Oppenheimer (OPY) 10-Q 26 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document Information [Line Items]
Entity Registrant Name	OPPENHEIMER HOLDINGS INC
Entity Central Index Key	0000791963
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Class A Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,756,308
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,665

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 71,307	$ 90,675
Deposits with clearing organizations	65,491	67,678
Receivable from brokers, dealers and clearing organizations	167,931	166,493
Receivable from customers, net of allowance for credit losses of $920 ($886 in 2018)	807,581	720,777
Income tax receivable	0	1,014
Securities purchased under agreements to resell	39	290
Securities owned, including amounts pledged of $547,326 ($517,951 in 2018), at fair value	995,370	837,584
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827 respectively ($25,109 and $6,800, respectively, in 2018)	43,413	44,058
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $90,633 ($89,182 in 2018)	32,327	28,988
Operating Lease, Right-of-Use Asset	166,612	0
Intangible assets	32,100	32,100
Goodwill	137,889	137,889
Other assets	132,356	112,768
Total assets	2,652,416	2,240,314
Liabilities
Drafts payable	17,456	16,348
Bank call loans	50,100	15,000
Payable to brokers, dealers and clearing organizations	418,719	289,207
Payable to customers	325,754	336,616
Securities sold under agreements to repurchase	521,837	484,218
Securities sold but not yet purchased, at fair value	155,979	85,446
Accrued compensation	130,879	167,348
Taxes Payable	849	0
Accounts payable and other liabilities	42,709	87,630
Present value of lease liabilities	210,255	0
Senior secured notes, net of debt issuance costs of $775 ($904 in 2018)	199,225	199,096
Deferred tax liabilities, net of deferred tax assets of $43,682 ($41,722 in 2018)	15,044	14,083
Total liabilities	2,088,806	1,694,992
Commitments and contingencies (note 12)
Share capital
Common stock	48,202	53,392
Contributed capital	43,626	41,776
Retained earnings	470,693	449,989
Accumulated other comprehensive income	1,089	165
Stockholders' Equity Attributable to Parent	563,610	545,322
Total stockholders' equity	563,610
Total liabilities and stockholders' equity	2,652,416	2,240,314
Class A Stock
Share capital
Common stock	48,069	53,259
Class B Stock
Share capital
Common stock	$ 133	$ 133

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Allowance for credit losses	$ 920	$ 886
Amounts pledged	547,326	517,951
Furniture equipment and leasehold improvements, net accumulated depreciation	90,633	89,182
Net deferred tax assets	43,682	41,722
Notes Receivable, Net Accumulated Amortization	32,369	25,109
Notes Receivable, Net Allowance for Uncollectibles	6,827	6,800
Unamortized debt issuance expense	775	$ 904
Operating Lease Right-of-use Asset Accumulated Amortization	$ 13,000
Class A Stock
Common stock, authorized	50,000,000	50,000,000
Common stock, shares issued	12,756,308	12,941,809
Common stock, shares outstanding	12,756,308	12,941,809
Common stock, par value	$ 0.001	$ 0.001
Class B Stock
Common stock, authorized	99,665	99,665
Common stock, shares issued	99,665	99,665
Common stock, shares outstanding	99,665	99,665
Common stock, par value	$ 0.001	$ 0.001

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUE
Commissions	$ 80,896	$ 82,850	$ 160,305	$ 166,257
Investment Advisory Fee Revenue	80,707	77,270	154,354	154,818
Investment banking	32,006	27,904	60,049	56,114
Proceeds from (Payments for) in Interest-bearing Deposits in Banks	31,830	28,853	65,798	54,150
Interest	13,550	13,056	26,277	25,283
Principal transactions, net	3,045	6,400	14,483	9,126
Other	8,901	6,223	21,439	11,338
Total revenue	250,935	242,556	502,705	477,086
EXPENSES
Compensation and related expenses	155,783	151,871	316,138	304,975
Communications and technology	20,499	17,997	40,585	36,685
Occupancy and equipment costs	15,573	14,901	30,846	30,329
Clearing and exchange fees	5,678	5,780	11,010	11,876
Interest	13,192	10,909	26,178	19,872
Other	22,819	28,581	44,505	51,211
Total expenses	233,544	230,039	469,262	454,948
Operating Income (Loss)	17,391	12,517	33,443	22,138
Income Tax Expense (Benefit)	5,016	3,662	9,874	6,578
Net income attributable to Oppenheimer Holdings Inc.	$ 12,375	$ 8,855	$ 23,569	$ 15,560
Net income per share
Net loss per share (in dollars per share)	$ 0.95	$ 0.67	$ 1.81	$ 1.17
Earnings Per Share, Diluted [Abstract]
Net loss per share (in dollars per share)	$ 0.89	$ 0.63	$ 1.70	$ 1.11
Weighted average shares
Basic (in shares)	12,976,235	13,248,812	12,998,168	13,244,245
Diluted (in shares)	13,861,753	14,050,573	13,857,616	14,005,556

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net Income (Loss) Attributable to Parent	$ 12,375	$ 8,855	$ 23,569	$ 15,560
Other comprehensive income (loss), net of tax
Currency translation adjustment	361	(837)	924	(979)
Comprehensive income	$ 12,736	$ 8,018	$ 24,493	$ 14,581

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Share Capital	Share CapitalClass A Stock	Contributed Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Dec. 31, 2017		$ 58,492		$ 36,546	$ 426,930	$ 1,582
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock			$ 333
Repurchase of Class A non-voting common stock for cancellation			0
Net Income (Loss) Attributable to Parent	$ 15,560				15,560
Share-based expense				3,096
Vested employee share plan awards				(355)
Dividends paid					(2,913)
Currency translation adjustment	(979)					(979)
Cumulative Effect on Retained Earnings, Net of Tax					349
Balance at end of period at Jun. 30, 2018	538,641	58,825		39,287	$ 439,926	603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends					$ 0.22
Balance at beginning of period at Mar. 31, 2018		58,529		37,996	$ 432,544	1,440
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock			296
Repurchase of Class A non-voting common stock for cancellation			0
Net Income (Loss) Attributable to Parent	8,855				8,855
Share-based expense				1,587
Vested employee share plan awards				(296)
Dividends paid					(1,457)
Currency translation adjustment	(837)					(837)
Cumulative Effect on Retained Earnings, Net of Tax					(16)
Balance at end of period at Jun. 30, 2018	538,641	58,825		39,287	$ 439,926	603
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends					$ 0.11
Balance at beginning of period at Dec. 31, 2018		53,392		41,776	$ 449,989	165
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock			1,162
Repurchase of Class A non-voting common stock for cancellation			(6,352)
Net Income (Loss) Attributable to Parent	23,569
Share-based expense				4,026
Vested employee share plan awards				(2,176)
Dividends paid					(2,865)
Currency translation adjustment	924					924
Cumulative Effect on Retained Earnings, Net of Tax					0
Balance at end of period at Jun. 30, 2019	563,610	48,202		43,626	$ 470,693	1,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends					$ 0.22
Balance at beginning of period at Mar. 31, 2019		52,519		41,489	$ 459,751	728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock			0
Repurchase of Class A non-voting common stock for cancellation			$ (4,317)
Net Income (Loss) Attributable to Parent	12,375
Share-based expense				2,137
Vested employee share plan awards				0
Dividends paid					(1,433)
Currency translation adjustment	361					361
Cumulative Effect on Retained Earnings, Net of Tax					0
Balance at end of period at Jun. 30, 2019	$ 563,610	$ 48,202		$ 43,626	$ 470,693	$ 1,089
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends					$ 0.11

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Retained Earnings
Dividends	$ 0.11	$ 0.11	$ 0.22	$ 0.22

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
Net Income (Loss) Attributable to Parent	$ 23,569	$ 15,560
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	3,602	3,140
Deferred income taxes	1,081	2,712
Amortization of notes receivable	6,469	6,378
Amortization of debt issuance costs	129	129
Provision for credit losses	34	79
Share-based compensation	6,384	5,216
Amortization	12,892	0
Decrease (increase) in operating assets:
Deposits with clearing organizations	(2,187)	14,642
Receivable from brokers, dealers and clearing organizations	(1,438)	(17,412)
Receivable from customers	(86,838)	12,439
Income tax receivable	1,014	121
Securities purchased under agreements to resell	251	(6,080)
Securities owned	(157,786)	(93,807)
Notes receivable	(5,824)	(8,268)
Other assets	(19,359)	29,452
Increase (decrease) in operating liabilities:
Drafts payable	1,108	(20,780)
Payable to brokers, dealers and clearing organizations	129,512	71,059
Payable to customers	(10,862)	(12,243)
Increase (Decrease) in Income Taxes Payable	849	0
Securities sold under agreements to repurchase	37,619	12,673
Securities sold but not yet purchased	70,533	67,556
Accrued compensation	(38,827)	(46,251)
Accounts payable and other liabilities	(14,290)	4,280
Cash (used in) provided by operating activities	(37,991)	11,311
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(6,941)	(3,947)
Purchase of tangible assets	0	(400)
Proceeds from Insurance Settlement, Investing Activities	695	0
Cash used in investing activities	(6,246)	(4,347)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,865)	(2,913)
Repurchase of Class A non-voting common stock for cancellation	(6,352)	0
Payments for employee taxes withheld related to vested share-based awards	(1,014)	(2,444)
Increase (decrease) in bank call loans, net	35,100	(10,800)
Cash provided by (used in) financing activities	24,869	(16,157)
Net decrease in cash and cash equivalents	(19,368)	(9,193)
Cash and cash equivalents, beginning of period	90,675	48,154
Cash and cash equivalents, end of period	71,307	38,961
Schedule of non-cash financing activities
Employee share plan issuance	1,706	333
Supplemental disclosure of cash flow information
Cash paid during the period for interest	25,830	26,899
Cash paid during the period for income taxes, net	$ 7,326	$ 3,918

Organization

Organization	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Oppenheimer Holdings Inc. ("OPY" or the "Parent") is incorporated under the laws of the State of Delaware. The condensed consolidated financial statements include the accounts of OPY and its consolidated subsidiaries (together, the "Company" or "we"). The Company engages in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, market-making, research, investment banking (both corporate and public finance), investment advisory and asset management services and trust services. The Company has 94 retail branch offices in the United States and has institutional businesses located in London, Tel Aviv, and Hong Kong. The principal subsidiaries of OPY are Oppenheimer & Co. Inc. ("Oppenheimer"), a registered broker-dealer in securities and investment adviser under the Investment Advisers Act of 1940; Oppenheimer Asset Management Inc. ("OAM") and its wholly-owned subsidiary, Oppenheimer Investment Management LLC, both registered investment advisers under the Investment Advisers Act of 1940; Oppenheimer Trust Company of Delaware ("Oppenheimer Trust"), a limited purpose trust company that provides fiduciary services such as trust and estate administration and investment management; OPY Credit Corp., which offers syndication as well as trading of issued corporate loans; Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey, Germany and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is regulated by the Securities and Futures Commission; and Oppenheimer Multifamily Housing & Healthcare Finance, Inc. ("OMHHF"), which was formerly engaged in Federal Housing Administration ("FHA")-insured commercial mortgage origination and servicing. During 2016, the Company sold substantially all of the assets of OMHHF and ceased its operations. Oppenheimer owns Freedom Investments, Inc. ("Freedom"), a registered broker dealer in securities, which provides discount brokerage services, and Oppenheimer Israel (OPCO) Ltd., which is engaged in offering investment services in the State of Israel. Oppenheimer holds a trading permit on the New York Stock Exchange and is a member of several other regional exchanges in the United States.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
New accounting pronouncements	Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "Form 10-K"). The accompanying condensed consolidated balance sheet data was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management's knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. The condensed consolidated results of operations for the six month period ended June 30, 2019 are not necessarily indicative of the results to be expected for any future interim or annual period. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments," which amends the FASB's guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model ("current expected credit loss model"). Under this new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact, if any, that the ASU will have on the Company; the adoption of the ASU is not currently expected to have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other, Simplifying the Test for Goodwill Impairment," which simplifies the subsequent measurement of goodwill. The Company is no longer required to perform its Step 2 goodwill impairment test; instead, the Company should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The ASU is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, of the ASU on the Company; the adoption of the ASU is not currently expected to have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for the Fair Value Measurement," which modifies the disclosure requirements related to fair value measurement. The ASU is effective for fiscal years and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, of the ASU on the Company's disclosure.

Leases

Leases $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Lessee, Operating Lease, Lease Not Yet Commenced, Liability	$ (14)
Leases	Leases In the first quarter of 2019, the Company adopted ASU 2016-02, "Leases". The ASU requires the recognition of a right-of use asset and lease liability on the consolidated balance sheet by lessees for those leases classified as operating leases under previous guidance. The Company elected the modified retrospective method which did not result in a cumulative-effect adjustment at the date of adoption. The Company and its subsidiaries have operating leases for office space and equipment expiring at various dates through 2034 . The Company leases its corporate headquarters at 85 Broad Street, New York, New York which houses its executive management team and many administrative functions for the firm as well as its research, trading, investment banking, and asset management divisions and an office in Troy, Michigan, which among other things, houses its payroll and human resources departments. In addition, the Company has 94 retail branch offices in the United States as well as offices in London, England, St. Helier, Jersey, Geneva, Switzerland, Frankfurt, Germany, Tel Aviv, Israel and Hong Kong, China. The majority of the leases are held by the Company's subsidiary, Viner Finance Inc., which is a consolidated subsidiary and 100% owned by the Company. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew and the exercise of lease renewal options is at our sole discretion. The Company did not include the renewal options as part of the right of use assets and liabilities. The depreciable life of assets and leasehold improvements is limited by the expected lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2019 , the Company had right of use operating lease assets of $166.6 million (net of accumulated amortization of $13.0 million ) which are comprised of real estate leases of $163.6 million (net of accumulated amortization of $12.0 million ) and equipment leases of $3.0 million (net of accumulated amortization of $939,000 ). As of June 30, 2019 , the Company had operating lease liabilities of $210.3 million which are comprised of real estate lease liabilities of $207.3 million and equipment lease liabilities of $3.0 million . As of June 30, 2019 , the Company had not made any cash payments for amounts included in the measurement of operating lease liabilities or right of use assets obtained in exchange for operating lease obligations. The Company had no finance leases or embedded leases as of June 30, 2019 . As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date. The Company used the incremental borrowing rate as of the lease commencement date for the operating leases commenced subsequent to January 1, 2019. The following table presents the weighted average lease term and weighted average discount rate for our operating leases as of June 30, 2019 : As of June 30, 2019 Weighted average remaining lease term (in years) 8.61 Weighted average discount rate 7.92% The following table presents operating lease costs recognized for the three and six months ended June 30, 2019 which are included in occupancy and equipment costs on the condensed consolidated income statement: (Expressed in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Operating lease cost: Real estate leases - Right-of-use lease asset amortization $ 5,712 $ 12,044 Real estate leases - Interest expense 4,204 7,647 Equipment leases - Right-of-use lease asset amortization 474 939 Equipment leases - Interest expense 57 114 The maturities of lease liabilities as of June 30, 2019 are as follows: (Expressed in thousands) As of June 30, 2019 2019 $ 20,764 2020 41,076 2021 35,997 2022 32,125 2023 30,095 After 2024 134,370 Total lease payments $ 294,427 Less interest (84,172 ) Present value of lease liabilities $ 210,255 As of June 30, 2019 , the Company had additional operating leases that have not yet commenced of 14.0 million . These operating leases will commence between July 1, 2019 and May 1, 2021 with lease terms of 5 years to 11 years . In November 2016, the SEC issued a no action letter related to the treatment of operating leases under SEC Rule 15c3-1 (the “Rule”) in the context of the adoption of ASU 2016-2, “Leases” which provided relief, if certain conditions are met, to broker-dealers in the net capital treatment of operating lease assets which would otherwise be treated as a non-allowable asset. The application of this guidance resulted in no additional charges to net capital for operating leases during the first and second quarter of 2019.

