Oppenheimer Holdings Inc
(NYSE:OPY)

Oppenheimer Holdings Inc., through its subsidiaries, operates as a middle-market investment bank and full-service broker-dealer in the Americas, Europe, the Middle East, and Asia. The company offers brokerage services covering exchange-traded and over-the-counter corporate equity and debt securities...

Website: http://www.oppenheimer.com

Founded: 1881

Full Time Employees: 2,868

Sector: Financial Services

Industry: Capital Markets

Financial Services

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At a glance:

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Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-21	2011-09-30	2011-06-30	2011-03-31	2010-09-30

revenue
yoy
qoq
commissions	122,828,000	120,684,000	110,025,000	110,878,000	113,726,000	103,079,000	97,055,000	95,850,000	90,074,000	83,933,000	88,544,000	86,697,000	88,075,000	89,608,000	94,378,000	98,321,000	101,076,000	90,889,000	96,171,000	113,471,000	97,971,000	92,241,000	101,636,000	103,249,000	81,182,000	78,627,000	80,896,000	79,409,000	83,733,000	79,678,000	82,850,000	83,407,000	88,416,000	77,635,000	83,852,000	86,717,000	90,870,000	90,023,000	92,591,000	103,833,000	101,243,000	103,556,000	109,695,000		116,062,000	122,138,000	122,495,000	120,252,000	124,440,000	119,580,000	123,267,000	120,790,000	136,855	120,940
advisory fees	166,604,000	134,404,000	125,628,000	128,803,000	129,758,000	121,631,000	117,197,000	114,847,000	105,465,000	107,969,000	101,015,000	100,544,000	99,517,000	102,927,000	107,405,000	115,766,000	118,798,000	116,751,000	111,152,000	104,496,000	204,521,000	88,595,000	75,981,000	86,164,000	118,430,000	80,887,000	80,707,000	73,647,000	81,377,000	78,154,000	77,270,000	77,548,000	104,225,000	74,329,000	72,783,000	69,409,000	69,537,000	67,452,000	66,104,000	66,026,000	69,557,000	72,243,000	70,966,000		70,430,000	68,205,000	96,761,000	60,117,000	60,580,000	56,720,000	50,696,000	50,055,000	48,449	43,356
investment banking	97,748,000	77,488,000	43,533,000	47,623,000	44,606,000	52,185,000	29,119,000	50,537,000	22,311,000	37,411,000	19,978,000	37,965,000	34,013,000	38,393,000	16,653,000	38,470,000	119,726,000	86,901,000	104,742,000	124,501,000	84,139,000	66,245,000	46,186,000	25,728,000	44,364,000	21,798,000	32,006,000	28,043,000	30,911,000	28,328,000	27,904,000	28,210,000	20,868,000	23,940,000	15,386,000	18,021,000	29,467,000	20,280,000	18,881,000	12,383,000	16,548,000	29,020,000	27,305,000		26,799,000	33,524,000	35,600,000	21,362,000	22,567,000	18,448,000	29,199,000	33,717,000	28,441	21,791
bank deposit sweep income	27,733,000	28,349,000	28,654,000	30,075,000	32,364,000	34,875,000	34,846,000	36,685,000	37,534,000	42,304,000	44,060,000	48,909,000	49,590,000	35,769,000	14,845,000	4,354,000	3,928,000	3,909,000	3,712,000	4,008,000	4,262,000	4,619,000	7,122,000	18,826,000	22,730,000	28,894,000	31,830,000	33,968,000	31,849,000	30,053,000	28,853,000	25,297,000
interest	39,737,000	38,859,000	38,017,000	36,369,000	35,932,000	38,034,000	34,805,000	26,766,000	25,859,000	26,430,000	27,320,000	24,941,000	22,046,000	17,361,000	11,789,000	9,517,000	9,567,000	9,340,000	8,909,000	8,666,000	8,827,000	7,540,000	6,220,000	10,890,000	12,102,000	12,344,000	13,550,000	12,727,000	13,798,000	13,403,000	13,056,000	12,227,000	12,152,000	12,952,000	12,829,000	10,565,000	11,309,000	11,291,000	12,007,000	13,379,000	14,384,000	12,030,000	11,035,000		12,548,000	12,390,000	13,300,000	14,439,000	13,106,000	12,371,000	15,161,000	13,649,000	14,789	11,220
principal transactions	11,805,000	14,902,000	14,532,000	8,975,000	12,012,000	14,364,000	10,074,000	18,234,000	18,712,000	16,892,000	16,253,000	13,490,000	10,907,000	6,502,000	1,258,000	2,364,000	2,320,000	4,494,000	6,305,000	10,865,000	8,975,000	7,703,000	12,064,000	-868,000	8,005,000	7,606,000	3,045,000	11,438,000	5,351,000	-16,000	6,400,000	2,726,000	7,463,000	5,135,000	5,302,000	5,373,000	1,364,000	4,922,000	7,577,000	1,531,000	-3,339,000	1,710,000	18,555,000		11,794,000	8,817,000	10,172,000	10,347,000	7,532,000	15,717,000	8,233,000	13,313,000	10,991	22,645
other	6,175,000	9,752,000	12,789,000	5,102,000	7,019,000	9,184,000	7,493,000	10,219,000	8,334,000	-2,272,000	9,019,000	9,133,000	9,432,000	3,551,000	-9,106,000	-2,764,000	9,703,000	3,058,000	9,302,000	7,275,000	14,213,000	9,316,000	15,521,000	-9,219,000	9,068,000	4,637,000	8,901,000	12,538,000	-3,765,000	8,214,000	6,223,000	5,115,000	31,849,000	32,229,000	25,732,000	23,176,000	16,398,000	17,836,000	14,914,000	21,542,000	15,143,000	20,369,000	8,005,000		12,056,000	10,094,000	15,034,000	16,859,000	15,605,000	16,310,000	5,063,000	12,994,000	13,892	15,189
total revenue	472,630,000	424,438,000	373,178,000	367,825,000	375,417,000	373,352,000	330,589,000	353,138,000	308,289,000	312,667,000	306,189,000	321,679,000	313,580,000	294,111,000	237,222,000	266,028,000	365,118,000	315,342,000	340,293,000	373,282,000	422,908,000	276,259,000	264,730,000	234,770,000	295,881,000	234,793,000	250,935,000	251,770,000	243,254,000	237,814,000	242,556,000	234,530,000	264,973,000	226,220,000	215,884,000	213,261,000	218,945,000	211,804,000	212,074,000	218,694,000	213,536,000	238,928,000	245,561,000		249,689,000	255,168,000	293,362,000	243,376,000	243,830,000
expenses
compensation and related expenses	260,119,000	290,222,000	239,074,000	227,091,000	256,439,000	237,935,000	220,727,000	221,713,000	193,196,000	195,684,000	187,224,000	206,292,000	197,683,000	179,134,000	177,979,000	186,031,000	193,787,000	206,312,000	231,140,000	255,601,000	244,073,000	189,654,000	179,594,000	157,676,000	190,292,000	151,284,000	155,783,000	160,355,000	149,371,000	152,846,000	151,871,000	153,104,000	173,513,000	142,090,000	142,657,000	143,878,000	152,186,000	142,308,000	141,721,000	151,413,000	142,746,000	158,214,000	163,091,000		159,851,000	171,950,000	195,640,000	161,081,000	160,006,000	159,209,000	148,951,000	160,436,000	170,415	159,485
communications and technology	27,446,000	25,938,000	26,204,000	26,182,000	25,501,000	24,602,000	24,682,000	24,576,000	23,508,000	22,590,000	22,783,000	22,440,000	21,493,000	21,500,000	20,896,000	21,585,000	21,023,000	19,718,000	19,172,000	20,607,000	21,443,000	19,474,000	21,324,000	19,891,000	20,131,000	20,872,000	20,499,000	20,086,000	19,192,000	18,602,000	17,997,000	18,688,000	18,092,000	17,781,000	18,399,000	17,706,000	17,871,000	17,201,000	17,638,000	17,781,000	16,475,000	16,407,000	17,168,000		17,536,000	16,734,000	16,936,000	16,999,000	16,018,000	15,864,000	15,138,000	16,069,000	15,939	15,838
occupancy and equipment costs	16,132,000	15,971,000	15,578,000	16,009,000	16,248,000	16,240,000	15,516,000	15,848,000	16,380,000	17,281,000	16,440,000	15,901,000	15,196,000	15,457,000	14,554,000	14,690,000	14,698,000	14,964,000	15,225,000	15,182,000	15,741,000	15,199,000	15,334,000	16,078,000	15,342,000	16,010,000	15,573,000	15,273,000	15,736,000	15,106,000	14,901,000	15,428,000	15,443,000	15,288,000	15,161,000	15,272,000	15,995,000	14,909,000	14,984,000	14,978,000	16,158,000	15,984,000	15,778,000		15,907,000	15,397,000	15,647,000	16,405,000	17,141,000	17,565,000	18,977,000	18,524,000	18,546	18,162
clearing and exchange fees	6,203,000	6,850,000	7,041,000	7,752,000	7,894,000	7,125,000	6,780,000	5,842,000	6,687,000	6,051,000	5,927,000	6,263,000	6,643,000	6,705,000	6,242,000	5,976,000	5,639,000	5,237,000	5,155,000	6,275,000	4,917,000	6,211,000	6,191,000	5,659,000	5,483,000	5,469,000	5,678,000	5,332,000	5,731,000	5,378,000	5,780,000	6,096,000	6,153,000	5,622,000	5,916,000	5,854,000	6,120,000	5,886,000	6,199,000	6,921,000	6,909,000	6,231,000	6,402,000		6,024,000	5,892,000	6,047,000	6,099,000	6,293,000	6,042,000	6,514,000	6,300,000	6,313	5,525
total expenses	366,660,000	392,803,000	340,968,000	326,449,000	358,350,000	337,982,000	314,724,000	315,683,000	290,457,000	291,080,000	317,888,000	302,630,000	283,308,000	286,873,000	243,391,000	251,815,000	273,166,000	277,948,000	297,125,000	321,155,000	309,113,000	254,541,000	241,466,000	224,547,000	260,908,000	228,297,000	233,544,000	235,718,000	227,671,000	230,670,000	230,055,000	224,905,000	248,403,000	214,392,000	217,521,000	220,286,000	226,441,000	213,614,000	217,320,000	226,691,000	215,063,000	236,298,000	235,710,000		249,553,000	250,059,000	270,003,000	235,213,000	238,156,000
pre-tax income	105,970,000	31,635,000	32,210,000	41,376,000	17,067,000	35,370,000	15,865,000	37,455,000	17,832,000	21,587,000	-11,699,000	19,049,000	30,272,000	7,238,000	-6,169,000	14,213,000	91,952,000	37,394,000	43,168,000	52,127,000	113,795,000	21,718,000	23,264,000
income tax provision	32,052,000	9,923,000	10,536,000	10,721,000	6,338,000	10,862,000	5,599,000	11,711,000																																-4,088,000	-750,000	1,985,000	3,730,000		1,389,000	1,689,000	9,673,000	2,655,000	2,608,000	2,820,000	1,805,000	1,266,000	4,068	3,469
net income	73,918,000	21,712,000	21,674,000	30,655,000	10,729,000	24,508,000	10,266,000	25,744,000	11,596,000	13,779,000	-9,568,000	14,464,000	22,387,000	4,665,000	-4,720,000	9,778,000	62,897,000	26,250,000	31,159,000	38,658,000	81,880,000	15,639,000	17,649,000	7,818,000	25,435,000	3,949,000	12,375,000	11,194,000	8,267,000	5,061,000	8,839,000	6,709,000	21,197,000	7,864,000	-1,310,000	-4,751,000	-1,665,000	-646,000	6,711,000	-3,909,000
yoy	588.96%	-11.41%	111.12%	19.08%	-7.48%	77.86%	-207.30%	77.99%	-48.20%	195.37%	102.71%	47.92%	-64.41%	-82.23%	-115.15%	-74.71%	-23.18%	67.85%	76.55%	394.47%	221.92%	296.02%	42.62%	-30.16%	207.67%	-21.97%	40.00%	66.85%	-61.00%	-35.64%	-774.73%	-241.21%	-1373.09%	-1317.34%	-119.52%	21.54%
qoq	240.45%	0.18%	-29.30%	185.72%	-56.22%	138.73%	-60.12%	122.01%	-15.84%	-244.01%	-166.15%	-35.39%	379.89%	-198.83%	-148.27%	-84.45%	139.61%	-15.75%	-19.40%	-52.79%	423.56%	-11.39%	125.75%	-69.26%	544.09%	-68.09%	10.55%	35.41%	63.35%	-42.74%	31.75%	-68.35%	169.54%	-700.31%	-72.43%	185.35%	157.74%	-109.63%	-271.68%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%
net loss attributable to noncontrolling interest, net of tax					-77,500			-310,000			-168,000
net income attributable to oppenheimer holdings inc.	74,362,000	21,712,000	21,674,000	30,655,000	10,729,000	24,508,000	10,266,000	26,054,000	11,100,000	13,861,000	-9,400,000	14,617,000	22,413,000	4,520,000	-3,874,000	9,292,000													8,261,000	5,071,000	8,855,000	6,705,000	21,193,000	7,789,000	-1,319,000		-1,790,000	-712,000	5,188,000	-3,847,000	-908,000	295,000	5,719,000		-1,554,000	3,224,000	13,313,000	5,237,000	2,848,000	3,663,000
earnings per share attributable to oppenheimer holdings inc.
basic	7.08	2.06	2.06	2.93	1.04	2.38	0.99	2.5	1.06	1.32	-0.85	1.32	1.93	0.4	-0.32	0.75	4.98	2.07	2.46	3.07	6.49	1.25	1.4																	-0.29	-0.07	0.02	0.42		-0.11	0.24	0.99	0.38	0.21	0.27
diluted	6.51	1.9	1.91	2.72	0.92	2.16	0.92	2.37	0.97	1.21	-0.85	1.22	1.79	0.37	-0.32	0.69	4.6	1.92	2.28	2.91	6.18	1.19	1.34																	-0.29	-0.07	0.02	0.4		-0.11	0.23	0.94	0.37	0.2	0.26
weighted-average shares outstanding
basic	10,502,853	10,519,722	10,520,219	10,465,771	10,349,803	10,332,927	10,327,818	10,407,454	10,736,166	10,519,431	11,016,430	11,092,603	11,666,194	11,270,589	11,980,115	12,467,632	12,642,306	12,690,386	12,689,191	12,579,130	12,642,576	12,553,802	12,640,463	12,895,729	12,904,397	12,825,944	12,976,235	13,020,344	13,248,876	13,269,024	13,248,812	13,239,628	13,246,423	13,213,139	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	13,745,957	13,704,228	13,604,258	13,618,174	13,536,805	13,577,725	13,604,276	13,607,348	13,607,998	13,670,604	13,658,720	13,550,723
