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]

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].

[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)

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)

NEW YORK, Aug. 1, 2025 /PRNewswire/ - Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $21.7 million or $2.06 basic earnings per share for the second quarter of 2025, compared with net income of $10.3 million or $0.99 basic earnings per share for the second quarter of 2024. Revenue for the second quarter of 2025 was $373.2 million, an increase of 12.9%, compared to revenue of $330.6 million for the second quarter of 2024.Robert S. Lowenthal, President and CEO comm ...

Core Insights - Turtle Beach Corporation, a leading gaming accessories brand, will participate in the Oppenheimer 25th Annual Consumer Growth and E-Commerce Conference from June 9-11, 2025 [1] - CEO Cris Keirn will host a fireside chat on June 10 at 11:15 a.m. ET, with management available for meetings during the conference [1] Company Overview - Turtle Beach Corporation is recognized as one of the world's leading gaming accessory providers, known for its best-selling gaming headsets, top-rated game controllers, and award-winning PC gaming peripherals [3] - The company has maintained its position as a market leader in console gaming audio for over a decade, emphasizing innovation and customer support [3] - In 2024, Turtle Beach acquired Performance Designed Products LLC, further expanding its product offerings [3] - The company's shares are traded on the Nasdaq Exchange under the symbol TBCH [3]

Financial Data and Key Metrics Changes - For the fiscal year 2024, total revenues reached $1,432 million, an increase from $1,248 million in 2023, while net income rose to $71.6 million from $30.2 million in the previous year [25][23] - Basic earnings per share for 2024 were $6.91, compared to $6.31 in 2023, with first quarter earnings per share for 2025 at $2.93, up from $2.50 in the same period of 2024 [25][24] - Stockholders' equity at the end of the first quarter of 2025 reached a record $872 million, compared to $850 million at the end of 2024 [26] Business Line Data and Key Metrics Changes - Wealth management revenue for 2024 was $972 million, up from $890 million in 2023, while capital markets revenue increased to $447.6 million from $345.9 million [28][31] - In the first quarter of 2025, total revenue was $367.8 million, with $242 million (66%) from wealth management and $123.3 million (34%) from capital markets, compared to $353 million in the first quarter of 2024 [29][24] - Pre-tax income from wealth management for 2024 was $265.7 million, compared to $218.5 million in 2023, while capital markets reported a loss of $39.6 million, improved from a loss of $63 million in 2023 [29] Market Data and Key Metrics Changes - Client assets under administration reached a new high of $129.9 billion at the end of the first quarter of 2025, while assets under management were $48.9 billion, slightly down from year-end 2024 [32] - The company had 89 retail branches in the US and employed 3,012 individuals, including 933 financial advisors [22] Company Strategy and Development Direction - The company is focused on organic and inorganic growth opportunities in areas complementary to existing businesses, with a strong emphasis on wealth management and capital markets [35] - The company plans to opportunistically hire qualified candidates across its platform in response to market conditions [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position to provide client advice amidst volatile market conditions due to new administration policies [35] - However, they noted that advisory fees may be adversely impacted by lower billable assets under management if recent market declines persist [36] Other Important Information - Albert Lowenthal will step down as CEO but remain as Executive Chairman, with Robert Lowenthal taking over as CEO [20] - The company repurchased 243,806 shares of Class A non-voting common stock during 2024 under its share repurchase program [23] Q&A Session Summary Question: Were there any questions from Class B stockholders? - There were no questions from Class B stockholders, and any questions from Class A stockholders submitted via email will be responded to within the next 24 hours [37]

