Oppenheimer (OPY) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	May 01, 2020	Mar. 31, 2020
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		Mar. 31, 2020
Document Fiscal Year Focus		2020
Document Fiscal Period Focus		Q1
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	12,619,081
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	99,665
Subsequent Event [Member]
Document Information [Line Items]
Subsequent Event, Date	May 1, 2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 23,540	$ 79,550
Deposits with clearing organizations	119,580	48,415
Receivable from brokers, dealers and clearing organizations	198,417	163,293
Receivable from customers, net of allowance for credit losses of $528 ($451 in 2019)	964,772	796,934
Income tax receivable	6,283	5,170
Securities owned, including amounts pledged of $150,547 ($357,120 in 2019), at fair value	309,346	799,719
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908 respectively ($38,355 and $3,673, respectively, in 2019)	44,960	43,670
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $96,742 ($94,773 in 2019)	30,646	31,377
Operating Lease, Right-of-Use Asset	156,040	160,297
Intangible assets	32,100	32,100
Goodwill	137,889	137,889
Other assets	116,060	166,341
Total assets	2,139,633	2,464,755
Liabilities
Drafts payable	19,066	0
Bank call loans	203,100	0
Payable to brokers, dealers and clearing organizations	239,583	520,975
Payable to customers	413,646	334,735
Securities sold under agreements to repurchase	124,103	287,265
Securities sold but not yet purchased, at fair value	34,639	100,571
Accrued compensation	102,407	207,358
Accounts payable and other liabilities	43,645	44,725
Present value of lease liabilities	197,728	203,140
Senior secured notes, net of debt issuance costs of $432 ($485 in 2019)	148,142	149,515
Deferred tax liabilities, net of deferred tax assets of $37,080 ($43,630 in 2019)	26,844	23,749
Total liabilities	1,552,903	1,872,033
Commitments and contingencies (note 13)
Share capital
Common stock	44,306	46,557
Contributed capital	37,945	47,406
Retained earnings	503,255	496,998
Accumulated other comprehensive income	1,224	1,761
Stockholders' Equity Attributable to Parent	586,730	592,722
Total liabilities and stockholders' equity	2,139,633	2,464,755
Class A Stock
Share capital
Common stock	44,173	46,424
Class B Stock
Share capital
Common stock	$ 133	$ 133

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Allowance for credit losses	$ 528	$ 451
Amounts pledged	150,547	357,120
Furniture equipment and leasehold improvements, net accumulated depreciation	96,742	94,773
Net deferred tax assets	37,080	43,630
Notes Receivable, Net Accumulated Amortization	31,188	38,355
Notes Receivable, Net Allowance for Uncollectibles	3,908	3,673
Unamortized debt issuance expense	432	485
Operating Lease Right-of-use Asset Accumulated Amortization	$ 31,398	$ 25,186
Class A Stock
Common stock, authorized	50,000,000	50,000,000
Common stock, shares issued	12,610,740	12,698,703
Common stock, shares outstanding	12,610,740	12,698,703
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
	Mar. 31, 2020	Mar. 31, 2019
REVENUE
Commissions	$ 103,249	$ 79,409
Investment Advisory Fee Revenue	86,164	73,647
Investment banking	25,728	28,043
Proceeds from (Payments for) in Interest-bearing Deposits in Banks	18,826	33,968
Interest	10,890	12,727
Principal transactions, net	(868)	11,438
Other	(9,219)	12,538
Total revenue	234,770	251,770
EXPENSES
Compensation and related expenses	157,676	160,355
Communications and technology	19,891	20,086
Occupancy and equipment costs	16,078	15,273
Clearing and exchange fees	5,659	5,332
Interest	6,550	12,986
Other	18,693	21,686
Total expenses	224,547	235,718
Operating Income (Loss)	10,223	16,052
Income Tax Expense (Benefit)	2,405	4,858
Net income attributable to Oppenheimer Holdings Inc.	$ 7,818	$ 11,194
Net income per share
Net loss per share (in dollars per share)	$ 0.61	$ 0.86
Earnings Per Share, Diluted [Abstract]
Net loss per share (in dollars per share)	$ 0.58	$ 0.81
Weighted average shares
Basic (in shares)	12,895,729	13,020,344
Diluted (in shares)	13,456,233	13,851,321

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net Income (Loss) Attributable to Parent	$ 7,818	$ 11,194
Other comprehensive income (loss), net of tax
Currency translation adjustment	(537)	563
Comprehensive income	$ 7,281	$ 11,757

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)
Stockholders' equity attributable to Oppenheimer Holdings Inc.		$ 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			(2,035)
Net Income (Loss) Attributable to Parent	$ 11,194				11,194
Share-based expense				1,889
Vested employee share plan awards				(2,176)
Dividends paid					$ (1,432)
Currency translation adjustment	563					563
Dividends					$ 0.11
Stockholders' equity attributable to Oppenheimer Holdings Inc.	554,487	52,519		41,489	$ 459,751	728
Stockholders' equity attributable to Oppenheimer Holdings Inc.	592,722	46,557		47,406	496,998	1,761
Issuance of Class A non-voting common stock			6,183
Repurchase of Class A non-voting common stock for cancellation			$ (8,434)
Net Income (Loss) Attributable to Parent	7,818
Share-based expense				2,062
Vested employee share plan awards				(11,523)
Dividends paid					$ (1,561)
Currency translation adjustment	(537)					(537)
Dividends					$ 0.12
Stockholders' equity attributable to Oppenheimer Holdings Inc.	$ 586,730	$ 44,306		$ 37,945	$ 503,255	$ 1,224

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retained Earnings
Dividends	$ 0.12	$ 0.11

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Cash Flows [Abstract]
Repurchase of Secured Debt	$ 1,426,000	$ 0
Net Income (Loss) Attributable to Parent	7,818,000	11,194,000
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	2,057,000	1,708,000
Deferred income taxes	3,019,000	1,894,000
Amortization of notes receivable	3,059,000	3,388,000
Amortization of debt issuance costs	49,000	64,000
Write-off of debt issuance costs	4,000	0
Provision for credit losses	358,000	12,000
Share-based compensation	(1,376,000)	3,042,000
Amortization of right-of-use lease assets	6,213,000	0
Gain on repurchase of senior secured notes	(85,560)	0
Decrease (increase) in operating assets:
Deposits with clearing organizations	71,165,000	(12,609,000)
Receivable from brokers, dealers and clearing organizations	(35,124,000)	(13,728,000)
Receivable from customers	(168,196,000)	(32,860,000)
Income tax receivable	(1,113,000)	1,014,000
Securities purchased under agreements to resell	0	(299,000)
Securities owned	490,373,000	(73,884,000)
Notes receivable	(4,349,000)	(3,251,000)
Other assets	49,744,000	(14,326,000)
Increase (decrease) in operating liabilities:
Drafts payable	19,066,000	(2,815,000)
Payable to brokers, dealers and clearing organizations	(281,392,000)	345,126,000
Payable to customers	78,911,000	(2,240,000)
Income taxes payable	0	1,162,000
Securities sold under agreements to repurchase	(163,162,000)	(215,597,000)
Securities sold but not yet purchased	(65,932,000)	51,840,000
Accrued compensation	(101,513,000)	(61,633,000)
Accounts payable and other liabilities	(8,286,000)	2,907,000
Cash (used in) provided by operating activities	(241,023,000)	15,327,000
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(1,326,000)	(3,448,000)
Cash used in investing activities	(1,326,000)	(3,448,000)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,561,000)	(1,432,000)
Proceeds from Issuance of Common Stock		(2,035,000)
Repurchase of Class A non-voting common stock for cancellation	(8,434,000)	(2,035,000)
Payments for employee taxes withheld related to vested share-based awards	(5,340,000)	(1,014,000)
Increase (decrease) in bank call loans, net	203,100,000	(15,000,000)
Cash provided by (used in) financing activities	186,339,000	(19,481,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(56,010,000)	(7,602,000)
Schedule of non-cash financing activities
Employee share plan issuance	10,032,000	1,706,000
Supplemental disclosure of cash flow information
Interest Paid, Excluding Capitalized Interest, Operating Activities	9,095,000	9,385,000
Cash paid during the period for income taxes, net	516,000	792,000
Cash and cash equivalents	$ 23,540,000	$ 83,073,000

Organization

Organization	3 Months Ended
	Mar. 31, 2020
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", "we", "our" or "us"). 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 93 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; and 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. 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	3 Months Ended
	Mar. 31, 2020
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, 2019 (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 three-month period ended March 31, 2020 are not necessarily indicative of the results to be expected for any future interim or annual period. On January 30, 2020, the spread of the novel coronavirus ("COVID-19") was declared a Public Health Emergency of International Concern by the World Health Organization ("WHO"). Subsequently, on March 11, 2020, the WHO characterized the COVID-19 outbreak as a pandemic. The United States now has the world’s most reported COVID-19 cases, and all 50 states and the District of Columbia have reported cases of infected individuals. Several states, including the State of New York, where we are headquartered, have declared states of emergency. The COVID-19 Pandemic coupled with the current market volatility ha s created an economic environment which may have significant accounting and financial reporting implications. The disruption of businesses around the globe due to COVID-19 may be a "trigger event" for companies to reassess valuation and accounting estimates and assumptions such as, impairment of goodwill, valuation allowances of deferred tax assets, fair value of investments and collectability of receivables. We have reviewed the assumptions on which we value our goodwill, as well as valuation allowances on certain assets and the collectability of our receivables as of March 31, 2020 none of which resulted in any impairment or write off. On March 27, 2020, Congress approved and the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. CARES Act is a tax-and-spending package intend to provide economic relief to address the impact of the COVID-19 Pandemic. The Company is currently evaluating several significant business tax provisions, such as net operating losses and employee retention credits to determine the impact on the Company.

Financial Instruments - Credit

Financial Instruments - Credit Losses (Notes)	3 Months Ended
	Mar. 31, 2020
Credit Loss [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which replaces the incurred loss methodology with a current expected loss ("CECL") methodology. The Company elected the modified retrospective method which did not result in a cumulative-effect adjustment at the date of adoption. The Company utilizes the practical expedient for securities borrowed and reverse repurchase agreements as these assets are secured by collateral when the amount of collateral is continually adjusted for fair value changes. No material historical losses have been reported on these assets. See footnote 8 for details. As of March 31, 2020, the Company has $45.0 million of notes receivable. Notes receivable represents recruiting and retention payments generally in the form of upfront loans to financial advisers and key revenue producers as part of the Company's overall growth strategy. These notes generally amortize over a service period of 3 to 10 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. At this point any uncollected portion of the notes gets reclassified into a defaulted notes category. The allowance for uncollectibles is a valuation account that is deducted from the amortized cost basis of the defaulted notes balance to present the net amount expected to be collected. Balances are charged-off against the allowance when management deems the amount to be uncollectible. The Company reserves 100% of the uncollected balance of defaulted notes which are five years and older and applies an expected loss rate to the remaining balance. The expected loss rate is based on historical collection rates of defaulted notes. The expected loss rate is adjusted for changes in environmental and market conditions such as changes in unemployment rates, changes in interest rates and other relevant factors. For the three months ended March 31, 2020 no adjustments were made to the expected loss rate for these factors. The Company will continuously monitor the effect of these factors on the expected loss rate and adjust it as necessary. The allowance is measured on a collectible (pool) basis as the Company has determined that the entire defaulted portion of notes receivable has similar risk characteristics. As of March 31, 2020, the uncollected balance of defaulted notes was $5.3 million and the allowance for uncollectibles was $3.9 million . The allowance for uncollectibles consisted of $2.9 million related to defaulted notes balances (five years and older) and $975,000 (under five years) using an expected loss rate of 40.9% . The following table presents the disaggregation of defaulted notes by year of origination as of March 31, 2020: (Expressed in thousands) As of March 31, 2020 2020 $ — 2019 555 2018 186 2017 769 2016 875 2015 and prior 2,933 Total $ 5,318 The following table presents activity in the allowance for uncollectibles of defaulted notes for the three months ended March 31, 2020: (Expressed in thousands) Beginning balance, January 1, 2020 upon adoption of ASU 2016-13 $ 3,673 Additions 235 Ending balance, March 31, 2020 $ 3,908

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
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 condensed 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 93 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of 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 March 31, 2020 , the Company had right-of-use operating lease assets of $156.0 million (net of accumulated amortization of $31.4 million ) which are comprised of real estate leases of $152.9 million (net of accumulated amortization of $29.0 million ) and equipment leases of $3.1 million (net of accumulated amortization of $2.4 million ). As of March 31, 2020 , the Company had operating lease liabilities of $197.7 million which are comprised of real estate lease liabilities of $194.6 million and equipment lease liabilities of $3.1 million . As of March 31, 2020 , 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 March 31, 2020 . 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 March 31, 2020 and December 31, 2019: As of March 31, 2020 December 31, 2019 Weighted average remaining lease term (in years) 8.16 8.31 Weighted average discount rate 7.85% 7.89% The following table presents operating lease costs recognized for the three months ended March 31, 2020 and 2019 which are included in occupancy and equipment costs on the condensed consolidated income statement: (Expressed in thousands) For the Three Months Ended March 31, 2020 2019 Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 5,740 $ 6,332 Real estate leases - Interest expense 3,911 3,443 Equipment leases - Right-of-use lease asset amortization 473 465 Equipment leases - Interest expense 54 57 The maturities of lease liabilities as of March 31, 2020 and December 31, 2019 are as follows: (Expressed in thousands) As of March 31, 2020 December 31, 2019 2020 $ 31,798 $ 42,585 2021 38,115 37,531 2022 33,959 33,416 2023 31,424 31,187 2024 27,463 27,234 After 2025 108,112 108,098 Total lease payments $ 270,871 $ 280,051 Less interest (73,143 ) (76,911 ) Present value of lease liabilities $ 197,728 $ 203,140 As of March 31, 2020 , the Company had $11.2 million of additional operating leases that have not yet commenced ( $11.1 million as of December 31, 2019).