diluted	11,383,240	11,450,346	11,349,049	11,277,939	11,230,007	11,277,865	11,111,903	11,001,669	11,645,708	11,440,229	11,016,430	11,963,492	12,607,752	12,190,425	11,980,115	13,499,334	13,582,828	13,664,214	13,681,146	13,299,243	13,217,335	13,146,586	13,124,655	13,456,233	13,851,832	13,832,994	13,861,753	13,851,321	14,061,369	14,140,263	14,050,573	13,977,492	13,673,361	13,763,516	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	14,390,580	14,282,270	14,250,663	13,618,174	14,114,957	14,124,060	14,171,802	14,068,368	14,028,715	13,915,897	13,937,375	14,203,413
period end shares outstanding	-33,309	10,520,549	10,517,924	10,525,495		10,331,401	10,327,510	10,346,862	-102,450	10,388,898	10,984,240	11,075,388	-6,434	10,974,655	11,370,609
income taxes provision									2,565,500	7,808,000	-2,131,000	4,585,000	1,389,750	2,573,000	-1,449,000
net income attributable to noncontrolling interest, net of tax									-100,750	-82,000		-153,000	-53,750	145,000	-846,000	486,000
income taxes																4,435,000	29,055,000	11,144,000	12,009,000	13,469,000	31,915,000	6,079,000	5,615,000	2,405,000	3,105,250	2,547,000	5,016,000	4,858,000	2,165,250	2,083,000	3,662,000	2,916,000	-4,598,000	4,425,000	-274,000	-1,687,000	-5,072,000	-751,000	-2,627,000
earnings per share
basic	7.08	2.06	2.06	2.93	1.04	2.38	0.99	2.5	1.06	1.32	-0.85	1.32	1.93	0.4	-0.32	0.75	4.98	2.07	2.46	3.07	6.49	1.25	1.4																	-0.29	-0.07	0.02	0.42		-0.11	0.24	0.99	0.38	0.21	0.27
diluted	6.51	1.9	1.91	2.72	0.92	2.16	0.92	2.37	0.97	1.21	-0.85	1.22	1.79	0.37	-0.32	0.69	4.6	1.92	2.28	2.91	6.18	1.19	1.34																	-0.29	-0.07	0.02	0.4		-0.11	0.23	0.94	0.37	0.2	0.26
weighted-average shares
basic	10,502,853	10,519,722	10,520,219	10,465,771	10,349,803	10,332,927	10,327,818	10,407,454	10,736,166	10,519,431	11,016,430	11,092,603	11,666,194	11,270,589	11,980,115	12,467,632	12,642,306	12,690,386	12,689,191	12,579,130	12,642,576	12,553,802	12,640,463	12,895,729	12,904,397	12,825,944	12,976,235	13,020,344	13,248,876	13,269,024	13,248,812	13,239,628	13,246,423	13,213,139	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	13,745,957	13,704,228	13,604,258	13,618,174	13,536,805	13,577,725	13,604,276	13,607,348	13,607,998	13,670,604	13,658,720	13,550,723
diluted	11,383,240	11,450,346	11,349,049	11,277,939	11,230,007	11,277,865	11,111,903	11,001,669	11,645,708	11,440,229	11,016,430	11,963,492	12,607,752	12,190,425	11,980,115	13,499,334	13,582,828	13,664,214	13,681,146	13,299,243	13,217,335	13,146,586	13,124,655	13,456,233	13,851,832	13,832,994	13,861,753	13,851,321	14,061,369	14,140,263	14,050,573	13,977,492	13,673,361	13,763,516	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	14,390,580	14,282,270	14,250,663	13,618,174	14,114,957	14,124,060	14,171,802	14,068,368	14,028,715	13,915,897	13,937,375	14,203,413
income before income taxes																								10,223,000	9,984,750	6,496,000	17,391,000	16,052,000																	136,000	5,109,000	23,359,000	8,163,000	5,674,000	6,713,000
net income per share																													0.62	0.38	0.67	0.51	1.6	0.59	-0.1	-0.36
basic																								0.61	0.533	0.31	0.95	0.86
diluted																								0.58	0.498	0.29	0.89	0.81
income before income taxes from continuing operations																													15,583,000	7,144,000	12,501,000	9,625,000	16,570,000	11,828,000			-7,496,000	-1,810,000	-5,246,000
net income from continuing operations																													8,267,000	5,061,000	8,839,000	6,709,000	21,168,000	7,403,000	-1,363,000	-5,338,000	-2,424,000	-1,059,000	-2,619,000
discontinued operations																																		0.03		0.04	0.04	0.03	0.59
income from discontinued operations																																	237,000	769,000	89,000	976,000	1,742,000	888,000	15,366,000
net income from discontinued operations																																	29,000	461,000	53,000	587,000	759,000	413,000	9,330,000
less net income attributable to non-controlling interest, net of tax																													6,000	-10,000	-16,000	4,000													301,000	196,000	373,000	271,000	218,000	230,000
basic net income per share attributable to oppenheimer holdings inc.
continuing operations																													0.62	0.38	0.67	0.51	1.6	0.56	-0.1	-0.4	-0.18	-0.08	-0.2
net income per share																													0.62	0.38	0.67	0.51	1.6	0.59	-0.1	-0.36
diluted net income per share attributable to oppenheimer holdings inc.
less net income attributable to noncontrolling interest, net of tax																																	4,000	75,000	9,000	96,000	125,000	66,000	1,523,000
dividends declared per share																																	0.11	0.11	0.11		0.083	0.11	0.11	0.11	0.11	0.11	0.11		0.11	0.11	0.083	0.11	0.11		0.11	0.11	0.11	0.11
loss before income taxes from continuing operations																																			-1,637,000	-7,025,000
net loss attributable to oppenheimer holdings inc.																																				-4,847,000
basic earnings per share attributable to oppenheimer holdings inc.
net earnings per share																																					0.013	-0.05
diluted earnings per share attributable to oppenheimer holdings inc.
weighted-average number of common shares outstanding
basic	10,502,853	10,519,722	10,520,219	10,465,771	10,349,803	10,332,927	10,327,818	10,407,454	10,736,166	10,519,431	11,016,430	11,092,603	11,666,194	11,270,589	11,980,115	12,467,632	12,642,306	12,690,386	12,689,191	12,579,130	12,642,576	12,553,802	12,640,463	12,895,729	12,904,397	12,825,944	12,976,235	13,020,344	13,248,876	13,269,024	13,248,812	13,239,628	13,246,423	13,213,139	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	13,745,957	13,704,228	13,604,258	13,618,174	13,536,805	13,577,725	13,604,276	13,607,348	13,607,998	13,670,604	13,658,720	13,550,723
diluted	11,383,240	11,450,346	11,349,049	11,277,939	11,230,007	11,277,865	11,111,903	11,001,669	11,645,708	11,440,229	11,016,430	11,963,492	12,607,752	12,190,425	11,980,115	13,499,334	13,582,828	13,664,214	13,681,146	13,299,243	13,217,335	13,146,586	13,124,655	13,456,233	13,851,832	13,832,994	13,861,753	13,851,321	14,061,369	14,140,263	14,050,573	13,977,492	13,673,361	13,763,516	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	14,390,580	14,282,270	14,250,663	13,618,174	14,114,957	14,124,060	14,171,802	14,068,368	14,028,715	13,915,897	13,937,375	14,203,413
net earnings per share attributable to oppenheimer holdings inc.																																							0.39
income before income tax provision																																								-7,997,000	-1,527,000	2,630,000	9,851,000
less net income attributable to noncontrolling interest																																								-62,000	131,000	350,000	402,000
net income for the period																																									-777,000	645,000	6,121,000		-1,253,000	3,420,000	3,116,750	5,508,000	3,066,000	3,893,000
revenue - sum																																																		239,146,000
expenses - sum																																																		232,433,000
revenue:
expenses:
profit before income taxes																																																			4,264,000	1,704,000	9,829	7,486
net profit for the period																																																			2,459,000	438,000	5,761	4,017
less net profit attributable to non-controlling interest, net of tax																																																			353,000	747,000
net profit attributable to oppenheimer holdings inc.																																																			2,106,000	-309,000
profit per share attributable to oppenheimer holdings inc.:
basic																																																			0.15	-0.02	0.38	0.26
diluted																																																			0.15	-0.02	0.36	0.25
weighted-average common shares:
basic	10,502,853	10,519,722	10,520,219	10,465,771	10,349,803	10,332,927	10,327,818	10,407,454	10,736,166	10,519,431	11,016,430	11,092,603	11,666,194	11,270,589	11,980,115	12,467,632	12,642,306	12,690,386	12,689,191	12,579,130	12,642,576	12,553,802	12,640,463	12,895,729	12,904,397	12,825,944	12,976,235	13,020,344	13,248,876	13,269,024	13,248,812	13,239,628	13,246,423	13,213,139	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	13,745,957	13,704,228	13,604,258	13,618,174	13,536,805	13,577,725	13,604,276	13,607,348	13,607,998	13,670,604	13,658,720	13,550,723
diluted	11,383,240	11,450,346	11,349,049	11,277,939	11,230,007	11,277,865	11,111,903	11,001,669	11,645,708	11,440,229	11,016,430	11,963,492	12,607,752	12,190,425	11,980,115	13,499,334	13,582,828	13,664,214	13,681,146	13,299,243	13,217,335	13,146,586	13,124,655	13,456,233	13,851,832	13,832,994	13,861,753	13,851,321	14,061,369	14,140,263	14,050,573	13,977,492	13,673,361	13,763,516	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	14,390,580	14,282,270	14,250,663	13,618,174	14,114,957	14,124,060	14,171,802	14,068,368	14,028,715	13,915,897	13,937,375	14,203,413
expressed in thousands of dollars																																																			2,011	2,011
other comprehensive income:
currency translation adjustment																																																			-1,513	-120	239	1,290
change in cash flow hedges, net of tax																																																				1,250	72	-146
comprehensive income for the period																																																			946	1,568	6,072	5,161
comprehensive income attributable to non-controlling interests																																																			353	747	675
comprehensive income attributable to oppenheimer holdings inc.																																																			593	821	5,397	4,565
revenue: - sum																																																				244,518,000	253,417	235,141
expenses: - sum																																																				242,814,000	243,588	227,655
expressed in thousands of dollars, except share and per share amounts
less net profit attributable to non-controlling
interest, net of tax																																																					675	596
net profit attributable to oppenheimer
holdings inc.																																																					5,086	3,421
weighted-average common shares
basic	10,502,853	10,519,722	10,520,219	10,465,771	10,349,803	10,332,927	10,327,818	10,407,454	10,736,166	10,519,431	11,016,430	11,092,603	11,666,194	11,270,589	11,980,115	12,467,632	12,642,306	12,690,386	12,689,191	12,579,130	12,642,576	12,553,802	12,640,463	12,895,729	12,904,397	12,825,944	12,976,235	13,020,344	13,248,876	13,269,024	13,248,812	13,239,628	13,246,423	13,213,139	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	13,745,957	13,704,228	13,604,258	13,618,174	13,536,805	13,577,725	13,604,276	13,607,348	13,607,998	13,670,604	13,658,720	13,550,723
diluted	11,383,240	11,450,346	11,349,049	11,277,939	11,230,007	11,277,865	11,111,903	11,001,669	11,645,708	11,440,229	11,016,430	11,963,492	12,607,752	12,190,425	11,980,115	13,499,334	13,582,828	13,664,214	13,681,146	13,299,243	13,217,335	13,146,586	13,124,655	13,456,233	13,851,832	13,832,994	13,861,753	13,851,321	14,061,369	14,140,263	14,050,573	13,977,492	13,673,361	13,763,516	13,260,855	13,399,250	13,368,768	13,366,863	13,367,248	13,379,827	13,690,698	14,390,580	14,282,270	14,250,663	13,618,174	14,114,957	14,124,060	14,171,802	14,068,368	14,028,715	13,915,897	13,937,375	14,203,413
expressed in thousands of dollars, except per share amounts
weighted-average number shares of class a non-voting and class b common stock outstanding																																																						13,355,468
comprehensive income attributable to non-controlling interests, net of tax																																																						596