Revenues from contracts with cu

Revenues from contracts with customers	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenues from contracts with customers	Revenue from contracts with customers Revenue from contracts with customers is recognized when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may be satisfied over time or at a point in time. Revenue from a performance obligation satisfied over time is recognized by measuring the Company's progress in satisfying the performance obligation in a manner that depicts the transfer of the goods or services to the customer. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised good or service. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for those promised goods or services (i.e., the "transaction price"). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainties with respect to the amount are resolved. In determining when to include variable consideration in the transaction price, the Company considers the range of possible outcomes, the predictive value of its past experiences, the time period of when uncertainties expect to be resolved and the amount of consideration that is susceptible to factors outside of the Company's influence, such as market volatility or the judgment and actions of third parties. The Company earns revenue from contracts with customers and other sources (principal transactions, interest and other). The following provides detailed information on the recognition of the Company's revenue from contracts with customers: Commissions Commissions from Sales and Trading — The Company earns commission revenue by executing, settling and clearing transactions with clients primarily in exchange-traded and over-the-counter corporate equity and debt securities, money market instruments and exchange-traded options and futures contracts. A substantial portion of Company's revenue is derived from commissions from private clients through accounts with transaction-based pricing. Trade execution and clearing services, when provided together, represent a single performance obligation as the services are not separately identifiable in the context of the contract. Commission revenue associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, is recognized at a point in time on trade date when the performance obligation is satisfied. Commission revenue is generally paid on settlement date, which is generally two business days after trade date for equity securities and corporate bond transactions and one day for government securities, options, and commodities transactions. The Company records a receivable on the trade date and receives a payment on the settlement date. Mutual Fund Income — The Company earns mutual fund income for sales and distribution of mutual fund shares. Many mutual fund companies pay distribution fees to intermediaries, such as broker-dealers, for selling their shares. The fees are operational expenses of the mutual fund and are included in its expense ratio. The Company recognizes mutual fund income at a point in time on trade date when the performance obligation is satisfied which is when the mutual fund interest is sold to the investor. Mutual fund income is generally received within 90 days. Advisory Fees The Company earns management and performance (or incentive) fees in connection with the advisory and asset management services it provides to various types of funds and investment vehicles through its subsidiaries. Management fees are generally based on the account value at the valuation date per the respective asset management agreements and are recognized over time as the customer receives the benefits of the services evenly throughout the term of the contract. Performance fees are recognized when the return on client AUM exceeds a specified benchmark return or other performance targets over a 12-month measurement period. Performance fees are considered variable as they are subject to fluctuation and/or are contingent on a future event over the measurement period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Both management and performance fees are generally received within 90 days. Investment Banking The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements. Underwriting revenues are recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that point. These fees are generally received within 90 days after the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues and related expenses are presented gross on the condensed consolidated income statements. Revenue from financial advisory services includes fees generated in connection with mergers, acquisitions and restructuring transactions and such revenue and fees are primarily recorded at a point in time when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Payment for advisory services is generally due upon a completion of the transaction or milestone. Retainer fees and fees earned from certain advisory services are recognized ratably over the service period as the customers receive the benefit of the services throughout the term of the contracts, and such fees are collected based on the terms of the contracts. Bank Deposit Sweep Income Bank deposit sweep income consists of revenue earned from the FDIC-insured bank deposit program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. Fees are earned over time and are generally received within 30 days. Disaggregation of Revenue The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2019 and 2018: (Expressed in thousands) For the Three Months Ended June 30, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 37,026 $ — $ 33,736 $ 4 $ 70,766 Mutual fund income 10,124 1 1 4 10,130 Advisory fees 62,080 18,617 2 8 80,707 Investment banking - capital markets 4,262 — 14,699 — 18,961 Investment banking - advisory — — 13,045 — 13,045 Bank deposit sweep income 31,830 — — — 31,830 Other 3,526 — 522 1,537 5,585 Total revenue from contracts with customers 148,848 18,618 62,005 1,553 231,024 Other sources of revenue: Interest 9,639 — 3,459 452 13,550 Principal transactions, net 538 — 6,312 (3,805 ) 3,045 Other 2,903 4 43 366 3,316 Total other sources of revenue 13,080 4 9,814 (2,987 ) 19,911 Total revenue $ 161,928 $ 18,622 $ 71,819 $ (1,434 ) $ 250,935 (Expressed in thousands) For the Three Months Ended June 30, 2018 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 39,093 $ — $ 33,022 $ 62 $ 72,177 Mutual fund income 10,441 222 5 5 10,673 Advisory fees 59,774 17,485 3 8 77,270 Investment banking - capital markets 3,469 — 16,196 — 19,665 Investment banking - advisory — — 8,239 — 8,239 Bank deposit sweep income 28,853 — — — 28,853 Other 3,430 3 457 (47 ) 3,843 Total revenue from contracts with customers 145,060 17,710 57,922 28 220,720 Other sources of revenue: Interest 9,514 (4 ) 3,263 283 13,056 Principal transactions, net 212 — 6,989 (801 ) 6,400 Other 1,767 — 32 581 2,380 Total other sources of revenue 11,493 (4 ) 10,284 63 21,836 Total revenue $ 156,553 $ 17,706 $ 68,206 $ 91 $ 242,556 (Expressed in thousands) For the Six Months Ended June 30, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 74,502 $ — $ 66,052 $ 7 $ 140,561 Mutual fund income 19,738 (5 ) 2 9 19,744 Advisory fees 119,124 35,206 7 17 154,354 Investment banking - capital markets 7,011 — 23,292 — 30,303 Investment banking - advisory — — 29,746 — 29,746 Bank deposit sweep income 65,798 — — — 65,798 Other 6,805 — 841 1,793 9,439 Total revenue from contracts with customers 292,978 35,201 119,940 1,826 449,945 Other sources of revenue: Interest 19,047 — 6,294 936 26,277 Principal transactions, net 2,222 — 16,469 (4,208 ) 14,483 Other 11,208 7 77 708 12,000 Total other sources of revenue 32,477 7 22,840 (2,564 ) 52,760 Total revenue $ 325,455 $ 35,208 $ 142,780 $ (738 ) $ 502,705 (Expressed in thousands) For the Six Months Ended June 30, 2018 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 79,371 $ — $ 65,019 $ 77 $ 144,467 Mutual fund income 21,268 505 7 10 21,790 Advisory fees 119,910 34,838 54 16 154,818 Investment banking - capital markets 7,839 — 30,592 — 38,431 Investment banking - advisory — — 17,683 — 17,683 Bank deposit sweep income 54,150 — — — 54,150 Other 7,705 6 432 (46 ) 8,097 Total revenue from contracts with customers 290,243 35,349 113,787 57 439,436 Other sources of revenue: Interest 18,351 1 6,468 463 25,283 Principal transactions, net 132 — 9,381 (387 ) 9,126 Other 1,921 — 99 1,221 3,241 Total other sources of revenue 20,404 1 15,948 1,297 37,650 Total revenue $ 310,647 $ 35,350 $ 129,735 $ 1,354 $ 477,086 Contract Balances The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records receivables when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had receivables related to revenue from contracts with customers of $35.3 million and $23.7 million at June 30, 2019 and January 1, 2019, respectively. The Company had no significant impairments related to these receivables during the three and six months ended June 30, 2019 . Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company and the retainer fees and fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. Total deferred revenue was $3.7 million and $318,000 at June 30, 2019 and January 1, 2019, respectively. The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet: (Expressed in thousands) Ending Balance at June 30, 2019 Opening Balance at January 1, 2019 Contract assets (receivables): Commission (1) $ 4,142 $ 3,738 Mutual fund income (2) 6,798 7,241 Advisory fees (3) 901 1,214 Bank deposit sweep income (4) 4,208 4,622 Investment banking fees (5) 10,583 3,996 Other 8,638 2,869 Total contract assets $ 35,270 $ 23,680 Deferred revenue (payables): Investment banking fees (6) $ 2,396 $ 318 IRA fees (7) 1,333 — Total deferred revenue $ 3,729 $ 318 (1) Commission recorded on trade date but not yet settled. (2) Mutual fund income earned but not yet received. (3) Management and performance fees earned but not yet received. (4) Fees earned from FDIC-insured bank deposit program but not yet received. (5) Underwriting revenue and advisory fees earned but not yet received. (6) Retainer fees and fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. (7) Fee received in advance on an annual basis.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share Basic earnings per share is computed by dividing net income attributable to Oppenheimer Holdings Inc. by the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and options to purchase Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method. Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Basic weighted average number of shares outstanding 12,976,235 13,248,812 12,998,168 13,244,245 Net dilutive effect of share-based awards, treasury method (1) 885,518 801,761 859,448 761,311 Diluted weighted average number of shares outstanding 13,861,753 14,050,573 13,857,616 14,005,556 Net income $ 12,375 $ 8,855 $ 23,569 $ 15,560 Net income per share Basic $ 0.95 $ 0.67 $ 1.81 $ 1.17 Diluted $ 0.89 $ 0.63 $ 1.70 $ 1.11 (1) For both the three and six months ended June 30, 2019 , the diluted net income per share computation does not include the anti-dilutive effect of 7,628 shares of Class A Stock granted under share-based compensation arrangements ( 4,050 shares for both the three and six months ended June 30, 2018).

Receivable From and Payable to

Receivable From and Payable to Brokers, Dealers and Clearing Organizations	6 Months Ended
	Jun. 30, 2019
Brokers and Dealers [Abstract]
Receivable From and Payable to Brokers, Dealers and Clearing Organizations	Receivable from and payable to brokers, dealers and clearing organizations (Expressed in thousands) As of June 30, 2019 December 31, 2018 Receivable from brokers, dealers and clearing organizations consists of: Securities borrowed $ 103,148 $ 108,144 Receivable from brokers 22,521 20,140 Securities failed to deliver 14,898 7,021 Clearing organizations 25,604 28,777 Other 1,760 2,411 Total $ 167,931 $ 166,493 Payable to brokers, dealers and clearing organizations consists of: Securities loaned $ 247,714 $ 146,815 Payable to brokers 8,667 158 Securities failed to receive 30,570 27,799 Other 131,768 114,435 Total $ 418,719 $ 289,207

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements Securities owned, securities sold but not yet purchased, investments and derivative contracts are carried at fair value with changes in fair value recognized in earnings each period. Valuation Techniques A description of the valuation techniques applied and inputs used in measuring the fair value of the Company's financial instruments is as follows: U.S. Government Obligations U.S. Treasury securities are valued using quoted market prices obtained from active market makers and inter-dealer brokers. U.S. Agency Obligations U.S. agency securities consist of agency issued debt securities and mortgage pass-through securities. Non-callable agency issued debt securities are generally valued using quoted market prices. Callable agency issued debt securities are valued by benchmarking model-derived prices to quoted market prices and trade data for identical or comparable securities. The fair value of mortgage pass-through securities are model driven with respect to spreads of the comparable to-be-announced ("TBA") security. Sovereign Obligations The fair value of sovereign obligations is determined based on quoted market prices when available or a valuation model that generally utilizes interest rate yield curves and credit spreads as inputs. Corporate Debt and Other Obligations The fair value of corporate bonds is estimated using recent transactions, broker quotations and bond spread information. Mortgage and Other Asset-Backed Securities The Company values non-agency securities collateralized by home equity and various other types of collateral based on external pricing and spread data provided by independent pricing services. When specific external pricing is not observable, the valuation is based on yields and spreads for comparable bonds. Municipal Obligations The fair value of municipal obligations is estimated using recently executed transactions, broker quotations, and bond spread information. Convertible Bonds The fair value of convertible bonds is estimated using recently executed transactions and dollar-neutral price quotations, where observable. When observable price quotations are not available, fair value is determined based on cash flow models using yield curves and bond spreads as key inputs. Corporate Equities Equity securities and options are generally valued based on quoted prices from the exchange or market where traded. To the extent quoted prices are not available, fair values are generally derived using bid/ask spreads. Auction Rate Securities ("ARS") Background In February 2010, Oppenheimer finalized settlements with each of the New York Attorney General's office ("NYAG") and the Massachusetts Securities Division ("MSD") and, together (the "Regulators") concluding proceedings by the Regulators concerning Oppenheimer's marketing and sale of ARS. Pursuant to the settlements with the Regulators, Oppenheimer agreed to extend offers to repurchase ARS from certain of its clients. Over the last nine years, the Company has bought back $137.2 million of ARS pursuant to these settlements. These buybacks coupled with ARS issuer redemptions and tender offers have significantly reduced the level of ARS held by Eligible Investors. As of June 30, 2019 , the Company had $2.0 million of ARS to purchase from Eligible Investors related to the settlements with the Regulators. In addition to the settlements with the Regulators, Oppenheimer has also reached settlements of and received adverse awards in legal proceedings with various clients where the Company is obligated to purchase ARS. Over the last nine years, the Company has purchased $102.3 million of ARS pursuant to these legal settlements and awards. As of June 30, 2019 , the Company had one remaining commitment to purchase $3.6 million in ARS by June 30, 2020 . As of June 30, 2019 , the Company owned $48.5 million of ARS securities. This amount represents the unredeemed or unsold amount that the Company holds as a result of ARS buybacks pursuant to the settlements with the Regulators and legal settlements and awards referred to above. Valuation The Company’s ARS securities owned and ARS purchase commitments referred to above have, for the most part, been subject to recent issuer tender offers. As a result, the Company has valued the ARS securities owned and the ARS purchase commitments at the observable tender offer price which provides the basis to categorize them in Level 2 of the fair value hierarchy. The ARS purchase commitments related to the settlements with the Regulators and legal settlements and awards are considered derivative assets or liabilities. The ARS purchase commitments represent the difference between the principal value and the fair value of the ARS the Company is committed to purchase. As of June 30, 2019 , the Company had a valuation adjustment (unrealized loss) totaling $6.8 million which consists of $6.1 million for ARS owned (which is included as a reduction to securities owned on the condensed consolidated balance sheet) and $0.7 million for ARS purchase commitments from legal settlements and awards (which is included in accounts payable and other liabilities on the condensed consolidated balance sheet). During the three months ended June 30, 2019 , the Company had unrealized losses of $2.4 million in its condensed consolidated statements of income related to the Company's participation in a recent tender offer by an ARS issuer. The unrealized loss is the result of marking the positions to the issuer tender offer price. Investments In its role as general partner in certain hedge funds and private equity funds, the Company, through its subsidiaries, holds direct investments in such funds. The Company uses the net asset value of the underlying fund as a basis for estimating the fair value of its investment. The following table provides information about the Company's investments in Company-sponsored funds as of June 30, 2019 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 1,664 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,665 1,399 N/A N/A $ 6,329 $ 1,399 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than one year. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without the consent of the general partner. The lock-up period of the private equity funds can extend to 10 years. Valuation Process The Company's Finance & Accounting ("F&A") group is responsible for the Company's fair value policies, processes and procedures. F&A is independent from the business units and trading desks and is headed by the Company's Chief Financial Officer ("CFO"), who has final authority over the valuation of the Company's financial instruments. The Finance Control Group ("FCG") within F&A is responsible for daily profit and loss reporting, front-end trading system position reconciliations, monthly profit and loss reporting, and independent price verification procedures. For financial instruments categorized in Levels 1 and 2 of the fair value hierarchy, the FCG performs a monthly independent price verification to determine the reasonableness of the prices provided by the Company's independent pricing vendor. The FCG uses its third-party pricing vendor, executed transactions, and broker-dealer quotes for validating the fair values of financial instruments. Assets and Liabilities Measured at Fair Value The Company's assets and liabilities, recorded at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 (Expressed in thousands) Fair Value Measurements as of June 30, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 10,500 $ — $ — $ 10,500 Deposits with clearing organizations 31,293 — — 31,293 Securities owned: U.S. Treasury securities 689,992 — — 689,992 U.S. Agency securities 4,540 20,213 — 24,753 Sovereign obligations — 1,063 — 1,063 Corporate debt and other obligations — 25,556 — 25,556 Mortgage and other asset-backed securities — 1,956 — 1,956 Municipal obligations — 141,362 — 141,362 Convertible bonds — 26,123 — 26,123 Corporate equities 39,430 — — 39,430 Money markets 2,674 — — 2,674 Auction rate securities — 42,461 — 42,461 Securities owned, at fair value 736,636 258,734 — 995,370 Investments (1) — 106 106 Derivative contracts: TBAs — 14 — 14 Total $ 778,429 $ 258,854 $ — $ 1,037,283 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 97,720 $ — $ — $ 97,720 U.S. Agency securities — 19 — 19 Sovereign obligations — 1,066 — 1,066 Corporate debt and other obligations — 20,907 — 20,907 Mortgage and other asset-backed securities — 1 — 1 Convertible bonds — 17,779 — 17,779 Corporate equities 18,487 — — 18,487 Securities sold but not yet purchased, at fair value 116,207 39,772 — 155,979 Derivative contracts: Futures 1,781 — — 1,781 Foreign exchange forward contracts 4 — — 4 TBAs — 45 — 45 ARS purchase commitments — 764 — 764 Derivative contracts, total 1,785 809 — 2,594 Total $ 117,992 $ 40,581 $ — $ 158,573 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (Expressed in thousands) Fair Value Measurements as of December 31, 2018 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 10,500 $ — $ — $ 10,500 Deposits with clearing organizations 34,599 — — 34,599 Securities owned: U.S. Treasury securities 657,208 — — 657,208 U.S. Agency securities 812 6,494 — 7,306 Sovereign obligations — 214 — 214 Corporate debt and other obligations — 20,665 — 20,665 Mortgage and other asset-backed securities — 2,486 — 2,486 Municipal obligations — 52,261 — 52,261 Convertible bonds — 31,270 — 31,270 Corporate equities 28,215 — — 28,215 Money markets 7 — — 7 Auction rate securities — 16,253 21,699 37,952 Securities owned, at fair value 686,242 129,643 21,699 837,584 Investments (1) — — 101 101 Derivative contracts: TBAs — 4,873 — 4,873 Total $ 731,341 $ 134,516 $ 21,800 $ 887,657 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 53,646 $ — $ — $ 53,646 U.S. Agency securities — 3 — 3 Sovereign obligations — 78 — 78 Corporate debt and other obligations — 7,236 — 7,236 Convertible bonds — 9,709 — 9,709 Corporate equities 14,774 — — 14,774 Securities sold but not yet purchased, at fair value 68,420 17,026 — 85,446 Derivative contracts: Futures 807 — — 807 Foreign exchange forward contracts 4 — — 4 TBAs — 4,873 — 4,873 ARS purchase commitments — 1,096 — 1,096 Derivative contracts, total 811 5,969 — 6,780 Total $ 69,231 $ 22,995 $ — $ 92,226 (1) Included in other assets on the condensed consolidated balance sheet. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended June 30, 2019 and 2018 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2019 Beginning Balance Total Realized and Unrealized Gains (2)(3) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Auction rate securities (1) $ 21,700 $ — $ — $ (350 ) $ (21,350 ) $ — Investments 104 2 — — (106 ) — (1) Represents auction rate preferred securities that failed in the auction rate market. (2) Included in principal transactions in the condensed consolidated statement of income, except for gains from investments which are included in other income in the condensed consolidated statement of income. (3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2018 Beginning Balance Total Realized and Unrealized Gains (losses) (3)(4) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Auction rate securities (1) $ 87,350 $ (902 ) $ 4,050 $ (275 ) $ (17,602 ) $ 72,621 Investments 168 (4 ) — — — 164 Liabilities ARS purchase commitments (2) 183 (39 ) — — 91 131 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (3) Included in principal transactions in the condensed consolidated statement of income, except for gains (losses) from investments which are included in other income in the condensed consolidated statement of income. (4) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2019 Beginning Balance Total Realized and Unrealized Gains (2)(3) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Auction rate securities (1) $ 21,699 $ 1 $ — $ (350 ) $ (21,350 ) $ — Investments 101 5 — — (106 ) — (1) Represents auction rate preferred securities that failed in the auction rate market. (2) Included in principal transactions in the condensed consolidated statement of income, except for gains from investments which are included in other income in the condensed consolidated statement of income. (3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2018 Beginning Balance Total Realized and Unrealized Gains (Losses) (3)(4) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Municipal obligations $ 35 $ 14 $ 76 $ (125 ) $ — $ — Auction rate securities (1) 87,398 (55 ) 4,100 (1,220 ) (17,602 ) 72,621 Investments 169 (5 ) — — — 164 Liabilities ARS purchase commitments (2) 8 (214 ) — — 91 131 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (3) Included in principal transactions in the condensed consolidated statement of income, except for gains (losses) from investments which are included in other income in the condensed consolidated statement of income. (4) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. Financial Instruments Not Measured at Fair Value The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments that are not measured at fair value on the condensed consolidated balance sheets. The table below excludes non-financial assets and liabilities (e.g., right-of-use lease assets, lease liabilities, furniture, equipment and leasehold improvements and accrued compensation). The carrying value of financial instruments not measured at fair value categorized in the fair value hierarchy as Level 1 or Level 2 approximates fair value because of the relatively short-term nature of the underlying assets. The fair value of the Company's senior secured notes, categorized in Level 2 of the fair value hierarchy, is based on quoted prices from the market in which the notes trade. Assets and liabilities not measured at fair value as of June 30, 2019 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 60,807 $ 60,807 $ — $ — $ 60,807 Deposits with clearing organization 34,198 34,198 — — 34,198 Receivable from brokers, dealers and clearing organizations: Securities borrowed 103,148 — 103,148 — 103,148 Receivables from brokers 22,521 — 22,521 — 22,521 Securities failed to deliver 14,898 — 14,898 — 14,898 Clearing organizations 25,604 — 25,604 — 25,604 Other 1,791 — 1,791 — 1,791 167,962 — 167,962 — 167,962 Receivable from customers 807,581 — 807,581 — 807,581 Securities purchased under agreements to resell 39 — 39 — 39 Notes receivable, net 43,413 — 43,413 — 43,413 Investments (1) 69,070 — 69,070 — 69,070 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 17,456 $ 17,456 $ — $ — $ 17,456 Bank call loans 50,100 — 50,100 — 50,100 Payables to brokers, dealers and clearing organizations: Securities loaned 247,714 — 247,714 — 247,714 Payable to brokers 8,667 — 8,667 — 8,667 Securities failed to receive 30,570 — 30,570 — 30,570 Other 129,987 — 129,987 — 129,987 416,938 — 416,938 — 416,938 Payables to customers 325,754 — 325,754 — 325,754 Securities sold under agreements to repurchase 521,837 — 521,837 — 521,837 Senior secured notes 200,000 — 205,356 — 205,356 Assets and liabilities not measured at fair value as of December 31, 2018 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 80,175 $ 80,175 $ — $ — $ 80,175 Deposits with clearing organization 33,079 33,079 — — 33,079 Receivable from brokers, dealers and clearing organizations: Securities borrowed 108,144 — 108,144 — 108,144 Receivables from brokers 20,140 — 20,140 — 20,140 Securities failed to deliver 7,021 — 7,021 — 7,021 Clearing organizations 28,777 — 28,777 — 28,777 Other 2,411 — 2,411 — 2,411 166,493 — 166,493 — 166,493 Receivable from customers 720,777 — 720,777 — 720,777 Securities purchased under agreements to resell 290 — 290 — 290 Notes receivable, net 44,058 — 44,058 — 44,058 Investments (1) 59,765 — 59,765 — 59,765 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 16,348 $ 16,348 $ — $ — $ 16,348 Bank call loans 15,000 — 15,000 — 15,000 Payables to brokers, dealers and clearing organizations: Securities loaned 146,815 — 146,815 — 146,815 Payable to brokers 158 — 158 — 158 Securities failed to receive 27,799 — 27,799 — 27,799 Other 113,628 — 113,628 — 113,628 288,400 — 288,400 — 288,400 Payables to customers 336,616 — 336,616 — 336,616 Securities sold under agreements to repurchase 484,218 — 484,218 — 484,218 Senior secured notes 200,000 — 199,722 — 199,722 Fair Value Option The Company elected the fair value option for securities sold under agreements to repurchase ("repurchase agreements") and securities purchased under agreements to resell ("reverse repurchase agreements") that do not settle overnight or have an open settlement date. The Company has elected the fair value option for these instruments to reflect more accurately market and economic events in its earnings and to mitigate a potential mismatch in earnings caused by using different measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities. As of June 30, 2019 , the Company did not have any repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. Derivative Instruments and Hedging Activities The Company transacts, on a limited basis, in exchange traded and over-the-counter derivatives for both asset and liability management as well as for trading and investment purposes. Risks managed using derivative instruments include interest rate risk and, to a lesser extent, foreign exchange risk. All derivative instruments are measured at fair value and are recognized as either assets or liabilities on the condensed consolidated balance sheet. Foreign exchange hedges From time to time, the Company also utilizes forward and options contracts to hedge the foreign currency risk associated with compensation obligations to Oppenheimer Israel (OPCO) Ltd. employees denominated in New Israeli Shekel ("NIS"). Such hedges have not been designated as accounting hedges. Unrealized gains and losses on foreign exchange forward contracts are recorded in other assets on the condensed consolidated balance sheet and other income in the condensed consolidated statement of income. Derivatives used for trading and investment purposes Futures contracts represent commitments to purchase or sell securities or other commodities at a future date and at a specified price. Market risk exists with respect to these instruments. Notional or contractual amounts are used to express the volume of these transactions and do not represent the amounts potentially subject to market risk. The Company uses futures contracts, including U.S. Treasury notes, Federal Funds, General Collateral futures and Eurodollar contracts primarily as an economic hedge of interest rate risk associated with government trading activities. Unrealized gains and losses on futures contracts are recorded on the condensed consolidated balance sheet in payable to brokers, dealers and clearing organizations and in the condensed consolidated statement of income as principal transactions revenue, net. To-be-announced securities The Company also transacts in pass-through mortgage-backed securities eligible to be sold in the TBA market as economic hedges against mortgage-backed securities that it owns or has sold but not yet purchased. TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The contractual or notional amounts related to these financial instruments reflect the volume of activity and do not reflect the amounts at risk. Net unrealized gains and losses on TBAs are recorded on the condensed consolidated balance sheet in receivable from brokers, dealers and clearing organizations or payable to brokers, dealers and clearing organizations and in the condensed consolidated statement of income as principal transactions revenue, net. The notional amounts and fair values of the Company's derivatives as of June 30, 2019 and December 31, 2018 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of June 30, 2019 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 12,680 $ 14 $ 12,680 $ 14 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 5,176,000 $ 1,781 Other contracts Foreign exchange forward contracts 400 4 TBAs 19,180 45 ARS purchase commitments 5,554 764 $ 5,201,134 $ 2,594 (1) See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2018 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 729,500 $ 4,873 $ 729,500 $ 4,873 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 4,580,800 $ 807 Other contracts Foreign exchange forward contracts 200 4 TBAs 729,500 4,873 ARS purchase commitments 7,305 1,096 $ 5,317,805 $ 6,780 (1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated statements of income for the three months ended June 30, 2019 and 2018 : (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2019 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,090 ) Other contracts Foreign exchange forward contracts Other revenue (4 ) TBAs Principal transactions revenue (86 ) ARS purchase commitments Principal transactions revenue 350 $ (1,830 ) (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2018 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ 322 Other contracts Foreign exchange forward contracts Other revenue (5 ) TBAs Principal transactions revenue 162 Other TBAs Other revenue 72 ARS purchase commitments Principal transactions revenue (39 ) $ 512 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2019 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,666 ) Other contracts Foreign exchange forward contracts Other revenue (6 ) TBAs Principal transactions revenue (76 ) ARS purchase commitments Principal transactions revenue 332 $ (2,416 ) (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2018 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ 1,351 Other contracts Foreign exchange forward contracts Other revenue (5 ) TBAs Principal transactions revenue 196 Other TBAs Other revenue 147 ARS purchase commitments Principal transactions revenue (214 ) $ 1,475

