OPPENHEIMER HOLDINGS INC 10-Q

Item 1. FINANCIAL STATEMENTS (UNAUDITED) OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Expressed in thousands, except number of shares and per share amounts) June 30, December 31, 2026 2025 Assets Cash and cash equivalents $ 38,453 $ 38,405 Deposits with clearing organizations 158,268 107,607 Receivables from brokers, dealers and clearing organizations 317,228 260,001 Receivables from customers, net of allowance for credit losses of $ 166 ($ 131 in 2025) 1,550,773 1,415,049 Income tax receivables 5,997 1,406 Securities owned, including amounts pledged of $ 1,226,378 ($ 1,179,503 in 2025), at fair value 1,532,557 1,250,802 Notes receivable, net 53,482 57,965 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $ 106,912 ($ 101,962 in 2025) 29,356 32,402 Right-of-use lease assets, net of accumulated amortization of $ 150,336 ($ 137,005 in 2025) 108,822 119,111 Company-owned life insurance 115,874 109,094 Goodwill 143,607 143,607 Intangible assets 34,709 35,042 Other assets 141,600 151,924 Total Assets $ 4,230,726 $ 3,722,415 Liabilities and Stockholders' Equity Liabilities Drafts payable $ 7,181 $ 18,347 Bank call loans 349,900 76,800 Payables to brokers, dealers and clearing organizations 623,451 397,997 Payables to customers 423,779 393,694 Securities sold under agreements to repurchase 983,116 997,192 Securities sold but not yet purchased, at fair value 250,824 175,712 Accrued compensation 346,537 374,420 Income tax payable 275 15,640 Accounts payable and other liabilities 69,266 73,600 Lease liabilities 141,185 154,928 Deferred tax liabilities, net of deferred tax assets of $ 59,589 ($ 50,032 in 2025) 38,557 47,056 Total Liabilities 3,234,071 2,725,386 Commitments and contingencies (Note 13) Stockholders' Equity Common stock ($ 0.001 par value per share): Class A: shares issued and outstanding: 10,608,340 and 10,387,575 as of June 30, 2026 and December 31, 2025, respectively Class B: shares issued and outstanding: 99,665 as of each of June 30, 2026 and December 31, 2025 11 10 Additional paid-in capital 28,124 32,703 Retained earnings 950,117 947,413 Accumulated other comprehensive income 5,188 3,697 Total Oppenheimer Holdings Inc. stockholders' equity 983,440 983,823 Noncontrolling interest 13,215 13,206 Total Stockholders' Equity 996,655 997,029 Total Liabilities and Stockholders' Equity $ 4,230,726 $ 3,722,415 The accompanying notes are an integral part of these condensed consolidated financial statements 4 Table of Content OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) 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 2026 2025 Revenue Commissions $ 127,538 $ 110,025 $ 255,879 $ 220,903 Advisory fees 145,565 125,628 287,283 254,431 Investment banking 84,332 43,533 182,052 91,156 Bank deposit sweep income 24,955 28,654 51,073 58,729 Interest 39,293 38,017 76,824 74,386 Principal transactions, net 16,239 14,532 27,026 23,507 Other 16,954 12,789 19,834 17,891 Total revenue 454,876 373,178 899,971 741,003 Expenses Compensation and related expenses $ 307,141 $ 239,074 603,142 466,165 Communications and technology 27,836 26,204 54,402 52,386 Occupancy and equipment costs 15,507 15,578 31,282 31,587 Clearing and exchange fees 7,969 7,041 14,330 14,793 Interest 19,882 22,529 38,568 43,925 Other (1) 37,096 30,542 145,803 58,561 Total expenses 415,431 340,968 887,527 667,417 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 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 Weighted average shares outstanding Basic 10,708,005 10,520,219 10,675,637 10,493,145 Diluted 11,483,286 11,349,049 11,380,760 11,308,979 Period end shares outstanding 10,708,005 10,517,924 10,708,005 10,517,924 (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. See Note 13. The accompanying notes are an integral part of these condensed consolidated financial statements 5 Table of Content OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, (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 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 The accompanying notes are an integral part of these condensed consolidated financial statements 6 Table of Content OPPENHEIMER HOLDINGS INC. 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) Balance at beginning of period $ 11 $ 10 $ 10 $ 10 Issuance of Class A non-voting common stock — — 1 — Balance at end of period 11 10 11 10 Additional paid-in capital Balance at beginning of period 23,597 23,331 32,703 29,733 Issuance of Class A non-voting common stock — 77 8,261 6,276 Repurchase of Class A non-voting common stock for cancellation — — — ( 90 ) Share-based expense 4,527 3,320 8,478 6,778 Vested employee share plan awards — ( 152 ) ( 21,318 ) ( 16,121 ) Balance at end of period 28,124 26,576 28,124 26,576 Retained earnings Balance at beginning of period 924,908 848,721 947,413 819,961 Repurchase of Class A non-voting common stock for cancellation — ( 580 ) — ( 580 ) Net income (1) 27,351 21,674 6,773 52,329 Dividends declared ( 2,142 ) ( 1,893 ) ( 4,069 ) ( 3,788 ) Balance at end of period 950,117 867,922 950,117 867,922 Accumulated other comprehensive income Balance at beginning of period 3,910 204 3,697 691 Currency translation adjustment 1,278 2,146 1,491 1,659 Balance at end of period 5,188 2,350 5,188 2,350 Total Oppenheimer Holdings Inc. stockholders' equity $ 983,440 $ 896,858 $ 983,440 $ 896,858 Noncontrolling