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2011-09-30	2005-12-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31

assets
cash and cash equivalents	38,405,000	38,288,000	37,618,000	36,696,000	33,150,000	32,242,000	33,214,000	27,661,000	28,835,000	30,773,000	29,145,000	30,320,000	112,433,000	36,578,000	36,606,000	47,453,000	213,759,000	140,819,000	39,798,000	28,545,000	35,424,000	32,080,000	51,237,000	23,540,000	79,550,000	26,193,000	71,307,000	83,073,000	90,675,000	37,531,000	38,961,000	42,715,000	48,154,000	44,794,000	116,582,000	62,421,000	64,913,000	99,044,000	107,537,000	62,479,000	47,311,000	50,313,000	66,918,000	63,807,000	65,174,000	123,042,000	98,294,000	105,357,000	106,098,000				24,868,000	30,622,000	38,792,000		56,718,000	34,984,000	20,348,000		23,176,000	23,238,000
deposits with clearing organizations	107,607,000	100,008,000	143,032,000	95,822,000	98,909,000	89,549,000	108,415,000	94,016,000	78,706,000	88,927,000	76,294,000	69,305,000	77,691,000	95,645,000	99,568,000	101,371,000	66,968,000	85,095,000	81,764,000	77,294,000	83,343,000	77,202,000	90,536,000	119,580,000	48,415,000	73,730,000	65,491,000	55,069,000	67,678,000	53,956,000	56,864,000	70,938,000	42,222,000	44,201,000	40,685,000	41,902,000	38,185,000	35,614,000	42,910,000	56,567,000	61,370,000	51,625,000	50,258,000	36,510,000	32,185,000	31,435,000	23,679,000	25,054,000	26,371,000				16,220,000	16,373,000	22,837,000		12,870,000	10,651,000	5,097,000		3,304,000	5,164,000	3,810,000		4,805,000	16,124,000	5,416,000
receivables from brokers, dealers and clearing organizations	260,001,000
receivables from customers, net of allowance for credit losses of 131	1,415,049,000
income tax receivable	1,406,000	3,693,000	2,663,000	1,103,000	1,499,000	4,029,000	6,009,000	5,755,000	7,199,000	17,740,000	17,196,000	5,374,000			9,161,000							2,992,000	1,789,000	6,283,000	5,170,000	2,333,000			1,014,000	3,495,000	2,818,000	3,132,000	2,939,000	5,061,000	10,105,000	9,119,000	5,816,000	20,065,000	17,534,000	17,261,000	6,105,000	4,287,000	6,329,000	4,240,000	13,240,000	10,785,000	6,562,000	6,152,000	11,616,000
securities owned, including amounts pledged of 1,179,503 (1,015,604 in 2024), at fair value	1,250,802,000
notes receivable	57,965,000	67,366,000	64,316,000	67,731,000	67,931,000	65,580,000	63,342,000	66,889,000	62,640,000	61,270,000	60,873,000	63,649,000	57,495,000	57,205,000	59,099,000	57,879,000	53,983,000	55,098,000	52,119,000	48,847,000	46,161,000																								37,816,000	38,832,000	40,751,000	43,113,000	42,491,000				76,161,000	82,087,000	89,177,000		105,765,000	94,118,000	99,169,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 101,962	32,402,000
right-of-use lease assets, net of accumulated amortization of 137,005	119,111,000
company-owned life insurance	109,094,000
intangible assets	35,042,000	35,209,000	35,376,000	35,543,000	35,709,000	34,111,000	34,187,000	34,264,000	34,340,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	32,100,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000	31,700,000
goodwill	143,607,000	143,607,000	143,607,000	143,607,000	143,607,000	142,162,000	142,162,000	142,162,000	142,162,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000	137,889,000				137,889,000	137,889,000	137,889,000		137,889,000	137,889,000	137,889,000		11,957,000	11,058,000	11,058,000
other assets	151,924,000	150,704,000	105,353,000	107,896,000	112,534,000	94,865,000	101,908,000	119,968,000	190,764,000	186,275,000	190,843,000	187,309,000	184,443,000	167,307,000	168,440,000	175,516,000	205,838,000	178,517,000	174,617,000	184,302,000	272,876,000	149,079,000	137,760,000	116,060,000	166,341,000	124,484,000	132,356,000	127,657,000	112,768,000	119,659,000	114,867,000	123,777,000	145,310,000	118,005,000	117,988,000	110,540,000	102,473,000	106,381,000	107,619,000	120,249,000	108,524,000	112,271,000	118,518,000	107,386,000	134,851,000	130,514,000	165,060,000	223,387,000	201,417,000
total assets	3,722,415,000	3,818,148,000	3,687,339,000	3,572,182,000	3,382,726,000	3,367,285,000	3,262,538,000	3,251,890,000	2,874,816,000	2,975,374,000	3,092,375,000	2,920,207,000	2,714,392,000	2,856,025,000	2,920,581,000	3,019,457,000	3,043,250,000	2,891,400,000	2,714,318,000	2,709,151,000	2,713,903,000	2,608,618,000	2,364,317,000	2,139,633,000	2,464,755,000	2,203,488,000	2,652,416,000	2,527,564,000	2,240,314,000	2,356,285,000	2,521,280,000	2,533,976,000	2,438,517,000	2,508,401,000	2,607,519,000	2,525,427,000	2,236,930,000	2,583,681,000	2,575,729,000	2,620,864,000	2,854,252,000	2,929,543,000	2,784,386,000	2,787,455,000	3,044,958,000	3,083,114,000	2,952,720,000	2,996,648,000	2,753,872,000	3,527,439,000	2,184,467,000	1,802,473,000,000								1,031,226,000				710,275,000
liabilities and stockholders' equity
liabilities
drafts payable	18,347,000	16,763,000	12,128,000	15,331,000	21,661,000	10,223,000	21,762,000	21,459,000	9,002,000	14,521,000	21,734,000	18,024,000		9,644,000	10,020,000				17,133,000	12,392,000		18,251,000	37,374,000	19,066,000		17,794,000	17,456,000	13,533,000	16,348,000	29,242,000	21,632,000	20,993,000	42,412,000	26,480,000	29,767,000	32,783,000	39,228,000	31,414,000	26,759,000	37,663,000	24,002,000	4,054,000	34,615,000	35,373,000	32,913,000	41,306,000	48,198,000	36,165,000	47,678,000				41,505,000	47,795,000	54,661,000		38,501,000	59,817,000	25,816,000		16,321,000	21,577,000	19,951,000		11,174,000	15,192,000	14,039,000
bank call loans	76,800,000	262,300,000	323,800,000	359,500,000	252,100,000	206,700,000	218,800,000	94,350,000		56,200,000	94,400,000	19,300,000		53,600,000	177,300,000	78,150,000	69,500,000	72,300,000	79,600,000	75,100,000	82,000,000	156,900,000	13,000,000	203,100,000			50,100,000		15,000,000	3,000,000	107,500,000	147,400,000	118,300,000	130,100,000	230,400,000	195,700,000	145,800,000	132,000,000	151,900,000	148,300,000	147,700,000	177,500,000	101,400,000	59,400,000	147,200,000	197,000,000	118,200,000	94,800,000	219,800,000				4,200,000	65,899,000	79,900,000		180,219,000	178,194,000	43,900,000		1,372,000	33,142,000	49,281,000		5,383,000	24,466,000	37,666,000
payables to brokers, dealers and clearing organizations	397,997,000
payables to customers	393,694,000
securities sold under agreements to repurchase	997,192,000	972,167,000	853,123,000	866,413,000	931,754,000	765,102,000	822,785,000	286,455,000	640,382,000	680,064,000	645,315,000	280,436,000	161,009,000	284,032,000	170,968,000	481,151,000	277,322,000	343,925,000	231,601,000	7,150,000	342,438,000	252,827,000	154,155,000	124,103,000	287,265,000	253,720,000	521,837,000	268,621,000	484,218,000	606,010,000	599,151,000	576,017,000	586,478,000	398,650,000	457,809,000	456,090,000	378,084,000	528,113,000	432,912,000	529,752,000	463,074,000	623,852,000	397,389,000	687,440,000	816,606,000	705,727,000	757,491,000	630,853,000	496,022,000
securities sold but not yet purchased, at fair value	175,712,000	258,856,000	203,341,000	277,888,000	98,892,000	203,663,000	177,251,000	520,932,000	31,676,000	45,577,000	71,101,000	110,657,000	52,768,000	94,893,000	254,652,000	97,371,000	71,958,000	84,145,000	112,838,000	360,486,000	126,171,000	222,449,000	356,589,000	34,639,000	100,571,000	121,880,000	155,979,000	137,286,000	85,446,000	143,746,000	162,042,000	147,886,000	94,486,000	366,581,000	234,778,000	299,472,000	85,050,000
accrued compensation	374,420,000	319,512,000	232,728,000	181,406,000	331,298,000	262,120,000	209,502,000	161,525,000	256,244,000	224,282,000	189,475,000	155,984,000	239,136,000	196,948,000	173,287,000	115,731,000	342,125,000	317,020,000	278,270,000	207,300,000	298,263,000	201,616,000	146,988,000	102,407,000	207,358,000	149,862,000	130,879,000	106,869,000	167,348,000	151,658,000	128,985,000	103,751,000	173,116,000	130,109,000	113,088,000	95,164,000	145,053,000	120,976,000	108,097,000	93,835,000	125,129,000	121,980,000	102,668,000	165,134,000	122,210,000	106,512,000	180,119,000	133,197,000	116,296,000				66,184,000	67,624,000	62,495,000
accounts payable and other liabilities	73,600,000	78,393,000	64,392,000	59,176,000	65,764,000	64,803,000	69,187,000	82,852,000	82,810,000	86,536,000	89,557,000	68,250,000	102,202,000	91,119,000	58,336,000	97,201,000	76,655,000	55,372,000	56,897,000	57,220,000	44,791,000	43,473,000	43,219,000	43,645,000	44,725,000	43,234,000	42,709,000	48,862,000	87,630,000	95,820,000	94,353,000	94,172,000	92,495,000	91,534,000	89,065,000	99,249,000	95,340,000	105,770,000	110,367,000	126,183,000	145,777,000	182,426,000	203,493,000	141,352,000	165,619,000	145,920,000	192,552,000	191,441,000	168,862,000				51,195,000	43,460,000	44,037,000		110,377,000	101,394,000	101,362,000		52,421,000	48,487,000	55,319,000		64,653,000	32,066,000	34,249,000
income tax payable	15,640,000	238,000	174,000	11,423,000	3,963,000			6,515,000				4,232,000	4,130,000	1,788,000		13,158,000	13,536,000			15,776,000	9,726,000						849,000	1,162,000
lease liabilities	154,928,000	158,827,000	165,849,000	171,497,000	173,320,000	167,424,000	172,604,000	177,336,000	183,273,000	193,954,000	196,934,000	193,350,000	182,570,000	189,298,000	187,531,000	194,102,000	192,019,000	197,528,000	204,008,000	194,771,000	193,373,000	195,348,000	202,028,000	197,728,000	203,140,000	208,748,000	210,255,000	212,970,000
deferred tax liabilities, net of deferred tax assets of 50,032	47,056,000
total liabilities	2,725,386,000	2,897,874,000	2,790,481,000	2,699,916,000	2,532,331,000	2,529,447,000	2,450,478,000	2,450,368,000	2,085,577,000	2,170,085,000	2,278,005,000	2,093,792,000	1,893,971,000	1,955,685,000	2,011,448,000	2,074,746,000	2,090,220,000	2,116,446,000	1,961,811,000	1,989,411,000	2,028,235,000	1,993,402,000	1,763,180,000	1,552,903,000	1,872,033,000	1,636,861,000	2,088,806,000	1,973,077,000	1,694,992,000	1,812,408,000	1,982,639,000	2,003,467,000	1,914,606,000	2,003,626,000	2,106,405,000	2,022,848,000	1,723,596,000	2,067,669,000	2,053,617,000	2,104,518,000	2,324,475,000	2,390,909,000	2,247,717,000	2,253,723,000	2,515,351,000	2,552,532,000	2,424,849,000	2,481,375,000	2,242,106,000	3,014,036,000	1,876,344,000
commitments and contingencies
stockholders' equity
common stock
class a: shares authorized: 50,000,000; shares issued and outstanding 10,387,575 and 10,231,736 as of december 31, 2025 and 2024, respectively class b: shares authorized, issued and outstanding: 99,665 as of december 31, 2025 and 2024	10,000
additional paid-in capital	32,703,000	29,723,000	26,576,000	23,331,000	29,733,000	26,519,000	23,365,000	20,040,000	31,774,000	28,826,000	25,576,000	22,374,000	28,628,000	25,918,000	35,461,000
retained earnings	947,413,000	887,740,000	867,922,000	848,721,000	819,961,000	811,092,000	788,739,000	780,946,000	756,468,000	750,798,000	762,471,000	777,121,000	764,178,000	743,650,000	742,614,000	748,323,000	740,926,000	692,537,000	668,193,000	638,558,000	601,406,000	533,507,000	519,376,000	503,255,000	496,998,000	473,099,000	470,693,000	459,751,000	449,989,000	443,188,000	439,577,000	432,179,000	426,930,000	407,179,000	400,844,000	403,623,000	410,258,000	413,508,000	415,680,000	411,678,000	421,622,000	424,038,000	425,255,000	421,047,000	416,890,000	419,942,000	418,204,000	406,375,000	402,638,000				243,852,000	243,468,000	243,102,000		226,704,000	221,243,000	214,475,000		205,962,000	205,353,000	205,602,000		201,661,000	199,443,000	196,636,000
accumulated other comprehensive income	3,697,000	2,801,000	2,350,000	204,000	691,000	217,000	-54,000	526,000	914,000	-324,000	256,000	919,000	1,416,000	1,163,000	1,573,000	3,611,000	4,225,000	3,384,000	3,149,000	2,612,000	3,448,000	1,948,000	1,704,000	1,224,000	1,761,000	1,622,000	1,089,000	728,000	165,000	702,000	603,000	1,440,000	1,582,000	1,272,000	1,523,000	743,000								-918,000	1,961,000	1,622,000	1,709,000	1,363,000	707,000
total oppenheimer holdings inc. stockholders' equity	983,823,000				850,395,000	837,838,000	812,060,000	801,522,000	789,166,000	779,310,000	788,314,000	800,425,000	794,233,000	770,742,000	779,659,000	814,391,000	823,196,000												545,322,000	543,538,000	538,292,000	530,144,000	523,550,000	504,418,000	499,200,000	500,674,000	510,703,000	513,496,000	513,912,000
non-controlling interests	13,206,000								73,000				722,000
total stockholders' equity	997,029,000	920,274,000	896,858,000	872,266,000	850,395,000	837,838,000	812,060,000	801,522,000	789,239,000	779,315,000	788,422,000	800,858,000	794,955,000	772,575,000	781,368,000	816,946,000	825,265,000	774,954,000	752,507,000	719,740,000	685,668,000	615,216,000	601,137,000	586,730,000	592,722,000	566,627,000	563,610,000	554,487,000	545,322,000	543,877,000	538,641,000	530,509,000	523,911,000	504,775,000	501,114,000	502,579,000	513,334,000	516,012,000	522,112,000
total liabilities and stockholders' equity	3,722,415,000	3,818,148,000	3,687,339,000	3,572,182,000	3,382,726,000	3,367,285,000	3,262,538,000	3,251,890,000										2,891,400,000	2,714,318,000	2,709,151,000	2,713,903,000	2,608,618,000	2,364,317,000	2,139,633,000	2,464,755,000	2,203,488,000	2,652,416,000	2,527,564,000	2,240,314,000	2,356,285,000	2,521,280,000	2,533,976,000	2,438,517,000	2,508,401,000	2,607,519,000	2,525,427,000	2,236,930,000	2,583,681,000	2,575,729,000
receivable from brokers, dealers and clearing organizations		325,342,000	290,181,000	250,308,000	241,478,000	276,539,000	297,031,000	260,471,000	284,696,000	259,374,000	334,220,000	361,039,000	206,077,000	177,206,000	167,898,000	209,437,000	169,902,000	242,514,000	235,444,000	233,915,000	203,494,000	207,256,000	315,947,000	198,417,000	163,293,000	157,734,000	167,931,000	180,221,000	166,493,000	205,031,000	204,527,000	171,130,000	187,115,000	248,891,000	224,706,000	232,682,000	214,934,000	255,818,000	315,308,000	263,363,000	398,808,000	357,170,000	338,103,000	314,475,000	351,317,000	330,363,000	364,873,000	395,507,000
receivable from customers, net of allowance for credit losses of 152		1,374,526,000
securities owned, including amounts pledged of 1,199,263 (1,015,604 in 2024), at fair value		1,316,093,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 99,341		33,966,000
right-of-use lease assets, net of accumulated amortization of 132,940		121,660,000
corporate-owned life insurance		107,686,000	104,045,000	96,987,000	98,828,000	98,068,000	94,646,000	95,241,000
payable to brokers, dealers and clearing organizations		322,339,000	527,179,000	384,470,000	253,816,000	319,529,000	278,226,000	497,366,000	361,890,000	350,344,000	421,403,000	635,970,000	550,006,000	493,446,000	388,467,000	319,503,000	422,057,000	324,052,000	349,146,000	421,413,000	259,911,000	366,949,000	216,111,000	239,583,000	520,975,000	364,595,000	418,719,000	634,333,000	289,207,000	219,443,000	282,542,000	255,126,000	211,483,000	247,479,000	239,578,000	175,204,000	221,389,000	154,168,000	172,362,000	207,879,000	250,513,000	238,007,000	350,230,000	257,161,000	255,432,000	375,504,000	223,315,000	265,943,000
payable to customers		465,426,000	363,535,000	328,298,000	357,835,000	367,905,000	325,886,000	447,627,000	369,287,000	363,839,000	401,168,000	458,588,000	456,475,000	381,112,000	419,315,000	506,988,000	456,958,000	551,419,000	462,178,000	462,450,000	502,807,000	380,746,000	416,914,000	413,646,000	334,735,000	313,056,000	325,754,000	334,376,000	336,616,000	351,750,000	373,664,000	445,085,000	385,907,000	396,515,000	498,562,000	504,348,000	449,946,000	517,681,000	596,441,000	521,557,000	692,416,000	654,241,000	704,087,000	652,256,000	684,884,000	629,564,000	626,564,000	690,911,000	632,653,000				372,123,000	306,966,000	382,421,000		529,652,000	583,522,000	156,177,000		136,208,000	136,241,000	151,722,000		89,567,000	97,047,000	102,188,000
deferred tax liabilities, net of deferred tax assets of 48,718		43,053,000
common stock (0.001 par value per share...		10,000	10,000	10,000		10,000	10,000	10,000		10,000	11,000	11,000		11,000	11,000
receivable from customers, net of allowance for credit losses of 169			1,341,550,000
securities owned, including amounts pledged of 1,072,282 (1,015,604 in 2024), at fair value			1,256,970,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 96,605			35,470,000
right-of-use lease assets, net of accumulated amortization of 130,417			127,158,000
deferred tax liabilities, net of deferred tax assets of 46,679			44,232,000
receivable from customers, net of allowance for credit losses of 165				1,349,938,000
securities owned, including amounts pledged of 1,178,324 (1,015,604 in 2024), at fair value				1,217,688,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 93,737				37,084,000
right-of-use lease assets, net of accumulated amortization of 124,992				131,779,000
deferred tax liabilities, net of deferred tax assets of 45,075				44,514,000
receivable from customers, net of allowance for credit losses of 175					1,268,866,000
securities purchased under agreements to resell							4,079,000	4,090,000	5,842,000								935,000			25,937,000							39,000	589,000	290,000				658,000									104,301,000		251,606,000	250,000,000	250,548,000	184,825,000
securities owned, including amounts pledged of 1,015,604 (689,381 in 2023), at fair value					1,108,206,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 92,390					38,188,000
right-of-use lease assets, net of accumulated amortization of 118,325					133,821,000
senior secured notes, net of debt issuance costs of 0
deferred tax liabilities, net of deferred tax assets of 48,640					41,928,000
class a: shares authorized: 50,000,000; shares issued and outstanding 10,231,736 and 10,186,783 as of december 31, 2024 and 2023, respectively class b: shares authorized, issued and outstanding: 99,665 as of december 31, 2024 and 2023					10,000
receivable from customers, net of allowance for credit losses of 215						1,296,339,000
securities owned, including amounts pledged of 792,284 (689,381 in 2023), at fair value						1,067,452,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 89,776						37,642,000
right-of-use lease assets, net of accumulated amortization of 114,371						128,707,000
senior secured notes, net of debt issuance costs of 228						112,822,000
deferred tax liabilities, net of deferred tax assets of 44,857						49,156,000
noncontrolling interest										5,000	108,000	433,000		1,833,000	1,709,000	2,555,000																	361,000	357,000	1,914,000	1,905,000	2,631,000	2,516,000	8,200,000	6,962,000	6,971,000	6,840,000	6,490,000
receivable from customers, net of allowance for credit losses of 220							1,161,685,000
securities owned, including amounts pledged of 867,341 (689,381 in 2023), at fair value							1,043,256,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 87,808							40,163,000
right-of-use lease assets, net of accumulated amortization of 107,581							132,441,000
senior secured notes, net of debt issuance costs of 283							112,767,000
deferred tax liabilities, net of deferred tax assets of 44,087							41,708,000
receivable from customers, net of allowance for credit losses of 349								1,179,700,000			1,066,439,000
securities owned, including amounts pledged of 917,804 (689,381 in 2023), at fair value								1,044,089,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 85,301								41,489,000
right-of-use lease assets, net of accumulated amortization of 101,910								136,095,000
senior secured notes, net of debt issuance costs of 337								112,713,000
deferred tax liabilities, net of deferred tax assets of 44,537								41,238,000
restricted cash										25,949,000	25,803,000	25,581,000	25,534,000	128,280,000	127,875,000	127,781,000	127,765,000
receivable from customers, net of allowance for credit losses of 345									1,059,892,000
securities owned, including amounts pledged of 689,381 (175,724 in 2022), at fair value									795,312,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 82,732									43,874,000
right-of-use lease assets, net of accumulated amortization of 99,716									140,554,000
senior secured notes, net of debt issuance costs of 392									112,658,000
deferred tax liabilities, net of deferred tax assets of 45,961									38,355,000
redeemable non-controlling interests
class a: shares authorized: 50,000,000; shares issued and outstanding 10,186,783 and 10,868,556 as of december 31, 2023 and 2022, respectively class b: shares authorized, issued and outstanding: 99,665 as of december 31, 2023 and 2022									10,000
total liabilities, redeemable non-controlling interests and stockholders' equity									2,874,816,000
receivable from customers, net of allowance for credit losses of 367										1,087,314,000
securities owned, including amounts pledged of 680,891 (175,724 in 2022), at fair value										853,945,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 91,544										42,627,000