Collateralized Transactions

Collateralized Transactions	6 Months Ended
	Jun. 30, 2019
Brokers and Dealers [Abstract]
Collateralized Transactions	Collateralized transactions The Company enters into collateralized borrowing and lending transactions in order to meet customers' needs and earn interest rate spreads, obtain securities for settlement and finance trading inventory positions. Under these transactions, the Company either receives or provides collateral, including U.S. Government and Agency, asset-backed, corporate debt, equity, and non-U.S. Government and Agency securities. The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on demand and bear interest at various rates. As of June 30, 2019 , the Company's bank call loans outstanding balance was $50.1 million ( $15.0 million as of December 31, 2018). As of June 30, 2019 , such loans were collateralized by firm securities with market values of approximately $81.1 million with commercial banks. As of June 30, 2019 , the Company had approximately $1.0 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $209.0 million under securities loan agreements. As of June 30, 2019 , the Company had pledged $210.6 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. As of June 30, 2019 , the Company had no outstanding letters of credit. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers' needs and to finance the Company's inventory positions. Except as described below, repurchase and reverse repurchase agreements, principally involving U.S. Government and Agency securities, are carried at amounts at which the securities subsequently will be resold or reacquired as specified in the respective agreements and include accrued interest. Repurchase agreements and reverse repurchase agreements are presented on a net-by-counterparty basis, when the repurchase agreements and reverse repurchase agreements are executed with the same counterparty, have the same explicit settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase agreements and reverse repurchase agreements exist in "book entry" form and certain other requirements are met. The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of June 30, 2019 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government and Agency securities $ 689,922 Securities loaned: Equity securities 247,714 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 937,636 The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of June 30, 2019 and December 31, 2018 : As of June 30, 2019 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 168,124 $ (168,085 ) $ 39 $ — $ — $ 39 Securities borrowed (1) 103,148 — 103,148 (100,192 ) — 2,956 Total $ 271,272 $ (168,085 ) $ 103,187 $ (100,192 ) $ — $ 2,995 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 689,922 $ (168,085 ) $ 521,837 $ (521,022 ) $ — $ 815 Securities loaned (2) 247,714 — 247,714 (239,713 ) — 8,001 Total $ 937,636 $ (168,085 ) $ 769,551 $ (760,735 ) $ — $ 8,816 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2018 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 82,429 $ (82,139 ) $ 290 $ — $ — $ 290 Securities borrowed (1) 108,144 — 108,144 (105,960 ) — 2,184 Total $ 190,573 $ (82,139 ) $ 108,434 $ (105,960 ) $ — $ 2,474 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 566,357 $ (82,139 ) $ 484,218 $ (480,322 ) $ — $ 3,896 Securities loaned (2) 146,815 — 146,815 (139,232 ) — 7,583 Total $ 713,172 $ (82,139 ) $ 631,033 $ (619,554 ) $ — $ 11,479 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. The Company elected the fair value option for those repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. As of June 30, 2019 , the Company did not have any repurchase agreements or reverse repurchase agreements that do not settle overnight or have an open settlement date. The Company receives collateral in connection with securities borrowed and reverse repurchase agreement transactions and customer margin loans. Under many agreements, the Company is permitted to sell or re-pledge the securities received (e.g., use the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions). As of June 30, 2019 , the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $100.5 million ( $104.9 million as of December 31, 2018 ) and $170.9 million ( $83.0 million as of December 31, 2018 ), respectively, of which the Company has sold and re-pledged approximately $29.5 million ( $27.6 million as of December 31, 2018 ) under securities loaned transactions and $170.9 million under repurchase agreements ( $83.0 million as of December 31, 2018 ). The Company pledges certain of its securities owned for securities lending and repurchase agreements and to collateralize bank call loan transactions. The carrying value of pledged securities owned that can be sold or re-pledged by the counterparty was $547.3 million , as presented on the face of the condensed consolidated balance sheet as of June 30, 2019 ( $518.0 million as of December 31, 2018 ). The carrying value of securities owned by the Company that have been loaned or pledged to counterparties where those counterparties do not have the right to sell or re-pledge the collateral was $81.1 million as of June 30, 2019 ( $20.2 million as of December 31, 2018 ). The Company manages credit exposure arising from repurchase and reverse repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Company, in the event of a customer default, the right to liquidate securities and the right to offset a counterparty's rights and obligations. The Company manages market risk of repurchase agreements and securities loaned by monitoring the market value of collateral held and the market value of securities receivable from others. It is the Company's policy to request and obtain additional collateral when exposure to loss exists. In the event the counterparty is unable to meet its contractual obligation to return the securities, the Company may be exposed to off-balance sheet risk of acquiring securities at prevailing market prices. Credit Concentrations Credit concentrations may arise from trading, investing, underwriting and financing activities and may be impacted by changes in economic, industry or political factors. In the normal course of business, the Company may be exposed to credit risk in the event customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill their contractual obligations. The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate. Included in receivable from brokers, dealers and clearing organizations as of June 30, 2019 were receivables from four major U.S. broker-dealers totaling approximately $69.6 million . The Company is obligated to settle transactions with brokers and other financial institutions even if its clients fail to meet their obligations to the Company. Clients are required to complete their transactions on the settlement date, generally one to two business days after the trade date. If clients do not fulfill their contractual obligations, the Company may incur losses. The Company has clearing/participating arrangements with the National Securities Clearing Corporation, the Fixed Income Clearing Corporation ("FICC"), R.J. O'Brien & Associates (commodities transactions), Mortgage-Backed Securities Division (a division of FICC) and others. With respect to its business in reverse repurchase and repurchase agreements, substantially all open contracts as of June 30, 2019 were with the FICC . In addition, the Company clears its non-U.S. international equities business carried on by Oppenheimer Europe Ltd. through Global Prime Partners, Ltd. The clearing organizations have the right to charge the Company for losses that result from a client's failure to fulfill its contractual obligations. Accordingly, the Company has credit exposures with these clearing brokers. The clearing brokers can re-hypothecate the securities held on behalf of the Company. As the right to charge the Company has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right. As of June 30, 2019 , the Company had recorded no liabilities with regard to this right. The Company's policy is to monitor the credit standing of the clearing brokers and banks with which it conducts business.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2019
Variable Interest Entity [Abstract]
Variable Interest Entities	Variable interest entities ("VIEs") The Company's policy is to consolidate all subsidiaries in which it has a controlling financial interest, as well as any VIEs where the Company is deemed to be the primary beneficiary, when it has the power to make the decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb significant losses or the right to receive benefits that could potentially be significant to the VIE. For funds that the Company has concluded are not VIEs, the Company then evaluates whether the fund is a partnership or similar entity. If the fund is a partnership or similar entity, the Company evaluates the fund under the partnership consolidation guidance. Pursuant to that guidance, the Company consolidates funds in which it is the general partner, unless presumption of control by the Company can be overcome. This presumption is overcome only when unrelated investors in the fund have the substantive ability to liquidate the fund or otherwise remove the Company as the general partner without cause, based on a simple majority vote of unaffiliated investors, or have other substantive participating rights. If the presumption of control can be overcome, the Company accounts for its interest in the fund pursuant to the equity method of accounting. The Company serves as general partner of hedge funds and private equity funds that were established for the purpose of providing investment alternatives to both its institutional and qualified retail clients. The Company holds variable interests in these funds as a result of its right to receive management and incentive fees. The Company's investment in and additional capital commitments to these hedge funds and private equity funds are also considered variable interests. The Company's additional capital commitments are subject to call at a later date and are limited to the amount committed. The Company assesses whether it is the primary beneficiary of the hedge funds and private equity funds in which it holds a variable interest in the form of general and limited partner interests. In each instance, the Company has determined that it is not the primary beneficiary and therefore need not consolidate the hedge funds or private equity funds. The subsidiaries' general and limited partnership interests, additional capital commitments, and management fees receivable represent its maximum exposure to loss. The subsidiaries' general partnership and limited partnership interests and management fees receivable are included in other assets on the condensed consolidated balance sheet. The following tables set forth the total VIE assets, the carrying value of the subsidiaries' variable interests, and the Company's maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests as of June 30, 2019 and December 31, 2018 : (Expressed in thousands) As of June 30, 2019 Total VIE Assets (1) Carrying Value of the Capital Commitments Maximum Exposure to Loss in Non-consolidated VIEs Assets (2) Liabilities Hedge funds $ 365,259 $ 360 $ — $ — $ 360 Private equity funds 7,454 8 — — 8 Total $ 372,713 $ 368 $ — $ — $ 368 (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interest in the VIEs and is included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) As of December 31, 2018 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 291,200 $ 337 $ — $ — $ 337 Private equity funds 7,454 8 — — 8 Total $ 298,654 $ 345 $ — $ — $ 345 (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interest in the VIEs and is included in other assets on the condensed consolidated balance sheet.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt (Expressed in thousands) Issued Maturity Date June 30, 2019 December 31, 2018 6.75% Senior Secured Notes 7/1/2022 $ 200,000 $ 200,000 Unamortized Debt Issuance Cost (775 ) (904 ) $ 199,225 $ 199,096 6.75% Senior Secured Notes On June 23, 2017 , the Parent issued in a private offering $200.0 million aggregate principal amount of 6.75% Senior Secured Notes due 2022 (the "Unregistered Notes") under an indenture at an issue price of 100% of the principal amount. On September 19, 2017, the Parent completed an exchange offer in which the Parent exchanged 99.8% of its Unregistered Notes for a like principal amount of notes with identical terms except that such new notes had been registered under the Securities Act of 1933, as amended (the "Notes"). The Parent did not receive any proceeds in the exchange offer. Interest on the Notes is payable semi-annually on January 1st and July 1st, beginning January 1, 2018. On June 23, 2017, the Parent used a portion of the net proceeds from the offering of the Unregistered Notes to redeem in full its 8.75% Senior Secured Notes due April 15, 2018 (the "Old Notes") in the principal amount of $120.0 million , and pay all fees and expenses related thereto. The cost to issue the Notes was $4.3 million , of which $3.0 million was paid to its subsidiary, Oppenheimer, who served as the initial purchaser of the offering, and was eliminated in consolidation. The Company capitalized the remaining $1.3 million and will amortize it over the term of the Notes. The indenture governing the Notes contains covenants that place restrictions on the incurrence of indebtedness, the payment of dividends, the repurchase of equity, the sale of assets, mergers and acquisitions and the granting of liens. Pursuant to the indenture governing the Notes, the Parent is restricted from paying any dividend or making any payment or distribution on account of its equity interests unless, among other things, (i) the dividend, payment or distribution (together with all other such dividends, payments or distributions made since July 1, 2017) is less than an amount calculated based in part on the Consolidated Adjusted Net Income (as defined in the indenture governing the Notes) of the Parent and its restricted and regulated subsidiaries since July 1, 2017, or (ii) the dividend, payment or distribution fits within one or more exceptions, including: • it is less than $20 million in any fiscal year; or • when combined with all other Restricted Payments (as defined in the indenture governing the Notes) that rely upon this exception, it does not exceed $10 million . The Notes provide for events of default including, among other things, nonpayment, breach of covenants and bankruptcy. The Parent's obligations under the Notes are guaranteed by certain of the Parent's subsidiaries and are secured by a first-priority security interest in substantially all of the assets of the Parent and the subsidiary's guarantors. These guarantees and the collateral may be shared, on a pari passu basis, under certain circumstances, with debt incurred. As of June 30, 2019 , the Parent was in compliance with all of its covenants. Interest expense for both the three and six months ended June 30, 2019 and 2018 on the Notes was $3.4 million and $6.8 million , respectively. On July 26, 2019, the Company announced that it will be redeeming a total of $50.0 million ( 25% ) of its Notes. The Company has delivered to the Trustee for the holders of the Notes a notice of partial redemption, notifying the Trustee of the Company’s intent to redeem on August 25, 2019 (the “Redemption Date”) $50.0 million aggregate principal amount of the outstanding Notes at a redemption price equal to 103.375% (“Call Premium”) of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. The Company will incur $1.7 million in costs associated with paying the Call Premium on the Notes during the third quarter of 2019. Upon completion of the redemption, $150.0 million aggregate principal amount of the Notes will remain outstanding. The redemption of 25% of the Notes will reduce the Company’s interest costs by $3.8 million annually.

Share Capital

Share Capital	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Share Capital	Share capital The Company's authorized share capital consists of (a) 50,000,000 shares of Preferred Stock, par value $0.001 per share; (b) 50,000,000 shares of Class A Stock, par value $0.001 per share; and (c) 99,665 shares of Class B Stock, par value $0.001 per share. No Preferred Stock has been issued. 99,665 shares of Class B Stock have been issued and are outstanding. The Class A Stock and the Class B Stock are equal in all respects except that the Class A Stock is non-voting. The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Class A Stock outstanding, beginning of period 12,923,517 13,141,103 12,941,809 13,139,203 Issued pursuant to share-based compensation plans — 15,250 61,091 17,150 Repurchased and canceled pursuant to the stock buy-back (167,209 ) — (246,592 ) — Class A Stock outstanding, end of period 12,756,308 13,156,353 12,756,308 13,156,353 Stock buy-back Under the previous share repurchase program which was announced on May 5, 2017, the Company was authorized to purchase up to 650,000 shares of its Class A Stock. As of January 1, 2019, 272,784 shares were available to be purchased under this program. During the three months ended June 30, 2019 , the Company purchased and canceled 167,209 shares of Class A Stock for a total consideration of $4.3 million ( $25.82 per share) under this program. During the six months ended June 30, 2019, the Company purchased and canceled 246,592 shares of Class A Stock for a total consideration of $6.4 million ( $25.76 per share) under this program. As of June 30, 2019 , 26,192 shares remained available to be purchased under the previous share repurchase program. On July 26, 2019, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 640,000 shares of the Company's Class A Stock, representing approximately 5% of its 12,756,308 currently issued and outstanding shares of Class A Stock. This authorization will supplement the 26,192 shares that remain authorized and available under the Company's previous share repurchase program for a total of 666,192 shares authorized and available for repurchase. Any such share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange and federal and state securities laws and the terms of the Company's Notes. All shares purchased will be canceled. The share repurchase program is expected to continue indefinitely. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of Class A Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Loss Contingencies [Line Items]
Commitments and Contingencies Disclosure [Text Block]	Contingencies Many aspects of the Company's business involve substantial risks of liability. In the normal course of business, the Company has been named as defendant or co-defendant in various legal actions, including arbitrations, class actions and other litigation, creating substantial exposure and periodic expenses. Certain of the actual or threatened legal matters include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. These proceedings arise primarily from securities brokerage, asset management and investment banking activities. The Company is also involved, from time to time, in other reviews, investigations and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding the Company's business, which may result in expenses, adverse judgments, settlements, fines, penalties, injunctions or other relief. The investigations include inquiries from the SEC, the Financial Industry Regulatory Authority ("FINRA") and various state regulators. The Company accrues for estimated loss contingencies related to legal and regulatory matters when available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. In many proceedings, however, it is inherently difficult to determine whether any loss is probable or even possible or to estimate the amount of any loss. In addition, even where a loss is possible or an exposure to loss exists in excess of the liability already accrued with respect to a previously recognized loss contingency, it is often not possible to reasonably estimate the size of the possible loss or range of loss or possible additional losses or range of additional losses. For certain legal and regulatory proceedings, the Company cannot reasonably estimate such losses, particularly for proceedings that are in their early stages of development or where plaintiffs seek substantial, indeterminate or special damages. Counsel may be required to review, analyze and resolve numerous issues, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal questions relevant to the proceedings in question, before the Company can reasonably estimate a loss or range of loss or additional loss for the proceeding. Even after lengthy review and analysis, the Company, in many legal and regulatory proceedings, may not be able to reasonably estimate possible losses or range of loss. For certain other legal and regulatory proceedings, the Company can estimate possible losses, or range of loss in excess of amounts accrued, but does not believe, based on current knowledge and after consultation with counsel, that such losses individually, or in the aggregate, will have a material adverse effect on the Company's condensed consolidated financial statements as a whole. For legal and regulatory proceedings where there is at least a reasonable possibility that a loss or an additional loss may be incurred, the Company estimates a range of aggregate loss in excess of amounts accrued of $0 to $3.0 million . This estimated aggregate range is based upon currently available information for those legal proceedings in which the Company is involved, where the Company can make an estimate for such losses. For certain cases, the Company does not believe that it can make an estimate. The foregoing aggregate estimate is based on various factors, including the varying stages of the proceedings (including the fact that many are currently in preliminary stages), the numerous yet-unresolved issues in many of the proceedings and the attendant uncertainty of the various potential outcomes of such proceedings. Accordingly, the Company's estimate will change from time to time, and actual losses may be more than the current estimate. As discussed in note 7 Fair value measurements, the Company reached settlements with the Regulators and various clients to repurchase ARS. Under the settlements with Regulators the Company has $2.0 million remaining of ARS to purchase from Eligible Investors at June 30, 2019. In addition, the Company has one remaining commitment to purchase $3.6 million in ARS from a client by June 30, 2020. Since September 2016, Oppenheimer has been responding to information requests from FINRA (including from FINRA's Enforcement Department) regarding the supervision of Oppenheimer's sale of unit investment trusts from 2011 to 2015. The inquiry is part of a larger targeted examination involving other brokerage firms. Oppenheimer is continuing to cooperate with the FINRA inquiry.

