuation hierarchy.

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.

As of June 30, 2026 and December 31, 2025, the Company had $ 148,000 and $ 653,000 of loans, respectively, in Level 2 assets.

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.

The Company determined the fair value of the investment using observable market data, including comparable company transactions, to derive an implied market-multiple.

During the three months ended June 30, 2026, the investment was reclassified from Level 2 to Level 3 based on the Company's assessment of the observability of certain valuation inputs used in estimating fair value.

As of June 30, 2026 and December 31, 2025, the fair value of this investment was $ 6.3 million and $ 6.3 million, respectively.

OPPENHEIMER HOLDINGS INC.

1 unchanged sentence

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.

As of each of June 30, 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.

2 unchanged sentences

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:

The following table provides information about the Company's investments in Company-sponsored funds as of June 30, 2026:

(Expressed in thousands)

16 unchanged sentences

$ 5,555 $ 741

(1) 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

OPPENHEIMER HOLDINGS INC.

1 unchanged sentence

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

The Company's assets and liabilities, recorded at fair value on a recurring basis as of June 30, 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 June 30, 2026 :

(Expressed in thousands) Fair Value Measurements as of June 30, 2026

Level 1 Level 2 Level 3 Total

10 unchanged sentences

Money markets 5,000 13 — 5,013

Other debt securities (3)

Securities owned, at fair value 1,246,941 282,204 3,412 1,532,557

1 unchanged sentence

1,622 4,301 23,286 29,209

Derivative contracts:

TBAs — 98 — 98

Derivative contracts, total — 98 — 98

Total $ 1,285,971 $ 286,653 $ 26,698 $ 1,599,322

9 unchanged sentences

Futures 4,889 — — 4,889

TBAs — 92 — 92

Derivative contracts, total 4,889 — — 4,889

2 unchanged sentences

(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.

1 unchanged sentence

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

(Expressed in thousands) Fair Value Measurements as of December 31, 2025

Level 1 Level 2 Level 3 Total

36 unchanged sentences

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

The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2026 and 2025:

(Expressed in thousands) Level 3 Assets and Liabilities

For the Three Months Ended June 30, 2026

Total Realized

4 unchanged sentences

Corporate equities 1,170 — — — — 1,170

Private equity securities (3)

17,000 — — — — 17,000

Other debt securities (1)

128 — — ( 128 ) — —

Investments (3)

17,000 — — — 6,286 23,286

(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

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

(3) Includes $ 17 million of 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 June 30, 2025

Total Realized

2 unchanged sentences

and Issuances Settlements In (Out) Balance

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

Corporate debt and other obligations — 32 1,830 — — 1,862

Other debt securities (1)

128 — — — — 128

Trade claims 3,218 957 — ( 4,175 ) — —

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

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

(Expressed in thousands) Level 3 Assets and Liabilities

For the Six Months Ended June 30, 2026

Total Realized

Beginning and Unrealized Purchases Sales and Transfers Ending

Balance Gain (2)

and Issuances Settlements In (Out) Balance

Corporate debt and other obligations $ 2,064 $ 178 $ — — $ — $ 2,242

Corporate equities 1,170 — — — — 1,170

Other debt securities (1)

128 — — ( 128 ) — —

Investments (3)

17,000 — — — 6,286 23,286

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

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

(3) Includes $ 17 million of equity security associated with a consolidated private equity fund sponsored by the Company

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands) Level 3 Assets and Liabilities

For the Six Months Ended June 30, 2025

Total Realized

Beginning and Unrealized Purchases Sales and Transfers Ending

Balance Gain (2)

and Issuances Settlements In (Out) Balance

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

Corporate debt and other obligations — 32 1,830 — — 1,862

Other debt securities (1)

2,652 206 — ( 2,730 ) — 128

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

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

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

Financial Instruments Not Measured at Fair Value

2 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.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

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

Assets and liabilities not measured at fair value as of June 30, 2026:

(Expressed in thousands) Fair Value Measurement:

7 unchanged sentences

Clearing organizations 56,929 — 56,929 — 56,929

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

Other 7,479 — 7,479 — 7,479

6 unchanged sentences

(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:

6 unchanged sentences

Securities failed to receive 36,095 — 36,095 — 36,095

Trade date payables, net 181,210 — 181,210 — 181,210

Clearing organization and other 4,975 — 4,975 — 4,975

2 unchanged sentences

Securities sold under agreements to repurchase 983,116 — 983,116 — 983,116

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

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

8 unchanged sentences

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

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

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

Other 4,283 — 4,283 — 4,283

6 unchanged sentences

(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:

18 unchanged sentences

Such hedges have not been designated as accounting hedges.