interest Balance at beginning of period 13,215 — 13,206 — Net income attributable to noncontrolling interest — — 9 — Balance at end of period 13,215 — 13,215 — Total stockholders' equity $ 996,655 $ 896,858 $ 996,655 $ 896,858 Dividends declared per share $ 0.20 $ 0.18 $ 0.38 $ 0.36 (1) Attributable to Oppenheimer Holdings Inc. The accompanying notes are an integral part of these condensed consolidated financial statements 7 Table of Content OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) FOR THE SIX MONTHS ENDED JUNE 30, (Expressed in thousands) 2026 2025 Cash flows from operating activities 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 Deferred income taxes ( 8,623 ) 1,874 Amortization of intangible assets 333 333 Amortization of notes receivable 8,087 8,968 Provision for (reversal of) credit losses 34 ( 6 ) Paid-in-kind interest ( 179 ) ( 52 ) Share-based compensation 55,674 12,316 Amortization of right-of-use lease assets 13,604 12,901 Decrease (increase) in operating assets: Deposits with clearing organizations ( 50,661 ) ( 44,123 ) Receivables from brokers, dealers and clearing organizations ( 57,227 ) ( 48,703 ) Receivables from customers ( 135,758 ) ( 72,678 ) Income tax receivable ( 4,591 ) ( 1,164 ) Securities owned ( 281,576 ) ( 148,712 ) Notes receivable ( 3,604 ) ( 5,353 ) Company-owned life insurance ( 6,780 ) ( 5,217 ) Other assets 10,217 7,291 Increase (decrease) in operating liabilities: Drafts payable ( 11,166 ) ( 9,533 ) Payables to brokers, dealers and clearing organizations 225,454 273,363 Payables to customers 30,085 5,700 Securities sold under agreements to repurchase ( 14,076 ) ( 78,631 ) Securities sold but not yet purchased 75,112 104,449 Accrued compensation ( 75,062 ) ( 104,109 ) Income tax payable ( 15,365 ) ( 3,789 ) Accounts payable and other liabilities ( 10,797 ) ( 14,652 ) Cash used in operating activities ( 245,007 ) ( 51,671 ) Cash flows from investing activities Purchase of furniture, equipment and leasehold improvements ( 2,030 ) ( 2,808 ) Proceeds from the settlement of company-owned life insurance 1,598 1,549 Cash used in investing activities ( 432 ) ( 1,259 ) Cash flows from financing activities Cash dividends paid on Class A non-voting and Class B voting common stock ( 14,556 ) ( 3,788 ) Repurchase of Class A non-voting common stock for cancellation — ( 671 ) Payments for employee taxes withheld related to vested share-based awards ( 13,057 ) ( 9,843 ) Increase in bank call loans 273,100 71,700 Cash provided by financing activities 245,487 57,398 Net increase in cash and cash equivalents 48 4,468 8 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 Schedule of non-cash financing activities Employee share plan issuance $ 14,338 $ 10,396 Supplemental disclosure of cash flow information Cash paid during the period for interest $ 19,723 $ 21,965 Cash paid during the period for income taxes, net 34,032 24,195 The accompanying notes are an integral part of these condensed consolidated financial statements 9 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. 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. 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 and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for any future interim or annual period. 10 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 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. 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 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 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 June 30, 2026: (Expressed in thousands) As of June 30, 2026 2026 $ 82 2025 298 2024 136 2023 405 2022 141 2021 and prior 2,006 Total $ 3,068 11 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 and six months ended June 30, 2026 and 2025: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 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 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 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 June 30, 2026 and December 31, 2025, respectively: As of June 30, 2026 December 31, 2025 Weighted average remaining lease term (in years) 5.29 5.57 Weighted average discount rate 7.35 % 7.36 % 12 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 6,448 $ 6,094 $ 12,778 $ 12,051 Real estate leases - Interest expense 2,553 3,019 5,241 6,148 Equipment leases - Right-of-use lease asset amortization 416 425 826 849 Equipment leases - Interest expense 52 48 101 93 The maturities of lease liabilities as of June 30, 2026 and December 31, 2025 are as follows: (Expressed in thousands) As of June 30, 2026 December 31, 2025 2026 $ 22,196 $ 43,665 2027 41,933 40,976 2028 27,589 26,884 2029 20,671 20,251 2030 17,701 17,429 After 2030 41,190 40,674 Total lease payments 171,280 189,879 Less interest ( 30,095 ) ( 34,951 ) Present value of lease liabilities $ 141,185 $ 154,928 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). 13 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. 14 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. 