Regulatory Requirements

Regulatory Requirements	6 Months Ended
	Jun. 30, 2019
Regulated Operations [Abstract]
Regulatory Requirements	Regulatory requirements The Company's U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the "Rule") promulgated under the Securities Exchange Act of 1934. Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3. As of June 30, 2019 , the net capital of Oppenheimer as calculated under the Rule was $201.7 million or 24.14% of Oppenheimer's aggregate debit items. This was $185.0 million in excess of the minimum required net capital at that date. Freedom computes its net capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to the greater of $100,000 or 6-2/3% of aggregate indebtedness, as defined. As of June 30, 2019 , Freedom had net capital of $5.2 million , which was $5.1 million in excess of the $100,000 required to be maintained at that date. As of June 30, 2019 , the capital required and held under the Capital Requirements Directive ("CRD IV") for Oppenheimer Europe Ltd. was as follows: • Common Equity Tier 1 ratio 15.85% (required 4.5% ); • Tier 1 Capital ratio 15.85% (required 6.0% ); and • Total Capital ratio 15.89% (required 8.0% ). In December 2017, Oppenheimer Europe Ltd. received approval from the Financial Conduct Authority ("FCA") for a variation of permission to remove the limitation of "matched principal business" from the firm's scope of permitted businesses and become a "Full-Scope Prudential Sourcebook for Investment Firms (IFPRU) €730K" firm which was effective January 2018. In addition to the capital requirement under CRD IV above, Oppenheimer Europe Ltd. is required to maintain a minimum capital of EUR 730,000 . As of June 30, 2019 , Oppenheimer Europe Ltd. was in compliance with its regulatory requirements. As of June 30, 2019 , the regulatory capital of Oppenheimer Investments Asia Limited was $1.4 million , which was $1.0 million in excess of the $384,000 required to be maintained on that date. Oppenheimer Investments Asia Limited computes its regulatory capital pursuant to the requirements of the Securities and Futures Commission of Hong Kong.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment information The Company has determined its reportable segments based on the Company's method of internal reporting, which disaggregates its retail business by branch and its proprietary and investment banking businesses by product. The Company evaluates the performance of its segments and allocates resources to them based upon profitability. The Company's reportable segments are: Private Client — includes commissions and a proportionate amount of fee income earned on assets under management ("AUM"), net interest earnings on client margin loans and cash balances, fees from money market funds, custodian fees, net contributions from stock loan activities and financing activities, and direct expenses associated with this segment. Asset Management — includes a proportionate amount of fee income earned on AUM from investment management services of Oppenheimer Asset Management Inc. Oppenheimer's asset management divisions employ various programs to manage client assets either in individual accounts or in funds, and includes direct expenses associated with this segment; and Capital Markets — includes investment banking, institutional equities sales, trading, and research, taxable fixed income sales, trading, and research, public finance and municipal trading, as well as the Company's operations in the United Kingdom, Hong Kong and Israel, and direct expenses associated with this segment. The Company does not allocate costs associated with certain infrastructure support groups that are centrally managed for its reportable segments. These areas include, but are not limited to, legal, compliance, operations, accounting, and internal audit. Costs associated with these groups are separately reported in a Corporate/Other category and primarily include compensation and benefits. The table below presents information about the reported revenue and income (loss) before income taxes of the Company for the three and six months ended June 30, 2019 and 2018 . Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the chief operating decision maker. (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenue Private client (1) $ 161,928 $ 156,553 $ 325,455 $ 310,647 Asset management (1) 18,622 17,706 35,208 35,350 Capital markets 71,819 68,206 142,780 129,735 Corporate/Other (1,434 ) 91 (738 ) 1,354 Total $ 250,935 $ 242,556 $ 502,705 $ 477,086 Income (loss) before income taxes Private client (1) $ 43,416 $ 33,513 $ 86,250 $ 73,675 Asset management (1) 5,318 3,958 7,560 7,676 Capital markets (1,801 ) (199 ) (4,448 ) (6,256 ) Corporate/Other (29,542 ) (24,755 ) (55,919 ) (52,957 ) Total $ 17,391 $ 12,517 $ 33,443 $ 22,138 (1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees are allocated 10.0% to the Asset Management and 90.0% to the Private Client segments. Revenue, classified by the major geographic areas in which it was earned, for the three and six months ended June 30, 2019 and 2018 was as follows: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Americas $ 242,464 $ 234,471 $ 485,863 $ 460,083 Europe/Middle East 7,666 7,222 15,335 14,745 Asia 805 863 1,507 2,258 Total $ 250,935 $ 242,556 $ 502,705 $ 477,086

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On July 26, 2019 , the Company announced a quarterly dividend in the amount of $0.12 per share, payable on August 23, 2019 to holders of Class A Stock and Class B Stock of record on August 9, 2019 . On July 26, 2019, the Company announced that it will be redeeming a total of $50.0 million ( 25% ) of its Notes. The Company has delivered to the Trustee for the holders of the Notes a notice of partial redemption, notifying the Trustee of the Company’s intent to redeem on August 25, 2019 (the “Redemption Date”) $50.0 million aggregate principal amount of the outstanding Notes at a redemption price equal to 103.375% (“Call Premium”) of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. The Company will incur $1.7 million in costs associated with paying the Call Premium on the Notes during the third quarter of 2019. Upon completion of the redemption, $150.0 million aggregate principal amount of the Notes will remain outstanding. The redemption of 25% of the Notes will reduce the Company’s interest costs by $3.8 million annually.

Supplemental Guarantor Consolid

Supplemental Guarantor Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Supplemental Guarantor Consolidated Financial Statements	Condensed consolidating financial information On June 23, 2017, the Parent issued in a private offering $200.0 million aggregate principal amount of the Notes. The Company used a portion of the net proceeds from the offering of the Unregistered Notes to redeem in full its Old Notes. See note 10 for further details. The Notes are jointly and severally and fully and unconditionally guaranteed on a senior basis by E.A. Viner International Co. and Viner Finance Inc. (together, the "Guarantors"), unless released as described below. Each of the Guarantors is 100% owned by the Parent. The indenture for the Notes contains covenants with restrictions which are discussed in note 10. The following condensed consolidating financial information presents the financial position, results of operations and cash flows of the Parent, the Guarantor subsidiaries, the Non-Guarantor subsidiaries and elimination entries necessary to consolidate the Company. Each Guarantor will be automatically and unconditionally released and discharged upon: the sale, exchange or transfer of the capital stock of a Guarantor and the Guarantor ceasing to be a direct or indirect subsidiary of the Parent if such sale does not constitute an asset sale under the indenture for the Notes or does not constitute an asset sale effected in compliance with the asset sale and merger covenants of the indenture for the Notes; a Guarantor being dissolved or liquidated; a Guarantor being designated unrestricted in compliance with the applicable provisions of the Notes; or the exercise by the Parent of its legal defeasance option or covenant defeasance option or the discharge of the Parent's obligations under the indenture for the Notes in accordance with the terms of such indenture. OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 38,235 $ 475 $ 32,597 $ — $ 71,307 Deposits with clearing organizations — — 65,491 — 65,491 Receivable from brokers, dealers and clearing organizations — — 167,931 — 167,931 Receivable from customers, net of allowance for credit losses of $920 — — 807,581 — 807,581 Income tax receivable 47,917 22,247 (702 ) (69,462 ) — Securities purchased under agreements to resell — — 39 — 39 Securities owned, including amounts pledged of $547,326 at fair value — 1,493 993,877 — 995,370 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827, respectively — — 43,413 — 43,413 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $90,633 — 23,297 9,030 — 32,327 Right-of-use lease assets, net of accumulated amortization of $12,983 — 160,202 6,410 — 166,612 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 125 1,956 130,275 — 132,356 Deferred tax assets 155 (29 ) 17,573 (17,699 ) — Investment in subsidiaries 692,030 580,920 — (1,272,950 ) — Intercompany receivables (12,892 ) 46,960 (7,420 ) (26,648 ) — Total assets $ 765,570 $ 950,479 $ 2,435,684 $ (1,499,317 ) $ 2,652,416 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 17,456 $ — $ 17,456 Bank call loans — — 50,100 — 50,100 Payable to brokers, dealers and clearing organizations — — 418,719 — 418,719 Payable to customers — — 325,754 — 325,754 Securities sold under agreements to repurchase — — 521,837 — 521,837 Securities sold but not yet purchased, at fair value — — 155,979 — 155,979 Accrued compensation — — 130,879 — 130,879 Income tax payable 2,440 22,189 45,683 (69,463 ) 849 Accounts payable and other liabilities 295 (10,302 ) 52,725 (9 ) 42,709 Lease liabilities — 203,240 7,015 — 210,255 Senior secured notes, net of debt issuance cost of $775 199,225 — — — 199,225 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — (808 ) 33,546 (17,694 ) 15,044 Intercompany payables — (193,967 ) — 193,967 — Total liabilities 201,960 20,352 1,872,251 (5,757 ) 2,088,806 Stockholders' equity Total stockholders' equity 563,610 930,127 563,433 (1,493,560 ) 563,610 Total liabilities and stockholders' equity $ 765,570 $ 950,479 $ 2,435,684 $ (1,499,317 ) $ 2,652,416 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 53,526 $ 3,826 $ 33,323 $ — $ 90,675 Deposits with clearing organizations — — 67,678 — 67,678 Receivable from brokers, dealers and clearing organizations — — 166,493 — 166,493 Receivable from customers, net of allowance for credit losses of $886 — — 720,777 — 720,777 Income tax receivable 45,733 23,491 (702 ) (67,508 ) 1,014 Securities purchased under agreements to resell — — 290 — 290 Securities owned, including amounts pledged of $517,951 at fair value — 1,358 836,226 — 837,584 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $25,109 and $6,800, respectively — — 44,058 — 44,058 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $89,182 — 20,722 8,266 — 28,988 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 135 2,581 110,052 — 112,768 Deferred tax assets 1 455 18,494 (18,950 ) — Investment in subsidiaries 661,837 546,704 — (1,208,541 ) — Intercompany receivables (14,211 ) 46,840 (6,299 ) (26,330 ) — Total assets $ 747,021 $ 758,935 $ 2,168,245 $ (1,433,887 ) $ 2,240,314 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 16,348 $ — $ 16,348 Bank call loans — — 15,000 — 15,000 Payable to brokers, dealers and clearing organizations — — 289,207 — 289,207 Payable to customers — — 336,616 — 336,616 Securities sold under agreements to repurchase — — 484,218 — 484,218 Securities sold but not yet purchased, at fair value — — 85,446 — 85,446 Accrued compensation — — 167,348 — 167,348 Accounts payable and other liabilities 163 31,653 55,823 (9 ) 87,630 Income tax payable 2,440 22,189 42,878 (67,507 ) — Senior secured notes, net of debt issuance cost of $904 199,096 — — — 199,096 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 33,029 (18,946 ) 14,083 Intercompany payables — 26,334 — (26,334 ) — Total liabilities 201,699 80,176 1,638,471 (225,354 ) 1,694,992 Stockholders' equity Total stockholders' equity 545,322 678,759 529,774 (1,208,533 ) 545,322 Total liabilities and stockholders' equity $ 747,021 $ 758,935 $ 2,168,245 $ (1,433,887 ) $ 2,240,314 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING INCOME STATEMENT FOR THE THREE MONTHS ENDED JUNE 30, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 80,896 $ — $ 80,896 Advisory fees — — 81,067 (360 ) 80,707 Investment banking — — 32,006 — 32,006 Bank deposit sweep income — — 31,830 — 31,830 Interest 91 2,060 13,473 (2,074 ) 13,550 Principal transactions, net — 40 3,005 — 3,045 Other — 1 8,899 1 8,901 Total revenue 91 2,101 251,176 (2,433 ) 250,935 EXPENSES Compensation and related expenses 380 — 155,402 1 155,783 Communications and technology 52 — 20,447 — 20,499 Occupancy and equipment costs — — 15,573 — 15,573 Clearing and exchange fees — — 5,678 — 5,678 Interest 3,375 — 11,890 (2,073 ) 13,192 Other 234 122 22,824 (361 ) 22,819 Total expenses 4,041 122 231,814 (2,433 ) 233,544 Income (loss) before income taxes (3,950 ) 1,979 19,362 — 17,391 Income taxes (995 ) 510 5,501 — 5,016 Net income (loss) (2,955 ) 1,469 13,861 — 12,375 Equity in earnings of subsidiaries 15,330 13,861 — (29,191 ) — Net income 12,375 15,330 13,861 (29,191 ) 12,375 Other comprehensive income — — 361 — 361 Total comprehensive income $ 12,375 $ 15,330 $ 14,222 $ (29,191 ) $ 12,736 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING INCOME STATEMENT FOR THE THREE MONTHS ENDED JUNE 30, 2018 (Expressed in thousands) Parent Guarantor Non-guarantor Eliminations Consolidated REVENUES Commissions $ — $ — $ 82,850 $ — $ 82,850 Advisory fees — — 77,589 (319 ) 77,270 Investment banking — — 27,904 — 27,904 Bank deposit sweep income — — 28,853 — 28,853 Interest 3 2,060 13,070 (2,077 ) 13,056 Principal transactions, net — — 6,409 (9 ) 6,400 Other — 95 6,222 (94 ) 6,223 Total revenue 3 2,155 242,897 (2,499 ) 242,556 EXPENSES Compensation and related expenses 522 — 151,349 — 151,871 Communications and technology 49 — 17,948 — 17,997 Occupancy and equipment costs — — 14,995 (94 ) 14,901 Clearing and exchange fees — — 5,780 — 5,780 Interest 3,375 — 9,611 (2,077 ) 10,909 Other 278 849 27,782 (328 ) 28,581 Total expenses 4,224 849 227,465 (2,499 ) 230,039 Income (loss) before income taxes (4,221 ) 1,306 15,432 — 12,517 Income taxes (1,065 ) 369 4,358 — 3,662 Net income (loss) (3,156 ) 937 11,074 — 8,855 Equity in earnings of subsidiaries 12,011 11,074 — (23,085 ) — Net income 8,855 12,011 11,074 (23,085 ) 8,855 Other comprehensive loss — — (837 ) — (837 ) Total comprehensive income $ 8,855 $ 12,011 $ 10,237 $ (23,085 ) $ 8,018 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 160,305 $ — $ 160,305 Advisory fees — — 155,049 (695 ) 154,354 Investment banking — — 60,049 — 60,049 Bank deposit sweep income — — 65,798 — 65,798 Interest 175 4,122 26,127 (4,147 ) 26,277 Principal transactions, net — 101 14,394 (12 ) 14,483 Other — 2 21,436 1 21,439 Total revenue 175 4,225 503,158 (4,853 ) 502,705 EXPENSES Compensation and related expenses 825 — 315,318 (5 ) 316,138 Communications and technology 91 — 40,494 — 40,585 Occupancy and equipment costs — — 30,846 — 30,846 Clearing and exchange fees — — 11,010 — 11,010 Interest 6,750 — 23,575 (4,147 ) 26,178 Other 550 244 44,412 (701 ) 44,505 Total expenses 8,216 244 465,655 (4,853 ) 469,262 Income (loss) before income taxes (8,041 ) 3,981 37,503 — 33,443 Income taxes (2,338 ) 1,436 10,776 — 9,874 Net income (loss) (5,703 ) 2,545 26,727 — 23,569 Equity in earnings of subsidiaries 29,272 26,726 — (55,998 ) — Net income 23,569 29,271 26,727 (55,998 ) 23,569 Other comprehensive income — — 924 — 924 Total comprehensive income $ 23,569 $ 29,271 $ 27,651 $ (55,998 ) $ 24,493 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 166,257 $ — $ 166,257 Advisory fees — — 155,463 (645 ) 154,818 Investment banking — — 56,114 — 56,114 Bank deposit sweep income — — 54,150 — 54,150 Interest 3 4,120 25,317 (4,157 ) 25,283 Principal transactions, net — — 9,168 (42 ) 9,126 Other — 191 11,336 (189 ) 11,338 Total revenue 3 4,311 477,805 (5,033 ) 477,086 EXPENSES Compensation and related expenses 848 — 304,127 — 304,975 Communications and technology 88 — 36,597 — 36,685 Occupancy and equipment costs — — 30,518 (189 ) 30,329 Clearing and exchange fees — — 11,876 — 11,876 Interest 6,750 — 17,279 (4,157 ) 19,872 Other 665 1,102 50,131 (687 ) 51,211 Total expenses 8,351 1,102 450,528 (5,033 ) 454,948 Income (loss) before income taxes (8,348 ) 3,209 27,277 — 22,138 Income taxes (2,105 ) 633 8,050 — 6,578 Net income (loss) (6,243 ) 2,576 19,227 — 15,560 Equity in earnings of subsidiaries 21,803 19,227 — (41,030 ) — Net income 15,560 21,803 19,227 (41,030 ) 15,560 Other comprehensive loss — — (979 ) — (979 ) Total comprehensive income $ 15,560 $ 21,803 $ 18,248 $ (41,030 ) $ 14,581 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash used in operating activities $ (5,060 ) $ (3,351 ) $ (29,580 ) $ — $ (37,991 ) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (6,941 ) — (6,941 ) Purchase of tangible assets — — — — — Proceeds from the settlement of Company-owned life insurance — — 695 — 695 Cash used in investing activities — — (6,246 ) — (6,246 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (2,865 ) — — — (2,865 ) Repurchase of Class A non-voting common stock (6,352 ) — — — (6,352 ) Payments for employee taxes withheld related to vested share-based awards (1,014 ) — — — (1,014 ) Decrease in bank call loans, net — — 35,100 — 35,100 Cash provided by (used in) financing activities (10,231 ) — 35,100 — 24,869 Net decrease in cash and cash equivalents (15,291 ) (3,351 ) (726 ) — (19,368 ) Cash and cash equivalents, beginning of the period 53,526 3,826 33,323 — 90,675 Cash and cash equivalents, end of the period $ 38,235 $ 475 $ 32,597 $ — $ 71,307 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ (1,417 ) $ 1,272 $ 11,456 $ — $ 11,311 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (3,947 ) — (3,947 ) Purchase of intangible assets — (400 ) — — (400 ) Cash used in investing activities — (400 ) (3,947 ) — (4,347 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (2,913 ) — — — (2,913 ) Payments for employee taxes withheld related to vested share-based awards (2,444 ) — — — (2,444 ) Increase in bank call loans, net — — (10,800 ) — (10,800 ) Cash used in financing activities (5,357 ) — (10,800 ) — (16,157 ) Net increase (decrease) in cash and cash equivalents (6,774 ) 872 (3,291 ) — (9,193 ) Cash and cash equivalents, beginning of the period 7,442 3,716 36,996 — 48,154 Cash and cash equivalents, end of the period $ 668 $ 4,588 $ 33,705 $ — $ 38,961

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements	Basis of Presentation The accompanying condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "Form 10-K"). The accompanying condensed consolidated balance sheet data was derived from the audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management's knowledge of current events and actions that the Company may undertake in the future, actual results may differ materially from the estimates. The condensed consolidated results of operations for the six month period ended June 30, 2019 are not necessarily indicative of the results to be expected for any future interim or annual period. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Measurement of Credit Losses on Financial Instruments," which amends the FASB's guidance on the impairment of financial instruments. The ASU adds to U.S. GAAP an impairment model ("current expected credit loss model"). Under this new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The ASU is effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact, if any, that the ASU will have on the Company; the adoption of the ASU is not currently expected to have a material impact on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other, Simplifying the Test for Goodwill Impairment," which simplifies the subsequent measurement of goodwill. The Company is no longer required to perform its Step 2 goodwill impairment test; instead, the Company should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The ASU is effective for fiscal years beginning after December 15, 2019 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, of the ASU on the Company; the adoption of the ASU is not currently expected to have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement - Disclosure Framework - Changes to the Disclosure Requirements for the Fair Value Measurement," which modifies the disclosure requirements related to fair value measurement. The ASU is effective for fiscal years and interim periods beginning after December 15, 2019 and early adoption is permitted. The Company will not early adopt this ASU. The Company is currently evaluating the impact, if any, of the ASU on the Company's disclosure.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Lease Cost	The following table presents the weighted average lease term and weighted average discount rate for our operating leases as of June 30, 2019 : As of June 30, 2019 Weighted average remaining lease term (in years) 8.61 Weighted average discount rate 7.92% The following table presents operating lease costs recognized for the three and six months ended June 30, 2019 which are included in occupancy and equipment costs on the condensed consolidated income statement: (Expressed in thousands) For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Operating lease cost: Real estate leases - Right-of-use lease asset amortization $ 5,712 $ 12,044 Real estate leases - Interest expense 4,204 7,647 Equipment leases - Right-of-use lease asset amortization 474 939 Equipment leases - Interest expense 57 114
Schedule of Maturities of Lease Liabilities	The maturities of lease liabilities as of June 30, 2019 are as follows: (Expressed in thousands) As of June 30, 2019 2019 $ 20,764 2020 41,076 2021 35,997 2022 32,125 2023 30,095 After 2024 134,370 Total lease payments $ 294,427 Less interest (84,172 ) Present value of lease liabilities $ 210,255