Revenues from contracts with cu

Revenues from contracts with customers	3 Months Ended
	Mar. 31, 2020
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 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 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 months ended March 31, 2020 and 2019: (Expressed in thousands) For the Three Months Ended March 31, 2020 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 47,105 $ — $ 46,287 $ 20 $ 93,412 Mutual fund income 9,827 3 3 4 9,837 Advisory fees 66,883 19,270 2 9 86,164 Investment banking - capital markets 3,950 — 11,942 — 15,892 Investment banking - advisory — — 9,836 — 9,836 Bank deposit sweep income 18,826 — — — 18,826 Other 3,131 — 640 101 3,872 Total revenue from contracts with customers 149,722 19,273 68,710 134 237,839 Other sources of revenue: Interest 7,680 — 2,824 386 10,890 Principal transactions, net (2,715 ) — 3,984 (2,137 ) (868 ) Other (13,269 ) 3 24 151 (13,091 ) Total other sources of revenue (8,304 ) 3 6,832 (1,600 ) (3,069 ) Total revenue $ 141,418 $ 19,276 $ 75,542 $ (1,466 ) $ 234,770 (Expressed in thousands) For the Three Months Ended March 31, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 37,477 $ — $ 32,316 $ 2 $ 69,795 Mutual fund income 9,614 (6 ) 1 5 9,614 Advisory fees 57,044 16,589 5 9 73,647 Investment banking - capital markets 2,749 — 8,593 — 11,342 Investment banking - advisory — — 16,701 — 16,701 Bank deposit sweep income 33,968 — — — 33,968 Other 3,278 — 319 256 3,853 Total revenue from contracts with customers 144,130 16,583 57,935 272 218,920 Other sources of revenue: Interest 9,408 — 2,835 484 12,727 Principal transactions, net 1,684 — 10,157 (403 ) 11,438 Other 8,305 3 34 343 8,685 Total other sources of revenue 19,397 3 13,026 424 32,850 Total revenue $ 163,527 $ 16,586 $ 70,961 $ 696 $ 251,770 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 $22.7 million and $28.9 million at March 31, 2020 and December 31, 2019, respectively. The Company had no significant impairments related to these receivables during the three months ended March 31, 2020 . 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 $2.2 million and $408,000 at March 31, 2020 and December 31, 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) As of March 31, 2020 December 31, 2019 Contract assets (receivables): Commission (1) $ 4,298 $ 2,824 Mutual fund income (2) 6,736 6,746 Advisory fees (3) 1,080 1,594 Bank deposit sweep income (4) 1,610 3,454 Investment banking fees (5) 4,392 9,284 Other 4,560 4,986 Total contract assets $ 22,676 $ 28,888 Deferred revenue (payables): Investment banking fees (6) $ 289 $ 408 IRA fees (7) 1,906 — Total deferred revenue $ 2,195 $ 408 (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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Basic weighted average number of shares outstanding 12,895,729 13,020,344 Net dilutive effect of share-based awards, treasury method (1) 560,504 830,977 Diluted weighted average number of shares outstanding 13,456,233 13,851,321 Net income $ 7,818 $ 11,194 Net income per share Basic $ 0.61 $ 0.86 Diluted $ 0.58 $ 0.81 (1) For the three months ended March 31, 2020 , the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements ( 7,628 shares for the three months ended March 31, 2019).

Receivable From and Payable to

Receivable From and Payable to Brokers, Dealers and Clearing Organizations	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 December 31, 2019 Receivable from brokers, dealers and clearing organizations consists of: Securities borrowed $ 102,844 $ 99,635 Receivable from brokers 37,588 19,024 Securities failed to deliver 26,694 7,173 Clearing organizations 28,463 36,269 Other 2,828 1,192 Total $ 198,417 $ 163,293 Payable to brokers, dealers and clearing organizations consists of: Securities loaned $ 181,745 $ 234,343 Payable to brokers 5,079 4,548 Securities failed to receive 45,593 14,603 Other 7,166 267,481 Total $ 239,583 $ 520,975

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2020
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 ten years, the Company has bought back $140.2 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 March 31, 2020 , the Company had $2.3 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 ten years, the Company has purchased $102.3 million of ARS pursuant to these legal settlements and awards. As of March 31, 2020 , the Company had one remaining commitment to purchase $3.7 million in ARS by July 2020 . As of March 31, 2020 , the Company owned $26.3 million of ARS. 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 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 March 31, 2020 , the Company had a valuation adjustment (unrealized loss) totaling $5.1 million which consists of $4.2 million for ARS owned (which is included as a reduction to securities owned on the condensed consolidated balance sheet) and $887,000 for ARS purchase commitments from legal settlements and awards and settlements with regulators (which is included in accounts payable and other liabilities on the condensed consolidated balance sheet). 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 March 31, 2020 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 1,164 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 3,815 1,399 N/A N/A $ 4,979 $ 1,399 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources. Assets and Liabilities Measured at Fair Value The Company's assets and liabilities, recorded at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 , 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 March 31, 2020 : (Expressed in thousands) Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 36,593 $ — $ — $ 36,593 Securities owned: U.S. Treasury securities 156,304 — — 156,304 U.S. Agency securities 2,642 9,854 12,496 Sovereign obligations — 1,776 — 1,776 Corporate debt and other obligations — 16,463 — 16,463 Mortgage and other asset-backed securities — 2,243 — 2,243 Municipal obligations — 45,448 — 45,448 Convertible bonds — 21,781 — 21,781 Corporate equities 25,582 — — 25,582 Money markets 917 — — 917 Auction rate securities — 26,336 — 26,336 Securities owned, at fair value 185,445 123,901 — 309,346 Derivative contracts: TBAs — 638 — 638 Total $ 222,038 $ 124,539 $ — $ 346,577 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 10,679 $ — $ — $ 10,679 U.S. Agency securities — 8 — 8 Sovereign obligations — 1,389 — 1,389 Corporate debt and other obligations — 5,131 — 5,131 Convertible bonds — 3,880 — 3,880 Corporate equities 13,552 — — 13,552 Securities sold but not yet purchased, at fair value 24,231 10,408 — 34,639 Derivative contracts: Futures 1,161 — — 1,161 Foreign exchange forward contracts 31 — — 31 TBAs — 643 — 643 ARS purchase commitments — 887 — 887 Derivative contracts, total 1,192 1,530 — 2,722 Total $ 25,423 $ 11,938 $ — $ 37,361 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 : (Expressed in thousands) Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 25,118 $ — $ — $ 25,118 Securities owned: U.S. Treasury securities 613,030 — — 613,030 U.S. Agency securities 19,917 15,974 — 35,891 Sovereign obligations — 11,405 — 11,405 Corporate debt and other obligations — 8,310 — 8,310 Mortgage and other asset-backed securities — 2,697 — 2,697 Municipal obligations — 40,260 — 40,260 Convertible bonds — 29,816 — 29,816 Corporate equities 32,215 — — 32,215 Money markets 781 — — 781 Auction rate securities — 25,314 — 25,314 Securities owned, at fair value 665,943 133,776 — 799,719 Total $ 691,061 $ 133,776 $ — $ 824,837 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 52,882 $ — $ — $ 52,882 U.S. Agency securities — 18 — 18 Sovereign obligations — 6,405 — 6,405 Corporate debt and other obligations — 664 — 664 Convertible bonds — — — — Corporate equities 21,978 — — 21,978 Securities sold but not yet purchased, at fair value 74,860 25,711 — 100,571 Derivative contracts: Futures 267 — — 267 Foreign exchange forward contracts — — — — TBAs — 124 — 124 ARS purchase commitments — 1,023 — 1,023 Derivative contracts, total 267 1,147 — 1,414 Total $ 75,127 $ 26,858 $ — $ 101,985 For the three months ended March 31, 2020, there were no balances or changes in Level 3 assets and liabilities. 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 March 31, 2020 : (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 23,540 $ 23,540 $ — $ — $ 23,540 Deposits with clearing organization 82,987 82,987 — — 82,987 Receivable from brokers, dealers and clearing organizations: Securities borrowed 102,844 — 102,844 — 102,844 Receivables from brokers 37,588 — 37,588 — 37,588 Securities failed to deliver 26,694 — 26,694 — 26,694 Clearing organizations 28,463 — 28,463 — 28,463 Other 2,833 — 2,833 — 2,833 198,422 — 198,422 — 198,422 Receivable from customers 964,772 — 964,772 — 964,772 Notes receivable, net 44,960 — 44,960 — 44,960 Investments (1) 60,631 — 60,631 — 60,631 (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 $ 19,066 $ 19,066 $ — $ — $ 19,066 Bank call loans 203,100 — 203,100 — 203,100 Payables to brokers, dealers and clearing organizations: Securities loaned 181,745 — 181,745 — 181,745 Payable to brokers 5,079 — 5,079 — 5,079 Securities failed to receive 45,593 — 45,593 — 45,593 Other 6,005 — 6,005 — 6,005 238,422 — 238,422 — 238,422 Payables to customers 413,646 — 413,646 — 413,646 Securities sold under agreements to repurchase 124,103 — 124,103 — 124,103 Senior secured notes 148,574 — 140,624 — 140,624 Assets and liabilities not measured at fair value as of December 31, 2019 : (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 79,550 $ 79,550 $ — $ — $ 79,550 Deposits with clearing organization 23,297 23,297 — — 23,297 Receivable from brokers, dealers and clearing organizations: Securities borrowed 99,635 — 99,635 — 99,635 Receivables from brokers 19,024 — 19,024 — 19,024 Securities failed to deliver 7,173 — 7,173 — 7,173 Clearing organizations 36,269 — 36,269 — 36,269 Other 1,316 — 1,316 — 1,316 163,417 — 163,417 — 163,417 Receivable from customers 796,934 — 796,934 — 796,934 Notes receivable, net 43,670 — 43,670 — 43,670 Investments (1) 73,971 — 73,971 — 73,971 (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 Payables to brokers, dealers and clearing organizations: Securities loaned $ 234,343 $ — $ 234,343 $ — $ 234,343 Payable to brokers 4,548 — 4,548 — 4,548 Securities failed to receive 14,603 — 14,603 — 14,603 Other 267,214 — 267,214 — 267,214 520,708 — 520,708 — 520,708 Payables to customers 334,735 — 334,735 — 334,735 Securities sold under agreements to repurchase 287,265 — 287,265 — 287,265 Senior secured notes 150,000 — 154,988 — 154,988 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 March 31, 2020 , 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 March 31, 2020 and December 31, 2019 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of March 31, 2020 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 18,900 $ 638 $ 18,900 $ 638 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 1,555,000 $ 1,161 Other contracts Foreign exchange forward contracts 800 31 Other contracts TBAs 18,900 643 ARS purchase commitments 6,074 887 $ 1,580,774 $ 2,722 (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, 2019 Description Notional Fair Value Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 5,209,000 $ 267 Other contracts TBAs 13,245 124 ARS purchase commitments 7,128 1,023 $ 5,229,373 $ 1,414 (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 March 31, 2020 and 2019 : (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended March 31, 2020 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (8,093 ) Other contracts Foreign exchange forward contracts Other revenue 2 TBAs Principal transactions revenue (12 ) ARS purchase commitments Principal transactions revenue 136 $ (7,967 ) (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended March 31, 2019 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (576 ) Other contracts Foreign exchange forward contracts Other revenue (2 ) TBAs Principal transactions revenue 10 ARS purchase commitments Principal transactions revenue (18 ) $ (586 )

Collateralized Transactions

Collateralized Transactions	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , the Company's bank call loans outstanding balance was $203.1 million ($ nil as of December 31, 2019); such loans were collateralized by firm and/or customer securities with market values of approximately $31.7 million and $171.4 million , respectively, with commercial banks. As of March 31, 2020 , the Company had approximately $1.3 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $149.4 million under securities loan agreements. As of March 31, 2020 , the Company had pledged $484.9 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. As of March 31, 2020 , 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 March 31, 2020 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government and Agency securities $ 135,870 Securities loaned: Equity securities 181,745 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 317,615 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 March 31, 2020 and December 31, 2019 : As of March 31, 2020 (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 $ 11,767 $ (11,767 ) $ — $ — $ — $ — Securities borrowed (1) 102,844 — 102,844 (97,039 ) — 5,805 Total $ 114,611 $ (11,767 ) $ 102,844 $ (97,039 ) $ — $ 5,805 (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 $ 135,870 $ (11,767 ) $ 124,103 $ (123,506 ) $ — $ 597 Securities loaned (2) 181,745 — 181,745 (174,038 ) — 7,707 Total $ 317,615 $ (11,767 ) $ 305,848 $ (297,544 ) $ — $ 8,304 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2019 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 55,927 $ (55,927 ) $ — $ — $ — $ — Securities borrowed (1) 99,635 — 99,635 (97,702 ) — 1,933 Total $ 155,562 $ (55,927 ) $ 99,635 $ (97,702 ) $ — $ 1,933 (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 $ 343,192 $ (55,927 ) $ 287,265 $ (285,264 ) $ — $ 2,001 Securities loaned (2) 234,343 — 234,343 (228,548 ) — 5,795 Total $ 577,535 $ (55,927 ) $ 521,608 $ (513,812 ) $ — $ 7,796 (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 March 31, 2020 , 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 March 31, 2020 , the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $98.9 million ( $96.3 million as of December 31, 2019 ) and $11.8 million ( $55.8 million as of December 31, 2019 ), respectively, of which the Company has sold and re-pledged approximately $22.2 million ( $19.3 million as of December 31, 2019 ) under securities loaned transactions and $11.8 million under repurchase agreements ( $55.8 million as of December 31, 2019 ). 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 $150.5 million , as presented on the face of the condensed consolidated balance sheet as of March 31, 2020 ( $357.1 million as of December 31, 2019 ). 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 March 31, 2020 were receivables from four major U.S. broker-dealers totaling approximately $80.2 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 March 31, 2020 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 March 31, 2020 , 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	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : (Expressed in thousands) As of March 31, 2020 Total VIE Assets (1) Carrying Value of the Capital Commitments Maximum Exposure to Loss in Non-consolidated VIEs Assets Liabilities Hedge funds $ 390,110 $ — $ — $ — $ — (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (Expressed in thousands) As of December 31, 2019 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 390,063 $ 259 $ — $ — $ 259 (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	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-term debt (Expressed in thousands) Issued Maturity Date March 31, 2020 December 31, 2019 6.75% Senior Secured Notes 7/1/2022 $ 148,574 $ 150,000 Unamortized Debt Issuance Cost (432 ) (485 ) $ 148,142 $ 149,515 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 is amortizing 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 March 31, 2020 , the Parent was in compliance with all of its covenants. Interest expense for the three months ended March 31, 2020 on the Notes was $2.5 million ( $3.4 million for the three months ended March 31, 2019 ). The Company redeemed $50.0 million ( 25% ) of the Notes on August 25, 2019 (the "Redemption Date") plus accrued and unpaid interest and incurred $1.9 million in costs associated with paying the associated Call Premium ( $1.7 million ) and the write-off of debt issuance costs ( $0.2 million ) during the third quarter of 2019. During the first quarter of 2020, the Company repurchased $1.4 million of the Notes and paid $22,807 of accrued and unpaid interest. The Company recorded a gain of $85,560 on the repurchase. As of March 31, 2020, $148.6 million aggregate principal amount of the Notes remains outstanding.