right-of-use lease assets, net of accumulated amortization of 89,365										151,191,000
senior secured notes, net of debt issuance costs of 447										112,603,000
deferred tax liabilities, net of deferred tax assets of 47,682										42,165,000
redeemable noncontrolling interests										25,974,000	25,948,000	25,557,000	25,466,000	127,765,000	127,765,000	127,765,000	127,765,000
total liabilities, redeemable noncontrolling interests and stockholders' equity										2,975,374,000	3,092,375,000	2,920,207,000	2,714,392,000	2,856,025,000	2,920,581,000	3,019,457,000	3,043,250,000
securities owned, including amounts pledged of 660,007 (175,724 in 2022), at fair value											924,183,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 98,341											42,579,000
right-of-use lease assets, net of accumulated amortization of 90,125											154,811,000
senior secured notes, net of debt issuance costs of 501											112,549,000
deferred tax liabilities, net of deferred tax assets of 56,564											34,369,000
receivable from customers, net of allowance for credit losses of 347												1,054,316,000
securities owned, including amounts pledged of 337,810 (175,724 in 2022), at fair value												762,154,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 98,662												38,398,000
right-of-use lease assets, net of accumulated amortization of 86,943												152,773,000
senior secured notes, net of debt issuance costs of 556												112,494,000
deferred tax liabilities, net of deferred tax assets of 52,957												36,507,000
receivable from customers, net of allowance for credit losses of 350													1,202,764,000
securities owned, including amounts pledged of 175,724 (266,428 in 2021), at fair value													498,594,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 97,751													36,742,000
right-of-use lease assets, net of accumulated amortization of 82,449													142,630,000
senior secured notes, net of debt issuance costs of 616													113,434,000
deferred tax liabilities, net of deferred tax assets of 55,628													32,241,000
class a: shares authorized: 50,000,000; shares issued and outstanding 10,868,556 and 12,447,036 as of december 31, 2022 and 2021, respectively class b: shares authorized, issued and outstanding: 99,665 as of december 31, 2022 and 2021													11,000
certain prior period reported amounts were reclassified to conform to the current period presentation, see note 2.
receivable from customers, net of allowance for credit losses of 3,367														1,178,713,000
securities owned, including amounts pledged of 385,820 (266,428 in 2021), at fair value														662,677,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 98,047														33,946,000
right-of-use lease assets, net of accumulated amortization of 77,531														148,479,000
senior secured notes, net of debt issuance costs of 737														124,263,000
deferred tax liabilities, net of deferred tax assets of 53,059														35,542,000
receivable from customers, net of allowance for credit losses of 3,400															1,288,079,000
securities owned, including amounts pledged of 316,605 (266,428 in 2021), at fair value															621,272,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 96,203															26,537,000
right-of-use lease assets, net of accumulated amortization of 74,164															146,057,000
senior secured notes, net of debt issuance costs of 800															124,200,000
deferred tax liabilities, net of deferred tax assets of 46,229															47,372,000
receivable from customers, net of allowance for credit losses of 3,311																1,261,305,000
securities owned, including amounts pledged of 551,736 (266,428 in 2021), at fair value																689,046,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 94,745																28,530,000
right-of-use lease assets, net of accumulated amortization of 69,923																151,150,000
senior secured notes, net of debt issuance costs of 863																124,137,000
deferred tax liabilities, net of deferred tax assets of 50,191																47,254,000
share capital
class a non-voting common stock, par value 0.001 per share...																22,495,000	36,309,000	39,331,000	43,196,000	43,008,000	39,200,000	39,840,000	40,784,000	44,173,000	46,424,000	46,424,000	48,069,000	52,386,000	53,259,000	59,153,000	58,692,000	58,396,000	58,359,000	55,989,000	57,926,000	58,728,000	59,228,000	59,331,000	59,173,000	59,216,000	59,019,000	65,403,000	65,153,000	62,264,000
class b voting common stock, par value 0.001 per share...																133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000	133,000
share capital - sum																22,628,000	36,442,000	39,464,000	43,329,000	43,141,000	39,333,000		40,917,000	44,306,000	46,557,000	46,557,000	48,202,000	52,519,000			58,825,000	58,529,000	58,492,000	56,122,000			59,361,000		59,306,000	59,349,000	59,152,000		65,286,000		62,157,000	62,116,000	60,198,000		61,973,000
contributed capital																39,829,000	41,603,000	39,569,000	37,836,000	35,429,000	41,481,000	39,788,000	39,140,000	37,945,000	47,406,000	45,349,000	43,626,000	41,489,000	41,776,000	40,362,000	39,287,000	37,996,000	36,546,000	39,845,000	38,774,000	37,447,000	41,765,000	40,525,000	39,608,000	38,385,000	43,116,000	42,388,000	41,123,000	45,118,000	42,749,000	41,353,000	42,407,000	41,111,000	41,739,000				8,708,000	8,674,000	8,641,000		5,933,000	5,783,000	5,688,000		4,747,000	4,721,000	4,628,000		4,019,000	3,968,000	3,795,000
receivable from customers, net of allowance for credit losses of 3,326																	1,221,450,000
securities owned, including amounts pledged of 266,428 (440,531 in 2020), at fair value																	634,504,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 92,785																	28,036,000
right-of-use lease assets, net of accumulated amortization of 76,462																	150,121,000
senior secured notes, net of debt issuance costs of 926																	124,074,000
deferred tax liabilities, net of deferred tax assets of 54,957																	44,016,000
non-controlling interest																	2,069,000													339,000	349,000	365,000												6,088,000	5,850,000	5,549,000	5,353,000	4,980,000	4,709,000
receivable from customers, net of allowance for credit losses of 3,440																		1,273,445,000
securities owned, including amounts pledged of 424,103 (440,531 in 2020), at fair value																		561,683,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 92,036																		29,300,000
right-of-use lease assets, net of accumulated amortization of 69,850																		154,940,000
senior secured notes, net of debt issuance costs of 988																		124,012,000
deferred tax liabilities, net of deferred tax assets of 49,119																		46,673,000
receivable from customers, net of allowance for credit losses of 3,418																			1,225,140,000
securities owned, including amounts pledged of 305,822 (440,531 in 2020), at fair value																			544,062,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 91,177																			30,556,000
right-of-use lease assets, net of accumulated amortization of 63,344																			160,829,000
senior secured notes, net of debt issuance costs of 1,051																			123,949,000
deferred tax liabilities, net of deferred tax assets of 49,707																			46,191,000
receivable from customers, net of allowance for credit losses of 1,919																				1,152,499,000
securities owned, including amounts pledged of 336,488 (440,531 in 2020), at fair value																				605,330,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 91,741																				26,835,000
right-of-use lease assets, net of accumulated amortization of 56,837																				155,658,000
senior secured notes, net of debt issuance costs of 1,114																				123,886,000
deferred tax liabilities, net of deferred tax assets of 42,979																				51,467,000
receivable from customers, net of allowance for credit losses of 410																					1,110,835,000
securities owned, including amounts pledged of 440,531 (357,120 in 2019), at fair value																					610,517,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 90,958																					27,762,000
right-of-use lease assets, net of accumulated amortization of 50,336																					153,502,000
senior secured notes, net of debt issuance costs of 1,154																					123,846,000
deferred tax liabilities, net of deferred tax assets of 44,104																					44,909,000
receivable from customers, net of allowance for credit losses of 418																						1,095,035,000
securities owned, including amounts pledged of 486,165 (357,120 in 2019), at fair value																						646,680,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 37,224 and 4,190 respectively																						44,723,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 100,968																						28,916,000
right-of-use lease assets, net of accumulated amortization of 43,933																						154,666,000
senior secured notes, net of debt issuance costs of 1,136																						123,864,000
deferred tax liabilities, net of deferred tax assets of 39,099																						30,979,000
receivable from customers, net of allowance for credit losses of 493																							860,140,000
securities owned, including amounts pledged of 357,323 (357,120 in 2019), at fair value																							502,029,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of34,022 and 3,903 respectively																							44,114,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 98,885																							30,418,000
right-of-use lease assets, net of accumulated amortization of 37,597																							160,358,000
senior secured notes, net of debt issuance costs of 384																							148,190,000
deferred tax liabilities, net of deferred tax assets of 38,404																							28,612,000
receivable from customers, net of allowance for credit losses of 528																								964,772,000
securities owned, including amounts pledged of 150,547 (357,120 in 2019), at fair value																								309,346,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 31,188 and 3,908 respectively																								44,960,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 96,742																								30,646,000
right-of-use lease assets, net of accumulated amortization of 31,398																								156,040,000
senior secured notes, net of debt issuance costs of 432																								148,142,000
deferred tax liabilities, net of deferred tax assets of 37,080																								26,844,000
receivable from customers, net of allowance for credit losses of 451																									796,934,000
securities owned, including amounts pledged of 357,120 (517,951 in 2018), at fair value																									799,719,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 38,355 and 3,673, respectively																									43,670,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 94,773																									31,377,000
right-of-use lease assets, net of accumulated amortization of 25,186																									160,297,000
senior secured notes, net of debt issuance costs of 485																									149,515,000
deferred tax liabilities, net of deferred tax assets of 43,630																									23,749,000
receivable from customers, net of allowance for credit losses of 941																										754,927,000
securities owned, including amounts pledged of 359,151 (517,951 in 2018), at fair value																										653,194,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 35,373 and 3,886 respectively																										43,920,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 92,690																										32,085,000
right-of-use lease assets, net of accumulated amortization of 19,141																										164,899,000
senior secured notes, net of debt issuance costs of 533																										149,467,000
deferred tax liabilities, net of deferred tax assets of 44,736																										14,505,000
receivable from customers, net of allowance for credit losses of 920																											807,581,000
securities owned, including amounts pledged of 547,326 (517,951 in 2018), at fair value																											995,370,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 32,369 and 6,827 respectively																											43,413,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 90,633																											32,327,000
right-of-use lease assets, net of accumulated amortization of 12,983																											166,612,000
senior secured notes, net of debt issuance costs of 775																											199,225,000
deferred tax liabilities, net of deferred tax assets of 43,682																											15,044,000
receivable from customers, net of allowance for credit losses of 898																												753,625,000
securities owned, including amounts pledged of 390,832 (517,951 in 2018), at fair value																												911,468,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,548 and 6,841 respectively																												43,921,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 90,974																												30,728,000
right-of-use lease assets, net of accumulated amortization of 6,797																												171,224,000
senior secured notes, net of debt issuance costs of 840																												199,160,000
deferred tax liabilities, net of deferred tax assets of 42,309																												15,905,000
receivable from customers, net of allowance for credit losses of 886																													720,777,000
securities owned, including amounts pledged of 517,951 (655,683 in 2017), at fair value																													837,584,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 25,109 and 6,800, respectively																													44,058,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 89,182																													28,988,000
senior secured notes, net of debt issuance costs of 904																													199,096,000
deferred tax liabilities, net of deferred tax assets of 41,722																													14,083,000
receivable from customers, net of allowance for credit losses of 859																														797,751,000
securities purchased under agreements to resell, at fair value																														1,502,000	6,738,000					3,896,000	24,006,000
securities owned, including amounts pledged of 738,835 (655,683 in 2017), at fair value																														895,251,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,334 and 7,126, respectively																														43,278,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 87,165																														28,842,000
senior secured notes, net of debt issuance costs of 969																														199,031,000
deferred tax liabilities, net of deferred tax assets of 46,827																														12,708,000
receivable from customers, net of allowance for credit losses of 848																															835,708,000
securities owned, including amounts pledged of 692,286 (655,683 in 2017), at fair value																															1,020,404,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,788 and 8,051, respectively																															42,410,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 85,815																															27,994,000
senior secured notes, net of debt issuance costs of 1,034																															198,966,000
deferred tax liabilities, net of deferred tax assets of 44,906																															13,804,000
receivable from customers, net of allowance for credit losses of 809																																881,941,000
securities owned, including amounts pledged of 688,647 (655,683 in 2017), at fair value																																999,627,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,680 and 8,120, respectively																																42,386,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 84,344																																28,341,000
senior secured notes, net of debt issuance costs of 1,098																																198,902,000
deferred tax liabilities, net of deferred tax assets of 44,138																																14,135,000
receivable from customers, net of allowance for credit losses of 769																																	848,226,000
securities owned, including amounts pledged of 655,683 (438,385 in 2016), at fair value																																	926,597,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,705 and 7,975, respectively																																	40,520,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 82,826																																	27,187,000
senior secured notes, net of debt issuance costs of 1,163																																	198,837,000
deferred tax liabilities, net of deferred tax assets of 47,597																																	11,092,000
receivable from customers, net of allowance for credit losses of 782																																		775,602,000
securities owned, including amounts pledged of 642,501 (438,385 in 2016), at fair value																																		1,037,463,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,694 and 7,519, respectively																																		38,241,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 87,861																																		26,554,000
senior secured notes, net of debt issuance costs of 1,199																																		198,801,000
deferred tax liabilities, net of deferred tax assets of 60,919																																		17,377,000
receivable from customers, net of allowance for credit losses of 790																																			873,815,000
securities purchased under agreements to resell, 3,617 at fair value																																			4,852,000
securities owned, including amounts pledged of 644,359 (438,385 in 2016), at fair value																																			986,432,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 23,735 and 7,445, respectively																																			36,240,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 86,502																																			26,525,000
senior secured notes, net of debt issuance costs of 1,104																																			198,896,000
deferred tax liabilities, net of deferred tax assets of 61,296																																			14,462,000
receivable from customers, net of allowance for credit losses of 761																																				830,084,000
securities owned, including amounts pledged of 705,988 (438,385 in 2016), at fair value																																				1,002,705,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 23,866 and 7,300, respectively																																				33,808,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 85,672																																				27,351,000
assets held for sale																																				1,330,000	5,188,000	11,748,000	21,764,000
liabilities held for sale																																				1,421,000	1,217,000	20,605,000	36,490,000
senior secured notes, net of debt issuance costs of 527																																				149,473,000
deferred tax liabilities, net of deferred tax assets of 60,200																																				13,944,000
receivable from customers, net of allowance for credit losses of 794																																					847,386,000
securities owned, including amounts pledged of 438,385 (546,334 in 2015), at fair value																																					707,108,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 24,826 and 6,784, respectively																																					30,099,000
furniture, equipment and leasehold improvements, net of accumulated depreciation of 84,073																																					27,233,000
senior secured notes, net of debt issuance costs of 648																																					149,352,000
deferred tax liabilities, net of deferred tax assets of 59,062																																					13,137,000
accumulated other comprehensive loss																																					-681,000	-1,000	-682,000	-28,000	-1,084,000	-168,000	-1,485,000
