Workflow
Oppenheimer(OPY)
icon
Search documents
Oppenheimer Appoints James Yoo Managing Director in Healthcare Equity Capital Markets Investment Banking
Prnewswire· 2025-10-06 10:00
Media Contact: Seasoned industry professional brings 27 years of experience to expanding Healthcare platform , /PRNewswire/ -- Oppenheimer & Co. Inc. ("Oppenheimer") — a leading investment bank, wealth manager, and a subsidiary of Oppenheimer Holdings (NYSE: OPY) — today announced that James Yoo has been named a Managing Director within its Healthcare Equity Capital Markets Investment Banking Group. In this role, Mr. Yoo will focus on Biotechnology Equity Capital Markets transactions. With 27 years of exper ...
Nike is reinvigorated under new management, but risks remain, says Oppenheimer's Brian Nagel
Youtube· 2025-09-30 21:05
Core Viewpoint - Nike has shown a significant improvement in revenue, indicating a potential reinvigoration under new management, despite ongoing challenges in the competitive landscape and macroeconomic conditions [2][4][5]. Revenue Performance - Nike's recent quarter reported a revenue beat, with sales showing improvement compared to previous periods, although still not meeting the company's historical standards [2][4]. - Gross margins were better than expected, and the company effectively controlled expenses, contributing to the positive revenue performance [2]. Management and Strategy - Under new management, Nike is focusing on product innovation and re-engaging with wholesale partners, which is expected to take time but may lead to further progress in the coming quarters [4][5]. - The narrative suggests that Nike is on a path to reinvigorate its brand and operations, which could enhance its market position [4]. Competitive Landscape - There are concerns that Nike has lost its competitive edge, allowing rivals to gain market share, compounded by a challenging macroeconomic environment and uncertainties in China [5][6]. - The competitive landscape is described as increasingly difficult, with potential impacts from tariffs and consumer behavior in China [5][6]. Importance of China Market - Currently, China represents a relatively small market for Nike, but its significance may grow if the company successfully reinvigorates its business and attracts higher investor interest [7]. - As long as the situation in China does not deteriorate significantly, improvements in other areas of Nike's business could be sufficient for the company's overall performance [8].
Oppenheimer Expands Custody and Prime Services (CAPS) Platform to Meet Growing Demand from Emerging Managers
Prnewswire· 2025-09-30 10:00
Accessibility StatementSkip Navigation Firm strengthens multi-asset infrastructure and adds senior talent as part of next phase of strategic growth NEW YORK, Sept. 30, 2025 /PRNewswire/ -- Oppenheimer & Co. Inc. — a leading investment bank, wealth manager and subsidiary of Oppenheimer Holdings (NYSE: OPY) — today announced the expansion of its Custody and Prime Services (CAPS) platform, designed to better serve the evolving needs of small- and mid- sized hedge funds, investment managers, and family offices. ...
American Financial Group, Inc., Management to Participate in the 2025 Oppenheimer Virtual Insurance Summit
Businesswire· 2025-09-18 21:00
Core Viewpoint - American Financial Group, Inc. will participate in the 2025 Oppenheimer Virtual Insurance Summit, indicating ongoing engagement with investors and the insurance industry [1] Company Participation - Co-CEOs Carl H. Lindner III and S. Craig Lindner, along with CFO Brian S. Hertzman, will represent the company at the summit [1] - The company will not deliver a formal presentation but will host several investor meetings [1] Investor Materials - Investor materials for the meetings will be made available through a provided link [1]
OPPENHEIMER EXPANDS GLOBAL CREDIT TEAM
Prnewswire· 2025-09-17 09:00
Core Insights - Oppenheimer Europe Limited has expanded its High Yield and Distressed Credit business by adding six senior professionals from Stifel, enhancing its European presence and global client coverage [1][2][3] Group 1: Team Expansion - The new team members bring expertise in distressed debt trading, research, and execution, which will be crucial for Oppenheimer's growth in Europe and global client service [2][3] - The London group will collaborate with established high-yield teams in the U.S. and Hong Kong to provide seamless access to high-yield and distressed credit opportunities worldwide [2][3] Group 2: Strategic Goals - The addition of the new team is a significant milestone in the global expansion of Oppenheimer's credit franchise, aiming to create a collaborative platform for market-leading insights and execution [3] - Oppenheimer's commitment to investing in its global fixed income platform is reflected in these appointments, which aim to deliver high-quality research and innovative credit solutions to clients [3][4]