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Class A Stock outstanding, beginning of period 12,698,703 12,941,809 Issued pursuant to share-based compensation plans 321,541 61,091 Repurchased and canceled pursuant to the stock buy-back (409,504 ) (79,383 ) Class A Stock outstanding, end of period 12,610,740 12,923,517 Stock buy-back 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 then issued and outstanding shares of Class A Stock. This authorization supplemented the 26,192 shares that remained authorized and available under the Company's previous share repurchase program for a total of 666,192 shares authorized and available for repurchase. During the three months ended March 31, 2020 , the Company purchased and canceled an aggregate of 409,504 shares of Class A Stock for a total consideration of $8.4 million ( $20.60 per share) under this program. During the three months ended March 31, 2019, the Company purchased and canceled an aggregate of 79,383 shares of Class A Stock for a total consideration of $2.0 million ( $25.64 per share) under this program. As of March 31, 2020 , 180,031 shares remained available to be purchased under the new share repurchase program. 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 shares 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	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
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.

Regulatory Requirements

Regulatory Requirements	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , the net capital of Oppenheimer as calculated under the Rule was $250.9 million or 18.72% of Oppenheimer's aggregate debit items. This was $224.1 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 March 31, 2020 , Freedom had net capital of $5.0 million , which was $4.9 million in excess of the $100,000 required to be maintained at that date. As of March 31, 2020 , the capital required and held under the Capital Requirements Directive ("CRD IV") for Oppenheimer Europe Ltd. was as follows: • Common Equity Tier 1 ratio 23.13% (required 4.5% ); • Tier 1 Capital ratio 23.13% (required 6.0% ); and • Total Capital ratio 23.13% (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 March 31, 2020 , Oppenheimer Europe Ltd. was in compliance with its regulatory requirements. As of March 31, 2020 , the regulatory capital of Oppenheimer Investments Asia Limited was $2.2 million , which was $1.8 million in excess of the $387,020 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	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 . 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 March 31, 2020 2019 Revenue Private client (1) $ 141,418 $ 163,527 Asset management (1) 19,276 16,586 Capital markets 75,542 70,961 Corporate/Other (1,466 ) 696 Total $ 234,770 $ 251,770 Income (loss) before income taxes Private client (1) $ 33,369 $ 42,834 Asset management (1) 4,305 2,242 Capital markets (143 ) (2,647 ) Corporate/Other (27,308 ) (26,377 ) Total $ 10,223 $ 16,052 (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 months ended March 31, 2020 and 2019 was: (Expressed in thousands) For the Three Months Ended March 31, 2020 2019 Americas $ 220,805 $ 243,399 Europe/Middle East 12,367 7,669 Asia 1,598 702 Total $ 234,770 $ 251,770

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On May 1, 2020 , the Company announced a quarterly dividend in the amount of $0.12 per share, payable on May 29, 2020 to holders of Class A Stock and Class B Stock of record on May 15, 2020 . On January 30, 2020, the spread of COVID-19 was declared a Public Health Emergency of International Concern by the WHO. Subsequently, on March 11, 2020, the WHO characterized the COVID-19 outbreak as a pandemic. We will continue to monitor the impact of COVID-19, but at the date of this report it is too early to determine the full impact this virus may have on the global financial markets and the overall economy. Should this emerging macro-economic risk continue for an extended period, there could be an adverse material financial impact to our businesses and investments, including a material reduction in our results of operations.

Supplemental Guarantor Consolid

Supplemental Guarantor Consolidated Financial Statements	3 Months Ended
	Mar. 31, 2020
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 11 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 11. 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 MARCH 31, 2020 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,950 $ 67 $ 21,523 $ — $ 23,540 Deposits with clearing organizations — — 119,580 — 119,580 Receivable from brokers, dealers and clearing organizations — 198,417 198,417 Receivable from customers, net of allowance for credit losses of $528 — — 964,772 — 964,772 Income tax receivable 43,061 16,068 (701 ) (52,145 ) 6,283 Securities owned, including amounts pledged of $150,547 at fair value — 1,339 308,007 — 309,346 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908, respectively — — 44,960 — 44,960 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $96,742 — 21,741 8,905 — 30,646 Right-of-use lease assets, net of accumulated amortization of $31,398 — 149,929 6,026 85 156,040 Subordinated loan receivable 209 112,558 — (112,767 ) — Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 144 1,368 114,547 1 116,060 Deferred tax assets 238 (9 ) (733 ) 504 — Investment in subsidiaries 737,510 598,905 — (1,336,415 ) — Intercompany receivables (43,139 ) 73,322 (3,850 ) (26,333 ) — Total assets $ 739,973 $ 975,688 $ 1,951,042 $ (1,527,070 ) $ 2,139,633 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 19,066 $ — $ 19,066 Bank call loans — — 203,100 — 203,100 Payable to brokers, dealers and clearing organizations — — 239,583 — 239,583 Payable to customers — — 413,646 — 413,646 Securities sold under agreements to repurchase — — 124,103 — 124,103 Securities sold but not yet purchased, at fair value — — 34,639 — 34,639 Accrued compensation — — 102,407 — 102,407 Income tax payable 2,440 22,189 27,516 (52,145 ) — Accounts payable and other liabilities 2,661 (10,294 ) 51,256 22 43,645 Lease liabilities — 191,294 6,434 — 197,728 Senior secured notes, net of debt issuance cost of $432 148,142 — — — 148,142 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — (7,209 ) 33,546 507 26,844 Intercompany payables — 26,335 — (26,335 ) — Total liabilities 153,243 222,315 1,367,854 (190,509 ) 1,552,903 Stockholders' equity Total stockholders' equity 586,730 753,373 583,188 (1,336,561 ) 586,730 Total liabilities and stockholders' equity $ 739,973 $ 975,688 $ 1,951,042 $ (1,527,070 ) $ 2,139,633 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,811 $ 2,179 $ 72,560 $ — $ 79,550 Deposits with clearing organizations — — 48,415 — 48,415 Receivable from brokers, dealers and clearing organizations — — 158,231 5,062 163,293 Receivable from customers, net of allowance for credit losses of $451 — — 796,934 — 796,934 Income tax receivable 42,556 16,469 — (53,855 ) 5,170 Securities owned, including amounts pledged of $357,120 at fair value — 1,352 798,367 — 799,719 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $38,355 and $3,673, respectively — — 43,670 — 43,670 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $94,773 — 22,537 8,840 — 31,377 Subordinated loan receivable 209 112,558 — (112,767 ) — Right-of-use lease assets, net of accumulated amortization of $25,186 — 153,780 6,517 — 160,297 Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 154 11,798 164,821 (10,432 ) 166,341 Deferred tax assets 4 7,048 2,449 (9,501 ) — Investment in subsidiaries 697,093 763,990 24,656 (1,485,739 ) — Intercompany receivables 2,875 67,923 — (70,798 ) — Total assets $ 747,702 $ 1,160,034 $ 2,295,049 $ (1,738,030 ) $ 2,464,755 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Payable to brokers, dealers and clearing organizations $ — $ — $ 520,975 $ — $ 520,975 Payable to customers — — 334,735 — 334,735 Securities sold under agreements to repurchase — — 287,265 — 287,265 Securities sold but not yet purchased, at fair value — — 100,571 — 100,571 Accrued compensation — — 207,358 — 207,358 Accounts payable and other liabilities 5,166 75 50,049 (10,565 ) 44,725 Lease liabilities — 196,234 6,906 — 203,140 Income tax payable — 40 703 (743 ) — Senior secured notes, net of debt issuance cost of $485 149,515 — — — 149,515 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 33,546 (9,797 ) 23,749 Intercompany payables 299 — — (299 ) — Total liabilities 154,980 196,349 1,654,666 (133,962 ) 1,872,033 Stockholders' equity Total stockholders' equity 592,722 963,685 640,383 (1,604,068 ) 592,722 Total liabilities and stockholders' equity $ 747,702 $ 1,160,034 $ 2,295,049 $ (1,738,030 ) $ 2,464,755 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING INCOME STATEMENT FOR THE THREE MONTHS ENDED MARCH 31, 2020 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated REVENUES Commissions $ — $ — $ 103,249 $ — $ 103,249 Advisory fees — — 86,518 (354 ) 86,164 Investment banking — — 25,728 — 25,728 Bank deposit sweep income — — 18,826 — 18,826 Interest 1 2,058 10,898 (2,067 ) 10,890 Principal transactions, net — (16 ) (852 ) — (868 ) Other 86 — (9,301 ) (4 ) (9,219 ) Total revenue 87 2,042 235,066 (2,425 ) 234,770 EXPENSES Compensation and related expenses 314 — 157,362 — 157,676 Communications and technology 40 — 19,851 — 19,891 Occupancy and equipment costs — — 16,078 — 16,078 Clearing and exchange fees — — 5,659 — 5,659 Interest 2,530 — 6,088 (2,068 ) 6,550 Other 233 2 18,815 (357 ) 18,693 Total expenses 3,117 2 223,853 (2,425 ) 224,547 Income (loss) before income taxes (3,030 ) 2,040 11,213 — 10,223 Income taxes (740 ) 549 2,596 — 2,405 Net income (loss) (2,290 ) 1,491 8,617 — 7,818 Equity in earnings of subsidiaries 10,108 8,617 — (18,725 ) — Net income 7,818 10,108 8,617 (18,725 ) 7,818 Other comprehensive income — — (537 ) — (537 ) Total comprehensive income $ 7,818 $ 10,108 $ 8,080 $ (18,725 ) $ 7,281 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING INCOME STATEMENT FOR THE THREE MONTHS ENDED MARCH 31, 2019 (Expressed in thousands) Parent Guarantor Non-guarantor Eliminations Consolidated REVENUES Commissions $ — $ — $ 79,409 $ — $ 79,409 Advisory fees — — 73,982 (335 ) 73,647 Investment banking — — 28,043 — 28,043 Bank deposit sweep income — — 33,968 — 33,968 Interest 84 2,062 12,654 (2,073 ) 12,727 Principal transactions, net — 49 11,389 — 11,438 Other — 1 12,537 — 12,538 Total revenue 84 2,112 251,982 (2,408 ) 251,770 EXPENSES Compensation and related expenses 445 — 159,910 — 160,355 Communications and technology 39 — 20,047 — 20,086 Occupancy and equipment costs — — 15,273 — 15,273 Clearing and exchange fees — — 5,332 — 5,332 Interest 3,375 — 11,685 (2,074 ) 12,986 Other 316 122 21,582 (334 ) 21,686 Total expenses 4,175 122 233,829 (2,408 ) 235,718 Income (loss) before income taxes (4,091 ) 1,990 18,153 — 16,052 Income taxes (1,343 ) 926 5,275 — 4,858 Net income (loss) (2,748 ) 1,064 12,878 — 11,194 Equity in earnings of subsidiaries 13,942 12,883 — (26,825 ) — Net income 11,194 13,947 12,878 (26,825 ) 11,194 Other comprehensive income — — 563 — 563 Total comprehensive income $ 11,194 $ 13,947 $ 13,441 $ (26,825 ) $ 11,757 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2020 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 13,900 $ (2,112 ) $ (252,811 ) $ — $ (241,023 ) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (1,326 ) — (1,326 ) Cash used in investing activities — — (1,326 ) — (1,326 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,561 ) — — — (1,561 ) Repurchase of Class A non-voting common stock for cancellation (8,434 ) — — — (8,434 ) Repurchase of senior secured notes (1,426 ) — — — (1,426 ) Payments for employee taxes withheld related to vested share-based awards (5,340 ) — — — (5,340 ) Increase in bank call loans, net — — 203,100 — 203,100 Cash provided by (used in) financing activities (16,761 ) — 203,100 — 186,339 Net decrease in cash and cash equivalents (2,861 ) (2,112 ) (51,037 ) — (56,010 ) Cash and cash equivalents, beginning of the period 4,811 2,179 72,560 — 79,550 Cash and cash equivalents, end of the period $ 1,950 $ 67 $ 21,523 $ — $ 23,540 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 799 $ (214 ) $ 14,742 $ — $ 15,327 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (3,448 ) — (3,448 ) Cash used in investing activities — — (3,448 ) — (3,448 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,432 ) — — — (1,432 ) Issuance of Class A non-voting common stock (2,035 ) — — — (2,035 ) Payments for employee taxes withheld related to vested share-based awards (1,014 ) — — — (1,014 ) Decrease in bank call loans, net — — (15,000 ) — (15,000 ) Cash used in financing activities (4,481 ) — (15,000 ) — (19,481 ) Net decrease in cash and cash equivalents (3,682 ) (214 ) (3,706 ) — (7,602 ) Cash and cash equivalents, beginning of the period 53,526 3,826 33,323 — 90,675 Cash and cash equivalents, end of the period $ 49,844 $ 3,612 $ 29,617 $ — $ 83,073