receivable from customers, net of allowance for credit losses of 2,503																																						798,048,000
securities owned, including amounts pledged of 799,379 (546,334 in 2015), at fair value																																						1,027,933,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 64,763 and 8,037, respectively																																						31,120,000
office facilities, net of accumulated depreciation of 109,278																																						28,321,000
securities sold, but not yet purchased, at fair value																																						295,507,000	259,032,000	270,952,000	311,664,000	220,667,000	184,649,000	92,510,000	126,092,000	143,453,000	76,314,000	243,065,000	111,076,000
senior secured notes, net of debt issuance costs of 769																																						149,231,000
deferred tax liabilities, net of deferred tax assets of 62,014																																						12,204,000
receivable from customers, net of allowance for credit losses of 2,543																																							780,670,000
securities owned, including amounts pledged of 657,527 (546,334 in 2015), at fair value																																							951,906,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 61,671 and 8,062, respectively																																							33,012,000
office facilities, net of accumulated depreciation of 107,810																																							27,880,000
senior secured notes, net of debt issuance costs of 890																																							149,110,000
deferred tax liabilities, net of deferred tax assets of 61,198																																							10,147,000
receivable from customers, net of allowance for credit losses of 2,573																																								791,631,000
securities owned, including amounts pledged of 705,835 (546,334 in 2015), at fair value																																								1,036,782,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 58,350 and 8,722, respectively																																								32,869,000
office facilities, net of accumulated depreciation of 106,206																																								28,518,000
loans held for sale																																								13,532,000				19,243,000	15,806,000	9,438,000	75,989,000
mortgage servicing rights																																								28,024,000	29,594,000	29,220,000	28,391,000	30,140,000	29,115,000	29,226,000	28,879,000
liabilities and stockholders’ equity
senior secured notes, net of debt issuance costs of 1,011																																								148,989,000
deferred tax liabilities, net of deferred tax assets of 61,346																																								19,408,000
stockholders’ equity
total oppenheimer holdings inc. stockholders’ equity																																								509,384,000	522,806,000	531,794,000	530,179,000	527,644,000	523,757,000	525,033,000	522,518,000	510,293,000	507,057,000
total stockholders’ equity																																								516,346,000	529,777,000	538,634,000	536,669,000	533,732,000	529,607,000	530,582,000	527,871,000	515,273,000
total liabilities and stockholders’ equity																																								2,620,864,000	2,854,252,000	2,929,543,000	2,784,386,000	2,787,455,000	3,044,958,000	3,083,114,000	2,952,720,000	2,996,648,000	511,766,000
cash segregated for regulatory and other purposes																																									855,000	855,000	1,517,000
receivable from customers, net of allowance for credit losses of 2,504																																									896,060,000
securities owned, including amounts pledged of 752,758 (518,123 in 2014), at fair value																																									1,040,631,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 53,241 and 8,555, respectively																																									33,624,000
office facilities, net of accumulated depreciation of 102,640																																									27,731,000
loans held for sale, at fair value																																									34,050,000	76,351,000	95,876,000
senior secured notes																																									150,000,000	150,000,000	150,000,000	150,000,000	150,000,000	195,000,000	195,000,000	195,000,000	195,000,000
deferred tax liabilities, net of deferred tax assets of 63,130																																									14,200,000
contingencies
receivable from customers, net of allowance for credit losses of 2,491																																										905,387,000
securities owned, including amounts pledged of 704,168 (518,123 in 2014), at fair value																																										1,005,150,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 48,448 and 9,135, respectively																																										35,086,000
office facilities, net of accumulated depreciation of 101,972																																										27,938,000
deferred tax liabilities, net of deferred tax assets of 64,085																																										18,182,000
receivable from customers, net of allowance for credit losses of 2,439																																											890,260,000
securities owned, including amounts pledged of 501,643 (518,123 in 2014), at fair value																																											955,363,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 35,596 and 9,062, respectively																																											34,995,000
office facilities, net of accumulated depreciation of 105,809																																											28,269,000
deferred tax liabilities, net of deferred tax assets of 62,254																																											19,186,000
cash and securities segregated for regulatory and other purposes																																												18,594,000	19,117,000	36,281,000	36,323,000	36,569,000	40,055,000
receivable from customers, net of allowance for credit losses of 2,427																																												864,189,000
securities owned, including amounts pledged of 518,123 (586,625 in 2013), at fair value																																												843,155,000
notes receivable, net of accumulated amortization and allowance for uncollectibles of 42,211 and 8,606, respectively																																												34,932,000
office facilities, net of accumulated depreciation of 103,547																																												29,589,000
deferred tax liabilities, net of deferred tax assets of 68,622																																												13,097,000
receivable from customers, net of allowance for credit losses of 2,436																																													951,015,000
securities owned, including amounts pledged of 664,654 (586,625 in 2013), at fair value																																													944,471,000
office facilities, net accumulated depreciation of 100,510																																													31,262,000
deferred tax liabilities																																													14,395,000	12,546,000	7,096,000
class a non-voting common stock																																													62,024,000	61,983,000	60,065,000	61,311,000	61,840,000
class b voting common stock																																													133,000	133,000	133,000	133,000	133,000
receivable from customers, net of allowance for credit losses of 2,441																																														954,650,000
securities owned, including amounts pledged of 483,347 (586,625 in 2013), at fair value																																														936,016,000
office facilities, net accumulated depreciation of 98,546																																														32,395,000
receivable from customers, net of allowance for credit losses of 2,423																																															868,869,000
securities owned, including amounts pledged of 586,625 (569,995 in 2012), at fair value																																															856,088,000
office facilities, net accumulated depreciation of 97,118																																															32,939,000
deferred tax assets																																																2,478,000	1,941,000
receivable from customers, net of allowance for credit losses of 2,434																																																873,433,000
securities owned, including amounts pledged of 805,399 (569,995 in 2012), at fair value																																																1,082,469,000
office facilities																																																33,540,000	34,974,000
receivable from brokers and clearing organizations																																																	285,833,000				426,311,000	330,449,000	332,509,000		311,650,000	646,277,000	299,123,000		541,504,000	195,168,000	80,155,000		188,601,000	106,641,000	590,631,000
receivable from customers, net of allowance for credit losses of 2,109																																																	964,597,000
securities owned, including amounts pledged of 550,045 (569,995 in 2012), at fair value																																																	868,890,000
payable to brokers and clearing organizations																																																	254,719,000				638,774,000	574,216,000	548,853,000		401,815,000	644,203,000	282,044,000		581,787,000	287,057,000	192,693,000		202,389,000	143,713,000	144,184,000
revenue																																																		958,992,000	679,746,000	655,140,000,000								283,333,000				261,261,000
net profit attributable to the company																																																		10,316,000
net profit per share attributable to the company
— basic																																																		760
— diluted																																																		740
long term debt																																																		195,000,000			27,210,000	27,315,000	30,759,000		39,863,000	204,301,000	210,525,000
cash dividends per share of class a and class b stock																																																		440
stockholders’ equity attributable to the company																																																		513,403,000
book value per share attributable to the company																																																		37,550
number of shares of capital stock outstanding																																																		13,671,945,000	12,595,821,000	13,396,556,000,000								12,496,687,000				12,436,765,000
quarterly
period
feb.18 – feb. 28 2005																																																			105,800,000
mar.14 – mar.31 2005																																																			108,668,000
apr.1 – apr.29 2005																																																			161,200,000
may 3 – may 31 2005																																																			30,400,000
jun.1 – jun. 29 2005																																																			62,800,000
jul. 1 – jul. 29 2005																																																			102,800,000
aug. 1 – aug.25 2005																																																			162,500,000
sept. 22 – sept. 30 2005																																																			44,400,000
oct.4 – oct.19 2005																																																			28,300,000
nov.4 – nov.29 2005																																																			109,400,000
net profit																																																			22,916,000	22,501,000,000								9,321,000				19,150,000
net profit per share
- basic																																																			1,760	1,680,000								750				1,550
- diluted																																																			1,360	1,310,000								730				1,500
cash dividends per class a
share and class b share																																																			360									360				360
shareholders' equity																																																			308,123,000									247,636,000				241,695,000
book value per share																																																			24,460	22,960,000								19,820				19,430
total current liabilities																																																				1,286,902,000,000								783,590,000				468,580,000
subordinated indebtedness, including current portion
total long term liabilities																																																				207,264,000,000
cash dividends per class a share and class b share																																																				360,000
shareholders’ equity																																																				308,307,000,000
commissions																																																				327,040,000,000
principal transactions																																																				112,277,000,000
interest																																																				45,418,000,000
investment banking																																																				44,804,000,000
advisory fees																																																				102,531,000,000
arbitration awards																																																				3,900,000,000
other																																																				19,170,000,000	51,469,000	44,866,000	50,536,000		49,461,000	54,652,000	40,737,000		41,745,000	44,195,000	47,989,000		37,693,000	24,687,000	24,647,000
total revenues																																																				655,140,000,000
expressed in thousands of u.s. dollars
current assets
restricted deposits																																																					13,682,000	15,319,000	14,024,000		48,534,000	10,778,000	8,745,000		2,475,000	2,381,000	2,181,000		2,224,000	2,365,000	2,807,000
receivable from customers																																																					851,863,000	884,478,000	900,379,000		938,275,000	943,772,000	394,692,000		355,918,000	439,690,000	490,432,000		319,722,000	339,261,000	343,182,000
securities owned including amounts pledged of 2,469
(1,427 in 2003), at market value																																																					74,771,000	82,510,000	97,732,000
stock exchange seats (approximate market value
4,220; 4,968 in 2003)																																																					2,994,000
property, plant and equipment, net of accumulated
depreciation of 38,966; 32,150 in 2003																																																					21,852,000
intangible assets, net of amortization																																																					35,314,000	35,498,000	35,681,000		36,038,000	36,225,000	36,412,000
oppenheimer holdings inc.
condensed consolidated balance sheets
liabilities and shareholders' equity
current liabilities
securities sold, but not yet purchased, at market value																																																					13,272,000	30,106,000	13,500,000		15,016,000	12,884,000	12,202,000		9,327,000	7,895,000	7,322,000		8,395,000	12,737,000	12,631,000
income taxes payable																																																					1,730,000		4,058,000		5,730,000	5,445,000	3,258,000			1,303,000	1,223,000		4,253,000	2,857,000	7,794,000
current portion of bank loans																																																					10,119,000	10,119,000	10,119,000
current portion of long term debt																																																					11,900,000	15,620,000	15,921,000		14,690,000	14,690,000	13,489,000
long term liabilities
bank loans payable																																																					18,753,000	21,317,000	24,567,000		33,635,000	12,024,000	19,167,000
exchangeable debentures																																																					160,822,000	160,822,000	160,822,000		160,822,000
deferred tax liability																																																					14,070,000	10,371,000	10,385,000
13,254,761 class a non-voting shares
99,680 class b voting shares																																																					133,000	133,000	133,000		133,000	133,000	133,000		133,000	133,000	133,000		133,000	133,000	133,000
securities owned including amounts pledged of 4,915
5,119; 4,968 in 2003)																																																						2,994,000
depreciation of 36,672; 32,150 in 2003																																																						22,664,000
13,380,171 class a non-voting shares
securities owned including amounts pledged of 1,601
5,047; 4,968 in 2003)																																																							2,994,000
depreciation of 34,363; 32,150 in 2003																																																							23,548,000
13,372,986 class a non-voting shares
subordinated indebtedness,
including current portion
securities owned including amounts pledged of 1,401 (1,078 in 2002), at market value																																																									84,547,000
stock exchange seats																																																									2,994,000		2,994,000				3,018,000
fixed assets, net of accumulated depreciation of 29,831; 23,367 in 2002																																																									22,786,000
deferred income taxes																																																									3,589,000	2,464,000	1,353,000
12,780,340 class a non-voting shares																																																									40,848,000
securities owned including amounts pledged of 2,167
(1,078 in 2002), at market value																																																										92,443,000
5,198; 6,716 in 2002)																																																										2,994,000
fixed assets, net of accumulated depreciation of
27,333; 23,367 in 2002																																																										21,292,000
fahnestock viner holdings inc.
12,721,563 class a non-voting shares
securities owned including amounts pledged of 2,646 (1,078 in 2002), at market value																																																											65,638,000
property, plant and equipment, net of accumulated depreciation																																																											18,208,000
12,668,438 class a non-voting shares																																																											39,463,000
profit before extraordinary item																																																												9,321,000				19,150,000
profit before extraordinary item per share																																																												750				1,550
securities owned including amounts pledged of 120
(176 in 2001), at market value																																																													49,157,000	46,554,000
8,260; 8,155 in 2001)																																																													3,018,000
22,210; 18,503 in 2001																																																													9,865,000
12,369,817 class a non-voting shares
securities owned including amounts pledged of 2,690
8,522; 8,155 in 2001)																																																														3,018,000
21,025; 18,503 in 2001																																																														10,378,000
12,418,277 class a non-voting shares
cash and short-term deposits																																																															25,909,000		11,548,000	13,306,000	12,561,000
securities owned including amounts pledged of 776 (176 in 2001), at market value																																																															48,191,000
fixed assets, net of accumulated depreciation of 19,572; 18,503 in 2001																																																															11,510,000
12,479,267 class a non-voting shares																																																															36,379,000
securities purchased under agreement to resell																																																																	2,000,000	2,000,000	1,301,000
securities owned, including amounts pledged of
136 (532 in 2000), at market value																																																																	42,153,000
8,611; 8,258 in 2000)																																																																	3,018,000
17,194; 14,961 in 2000																																																																	10,903,000
goodwill, at amortized cost																																																																	4,602,000	3,931,000	4,038,000
securities sold under agreement to repurchase																																																																	2,000,000	2,000,000	455,155,000
12,303,670 class a non-voting shares
securities owned (including amounts pledged of
623; 532 in 2000), at market value																																																																		47,057,000
8,706; 8,258 in 2000)																																																																		3,018,000
16,338; 14,961 in 2000																																																																		8,710,000
12,290,250 class a non-voting shares
securities owned, at market value																																																																			44,626,000
8,161; 8,258 in 2000)																																																																			3,018,000
15,624; 14,961 in 2000																																																																			9,140,000
12,255,285 class a non-voting shares