Financial Performance - The Company reported net income of $30.7 million or $2.93 basic earnings per share for Q1 2025, compared to net income of $26.1 million or $2.50 per share for Q1 2024, representing a 17.7% increase in net income [183]. - Revenue for Q1 2025 was $367.8 million, an increase of 4.2% from $353.1 million in Q1 2024 [183]. - Wealth Management revenue was $242.0 million, a 1.7% increase year-over-year, while pre-tax income decreased by 10.5% to $67.9 million [188]. - Capital Markets revenue increased by 10.0% to $123.3 million, despite challenging market conditions [187]. - Revenue for Q1 2025 was $241.986 million, a 1.7% increase from $237.961 million in Q1 2024 [189]. - Advisory fee revenue increased by 12.2% to $128.792 million, driven by higher assets under management (AUM) during the billing period [191]. - Pre-tax income decreased by 10.5% to $67.864 million, resulting in a pre-tax margin of 28.0%, down from 31.8% [189]. Assets Management - Assets under management (AUM) totaled $48.9 billion as of March 31, 2025, up 4.9% from $46.6 billion a year earlier [184]. - Assets under administration (AUA) reached $129.9 billion, a 4.0% increase from $124.9 billion in the previous year [184]. - Assets under administration increased by 4.0% to $129.9 billion, while assets under management rose by 4.9% to $48.9 billion [189]. Expenses - Total expenses rose by 7.4% to $174.122 million, with compensation expenses increasing by 3.5% and non-compensation expenses rising by 16.9% [189]. - Compensation expenses rose by 2.4% to $227.1 million, driven by inflationary pressures on wages [184]. - Non-compensation expenses increased by 5.7% to $99.4 million, primarily due to higher interest and technology-related costs [184]. Strategic Focus - The Company is focused on expanding its wealth management business through strategic hiring and targeted acquisitions [173]. - The Company aims to improve its technology platform to enhance client service and remain competitive while managing expenses [174]. Financing and Loans - The company had an outstanding bank call loan balance of $439.6 million as of March 31, 2025, compared to $252.1 million at December 31, 2024 [200]. - As of March 31, 2025, the company had $359.5 million in bank call loans, an increase from $252.1 million at December 31, 2024 [207]. - The average daily bank loan outstanding for the three months ended March 31, 2025, was $277.3 million, compared to $57.8 million for the same period in 2024 [207]. - Securities loan balances totaled $360.9 million as of March 31, 2025, up from $235.5 million at December 31, 2024 [208]. - The average daily securities loan balances for the three months ended March 31, 2025, were $359.2 million, compared to $303.4 million for the same period in 2024 [208]. - The gross balances of reverse repurchase agreements and repurchase agreements were $292.9 million and $1,159.3 million, respectively, as of March 31, 2025 [211]. - The average daily balance of reverse repurchase agreements was $370.5 million for the three months ended March 31, 2025, compared to $122.9 million for the same period in 2024 [211]. - Cash provided by financing activities for the three months ended March 31, 2025, was $95,645 thousand, an increase from $78,132 thousand in 2024 [217]. - The company has $171.5 million in operating lease obligations, with an estimated cash requirement of $8.8 million for interest expense for the remainder of 2025 [216]. Regulatory Compliance - As of March 31, 2025, all active regulated subsidiaries had net capital in excess of minimum requirements [231]. - The SEC's new rule amendments will require the company to perform daily computations of net cash owed to customers starting December 31, 2025, potentially increasing staffing levels [232].