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019 (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 three-month period ended March 31, 2020 are not necessarily indicative of the results to be expected for any future interim or annual period. On January 30, 2020, the spread of the novel coronavirus ("COVID-19") was declared a Public Health Emergency of International Concern by the World Health Organization ("WHO"). Subsequently, on March 11, 2020, the WHO characterized the COVID-19 outbreak as a pandemic. The United States now has the world’s most reported COVID-19 cases, and all 50 states and the District of Columbia have reported cases of infected individuals. Several states, including the State of New York, where we are headquartered, have declared states of emergency. The COVID-19 Pandemic coupled with the current market volatility ha s created an economic environment which may have significant accounting and financial reporting implications. The disruption of businesses around the globe due to COVID-19 may be a "trigger event" for companies to reassess valuation and accounting estimates and assumptions such as, impairment of goodwill, valuation allowances of deferred tax assets, fair value of investments and collectability of receivables. We have reviewed the assumptions on which we value our goodwill, as well as valuation allowances on certain assets and the collectability of our receivables as of March 31, 2020 none of which resulted in any impairment or write off. On March 27, 2020, Congress approved and the President signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law. CARES Act is a tax-and-spending package intend to provide economic relief to address the impact of the COVID-19 Pandemic. The Company is currently evaluating several significant business tax provisions, such as net operating losses and employee retention credits to determine the impact on the Company.

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Credit Loss [Abstract]
Financing Receivable Credit Quality Indicators	The following table presents the disaggregation of defaulted notes by year of origination as of March 31, 2020: (Expressed in thousands) As of March 31, 2020 2020 $ — 2019 555 2018 186 2017 769 2016 875 2015 and prior 2,933 Total $ 5,318
Financing Receivable, Allowance for Credit Loss	The following table presents activity in the allowance for uncollectibles of defaulted notes for the three months ended March 31, 2020: (Expressed in thousands) Beginning balance, January 1, 2020 upon adoption of ASU 2016-13 $ 3,673 Additions 235 Ending balance, March 31, 2020 $ 3,908

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019: As of March 31, 2020 December 31, 2019 Weighted average remaining lease term (in years) 8.16 8.31 Weighted average discount rate 7.85% 7.89% The following table presents operating lease costs recognized for the three months ended March 31, 2020 and 2019 which are included in occupancy and equipment costs on the condensed consolidated income statement: (Expressed in thousands) For the Three Months Ended March 31, 2020 2019 Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 5,740 $ 6,332 Real estate leases - Interest expense 3,911 3,443 Equipment leases - Right-of-use lease asset amortization 473 465 Equipment leases - Interest expense 54 57
Schedule of Maturities of Lease Liabilities	The maturities of lease liabilities as of March 31, 2020 and December 31, 2019 are as follows: (Expressed in thousands) As of March 31, 2020 December 31, 2019 2020 $ 31,798 $ 42,585 2021 38,115 37,531 2022 33,959 33,416 2023 31,424 31,187 2024 27,463 27,234 After 2025 108,112 108,098 Total lease payments $ 270,871 $ 280,051 Less interest (73,143 ) (76,911 ) Present value of lease liabilities $ 197,728 $ 203,140

Revenues from contracts with _2

Revenues from contracts with customers (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019: (Expressed in thousands) For the Three Months Ended March 31, 2020 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 47,105 $ — $ 46,287 $ 20 $ 93,412 Mutual fund income 9,827 3 3 4 9,837 Advisory fees 66,883 19,270 2 9 86,164 Investment banking - capital markets 3,950 — 11,942 — 15,892 Investment banking - advisory — — 9,836 — 9,836 Bank deposit sweep income 18,826 — — — 18,826 Other 3,131 — 640 101 3,872 Total revenue from contracts with customers 149,722 19,273 68,710 134 237,839 Other sources of revenue: Interest 7,680 — 2,824 386 10,890 Principal transactions, net (2,715 ) — 3,984 (2,137 ) (868 ) Other (13,269 ) 3 24 151 (13,091 ) Total other sources of revenue (8,304 ) 3 6,832 (1,600 ) (3,069 ) Total revenue $ 141,418 $ 19,276 $ 75,542 $ (1,466 ) $ 234,770 (Expressed in thousands) For the Three Months Ended March 31, 2019 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 37,477 $ — $ 32,316 $ 2 $ 69,795 Mutual fund income 9,614 (6 ) 1 5 9,614 Advisory fees 57,044 16,589 5 9 73,647 Investment banking - capital markets 2,749 — 8,593 — 11,342 Investment banking - advisory — — 16,701 — 16,701 Bank deposit sweep income 33,968 — — — 33,968 Other 3,278 — 319 256 3,853 Total revenue from contracts with customers 144,130 16,583 57,935 272 218,920 Other sources of revenue: Interest 9,408 — 2,835 484 12,727 Principal transactions, net 1,684 — 10,157 (403 ) 11,438 Other 8,305 3 34 343 8,685 Total other sources of revenue 19,397 3 13,026 424 32,850 Total revenue $ 163,527 $ 16,586 $ 70,961 $ 696 $ 251,770
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) As of March 31, 2020 December 31, 2019 Contract assets (receivables): Commission (1) $ 4,298 $ 2,824 Mutual fund income (2) 6,736 6,746 Advisory fees (3) 1,080 1,594 Bank deposit sweep income (4) 1,610 3,454 Investment banking fees (5) 4,392 9,284 Other 4,560 4,986 Total contract assets $ 22,676 $ 28,888 Deferred revenue (payables): Investment banking fees (6) $ 289 $ 408 IRA fees (7) 1,906 — Total deferred revenue $ 2,195 $ 408 (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)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Basic weighted average number of shares outstanding 12,895,729 13,020,344 Net dilutive effect of share-based awards, treasury method (1) 560,504 830,977 Diluted weighted average number of shares outstanding 13,456,233 13,851,321 Net income $ 7,818 $ 11,194 Net income per share Basic $ 0.61 $ 0.86 Diluted $ 0.58 $ 0.81 (1) For the three months ended March 31, 2020 , the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements ( 7,628 shares for the three months ended March 31, 2019).

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Investments in Company-Sponsored Funds	The following table provides information about the Company's investments in Company-sponsored funds as of March 31, 2020 : (Expressed in thousands) Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Hedge funds (1) $ 1,164 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 3,815 1,399 N/A N/A $ 4,979 $ 1,399 (1) Includes investments in hedge funds and hedge fund of funds that pursue long/short, event-driven, and activist strategies. (2) Includes private equity funds and private equity fund of funds with a focus on diversified portfolios, real estate and global natural resources.
Assets and Liabilities Measured at Fair Value on Recurring Basis	bilities, recorded at fair value on a recurring basis as of March 31, 2020 and December 31, 2019 , 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 March 31, 2020 : (Expressed in thousands) Fair Value Measurements as of March 31, 2020 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 36,593 $ — $ — $ 36,593 Securities owned: U.S. Treasury securities 156,304 — — 156,304 U.S. Agency securities 2,642 9,854 12,496 Sovereign obligations — 1,776 — 1,776 Corporate debt and other obligations — 16,463 — 16,463 Mortgage and other asset-backed securities — 2,243 — 2,243 Municipal obligations — 45,448 — 45,448 Convertible bonds — 21,781 — 21,781 Corporate equities 25,582 — — 25,582 Money markets 917 — — 917 Auction rate securities — 26,336 — 26,336 Securities owned, at fair value 185,445 123,901 — 309,346 Derivative contracts: TBAs — 638 — 638 Total $ 222,038 $ 124,539 $ — $ 346,577 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 10,679 $ — $ — $ 10,679 U.S. Agency securities — 8 — 8 Sovereign obligations — 1,389 — 1,389 Corporate debt and other obligations — 5,131 — 5,131 Convertible bonds — 3,880 — 3,880 Corporate equities 13,552 — — 13,552 Securities sold but not yet purchased, at fair value 24,231 10,408 — 34,639 Derivative contracts: Futures 1,161 — — 1,161 Foreign exchange forward contracts 31 — — 31 TBAs — 643 — 643 ARS purchase commitments — 887 — 887 Derivative contracts, total 1,192 1,530 — 2,722 Total $ 25,423 $ 11,938 $ — $ 37,361 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 : (Expressed in thousands) Fair Value Measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 25,118 $ — $ — $ 25,118 Securities owned: U.S. Treasury securities 613,030 — — 613,030 U.S. Agency securities 19,917 15,974 — 35,891 Sovereign obligations — 11,405 — 11,405 Corporate debt and other obligations — 8,310 — 8,310 Mortgage and other asset-backed securities — 2,697 — 2,697 Municipal obligations — 40,260 — 40,260 Convertible bonds — 29,816 — 29,816 Corporate equities 32,215 — — 32,215 Money markets 781 — — 781 Auction rate securities — 25,314 — 25,314 Securities owned, at fair value 665,943 133,776 — 799,719 Total $ 691,061 $ 133,776 $ — $ 824,837 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 52,882 $ — $ — $ 52,882 U.S. Agency securities — 18 — 18 Sovereign obligations — 6,405 — 6,405 Corporate debt and other obligations — 664 — 664 Convertible bonds — — — — Corporate equities 21,978 — — 21,978 Securities sold but not yet purchased, at fair value 74,860 25,711 — 100,571 Derivative contracts: Futures 267 — — 267 Foreign exchange forward contracts — — — — TBAs — 124 — 124 ARS purchase commitments — 1,023 — 1,023 Derivative contracts, total 267 1,147 — 1,414 Total $ 75,127 $ 26,858 $ — $ 101,985 For the three months ended March 31, 2020, there were no balances or changes in Level 3 assets and liabilities.
Financial Instruments, Estimate Not Practicable, Fair Value	d at fair value as of March 31, 2020 : (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 23,540 $ 23,540 $ — $ — $ 23,540 Deposits with clearing organization 82,987 82,987 — — 82,987 Receivable from brokers, dealers and clearing organizations: Securities borrowed 102,844 — 102,844 — 102,844 Receivables from brokers 37,588 — 37,588 — 37,588 Securities failed to deliver 26,694 — 26,694 — 26,694 Clearing organizations 28,463 — 28,463 — 28,463 Other 2,833 — 2,833 — 2,833 198,422 — 198,422 — 198,422 Receivable from customers 964,772 — 964,772 — 964,772 Notes receivable, net 44,960 — 44,960 — 44,960 Investments (1) 60,631 — 60,631 — 60,631 (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 $ 19,066 $ 19,066 $ — $ — $ 19,066 Bank call loans 203,100 — 203,100 — 203,100 Payables to brokers, dealers and clearing organizations: Securities loaned 181,745 — 181,745 — 181,745 Payable to brokers 5,079 — 5,079 — 5,079 Securities failed to receive 45,593 — 45,593 — 45,593 Other 6,005 — 6,005 — 6,005 238,422 — 238,422 — 238,422 Payables to customers 413,646 — 413,646 — 413,646 Securities sold under agreements to repurchase 124,103 — 124,103 — 124,103 Senior secured notes 148,574 — 140,624 — 140,624 Assets and liabilities not measured at fair value as of December 31, 2019 : (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 79,550 $ 79,550 $ — $ — $ 79,550 Deposits with clearing organization 23,297 23,297 — — 23,297 Receivable from brokers, dealers and clearing organizations: Securities borrowed 99,635 — 99,635 — 99,635 Receivables from brokers 19,024 — 19,024 — 19,024 Securities failed to deliver 7,173 — 7,173 — 7,173 Clearing organizations 36,269 — 36,269 — 36,269 Other 1,316 — 1,316 — 1,316 163,417 — 163,417 — 163,417 Receivable from customers 796,934 — 796,934 — 796,934 Notes receivable, net 43,670 — 43,670 — 43,670 Investments (1) 73,971 — 73,971 — 73,971 (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 Payables to brokers, dealers and clearing organizations: Securities loaned $ 234,343 $ — $ 234,343 $ — $ 234,343 Payable to brokers 4,548 — 4,548 — 4,548 Securities failed to receive 14,603 — 14,603 — 14,603 Other 267,214 — 267,214 — 267,214 520,708 — 520,708 — 520,708 Payables to customers 334,735 — 334,735 — 334,735 Securities sold under agreements to repurchase 287,265 — 287,265 — 287,265 Senior secured notes 150,000 — 154,988 — 154,988 Fair Value Option The Compa
Notional Amounts and Fair Values of Derivatives by Product	es of the Company's derivatives as of March 31, 2020 and December 31, 2019 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of March 31, 2020 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 18,900 $ 638 $ 18,900 $ 638 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 1,555,000 $ 1,161 Other contracts Foreign exchange forward contracts 800 31 Other contracts TBAs 18,900 643 ARS purchase commitments 6,074 887 $ 1,580,774 $ 2,722 (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, 2019 Description Notional Fair Value Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 5,209,000 $ 267 Other contracts TBAs 13,245 124 ARS purchase commitments 7,128 1,023 $ 5,229,373 $ 1,414 (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 March 31, 2020 and 2019 : (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended March 31, 2020 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (8,093 ) Other contracts Foreign exchange forward contracts Other revenue 2 TBAs Principal transactions revenue (12 ) ARS purchase commitments Principal transactions revenue 136 $ (7,967 ) (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended March 31, 2019 Recognized in Income on Derivatives (pre-tax) Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ (576 ) Other contracts Foreign exchange forward contracts Other revenue (2 ) TBAs Principal transactions revenue 10 ARS purchase commitments Principal transactions revenue (18 ) $ (586 )