15 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 and six months ended June 30, 2026 and 2025: (Expressed in thousands) For the Three Months Ended June 30, 2026 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 50,806 $ 68,209 $ 12 $ 119,027 Mutual fund and insurance income 8,505 1 5 8,511 Advisory fees 145,549 — 16 145,565 Investment banking - capital markets 3,551 22,644 — 26,195 Investment banking - advisory 1 58,136 — 58,137 Bank deposit sweep income 24,955 — — 24,955 Other 4,783 874 1,309 6,966 Total revenue from contracts with customers 238,150 149,864 1,342 389,356 Other sources of revenue: Interest 21,921 16,010 1,362 39,293 Principal transactions, net 2,753 13,150 336 16,239 Other 9,847 139 2 9,988 Total other sources of revenue 34,521 29,299 1,700 65,520 Total revenue $ 272,671 $ 179,163 $ 3,042 $ 454,876 (Expressed in thousands) For the Three Months Ended June 30, 2025 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 47,203 $ 55,217 $ 13 $ 102,433 Mutual fund and insurance income 7,585 1 6 7,592 Advisory fees 125,610 — 18 125,628 Investment banking - capital markets 2,758 18,288 — 21,046 Investment banking - advisory — 22,487 — 22,487 Bank deposit sweep income 28,654 — — 28,654 Other 3,620 547 1,398 5,565 Total revenue from contracts with customers 215,430 96,540 1,435 313,405 Other sources of revenue: Interest 21,943 14,252 1,822 38,017 Principal transactions, net 1,973 12,051 508 14,532 Other 7,075 138 11 7,224 Total other sources of revenue 30,991 26,441 2,341 59,773 Total revenue $ 246,421 $ 122,981 $ 3,776 $ 373,178 16 Table of Contents OPPENHEIMER HOLDINGS INC. 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 17 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 $ 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 June 30, 2026 December 31, 2025 Receivables Commission (1) $ 9,538 $ 5,011 Mutual fund and insurance income (2) 6,125 6,106 Advisory fees (3) 4,555 24,166 Bank deposit sweep income (4) 3,704 3,876 Investment banking fees (5) 23,256 25,414 Other 5,146 8,221 Total receivables $ 52,324 $ 72,794 Deferred revenue (payables): Investment banking fees (6) $ 1,440 $ 286 Software license fees (7) 2,395 1,846 IRA fees (8) 1,372 — $ 5,207 $ 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 (8) Fees received in advance on an annual basis 18 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 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 income attributable to Oppenheimer Holdings Inc. $ 27,351 $ 21,674 $ 6,773 $ 52,329 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 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. 7. Receivables from and payables to brokers, dealers and clearing organizations (Expressed in thousands) As of June 30, 2026 December 31, 2025 Receivables from brokers, dealers and clearing organizations consisting of: Securities borrowed $ 154,634 $ 160,006 Receivables from brokers 54,320 51,080 Securities failed to deliver 43,866 2,583 Clearing organizations 56,929 27,215 Trade date receivables, net — 14,800 Other 7,479 4,317 Total $ 317,228 $ 260,001 Payables to brokers, dealers and clearing organizations consisting of: Securities loaned $ 392,375 $ 370,331 Payables to brokers 3,907 728 Securities failed to receive 36,095 18,937 Trade date payables, net 181,210 — Clearing organizations and other 9,864 8,001 Total $ 623,451 $ 397,997 19 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 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 ("TBA") 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 June 30, 2026 and December 31, 2025, the Company had $ 148,000 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 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. 20 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 each of June 30, 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 June 30, 2026: (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Private equity funds (1) $ 10,738 $ 741 N/A N/A $ 10,738 $ 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 (1) $ 5,555 $ 741 N/A N/A $ 5,555 $ 741 (1) Private equity funds include portfolios focused on technology, infrastructure, real estate, natural resources and specific co-investment opportunities 21 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 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 Assets Deposits with clearing organizations $ 37,408 $ — $ — $ 37,408 Securities owned: U.S. Treasury securities 1,211,878 — — 1,211,878 U.S. Agency securities — 6,153 — 6,153 Sovereign obligations — 740 — 740 Corporate debt and other obligations — 36,914 2,242 39,156 Mortgage and other asset-backed securities — 2,229 — 2,229 Municipal obligations — 229,181 — 229,181 Convertible bonds — 6,974 — 6,974 Corporate equities 30,063 — 1,170 31,233 Money markets 5,000 13 — 5,013 Securities owned, at fair value 1,246,941 282,204 3,412 1,532,557 Investments (1) 1,622 4,301 23,286 29,209 Loans (1) — 148 — 148 Total $ 1,285,971 $ 286,653 $ 26,698 $ 1,599,322 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 229,891 $ — $ — $ 229,891 U.S. Agency securities — 1 — 1 Sovereign obligations — 6,903 — 6,903 Corporate debt and other obligations — 561 — 561 Convertible bonds — 7,642 — 7,642 Corporate equities 5,826 — — 5,826 Securities sold but not yet purchased, at fair value 235,717 15,107 — 250,824 Derivative contracts: (2) Futures 4,889 — — 4,889 Derivative contracts, total 4,889 — — 4,889 Total $ 240,606 $ 15,107 $ — $ 255,713 (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 22 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 23 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 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 Beginning and Unrealized Purchases Sales and Transfers