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-06-30	2014-03-31	2013-06-30	2013-03-21	2012-09-30	2012-06-30	2012-03-31	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30	2001-03-31

cash flows from operating activities
net income	74,041,000	52,329,000	30,655,000	60,518,000	36,010,000	25,744,000	18,676,000	4,896,000	14,464,000	9,723,000	5,058,000	9,778,000	96,067,000	69,817,000	38,658,000	41,106,000	25,467,000	7,818,000	27,518,000	23,569,000	11,194,000	20,609,000	15,548,000	6,709,000
adjustments to reconcile net income to net cash from operating activities
non-cash items included in net income:
depreciation and amortization of furniture, equipment and leasehold improvements	8,236,000	5,527,000	2,785,000	8,119,000	5,378,000	2,643,000	6,585,000	3,897,000	1,875,000	5,717,000	3,806,000	1,996,000	5,975,000	3,945,000	1,926,000	6,169,000	4,120,000	2,057,000	5,575,000	3,602,000	1,708,000	4,999,000	3,140,000	1,542,000	4,185,000	2,783,000
deferred income taxes	793,000	1,874,000	2,600,000	10,922,000	3,507,000	3,004,000	10,460,000	2,485,000	4,562,000	-5,890,000	3,026,000	3,162,000	-2,575,000	-3,320,000	1,885,000	7,254,000	4,853,000	3,019,000	422,000	1,081,000	1,894,000	1,616,000	2,712,000	3,043,000	4,240,000	1,325,000	-5,725,000	2,735,000	1,103,000	5,085,000	6,089,000	7,299,000	5,450,000	14,399,000	14,560,000			-6,666,000
amortization of intangible assets	500,000	333,000	166,000	229,000	153,000	76,000																																3,212,000
amortization of notes receivable	13,422,000	8,968,000	4,520,000	13,809,000	8,894,000	4,426,000	11,600,000	7,570,000	3,612,000	10,480,000	6,995,000	3,735,000	9,786,000	6,677,000	3,438,000	8,736,000	5,797,000	3,059,000	9,679,000	6,469,000	3,388,000	9,480,000	6,378,000	3,205,000	8,658,000	5,756,000	6,752,000	3,431,000	9,742,000	6,831,000	3,745,000	8,534,000	4,491,000	9,388,000	4,739,000	4,919,000	4,890,000	4,870,000	5,053,000	5,087,000		5,057,000	-33,000	5,297,000		-269,000	145,000	5,878,000
amortization of debt issuance costs				164,000	109,000	55,000	165,000	110,000	56,000	189,000	126,000	63,000	188,000	125,000	62,000	149,000	97,000	49,000	187,000	129,000	64,000	194,000	129,000	65,000	287,000	223,000	242,000	121,000	364,000	242,000	121,000	287,000	160,000	319,000	160,000	160,000	220,000	99,000	298,000	273,000		351,000
write-off of debt issuance costs							5,000	5,000	5,000							341,000	4,000	4,000	184,000						430,000	430,000						588,000
reversal of credit losses	-23,000																								-12,000	-4,000
share-based compensation	28,936,000	12,316,000	716,000	21,767,000	14,435,000	1,736,000	9,662,000	7,773,000	2,000,000	-1,152,000	-2,589,000	2,910,000	25,097,000	26,133,000	10,598,000	4,877,000	2,395,000	-1,376,000	11,858,000	6,384,000	3,042,000	11,088,000	5,216,000	1,484,000	3,517,000	1,715,000	2,595,000	1,189,000	2,569,000	4,462,000	1,495,000	3,479,000	3,834,000	3,280,000	1,879,000	806,000	965,000	1,259,000	-2,116,000	4,836,000		4,387,000
amortization of right-of-use lease assets	19,493,000	12,901,000	6,333,000	19,529,000	12,940,000	6,478,000	20,687,000	13,945,000	6,843,000	20,041,000	13,170,000	6,570,000	19,514,000	13,008,000	6,501,000	18,747,000	12,411,000	6,213,000	19,141,000	12,892,000
gain on repurchase of senior secured notes							-51,000	-51,000	-51,000							-86,000	-86,000	-86,000
paid in kind interest
decrease in operating assets:
deposits with clearing organizations	-1,099,000	-44,123,000	3,087,000	-10,843,000	-29,709,000	-15,310,000	-11,236,000	1,397,000	8,386,000	-28,677,000	-32,600,000	-34,403,000	-1,752,000	1,579,000	6,049,000	-28,787,000	-42,121,000	-71,165,000	-6,052,000	2,187,000	12,609,000	-11,734,000	-14,642,000	-28,716,000	-6,016,000	-2,500,000	6,580,000	-7,077,000	-24,860,000	-15,115,000	-13,748,000	-8,506,000	-7,756,000	-417,000	1,378,000	-4,113,000	-8,669,000	-20,321,000	1,429,000	-3,259,000		3,078,000	-2,193,000	1,349,000		2,513,000	-7,716,000	5,641,000	699,000	-6,311,000	11,443,000	-4,979,000	-12,033,000	3,335,000	-4,063,000	-1,491,000	2,220,000	3,214,000	-5,230,000	3,876,000	-2,881,000	11,319,000	-10,708,000	501,000
receivables from brokers, dealers and clearing organizations
receivables from customers
income tax receivable	-2,194,000	-1,164,000	396,000	3,170,000	1,190,000	1,444,000	-17,740,000	-17,196,000	-5,374,000							2,178,000	3,381,000	-1,113,000	-1,319,000	1,014,000	1,014,000	-556,000	121,000	-193,000	755,000	-4,289,000	10,213,000	-6,324,000	-1,865,000	-47,000	-2,089,000	-6,678,000	-4,223,000	-11,165,000	-13,529,000
securities purchased under agreements to resell				5,842,000	1,763,000	1,752,000				935,000	935,000	935,000			-25,937,000				290,000	251,000	-299,000	-844,000	-6,080,000	658,000	24,006,000	19,154,000	206,499,000	206,499,000	251,606,000	147,305,000	251,606,000	-65,175,000	-65,723,000					847,199,000
securities owned	-207,744,000	-148,712,000	-109,482,000	-272,140,000	-247,944,000	-248,777,000	-355,351,000	-425,589,000	-263,560,000	-28,173,000	13,232,000	-54,542,000	48,834,000	66,455,000	5,187,000	153,039,000	297,690,000	490,373,000	184,390,000	-157,786,000	-73,884,000	31,346,000	-93,807,000	-73,030,000	-330,355,000	-279,324,000	-217,075,000	-301,389,000	-197,476,000	-161,995,000	-112,208,000	-88,383,000	-79,928,000	-109,148,000	-88,587,000	59,054,000	-154,220,000	-21,883,000	-85,292,000	-595,317,000		-27,406,000	25,451,000	-5,992,000		-42,060,000	-3,125,000	2,155,000	9,039,000	-7,483,000	17,731,000	-2,509,000	-40,163,000	34,701,000	-24,123,000	-2,682,000	3,302,000	-4,240,000	-1,044,000	2,681,000	-8,143,000	5,181,000	-2,431,000	6,917,000
notes receivable	-12,857,000	-5,353,000	-4,320,000	-16,749,000	-9,596,000	-8,675,000	-15,375,000	-10,948,000	-9,766,000	-13,702,000	-12,111,000	-7,631,000	-18,723,000	-12,635,000	-6,124,000	-9,789,000	-6,241,000	-4,349,000	-9,541,000	-5,824,000	-3,251,000	-12,238,000	-8,268,000	-5,071,000	-16,800,000	-11,897,000	-6,915,000	-3,451,000	-8,434,000	-6,985,000	-3,808,000	-5,599,000	-2,572,000	-4,555,000	-2,445,000	-1,452,000	-4,103,000	-4,412,000	-7,872,000	-2,532,000		-3,379,000	2,294,000	-4,914,000		-1,282,000	-1,656,000	-520,000	-7,251,000	-1,164,000	-1,652,000	8,742,000	-3,748,000	-16,697,000	21,694,000	-16,644,000
company-owned life insurance
other assets	-39,456,000	7,291,000	2,829,000	3,872,000	-1,353,000	-18,581,000	-5,733,000	-8,115,000	-3,918,000	34,278,000	24,394,000	29,708,000	92,294,000	96,652,000	87,739,000	17,449,000	28,524,000	49,744,000	-11,980,000	-19,359,000	-14,326,000	24,487,000	29,464,000	21,391,000	-9,585,000	-9,317,000	-19,022,000	-13,625,000	-1,668,000	-4,377,000	-11,820,000	29,586,000	34,299,000	-36,954,000	-21,961,000			72,769,000					-29,657,000	22,492,000		-9,796,000	-1,180,000	1,403,000	6,146,000	-12,273,000	-7,404,000	13,074,000	-26,931,000	15,120,000	-898,000	-9,031,000	-9,449,000	-2,244,000	13,353,000	-9,559,000	-1,874,000	-2,605,000	-40,000	-1,597,000
increase in operating liabilities:
drafts payable	-4,898,000	-9,533,000	-6,330,000	1,221,000	12,760,000	12,457,000	14,521,000	21,734,000	18,024,000	9,644,000	10,020,000			17,133,000	12,392,000	18,251,000	37,374,000	19,066,000	1,446,000	1,108,000	-2,815,000	-13,170,000	-20,780,000	-21,419,000	-12,748,000	-9,461,000	-21,252,000	-10,348,000	-11,371,000	-31,319,000	-758,000	-15,285,000	-6,892,000	-8,908,000	-11,659,000	-9,411,000	5,400,000	-10,656,000	-4,146,000	-18,619,000		1,150,000	-17,622,000	8,722,000		1,080,000	7,009,000	-10,995,000	-2,619,000	576,000	6,621,000	-13,487,000	67,811,000	-55,317,000	29,838,000	4,163,000	6,287,000	-6,882,000	2,297,000	-671,000	9,448,000	-4,018,000	1,153,000	-12,425,000
payables to brokers, dealers and clearing organizations
payables to customers
securities sold under agreements to repurchase	40,413,000	-78,631,000	-65,341,000	124,720,000	182,403,000	-353,927,000	519,055,000	484,306,000	119,427,000	6,710,000	-106,354,000	203,829,000	1,487,000	-110,837,000	-335,288,000	-34,438,000	-133,110,000	-163,162,000	-230,498,000	37,619,000	-215,597,000	19,532,000	12,673,000	-10,461,000	20,566,000	79,725,000	-218,533,000	-121,693,000	-224,366,000	-63,588,000	-290,051,000	59,115,000	-51,764,000	103,631,000	151,745,000			-860,700,000
securities sold but not yet purchased	159,964,000	104,449,000	178,996,000	171,987,000	145,575,000	489,256,000	-7,191,000	18,333,000	57,889,000	22,935,000	182,694,000	25,413,000	-42,026,000	-13,333,000	234,315,000	121,878,000	256,018,000	-65,932,000	36,434,000	70,533,000	51,840,000	49,260,000	67,556,000	53,400,000	281,531,000	149,728,000
accrued compensation	-30,798,000	-104,109,000	-147,150,000	-6,246,000	-54,706,000	-93,310,000	-14,462,000	-50,792,000	-81,859,000	-135,341,000	-160,196,000	-226,483,000	1,487,000	-40,906,000	-99,101,000	-4,856,000	-58,946,000	-101,513,000	-23,273,000	-38,827,000	-61,633,000	-27,899,000	-46,251,000	-69,340,000	-14,238,000	-30,925,000	-42,521,000	-56,760,000	-39,285,000	-45,254,000	-63,063,000	-58,363,000	-75,841,000	-34,910,000	-53,366,000	16,473,000	15,288,000	-51,436,000	17,681,000	-76,647,000		20,334,000	37,676,000	-26,972,000		-269,000	31,503,000	-21,810,000	-14,338,000	-6,569,000	31,633,000	-26,504,000
income tax payable	-3,725,000	-3,789,000	7,460,000			6,515,000	-4,130,000	-4,130,000	102,000			-378,000
accounts payable and other liabilities	-8,864,000	-14,652,000	-12,716,000	-41,659,000	-29,273,000	-8,035,000	-34,228,000	-24,713,000	-40,403,000	-21,797,000	-45,119,000	15,106,000	-11,588,000	-2,704,000	9,858,000	-20,522,000	-14,995,000	-8,286,000	-18,001,000	-14,290,000	2,907,000	5,747,000	4,280,000	4,099,000	-5,108,000	-8,054,000	-49,999,000	-38,600,000	4,425,000	41,074,000	62,141,000	-27,022,000	-46,721,000	-11,400,000	-31,645,000	-23,557,000	39,803,000	-30,965,000	323,000	12,205,000		26,807,000	32,057,000	-17,109,000		7,722,000	11,165,000	-3,340,000	17,293,000	8,312,000	-10,757,000	10,180,000	-9,012,000	9,485,000	-34,192,000	33,933,000	-9,759,000	10,767,000	-5,339,000	-1,493,000	-10,926,000	8,922,000	-2,183,000	-5,754,000
cash from operating activities	11,752,000	-51,671,000	-91,740,000	-182,880,000	-194,314,000	-79,048,000	-84,226,000	-150,811,000	-86,123,000	-83,104,000	-231,371,000	-152,146,000	135,188,000		7,268,000	-148,383,000	-15,913,000	-241,023,000	22,897,000	-37,991,000	15,327,000	118,279,000	11,311,000	-27,543,000	-34,386,000	-70,385,000	-40,715,000	-41,372,000	-89,799,000	-126,388,000	-36,583,000	-13,390,000	-52,596,000	-105,879,000	-105,671,000	-1,596,000	17,036,000	-40,903,000	-64,148,000	38,661,000		12,842,000	213,742,000	-87,016,000		342,754,000	-225,768,000	-1,776,000	53,964,000	52,683,000	-2,682,000	18,027,000	-9,232,000	104,182,000	-67,039,000	-31,151,000	-12,260,000	18,236,000	49,062,000	-32,697,000	8,262,000	15,323,000	14,729,000	-15,973,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0		0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	11,752,000	-51,671,000	-91,740,000	-182,880,000	-194,314,000	-79,048,000	-84,226,000	-150,811,000	-86,123,000	-83,104,000	-231,371,000	-152,146,000	135,188,000		7,268,000	-148,383,000	-15,913,000	-241,023,000	22,897,000	-37,991,000	15,327,000	118,279,000	11,311,000	-27,543,000	-34,386,000	-70,385,000	-40,715,000	-41,372,000	-89,799,000	-126,388,000	-36,583,000	-13,390,000	-52,596,000	-105,879,000	-105,671,000	-1,596,000	17,036,000	-40,903,000	-64,148,000	38,661,000		12,842,000	213,742,000	-87,016,000		342,754,000	-225,768,000	-1,776,000	53,964,000	52,683,000	-2,682,000	18,027,000	-9,232,000	104,182,000	-67,039,000	-31,151,000	-12,260,000	18,236,000	49,062,000	-32,697,000	8,262,000	15,323,000	14,729,000	-15,973,000
cash flows from investing activities
purchase of furniture, equipment and leasehold improvements	-4,014,000	-2,808,000	-1,681,000	-1,887,000	-1,667,000	-258,000	-12,470,000	-9,734,000	-3,531,000	-11,627,000	-2,307,000	-2,490,000	-7,513,000	-6,739,000	-999,000	-3,708,000	-3,161,000	-1,326,000	-8,672,000	-6,941,000	-3,448,000	-6,654,000	-3,947,000	-2,696,000	-3,506,000	-2,075,000
acquisitions, net of cash consideration
proceeds from the settlement of company-owned life insurance			1,322,000	2,342,000	252,000		2,161,000	555,000	555,000	1,191,000	1,191,000		2,001,000	1,308,000					1,720,000	695,000		284,000			1,194,000	1,194,000
cash from investing activities	-618,000	-1,259,000	-359,000	455,000	-1,415,000	-258,000	-10,309,000	-9,179,000	-2,976,000	-10,436,000	-1,116,000	-2,490,000	-5,512,000	-5,431,000	-999,000	-3,708,000	-3,161,000	-1,326,000	-6,952,000	-6,246,000	-3,448,000	-6,770,000	-4,347,000	-3,096,000	-2,312,000	-881,000	40,680,000	-1,762,000	-3,613,000	-1,913,000	-474,000	-2,185,000	-1,397,000	-11,687,000	-5,120,000	-4,569,000	-3,110,000	-4,711,000	-1,464,000	-1,549,000		-6,270,000				-120,000			-5,118,000	-56,000			360,000	4,673,000			1,014,000	-352,000			-2,211,000	2,954,000	-252,000	-150,000
cash flows from financing activities
cash dividends paid on class a non-voting and class b voting common stock	-5,682,000	-3,788,000	-1,895,000	-4,985,000	-3,125,000	-1,576,000	-4,904,000	-3,325,000	-1,674,000	-5,433,000	-3,730,000	-1,895,000	-4,936,000	-3,030,000	-1,506,000	-4,597,000	-3,089,000	-1,561,000	-4,408,000	-2,865,000	-1,432,000	-4,373,000	-2,913,000	-1,456,000	-4,394,000	-2,940,000	-2,947,000	-1,476,000	-4,531,000	-3,023,000	-1,511,000	-2,984,000	-1,486,000	-2,994,000	-1,497,000	-1,499,000	-1,495,000	-1,495,000
issuance of class a non-voting common stock				64,000			54,000			65,000			58,000			34,000			83,000			70,000										185,000	185,000						266,000	71,000		130,000
repurchase of class a non-voting common stock for cancellation	-671,000	-671,000	-90,000	-9,603,000	-9,309,000	-8,384,000	-31,241,000	-7,285,000	-3,687,000	-59,554,000	-46,375,000	-16,158,000	-4,715,000			-14,228,000	-12,266,000	-8,434,000	-8,400,000	-6,352,000	-2,035,000				-7,464,000	-5,159,000	-3,798,000	-3,634,000	-6,618,000					-208,000		-215,000	0	-1,551,000