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.

Any 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.

Derivatives used for trading and investment purposes

10 unchanged sentences

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:

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

The notional amounts and fair values of the Company's derivatives as of June 30, 2026 and December 31, 2025 by product were as follows:

(Expressed in thousands)

Fair Value of Derivative Instruments as of March 31, 2026

Fair Value of Derivative Instruments as of June 30, 2026

Description Notional Fair Value

1 unchanged sentence

Other contracts TBAs $ 75 $ —

$ 20,075 $ 98

Derivatives not designated as hedging instruments (1)

5 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.

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:

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Three Months Ended March 31, 2026

For the Three Months Ended June 30, 2026

Recognized in Income on Derivatives

5 unchanged sentences

The Effect of Derivative Instruments in the Income Statement

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

Recognized in Income on Derivatives

Types Description Location Net Loss

Types Description Location Net Gain

Commodity contracts Futures Principal transactions revenue, net $ 393

Other contracts TBAs Principal transactions revenue, net 16

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Six Months Ended June 30, 2026

Recognized in Income on Derivatives

Types Description Location Net Gain/(Loss)

Commodity contracts Futures Principal transactions revenue, net $ 7,238

Other contracts Foreign exchange forward contracts Other revenue/(Compensation and related expenses) ( 20 )

Other contracts TBAs Principal transactions revenue, net 34

(Expressed in thousands)

The Effect of Derivative Instruments in the Income Statement

For the Six Months Ended June 30, 2025

Recognized in Income on Derivatives

Types Description Location Net Gain/(Loss)

Commodity contracts Futures Principal transactions revenue, net $ ( 745 )

Other contracts TBAs Principal transactions revenue, net 16

OPPENHEIMER HOLDINGS INC.

7 unchanged sentences

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.

As of June 30, 2026, the outstanding balance of bank call loans was $ 349.9 million ($ 76.8 million as of December 31, 2025).

As of June 30, 2026, such loans with commercial banks were collateralized by the Company's securities and customer securities with market values of approximately $ 37.5 million and $ 352.0 million, respectively.

As of June 30, 2026, the Company had approximately $ 2.1 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $ 333.7 million under securities loan agreements.

As of June 30, 2026, the Company had pledged $ 770.9 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers.

As of June 30, 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 March 31, 2026:

(Expressed in thousands)

5 unchanged sentences

Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,617,657

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 June 30, 2026 and December 31, 2025:

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

As of March 31, 2026

As of June 30, 2026

(Expressed in thousands)

Gross Amounts Not Offset

on the Balance Sheet

on the Condensed Balance Sheet

Amounts Gross Amounts

Offset on the

Balance Sheet Net Amounts

Sheet Financial

Condensed Balance Sheet Net Amounts

the Condensed Balance Sheet Financial

Instruments Cash

Received Net Amount

Reverse repurchase agreements $ 193,864 $ ( 193,864 ) $ — $ — $ — $ —

Received or Pledged Net Amounts

Reverse purchase agreements $ 242,167 $ ( 242,167 ) $ — $ — $ — $ —

Securities borrowed (1)