Ending Balance Gain (2) and Issuances Settlements In (Out) Balance Assets Corporate debt and other obligations $ 2,153 $ 89 $ — $ — $ — $ 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, 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 Beginning and Unrealized Purchases Sales and Transfers Ending Balance Gain (2) and Issuances Settlements In (Out) Balance Assets 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 Assets 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, 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 24 Table of Contents 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 Assets 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 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. Assets and liabilities not measured at fair value as of June 30, 2026: (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 38,453 $ 38,453 $ — $ — $ 38,453 Deposits with clearing organizations 120,860 120,860 — — 120,860 Receivables from brokers, dealers and clearing organizations: Securities borrowed 154,634 — 154,634 — 154,634 Receivables from brokers 54,320 — 54,320 — 54,320 Securities failed to deliver 43,866 — 43,866 — 43,866 Clearing organizations 56,929 — 56,929 — 56,929 Other 7,479 — 7,479 — 7,479 317,228 — 317,228 — 317,228 Receivables from customers 1,550,773 — 1,550,773 — 1,550,773 Notes receivable, net 53,482 — 53,482 — 53,482 Company-owned life insurance 115,874 — 115,874 — 115,874 Investments (1) 2,441 — 2,441 — 2,441 (1) Included within other assets on the condensed consolidated balance sheet 25 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 7,181 $ 7,181 $ — $ — $ 7,181 Bank call loans 349,900 — 349,900 — 349,900 Payables to brokers, dealers and clearing organizations: Securities loaned 392,375 — 392,375 — 392,375 Payables to brokers 3,907 — 3,907 — 3,907 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 — 4,975 618,562 — 618,562 — 618,562 Payables to customers 423,779 — 423,779 — 423,779 Securities sold under agreements to repurchase 983,116 — 983,116 — 983,116 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, net 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 26 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) (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 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. 27 Table of Contents 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 June 30, 2026 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 75 $ — $ 75 $ — Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 14,645,000 $ 4,889 Other contracts TBAs 75 — $ 14,645,075 $ 4,889 (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. (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. 28 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated income statements for the three and six months ended June 30, 2026 and 2025: (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2026 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,309 Other contracts Foreign exchange forward contracts Other revenue/(Compensation and related expenses) ( 22 ) Other contracts TBAs Principal transactions revenue, net 36 $ 3,323 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2025 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain Commodity contracts Futures Principal transactions revenue, net $ 393 Other contracts TBAs Principal transactions revenue, net 16 $ 409 (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 (pre-tax) 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 $ 7,252 (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 (pre-tax) Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ ( 745 ) Other contracts TBAs Principal transactions revenue, net 16 $ ( 729 ) 29 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 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. 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 June 30, 2026: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury securities $ 1,225,282 Securities loaned: Corporate equities 392,375 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: 30 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) As of June 30, 2026 (Expressed in thousands) Gross Amounts Not Offset on the Condensed Balance Sheet Gross Amounts Gross Amounts Offset on the Condensed Balance Sheet Net Amounts Presented on the Condensed Balance Sheet Financial Instruments Cash Collateral Received or Pledged Net Amounts Assets Reverse purchase agreements $ 242,167 $ ( 242,167 ) $ — $ — $ — $ — Securities borrowed (1) 154,634 — 154,634 ( 151,384 ) — 3,250 Liabilities Repurchase agreements $ 1,225,282 $ ( 242,167 ) $ 983,115 $ ( 983,115 ) $ — $ — Securities loaned (2) 392,375 — 392,375 ( 383,566 ) — 8,809 As of December 31, 2025 (Expressed in thousands) Gross Amounts Not Offset on the Condensed Balance Sheet Gross Amounts Gross Amounts Offset on the Condensed Balance Sheet Net Amounts Presented on the Condensed Balance Sheet Financial Instruments Cash Collateral Received or Pledged Net Amounts Assets Reverse purchase agreements $ 175,765 $ ( 175,765 ) $ — $ — $ — $ — Securities borrowed (1) 160,006 — 160,006 ( 152,278 ) — 7,728 Liabilities Repurchase agreements $ 1,172,957 $ ( 175,765 ) $ 997,192 $ ( 997,192 ) $ — $ — Securities loaned (2) 370,331 — 370,331 ( 357,814 ) — 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 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 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 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. 