Iridium to Participate in the Oppenheimer 28th Annual Technology, Internet & Communications Conference
Prnewswire· 2025-08-07 17:18
Group 1 - Iridium Communications Inc. will participate in the Oppenheimer 28th Annual Technology, Internet & Communications Conference on August 12, 2025, at 12:25 p.m. ET [1] - The presentation will be available via webcast on Iridium's Investor Relations website and will be archived for seven days [1] - Iridium is a leading provider of global voice and data satellite communications, enabling real-time connections globally [2] Group 2 - In 2024, Iridium acquired Satelles and announced the Iridium Satellite Time and Location service, expanding its service offerings [2] - Iridium's common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM [2] - The company is headquartered in McLean, Virginia, USA [2]
David Wright Joins Oppenheimer As Managing Director in the Pacific Northwest
Prnewswire· 2025-08-05 13:00
Core Insights - Oppenheimer & Co. Inc. has appointed David Wright as Managing Director and Co-Regional Manager for the Pacific Northwest, alongside Mark Trafford, to enhance its leadership in the region [1][2] - The firm aims to accelerate growth in the Pacific Northwest, which is seen as a region full of opportunities, particularly in wealth management for high-net-worth clients [3][6] Leadership Appointments - David Wright brings 25 years of experience in the wealth management industry, previously serving as Senior Vice President and Seattle Market Director at D.A. Davidson Companies [4] - Mark Trafford has over 30 years of experience in wealth management and has been with Oppenheimer for nearly a decade, serving as Executive Director and Branch Manager of the Seattle office [5] Strategic Expansion Plans - Oppenheimer is committed to expanding its presence in the Pacific Northwest, with plans to grow in Lake Oswego, Oregon, and further across Washington State and the broader region [3] - The firm recognizes the need for sophisticated wealth management services among high-net-worth clients in the area, particularly those in the tech sector [6]
Oppenheimer (OPY) Q2 Net Income Doubles
The Motley Fool· 2025-08-02 07:42
Core Viewpoint - Oppenheimer reported strong financial results for Q2 2025, with significant growth in revenue and net income, driven by Capital Markets and Wealth Management performance [1][5]. Financial Performance - Revenue increased by 12.9% to $373.2 million in Q2 2025 compared to $330.6 million in Q2 2024 [2]. - Net income more than doubled to $21.7 million in Q2 2025, with pre-tax income at $32.2 million, up 103% year-over-year [2][5]. - Diluted EPS rose to $1.91 from $0.92, marking a 107.6% increase [2]. Segment Performance - Wealth Management revenue grew by 5.1% to $246.4 million, while Capital Markets revenue surged by 33.6% to $123.0 million [2]. - Capital Markets experienced a significant turnaround, with advisory fees up 83.0% and sales and trading revenue improving [8]. - Despite revenue growth, Wealth Management pre-tax income declined by 2.2%, indicating margin pressure [7]. Strategic Focus - The company is focused on growing asset-based revenues and expanding its middle-market investment banking franchise [4]. - Key success factors include attracting high-net-worth clients, maintaining stable regulatory capital, and controlling costs [4]. Market Dynamics - The growth in client holdings was primarily market-driven, with a net distribution outpacing new deposits by $3.6 billion [6]. - Regulatory net capital at the broker-dealer unit decreased to $408.9 million from $460.7 million in Q2 2024 [9]. Dividend and Shareholder Value - A quarterly dividend of $0.18 per share was declared, consistent with the previous period [10]. - Book value per share reached a new high of $85.27, reflecting stronger earnings and capital position [10]. Future Outlook - Management expressed optimism for continued deal flow if market conditions stabilize, although no numerical guidance was provided for the remainder of fiscal 2025 [11]. - Investors should monitor trends in organic asset growth, rising compensation ratios, and adviser retention [12].