Revenues from contracts with _2

Revenues from contracts with customers (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2019 and 2018: (Expressed in thousands) For the Three Months Ended June 30, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 37,026 $ — $ 33,736 $ 4 $ 70,766 Mutual fund income 10,124 1 1 4 10,130 Advisory fees 62,080 18,617 2 8 80,707 Investment banking - capital markets 4,262 — 14,699 — 18,961 Investment banking - advisory — — 13,045 — 13,045 Bank deposit sweep income 31,830 — — — 31,830 Other 3,526 — 522 1,537 5,585 Total revenue from contracts with customers 148,848 18,618 62,005 1,553 231,024 Other sources of revenue: Interest 9,639 — 3,459 452 13,550 Principal transactions, net 538 — 6,312 (3,805 ) 3,045 Other 2,903 4 43 366 3,316 Total other sources of revenue 13,080 4 9,814 (2,987 ) 19,911 Total revenue $ 161,928 $ 18,622 $ 71,819 $ (1,434 ) $ 250,935 (Expressed in thousands) For the Three Months Ended June 30, 2018 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 39,093 $ — $ 33,022 $ 62 $ 72,177 Mutual fund income 10,441 222 5 5 10,673 Advisory fees 59,774 17,485 3 8 77,270 Investment banking - capital markets 3,469 — 16,196 — 19,665 Investment banking - advisory — — 8,239 — 8,239 Bank deposit sweep income 28,853 — — — 28,853 Other 3,430 3 457 (47 ) 3,843 Total revenue from contracts with customers 145,060 17,710 57,922 28 220,720 Other sources of revenue: Interest 9,514 (4 ) 3,263 283 13,056 Principal transactions, net 212 — 6,989 (801 ) 6,400 Other 1,767 — 32 581 2,380 Total other sources of revenue 11,493 (4 ) 10,284 63 21,836 Total revenue $ 156,553 $ 17,706 $ 68,206 $ 91 $ 242,556 (Expressed in thousands) For the Six Months Ended June 30, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 74,502 $ — $ 66,052 $ 7 $ 140,561 Mutual fund income 19,738 (5 ) 2 9 19,744 Advisory fees 119,124 35,206 7 17 154,354 Investment banking - capital markets 7,011 — 23,292 — 30,303 Investment banking - advisory — — 29,746 — 29,746 Bank deposit sweep income 65,798 — — — 65,798 Other 6,805 — 841 1,793 9,439 Total revenue from contracts with customers 292,978 35,201 119,940 1,826 449,945 Other sources of revenue: Interest 19,047 — 6,294 936 26,277 Principal transactions, net 2,222 — 16,469 (4,208 ) 14,483 Other 11,208 7 77 708 12,000 Total other sources of revenue 32,477 7 22,840 (2,564 ) 52,760 Total revenue $ 325,455 $ 35,208 $ 142,780 $ (738 ) $ 502,705 (Expressed in thousands) For the Six Months Ended June 30, 2018 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 79,371 $ — $ 65,019 $ 77 $ 144,467 Mutual fund income 21,268 505 7 10 21,790 Advisory fees 119,910 34,838 54 16 154,818 Investment banking - capital markets 7,839 — 30,592 — 38,431 Investment banking - advisory — — 17,683 — 17,683 Bank deposit sweep income 54,150 — — — 54,150 Other 7,705 6 432 (46 ) 8,097 Total revenue from contracts with customers 290,243 35,349 113,787 57 439,436 Other sources of revenue: Interest 18,351 1 6,468 463 25,283 Principal transactions, net 132 — 9,381 (387 ) 9,126 Other 1,921 — 99 1,221 3,241 Total other sources of revenue 20,404 1 15,948 1,297 37,650 Total revenue $ 310,647 $ 35,350 $ 129,735 $ 1,354 $ 477,086
Contract with Customer, Asset and Liability	The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet: (Expressed in thousands) Ending Balance at June 30, 2019 Opening Balance at January 1, 2019 Contract assets (receivables): Commission (1) $ 4,142 $ 3,738 Mutual fund income (2) 6,798 7,241 Advisory fees (3) 901 1,214 Bank deposit sweep income (4) 4,208 4,622 Investment banking fees (5) 10,583 3,996 Other 8,638 2,869 Total contract assets $ 35,270 $ 23,680 Deferred revenue (payables): Investment banking fees (6) $ 2,396 $ 318 IRA fees (7) 1,333 — Total deferred revenue $ 3,729 $ 318 (1) Commission recorded on trade date but not yet settled. (2) Mutual fund income earned but not yet received. (3) Management and performance fees earned but not yet received. (4) Fees earned from FDIC-insured bank deposit program but not yet received. (5) Underwriting revenue and advisory fees earned but not yet received. (6) Retainer fees and fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. (7) Fee received in advance on an annual basis.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Summary of Earnings Per Share	Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Basic weighted average number of shares outstanding 12,976,235 13,248,812 12,998,168 13,244,245 Net dilutive effect of share-based awards, treasury method (1) 885,518 801,761 859,448 761,311 Diluted weighted average number of shares outstanding 13,861,753 14,050,573 13,857,616 14,005,556 Net income $ 12,375 $ 8,855 $ 23,569 $ 15,560 Net income per share Basic $ 0.95 $ 0.67 $ 1.81 $ 1.17 Diluted $ 0.89 $ 0.63 $ 1.70 $ 1.11 (1) For both the three and six months ended June 30, 2019 , the diluted net income per share computation does not include the anti-dilutive effect of 7,628 shares of Class A Stock granted under share-based compensation arrangements ( 4,050 shares for both the three and six months ended June 30, 2018).

Receivable From and Payable t_2

Receivable From and Payable to Brokers, Dealers and Clearing Organizations (Tables)	6 Months Ended
	Jun. 30, 2019
Brokers and Dealers [Abstract]
Receivable from and Payable to Brokers, Dealers and Clearing Organizations	R

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Investments in Company-Sponsored Funds	information about the Company's investments in Company-sponsored funds as of June 30, 2019 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 1,664 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 4,665 1,399 N/A N/A $ 6,329 $ 1,399 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. Each hedge fund has various restrictions regarding redemption; no investment is locked-up for a period greater than one year. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Due to the illiquid nature of these funds, investors are not permitted to make withdrawals without the consent of the general partner. The lock-up period of the private equity funds can extend to 10 years. Valuation Process The Compan
Assets and Liabilities Measured at Fair Value on Recurring Basis	bilities, recorded at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of June 30, 2019 (Expressed in thousands) Fair Value Measurements as of June 30, 2019 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 10,500 $ — $ — $ 10,500 Deposits with clearing organizations 31,293 — — 31,293 Securities owned: U.S. Treasury securities 689,992 — — 689,992 U.S. Agency securities 4,540 20,213 — 24,753 Sovereign obligations — 1,063 — 1,063 Corporate debt and other obligations — 25,556 — 25,556 Mortgage and other asset-backed securities — 1,956 — 1,956 Municipal obligations — 141,362 — 141,362 Convertible bonds — 26,123 — 26,123 Corporate equities 39,430 — — 39,430 Money markets 2,674 — — 2,674 Auction rate securities — 42,461 — 42,461 Securities owned, at fair value 736,636 258,734 — 995,370 Investments (1) — 106 106 Derivative contracts: TBAs — 14 — 14 Total $ 778,429 $ 258,854 $ — $ 1,037,283 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 97,720 $ — $ — $ 97,720 U.S. Agency securities — 19 — 19 Sovereign obligations — 1,066 — 1,066 Corporate debt and other obligations — 20,907 — 20,907 Mortgage and other asset-backed securities — 1 — 1 Convertible bonds — 17,779 — 17,779 Corporate equities 18,487 — — 18,487 Securities sold but not yet purchased, at fair value 116,207 39,772 — 155,979 Derivative contracts: Futures 1,781 — — 1,781 Foreign exchange forward contracts 4 — — 4 TBAs — 45 — 45 ARS purchase commitments — 764 — 764 Derivative contracts, total 1,785 809 — 2,594 Total $ 117,992 $ 40,581 $ — $ 158,573 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 (Expressed in thousands) Fair Value Measurements as of December 31, 2018 Level 1 Level 2 Level 3 Total Assets Cash equivalents $ 10,500 $ — $ — $ 10,500 Deposits with clearing organizations 34,599 — — 34,599 Securities owned: U.S. Treasury securities 657,208 — — 657,208 U.S. Agency securities 812 6,494 — 7,306 Sovereign obligations — 214 — 214 Corporate debt and other obligations — 20,665 — 20,665 Mortgage and other asset-backed securities — 2,486 — 2,486 Municipal obligations — 52,261 — 52,261 Convertible bonds — 31,270 — 31,270 Corporate equities 28,215 — — 28,215 Money markets 7 — — 7 Auction rate securities — 16,253 21,699 37,952 Securities owned, at fair value 686,242 129,643 21,699 837,584 Investments (1) — — 101 101 Derivative contracts: TBAs — 4,873 — 4,873 Total $ 731,341 $ 134,516 $ 21,800 $ 887,657 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 53,646 $ — $ — $ 53,646 U.S. Agency securities — 3 — 3 Sovereign obligations — 78 — 78 Corporate debt and other obligations — 7,236 — 7,236 Convertible bonds — 9,709 — 9,709 Corporate equities 14,774 — — 14,774 Securities sold but not yet purchased, at fair value 68,420 17,026 — 85,446 Derivative contracts: Futures 807 — — 807 Foreign exchange forward contracts 4 — — 4 TBAs — 4,873 — 4,873 ARS purchase commitments — 1,096 — 1,096 Derivative contracts, total 811 5,969 — 6,780 Total $ 69,231 $ 22,995 $ — $ 92,226 (1) Included in other assets on the condensed consolidated balance sheet. The following tables present
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis	es in Level 3 assets and liabilities measured at fair value on a recurring basis for the three months ended June 30, 2019 and 2018 : (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2019 Beginning Balance Total Realized and Unrealized Gains (2)(3) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Auction rate securities (1) $ 21,700 $ — $ — $ (350 ) $ (21,350 ) $ — Investments 104 2 — — (106 ) — (1) Represents auction rate preferred securities that failed in the auction rate market. (2) Included in principal transactions in the condensed consolidated statement of income, except for gains from investments which are included in other income in the condensed consolidated statement of income. (3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2018 Beginning Balance Total Realized and Unrealized Gains (losses) (3)(4) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Auction rate securities (1) $ 87,350 $ (902 ) $ 4,050 $ (275 ) $ (17,602 ) $ 72,621 Investments 168 (4 ) — — — 164 Liabilities ARS purchase commitments (2) 183 (39 ) — — 91 131 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (3) Included in principal transactions in the condensed consolidated statement of income, except for gains (losses) from investments which are included in other income in the condensed consolidated statement of income. (4) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2019 Beginning Balance Total Realized and Unrealized Gains (2)(3) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Auction rate securities (1) $ 21,699 $ 1 $ — $ (350 ) $ (21,350 ) $ — Investments 101 5 — — (106 ) — (1) Represents auction rate preferred securities that failed in the auction rate market. (2) Included in principal transactions in the condensed consolidated statement of income, except for gains from investments which are included in other income in the condensed consolidated statement of income. (3) Unrealized gains are attributable to assets or liabilities that are still held at the reporting date (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2018 Beginning Balance Total Realized and Unrealized Gains (Losses) (3)(4) Purchases and Issuances Sales and Settlements Transfers In (Out) Ending Balance Assets Municipal obligations $ 35 $ 14 $ 76 $ (125 ) $ — $ — Auction rate securities (1) 87,398 (55 ) 4,100 (1,220 ) (17,602 ) 72,621 Investments 169 (5 ) — — — 164 Liabilities ARS purchase commitments (2) 8 (214 ) — — 91 131 (1) Represents auction rate preferred securities, municipal auction rate securities and student loan auction rate securities that failed in the auction rate market. (2) Represents the difference in principal and fair value for auction rate securities purchase commitments outstanding at the end of the period. (3) Included in principal transactions in the condensed consolidated statement of income, except for gains (losses) from investments which are included in other income in the condensed consolidated statement of income. (4) Unrealized gains (losses) are attributable to assets or liabilities that are still held at the reporting date. Financial Instruments Not M
Financial Instruments, Estimate Not Practicable, Fair Value	d at fair value as of June 30, 2019 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 60,807 $ 60,807 $ — $ — $ 60,807 Deposits with clearing organization 34,198 34,198 — — 34,198 Receivable from brokers, dealers and clearing organizations: Securities borrowed 103,148 — 103,148 — 103,148 Receivables from brokers 22,521 — 22,521 — 22,521 Securities failed to deliver 14,898 — 14,898 — 14,898 Clearing organizations 25,604 — 25,604 — 25,604 Other 1,791 — 1,791 — 1,791 167,962 — 167,962 — 167,962 Receivable from customers 807,581 — 807,581 — 807,581 Securities purchased under agreements to resell 39 — 39 — 39 Notes receivable, net 43,413 — 43,413 — 43,413 Investments (1) 69,070 — 69,070 — 69,070 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 17,456 $ 17,456 $ — $ — $ 17,456 Bank call loans 50,100 — 50,100 — 50,100 Payables to brokers, dealers and clearing organizations: Securities loaned 247,714 — 247,714 — 247,714 Payable to brokers 8,667 — 8,667 — 8,667 Securities failed to receive 30,570 — 30,570 — 30,570 Other 129,987 — 129,987 — 129,987 416,938 — 416,938 — 416,938 Payables to customers 325,754 — 325,754 — 325,754 Securities sold under agreements to repurchase 521,837 — 521,837 — 521,837 Senior secured notes 200,000 — 205,356 — 205,356 Assets and liabilities not measured at fair value as of December 31, 2018 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 80,175 $ 80,175 $ — $ — $ 80,175 Deposits with clearing organization 33,079 33,079 — — 33,079 Receivable from brokers, dealers and clearing organizations: Securities borrowed 108,144 — 108,144 — 108,144 Receivables from brokers 20,140 — 20,140 — 20,140 Securities failed to deliver 7,021 — 7,021 — 7,021 Clearing organizations 28,777 — 28,777 — 28,777 Other 2,411 — 2,411 — 2,411 166,493 — 166,493 — 166,493 Receivable from customers 720,777 — 720,777 — 720,777 Securities purchased under agreements to resell 290 — 290 — 290 Notes receivable, net 44,058 — 44,058 — 44,058 Investments (1) 59,765 — 59,765 — 59,765 (1) Included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 16,348 $ 16,348 $ — $ — $ 16,348 Bank call loans 15,000 — 15,000 — 15,000 Payables to brokers, dealers and clearing organizations: Securities loaned 146,815 — 146,815 — 146,815 Payable to brokers 158 — 158 — 158 Securities failed to receive 27,799 — 27,799 — 27,799 Other 113,628 — 113,628 — 113,628 288,400 — 288,400 — 288,400 Payables to customers 336,616 — 336,616 — 336,616 Securities sold under agreements to repurchase 484,218 — 484,218 — 484,218 Senior secured notes 200,000 — 199,722 — 199,722 Fair Value Option The Compa
Notional Amounts and Fair Values of Derivatives by Product	es of the Company's derivatives as of June 30, 2019 and December 31, 2018 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of June 30, 2019 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 12,680 $ 14 $ 12,680 $ 14 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 5,176,000 $ 1,781 Other contracts Foreign exchange forward contracts 400 4 TBAs 19,180 45 ARS purchase commitments 5,554 764 $ 5,201,134 $ 2,594 (1) See "Derivative Instruments and Hedging Activities" above for description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2018 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 729,500 $ 4,873 $ 729,500 $ 4,873 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 4,580,800 $ 807 Other contracts Foreign exchange forward contracts 200 4 TBAs 729,500 4,873 ARS purchase commitments 7,305 1,096 $ 5,317,805 $ 6,780 (1) See "Derivative Instruments and Hedging Activities" above for a description of derivative financial instruments. Such derivative instruments are not subject to master netting agreements, thus the related amounts are not offset. The following table presents the
Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations	the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated statements of income for the three months ended June 30, 2019 and 2018 : (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2019 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,090 ) Other contracts Foreign exchange forward contracts Other revenue (4 ) TBAs Principal transactions revenue (86 ) ARS purchase commitments Principal transactions revenue 350 $ (1,830 ) (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2018 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ 322 Other contracts Foreign exchange forward contracts Other revenue (5 ) TBAs Principal transactions revenue 162 Other TBAs Other revenue 72 ARS purchase commitments Principal transactions revenue (39 ) $ 512 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2019 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (2,666 ) Other contracts Foreign exchange forward contracts Other revenue (6 ) TBAs Principal transactions revenue (76 ) ARS purchase commitments Principal transactions revenue 332 $ (2,416 ) (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2018 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ 1,351 Other contracts Foreign exchange forward contracts Other revenue (5 ) TBAs Principal transactions revenue 196 Other TBAs Other revenue 147 ARS purchase commitments Principal transactions revenue (214 ) $ 1,475

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	6 Months Ended
	Jun. 30, 2019
Brokers and Dealers [Abstract]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings	The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of June 30, 2019 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government and Agency securities $ 689,922 Securities loaned: Equity securities 247,714 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 937,636
Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions	The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of June 30, 2019 and December 31, 2018 : As of June 30, 2019 (Expressed in thousands) Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Net Amounts of Assets Presented on the Balance Sheet Financial Instruments Cash Collateral Received Net Amount Reverse repurchase agreements $ 168,124 $ (168,085 ) $ 39 $ — $ — $ 39 Securities borrowed (1) 103,148 — 103,148 (100,192 ) — 2,956 Total $ 271,272 $ (168,085 ) $ 103,187 $ (100,192 ) $ — $ 2,995 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 689,922 $ (168,085 ) $ 521,837 $ (521,022 ) $ — $ 815 Securities loaned (2) 247,714 — 247,714 (239,713 ) — 8,001 Total $ 937,636 $ (168,085 ) $ 769,551 $ (760,735 ) $ — $ 8,816 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2018 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 82,429 $ (82,139 ) $ 290 $ — $ — $ 290 Securities borrowed (1) 108,144 — 108,144 (105,960 ) — 2,184 Total $ 190,573 $ (82,139 ) $ 108,434 $ (105,960 ) $ — $ 2,474 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset on the Balance Sheet Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Amounts of Liabilities Presented on the Balance Sheet Financial Instruments Cash Collateral Pledged Net Amount Repurchase agreements $ 566,357 $ (82,139 ) $ 484,218 $ (480,322 ) $ — $ 3,896 Securities loaned (2) 146,815 — 146,815 (139,232 ) — 7,583 Total $ 713,172 $ (82,139 ) $ 631,033 $ (619,554 ) $ — $ 11,479 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2019
Variable Interest Entity [Abstract]
Variable Interest Entities	The following tables set forth the total VIE assets, the carrying value of the subsidiaries' variable interests, and the Company's maximum exposure to loss in Company-sponsored non-consolidated VIEs in which the Company holds variable interests and other non-consolidated VIEs in which the Company holds variable interests as of June 30, 2019 and December 31, 2018 : (Expressed in thousands) As of June 30, 2019 Total VIE Assets (1) Carrying Value of the Capital Commitments Maximum Exposure to Loss in Non-consolidated VIEs Assets (2) Liabilities Hedge funds $ 365,259 $ 360 $ — $ — $ 360 Private equity funds 7,454 8 — — 8 Total $ 372,713 $ 368 $ — $ — $ 368 (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interest in the VIEs and is included in other assets on the condensed consolidated balance sheet. (Expressed in thousands) As of December 31, 2018 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 291,200 $ 337 $ — $ — $ 337 Private equity funds 7,454 8 — — 8 Total $ 298,654 $ 345 $ — $ — $ 345 (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (2) Represents the Company's interest in the VIEs and is included in other assets on the condensed consolidated balance sheet.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date June 30, 2019 December 31, 2018 6.75% Senior Secured Notes 7/1/2022 $ 200,000 $ 200,000 Unamortized Debt Issuance Cost (775 ) (904 ) $ 199,225 $ 199,096