Collateralized Transactions (Ta

Collateralized Transactions (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 : (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government and Agency securities $ 135,870 Securities loaned: Equity securities 181,745 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 317,615
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 March 31, 2020 and December 31, 2019 : As of March 31, 2020 (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 $ 11,767 $ (11,767 ) $ — $ — $ — $ — Securities borrowed (1) 102,844 — 102,844 (97,039 ) — 5,805 Total $ 114,611 $ (11,767 ) $ 102,844 $ (97,039 ) $ — $ 5,805 (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 $ 135,870 $ (11,767 ) $ 124,103 $ (123,506 ) $ — $ 597 Securities loaned (2) 181,745 — 181,745 (174,038 ) — 7,707 Total $ 317,615 $ (11,767 ) $ 305,848 $ (297,544 ) $ — $ 8,304 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2019 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 55,927 $ (55,927 ) $ — $ — $ — $ — Securities borrowed (1) 99,635 — 99,635 (97,702 ) — 1,933 Total $ 155,562 $ (55,927 ) $ 99,635 $ (97,702 ) $ — $ 1,933 (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 $ 343,192 $ (55,927 ) $ 287,265 $ (285,264 ) $ — $ 2,001 Securities loaned (2) 234,343 — 234,343 (228,548 ) — 5,795 Total $ 577,535 $ (55,927 ) $ 521,608 $ (513,812 ) $ — $ 7,796 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and December 31, 2019 : (Expressed in thousands) As of March 31, 2020 Total VIE Assets (1) Carrying Value of the Capital Commitments Maximum Exposure to Loss in Non-consolidated VIEs Assets Liabilities Hedge funds $ 390,110 $ — $ — $ — $ — (1) Represents the total assets of the VIEs and does not represent the Company's interests in the VIEs. (Expressed in thousands) As of December 31, 2019 Total (1) Carrying Value of the Capital Maximum Assets (2) Liabilities Hedge funds $ 390,063 $ 259 $ — $ — $ 259 (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)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date March 31, 2020 December 31, 2019 6.75% Senior Secured Notes 7/1/2022 $ 148,574 $ 150,000 Unamortized Debt Issuance Cost (432 ) (485 ) $ 148,142 $ 149,515

Share Capital (Tables)

Share Capital (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Class A Stock outstanding, beginning of period 12,698,703 12,941,809 Issued pursuant to share-based compensation plans 321,541 61,091 Repurchased and canceled pursuant to the stock buy-back (409,504 ) (79,383 ) Class A Stock outstanding, end of period 12,610,740 12,923,517

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019 . 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 March 31, 2020 2019 Revenue Private client (1) $ 141,418 $ 163,527 Asset management (1) 19,276 16,586 Capital markets 75,542 70,961 Corporate/Other (1,466 ) 696 Total $ 234,770 $ 251,770 Income (loss) before income taxes Private client (1) $ 33,369 $ 42,834 Asset management (1) 4,305 2,242 Capital markets (143 ) (2,647 ) Corporate/Other (27,308 ) (26,377 ) Total $ 10,223 $ 16,052 (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 months ended March 31, 2020 and 2019 was: (Expressed in thousands) For the Three Months Ended March 31, 2020 2019 Americas $ 220,805 $ 243,399 Europe/Middle East 12,367 7,669 Asia 1,598 702 Total $ 234,770 $ 251,770

Supplemental Guarantor Consol_2

Supplemental Guarantor Consolidated Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Condensed Income Statement
Condensed Consolidating Balance Sheet	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2020 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,950 $ 67 $ 21,523 $ — $ 23,540 Deposits with clearing organizations — — 119,580 — 119,580 Receivable from brokers, dealers and clearing organizations — 198,417 198,417 Receivable from customers, net of allowance for credit losses of $528 — — 964,772 — 964,772 Income tax receivable 43,061 16,068 (701 ) (52,145 ) 6,283 Securities owned, including amounts pledged of $150,547 at fair value — 1,339 308,007 — 309,346 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908, respectively — — 44,960 — 44,960 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $96,742 — 21,741 8,905 — 30,646 Right-of-use lease assets, net of accumulated amortization of $31,398 — 149,929 6,026 85 156,040 Subordinated loan receivable 209 112,558 — (112,767 ) — Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 144 1,368 114,547 1 116,060 Deferred tax assets 238 (9 ) (733 ) 504 — Investment in subsidiaries 737,510 598,905 — (1,336,415 ) — Intercompany receivables (43,139 ) 73,322 (3,850 ) (26,333 ) — Total assets $ 739,973 $ 975,688 $ 1,951,042 $ (1,527,070 ) $ 2,139,633 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Drafts payable $ — $ — $ 19,066 $ — $ 19,066 Bank call loans — — 203,100 — 203,100 Payable to brokers, dealers and clearing organizations — — 239,583 — 239,583 Payable to customers — — 413,646 — 413,646 Securities sold under agreements to repurchase — — 124,103 — 124,103 Securities sold but not yet purchased, at fair value — — 34,639 — 34,639 Accrued compensation — — 102,407 — 102,407 Income tax payable 2,440 22,189 27,516 (52,145 ) — Accounts payable and other liabilities 2,661 (10,294 ) 51,256 22 43,645 Lease liabilities — 191,294 6,434 — 197,728 Senior secured notes, net of debt issuance cost of $432 148,142 — — — 148,142 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — (7,209 ) 33,546 507 26,844 Intercompany payables — 26,335 — (26,335 ) — Total liabilities 153,243 222,315 1,367,854 (190,509 ) 1,552,903 Stockholders' equity Total stockholders' equity 586,730 753,373 583,188 (1,336,561 ) 586,730 Total liabilities and stockholders' equity $ 739,973 $ 975,688 $ 1,951,042 $ (1,527,070 ) $ 2,139,633 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 4,811 $ 2,179 $ 72,560 $ — $ 79,550 Deposits with clearing organizations — — 48,415 — 48,415 Receivable from brokers, dealers and clearing organizations — — 158,231 5,062 163,293 Receivable from customers, net of allowance for credit losses of $451 — — 796,934 — 796,934 Income tax receivable 42,556 16,469 — (53,855 ) 5,170 Securities owned, including amounts pledged of $357,120 at fair value — 1,352 798,367 — 799,719 Notes receivable, net of accumulated amortization and allowance for uncollectibles of $38,355 and $3,673, respectively — — 43,670 — 43,670 Furniture, equipment and leasehold improvements, net of accumulated depreciation of $94,773 — 22,537 8,840 — 31,377 Subordinated loan receivable 209 112,558 — (112,767 ) — Right-of-use lease assets, net of accumulated amortization of $25,186 — 153,780 6,517 — 160,297 Intangible assets — 400 31,700 — 32,100 Goodwill — — 137,889 — 137,889 Other assets 154 11,798 164,821 (10,432 ) 166,341 Deferred tax assets 4 7,048 2,449 (9,501 ) — Investment in subsidiaries 697,093 763,990 24,656 (1,485,739 ) — Intercompany receivables 2,875 67,923 — (70,798 ) — Total assets $ 747,702 $ 1,160,034 $ 2,295,049 $ (1,738,030 ) $ 2,464,755 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Payable to brokers, dealers and clearing organizations $ — $ — $ 520,975 $ — $ 520,975 Payable to customers — — 334,735 — 334,735 Securities sold under agreements to repurchase — — 287,265 — 287,265 Securities sold but not yet purchased, at fair value — — 100,571 — 100,571 Accrued compensation — — 207,358 — 207,358 Accounts payable and other liabilities 5,166 75 50,049 (10,565 ) 44,725 Lease liabilities — 196,234 6,906 — 203,140 Income tax payable — 40 703 (743 ) — Senior secured notes, net of debt issuance cost of $485 149,515 — — — 149,515 Subordinated indebtedness — — 112,558 (112,558 ) — Deferred tax liabilities — — 33,546 (9,797 ) 23,749 Intercompany payables 299 — — (299 ) — Total liabilities 154,980 196,349 1,654,666 (133,962 ) 1,872,033 Stockholders' equity Total stockholders' equity 592,722 963,685 640,383 (1,604,068 ) 592,722 Total liabilities and stockholders' equity $ 747,702 $ 1,160,034 $ 2,295,049 $ (1,738,030 ) $ 2,464,755
Condensed Consolidating Statement of Cash Flows	OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2020 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 13,900 $ (2,112 ) $ (252,811 ) $ — $ (241,023 ) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (1,326 ) — (1,326 ) Cash used in investing activities — — (1,326 ) — (1,326 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,561 ) — — — (1,561 ) Repurchase of Class A non-voting common stock for cancellation (8,434 ) — — — (8,434 ) Repurchase of senior secured notes (1,426 ) — — — (1,426 ) Payments for employee taxes withheld related to vested share-based awards (5,340 ) — — — (5,340 ) Increase in bank call loans, net — — 203,100 — 203,100 Cash provided by (used in) financing activities (16,761 ) — 203,100 — 186,339 Net decrease in cash and cash equivalents (2,861 ) (2,112 ) (51,037 ) — (56,010 ) Cash and cash equivalents, beginning of the period 4,811 2,179 72,560 — 79,550 Cash and cash equivalents, end of the period $ 1,950 $ 67 $ 21,523 $ — $ 23,540 OPPENHEIMER HOLDINGS INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (Expressed in thousands) Parent Guarantor subsidiaries Non-guarantor subsidiaries Eliminations Consolidated Cash flows from operating activities: Cash provided by (used in) operating activities $ 799 $ (214 ) $ 14,742 $ — $ 15,327 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements — — (3,448 ) — (3,448 ) Cash used in investing activities — — (3,448 ) — (3,448 ) Cash flows from financing activities: Cash dividends paid on Class A non-voting and Class B voting common stock (1,432 ) — — — (1,432 ) Issuance of Class A non-voting common stock (2,035 ) — — — (2,035 ) Payments for employee taxes withheld related to vested share-based awards (1,014 ) — — — (1,014 ) Decrease in bank call loans, net — — (15,000 ) — (15,000 ) Cash used in financing activities (4,481 ) — (15,000 ) — (19,481 ) Net decrease in cash and cash equivalents (3,682 ) (214 ) (3,706 ) — (7,602 ) Cash and cash equivalents, beginning of the period 53,526 3,826 33,323 — 90,675 Cash and cash equivalents, end of the period $ 49,844 $ 3,612 $ 29,617 $ — $ 83,073

Organization - Additional Infor

Organization - Additional Information (Narrative) (Details)	Mar. 31, 2020office
Americas
Organization And Basis Of Presentation [Line Items]
Number of offices providing services	93

Financial Instruments - Credi_3

Financial Instruments - Credit Losses (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable, Credit Quality Indicator [Line Items]
Expected loss rate	40.90%
Due from Employees	$ 44,960,000	$ 43,670,000
2020	0
2019	555,000
2018	186,000
2017	769,000
2016	875,000
2015 and prior	2,933,000
Total	5,318,000
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance, January 1, 2020 upon adoption of ASU 2016-13	3,673,000
Additions	235,000
Ending balance, March 31, 2020	3,908,000	$ 3,673,000
Minimum [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Service Period		3 years
Maximum [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Service Period		10 years
Notes Receivable, Five Years and Older [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance, March 31, 2020	2,900,000
Notes Receivable, Under Five Years [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance, March 31, 2020	$ 975,000

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)office	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 156,040	$ 160,297
Operating Lease Right-of-use Asset Accumulated Amortization	31,398	25,186
Present value of lease liabilities	$ 197,728	$ 203,140
Weighted average remaining lease term (in years)	8 years 1 month 28 days	8 years 3 months 22 days
Weighted average discount rate	7.85%	7.89%
Lease not yet commenced	$ 11,200	$ 0
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease Expiration Date	Oct. 1, 2034
UNITED STATES
Lessee, Lease, Description [Line Items]
Number of Stores | office	93
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 152,900
Operating Lease Right-of-use Asset Accumulated Amortization	29,000
Present value of lease liabilities	194,600
Equipment [Member]
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	3,100
Operating Lease Right-of-use Asset Accumulated Amortization	2,400
Present value of lease liabilities	$ 3,100

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Lessee, Lease, Description [Line Items]
Amortization of right-of-use lease assets	$ 6,213	$ 0
Real Estate [Member]
Lessee, Lease, Description [Line Items]
Amortization of right-of-use lease assets	5,740	6,332
Operating Lease, Interest Expense	3,911	3,443
Equipment [Member]
Lessee, Lease, Description [Line Items]
Amortization of right-of-use lease assets	473	465
Operating Lease, Interest Expense	$ 54	$ 57