Oppenheimer(OPY) - 2025 Q2 - Quarterly Results
2025-08-01 12:18
[Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) Oppenheimer Holdings reported strong Q2 2025 results, with net income doubling and revenue increasing, driven by robust investment banking and wealth management activities [Second Quarter 2025 Earnings Summary](index=1&type=section&id=Second%20Quarter%202025%20Earnings%20Summary) Oppenheimer Holdings reported a strong second quarter for 2025, with net income more than doubling to $21.7 million and revenue increasing by 12.9% to $373.2 million year-over-year. This significant growth was driven by higher investment banking revenue, increased transaction-based commissions, and greater advisory fees from a rise in assets under management (AUM). Consequently, both book value and tangible book value per share reached new record highs Quarterly Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $373.2 million | $330.6 million | +12.9% | | Net Income | $21.7 million | $10.3 million | +110.7% | | Basic EPS | $2.06 | $0.99 | +108.1% | Firm Summary Operating Results | Firm Summary Operating Results ('000s) | Q2-25 | Q2-24 | | :--- | :--- | :--- | | Revenue | $373,178 | $330,589 | | Pre-Tax Income | $32,210 | $15,865 | | Net Income | $21,674 | $10,266 | | Book Value Per Share | $85.27 | $78.63 | | Tangible Book Value Per Share | $68.25 | $61.56 | - **Significantly higher investment banking revenue** from increased underwriting and advisory mandates[9](index=9&type=chunk) - **Rising markets lifted assets under administration and management to new records**[9](index=9&type=chunk) - **Increased compensation expenses** were tied to higher production, while **non-compensation expenses rose** due to technology and travel costs[9](index=9&type=chunk) [CEO's Commentary](index=1&type=section&id=CEO%27s%20Commentary) The CEO attributed the strong quarterly results to the firm's business strength and maturing investments in personnel. Despite initial market volatility from trade policy fears, a subsequent market rally to record highs benefited the Wealth Management business by driving AUM to new records. The Capital Markets division also saw a substantial revenue increase from strong trading volumes and a rebound in investment banking. The firm maintains an unlevered balance sheet with record-high capital and remains optimistic for the second half of the year - Rising markets proved favorable for the Wealth Management business, driving Assets Under Management (AUM) to a **new record** and resulting in **higher asset-based advisory fees**[3](index=3&type=chunk) - The Capital Markets businesses showed a **substantial increase in total revenue**, buoyed by **strong institutional trading volumes** and **improved Investment Banking revenue** from more advisory assignments and **robust underwriting**[4](index=4&type=chunk) - The firm maintains an **unlevered balance sheet** and ended the quarter with its **capital reaching a new all-time high**[5](index=5&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Wealth Management revenue grew from record AUM, while Capital Markets recovered strongly, narrowing its pre-tax loss due to increased investment banking and trading [Wealth Management](index=3&type=section&id=Wealth%20Management) The Wealth Management segment's revenue grew 5.1% to $246.4 million, primarily driven by a 7.2% increase in advisory fees from record-high AUM of $52.8 billion. However, pre-tax income slightly decreased by 2.2% to $62.8 million. This was due to a 7.1% rise in compensation expenses and a 9.7% increase in non-compensation expenses, coupled with a decline in bank deposit sweep income as clients moved cash to higher-yielding investments Wealth Management Segment Performance | Wealth Management ('000s) | Q2-25 | Q2-24 | | :--- | :--- | :--- | | Revenue | $246,421 | $234,526 | | Pre-Tax Income | $62,834 | $64,231 | | Pre-Tax Margin | 25.5% | 27.4% | | Assets Under Management (billions) | $52.8 | $47.5 | - **Advisory Fees:** Increased **7.2%** due to higher AUM during the billing period[15](index=15&type=chunk) - **Bank Deposit Sweep Income:** Decreased by **$6.2 million** due to **lower cash sweep balances** and **lower short-term interest rates**[15](index=15&type=chunk) - **AUM:** Reached a **record high of $52.8 billion** at June 30, 2025[15](index=15&type=chunk) - Total expenses increased, with compensation expenses rising **7.1%** due to **higher production-related costs** and non-compensation expenses up **9.7%** from an increase in interest and other miscellaneous costs[15](index=15&type=chunk) [Capital Markets](index=4&type=section&id=Capital%20Markets) The Capital Markets