Share Capital (Tables)

Share Capital (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Changes in Number of Shares of Class A Stock Outstanding	The following table reflects changes in the number of shares of Class A Stock outstanding for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Class A Stock outstanding, beginning of period 12,923,517 13,141,103 12,941,809 13,139,203 Issued pursuant to share-based compensation plans — 15,250 61,091 17,150 Repurchased and canceled pursuant to the stock buy-back (167,209 ) — (246,592 ) — Class A Stock outstanding, end of period 12,756,308 13,156,353 12,756,308 13,156,353

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Reported Revenue and Profit Before Income Taxes	The table below presents information about the reported revenue and income (loss) before income taxes of the Company for the three and six months ended June 30, 2019 and 2018 . Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the chief operating decision maker. (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Revenue Private client (1) $ 161,928 $ 156,553 $ 325,455 $ 310,647 Asset management (1) 18,622 17,706 35,208 35,350 Capital markets 71,819 68,206 142,780 129,735 Corporate/Other (1,434 ) 91 (738 ) 1,354 Total $ 250,935 $ 242,556 $ 502,705 $ 477,086 Income (loss) before income taxes Private client (1) $ 43,416 $ 33,513 $ 86,250 $ 73,675 Asset management (1) 5,318 3,958 7,560 7,676 Capital markets (1,801 ) (199 ) (4,448 ) (6,256 ) Corporate/Other (29,542 ) (24,755 ) (55,919 ) (52,957 ) Total $ 17,391 $ 12,517 $ 33,443 $ 22,138 (1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees are allocated 10.0% to the Asset Management and 90.0% to the Private Client segments.
Revenue Classified by Major Geographic Areas	Revenue, classified by the major geographic areas in which it was earned, for the three and six months ended June 30, 2019 and 2018 was as follows: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Americas $ 242,464 $ 234,471 $ 485,863 $ 460,083 Europe/Middle East 7,666 7,222 15,335 14,745 Asia 805 863 1,507 2,258 Total $ 250,935 $ 242,556 $ 502,705 $ 477,086

Supplemental Guarantor Consol_2

Supplemental Guarantor Consolidated Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Condensed Income Statement
Condensed Consolidating Balance Sheet	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 38,235 $ 475 $ 32,597 $ — $ 71,307 Deposits with clearing organizations — — 65,491 — 65,491 Receivable from brokers, dealers and clearing organizations — — 167,931 — 167,931 Receivable from customers, net of allowance for credit losses of $920 — — 807,581 — 807,581 Income tax receivable 47,917 22,247 (702 ) (69,462 ) — Securities purchased under agreements to resell — — 39 — 39 Securities owned, including amounts pledged of $547,326 at fair value — 1,493 993,877 — 995,370 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827, respectively — — 43,413 — 43,413 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $90,633 — 23,297 9,030 — 32,327 Right-of-use lease assets, net of accumulated amortization of $12,983 — 160,202 6,410 — 166,612 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 125 1,956 130,275 — 132,356 Deferred tax assets 155 (29 ) 17,573 (17,699 ) — Investment in subsidiaries 692,030 580,920 — (1,272,950 ) — Intercompany receivables (12,892 ) 46,960 (7,420 ) (26,648 ) — Total assets $ 765,570 $ 950,479 $ 2,435,684 $ (1,499,317 ) $ 2,652,416 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 17,456 $ — $ 17,456 Bank call loans — — 50,100 — 50,100 Payable to brokers, dealers and clearing organizations — — 418,719 — 418,719 Payable to customers — — 325,754 — 325,754 Securities sold under agreements to repurchase — — 521,837 — 521,837 Securities sold but not yet purchased, at fair value — — 155,979 — 155,979 Accrued compensation — — 130,879 — 130,879 Income tax payable 2,440 22,189 45,683 (69,463 ) 849 Accounts payable and other liabilities 295 (10,302 ) 52,725 (9 ) 42,709 Lease liabilities — 203,240 7,015 — 210,255 Senior secured notes, net of debt issuance cost of $775 199,225 — — — 199,225 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — (808 ) 33,546 (17,694 ) 15,044 Intercompany payables — (193,967 ) — 193,967 — Total liabilities 201,960 20,352 1,872,251 (5,757 ) 2,088,806 Stockholders' equity Total stockholders' equity 563,610 930,127 563,433 (1,493,560 ) 563,610 Total liabilities and stockholders' equity $ 765,570 $ 950,479 $ 2,435,684 $ (1,499,317 ) $ 2,652,416 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 53,526 $ 3,826 $ 33,323 $ — $ 90,675 Deposits with clearing organizations — — 67,678 — 67,678 Receivable from brokers, dealers and clearing organizations — — 166,493 — 166,493 Receivable from customers, net of allowance for credit losses of $886 — — 720,777 — 720,777 Income tax receivable 45,733 23,491 (702 ) (67,508 ) 1,014 Securities purchased under agreements to resell — — 290 — 290 Securities owned, including amounts pledged of $517,951 at fair value — 1,358 836,226 — 837,584 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $25,109 and $6,800, respectively — — 44,058 — 44,058 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $89,182 — 20,722 8,266 — 28,988 Subordinated loan receivable — 112,558 — (112,558 ) — Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 135 2,581 110,052 — 112,768 Deferred tax assets 1 455 18,494 (18,950 ) — Investment in subsidiaries 661,837 546,704 — (1,208,541 ) — Intercompany receivables (14,211 ) 46,840 (6,299 ) (26,330 ) — Total assets $ 747,021 $ 758,935 $ 2,168,245 $ (1,433,887 ) $ 2,240,314 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 16,348 $ — $ 16,348 Bank call loans — — 15,000 — 15,000 Payable to brokers, dealers and clearing organizations — — 289,207 — 289,207 Payable to customers — — 336,616 — 336,616 Securities sold under agreements to repurchase — — 484,218 — 484,218 Securities sold but not yet purchased, at fair value — — 85,446 — 85,446 Accrued compensation — — 167,348 — 167,348 Accounts payable and other liabilities 163 31,653 55,823 (9 ) 87,630 Income tax payable 2,440 22,189 42,878 (67,507 ) — Senior secured notes, net of debt issuance cost of $904 199,096 — — — 199,096 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 33,029 (18,946 ) 14,083 Intercompany payables — 26,334 — (26,334 ) — Total liabilities 201,699 80,176 1,638,471 (225,354 ) 1,694,992 Stockholders' equity Total stockholders' equity 545,322 678,759 529,774 (1,208,533 ) 545,322 Total liabilities and stockholders' equity $ 747,021 $ 758,935 $ 2,168,245 $ (1,433,887 ) $ 2,240,314
Condensed Consolidating Statement of Cash Flows	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash used in operating activities $ (5,060 ) $ (3,351 ) $ (29,580 ) $ — $ (37,991 ) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (6,941 ) — (6,941 ) Purchase of tangible assets — — — — — Proceeds from the settlement of Company-owned life insurance — — 695 — 695 Cash used in investing activities — — (6,246 ) — (6,246 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (2,865 ) — — — (2,865 ) Repurchase of Class A non-voting common stock (6,352 ) — — — (6,352 ) Payments for employee taxes withheld related to vested share-based awards (1,014 ) — — — (1,014 ) Decrease in bank call loans, net — — 35,100 — 35,100 Cash provided by (used in) financing activities (10,231 ) — 35,100 — 24,869 Net decrease in cash and cash equivalents (15,291 ) (3,351 ) (726 ) — (19,368 ) Cash and cash equivalents, beginning of the period 53,526 3,826 33,323 — 90,675 Cash and cash equivalents, end of the period $ 38,235 $ 475 $ 32,597 $ — $ 71,307 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ (1,417 ) $ 1,272 $ 11,456 $ — $ 11,311 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (3,947 ) — (3,947 ) Purchase of intangible assets — (400 ) — — (400 ) Cash used in investing activities — (400 ) (3,947 ) — (4,347 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (2,913 ) — — — (2,913 ) Payments for employee taxes withheld related to vested share-based awards (2,444 ) — — — (2,444 ) Increase in bank call loans, net — — (10,800 ) — (10,800 ) Cash used in financing activities (5,357 ) — (10,800 ) — (16,157 ) Net increase (decrease) in cash and cash equivalents (6,774 ) 872 (3,291 ) — (9,193 ) Cash and cash equivalents, beginning of the period 7,442 3,716 36,996 — 48,154 Cash and cash equivalents, end of the period $ 668 $ 4,588 $ 33,705 $ — $ 38,961

Organization - Additional Infor

Organization - Additional Information (Narrative) (Details)	Jun. 30, 2019office
Americas
Organization And Basis Of Presentation [Line Items]
Number of offices providing services	94

Leases - Additional Information

Leases - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)office	Dec. 31, 2018USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 166,612,000	$ 0
Operating Lease Right-of-use Asset Accumulated Amortization	$ 13,000,000
Weighted average remaining lease term (in years)	8 years 7 months 8 days
Weighted average discount rate	7.92%
Lessee, Operating Lease, Lease Not Yet Commenced, Liability	$ 14,000,000
Present value of lease liabilities	$ 210,255,000	$ 0
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	5 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease Expiration Date	Oct. 1, 2034
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	11 years
UNITED STATES
Lessee, Lease, Description [Line Items]
Number of Stores | office	94
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 163,600,000
Operating Lease Right-of-use Asset Accumulated Amortization	12,000,000
Present value of lease liabilities	207,300,000
Equipment [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	3,000,000
Operating Lease Right-of-use Asset Accumulated Amortization	939,000
Present value of lease liabilities	$ 3,000,000

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019	$ 20,764
2020	41,076
2021	35,997
2022	32,125
2023	30,095
After 2024	134,370
Total lease payments	294,427
Less interest	(84,172)
Present value of lease liabilities	$ 210,255	$ 0

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Right-of-use Asset, Amortization	$ 5,712	$ 12,044
Operating Lease, Interest Expense	4,204	7,647
Equipment [Member]
Lessee, Lease, Description [Line Items]
Operating Lease Right-of-use Asset, Amortization	474	939
Operating Lease, Interest Expense	$ 57	$ 114

Revenues from contracts with _3

Revenues from contracts with customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 231,024	$ 220,720	$ 449,945	$ 439,436
Interest	13,550	13,056	26,277	25,283
Principal transactions, net	3,045	6,400	14,483	9,126
Other	3,316	2,380	12,000	3,241
Total other sources of revenue	19,911	21,836	52,760	37,650
Total revenue	250,935	242,556	502,705	477,086
Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	70,766	72,177	140,561	144,467
Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,130	10,673	19,744	21,790
Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	80,707	77,270	154,354	154,818
Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,961	19,665	30,303	38,431
Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,045	8,239	29,746	17,683
Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	31,830	28,853	65,798	54,150
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	5,585	3,843	9,439	8,097
Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	148,848	145,060	292,978	290,243
Interest	9,639	9,514	19,047	18,351
Principal transactions, net	538	212	2,222	132
Other	2,903	1,767	11,208	1,921
Total other sources of revenue	13,080	11,493	32,477	20,404
Total revenue	161,928	156,553	325,455	310,647
Private Client | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	37,026	39,093	74,502	79,371
Private Client | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,124	10,441	19,738	21,268
Private Client | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	62,080	59,774	119,124	119,910
Private Client | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,262	3,469	7,011	7,839
Private Client | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Private Client | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	31,830	28,853	65,798	54,150
Private Client | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,526	3,430	6,805	7,705
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,618	17,710	35,201	35,349
Interest	0	(4)	0	1
Principal transactions, net	0	0	0	0
Other	4	0	7	0
Total other sources of revenue	4	(4)	7	1
Total revenue	18,622	17,706	35,208	35,350
Asset Management | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Asset Management | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	222	(5)	505
Asset Management | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,617	17,485	35,206	34,838
Asset Management | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Asset Management | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Asset Management | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Asset Management | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	3	0	6
Capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	62,005	57,922	119,940	113,787
Interest	3,459	3,263	6,294	6,468
Principal transactions, net	6,312	6,989	16,469	9,381
Other	43	32	77	99
Total other sources of revenue	9,814	10,284	22,840	15,948
Total revenue	71,819	68,206	142,780	129,735
Capital markets | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	33,736	33,022	66,052	65,019
Capital markets | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	5	2	7
Capital markets | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	3	7	54
Capital markets | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	14,699	16,196	23,292	30,592
Capital markets | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	13,045	8,239	29,746	17,683
Capital markets | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Capital markets | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	522	457	841	432
Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,553	28	1,826	57
Interest	452	283	936	463
Principal transactions, net	(3,805)	(801)	(4,208)	(387)
Other	366	581	708	1,221
Total other sources of revenue	(2,987)	63	(2,564)	1,297
Total revenue	(1,434)	91	(738)	1,354
Corporate/Other | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4	62	7	77
Corporate/Other | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4	5	9	10
Corporate/Other | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8	8	17	16
Corporate/Other | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Corporate/Other | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Corporate/Other | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Corporate/Other | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 1,537	$ (47)	$ 1,793	$ (46)

Revenues from contracts with _4

Revenues from contracts with customers (Contract Assets and Liabilities) (Details) - USD ($)	Jun. 30, 2019	Jan. 01, 2019
Capitalized Contract Cost [Line Items]
Contract assets	$ 35,270,000	$ 23,680,000
Deferred income, IRA fees	3,729,000	318,000
Commission
Capitalized Contract Cost [Line Items]
Contract assets	4,142,000	3,738,000
Mutual Fund Income
Capitalized Contract Cost [Line Items]
Contract assets	6,798,000	7,241,000
Advisory fees
Capitalized Contract Cost [Line Items]
Contract assets	901,000	1,214,000
Bank Deposit Sweep Income
Capitalized Contract Cost [Line Items]
Contract assets	4,208,000	4,622,000
Investment Banking Fees
Capitalized Contract Cost [Line Items]
Contract assets	10,583,000	3,996,000
Other Income [Member]
Capitalized Contract Cost [Line Items]
Contract assets	8,638,000	2,869,000
Investment Banking Fees
Capitalized Contract Cost [Line Items]
Deferred income, IRA fees	2,396,000	318,000
IRA fees (7)
Capitalized Contract Cost [Line Items]
Deferred income, IRA fees	$ 1,333,000	$ 0

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding		12,976,235	13,248,812	12,998,168	13,244,245
Net dilutive effect of share-based awards, treasury method	[1]	885,518	801,761	859,448	761,311
Diluted weighted average number of shares outstanding		13,861,753	14,050,573	13,857,616	14,005,556
Net Income (Loss) Attributable to Parent		$ 12,375	$ 8,855	$ 23,569	$ 15,560
Diluted		$ 0.95	$ 0.67	$ 1.81	$ 1.17
Net loss per share (in dollars per share)		$ 0.89	$ 0.63	$ 1.70	$ 1.11
[1]	For both the three and six months ended June 30, 2019, the diluted net income per share computation does not include the anti-dilutive effect of 7,628 shares of Class A Stock granted under share-based compensation arrangements (4,050 shares for both the three and six months ended June 30, 2018).

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Class A Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of anti-dilutive warrants, options and restricted shares, for the year	7,628	4,050	7,628	4,050

Receivable from and Payable t_3

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Receivable from brokers, dealers and clearing organizations consists of:
Securities borrowed	$ 103,148	$ 108,144
Receivable from brokers	22,521	20,140
Securities failed to deliver	14,898	7,021
Clearing organizations	25,604	28,777
Other	1,760	2,411
Receivables from broker, dealers and clearing organizations	167,931	166,493
Payable to brokers, dealers and clearing organizations consists of:
Securities loaned	247,714	146,815
Due to Correspondent Brokers	8,667	158
Securities failed to receive	30,570	27,799
Other	131,768	114,435
Payable to brokers, dealers and clearing organizations	$ 418,719	$ 289,207

Fair Value Measurements - Secur

Fair Value Measurements - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	$ 995,370	$ 837,584
Securities Sold	155,979	85,446
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	995,370	837,584
Corporate debt and other obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	25,556	20,665
Securities Sold	20,907	7,236
Municipal obligations
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	141,362	52,261
Convertible bonds
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned, including amounts pledged of $0 ($546,334 in 2015), at fair value	26,123	31,270
Securities Sold	$ 17,779	$ 9,709

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Millions	Jun. 30, 2019USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Three Asset and Liability	$ 6.8
Auction rate securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Three Asset and Liability	6.1
Auction Rate Securities Purchase Commitment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Three Asset and Liability	$ 0.7

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Investment Holdings [Line Items]
Fair Value	$ 6,329
Unfunded Commitments	$ 1,399
Hedge Funds [Member]
Investment Holdings [Line Items]
Investment Redemption Notice Period Minimum	30 days
Investment Redemption Notice Period Maximum	120 days
Fair Value	$ 1,664
Unfunded Commitments	$ 0
Redemption Frequency	Quarterly - Annually
Private Equity Funds
Investment Holdings [Line Items]
Investments Lock In Period	10 years
Fair Value	$ 4,665
Unfunded Commitments	$ 1,399