payments for employee taxes withheld related to vested share-based awards	-9,843,000	-9,843,000	-9,770,000	-6,844,000	-6,758,000	-6,758,000	-5,907,000	-5,907,000	-5,832,000	-2,283,000	-2,251,000	-2,251,000	-4,966,000	-4,883,000	-4,720,000	-5,771,000	-5,458,000	-5,340,000	-1,014,000	-1,014,000	-1,014,000	-2,529,000	-2,444,000	-2,444,000	-2,232,000	-2,203,000
contribution from non-controlling interests
distribution to non-controlling interests
redemption on redeemable non-controlling interests
repurchase of senior secured notes							-1,000,000	-1,000,000	-1,000,000							-1,426,000	-1,426,000	-1,426,000
redemption of senior secured notes																-148,574,000			-50,000,000						-150,000,000	-150,000,000						-45,000,000
increase in bank call loans	10,200,000	71,700,000	107,400,000	206,700,000	218,800,000	94,350,000	56,200,000	94,400,000	19,300,000		107,800,000	8,650,000	-9,700,000	-2,400,000	-6,900,000	156,900,000	13,000,000	203,100,000		35,100,000	-15,000,000		-10,800,000	29,100,000	-15,700,000	84,600,000	51,700,000	48,100,000	88,300,000	118,100,000	42,000,000	29,000,000	78,800,000	91,500,000	75,700,000	7,700,000	-5,700,000	65,100,000	45,800,000	-33,800,000		6,400,000	-222,044,000	99,122,000		-327,100,000	212,673,000	23,927,000				-11,600,000	1,041,000	-127,150,000	106,475,000	22,700,000	34,836,000			36,147,000				11,767,000
cash from financing activities	-5,996,000	57,398,000	95,645,000	185,832,000	200,108,000	78,132,000	13,290,000	76,971,000	7,033,000	-83,126,000	55,444,000	-11,654,000	-24,281,000	-10,335,000	-13,148,000	104,621,000		186,339,000	-80,427,000	24,869,000	-19,481,000	-122,132,000	-16,157,000	25,200,000	16,579,000	122,935,000	44,208,000	42,249,000	76,916,000	114,807,000	40,168,000	-17,545,000	78,741,000	88,298,000	74,203,000	5,808,000	-7,195,000	62,095,000	122,233,000	-37,026,000		-3,436,000				-327,857,000	209,918,000	14,201,000	-44,180,000	-50,211,000	-10,330,000	-11,759,000	-20,964,000	-101,757,000	72,971,000	48,521,000		-15,275,000	-55,988,000	37,273,000	6,618,000	-20,035,000	-13,732,000	14,015,000
net increase in cash and cash equivalents	5,138,000	4,468,000	3,546,000										105,395,000	4,374,000									-9,193,000		-20,119,000	51,669,000	44,173,000	-885,000			3,111,000		24,748,000	-29,268,000	-36,588,000	-357,000	6,731,000	16,481,000	56,621,000	86,000		3,136,000	7,637,000	-6,025,000				11,907,000	4,666,000	2,416,000			-29,836,000	7,098,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
reconciliation of cash and cash equivalents within the consolidated balance sheet:
cash and cash equivalents	38,288,000	37,618,000	36,696,000	32,242,000	33,214,000	27,661,000	30,773,000	29,145,000	30,320,000	36,578,000	36,606,000	47,453,000
total cash and cash equivalents	38,288,000	37,618,000	36,696,000			27,661,000
schedule of non-cash financing activities
employee share plan issuance	10,587,000	10,396,000	10,277,000	13,951,000	13,539,000	13,368,000	9,376,000	9,062,000	8,805,000	4,288,000	3,809,000	3,809,000	7,361,000	6,513,000	6,228,000	11,940,000	10,582,000	10,032,000	1,484,000	1,706,000	1,706,000	724,000	333,000	37,000	4,225,000	3,857,000	5,584,000	5,463,000	3,373,000	3,139,000	2,889,000	1,774,000	1,733,000			1,098,000	0	224,000	683,000	9,709,000		0
fair value of non-cash assets acquired
fair value of liabilities assumed in acquisition
contingent consideration for bondwave llc
supplemental disclosure of cash flow information
cash paid during the year for interest
cash paid during the year for income taxes
paid-in-kind interest	-143,000	-52,000
receivable from brokers, dealers and clearing organizations	-83,864,000	-48,703,000	-8,830,000	8,157,000	-12,335,000	24,225,000	-53,297,000	-128,143,000	-154,962,000	-7,304,000	2,004,000	-39,535,000	-39,020,000	-31,950,000	-30,421,000	-43,963,000	-152,654,000	-35,124,000	8,759,000	-1,438,000	-13,728,000	-17,916,000	-17,412,000	15,985,000	-33,957,000	-9,772,000	57,593,000	97,550,000	-84,333,000	-42,695,000	-23,628,000	13,556,000	34,510,000
receivable from customers	-105,637,000	-72,678,000	-81,062,000	-236,317,000	-101,668,000	-119,812,000	115,433,000	136,326,000	148,452,000	42,676,000	-66,723,000	-39,860,000	-165,640,000	-117,313,000	-43,173,000	-298,134,000	-63,164,000	-168,196,000	-34,205,000	-86,838,000	-32,860,000	50,385,000	12,439,000	-33,755,000	71,796,000	-26,425,000	59,687,000	48,696,000	-31,948,000	-41,262,000	-26,083,000	-82,159,000	-85,799,000	-146,509,000	-63,556,000	55,012,000	32,318,000	-34,376,000	51,278,000	-49,841,000		5,262,000	65,656,000	-56,727,000		277,790,000	-196,180,000	-39,301,000	9,568,000	16,714,000	9,793,000	6,108,000	-519,055,000	554,577,000	-547,317,000	-1,763,000	-12,715,000	33,030,000	77,188,000	-26,446,000	-144,264,000	19,539,000	3,921,000	85,400,000
corporate-owned life insurance	-8,858,000	-5,217,000	1,841,000	-9,079,000	-5,657,000	-6,252,000
payable to brokers, dealers and clearing organizations	68,523,000	273,363,000	130,654,000	-42,361,000	-83,664,000	135,476,000	-199,662,000	-128,603,000	85,964,000	71,389,000	-33,590,000	-102,554,000	64,141,000	89,235,000	161,502,000	-154,026,000	-304,864,000	-281,392,000	75,388,000	129,512,000	345,126,000	7,960,000	71,059,000	43,643,000	26,090,000	18,189,000	7,816,000	43,333,000	-6,648,000	-19,154,000	93,069,000	32,117,000	152,189,000
payable to customers	107,591,000	5,700,000	-29,537,000	-1,382,000	-43,401,000	78,340,000	-92,636,000	-55,307,000	2,113,000	-75,846,000	-37,643,000	50,030,000	48,612,000	-40,629,000	-40,357,000	46,011,000	82,179,000	78,911,000	-23,560,000	-10,862,000	-2,240,000	-34,157,000	-12,243,000	59,178,000	-53,431,000	48,616,000	1,608,000	-73,276,000	40,160,000	1,985,000	51,831,000	58,320,000	3,000,000	-59,725,000	-85,344,000	12,232,000	-5,439,000	63,897,000	40,015,000	113,555,000		-65,964,000	200,208,000	-158,457,000		-54,155,000	18,036,000	-15,042,000	-87,594,000	140,612,000	-51,739,000	-23,716,000	297,664,000	-481,215,000	433,511,000	-6,166,000	-26,011,000	15,448,000	21,184,000	-36,665,000	98,820,000	-7,480,000	-5,141,000	-22,346,000
proceeds from the settlement of corporate-owned life insurance	3,396,000	1,549,000
redemption of redeemable noncontrolling interests				500,000	500,000	500,000	-83,000	-83,000	-74,000
cash and cash equivalents, beginning of period	33,150,000	33,150,000	33,150,000										35,424,000	35,424,000	35,424,000	79,550,000	79,550,000	79,550,000	90,675,000	90,675,000	90,675,000	48,154,000	48,154,000	48,154,000	64,913,000	64,913,000	63,364,000	63,364,000	63,807,000	63,807,000	63,807,000	98,294,000	98,294,000	135,366,000	135,366,000	0	0	70,329,000	0	52,854,000		0	-6,025,000	32,013,000		-4,646,000	11,907,000	33,390,000		-8,170,000	4,314,000	34,478,000		14,636,000	4,233,000	16,115,000		-2,671,000
cash and cash equivalents, end of period	38,288,000	37,618,000	36,696,000										140,819,000	39,798,000	28,545,000	32,080,000	51,237,000	23,540,000	26,193,000	71,307,000	83,073,000	37,531,000	38,961,000	42,715,000	44,794,000	116,582,000	107,537,000	62,479,000	47,311,000	50,313,000	66,918,000	65,174,000	123,042,000	106,098,000	98,778,000	-357,000	6,731,000	86,810,000	56,621,000	52,940,000		3,136,000	1,612,000	25,988,000		10,131,000	-4,646,000	45,297,000		-5,754,000	-8,170,000	38,792,000		21,734,000	14,636,000	20,348,000		-62,000
reconciliation of cash and cash equivalents within the condensed consolidated balance sheets:	2,025,000	2,025,000	2,025,000
cash paid during the period for interest	66,510,000	21,965,000	20,630,000	67,273,000	41,870,000	21,399,000	51,685,000	30,113,000	14,261,000	14,184,000	5,776,000	4,135,000	9,502,000	5,277,000	4,578,000	17,929,000	14,727,000	9,095,000	37,710,000	25,830,000	9,385,000	36,500,000	26,899,000	12,578,000	17,711,000	14,607,000	10,270,000	1,788,000	9,568,000	8,343,000	611,000	10,507,000	788,000		2,171,000			4,038,000
cash paid during the period for income taxes	36,169,000	24,195,000	289,000	13,900,000	12,539,000	769,000	20,666,000	20,322,000	4,238,000	25,683,000	22,750,000	1,675,000	52,950,000	34,994,000	797,000	5,918,000	1,049,000	516,000	13,506,000	7,326,000	792,000	7,757,000	3,918,000	100,000		551,000
provision for credit losses		-6,000	-10,000	-130,000	-125,000	4,000	17,000			61,000	94,000	5,000	3,030,000	3,008,000	1,509,000	33,000	-42,000	358,000	55,000	34,000	12,000						-2,000	28,000	77,000	64,000	12,000
provision for (reversal of) credit losses								-1,000	-4,000													90,000	79,000	40,000								13,000	18,000	-147,000	-17,000
net increase in cash and cash equivalents and restricted cash
cash and cash equivalents and restricted cash, beginning of year
cash and cash equivalents and restricted cash, end of year
reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheet:
restricted cash							25,949,000	25,803,000	25,581,000	128,280,000	127,875,000	127,781,000
total cash and cash equivalents and restricted cash				32,242,000	33,214,000
addition to noncontrolling interests								171,000
net increase in cash, cash equivalents and restricted cash				3,407,000	4,379,000					-176,666,000	-177,043,000
cash, cash equivalents and restricted cash, beginning of period				28,835,000	28,835,000	28,835,000	137,967,000	137,967,000	137,967,000	341,524,000	341,524,000	341,524,000
cash, cash equivalents and restricted cash, end of period				32,242,000	33,214,000	27,661,000	56,722,000	54,948,000	55,901,000	164,858,000	164,481,000	175,234,000
reconciliation of cash and cash equivalents and restricted cash within the condensed consolidated balance sheets:				2,024,000	2,024,000
net decrease in cash, cash equivalents and restricted cash						-1,174,000	-81,245,000	-83,019,000	-82,066,000			-166,290,000
reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:						2,024,000	2,023,000	2,023,000	2,023,000	2,022,000	2,022,000	2,022,000
acquisition of bondwave llc, net of cash consideration
payment of company sponsored initial public offering costs
contributions from non-controlling interests
proceeds from company sponsored initial public offering
debt issuance costs													-22,000	-22,000	-22,000	-210,000									-1,183,000	-547,000
decrease in bank call loans										-15,900,000									-15,000,000			-115,300,000																																								-19,083,000
addition (distribution) to noncontrolling interests							171,000
total cash, cash equivalents and restricted cash							56,722,000	54,948,000	55,901,000	164,858,000	164,481,000	175,234,000
issuance of senior secured notes																125,000,000									200,000,000
contributions from noncontrolling interests
distribution to noncontrolling interests										-21,000
redemption on redeemable noncontrolling interests
debt redemption costs																-2,507,000			-1,688,000
cash provided/(used in) operating activities														20,140,000
income taxes payable															6,050,000					849,000	1,162,000																						-2,724,000	769,000				-2,382,000	602,000	5,788,000	-8,049,000	3,991,000	-2,275,000	-1,902,000	986,000	1,201,000	1,868,000	-1,383,000	349,000	-269,000	-2,761,000	1,396,000	-4,937,000	2,815,000
net decrease in cash and cash equivalents															-6,879,000	-47,470,000	-28,313,000	-56,010,000	-64,482,000	-19,368,000	-7,602,000	-10,623,000		-5,439,000					-16,496,000	-13,494,000		-33,120,000
purchase of intangible assets																						-400,000	-400,000	-400,000
cash dividends paid to non-controlling interest
cash from (provided by) financing activities																	-9,239,000
cash from by investing activities
amortization of mortgage servicing rights																											1,224,000	782,000	829,000	495,000	230,000	1,514,000	656,000
tax deficiency from share-based awards																											-747,000	-741,000
gain on sale of assets																											-14,916,000
loans held for sale																											58,491,000	46,702,000	-14,807,000	-57,108,000	-76,633,000	60,183,000	66,551,000
mortgage servicing rights																											-1,036,000	-638,000	-283,000	425,000	1,519,000
proceeds from sale of assets																											43,252,000
net income for the year
(reversal of) provision for credit losses
cash and securities segregated for regulatory and other purposes																																17,206,000	42,000	-7,055,000	-4,164,000	3,345,000	-118,000	-2,283,000	-30,341,000	-7,711,000		-14,466,000
cash dividends paid to noncontrolling interest																									-2,448,000	-816,000
net income for the period																									1,803,000	-6,061,000	2,802,000	-3,909,000	5,989,000	6,766,000	6,121,000	2,167,000	3,420,000	6,959,000	3,893,000
cash received during the period for income taxes																									2,354,000
issuance of senior secured note																										200,000,000
excess tax benefit (deficiency) from share-based awards
payment of taxes due for vested share-based awards related to amounts the company withheld on behalf of its employees to meet minimum statutory tax withholding requirements																											-1,341,000	-1,341,000	-1,683,000	-1,683,000
depreciation and amortization of office facilities and leasehold improvements																											2,981,000	1,534,000	5,471,000	3,564,000	1,794,000	3,862,000	1,941,000	5,045,000	2,514,000			2,845,000
securities sold, but not yet purchased																											132,539,000	144,459,000	219,154,000	128,157,000	92,139,000	49,778,000	67,139,000	-62,374,000	-110,404,000	8,382,000	3,745,000	20,993,000	-196,273,000	217,695,000		-59,263,000	1,188,000	-1,032,000		3,108,000	2,077,000	-950,000	16,683,000	-33,440,000	13,793,000	2,813,000	-1,051,000	1,450,000	-1,914,000	2,596,000	-747,000	859,000	2,172,000	-1,599,000	476,000	-4,562,000	106,000	4,478,000
