Oppenheimer (OPY) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-12043
Entity Registrant Name	OPPENHEIMER HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0080034
Entity Address, Address Line One	85 Broad Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10004
City Area Code	212
Local Phone Number	668-8000
Title of 12(b) Security	Class A non-voting common stock
Trading Symbol	OPY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000791963
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,451,767
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,665

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 29,145	$ 112,433
Deposits with clearing organizations	76,294	77,691
Restricted cash	25,803	25,534
Receivable from brokers, dealers and clearing organizations	334,220	206,077
Receivable from customers, net of allowance for credit losses of $349 ($350 in 2022)	1,066,439	1,202,764
Income tax receivable	17,196	0
Securities owned, including amounts pledged of $660,007 ($175,724 in 2022), at fair value	924,183	498,594
Notes receivable, net	60,873	57,495
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $98,341 ($97,751 in 2022)	42,579	36,742
Right-of-use lease assets, net of accumulated amortization of $90,125 ($82,449 in 2022)	154,811	142,630
Goodwill	137,889	137,889
Intangible assets	32,100	32,100
Other assets	190,843	184,443
Total assets	3,092,375	2,714,392
Liabilities
Drafts payable	21,734	0
Bank call loans	94,400	0
Payable to brokers, dealers and clearing organizations	421,403	550,006
Payable to customers	401,168	456,475
Securities sold under agreements to repurchase	645,315	161,009
Securities sold but not yet purchased, at fair value	71,101	52,768
Accrued compensation	189,475	239,136
Income tax payable	0	4,130
Accounts payable and other liabilities	89,557	102,202
Lease liabilities	196,934	182,570
Senior secured notes, net of debt issuance costs of $501 ($616 in 2022)	112,549	113,434
Deferred tax liabilities, net of deferred tax assets of $56,564 ($55,628 in 2022)	34,369	32,241
Total liabilities	2,278,005	1,893,971
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests	25,948	25,466
Stockholders' equity
Common stock ($0.001 par value per share): Class A: shares authorized: 50,000,000; shares issued and outstanding: 10,884,575 and 10,868,556 as of June 30, 2023 and December 31, 2022, respectively Class B: shares authorized, issued and outstanding: 99,665 as of June 30, 2023 and December 31, 2022	11	11
Additional paid-in capital	25,576	28,628
Retained earnings	762,471	764,178
Accumulated other comprehensive income	256	1,416
Total Oppenheimer Holdings Inc. stockholders' equity	788,314	794,233
Noncontrolling interest (Note 2)	108	722
Total Stockholders' equity	788,422	794,955
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders' Equity	$ 3,092,375	$ 2,714,392

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for credit loss	$ 349	$ 350
Amounts pledged	660,007	175,724
Accumulated depreciation	98,341	97,751
Right of use asset, accumulated amortization	90,125	82,449
Unamortized debt issuance expense	501	616
Deferred tax assets	$ 56,564	$ 55,628
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Class A Stock
Common stock, par value (in dollars per share)	$ 0.001
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	10,884,575	10,868,556
Common stock, outstanding (in shares)	10,884,575	10,868,556
Class B Stock
Common stock, par value (in dollars per share)	$ 0.001
Common stock, authorized (in shares)	99,665	99,665
Common stock, issued (in shares)	99,665	99,665
Common stock, outstanding (in shares)	99,665	99,665

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENTS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE
Commissions	$ 88,544	$ 94,378	$ 175,241	$ 192,699
Advisory fees	101,015	107,405	201,559	223,171
Investment banking	19,978	16,653	57,943	55,123
Bank deposit sweep income	44,060	14,845	92,969	19,199
Interest	27,320	11,789	52,261	21,306
Principal transactions, net	16,253	1,258	29,743	3,622
Other	9,019	(9,106)	18,152	(11,870)
Total revenue	306,189	237,222	627,868	503,250
EXPENSES
Compensation and related expenses	187,224	177,979	393,516	364,010
Communications and technology	22,783	20,896	45,223	42,481
Occupancy and equipment costs	16,440	14,554	32,341	29,244
Clearing and exchange fees	5,927	6,242	12,190	12,218
Interest	17,467	3,628	30,609	6,140
Other	68,047	20,092	106,639	41,113
Total expenses	317,888	243,391	620,518	495,206
Pre-tax income (loss)	(11,699)	(6,169)	7,350	8,044
Income taxes provision (benefit)	(2,131)	(1,449)	2,454	2,986
Net income (loss)	(9,568)	(4,720)	4,896	5,058
Net loss attributable to noncontrolling interest, net of tax	(168)	(846)	(321)	(360)
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ (9,400)	$ (3,874)	$ 5,217	$ 5,418
Earnings (loss) per share attributable to Oppenheimer Holdings Inc.
Basic (in dollars per share)	$ (0.85)	$ (0.32)	$ 0.47	$ 0.44
Diluted (in dollars per share)	$ (0.85)	$ (0.32)	$ 0.44	$ 0.41
Weighted average shares outstanding
Basic (in shares)	11,016,430	11,980,115	11,054,306	12,222,527
Diluted (in shares)	11,016,430	11,980,115	11,911,379	13,141,538
Period end shares outstanding (in shares)	10,984,240	11,370,609	10,984,240	11,370,609