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. 31 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 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 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. 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 June 30, 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 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. 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 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 gains and losses that could potentially be significant to 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 each of June 30, 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. 32 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) Assets and liabilities of consolidated VIE (Expressed in thousands) As of June 30, 2026 December 31, 2025 Assets Cash and cash equivalents $ 250 $ 250 Other assets 18,372 18,350 Total Assets $ 18,622 $ 18,600 Liabilities Other liabilities $ 57 $ 34 Total Liabilities $ 57 $ 34 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 June 30, 2026 December 31, 2025 Assets $ 3,412 $ 3,234 Liabilities — — Unfunded commitments — — Maximum loss exposure $ 3,412 $ 3,234 11. Income taxes 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. 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. 33 Table of Contents 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 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 Issued pursuant to share-based compensation plans — 2,284 220,765 197,908 Repurchased and cancelled — ( 9,855 ) — ( 11,385 ) Class A Stock outstanding, end of period 10,608,340 10,418,259 10,608,340 10,418,259 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 share repurchase 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 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. 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 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. 34 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 $ 11.3 million of commitments related to additional operating leases that have not yet commenced. 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 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 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 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 35 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) 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 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. 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. 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. The case was scheduled for trial commencing in June 2026. 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 contemplates that the resolution of the matter would be without any admission of liability or wrongdoing by the Company. 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. 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 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 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: • Common Equity Tier 1 ratio 139 % (required 56.0 %); • Tier 1 Capital ratio 139 % (required 75.0 %); and • Total Capital ratio 198 % (required 100.0 %). As of June 30, 2026, Oppenheimer Europe Ltd. was in compliance with its regulatory requirements. 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 June 30, 2026, Oppenheimer Investments Asia Limited was in compliance with its regulatory requirements. 36 Table of Contents 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. 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; 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; and 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 ("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. The tables below present information about the Company’s reported segment revenues, segment pre-tax income or loss, compensation expenses, and other segment items for the three and six months ended June 30, 2026 and 2025. 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 Less : 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. 37 Table of Contents OPPENHEIMER HOLDINGS INC. Notes to Condensed Consolidated Financial Statements (unaudited) (Expressed in thousands) For the Three Months Ended June 30, 2025 Wealth Management Capital Markets Corporate/Other Total Revenue $ 246,421 $ 122,981 $ 3,776 $ 373,178 Less : Compensation expenses (1) 132,291 80,610 26,173 239,074 Other segment items (2) 51,296 46,235 4,363 101,894 Pre-tax income (loss) $ 62,834 $ ( 3,864 ) $ ( 26,760 ) $ 32,210 (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 Six Months Ended June 30, 2026 Wealth Management Capital Markets Corporate/Other Total Revenue $ 526,351 $ 368,285 $ 5,335 $ 899,971 Less : Compensation expenses (1) 320,314 222,511 60,317 603,142 Other segment items (2) 106,829 87,791 89,765 284,385 Pre-tax income (loss) $ 99,208 $ 57,983 $ ( 144,747 ) $ 12,444 (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 Less : 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. 38 Table of Contents 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 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 16. Subsequent events 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. 39 Table of Contents