purchase of office facilities																											-2,572,000	-1,762,000	-3,613,000	-1,913,000	-474,000	-2,185,000	-1,397,000	-11,687,000	-5,120,000	-4,569,000	-3,110,000	-4,711,000	-1,464,000	-1,549,000		-6,270,000
cash paid during the period for income taxes, net of refunds																											-4,420,000	181,000	5,972,000	863,000	107,000	2,161,000	131,000
cash segregated for regulatory and other purposes																													17,739,000	17,739,000	17,077,000
tax benefit (deficiency) from share-based awards																													-235,000	-270,000	-321,000
payment of taxes due for vested share-based awards related to amounts thecompany withheld on behalf of its employees to meet minimum statutory taxwithholding requirements																															-1,683,000
benefit from (reversal of) credit losses
reduction of excess of fair value of acquired assets over cost
decrease (increase) in operating assets:
acquisition of non-controlling interest
cash paid during the year for income taxes, net of refunds
payment of taxes due for share-based awards																																-2,074,000	-2,074,000
mortgage servicing rights less amortization																																-1,750,000	-1,003,000
tax benefit from share-based awards																																1,254,000	1,242,000
buy-back of senior secured notes
repayment of subordinated note
repayment of senior secured credit note
acquisition of shares of oppenheimer multifamily housing & healthcare finance, inc.
cash paid during the periods for interest																																		13,349,000		3,781,000			2,113,000	11,232,000		5,744,000
cash paid during the periods for income taxes, net of refunds
receivable from brokers and clearing organizations																																		193,866,000	188,744,000	-67,145,000	46,786,000	-53,117,000	-11,241,000	-45,819,000		-75,540,000	-30,588,000	-3,121,000				29,285,000				-53,988,000				192,971,000				20,539,000	88,982,000	-75,535,000	483,990,000	-459,974,000
payable to brokers and clearing organizations																																		50,501,000	11,394,000	-127,005,000	4,632,000	38,458,000	-134,999,000	158,904,000		4,000	-59,972,000	128,878,000		13,108,000	37,897,000	39,344,000	139,429,000	39,195,000	-55,524,000	80,887,000	189,611,000	-604,547,000	600,858,000	-238,699,000	46,800,000	200,367,000	80,883,000	13,481,000	-23,177,000	58,676,000	-471,000	-77,966,000
cash paid during the periods for income taxes																																		1,939,000		4,183,000			3,561,000	526,000		3,382,000
cash paid (refunded) during the period for income taxes																																			1,725,000			-20,000
cash flows from operating activities:
net profit for the period																																				3,024,000			438,000	5,761,000		4,017,000	-8,080,000	17,217,000		1,823,000	1,030,000	3,765,000		17,000	-9,410,000	10,989,000		-1,303,000	432,000	7,487,000		852,000	-2,523,000	3,406,000		3,334,000	3,919,000	9,117,000
adjustments to reconcile net profit to net cash from operating activities:
non-cash items included in net profit:
depreciation and amortization																																				2,466,000			2,910,000	3,527,000		3,046,000	-34,000	2,434,000		228,000	203,000	2,319,000	8,296,000	-15,000	96,000	2,397,000	6,832,000	611,000	-191,000	2,266,000	3,679,000	-268,000	384,000	1,069,000	1,414,000	964,000	790,000	806,000
deferred income tax																																				-1,548,000			-1,708,000	3,885,000		23,287,000	-2,722,000	5,167,000
amortization of intangibles																																				11,000			1,081,000	1,082,000		1,081,000
benefit from credit losses
income taxes receivable																																				-286,000	-3,084,000	4,016,000	327,000	1,497,000		-20,678,000
securities purchased under agreement to resell																																				-4,950,000			-360,982,000	145,570,000		205,390,000																			2,000,000	0	-699,000	22,199,000
other																																				28,862,000			24,121,000	12,684,000		-5,766,000
securities sold under agreement to repurchase																																				43,544,000			626,154,000	151,845,000		-17,924,000																			-2,000,000	0	-453,155,000	431,655,000
expressed in thousands of dollars
cash flows from investing activities:
cash flows from financing activities:
tax benefit (shortfall) from share-based compensation																																				-178,000
senior secured note issuance
senior secured credit note repayments																																								-125,000		-8,500,000
subordinated note repayment
schedule of non-cash investing and financing activities:
acquisition of shares of oppenheimer multifamily housing and healthcare finance, inc.
supplemental disclosure of cash flow information:
net profit for period																																						-3,883,000
provision (reversal) for credit losses																																						178,000
tax benefit (shortfall) from share-based awards																																						41,000
net profit for year
buy back of senior secured note
repayments of senior secured credit note
cash paid (refunded) during the year for income taxes
tax shortfall from share-based compensation																																							48,000	-1,672,000
senior secured credit note repayment
provision for doubtful accounts																																										-23,000
cash dividends paid on class a non-voting and class b voting common
stock																																								-1,500,000
adjustments to reconcile net profit to net cash provided by operating activities:
oppenheimer holdings inc.
consolidated statements of cash flows
net increase in cash and cash
equivalents
schedule of non-cash investing and financing
activities:
warrants issued
supplemental disclosure of cash flow
information:
the accompanying notes are an integral part of these consolidated financial statements.
cash dividends paid on class a non-voting and class b common stock
adjustments to reconcile net profit to net cash provided
by (used in) operating activities:
tax benefit from employee stock options exercised																																																30,000	2,780,000	1,000	-2,642,000	2,675,000	788,000	55,000	-565,000	660,000	889,000	-67,000	-422,000	515,000	94,000	51,000	173,000	296,000
change in allowance for doubtful accounts																																											-305,000	24,000		1,073,000	-1,052,000	-15,000
stock option expense																																											-208,000	914,000
cash and securities segregated under federal and other
regulations
increase in operating:
cash flows from investing and other activities:
purchase of fixed assets																																											193,000	-1,150,000		-120,000	-703,000	-518,000		-56,000	528,000	-1,954,000		642,000	-4,157,000	-478,000		-352,000	266,000	-587,000	-422,000	-185,000	-252,000	-150,000
cash from investing and other activities																																																-518,000				-1,954,000				-13,137,000				-2,884,000
condensed consolidated statements of cash flows - continued
cash dividends paid on class a non-voting
and class b shares																																														20,000				1,000								6,000
issuance of class a non-voting shares																																											-1,152,000	3,363,000				2,629,000		-29,000	-10,084,000	10,204,000		223,000	-4,931,000	5,578,000	3,170,000	-57,000	-1,865,000	2,255,000	502,000	293,000	581,000	3,347,000
repurchase of class a non-voting shares
for cancellation																																														-934,000
zero coupon promissory note repayments																																											302,000	-2,386,000			379,000	-3,631,000	-11,672,000	-80,000	450,000	-4,195,000		1,407,000	-2,701,000	-2,322,000
bank loan repayments																																												-14,524,000		0	0	-2,530,000	-12,448,000	686,000	1,719,000	-4,969,000		-1,365,000	-1,191,000	-833,000
cash and securities segregated under federal and
other regulations																																												-5,955,000
cash from investing and other
activities																																												-1,150,000
condensed consolidated statements of cash flows (unaudited) continued
for the three months ended march 31,
cash dividends paid on class a non-voting and class
b voting shares																																												-1,276,000
repurchase of class a non-voting shares for
cancellation																																												-2,158,000
cash from financing
the accompanying notes are an integral part of these financial statements
deferred taxes																																														-12,142,000	-192,000	2,358,000
decrease in operating assets,
net of the effect of acquisitions:
restricted deposits																																														2,650,000	-5,841,000	401,000	-2,462,000	2,932,000	-1,737,000	442,000	30,730,000	-35,723,000	-728,000	-1,305,000	-4,953,000	106,000	-412,000	212,000	-169,000	141,000	442,000	-95,000
increase in operating
liabilities, net of the effect of acquisitions:
long term debt repayments
receivable from brokers and clearing
organizations																																																		-97,922,000				681,781,000				-231,323,000
net (decrease) increase in cash and cash equivalents
decrease in operating assets, net of the effect of acquisitions:
increase in operating liabilities, net of the effect of acquisitions:
cash dividends paid on class a non-voting and class b voting shares																																																-1,214,000
repurchase of class a non-voting shares for cancellation																																																-4,980,000								-453,000					-19,000
write off of negative goodwill
change in deferred tax
decrease in operating assets, net of the effect of acquisitions in 2002 and 2003:
increase in operating liabilities, net of the effect of acquisitions in 2002 and 2003:
purchase of the oppenheimer divisions
purchase of the business of buyandhold																																																												-2,297,000
proceeds from sale of exchange seat
purchase of property, plant and equipment
cash dividends paid on class a and class b shares
issuance of class a shares
repurchase of class a shares for cancellation
proceeds from issuance of bank loans																																																								25,000,000
expressed in thousands of u.s. dollars
deferred tax liability																																																		3,713,000	-926,000	912,000	8,348,000	-229,000	-242,000	1,353,000
decrease (increase) in operating assets,
increase (decrease) in operating
purchase of the oppenheimer & co. divisions
(decrease) increase in bank loans
(decrease) increase in bank call loans
purchase of the oppenheimer & co. division																																																								-12,659,000
cash dividends paid on class a non-voting and class b
shares																																																				-1,199,000
<font size="3" face="helvetica">net increase in cash and cash equivalents</font>																																																				4,314,000				4,233,000
loss on disposal of fixed assets
purchase of josephthal group, inc., net of cash acquired
purchase of grand charter group, net of cash acquired
for the year ended december 31,
cash dividends paid on class a and
class b shares
repurchase of class shares for
supplemental cash flow disclosure:non-cash acquisition activity
write off of unamortized negative goodwill																																																												-1,774,000
purchase of the business of oppenheimer & co.
cash dividends paid on class a non-voting and class b shares																																																								-1,149,000				-1,129,000	-1,116,000	-1,115,000	-1,113,000	-1,099,000
cash paid for:
interest																																																						216,000	1,281,000	1,113,000
income taxes																																																						539,000	2,290,000	24,000
non-cash acquisition activity
fahnestock viner holdings inc.
cash paid during the quarter for
purchase of propp & company, net of cash acquired
cash dividends paid on class a non-voting and
cash (used in) financing activities
securities purchased under agreement
to resell
net increase in cash and short-term deposits																																																												1,692,000	12,669,000			-2,108,000
cash and short-term deposits, beginning of period																																																												24,217,000		0	0	14,669,000
cash and short-term deposits, end of period																																																												25,909,000		-1,758,000	745,000	12,561,000
gain on sale of exchange seat
purchase of grand charter group, incorporated, net of cash acquired
purchase of propp & company inc., net of cash acquired
the accompanying notes are an integral part of these financial statements f-6
adjustments to reconcile net profit to net cash from
operating activities:
decrease in operating assets, net of the effect of
acquisitions:
increase in operating liabilities, net of the effect of
net cash acquired on purchase of josephthal group, inc.,
purchase of propp & company, inc., net of cash acquired
net decrease in cash and short-term deposits
subordinated loans payable

Oppenheimer Holdings Inc(NYSE:OPY)

Oppenheimer Holdings Inc
(NYSE:OPY)