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash equivalents	$ 10,500	$ 10,500
Deposits with clearing organizations	31,293	34,599
Securities owned
Securities owned, at fair value	995,370	837,584
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	995,370	837,584
Investments	6,329
Derivative contracts
Total	1,037,283	887,657
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	155,979	85,446
Derivative contracts:
Derivative contracts	2,594	6,780
Total	158,573	92,226
Investments
Securities owned
Investments	106	101
Equity Securities [Member]
Securities owned
Securities owned, at fair value	39,430	28,215
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	18,487	14,774
Money Market Funds [Member]
Securities owned
Securities owned, at fair value	2,674	7
Auction rate securities
Securities owned
Securities owned, at fair value	42,461	37,952
U.S. Treasury securities
Securities owned
Securities owned, at fair value	689,992	657,208
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	97,720	53,646
US Government Agencies Debt Securities [Member]
Securities owned
Securities owned, at fair value	24,753	7,306
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	19	3
Sovereign obligations
Securities owned
Securities owned, at fair value	1,063	214
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	1,066	78
Corporate debt and other obligations
Securities owned
Securities owned, at fair value	25,556	20,665
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	20,907	7,236
Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	1,956	2,486
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	1
Municipal obligations
Securities owned
Securities owned, at fair value	141,362	52,261
Convertible bonds
Securities owned
Securities owned, at fair value	26,123	31,270
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	17,779	9,709
Level 1
ASSETS
Cash equivalents	10,500	10,500
Deposits with clearing organizations	31,293	34,599
Securities owned
Securities owned, at fair value	736,636	686,242
Derivative contracts
Total	778,429	731,341
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	116,207	68,420
Derivative contracts:
Derivative contracts	1,785	811
Total	117,992	69,231
Level 1 | Corporate equities
Securities owned
Securities owned, at fair value	39,430	28,215
Level 1 | Equity Securities [Member]
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	18,487	14,774
Level 1 | Money markets
Securities owned
Securities owned, at fair value	2,674	7
Level 1 | Auction rate securities
Securities owned
Securities owned, at fair value	0
Level 1 | U.S. Treasury securities
Securities owned
Securities owned, at fair value	689,992	657,208
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	97,720	53,646
Level 1 | US Government Agencies Debt Securities [Member]
Securities owned
Securities owned, at fair value	4,540	812
Level 2
Securities owned
Securities owned, at fair value	258,734	129,643
Derivative contracts
Total	258,854	134,516
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	39,772	17,026
Derivative contracts:
Derivative contracts	809	5,969
Total	40,581	22,995
Level 2 | Investments
Securities owned
Investments	106
Level 2 | Equity Securities [Member]
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0
Level 2 | Auction rate securities
Securities owned
Securities owned, at fair value	42,461	16,253
Level 2 | US Government Agencies Debt Securities [Member]
Securities owned
Securities owned, at fair value	20,213	6,494
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	19	3
Level 2 | Sovereign obligations
Securities owned
Securities owned, at fair value	1,063	214
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	1,066	78
Level 2 | Corporate debt and other obligations
Securities owned
Securities owned, at fair value	25,556	20,665
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	20,907	7,236
Level 2 | Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	1,956	2,486
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	1
Level 2 | Municipal obligations
Securities owned
Securities owned, at fair value	141,362	52,261
Level 2 | Convertible bonds
Securities owned
Securities owned, at fair value	26,123	31,270
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	17,779	9,709
Level 3
Securities owned
Securities owned, at fair value	0	21,699
Derivative contracts
Total	0	21,800
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0
Derivative contracts:
Derivative contracts	0	0
Total	0	0
Level 3 | Investments
Securities owned
Investments		101
Level 3 | Auction rate securities
Securities owned
Securities owned, at fair value	0	21,699
Level 3 | Municipal obligations
Securities owned
Securities owned, at fair value		0
Auction Rate Securities Purchase Commitment
Derivative contracts:
Derivative contracts	764	1,096
Auction Rate Securities Purchase Commitment | Level 2
Derivative contracts:
Derivative contracts	764	1,096
Auction Rate Securities Purchase Commitment | Level 3
Derivative contracts:
Derivative contracts	0	0
TBAs
Derivative contracts
Derivative contracts, total	14	4,873
Derivative contracts:
Derivative contracts	45	4,873
TBAs | Level 2
Derivative contracts
Derivative contracts, total	14	4,873
Derivative contracts:
Derivative contracts	45	4,873
Future [Member]
Derivative contracts:
Derivative contracts	1,781	807
Future [Member] | Level 1
Derivative contracts:
Derivative contracts	1,781	807
Foreign exchange forward contracts
Derivative contracts:
Derivative contracts	4	4
Foreign exchange forward contracts | Level 1
Derivative contracts:
Derivative contracts	$ 4	4
Foreign exchange forward contracts | Level 2
Derivative contracts:
Derivative contracts		$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Beginning Balance	$ 104	$ 168	$ 101	$ 169
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	(2)	4	(5)	5
Purchases and Issuances				0
Sales and Settlements				0
Transfers In (Out)	106	0	106	0
Assets Ending Balance	0	164	0	164
Auction rate securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Beginning Balance	21,700	87,350	21,699	87,398
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings	0	902	(1)	55
Purchases and Issuances	0	(4,050)	0	(4,100)
Sales and Settlements	(350)	(275)	(350)	1,220
Transfers In (Out)	21,350	17,602	21,350	17,602
Assets Ending Balance	$ 0	72,621	$ 0	72,621
Auction Rate Securities Purchase Commitment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchases and Issuances		0		0
Sales and Settlements		0		0
Transfers In (Out)		(91)		(91)
Liabilities Beginning Balance		183		8
Total Realized and Unrealized Gains (Loss), Liabilities		(39)		(214)
Liabilities Ending Balance		131		131
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Beginning Balance				35
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings				(14)
Purchases and Issuances				(76)
Sales and Settlements				125
Transfers In (Out)				0
Assets Ending Balance		$ 0		$ 0

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Securities purchased under agreements to resell	$ 39	$ 290
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	995,370	837,584
Fair Value, Nonrecurring [Member]
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Other	1,791	2,411
Receivable from customers	807,581	720,777
Fair Value, Estimate Not Practicable, Investment	69,070	59,765
Drafts payable	17,456	16,348
Clearing organizations	25,604	28,777
Securities loaned	247,714	146,815
Fair Value, Estimate not Practicable, Due from Employees	43,413	44,058
Total Receivable from brokers, dealers and clearing organizations	167,962	166,493
Securities failed to receive	30,570	27,799
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	8,667	158
Bank call loans	50,100	15,000
Securities purchased under agreements to resell	39	290
Receivables from brokers	22,521	20,140
Securities failed to deliver	14,898	7,021
Securities borrowed	103,148	108,144
Deposits with clearing organization	34,198	33,079
Other	129,987	113,628
Total payables to brokers, dealers and clearing organizations	416,938	288,400
Payables to customers	325,754	336,616
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	521,837	484,218
Fair Value, Estimate not Practicable, Senior Secured Notes	205,356	199,722
Fair Value, Estimate Not Practicable, Cash	60,807	80,175
Fair Value, Nonrecurring [Member] | Carrying Value [Member]
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Other	1,791	2,411
Receivable from customers	807,581	720,777
Fair Value, Estimate Not Practicable, Investment	69,070	59,765
Drafts payable	17,456	16,348
Clearing organizations	25,604	28,777
Securities loaned	247,714	146,815
Fair Value, Estimate not Practicable, Due from Employees	43,413	44,058
Total Receivable from brokers, dealers and clearing organizations	167,962	166,493
Securities failed to receive	30,570	27,799
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	8,667	158
Bank call loans	50,100	15,000
Securities purchased under agreements to resell	39	290
Receivables from brokers	22,521	20,140
Securities failed to deliver	14,898	7,021
Securities borrowed	103,148	108,144
Deposits with clearing organization	34,198	33,079
Other	129,987	113,628
Total payables to brokers, dealers and clearing organizations	416,938	288,400
Payables to customers	325,754	336,616
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	521,837	484,218
Fair Value, Estimate not Practicable, Senior Secured Notes	200,000	200,000
Fair Value, Estimate Not Practicable, Cash	60,807	80,175
Fair Value, Nonrecurring [Member] | Level 1
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Drafts payable	17,456	16,348
Deposits with clearing organization	34,198	33,079
Fair Value, Estimate Not Practicable, Cash	60,807	80,175
Fair Value, Nonrecurring [Member] | Level 2
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Other	1,791	2,411
Receivable from customers	807,581	720,777
Fair Value, Estimate Not Practicable, Investment	69,070	59,765
Clearing organizations	25,604	28,777
Securities loaned	247,714	146,815
Fair Value, Estimate not Practicable, Due from Employees	43,413	44,058
Total Receivable from brokers, dealers and clearing organizations	167,962	166,493
Securities failed to receive	30,570	27,799
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	8,667	158
Bank call loans	50,100	15,000
Securities purchased under agreements to resell	39	290
Receivables from brokers	22,521	20,140
Securities failed to deliver	14,898	7,021
Securities borrowed	103,148	108,144
Other	129,987	113,628
Total payables to brokers, dealers and clearing organizations	416,938	288,400
Payables to customers	325,754	336,616
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	521,837	484,218
Fair Value, Estimate not Practicable, Senior Secured Notes	$ 205,356	$ 199,722

Fair Value Measurements - Notio

Fair Value Measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 12,680	$ 729,500
Derivatives asset, Fair Value	14	4,873
Derivative liability, notional	5,201,134	5,317,805
Derivative liability, Fair Value	2,594	6,780
To Be Announced Security [Member] | Other Contracts
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	12,680	729,500
Derivatives asset, Fair Value	14	4,873
Derivative liability, notional	19,180	200
Derivative liability, Fair Value	45	4
Other TBA Contracts [Member] | Other Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional		729,500
Derivative liability, Fair Value		4,873
Future [Member] | Commodity Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	5,176,000	4,580,800	[1]
Derivative liability, Fair Value	1,781	807	[1]
Foreign exchange forward contracts | Other Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	400
Derivative liability, Fair Value	4
Auction Rate Securities Purchase Commitment | Other Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	5,554	7,305
Derivative liability, Fair Value	$ 764	$ 1,096
[1]	For both the three and six months ended June 30, 2019, the diluted net income per share computation does not include the anti-dilutive effect of 7,628 shares of Class A Stock granted under share-based compensation arrangements (4,050 shares for both the three and six months ended June 30, 2018).

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (1,830)	$ 512	$ (2,416)	$ 1,475
Commodity Contracts | Principal Transaction Revenue | Future [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(2,090)	322	(2,666)	1,351
Other Contracts | Principal Transaction Revenue | TBAs
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(86)	162	(76)	196
Other Contracts | Principal Transaction Revenue | Auction Rate Securities Purchase Commitment
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	350	(39)	332	(214)
Other Contracts | Other Income [Member] | Other TBA Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)		72		147
Other Contracts | Other Income [Member] | Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (4)	$ (5)	$ (6)	$ (5)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended	113 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Loss / Gain on Auction Rate Securities Tender Offer	$ 2,400,000
Auction Rate Securities Purchased as a Result of Settlements with Regulators			$ 137,200,000
Securities owned, at fair value	995,370,000	$ 995,370,000	995,370,000	$ 837,584,000
Forward or delayed delivery of the underlying instrument with settlement		180 days
Total amount of ARS the firm purchased and hold		$ 48,500,000
Auction Rate Securities Committed To Purchase related to settlements with regulators	2,000,000	2,000,000	2,000,000
Auction Rate Securities Purchased as a result of Legal Settlements and Awards			102,300,000
Auction Rate Securities Committed To Purchase as a Result of Legal Settlements and Awards	3,600,000	3,600,000	3,600,000
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	39,430,000	39,430,000	39,430,000	28,215,000
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 42,461,000	$ 42,461,000	$ 42,461,000	$ 37,952,000
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities Committed To Purchase Period		2020
Hedge Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment Redemption Notice Period Minimum		30 days
Investment Redemption Notice Period Maximum		120 days
Private Equity Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments Lock In Period		10 years

Collateralized Transactions - S

Collateralized Transactions - Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Reverse repurchase agreements
Gross Amounts of Recognized Assets	$ 168,124	$ 82,429
Gross Amounts Offset on the Balance Sheet	(168,085)	(82,139)
Net Amounts of Assets Presented on the Balance Sheet	39	290
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	39	290
Securities borrowed
Gross Amounts of Recognized Assets	103,148	108,144
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets Presented on the Balance Sheet	103,148	108,144
Financial Instruments	(100,192)	(105,960)
Cash Collateral Received	0	0
Net Amount	2,956	2,184
Total
Gross Amounts of Recognized Assets	271,272	190,573
Gross Amounts Offset on the Balance Sheet	(168,085)	(82,139)
Net Amounts of Assets Presented on the Balance Sheet	103,187	108,434
Financial Instruments	(100,192)	(105,960)
Cash Collateral Received	0	0
Net Amount	2,995	2,474
Repurchase agreements
Gross Amounts of Recognized Liabilities	689,922	566,357
Gross Amounts Offset on the Balance Sheet	(168,085)	(82,139)
Net Amounts of Liabilities Presented on the Balance Sheet	521,837	484,218
Financial Instruments	(521,022)	(480,322)
Cash Collateral Pledged	0	0
Net Amount	815	3,896
Securities loaned
Gross Amounts of Recognized Liabilities	247,714	146,815
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Liabilities Presented on the Balance Sheet	247,714	146,815
Financial Instruments	(239,713)	(139,232)
Cash Collateral Pledged	0	0
Net Amount	8,001	7,583
Total
Gross Amounts of Recognized Liabilities	937,636	713,172
Gross Amounts Offset on the Balance Sheet	(168,085)	(82,139)
Net Amounts of Liabilities Presented on the Balance Sheet	769,551	631,033
Financial Instruments	(760,735)	(619,554)
Cash Collateral Pledged	0	0
Net Amount	$ 8,816	$ 11,479

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)dealer	Dec. 31, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Amounts of Recognized Liabilities	$ 689,922,000	$ 566,357,000
Gross Amounts of Recognized Liabilities	247,714,000	146,815,000
Bank call loans	50,100,000	15,000,000
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value	1,000,000,000
Customer securities under customer margin loans agreement available to be repledged	209,000,000
Outstanding letters of credit	0
Amounts pledged	547,326,000	517,951,000
Carrying value of securities owned by the Company loaned or pledged	$ 81,100,000	20,200,000
Number of broker-dealers | dealer	4
Receivable from brokers and clearing organizations	$ 69,600,000
Securities Sold under Agreements to Repurchase, Asset	168,085,000	82,139,000
Securities Sold under Agreements to Repurchase, Amount Not Offset Against Collateral	521,837,000	484,218,000
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	521,022,000	480,322,000
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Cash	0	0
Securities Sold under Agreements to Repurchase, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	815,000	3,896,000
Securities Loaned, Asset	0	0
Securities Loaned, Amount Not Offset Against Collateral	247,714,000	146,815,000
Securities Loaned, Collateral, Right to Reclaim Securities	239,713,000	139,232,000
Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	8,001,000	7,583,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Gross	937,636,000	713,172,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Asset	168,085,000	82,139,000
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Amount Not Offset Against Collateral	769,551,000	631,033,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Securities	760,735,000	619,554,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	8,816,000	11,479,000
Reverse Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities received as collateral under securities borrowed transaction with market value	170,900,000	83,000,000
Securities Loaned [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	29,500,000	27,600,000
Repurchase Agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	170,900,000	83,000,000
Securities Borrowed Transactions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities received as collateral under securities borrowed transaction with market value	100,500,000	$ 104,900,000
Maturity Overnight and on Demand [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities Loaned and Securities Sold under Agreement to Repurchase, Gross Including Not Subject to Master Netting Arrangement	937,636,000
Short-term Debt [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loans, collateralized by firm	$ 81,100,000
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of business days for related transactions	1 day
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of business days for related transactions	2 days
Options Clearing Corporation [Domain]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	$ 210,600,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Total VIE Assets	$ 372,713	$ 298,654
Carrying Value of Variable Interest Assets	368	345
Capital Commitments	0	0
Maximum Exposure to Loss in Non- consolidated VIEs	368	345
Private Equity Funds
Variable Interest Entity [Line Items]
Total VIE Assets	7,454	7,454
Carrying Value of Variable Interest Assets	8	8
Carrying Value of Variable Interest Liabilities	0	0
Capital Commitments	0	0
Maximum Exposure to Loss in Non- consolidated VIEs	8	8
Hedge Funds [Member]
Variable Interest Entity [Line Items]
Total VIE Assets	365,259	291,200
Carrying Value of Variable Interest Assets	360	337
Carrying Value of Variable Interest Liabilities	0	0
Capital Commitments	0	0
Maximum Exposure to Loss in Non- consolidated VIEs	$ 360	$ 337

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 200,000	$ 200,000
Unamortized debt issuance expense	(775)	(904)
Long-term debt	$ 199,225	$ 199,096
Senior Secured Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 1, 2022

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Narrative) (Details) - USD ($) $ in Thousands	Aug. 25, 2019	Jun. 23, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Aug. 26, 2019	Dec. 31, 2018	Sep. 19, 2017
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 200,000		$ 200,000			$ 200,000
Long-term debt			199,225		199,225			$ 199,096
6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Private placement date		Jun. 23, 2017
Debt Instrument, Face Amount		$ 200,000
Interest rate		6.75%
Debt Issuance Costs, Gross		$ 4,300
Interest expense on note			3,400	$ 3,400	6,800	$ 6,800
Debt Instrument, Issue Price Percentage		100.00%
Percentage of Notes Registered under the Securities Act of 1933									99.80%
8.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Interest rate		8.75%
Extinguishment of Debt, Amount		$ 120,000
Oppenheimer [Member] | 6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Debt Issuance Costs, Gross		3,000
Third Party [Member] | 6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Debt Issuance Costs, Gross		$ 1,300
Maximum [Member] | 6.75% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Restrictive Covenants Exception for Dividend or Distribution Amount during fiscal year					20,000
Restrictive Covenants Exception for total Dividend Payment and other Restricted Payments			$ 10,000		$ 10,000
Forecast [Member]
Debt Instrument [Line Items]
Annual Interest Costs Reduction as a result of Debt Redemption	$ 3,800
Debt Instrument Redemption Price Call Premium	103.375%
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 1,700
Long-term Debt, Gross							$ 150,000
Repayments of Secured Debt	$ 50,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	25.00%
Debt Instrument, Redemption Period, Start Date	Aug. 25, 2019

Share Capital - Changes in Numb

Share Capital - Changes in Number of Shares of Class A Stock Outstanding (Details) - Class A Stock - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Class A Stock outstanding, beginning of period	12,923,517	13,141,103	12,941,809	13,139,203
Issued pursuant to shared-based compensation plans	0	15,250	61,091	17,150
Repurchased and canceled pursuant to the stock buy-back	167,209	0	246,592	0
Class A Stock outstanding, end of period	12,756,308	13,156,353	12,756,308	13,156,353

Share Capital - Additional Info

Share Capital - Additional Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jul. 26, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	May 05, 2017
Class of Stock [Line Items]
Amounts pledged	$ 547,326		$ 547,326					$ 517,951
Preferred stock, authorized	50,000,000		50,000,000
Preferred stock, par value	$ 0.001		$ 0.001
Preferred stock, issued	0		0
Class A Stock
Class of Stock [Line Items]
Common stock, authorized	50,000,000		50,000,000					50,000,000
Common stock, par value	$ 0.001		$ 0.001					$ 0.001
Common Stock, outstanding	12,756,308	13,156,353	12,756,308	13,156,353		12,923,517		12,941,809	13,141,103	13,139,203
Common Stock, Shares, Issued	12,756,308		12,756,308					12,941,809
Repurchase and cancelled stock	167,209	0	246,592	0
Class B Stock
Class of Stock [Line Items]
Common stock, authorized	99,665		99,665					99,665
Common stock, par value	$ 0.001		$ 0.001					$ 0.001
Common Stock, outstanding	99,665		99,665					99,665
Common Stock, Shares, Issued	99,665		99,665					99,665
Previous Program [Member] | Class A Stock
Class of Stock [Line Items]
Treasury Stock, Retired, Amount Per Share	$ 25.82		$ 25.76
Repurchase of class A common stock											650,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	26,192		26,192				272,784
Repurchase and cancelled stock	167,209		246,592
Treasury Stock, Retired, Cost Method, Amount	$ 4,300		$ 6,400
Subsequent Event [Member] | New Program [Member] | Class A Stock
Class of Stock [Line Items]
Repurchase of class A common stock					640,000
Stock Repurchase Program Percentage Of Shares Repurchase Of Outstanding Share					5.00%
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased					666,192

Commitments and Contingencies N

Commitments and Contingencies Narrative (Details) $ in Millions	Jun. 30, 2019USD ($)
Loss Contingencies [Line Items]
Auction Rate Securities Committed To Purchase related to settlements with regulators	$ 2
Auction Rate Securities Committed To Purchase as a Result of Legal Settlements and Awards	3.6
Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	0
Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Range of Possible Loss, Portion Not Accrued	$ 3

Regulatory Requirements - Addit

Regulatory Requirements - Additional Information (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019EUR (€)
Regulatory Capital Requirements [Line Items]
Net capital	$ 1,400,000
Excess Liquid Capital under Hong Kong SFC Rules	1,000,000
Oppenheimer [Member]
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items	0.02
Net Capital	$ 201,700,000
Aggregate indebtedness	24.14%
Excess capital	$ 185,000,000
Freedom
Regulatory Capital Requirements [Line Items]
Net Capital	$ 5,200,000
Aggregate indebtedness	6.67%
Freedom maintain net capital equal to the greater	$ 100,000
Net capital in excess of minimum required	$ 5,100,000
Oppenheimer Europe Ltd
Regulatory Capital Requirements [Line Items]
Common Equity Tier 1 Ratio	15.85%	15.85%
Common Equity Tier 1 Ratio Required	4.50%	4.50%
Tier 1 Capital Ratio	15.85%	15.85%
Tier 1 Capital Ratio Required	6.00%	6.00%
Total Capital Ratio	15.89%	15.89%
Total Capital Ratio Required	8.00%	8.00%
Regulatory capital required to be maintained | €		€ 730,000
Oppenheimer Investments Asia Ltd.
Regulatory Capital Requirements [Line Items]
Regulatory capital required to be maintained	$ 384,000

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue
Total revenue	$ (250,935)	$ (242,556)	$ (502,705)	$ (477,086)
Income (loss) before income taxes
Operating Income (Loss)	17,391	12,517	33,443	22,138
Private Client Division
Revenue
Total revenue	(161,928)	(156,553)	(325,455)	(310,647)
Income (loss) before income taxes
Income before income taxes	$ 43,416	33,513	86,250	73,675
Asset management fees	90.00%
Asset Management
Revenue
Total revenue	$ (18,622)	(17,706)	(35,208)	(35,350)
Income (loss) before income taxes
Income before income taxes	$ 5,318	3,958	7,560	7,676
Asset management fees	10.00%
Capital markets
Revenue
Total revenue	$ (71,819)	(68,206)	(142,780)	(129,735)
Income (loss) before income taxes
Income before income taxes	(1,801)	(199)	(4,448)	(6,256)
Corporate/Other
Revenue
Total revenue	1,434	(91)	738	(1,354)
Income (loss) before income taxes
Income before income taxes	$ (29,542)	$ (24,755)	$ (55,919)	$ (52,957)