154,634 — 154,634 ( 151,384 ) — 3,250

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

Liabilities Gross

Offset on the Balance Sheet Net Amounts

of Liabilities

Sheet Financial

Instruments Cash

Pledged Net Amount

Repurchase agreements $ 1,225,282 $ ( 242,167 ) $ 983,115 $ ( 983,115 ) $ — $ —

1 unchanged sentence

392,375 — 392,375 ( 383,566 ) — 8,809

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

1 unchanged sentence

Gross Amounts Not Offset

on the Balance Sheet

Offset on the Balance Sheet Net Amounts

Sheet Financial

on the Condensed Balance Sheet

Amounts Gross Amounts

Offset on the Condensed Balance Sheet Net Amounts

the Condensed Balance Sheet Financial

Instruments Cash

Received Net Amount

Reverse repurchase agreements $ 175,765 $ ( 175,765 ) $ — $ — $ — $ —

Received or Pledged Net Amounts

Reverse purchase 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

Liabilities Gross

Offset on the Balance Sheet Net Amounts

of Liabilities

Sheet Financial

Instruments Cash

Pledged Net Amount

Repurchase agreements $ 1,172,957 $ ( 175,765 ) $ 997,192 $ ( 997,192 ) $ — $ —

1 unchanged sentence

370,331 — 370,331 ( 357,814 ) — 12,517

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

(1) Included in receivables from 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.

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).

As of June 30, 2026, the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $ 151.5 million ($ 153.3 million as of December 31, 2025) and $ 242.2 million ($ 175.8 million as of December 31, 2025), respectively, of which the Company has sold and re-pledged approximately $ 44.8 million ($ 49.1 million as of December 31, 2025) under securities loaned transactions and $ 242.2 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 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 June 30, 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.

2 unchanged sentences

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.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Credit Concentrations

2 unchanged sentences

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.

Included in receivables from brokers, dealers and clearing organizations as of June 30, 2026 were receivables related to securities borrowed transactions from three major U.S.

broker-dealers totaling approximately $ 81.5 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.

Included in receivables from customers as of June 30, 2026 were fully secured margin loans from our two largest customer accounts totaling approximately $ 659.7 million, comprising 43.8 % 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 March 31, 2026 are with the FICC .

With respect to its business in reverse repurchase and repurchase agreements, all open contracts as of June 30, 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 March 31, 2026, the Company had recorded no liabilities with regard to this right.

As of June 30, 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.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Variable interest entities ("VIEs")

4 unchanged sentences

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").

In November 2025, such a 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.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

Assets and liabilities of consolidated VIE

(Expressed in thousands) As of

March 31, 2026 December 31, 2025

(Expressed in thousands)

June 30, 2026 December 31, 2025

Cash and cash equivalents $ 250 $ 250

3 unchanged sentences

Total Liabilities $ 57 $ 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.

As of each of June 30, 2026 and December 31, 2025, assets and liabilities in the Company's condensed consolidated balance sheets 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

(Expressed in thousands)

June 30, 2026 December 31, 2025

Assets $ 3,412 $ 3,234

2 unchanged sentences

Maximum loss exposure $ 3,412 $ 3,234

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.

The effective income tax rate for the three and six months ended June 30, 2026 was 30.7 % and 45.5 %, respectively, compared with 32.7 % and 28.9 % for the three and six months ended June 30, 2025, 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 second quarter of 2026 was lower primarily due to fewer nondeductible foreign losses during the current period.

Stockholders' Equity

5 unchanged sentences

The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated:

For the Three Months Ended

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026 2025 2026 2025

Class A Stock outstanding, beginning of period 10,608,340 10,425,830 10,387,575 10,231,736

6 unchanged sentences

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.

As of December 31, 2025,

451,601 shares remained available to be purchased under the share repurchase program.

During the three and six months ended June 30, 2026, the Company did not purchase any shares of Class A Stock under its share repurchase program.

As of June 30, 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.

2 unchanged sentences

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

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 July 31, 2026, the Company announced a quarterly dividend in the amount of $ 0.20 per share, payable on August 28, 2026 to holders of Class A Stock and Class B Stock of record on August 14, 2026.

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

The Company had capital commitments of $ 0.7 million with respect to unfunded obligation in private equity funds sponsored by the Company and $ 11.3 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.

As of June 30, 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.

As of June 30, 2026, the Company had certain open underwriting commitments, which were subsequently settled in open market transactions and did not result in any losses.

Contingencies

13 unchanged sentences

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

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.

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

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.

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.

3 unchanged sentences

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 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.

2 unchanged sentences

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.

On April 24, 2026 the parties entered into a settlement of the litigation pursuant to which Oppenheimer agreed to pay $ 70 million in full and final settlement of all claims brought in the litigation.