segment demonstrated a strong recovery, with revenue increasing 33.5% to $123.0 million. The pre-tax loss significantly narrowed to $3.9 million from $21.8 million a year ago. This improvement was fueled by substantial growth across its businesses, including an 83.0% surge in investment banking advisory fees, a 115.3% rise in fixed income underwriting, and double-digit growth in both equities and fixed income sales and trading revenue Capital Markets Segment Performance | Capital Markets ('000s) | Q2-25 | Q2-24 | | :--- | :--- | :--- | | Revenue | $122,981 | $92,141 | | Investment Banking Revenue | $43,394 | $26,699 | | Sales and Trading Revenue | $78,904 | $64,766 | | Pre-Tax Loss | $(3,864) | $(21,775) | | Pre-Tax Margin | (3.1)% | (23.6)% | - **Investment Banking:** Advisory fees increased **83.0%** due to more deal volume and larger mandates. Fixed income underwriting fees grew **115.3%** on **higher issuance activity**[20](index=20&type=chunk) - **Sales and Trading:** Equities revenue rose **20.2%** and fixed income revenue rose **23.6%**, both driven by **higher trading volumes**[20](index=20&type=chunk) [Capital Management and Other Financial Information](index=5&type=section&id=Capital%20Management%20and%20Other%20Financial%20Information) The company strengthened its capital position, continued shareholder returns, and improved cost efficiency with lower compensation and effective tax rates [Capital Position and Shareholder Returns](index=5&type=section&id=Capital%20Position%20and%20Shareholder%20Returns) The company's financial position strengthened, with stockholders' equity increasing to $896.9 million from $812.1 million a year ago. The firm continued to return capital to shareholders, repurchasing 9,855 shares for $0.6 million and announcing a quarterly dividend of $0.18 per share Capital and Share Repurchase Details | Capital & Repurchases (In millions, except shares) | Q2-25 | Q2-24 | | :--- | :--- | :--- | | Stockholders' Equity | $896.9 | $812.1 | | Common Stock Repurchases | $0.6 | $0.9 | | Number of Shares Repurchased | 9,855 | 23,102 | - The **Board of Directors announced a quarterly dividend of $0.18 per share**, payable on August 29, 2025[22](index=22&type=chunk) [Other Financial Details](index=5&type=section&id=Other%20Financial%20Details) The company improved its cost efficiency, with the compensation expense as a percentage of revenue declining to 64.1% from 66.8% in the prior year. The effective tax rate for the quarter also decreased to 32.7% from 35.3%, benefiting from a reduced impact of certain permanent items and nondeductible foreign losses - **Compensation expense as a percentage of revenue was 64.1%** for the current period, a modest improvement from 66.8% during the same period last year[22](index=22&type=chunk) - The **effective tax rate for the current period was 32.7%**, compared with 35.3% for the prior year period[21](index=21&type=chunk)[22](index=22&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The consolidated income statement shows robust revenue growth and improved profitability, with pre-tax and net income significantly increasing from strong operations [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) The consolidated income statement for Q2 2025 shows a 12.9% increase in total revenue to $373.2 million, driven by strong growth in commissions, advisory fees, and investment banking. Total expenses rose by a slower 8.3%, leading to a 103.0% surge in pre-tax income to $32.2 million and a 111.1% increase in net income to $21.7 million compared to Q2 2024 Consolidated Income Statement Summary | Consolidated Income Statement ('000s) | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total revenue** | **$373,178** | **$330,589** | **12.9%** | | Commissions | $110,025 | $97,055 | 13.4% | | Advisory fees | $125,628 | $117,197 | 7.2% | | Investment banking | $43,533 | $29,119 | 49.5% | | Bank deposit sweep income | $28,654 | $34,846 | (17.8)% | | **Total expenses** | **$340,968** | **$314,724** | **8.3%** | | Compensation and related expenses | $239,074 | $220,727 | 8.3% | | **Pre-Tax Income** | **$32,210** | **$15,865** | **103.0%** | | **Net Income** | **$21,674** | **$10,266** | **111.1%** | [Company Information](index=6&type=section&id=Company%20Information) Oppenheimer Holdings Inc. is a leading middle-market investment bank and broker-dealer, offering diverse financial services across global locations [Company Overview](index=6&type=section&id=Company%20Overview) Oppenheimer Holdings Inc. is a leading middle-market investment bank and full-service broker-dealer. Its services include retail securities brokerage, institutional sales and