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The firm reported strong Q1 2025 results with increased net income and revenue, driven by advisory fees and trading, despite macroeconomic uncertainties and rising expenses [First Quarter 2025 Earnings Summary](index=1&type=section&id=First%20Quarter%202025%20Earnings%20Summary) Oppenheimer Holdings Inc. reported a solid first quarter for 2025, with net income rising to $30.7 million ($2.93 per share) from $26.1 million ($2.50 per share) in Q1 2024 Earnings Summary (Millions USD, except EPS) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Income** | $30.7 million | $26.1 million | | **Basic EPS** | $2.93 | $2.50 | | **Revenue** | $367.8 million | $353.1 million | - The CEO highlighted significant macroeconomic challenges, including swift policy changes on trade and immigration, concerns of a potential trade war, and increased market volatility, raising the likelihood of a recession and dampening hopes for active capital market activity[2](index=2&type=chunk) - Despite market challenges, the firm achieved record equity levels and is positioned for its CEO-elect, Robert Lowenthal, to lead the company into its next phase[4](index=4&type=chunk) [Summary Operating Results](index=2&type=section&id=Summary%20Operating%20Results) The firm's overall revenue grew to $367.8 million, with pre-tax income rising to $41.4 million, while Wealth Management saw a slight revenue increase but a decrease in pre-tax income Summary Operating Results (Millions USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Firm Revenue** | $367.8 million | $353.1 million | | **Firm Pre-Tax Income** | $41.4 million | $37.5 million | | **Wealth Management Revenue** | $242.0 million | $238.0 million | | **Wealth Management Pre-Tax Income** | $67.9 million | $75.8 million | | **Capital Markets Revenue** | $123.3 million | $112.1 million | | **Capital Markets Pre-Tax Loss** | $(5.1) million | $(6.7) million | [Key Highlights](index=2&type=section&id=Key%20Highlights) Revenue growth in Q1 2025 was primarily fueled by higher advisory fees and trading revenue, while expenses increased due to wage inflation and higher non-compensation costs - Revenue was primarily driven by higher advisory fees, transaction-based commissions, and sales and trading revenue[9](index=9&type=chunk) - Expenses increased due to: - **Compensation:** Inflationary wage pressures and higher production-related expenses - **Non-compensation:** Higher interest, technology, and clearing/execution costs[9](index=9&type=chunk) - The company achieved record highs in total stockholders' equity, book value, and tangible book value per share due to positive earnings[9](index=9&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Wealth Management revenue increased but pre-tax income declined due to higher expenses, while Capital Markets saw revenue growth and a narrowed pre-tax loss driven by sales and trading [Wealth Management](index=3&type=section&id=Wealth%20Management) The Wealth Management segment reported a 1.7% revenue increase to $242.0 million, driven by advisory fees and retail commissions, despite a 10.5% fall in pre-tax income due to rising expenses Wealth Management Performance (Millions USD, except %) | Wealth Management | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $242.0 million | $238.0 million | | **Pre-Tax Income** | $67.9 million | $75.8 million | | **Pre-Tax Margin** | 28.0% | 31.8% | | **AUM (billions)** | $48.9 | $46.6 | - Key revenue drivers: - **Advisory fees:** Increased **12.2%** due to higher AUM - **Retail commissions:** Increased **7.8%** from higher trading activity - **Bank deposit sweep income:** Decreased by **$6.6 million** due to lower balances and rates[16](index=16&type=chunk) - Total expenses rose, driven by a **3.5%** increase in compensation costs and a **16.9%** increase in non-compensation expenses, primarily from higher legal and external portfolio management costs[16](index=16&type=chunk) [Capital Markets](index=4&type=section&id=Capital%20Markets) The Capital Markets segment's revenue grew 10.0% year-over-year to $123.3 million, while its pre-tax loss narrowed to $5.1 million, driven by strong sales and trading performance Capital Markets Performance (Millions USD) | Capital Markets | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $123.3 million | $112.1 million | | **Investment Banking Revenue** | $45.0 million | $47.9 million | | **Sales and Trading Revenue** | $76.9 million | $63.7 million | | **Pre-Tax Loss** | $(5.1) million | $(6.7) million | - Investment Banking revenue changes: - **Advisory fees:** Decreased **18.5%** due to fewer private placement transactions - **Fixed income underwriting:** Increased **116.6%** due to higher public finance activity[22](index=22&type=chunk) - Sales and Trading revenue grew, with equities up **37.9%** on higher volumes and options activity, and fixed income up **5.2%** from higher interest income on trading inventory[22](index=22&type=chunk) [Financial Statements and Other Matters](index=4&type=section&id=Financial%20Statements%20and%20Other%20Matters) The consolidated income statement shows revenue and net income growth, supported by a lower effective tax rate and increased stockholders' equity [Consolidated Income Statement](index=6&type=section&id=Consolidated%20Income%20Statement) The consolidated income statement details a 4.2% rise in total revenue to $367.8 million, leading to a 10.5% rise in pre-tax income and a 17.7% increase in net income attributable to the company Consolidated Income Statement (Millions USD) | | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total revenue** | 367.8 million | 353.1 million | 4.2% | | Commissions | 110.9 million | 95.9 million | 15.7% | | Advisory fees | 128.8 million | 114.8 million | 12.2% | | Investment banking | 47.6 million | 50.5 million | (5.8)% | | **Total expenses** | 326.4 million | 315.7 million | 3.4% | | **Pre-Tax Income** | 41.4 million | 37.5 million | 10.5% | | **Net income attributable to OPY** | 30.7 million | 26.1 million | 17.7% | [Other Matters](index=4&type=section&id=Other%20Matters) The company announced a quarterly dividend of $0.18 per share, with stockholders' equity increasing to $872.3 million and a lower effective tax rate of 25.9% - The Board of Directors declared a quarterly dividend of **$0.18 per share**, payable on May 23, 2025[22](index=22&type=chunk) Other Financial Metrics (Millions USD, except %) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Stockholders' Equity** | $872.3 million | $801.5 million | | **Common Stock Repurchases** | $0.1 million | $8.4 million | | **Effective Tax Rate** | 25.9% | 31.3% | - The effective tax rate decreased to **25.9%** from **31.3%** in the prior year, benefiting from fewer non-deductible expenses and a higher tax benefit on the vesting of share awards[22](index=22&type=chunk) [Company Information and Disclosures](index=5&type=section&id=Company%20Information%20and%20Disclosures) Oppenheimer Holdings Inc. provides diverse financial services and includes standard forward-looking statement disclosures [Company Information](index=5&type=section&id=Company%20Information) Oppenheimer Holdings Inc. is a prominent middle-market investment bank and full-service broker-dealer with a history dating back to 1881, providing a comprehensive suite of financial services - Oppenheimer is a leading middle-market investment bank and full-service broker-dealer engaged in retail securities brokerage, institutional sales and trading, investment banking, research, and asset management services[23](index=23&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements, and readers are advised to consult the company's Annual Report on Form 10-K for a comprehensive discussion of related risks and factors - The report includes forward-looking statements, and for a discussion of related risks, reference is made to the Company's Annual Report on Form 10-K for the year ended December 31, 2024[24](index=24&type=chunk)