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2019	$ 31,798	$ 42,585
2020	38,115	37,531
2021	33,959	33,416
2022	31,424	31,187
2023	27,463	27,234
After 2025	108,112	108,098
Total lease payments	270,871	280,051
Less interest	(73,143)	(76,911)
Present value of lease liabilities	$ 197,728	$ 203,140

Revenues from contracts with _3

Revenues from contracts with customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 237,839	$ 218,920
Interest	10,890	12,727
Principal transactions, net	(868)	11,438
Other	(13,091)	8,685
Total other sources of revenue	(3,069)	32,850
Total revenue	234,770	251,770
Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	93,412	69,795
Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,837	9,614
Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	86,164	73,647
Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	15,892	11,342
Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,836	16,701
Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,826	33,968
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,872	3,853
Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	149,722	144,130
Interest	7,680	9,408
Principal transactions, net	(2,715)	1,684
Other	(13,269)	8,305
Total other sources of revenue	(8,304)	19,397
Total revenue	141,418	163,527
Private Client | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	47,105	37,477
Private Client | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,827	9,614
Private Client | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	66,883	57,044
Private Client | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,950	2,749
Private Client | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Private Client | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	18,826	33,968
Private Client | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,131	3,278
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	19,273	16,583
Interest	0	0
Principal transactions, net	0	0
Other	3	3
Total other sources of revenue	3	3
Total revenue	19,276	16,586
Asset Management | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset Management | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	(6)
Asset Management | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	19,270	16,589
Asset Management | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset Management | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset Management | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Asset Management | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	68,710	57,935
Interest	2,824	2,835
Principal transactions, net	3,984	10,157
Other	24	34
Total other sources of revenue	6,832	13,026
Total revenue	75,542	70,961
Capital markets | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	46,287	32,316
Capital markets | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3	1
Capital markets | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2	5
Capital markets | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,942	8,593
Capital markets | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,836	16,701
Capital markets | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Capital markets | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	640	319
Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	134	272
Interest	386	484
Principal transactions, net	(2,137)	(403)
Other	151	343
Total other sources of revenue	(1,600)	424
Total revenue	(1,466)	696
Corporate/Other | Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	20	2
Corporate/Other | Mutual fund income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4	5
Corporate/Other | Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9	9
Corporate/Other | Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate/Other | Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate/Other | Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Corporate/Other | Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 101	$ 256

Revenues from contracts with _4

Revenues from contracts with customers (Contract Assets and Liabilities) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Capitalized Contract Cost [Line Items]
Contract assets	$ 22,676,000	$ 28,888,000
Deferred income, IRA fees	2,195,000	408,000
Commission
Capitalized Contract Cost [Line Items]
Contract assets	4,298,000	2,824,000
Mutual Fund Income
Capitalized Contract Cost [Line Items]
Contract assets	6,736,000	6,746,000
Advisory fees
Capitalized Contract Cost [Line Items]
Contract assets	1,080,000	1,594,000
Bank Deposit Sweep Income
Capitalized Contract Cost [Line Items]
Contract assets	1,610,000	3,454,000
Investment Banking Fees
Capitalized Contract Cost [Line Items]
Contract assets	4,392,000	9,284,000
Other Income [Member]
Capitalized Contract Cost [Line Items]
Contract assets	4,560,000	4,986,000
Investment Banking Fees
Capitalized Contract Cost [Line Items]
Deferred income, IRA fees	289,000	408,000
IRA fees (7)
Capitalized Contract Cost [Line Items]
Deferred income, IRA fees	$ 1,906,000	$ 0

Earnings Per Share - Summary of

Earnings Per Share - Summary of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Basic weighted average number of shares outstanding		12,895,729	13,020,344
Net dilutive effect of share-based awards, treasury method	[1]	560,504	830,977
Diluted weighted average number of shares outstanding		13,456,233	13,851,321
Net Income (Loss) Attributable to Parent		$ 7,818	$ 11,194
Diluted		$ 0.61	$ 0.86
Net loss per share (in dollars per share)		$ 0.58	$ 0.81
[1]	For the three months ended March 31, 2020, the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements (7,628 shares for the three months ended March 31, 2019).

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Earnings Per Share (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
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	10,770	7,628

Receivable from and Payable t_2

Receivable from and Payable to Brokers, Dealers and Clearing Organizations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Receivable from brokers, dealers and clearing organizations consists of:
Securities borrowed	$ 102,844	$ 99,635
Receivable from brokers	37,588	19,024
Securities failed to deliver	26,694	7,173
Clearing organizations	28,463	36,269
Other	2,828	1,192
Receivables from broker, dealers and clearing organizations	198,417	163,293
Payable to brokers, dealers and clearing organizations consists of:
Securities loaned	181,745	234,343
Due to Correspondent Brokers	5,079	4,548
Securities failed to receive	45,593	14,603
Other	7,166	267,481
Payable to brokers, dealers and clearing organizations	$ 239,583	$ 520,975

Fair Value Measurements - Secur

Fair Value Measurements - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
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	$ 309,346	$ 799,719
Securities Sold	34,639	100,571
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	309,346	799,719
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	16,463	8,310
Securities Sold	5,131	664
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	45,448	40,260
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	21,781	29,816
Securities Sold	$ 3,880	$ 0

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)	Mar. 31, 2020USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Three Asset and Liability	$ 5,100,000
Auction rate securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Three Asset and Liability	4,200,000
Auction Rate Securities Purchase Commitment
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Adjustment For Level Three Asset and Liability	$ 887,000

Fair Value Measurements - Inves

Fair Value Measurements - Investments in Company-Sponsored Funds (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Investment Holdings [Line Items]
Fair Value	$ 4,979
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	$ 1,164
Unfunded Commitments	$ 0
Redemption Frequency	Quarterly - Annually
Private Equity Funds
Investment Holdings [Line Items]
Fair Value	$ 3,815
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	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Deposits with clearing organizations	$ 36,593	$ 25,118
Securities owned
Securities owned, at fair value	309,346	799,719
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	309,346	799,719
Investments	4,979
Derivative contracts
Total	346,577	824,837
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	34,639	100,571
Derivative contracts:
Derivative contracts	2,722	1,414
Total	37,361	101,985
Equity Securities [Member]
Securities owned
Securities owned, at fair value	25,582	32,215
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	13,552	21,978
Money Market Funds [Member]
Securities owned
Securities owned, at fair value	917	781
Auction rate securities
Securities owned
Securities owned, at fair value	26,336	25,314
U.S. Treasury securities
Securities owned
Securities owned, at fair value	156,304	613,030
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	10,679	52,882
US Government Agencies Debt Securities [Member]
Securities owned
Securities owned, at fair value	12,496	35,891
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	8	18
Sovereign obligations
Securities owned
Securities owned, at fair value	1,776	11,405
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	1,389	6,405
Corporate debt and other obligations
Securities owned
Securities owned, at fair value	16,463	8,310
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	5,131	664
Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	2,243	2,697
Municipal obligations
Securities owned
Securities owned, at fair value	45,448	40,260
Convertible bonds
Securities owned
Securities owned, at fair value	21,781	29,816
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	3,880	0
Level 1
ASSETS
Deposits with clearing organizations	36,593	25,118
Securities owned
Securities owned, at fair value	185,445	665,943
Derivative contracts
Total	222,038	691,061
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	24,231	74,860
Derivative contracts:
Derivative contracts	1,192	267
Total	25,423	75,127
Level 1 | Corporate equities
Securities owned
Securities owned, at fair value	25,582	32,215
Level 1 | Equity Securities [Member]
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	13,552	21,978
Level 1 | Money markets
Securities owned
Securities owned, at fair value	917	781
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	156,304	613,030
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	10,679	52,882
Level 1 | US Government Agencies Debt Securities [Member]
Securities owned
Securities owned, at fair value	2,642	19,917
Level 2
Securities owned
Securities owned, at fair value	123,901	133,776
Derivative contracts
Total	124,539	133,776
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	10,408	25,711
Derivative contracts:
Derivative contracts	1,530	1,147
Total	11,938	26,858
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	26,336	25,314
Level 2 | US Government Agencies Debt Securities [Member]
Securities owned
Securities owned, at fair value	9,854	15,974
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	8	18
Level 2 | Sovereign obligations
Securities owned
Securities owned, at fair value	1,776	11,405
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	1,389	6,405
Level 2 | Corporate debt and other obligations
Securities owned
Securities owned, at fair value	16,463	8,310
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	5,131	664
Level 2 | Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	2,243	2,697
Level 2 | Municipal obligations
Securities owned
Securities owned, at fair value	45,448	40,260
Level 2 | Convertible bonds
Securities owned
Securities owned, at fair value	21,781	29,816
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	3,880	0
Level 3
Securities owned
Securities owned, at fair value	0	0
Derivative contracts
Total	0	0
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 | Auction rate securities
Securities owned
Securities owned, at fair value	0	0
Level 3 | Municipal obligations
Securities owned
Securities owned, at fair value		0
Auction Rate Securities Purchase Commitment
Derivative contracts:
Derivative contracts	887	1,023
Auction Rate Securities Purchase Commitment | Level 2
Derivative contracts:
Derivative contracts	887	1,023
Auction Rate Securities Purchase Commitment | Level 3
Derivative contracts:
Derivative contracts	0	0
TBAs
Derivative contracts
Derivative contracts, total	638
Derivative contracts:
Derivative contracts	643	124
TBAs | Level 2
Derivative contracts
Derivative contracts, total	638
Derivative contracts:
Derivative contracts	643	124
Future [Member]
Derivative contracts:
Derivative contracts	1,161	267
Future [Member] | Level 1
Derivative contracts:
Derivative contracts	1,161	267
Foreign exchange forward contracts
Derivative contracts:
Derivative contracts	31	0
Foreign exchange forward contracts | Level 1
Derivative contracts:
Derivative contracts	$ 31	0
Foreign exchange forward contracts | Level 2
Derivative contracts:
Derivative contracts		$ 0

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Securities Owned and Sold, Not yet Purchased, at Fair Value, Security Owned, Including Disposal Group Securities Owned	$ 309,346	$ 799,719
Fair Value, Nonrecurring [Member]
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Other	2,833	1,316
Receivable from customers	964,772	796,934
Fair Value, Estimate Not Practicable, Investment	60,631	73,971
Drafts payable	19,066
Clearing organizations	28,463	36,269
Securities loaned	181,745	234,343
Fair Value, Estimate not Practicable, Due from Employees	44,960	43,670
Total Receivable from brokers, dealers and clearing organizations	198,422	163,417
Securities failed to receive	45,593	14,603
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	5,079	4,548
Bank call loans	203,100
Receivables from brokers	37,588	19,024
Securities failed to deliver	26,694	7,173
Securities borrowed	102,844	99,635
Deposits with clearing organization	82,987	23,297
Other	6,005	267,214
Total payables to brokers, dealers and clearing organizations	238,422	520,708
Payables to customers	413,646	334,735
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	124,103	287,265
Fair Value, Estimate not Practicable, Senior Secured Notes	140,624	154,988
Fair Value, Estimate Not Practicable, Cash	23,540	79,550
Fair Value, Nonrecurring [Member] | Carrying Value [Member]
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Other	2,833	1,316
Receivable from customers	964,772	796,934
Fair Value, Estimate Not Practicable, Investment	60,631	73,971
Drafts payable	19,066
Clearing organizations	28,463	36,269
Securities loaned	181,745	234,343
Fair Value, Estimate not Practicable, Due from Employees	44,960	43,670
Total Receivable from brokers, dealers and clearing organizations	198,422	163,417
Securities failed to receive	45,593	14,603
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	5,079	4,548
Bank call loans	203,100
Receivables from brokers	37,588	19,024
Securities failed to deliver	26,694	7,173
Securities borrowed	102,844	99,635
Deposits with clearing organization	82,987	23,297
Other	6,005	267,214
Total payables to brokers, dealers and clearing organizations	238,422	520,708
Payables to customers	413,646	334,735
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	124,103	287,265
Fair Value, Estimate not Practicable, Senior Secured Notes	148,574	150,000
Fair Value, Estimate Not Practicable, Cash	23,540	79,550
Fair Value, Nonrecurring [Member] | Level 1
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Drafts payable	19,066
Deposits with clearing organization	82,987	23,297
Fair Value, Estimate Not Practicable, Cash	23,540	79,550
Fair Value, Nonrecurring [Member] | Level 2
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Other	2,833	1,316
Receivable from customers	964,772	796,934
Fair Value, Estimate Not Practicable, Investment	60,631	73,971
Clearing organizations	28,463	36,269
Securities loaned	181,745	234,343
Fair Value, Estimate not Practicable, Due from Employees	44,960	43,670
Total Receivable from brokers, dealers and clearing organizations	198,422	163,417
Securities failed to receive	45,593	14,603
Fair Value Estimate Not Practicable Payable to Correspondent Brokers	5,079	4,548
Bank call loans	203,100
Receivables from brokers	37,588	19,024
Securities failed to deliver	26,694	7,173
Securities borrowed	102,844	99,635
Other	6,005	267,214
Total payables to brokers, dealers and clearing organizations	238,422	520,708
Payables to customers	413,646	334,735
Fair Value,Estimate not Practicable, Securities sold under Agreements to Repurchase	124,103	287,265
Fair Value, Estimate not Practicable, Senior Secured Notes	$ 140,624	$ 154,988

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	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 18,900
Derivatives asset, Fair Value	638
Derivative liability, notional	1,580,774	$ 5,229,373
Derivative liability, Fair Value	2,722	1,414
To Be Announced Security [Member] | Other Contracts
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	18,900
Derivatives asset, Fair Value	638
Derivative liability, notional	18,900	13,245
Derivative liability, Fair Value	643	124
Future [Member] | Commodity Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	1,555,000	5,209,000	[1]
Derivative liability, Fair Value	1,161	267	[1]
Foreign exchange forward contracts | Other Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	800
Derivative liability, Fair Value	31
Auction Rate Securities Purchase Commitment | Other Contracts
Derivatives, Fair Value [Line Items]
Derivative liability, notional	6,074	7,128
Derivative liability, Fair Value	$ 887	$ 1,023
[1]	For the three months ended March 31, 2020, the diluted net income per share computation does not include the anti-dilutive effect of 10,770 shares of Class A Stock granted under share-based compensation arrangements (7,628 shares for the three months ended March 31, 2019).