trading, investment banking, research, market-making, trust services, and asset management. Headquartered in New York, the company operates 88 retail branches in the U.S. and has institutional businesses in London, Tel Aviv, and Hong Kong - **Oppenheimer Holdings Inc. is a leading middle-market investment bank and full-service broker-dealer** engaged in a broad range of financial services, with roots tracing back to 1881[23](index=23&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements concerning anticipated future performance. For a comprehensive discussion of the factors and risks that could cause actual results to differ, readers are advised to consult the 'Factors Affecting "Forward-Looking Statements"' and 'Risk Factors' sections in the Company's Annual Report on Form 10-K - The report includes **forward-looking statements**; readers should refer to the Company's Annual Report on Form 10-K for a discussion of related risks and factors[24](index=24&type=chunk)
Oppenheimer(OPY) - 2025 Q2 - Quarterly Report
2025-08-01 12:16
PART I FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents Oppenheimer Holdings Inc.'s unaudited condensed consolidated financial statements for Q2 2025, covering balance sheets, income statements, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$3.69 billion** by June 30, 2025, from **$3.38 billion** at year-end 2024, with total liabilities and stockholders' equity also rising Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$3,687,339** | **$3,382,726** | | Cash and cash equivalents | $37,618 | $33,150 | | Receivable from customers, net | $1,341,550 | $1,268,866 | | Securities owned, at fair value | $1,256,970 | $1,108,206 | | **Total Liabilities** | **$2,790,481** | **$2,532,331** | | Bank call loans | $323,800 | $252,100 | | Payable to brokers, dealers and clearing organizations | $527,179 | $253,816 | | Securities sold under agreements to repurchase | $853,123 | $931,754 | | **Total Stockholders' Equity** | **$896,858** | **$850,395** | [Condensed Consolidated Income Statements](index=5&type=section&id=Condensed%20Consolidated%20Income%20Statements) Q2 2025 net income significantly increased to **$21.7 million** from **$10.3 million** in Q2 2024, driven by a **12.9%** rise in total revenue and doubling diluted EPS Q2 and Six Months Income Statement Highlights (in thousands, except EPS) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$373,178** | **$330,589** | **$741,003** | **$683,727** | | Commissions | $110,025 | $97,055 | $220,903 | $192,905 | | Advisory fees | $125,628 | $117,197 | $254,431 | $232,044 | | Investment banking | $43,533 | $29,119 | $91,156 | $79,656 | | **Pre-tax Income** | **$32,210** | **$15,865** | **$73,586** | **$53,320** | | **Net Income** | **$21,674** | **$10,266** | **$52,329** | **$36,010** | | **Diluted EPS** | **$1.91** | **$0.92** | **$4.63** | **$3.29** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly improved to **$51.7 million** for the six months ended June 30, 2025, resulting in a **$4.5 million** net increase in cash and cash equivalents Six Months Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(51,671) | $(194,314) | | Net Cash Used in Investing Activities | $(1,259) | $(1,415) | | Net Cash Provided by Financing Activities | $57,398 | $200,108 | | **Net Increase in Cash and Cash Equivalents** | **$4,468** | **$4,379** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies, financial instrument fair value, collateralized transactions, legal contingencies, regulatory capital, and segment reporting for Wealth Management and Capital Markets - The company's reportable segments were revised in Q4 2024, combining the former Private Client and Asset Management segments into a new Wealth Management segment. The Capital Markets and Corporate/Other segments were not impacted[173](index=173&type=chunk) - The company estimates a range of aggregate loss for certain legal and regulatory proceedings, in excess of amounts accrued, of up to **$3 million**. This estimate is based on currently available information and is subject to change[157](index=157&type=chunk) - As of June 30, 2025, the company's primary U.S. broker-dealer subsidiary, Oppenheimer & Co. Inc., had net capital of **$408.9 million**, which was **$382.2 million** in excess of the minimum requirement[164](index=164&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 financial performance, highlighting improved operating results across Wealth Management and Capital Markets, along with business outlook, macroeconomic factors, liquidity, and regulatory developments [Executive Summary and Results of Operations](index=47&type=section&id=Executive%20Summary%20and%20Results%20of%20Operations) Q2 