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]

Core Viewpoint - Regulus Therapeutics Inc. is actively participating in the 2025 Oppenheimer Innovation on the Island Biotech Summit, highlighting its focus on innovative medicines targeting microRNAs [1]. Company Overview - Regulus Therapeutics Inc. is a biopharmaceutical company listed on Nasdaq (RGLS) that specializes in the discovery and development of medicines aimed at microRNAs [3]. - The company has developed a robust pipeline supported by a strong intellectual property portfolio in the microRNA sector [3]. - Regulus is headquartered in San Diego, California [3]. Event Participation - Jay Hagan, the CEO of Regulus, will present at the summit on April 9th, 2025, at 11:32 a.m. ET [1]. - The live event and its replay will be accessible through the investor relations section of the company's website for 90 days post-presentation [2].

Core Insights - Oppenheimer & Co. Inc. has appointed Ranjot Singh as a Managing Director in its Technology Investment Banking Group, enhancing its advisory capabilities in the technology sector [1][2] Company Overview - Oppenheimer & Co. Inc. is a principal subsidiary of Oppenheimer Holdings Inc. and provides a comprehensive range of wealth management, securities brokerage, and investment banking services to high net-worth individuals, families, corporate executives, local governments, businesses, and institutions [5] Leadership and Expertise - Ranjot Singh brings over 16 years of experience in investment banking, having previously worked at Guggenheim Securities, Barclays Capital, and Lehman Brothers, and has executed over $90 billion in M&A transactions [2] - The Technology Investment Banking group at Oppenheimer now consists of 18 senior bankers with extensive expertise across more than 10 sub-sectors of the technology landscape [4] Strategic Vision - Singh emphasized the importance of technology companies in driving global economic growth and expressed enthusiasm about joining Oppenheimer's dedicated team to support client success [3]

Core Insights - GBI has integrated its platform with Oppenheimer & Co. Inc., allowing Oppenheimer's clients to invest in physical precious metals like gold and silver [1][2][3] - This integration enhances Oppenheimer's wealth management services by providing clients with access to alternative investments [2][3] - GBI, founded in 2009, manages over $4 billion in assets and offers a comprehensive solution for buying, selling, storing, and delivering precious metals [4] Company Overview - GBI is recognized as a leading institutional platform for physical precious metals investments, focusing on security, transparency, and liquidity [4] - Oppenheimer & Co. Inc. provides a range of financial services, including wealth management and investment banking, targeting high-net-worth individuals and institutions [6]

Core Insights - Oppenheimer Europe is significantly expanding its investment banking team in London by adding four experienced senior bankers from Hannam & Partners [1][2][4] Group 1: Team Expansion - The new team members include Ernest Bell, Giles Fitzpatrick, Richard Clarke, and Lucia Sviatkova, who will enhance Oppenheimer's capabilities in European investment banking and wealth management [2][3] - Ernest Bell has advised on transactions exceeding $25 billion in public market and wealth management sectors, bringing substantial experience to the firm [4][5] - Giles Fitzpatrick, as Vice Chairman and Managing Director, has a strong background in investment banking, having held senior roles at various firms [6][7] Group 2: Strategic Focus - The expansion aims to leverage the ongoing evolution in the UK wealth management industry, driven by intergenerational wealth transfer and technological advancements [5] - The team will focus on advising companies in public M&A situations, utilizing Oppenheimer's global platform and expertise in the US mid-market investment banking space [5][7] - Oppenheimer's Financial Institutions Group is well-positioned to serve clients in the UK's wealth management ecosystem, with over 30 investment bankers dedicated to financial services [5][6]

Core Insights - Oppenheimer & Co. Inc. has appointed Gilbert Dychiao as Co-Head of Investment Banking, expanding his role to oversee multiple investment banking verticals and product groups [1][2] - Dychiao will work alongside Robert Lowenthal, who has been appointed CEO effective May 5, 2025, marking a significant leadership transition within the firm [2][4] - Dychiao brings 25 years of investment banking experience and has been instrumental in driving over $6 billion in total transaction value since joining Oppenheimer in early 2018 [3][4] Company Overview - Oppenheimer & Co. Inc. is a principal subsidiary of Oppenheimer Holdings Inc., providing a comprehensive range of wealth management, securities brokerage, and investment banking services [5] - The firm aims to ensure a smooth transition for clients and staff as part of its succession planning efforts [4] Leadership and Strategy - Dychiao is recognized for his extensive experience in debt capital markets, equity capital markets, M&A, restructuring, and cross-border transactions, making him a valuable asset for the firm [3] - The leadership team, including Dychiao and Lowenthal, will focus on enhancing deal execution strategies and guiding the overall investment banking operations [4][5]

Core Insights - Albert Anthony is a Croatian-American media personality who has gained over 1,000 followers on investor platforms since 2023, focusing on markets and stocks [1] - He is set to launch a new book titled "Financial Markets: Growing A Dividend Income Portfolio" in 2025, coinciding with an ongoing series of articles on the same topic [1] - Albert Anthony has a background in management and information systems, having worked in the IT department of a top-10 financial firm [1] Company Overview - Albert Anthony & Co. is a sole proprietorship registered in Austin, Texas, and is wholly owned by Albert Anthony [1] - The company does not provide personalized financial advisory services but offers general market commentary based on publicly available data [1] Investment Focus - Albert Anthony has launched the Future Investor Fund, which aims to build a dividend portfolio [1] - The brand emphasizes a focus on dividend income as a key investment strategy [1]