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
	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (7,967)	$ (586)
Commodity Contracts | Principal Transaction Revenue | Future [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(8,093)	(576)
Other Contracts | Principal Transaction Revenue | TBAs
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	(12)	10
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)	136	(18)
Other Contracts | Other Income [Member] | Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ 2	$ (2)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Auction Rate Securities Purchased as a Result of Settlements with Regulators	$ 140,200
Securities owned, at fair value	$ 309,346	$ 799,719
Forward or delayed delivery of the underlying instrument with settlement	180 days
Total amount of ARS the firm purchased and hold	$ 26,300
Auction Rate Securities Committed To Purchase related to settlements with regulators	2,300
Auction Rate Securities Purchased as a result of Legal Settlements and Awards	102,300
Auction Rate Securities Committed To Purchase as a Result of Legal Settlements and Awards	$ 3,700
ARS Securities Committed To Purchase Period	2020
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 25,582	32,215
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 26,336	$ 25,314
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

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	Mar. 31, 2020	Dec. 31, 2019
Reverse repurchase agreements
Gross Amounts of Recognized Assets	$ 11,767	$ 55,927
Gross Amounts Offset on the Balance Sheet	(11,767)	(55,927)
Net Amounts of Assets Presented on the Balance Sheet	0	0
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	0	0
Securities borrowed
Gross Amounts of Recognized Assets	102,844	99,635
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets Presented on the Balance Sheet	102,844	99,635
Financial Instruments	(97,039)	(97,702)
Cash Collateral Received	0	0
Net Amount	5,805	1,933
Total
Gross Amounts of Recognized Assets	114,611	155,562
Gross Amounts Offset on the Balance Sheet	(11,767)	(55,927)
Net Amounts of Assets Presented on the Balance Sheet	102,844	99,635
Financial Instruments	(97,039)	(97,702)
Cash Collateral Received	0	0
Net Amount	5,805	1,933
Repurchase agreements
Gross Amounts of Recognized Liabilities	135,870	343,192
Gross Amounts Offset on the Balance Sheet	(11,767)	(55,927)
Net Amounts of Liabilities Presented on the Balance Sheet	124,103	287,265
Financial Instruments	(123,506)	(285,264)
Cash Collateral Pledged	0	0
Net Amount	597	2,001
Securities loaned
Gross Amounts of Recognized Liabilities	181,745	234,343
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Liabilities Presented on the Balance Sheet	181,745	234,343
Financial Instruments	(174,038)	(228,548)
Cash Collateral Pledged	0	0
Net Amount	7,707	5,795
Total
Gross Amounts of Recognized Liabilities	317,615	577,535
Gross Amounts Offset on the Balance Sheet	(11,767)	(55,927)
Net Amounts of Liabilities Presented on the Balance Sheet	305,848	521,608
Financial Instruments	(297,544)	(513,812)
Cash Collateral Pledged	0	0
Net Amount	$ 8,304	$ 7,796

Collateralized Transactions - A

Collateralized Transactions - Additional Information (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)dealer	Dec. 31, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Gross Amounts of Recognized Liabilities	$ 135,870,000	$ 343,192,000
Gross Amounts of Recognized Liabilities	181,745,000	234,343,000
Bank call loans	203,100,000	0
Customer Securities for which Entity has Right to Sell or Repledge, Fair Value	1,300,000,000
Customer securities under customer margin loans agreement available to be repledged	149,400,000
Outstanding letters of credit	0
Amounts pledged	150,547,000	357,120,000
Carrying value of securities owned by the Company loaned or pledged	$ 31,700,000	171,400,000
Number of broker-dealers | dealer	4
Receivable from brokers and clearing organizations	$ 80,200,000
Securities Sold under Agreements to Repurchase, Asset	11,767,000	55,927,000
Securities Sold under Agreements to Repurchase, Amount Not Offset Against Collateral	124,103,000	287,265,000
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	123,506,000	285,264,000
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	597,000	2,001,000
Securities Loaned, Asset	0	0
Securities Loaned, Amount Not Offset Against Collateral	181,745,000	234,343,000
Securities Loaned, Collateral, Right to Reclaim Securities	174,038,000	228,548,000
Securities Loaned, Collateral, Right to Reclaim Cash	0	0
Securities Loaned, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election	7,707,000	5,795,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Gross	317,615,000	577,535,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Asset	11,767,000	55,927,000
Derivative Liability, Securities Sold under Agreements to Resell, Securities Loaned, Amount Not Offset Against Collateral	305,848,000	521,608,000
Derivative Liability, Securities Sold under Agreements to Repurchase, Securities Loaned, Collateral, Right to Reclaim Securities	297,544,000	513,812,000
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	8,304,000	7,796,000
Reverse Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities received as collateral under securities borrowed transaction with market value	11,800,000	55,800,000
Securities Loaned [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	22,200,000	19,300,000
Repurchase Agreements [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Customer securities under customer margin loans agreement available to be repledged	11,800,000	55,800,000
Securities Borrowed Transactions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities received as collateral under securities borrowed transaction with market value	98,900,000	$ 96,300,000
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	$ 317,615,000
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	$ 484,900,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - Hedge Funds [Member] - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Total VIE Assets	$ 390,110	$ 390,063
Carrying Value of Variable Interest Assets	0	259
Carrying Value of Variable Interest Liabilities	0	0
Capital Commitments	0	0
Maximum Exposure to Loss in Non- consolidated VIEs	$ 0	$ 259

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 148,574	$ 150,000
Unamortized debt issuance expense	(432)	(485)
Long-term debt	$ 148,142	$ 149,515
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 ($)	Aug. 25, 2019	Jun. 23, 2017	Mar. 31, 2020	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2019	Sep. 19, 2017
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 1,700,000
Write-off of debt issuance costs			$ 4,000	$ 200,000	$ 0
Debt Instrument, Repurchase Amount			1,400,000
Debt Instrument, Payment of Interest			22,807
Gain (Loss) on Repurchase of Debt Instrument			85,560		0
Long-term Debt, Gross			148,574,000			$ 150,000,000
Debt Instrument, Increase, Accrued Interest			1,900,000
Long-term debt			148,142,000			$ 149,515,000
Repayments of Secured Debt	$ 50,000,000
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed	25.00%
6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Private placement date		Jun. 23, 2017
Debt Instrument, Face Amount		$ 200,000,000
Interest rate		6.75%
Debt Issuance Costs, Gross		$ 4,300,000
Interest expense on note			2,500,000		$ 3,400,000
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		$ 120,000,000
Oppenheimer [Member] | 6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Debt Issuance Costs, Gross		3,000,000
Third Party [Member] | 6.75% Senior Secured Notes [Member] | Senior Secured Notes
Debt Instrument [Line Items]
Debt Issuance Costs, Gross		$ 1,300,000
Maximum [Member] | 6.75% Senior Secured Notes [Member]
Debt Instrument [Line Items]
Restrictive Covenants Exception for Dividend or Distribution Amount during fiscal year			20,000,000
Restrictive Covenants Exception for total Dividend Payment and other Restricted Payments			$ 10,000,000

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
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Class A Stock outstanding, beginning of period	12,698,703	12,941,809
Issued pursuant to shared-based compensation plans	321,541	61,091
Repurchased and canceled pursuant to the stock buy-back	409,504	79,383
Class A Stock outstanding, end of period	12,610,740	12,923,517

Share Capital - Additional Info

Share Capital - Additional Information (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jul. 26, 2019	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Amounts pledged	$ 150,547		$ 357,120
Preferred stock, authorized	50,000,000
Preferred stock, par value	$ 0.001
Preferred stock, issued	0
Class A Stock
Class of Stock [Line Items]
Common stock, authorized	50,000,000		50,000,000
Common stock, par value	$ 0.001		$ 0.001
Common Stock, outstanding	12,610,740	12,923,517	12,698,703	12,756,308		12,941,809
Common Stock, Shares, Issued	12,610,740		12,698,703
Repurchase and cancelled stock	409,504	79,383
Class B Stock
Class of Stock [Line Items]
Common stock, authorized	99,665		99,665
Common stock, par value	$ 0.001		$ 0.001
Common Stock, outstanding	99,665		99,665
Common Stock, Shares, Issued	99,665		99,665
Previous Program [Member] | Class A Stock
Class of Stock [Line Items]
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased					26,192
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	180,031			666,192
Repurchase and cancelled stock	409,504	79,383
Treasury Stock, Retired, Cost Method, Amount	$ 8,400	$ 2,000
Treasury Stock Acquired, Average Cost Per Share	$ 20.60	$ 25.64

Commitments and Contingencies N

Commitments and Contingencies Narrative (Details) $ in Millions	Mar. 31, 2020USD ($)
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)	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)
Regulatory Capital Requirements [Line Items]
Net capital	$ 2,200,000
Excess Liquid Capital under Hong Kong SFC Rules	1,800,000
Oppenheimer [Member]
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items	0.02
Net Capital	$ 250,900,000
Aggregate indebtedness	18.72%
Excess capital	$ 224,100,000
Freedom
Regulatory Capital Requirements [Line Items]
Net Capital	$ 5,000,000
Aggregate indebtedness	6.67%
Freedom maintain net capital equal to the greater	$ 100,000
Net capital in excess of minimum required	$ 4,900,000
Oppenheimer Europe Ltd
Regulatory Capital Requirements [Line Items]
Common Equity Tier 1 Ratio	23.13%	23.13%
Common Equity Tier 1 Ratio Required	4.50%	4.50%
Tier 1 Capital Ratio	23.13%	23.13%
Tier 1 Capital Ratio Required	6.00%	6.00%
Total Capital Ratio	23.13%	23.13%
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	$ 387,020

Segment Information - Reported

Segment Information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Total revenue	$ (234,770)	$ (251,770)
Income (loss) before income taxes
Operating Income (Loss)	10,223	16,052
Private Client Division
Revenue
Total revenue	(141,418)	(163,527)
Income (loss) before income taxes
Income before income taxes	$ 33,369	42,834
Asset management fees	90.00%
Asset Management
Revenue
Total revenue	$ (19,276)	(16,586)
Income (loss) before income taxes
Income before income taxes	$ 4,305	2,242
Asset management fees	10.00%
Capital markets
Revenue
Total revenue	$ (75,542)	(70,961)
Income (loss) before income taxes
Income before income taxes	(143)	(2,647)
Corporate/Other
Revenue
Total revenue	1,466	(696)
Income (loss) before income taxes
Income before income taxes	$ (27,308)	$ (26,377)

Segment Information - Revenue C

Segment Information - Revenue Classified by Major Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 234,770	$ 251,770
Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	220,805	243,399
Europe/Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	12,367	7,669
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,598	$ 702

Subsequent Events - Additional

Subsequent Events - Additional Information (Narrative) (Details) - Subsequent Event [Member] - $ / shares	May 29, 2020	May 15, 2020	May 01, 2020
Subsequent Events [Line Items]
Date of announcement of dividend			May 1, 2020
Date of payment of dividend	May 29, 2020
Date of record of dividend		May 15, 2020
Class A Stock
Subsequent Events [Line Items]
Quarterly dividend payable amount per share			$ 0.12
Class B Stock
Subsequent Events [Line Items]
Quarterly dividend payable amount per share			$ 0.12

Supplemental Guarantor Condense

Supplemental Guarantor Condensed Consolidated Financial Statements - Additional Information (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	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