2025 results showed significant improvement, with net income rising to **$21.7 million** and revenue increasing **12.9%**, driven by strong investment banking, commissions, and advisory fees Q2 2025 Financial Highlights vs. Q2 2024 | Metric | 2Q-2025 | 2Q-2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $373,178 | $330,589 | 12.9% | | Pre-tax Income | $32,210 | $15,865 | 103.0% | | Net Income | $21,674 | $10,266 | 111.1% | | Diluted EPS | $1.91 | $0.92 | 107.6% | | AUM ($ billions) | $52.8 | $47.5 | 11.2% | - Key drivers for the quarter's strong performance included higher investment banking revenue from increased underwriting and advisory mandates, a rise in transaction-based commissions, and greater advisory fees due to a rise in billable Assets Under Management (AUM)[205](index=205&type=chunk) [Business Segments Analysis](index=48&type=section&id=Business%20Segments%20Analysis) Wealth Management revenue increased **5.1%** to **$246.4 million**, while Capital Markets revenue surged **33.5%** to **$123.0 million**, significantly reducing its pre-tax loss Segment Revenue and Pre-Tax Income (Loss) (in thousands) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | Q2 2025 Pre-Tax Income (Loss) | Q2 2024 Pre-Tax Income (Loss) | | :--- | :--- | :--- | :--- | :--- | | Wealth Management | $246,421 | $234,526 | $62,834 | $64,231 | | Capital Markets | $122,981 | $92,141 | $(3,864) | $(21,775) | | Corporate/Other | $3,776 | $3,922 | $(26,760) | $(26,591) | - Wealth Management's advisory fees increased **7.2%** due to higher AUM, but bank deposit sweep income fell **17.8%** due to lower cash balances and interest rates[208](index=208&type=chunk)[211](index=211&type=chunk) - Capital Markets' investment banking revenue grew **62.5%**, with advisory fees up **83.0%** and fixed income underwriting up **115.3%** year-over-year[214](index=214&type=chunk) [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) Total assets increased **9.0%** by June 30, 2025, with liquidity primarily from internal funds and bank call loans, which management deems sufficient for foreseeable needs - The company's primary sources of liquidity are internally generated funds, collateralized bank call loans, stock loans, and repurchase agreements[220](index=220&type=chunk)[227](index=227&type=chunk) - The average daily bank loan balance for Q2 2025 was **$325.8 million**, up significantly from **$148.7 million** in Q2 2024[228](index=228&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there were no material changes to the information regarding market risk as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to market risk disclosures were reported for the six months ended June 30, 2025[259](index=259&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025. No material changes were made to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[260](index=260&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[263](index=263&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=60&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory proceedings, including arbitrations, an SEC settlement, and a new class-action lawsuit, with an estimated potential aggregate loss of up to **$3 million** - The company has settled or resolved all but one of the arbitrations related to the Horizon Private Equity fraud scheme involving a former employee[270](index=270&type=chunk) - An agreement in principle was reached with the SEC to settle litigation for a civil penalty of **$1.2 million**, subject to obtaining a waiver of certain statutory disqualifications[272](index=272&type=chunk) - A new class-action lawsuit was filed in June 2025 alleging unlawful enrichment from the company's Advantage Bank Deposit Sweep Program[273](index=273&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024 - There were no material changes to the company's risk factors during the three months ended June 30, 2025[275](index=275&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=62&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the second quarter of 2025, the company repurchased 9,855 shares of its Class A Stock at an average price of $58.89 per share under its publicly announced share repurchase program Q2 2025 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1 - 30, 2025 | 9,855 | $58.89 | | May 1 - 31, 2025 | — | $— | | June 1 - 30, 2025 | — | $— | | **Q2 2025 Total** | **9,855** | **$58.89** | [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and interactive data files (XBRL) - Exhibits filed include CEO and CFO certifications (31.1, 31.2, 32) and interactive data files (101)[280](index=280&type=chunk)