On May 13, 2026, Plaintiff filed in the district court a Motion for Preliminary Approval of Class Action Settlement.

On May 22, 2026, the district court entered an Order Granting Preliminary Approval of Class Action Settlement, Approving Form and Manner of Notice, and Setting Date for Hearing on Final Approval of Settlement (“Order”) attached hereto.

Pursuant to the terms of the Order on June 8, 2026 Oppenheimer deposited $ 70 million into an escrow account for the benefit of the class.

The Order set a final approval hearing for September 17, 2026.

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.

If the District Court grants final approval to the settlement, all claims asserted against the Company in the litigation would be resolved.

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

3 unchanged sentences

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

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.

As of June 30, 2026, the net capital of Oppenheimer as calculated under the Rule was $ 444.8 million or 20.10 % of Oppenheimer's aggregate debit items.

This was $ 400.5 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.

As of June 30, 2026, the capital required and held under the Financial Conduct Authority's Investment Firms’ Prudential Regime (“IFPR”) for Oppenheimer Europe Ltd.

was as follows:

2 unchanged sentences

• Total Capital ratio 198 % (required 100.0 %).

As of March 31, 2026, Oppenheimer Europe Ltd.

As of June 30, 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.

As of June 30, 2026, the regulatory capital of Oppenheimer Investments Asia Limited was $ 3.3 million, which was $ 2.9 million in excess of the $ 383,000 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.

As of June 30, 2026, Oppenheimer Investments Asia Limited was in compliance with its regulatory requirements.

OPPENHEIMER HOLDINGS INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

As of June 30, 2026, Oppenheimer Trust is required to maintain minimal capital of $ 4.15 million.

Oppenheimer Trust is currently in compliance with its capital requirements.

11 unchanged sentences

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.

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

BondWave is a cloud-based financial market software-as-a-service provider which offers institutions and broker-dealers active in fixed income markets with an integrated suite of portfolio analytics, transaction analytics and proprietary data solutions.

BondWave also offers municipal bond data analysis, news and information to financial institutions.

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.

(Expressed in thousands)

For the Three Months Ended June 30, 2026

Wealth Management Capital Markets Corporate/Other Total

Revenue $ 272,671 $ 179,163 $ 3,042 $ 454,876

Compensation expenses (1)

164,514 109,872 32,755 307,141

Other segment items (2)

52,503 46,749 9,038 108,290

Pre-tax income (loss) $ 55,654 $ 22,542 $ ( 38,751 ) $ 39,445

(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $ 24.8 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)

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

For the Three Months Ended June 30, 2025

Wealth Management Capital Markets Corporate/Other Total

5 unchanged sentences

Pre-tax income (loss) $ 62,834 $ ( 3,864 ) $ ( 26,760 ) $ 32,210

(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.

(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $ 8.3 million.

(2) 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 March 31, 2025

For the Six Months Ended June 30, 2026

Wealth Management Capital Markets Corporate/Other Total

5 unchanged sentences

Pre-tax income (loss) $ 99,208 $ 57,983 $ ( 144,747 ) $ 12,444

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

(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $ 47.2 million.

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

(Expressed in thousands)

For the Six Months Ended June 30, 2025

Wealth Management Capital Markets Corporate/Other Total

Revenue $ 488,407 $ 246,242 $ 6,354 $ 741,003

Compensation expenses (1)

251,939 167,954 46,272 466,165

Other segment items (2)

105,770 87,249 8,233 201,252

Pre-tax income (loss) $ 130,698 $ ( 8,961 ) $ ( 48,151 ) $ 73,586

(1) Wealth Management compensation expenses include expenses related to liability-based stock appreciation rights totaling $ 5.5 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:

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 six months ended June 30, 2026 and 2025 was:

(Expressed in thousands)

For the Three Months Ended

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2026 2025 2026 2025

Americas $ 426,179 $ 358,813 $ 849,215 $ 713,521

Europe/Middle East 28,127 13,737 49,485 26,090

Asia 570 628 1,271 1,392

Total $ 454,876 $ 373,178 $ 899,971 $ 741,003

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.

The Company has performed an evaluation of events that occurred since June 30, 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.

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