Segment Information - Revenue C

Segment Information - Revenue Classified by Major Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 250,935	$ 242,556	$ 502,705	$ 477,086
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	242,464	234,471	485,863	460,083
Europe/Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	7,666	7,222	15,335	14,745
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 805	$ 863	$ 1,507	$ 2,258

Subsequent Events - Additional

Subsequent Events - Additional Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 25, 2019	Aug. 23, 2019	Aug. 09, 2019	Jul. 26, 2019	Aug. 26, 2019	Jun. 30, 2019	Dec. 31, 2018
Subsequent Events [Line Items]
Long-term Debt, Gross						$ 200,000	$ 200,000
Subsequent Event [Member]
Subsequent Events [Line Items]
Date of announcement of dividend				Jul. 26, 2019
Date of payment of dividend		Aug. 23, 2019
Date of record of dividend			Aug. 9, 2019
Class A Stock | Subsequent Event [Member]
Subsequent Events [Line Items]
Quarterly dividend payable amount per share				$ 0.12
Class B Stock | Subsequent Event [Member]
Subsequent Events [Line Items]
Quarterly dividend payable amount per share				$ 0.11
Forecast [Member]
Subsequent Events [Line Items]
Repayments of Secured Debt	$ 50,000
Debt Instrument Redemption Price Call Premium	103.375%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	25.00%
Debt Instrument, Redemption Period, Start Date	Aug. 25, 2019
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 1,700
Long-term Debt, Gross					$ 150,000
Annual Interest Costs Reduction as a result of Debt Redemption	$ 3,800

Supplemental Guarantor Condense

Supplemental Guarantor Condensed Consolidated Financial Statements - Additional Information (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 23, 2017
Condensed Consolidated financial statements [Line Items]
Interest owned by the holding company	100.00%
Secured Debt [Member] | 6.75% Senior Secured Notes [Member]
Condensed Consolidated financial statements [Line Items]
Debt Instrument, Face Amount		$ 200
Debt Instrument, Interest Rate, Stated Percentage		6.75%
Secured Debt [Member] | 8.75% Senior Secured Notes [Member]
Condensed Consolidated financial statements [Line Items]
Debt Instrument, Interest Rate, Stated Percentage		8.75%

Supplemental Guarantor Conden_2

Supplemental Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents	$ 71,307	$ 90,675	$ 38,961	$ 48,154
Deposits with clearing organizations	65,491	67,678
Receivable from brokers, dealers and clearing organizations	167,931	166,493
Receivable from customers, net of allowance for credit losses of $920 ($886 in 2018)	807,581	720,777
Income tax receivable	0	1,014
Securities purchased under agreements to resell	39	290
Securities owned, at fair value	995,370	837,584
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827 respectively ($25,109 and $6,800, respectively, in 2018)	43,413	44,058
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	32,327	28,988
Operating Lease, Right-of-Use Asset	166,612	0
Subordinated loan receivable	0	0
Intangible assets	32,100	32,100
Goodwill	137,889	137,889
Other assets	132,356	112,768
Deferred tax assets	0	0
Investment in subsidiaries	0	0
Intercompany receivables	0	0
Total assets	2,652,416	2,240,314
Liabilities
Drafts payable	17,456	16,348
Bank call loans	50,100	15,000
Payable to brokers, dealers and clearing organizations	418,719	289,207
Payable to customers	325,754	336,616
Securities sold under agreements to repurchase	521,837	484,218
Securities sold but not yet purchased, at fair value	155,979	85,446
Accrued compensation	130,879	167,348
Accounts payable and other liabilities	42,709	87,630
Operating Lease, Liability	210,255	0
Income tax payable	849	0
Senior secured notes, net of debt issuance costs of $775 ($904 in 2018)	199,225	199,096
Subordinated indebtedness	0	0
Deferred tax liabilities, net	15,044	14,083
Intercompany payables	0	0
Total liabilities	2,088,806	1,694,992
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	563,610	545,322
Total liabilities and stockholders' equity	2,652,416	2,240,314
Allowance for credit losses	920	886
Amounts pledged	547,326	517,951
Notes Receivable, Net Accumulated Amortization	32,369	25,109
Notes Receivable, Net Allowance for Uncollectibles	6,827	6,800
Net accumulated depreciation	90,633	89,182
Unamortized debt issuance expense	775	904
Operating Lease Right-of-use Asset Accumulated Amortization	13,000
Eliminations
ASSETS
Cash and cash equivalents	0	0	0	0
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance for credit losses of $920 ($886 in 2018)	0	0
Income tax receivable	(69,462)	(67,508)
Securities purchased under agreements to resell	0	0
Securities owned, at fair value	0	0
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827 respectively ($25,109 and $6,800, respectively, in 2018)	0	0
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	0	0
Operating Lease, Right-of-Use Asset	0
Subordinated loan receivable	(112,558)	(112,558)
Intangible assets	0	0
Goodwill	0	0
Other assets	0	0
Deferred tax assets	(17,699)	(18,950)
Investment in subsidiaries	(1,272,950)	(1,208,541)
Intercompany receivables	(26,648)	(26,330)
Total assets	(1,499,317)	(1,433,887)
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	(9)	(9)
Operating Lease, Liability	0
Income tax payable	(69,463)	(67,507)
Senior secured notes, net of debt issuance costs of $775 ($904 in 2018)	0	0
Subordinated indebtedness	(112,558)	(112,558)
Deferred tax liabilities, net	(17,694)	(18,946)
Intercompany payables	193,967	(26,334)
Total liabilities	(5,757)	(225,354)
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	(1,493,560)	(1,208,533)
Total liabilities and stockholders' equity	(1,499,317)	(1,433,887)
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	475	3,826	4,588	3,716
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance for credit losses of $920 ($886 in 2018)	0	0
Income tax receivable	22,247	23,491
Securities purchased under agreements to resell	0	0
Securities owned, at fair value	1,493	1,358
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827 respectively ($25,109 and $6,800, respectively, in 2018)	0	0
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	23,297	20,722
Operating Lease, Right-of-Use Asset	160,202
Subordinated loan receivable	112,558	112,558
Intangible assets	400	400
Goodwill	0	0
Other assets	1,956	2,581
Deferred tax assets	(29)	455
Investment in subsidiaries	580,920	546,704
Intercompany receivables	46,960	46,840
Total assets	950,479	758,935
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	(10,302)	31,653
Operating Lease, Liability	203,240
Income tax payable	22,189	22,189
Senior secured notes, net of debt issuance costs of $775 ($904 in 2018)	0	0
Subordinated indebtedness	0	0
Deferred tax liabilities, net	(808)	0
Intercompany payables	(193,967)	26,334
Total liabilities	20,352	80,176
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	930,127	678,759
Total liabilities and stockholders' equity	950,479	758,935
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	32,597	33,323	33,705	36,996
Deposits with clearing organizations	65,491	67,678
Receivable from brokers, dealers and clearing organizations	167,931	166,493
Receivable from customers, net of allowance for credit losses of $920 ($886 in 2018)	807,581	720,777
Income tax receivable	(702)	(702)
Securities purchased under agreements to resell	39	290
Securities owned, at fair value	993,877	836,226
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827 respectively ($25,109 and $6,800, respectively, in 2018)	43,413	44,058
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	9,030	8,266
Operating Lease, Right-of-Use Asset	6,410
Subordinated loan receivable	0	0
Intangible assets	31,700	31,700
Goodwill	137,889	137,889
Other assets	130,275	110,052
Deferred tax assets	17,573	18,494
Investment in subsidiaries	0	0
Intercompany receivables	(7,420)	(6,299)
Total assets	2,435,684	2,168,245
Liabilities
Drafts payable	17,456	16,348
Bank call loans	50,100	15,000
Payable to brokers, dealers and clearing organizations	418,719	289,207
Payable to customers	325,754	336,616
Securities sold under agreements to repurchase	521,837	484,218
Securities sold but not yet purchased, at fair value	155,979	85,446
Accrued compensation	130,879	167,348
Accounts payable and other liabilities	52,725	55,823
Operating Lease, Liability	7,015
Income tax payable	45,683	42,878
Senior secured notes, net of debt issuance costs of $775 ($904 in 2018)	0	0
Subordinated indebtedness	112,558	112,558
Deferred tax liabilities, net	33,546	33,029
Intercompany payables	0	0
Total liabilities	1,872,251	1,638,471
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	563,433	529,774
Total liabilities and stockholders' equity	2,435,684	2,168,245
Parent
ASSETS
Cash and cash equivalents	38,235	53,526	$ 668	$ 7,442
Deposits with clearing organizations	0	0
Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers, net of allowance for credit losses of $920 ($886 in 2018)	0	0
Income tax receivable	47,917	45,733
Securities purchased under agreements to resell	0	0
Securities owned, at fair value	0	0
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $32,369 and $6,827 respectively ($25,109 and $6,800, respectively, in 2018)	0	0
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	0	0
Operating Lease, Right-of-Use Asset	0
Subordinated loan receivable	0	0
Intangible assets	0	0
Goodwill	0	0
Other assets	125	135
Deferred tax assets	155	1
Investment in subsidiaries	692,030	661,837
Intercompany receivables	(12,892)	(14,211)
Total assets	765,570	747,021
Liabilities
Drafts payable	0	0
Bank call loans	0	0
Payable to brokers, dealers and clearing organizations	0	0
Payable to customers	0	0
Securities sold under agreements to repurchase	0	0
Securities sold but not yet purchased, at fair value	0	0
Accrued compensation	0	0
Accounts payable and other liabilities	295	163
Operating Lease, Liability	0
Income tax payable	2,440	2,440
Senior secured notes, net of debt issuance costs of $775 ($904 in 2018)	199,225	199,096
Subordinated indebtedness	0	0
Deferred tax liabilities, net	0	0
Intercompany payables	0	0
Total liabilities	201,960	201,699
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	563,610	545,322
Total liabilities and stockholders' equity	$ 765,570	$ 747,021

Supplemental Guarantor Conden_3

Supplemental Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
REVENUES
Commissions	$ 80,896	$ 82,850	$ 160,305	$ 166,257
Investment Advisory Fee Revenue	80,707	77,270	154,354	154,818
Investment banking	32,006	27,904	60,049	56,114
Sweep Interest Income from FDIC-Insured Bank Deposits	31,830	28,853	65,798	54,150
Interest	13,550	13,056	26,277	25,283
Principal transactions, net	3,045	6,400	14,483	9,126
Other	8,901	6,223	21,439	11,338
Total revenue	250,935	242,556	502,705	477,086
EXPENSES
Compensation and related expenses	155,783	151,871	316,138	304,975
Communications and technology	20,499	17,997	40,585	36,685
Occupancy and equipment costs	15,573	14,901	30,846	30,329
Clearing and exchange fees	5,678	5,780	11,010	11,876
Interest	13,192	10,909	26,178	19,872
Other	22,819	28,581	44,505	51,211
Total expenses	233,544	230,039	469,262	454,948
Operating Income (Loss)	17,391	12,517	33,443	22,138
Income Tax Expense (Benefit)	5,016	3,662	9,874	6,578
Net Income (Loss) before equity in Earnings of Subsidiaries	12,375	8,855	23,569	15,560
Equity in earnings of subsidiaries	0	0	0	0
Net income attributable to Oppenheimer Holdings Inc.	12,375	8,855	23,569	15,560
Other comprehensive income	361	(837)	924	(979)
Comprehensive income	12,736	8,018	24,493	14,581
Eliminations
REVENUES
Commissions	0	0	0	0
Investment Advisory Fee Revenue	(360)	(319)	(695)	(645)
Investment banking	0	0	0	0
Sweep Interest Income from FDIC-Insured Bank Deposits	0	(9)	0	0
Interest	(2,074)	0	(4,147)	(4,157)
Principal transactions, net	0	(2,077)	(12)	(42)
Other	1	(94)	1	(189)
Total revenue	(2,433)	(2,499)	(4,853)	(5,033)
EXPENSES
Compensation and related expenses	1	0	(5)	0
Communications and technology	0	0	0	0
Occupancy and equipment costs	0	(94)	0	(189)
Clearing and exchange fees	0	0	0	0
Interest	(2,073)	(2,077)	(4,147)	(4,157)
Other	(361)	(328)	(701)	(687)
Total expenses	(2,433)	(2,499)	(4,853)	(5,033)
Operating Income (Loss)	0	0	0	0
Income Tax Expense (Benefit)	0	0	0	0
Net Income (Loss) before equity in Earnings of Subsidiaries	0	0	0	0
Equity in earnings of subsidiaries	(29,191)	(23,085)	(55,998)	(41,030)
Net income attributable to Oppenheimer Holdings Inc.	(29,191)	(23,085)	(55,998)	(41,030)
Other comprehensive income	0	0	0	0
Comprehensive income	(29,191)	(23,085)	(55,998)	(41,030)
Guarantor Subsidiaries
REVENUES
Commissions	0	0	0	0
Investment Advisory Fee Revenue	0	0	0	0
Investment banking	0	0	0	0
Sweep Interest Income from FDIC-Insured Bank Deposits	0	0	0	0
Interest	2,060	0	4,122	4,120
Principal transactions, net	40	2,060	101	0
Other	1	95	2	191
Total revenue	2,101	2,155	4,225	4,311
EXPENSES
Compensation and related expenses	0	0	0	0
Communications and technology	0	0	0	0
Occupancy and equipment costs	0	0	0	0
Clearing and exchange fees	0	0	0	0
Interest	0	0	0	0
Other	122	849	244	1,102
Total expenses	122	849	244	1,102
Operating Income (Loss)	1,979	1,306	3,981	3,209
Income Tax Expense (Benefit)	510	369	1,436	633
Net Income (Loss) before equity in Earnings of Subsidiaries	1,469	937	2,545	2,576
Equity in earnings of subsidiaries	13,861	11,074	26,726	19,227
Net income attributable to Oppenheimer Holdings Inc.	15,330	12,011	29,271	21,803
Other comprehensive income	0	0	0	0
Comprehensive income	15,330	12,011	29,271	21,803
Non-Guarantor Subsidiaries
REVENUES
Commissions	80,896	82,850	160,305	166,257
Investment Advisory Fee Revenue	81,067	77,589	155,049	155,463
Investment banking	32,006	27,904	60,049	56,114
Sweep Interest Income from FDIC-Insured Bank Deposits	31,830	6,409	65,798	54,150
Interest	13,473	28,853	26,127	25,317
Principal transactions, net	3,005	13,070	14,394	9,168
Other	8,899	6,222	21,436	11,336
Total revenue	251,176	242,897	503,158	477,805
EXPENSES
Compensation and related expenses	155,402	151,349	315,318	304,127
Communications and technology	20,447	17,948	40,494	36,597
Occupancy and equipment costs	15,573	14,995	30,846	30,518
Clearing and exchange fees	5,678	5,780	11,010	11,876
Interest	11,890	9,611	23,575	17,279
Other	22,824	27,782	44,412	50,131
Total expenses	231,814	227,465	465,655	450,528
Operating Income (Loss)	19,362	15,432	37,503	27,277
Income Tax Expense (Benefit)	5,501	4,358	10,776	8,050
Net Income (Loss) before equity in Earnings of Subsidiaries	13,861	11,074	26,727	19,227
Equity in earnings of subsidiaries	0	0	0	0
Net income attributable to Oppenheimer Holdings Inc.	13,861	11,074	26,727	19,227
Other comprehensive income	361	(837)	924	(979)
Comprehensive income	14,222	10,237	27,651	18,248
Parent
REVENUES
Commissions	0	0	0	0
Investment Advisory Fee Revenue	0	0	0	0
Investment banking	0	0	0	0
Sweep Interest Income from FDIC-Insured Bank Deposits	0	0	0	0
Interest	91	0	175	3
Principal transactions, net	0	3	0	0
Other	0	0	0	0
Total revenue	91	3	175	3
EXPENSES
Compensation and related expenses	380	522	825	848
Communications and technology	52	49	91	88
Occupancy and equipment costs	0	0	0	0
Clearing and exchange fees	0	0	0	0
Interest	3,375	3,375	6,750	6,750
Other	234	278	550	665
Total expenses	4,041	4,224	8,216	8,351
Operating Income (Loss)	(3,950)	(4,221)	(8,041)	(8,348)
Income Tax Expense (Benefit)	(995)	(1,065)	(2,338)	(2,105)
Net Income (Loss) before equity in Earnings of Subsidiaries	(2,955)	(3,156)	(5,703)	(6,243)
Equity in earnings of subsidiaries	15,330	12,011	29,272	21,803
Net income attributable to Oppenheimer Holdings Inc.	12,375	8,855	23,569	15,560
Other comprehensive income	0	0	0	0
Comprehensive income	$ 12,375	$ 8,855	$ 23,569	$ 15,560

Supplemental Guarantor Conden_4

Supplemental Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operations:
Cash used in operating activities	$ (37,991)	$ 11,311
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(6,941)	(3,947)
Cash used in investing activities	(6,246)	(4,347)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,865)	(2,913)
Payments for Repurchase of Common Stock	(6,352)	0
Payments for employee taxes withheld related to vested share-based awards	(1,014)	(2,444)
Redemption of senior secured notes	35,100	(10,800)
Cash provided by (used in) financing activities	24,869	(16,157)
Net decrease in cash and cash equivalents	(19,368)	(9,193)
Cash and cash equivalents, beginning of period	90,675	48,154
Cash and cash equivalents, end of period	71,307	38,961
Payments to Acquire Intangible Assets	0	400
Proceeds from Insurance Settlement, Investing Activities	695	0
Eliminations
Cash flows from operations:
Cash used in operating activities	0	0
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Payments for Repurchase of Common Stock	0
Payments for employee taxes withheld related to vested share-based awards	0	0
Redemption of senior secured notes	0	0
Cash provided by (used in) financing activities	0	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Payments to Acquire Intangible Assets	0	0
Proceeds from Insurance Settlement, Investing Activities	0
Guarantor Subsidiaries
Cash flows from operations:
Cash used in operating activities	(3,351)	1,272
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	0	0
Cash used in investing activities	0	(400)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Payments for Repurchase of Common Stock	0
Payments for employee taxes withheld related to vested share-based awards	0	0
Redemption of senior secured notes	0	0
Cash provided by (used in) financing activities	0	0
Net decrease in cash and cash equivalents	(3,351)	872
Cash and cash equivalents, beginning of period	3,826	3,716
Cash and cash equivalents, end of period	475	4,588
Payments to Acquire Intangible Assets	0	400
Proceeds from Insurance Settlement, Investing Activities	0
Non-Guarantor Subsidiaries
Cash flows from operations:
Cash used in operating activities	(29,580)	11,456
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(6,941)	(3,947)
Cash used in investing activities	(6,246)	(3,947)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	0	0
Payments for Repurchase of Common Stock	0
Payments for employee taxes withheld related to vested share-based awards	0	0
Redemption of senior secured notes	35,100	(10,800)
Cash provided by (used in) financing activities	35,100	(10,800)
Net decrease in cash and cash equivalents	(726)	(3,291)
Cash and cash equivalents, beginning of period	33,323	36,996
Cash and cash equivalents, end of period	32,597	33,705
Payments to Acquire Intangible Assets	0	0
Proceeds from Insurance Settlement, Investing Activities	695
Parent
Cash flows from operations:
Cash used in operating activities	(5,060)	(1,417)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	0	0
Cash used in investing activities	0	0
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(2,865)	(2,913)
Payments for Repurchase of Common Stock	(6,352)
Payments for employee taxes withheld related to vested share-based awards	(1,014)	(2,444)
Redemption of senior secured notes	0	0
Cash provided by (used in) financing activities	(10,231)	(5,357)
Net decrease in cash and cash equivalents	(15,291)	(6,774)
Cash and cash equivalents, beginning of period	53,526	7,442
Cash and cash equivalents, end of period	38,235	668
Payments to Acquire Intangible Assets	0	$ 0
Proceeds from Insurance Settlement, Investing Activities	$ 0