Supplemental Guarantor Conden_2

Supplemental Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 23,540		$ 79,550	$ 83,073	$ 90,675
Deposits with clearing organizations	119,580		48,415
Receivable from brokers, dealers and clearing organizations	198,417		163,293
Receivable from customers, net of allowance for credit losses of $528 ($451 in 2019)	964,772		796,934
Income tax receivable	6,283		5,170
Securities owned, at fair value	309,346		799,719
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908 respectively ($38,355 and $3,673, respectively, in 2019)	44,960		43,670
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	30,646		31,377
Operating Lease, Right-of-Use Asset	156,040		160,297
Subordinated loan receivable	0		0
Intangible assets	32,100		32,100
Goodwill	137,889		137,889
Other assets	116,060		166,341
Deferred tax assets	0		0
Investment in subsidiaries	0		0
Intercompany receivables	0		0
Total assets	2,139,633		2,464,755
Liabilities
Drafts payable	19,066		0
Bank call loans	203,100		0
Payable to brokers, dealers and clearing organizations	239,583		520,975
Payable to customers	413,646		334,735
Securities sold under agreements to repurchase	124,103		287,265
Securities sold but not yet purchased, at fair value	34,639		100,571
Accrued compensation	102,407		207,358
Accounts payable and other liabilities	43,645		44,725
Operating Lease, Liability	197,728		203,140
Income tax payable	0		0
Senior secured notes, net of debt issuance costs of $432 ($485 in 2019)	148,142		149,515
Subordinated indebtedness	0		0
Deferred tax liabilities, net	26,844		23,749
Intercompany payables	0		0
Total liabilities	1,552,903		1,872,033
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	586,730		592,722	554,487
Total liabilities and stockholders' equity	2,139,633		2,464,755
Allowance for credit losses	528		451
Amounts pledged	150,547		357,120
Notes Receivable, Net Accumulated Amortization	31,188		38,355
Notes Receivable, Net Allowance for Uncollectibles	3,908	$ 3,673	3,673
Net accumulated depreciation	96,742		94,773
Unamortized debt issuance expense	432		485
Eliminations
ASSETS
Cash and cash equivalents	0		0	0	0
Deposits with clearing organizations	0		0
Receivable from brokers, dealers and clearing organizations			5,062
Receivable from customers, net of allowance for credit losses of $528 ($451 in 2019)	0		0
Income tax receivable	(52,145)		(53,855)
Securities owned, at fair value	0		0
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908 respectively ($38,355 and $3,673, respectively, in 2019)	0		0
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	0		0
Operating Lease, Right-of-Use Asset	85		0
Subordinated loan receivable	(112,767)		(112,767)
Intangible assets	0		0
Goodwill	0		0
Other assets	1		(10,432)
Deferred tax assets	504		(9,501)
Investment in subsidiaries	(1,336,415)		(1,485,739)
Intercompany receivables	(26,333)		(70,798)
Total assets	(1,527,070)		(1,738,030)
Liabilities
Drafts payable	0
Bank call loans	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	22		(10,565)
Operating Lease, Liability	0		0
Income tax payable	(52,145)		(743)
Senior secured notes, net of debt issuance costs of $432 ($485 in 2019)	0		0
Subordinated indebtedness	(112,558)		(112,558)
Deferred tax liabilities, net	507		(9,797)
Intercompany payables	(26,335)		(299)
Total liabilities	(190,509)		(133,962)
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	(1,336,561)		(1,604,068)
Total liabilities and stockholders' equity	(1,527,070)		(1,738,030)
Parent | Reportable Legal Entities
ASSETS
Cash and cash equivalents	1,950		4,811
Deposits with clearing organizations	0		0
Receivable from brokers, dealers and clearing organizations			0
Receivable from customers, net of allowance for credit losses of $528 ($451 in 2019)	0		0
Income tax receivable	43,061		42,556
Securities owned, at fair value	0		0
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908 respectively ($38,355 and $3,673, respectively, in 2019)	0		0
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	0		0
Operating Lease, Right-of-Use Asset	0		0
Subordinated loan receivable	209		209
Intangible assets	0		0
Goodwill	0		0
Other assets	144		154
Deferred tax assets	238		4
Investment in subsidiaries	737,510		697,093
Intercompany receivables	(43,139)		2,875
Total assets	739,973		747,702
Liabilities
Drafts payable	0
Bank call loans	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	2,661		5,166
Operating Lease, Liability	0		0
Income tax payable	2,440		0
Senior secured notes, net of debt issuance costs of $432 ($485 in 2019)	148,142		149,515
Subordinated indebtedness	0		0
Deferred tax liabilities, net	0		0
Intercompany payables	0		299
Total liabilities	153,243		154,980
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	586,730		592,722
Total liabilities and stockholders' equity	739,973		747,702
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	67		2,179	3,612	3,826
Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents	67		2,179
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 $528 ($451 in 2019)	0		0
Income tax receivable	16,068		16,469
Securities owned, at fair value	1,339		1,352
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908 respectively ($38,355 and $3,673, respectively, in 2019)	0		0
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	21,741		22,537
Operating Lease, Right-of-Use Asset	149,929		153,780
Subordinated loan receivable	112,558		112,558
Intangible assets	400		400
Goodwill	0		0
Other assets	1,368		11,798
Deferred tax assets	(9)		7,048
Investment in subsidiaries	598,905		763,990
Intercompany receivables	73,322		67,923
Total assets	975,688		1,160,034
Liabilities
Drafts payable	0
Bank call loans	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	(10,294)		75
Operating Lease, Liability	191,294		196,234
Income tax payable	22,189		40
Senior secured notes, net of debt issuance costs of $432 ($485 in 2019)	0		0
Subordinated indebtedness	0		0
Deferred tax liabilities, net	(7,209)		0
Intercompany payables	26,335		0
Total liabilities	222,315		196,349
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	753,373		963,685
Total liabilities and stockholders' equity	975,688		1,160,034
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	21,523		72,560	$ 29,617	$ 33,323
Non-Guarantor Subsidiaries | Reportable Legal Entities
ASSETS
Cash and cash equivalents	21,523		72,560
Deposits with clearing organizations	119,580		48,415
Receivable from brokers, dealers and clearing organizations	198,417		158,231
Receivable from customers, net of allowance for credit losses of $528 ($451 in 2019)	964,772		796,934
Income tax receivable	(701)		0
Securities owned, at fair value	308,007		798,367
Notes receivable, net of accumulated amortization and allowance for uncollectibles of $31,188 and $3,908 respectively ($38,355 and $3,673, respectively, in 2019)	44,960		43,670
Office facilities, net of accumulated depreciation of $104,065 ($97,118 in 2013)	8,905		8,840
Operating Lease, Right-of-Use Asset	6,026		6,517
Subordinated loan receivable	0		0
Intangible assets	31,700		31,700
Goodwill	137,889		137,889
Other assets	114,547		164,821
Deferred tax assets	(733)		2,449
Investment in subsidiaries	0		24,656
Intercompany receivables	(3,850)		0
Total assets	1,951,042		2,295,049
Liabilities
Drafts payable	19,066
Bank call loans	203,100
Payable to brokers, dealers and clearing organizations	239,583		520,975
Payable to customers	413,646		334,735
Securities sold under agreements to repurchase	124,103		287,265
Securities sold but not yet purchased, at fair value	34,639		100,571
Accrued compensation	102,407		207,358
Accounts payable and other liabilities	51,256		50,049
Operating Lease, Liability	6,434		6,906
Income tax payable	27,516		703
Senior secured notes, net of debt issuance costs of $432 ($485 in 2019)	0		0
Subordinated indebtedness	112,558		112,558
Deferred tax liabilities, net	33,546		33,546
Intercompany payables	0		0
Total liabilities	1,367,854		1,654,666
Stockholders' equity
Stockholders' equity attributable to Oppenheimer Holdings Inc.	583,188		640,383
Total liabilities and stockholders' equity	$ 1,951,042		$ 2,295,049

Supplemental Guarantor Conden_3

Supplemental Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES
Commissions	$ 103,249	$ 79,409
Investment Advisory Fee Revenue	86,164	73,647
Investment banking	25,728	28,043
Sweep Interest Income from FDIC-Insured Bank Deposits	18,826	33,968
Interest	10,890	12,727
Principal transactions, net	(868)	11,438
Other	(9,219)	12,538
Total revenue	234,770	251,770
EXPENSES
Compensation and related expenses	157,676	160,355
Communications and technology	19,891	20,086
Occupancy and equipment costs	16,078	15,273
Clearing and exchange fees	5,659	5,332
Interest	6,550	12,986
Other	18,693	21,686
Total expenses	224,547	235,718
Operating Income (Loss)	10,223	16,052
Income Tax Expense (Benefit)	2,405	4,858
Net Income (Loss) before equity in Earnings of Subsidiaries	7,818	11,194
Equity in earnings of subsidiaries	0	0
Net income attributable to Oppenheimer Holdings Inc.	7,818	11,194
Other comprehensive income	(537)	563
Comprehensive income	7,281	11,757
Eliminations
REVENUES
Commissions	0	0
Investment Advisory Fee Revenue	(354)	(335)
Investment banking	0	0
Sweep Interest Income from FDIC-Insured Bank Deposits	0	0
Interest	(2,067)	0
Principal transactions, net	0	(2,073)
Other	(4)	0
Total revenue	(2,425)	(2,408)
EXPENSES
Compensation and related expenses	0	0
Communications and technology	0	0
Occupancy and equipment costs	0	0
Clearing and exchange fees	0	0
Interest	(2,068)	(2,074)
Other	(357)	(334)
Total expenses	(2,425)	(2,408)
Operating Income (Loss)	0	0
Income Tax Expense (Benefit)	0	0
Net Income (Loss) before equity in Earnings of Subsidiaries	0	0
Equity in earnings of subsidiaries	(18,725)	(26,825)
Net income attributable to Oppenheimer Holdings Inc.	(18,725)	(26,825)
Other comprehensive income	0	0
Comprehensive income	(18,725)	(26,825)
Parent
REVENUES
Commissions	0	0
Investment Advisory Fee Revenue	0	0
Investment banking	0	0
Sweep Interest Income from FDIC-Insured Bank Deposits	0	0
Interest	1	0
Principal transactions, net	0	84
Other	86	0
Total revenue	87	84
EXPENSES
Compensation and related expenses	314	445
Communications and technology	40	39
Occupancy and equipment costs	0	0
Clearing and exchange fees	0	0
Interest	2,530	3,375
Other	233	316
Total expenses	3,117	4,175
Operating Income (Loss)	(3,030)	(4,091)
Income Tax Expense (Benefit)	(740)	(1,343)
Net Income (Loss) before equity in Earnings of Subsidiaries	(2,290)	(2,748)
Equity in earnings of subsidiaries	10,108	13,942
Net income attributable to Oppenheimer Holdings Inc.	7,818	11,194
Other comprehensive income	0	0
Comprehensive income	7,818	11,194
Guarantor Subsidiaries
REVENUES
Commissions	0	0
Investment Advisory Fee Revenue	0	0
Investment banking	0	0
Sweep Interest Income from FDIC-Insured Bank Deposits	0	49
Interest	2,058	0
Principal transactions, net	(16)	2,062
Other	0	1
Total revenue	2,042	2,112
EXPENSES
Compensation and related expenses	0	0
Communications and technology	0	0
Occupancy and equipment costs	0	0
Clearing and exchange fees	0	0
Interest	0	0
Other	2	122
Total expenses	2	122
Operating Income (Loss)	2,040	1,990
Income Tax Expense (Benefit)	549	926
Net Income (Loss) before equity in Earnings of Subsidiaries	1,491	1,064
Equity in earnings of subsidiaries	8,617	12,883
Net income attributable to Oppenheimer Holdings Inc.	10,108	13,947
Other comprehensive income	0	0
Comprehensive income	10,108	13,947
Non-Guarantor Subsidiaries
REVENUES
Commissions	103,249	79,409
Investment Advisory Fee Revenue	86,518	73,982
Investment banking	25,728	28,043
Sweep Interest Income from FDIC-Insured Bank Deposits	18,826	11,389
Interest	10,898	33,968
Principal transactions, net	(852)	12,654
Other	(9,301)	12,537
Total revenue	235,066	251,982
EXPENSES
Compensation and related expenses	157,362	159,910
Communications and technology	19,851	20,047
Occupancy and equipment costs	16,078	15,273
Clearing and exchange fees	5,659	5,332
Interest	6,088	11,685
Other	18,815	21,582
Total expenses	223,853	233,829
Operating Income (Loss)	11,213	18,153
Income Tax Expense (Benefit)	2,596	5,275
Net Income (Loss) before equity in Earnings of Subsidiaries	8,617	12,878
Equity in earnings of subsidiaries	0	0
Net income attributable to Oppenheimer Holdings Inc.	8,617	12,878
Other comprehensive income	(537)	563
Comprehensive income	$ 8,080	$ 13,441

Supplemental Guarantor Conden_4

Supplemental Guarantor Condensed Consolidated Financial Statements - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Proceeds from Issuance of Common Stock		$ (2,035)
Cash flows from operations:
Cash provided by (used in) operating activities	$ (241,023)	15,327
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(1,326)	(3,448)
Cash used in investing activities	(1,326)	(3,448)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(1,561)	(1,432)
Payments for Repurchase of Common Stock	(8,434)	(2,035)
Repayments of Senior Debt	(1,426)
Payments for employee taxes withheld related to vested share-based awards	(5,340)	(1,014)
Redemption of senior secured notes	203,100	(15,000)
Cash provided by (used in) financing activities	186,339	(19,481)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(56,010)	(7,602)
Cash and cash equivalents, beginning of period	79,550	90,675
Cash and cash equivalents, end of period	23,540	83,073
Eliminations
Condensed Financial Statements, Captions [Line Items]
Proceeds from Issuance of Common Stock		0
Cash flows from operations:
Cash provided by (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
Repayments of Senior Debt	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
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	0	0
Cash and cash equivalents, beginning of period	0	0
Cash and cash equivalents, end of period	0	0
Parent
Condensed Financial Statements, Captions [Line Items]
Proceeds from Issuance of Common Stock		(2,035)
Cash flows from operations:
Cash provided by (used in) operating activities	13,900	799
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	(1,561)	(1,432)
Payments for Repurchase of Common Stock	(8,434)
Repayments of Senior Debt	(1,426)
Payments for employee taxes withheld related to vested share-based awards	(5,340)	(1,014)
Redemption of senior secured notes	0	0
Cash provided by (used in) financing activities	(16,761)	(4,481)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(2,861)	(3,682)
Cash and cash equivalents, beginning of period	4,811	53,526
Cash and cash equivalents, end of period	1,950	49,844
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Proceeds from Issuance of Common Stock		0
Cash flows from operations:
Cash provided by (used in) operating activities	(2,112)	(214)
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
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(2,112)	(214)
Cash and cash equivalents, beginning of period	2,179	3,826
Cash and cash equivalents, end of period	67	3,612
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Proceeds from Issuance of Common Stock		0
Cash flows from operations:
Cash provided by (used in) operating activities	(252,811)	14,742
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(1,326)	(3,448)
Cash used in investing activities	(1,326)	(3,448)
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	203,100	(15,000)
Cash provided by (used in) financing activities	203,100	(15,000)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	(51,037)	(3,706)
Cash and cash equivalents, beginning of period	72,560	33,323
Cash and cash equivalents, end of period	$ 21,523	$ 29,617