Core Insights - Oppenheimer Holdings Inc. reported a net income of $30.7 million for Q1 2025, an increase from $26.1 million in Q1 2024, with basic earnings per share rising to $2.93 from $2.50 [1][21] - Revenue for Q1 2025 was $367.8 million, reflecting a 4.2% increase compared to $353.1 million in Q1 2024 [1][22] Financial Performance - The firm experienced a 4.2% increase in revenue, driven by higher advisory fees and increased transaction-based commissions [11][12] - Compensation expenses rose to $227.1 million, a 2.4% increase from the previous year, while non-compensation expenses increased by 3.4% [22] - Pre-tax income for the quarter was $41.4 million, up 10.5% from $37.5 million in the prior year [22] Wealth Management Segment - Wealth Management revenue was $242.0 million, a 1.7% increase year-over-year, although pre-tax income decreased by 10.5% to $67.9 million [8][11] - Assets Under Management (AUM) stood at $48.9 billion, up from $46.6 billion a year ago, despite a slight decrease from recent highs [8][11] Capital Markets Segment - Capital Markets revenue reached $123.3 million, a 10.0% increase compared to the prior year, with a pre-tax loss of $5.1 million, an improvement from a loss of $6.7 million [13][15] - Institutional trading volumes increased during the volatile market conditions, benefiting sales and trading revenues [4][15] Market Conditions and Outlook - The firm noted increased market volatility due to macroeconomic uncertainties, including trade policy changes and inflation concerns, which have affected consumer confidence and capital market activity [2][3] - The firm ended the quarter with record equity levels, positioning itself for future opportunities under new leadership [5][16]