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (9,568)	$ (4,720)	$ 4,896	$ 5,058
Other comprehensive loss, net of tax
Currency translation adjustment	(663)	(2,038)	(1,160)	(2,652)
Comprehensive income (loss)	(10,231)	(6,758)	3,736	2,406
Less net loss attributable to noncontrolling interests	(168)	(846)	(321)	(360)
Comprehensive income (loss) attributable to Oppenheimer Holdings Inc.	$ (10,063)	$ (5,912)	$ 4,057	$ 2,766

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (unaudited) - USD ($) $ in Thousands	Total	Parent	Common stock ($0.001 par value per share)	Common stock ($0.001 par value per share) Class A Stock	Additional paid-in capital	Additional paid-in capital Class A Stock	Retained earnings		Retained earnings Class A Stock	Accumulated other comprehensive income	Noncontrolling interest
Balance at beginning of period at Dec. 31, 2021			$ 12		$ 78,034		$ 740,926			$ 4,225	$ 2,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				$ 0		$ 2,344
Repurchase of Class A non-voting common stock for cancellation				(1)		(46,375)			$ 0
Share-based expense					6,053
Vested employee share plan awards					(4,595)
Change in redemption value of redeemable noncontrolling interests	$ 0				0						0
Net income (loss)	5,418						5,418	[1]
Dividends paid							(3,730)
Currency translation adjustment	(2,652)									(2,652)
Capital distribution to noncontrolling interest											0
Net loss attributable to noncontrolling interest	(360)										(360)
Balance at end of period at Jun. 30, 2022	781,368	$ 779,659	11		35,461		742,614			1,573	1,709
Balance at beginning of period at Dec. 31, 2021	127,765
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable noncontrolling interests	0
Change in redemption value of redeemable noncontrolling interests	0				0						0
Balance at end of period at Jun. 30, 2022	$ 127,765
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.30
Balance at beginning of period at Mar. 31, 2022			12		62,446		748,323			3,611	2,555
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				0		0
Repurchase of Class A non-voting common stock for cancellation				(1)		(30,217)			0
Share-based expense					3,232
Vested employee share plan awards					0
Change in redemption value of redeemable noncontrolling interests	$ 0				0						0
Net income (loss)	(3,874)						(3,874)	[1]
Dividends paid							(1,835)
Currency translation adjustment	(2,038)									(2,038)
Capital distribution to noncontrolling interest											0
Net loss attributable to noncontrolling interest	(846)										(846)
Balance at end of period at Jun. 30, 2022	781,368	779,659	11		35,461		742,614			1,573	1,709
Balance at beginning of period at Mar. 31, 2022	127,765
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable noncontrolling interests	0
Change in redemption value of redeemable noncontrolling interests	0				0						0
Balance at end of period at Jun. 30, 2022	$ 127,765
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.15
Balance at beginning of period at Dec. 31, 2022	$ 794,955		11		28,628		764,178			1,416	722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				0		5,672
Repurchase of Class A non-voting common stock for cancellation				0		(3,687)			(3,599)
Share-based expense					6,642
Vested employee share plan awards					(11,578)
Change in redemption value of redeemable noncontrolling interests	565				(101)						(464)
Net income (loss)	5,217						5,217	[1]
Dividends paid							(3,325)
Currency translation adjustment	(1,160)									(1,160)
Capital distribution to noncontrolling interest											171
Net loss attributable to noncontrolling interest	(321)										(321)
Balance at end of period at Jun. 30, 2023	788,422	788,314	11		25,576		762,471			256	108
Balance at beginning of period at Dec. 31, 2022	25,466
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable noncontrolling interests	(83)
Change in redemption value of redeemable noncontrolling interests	565				(101)						(464)
Balance at end of period at Jun. 30, 2023	$ 25,948
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.30
Balance at beginning of period at Mar. 31, 2023			11		22,374		777,121			919	433
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock				0		184
Repurchase of Class A non-voting common stock for cancellation				$ 0		$ 0			$ (3,599)
Share-based expense					3,349
Vested employee share plan awards					(259)
Change in redemption value of redeemable noncontrolling interests	$ 400				(72)						(328)
Net income (loss)	(9,400)						(9,400)	[1]
Dividends paid							(1,651)
Currency translation adjustment	(663)									(663)
Capital distribution to noncontrolling interest											171
Net loss attributable to noncontrolling interest	(168)										(168)
Balance at end of period at Jun. 30, 2023	788,422	$ 788,314	$ 11		25,576		$ 762,471			$ 256	108
Balance at beginning of period at Mar. 31, 2023	25,557
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable noncontrolling interests	(9)
Change in redemption value of redeemable noncontrolling interests	400				$ (72)						$ (328)
Balance at end of period at Jun. 30, 2023	$ 25,948
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.15
[1](1) Attributable to Oppenheimer Holdings Inc.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 4,896	$ 5,058
Non-cash items included in net income:
Depreciation and amortization of furniture, equipment and leasehold improvements	3,897	3,806
Deferred income taxes	2,485	3,026
Amortization of notes receivable	7,570	6,995
Amortization of debt issuance costs	110	126
Write-off of debt issuance costs	5	0
Provision for (reversal of) credit losses	(1)	94
Share-based compensation	7,773	(2,589)
Amortization of right-of-use lease assets	13,945	13,170
Gain on repurchase of senior secured notes	(51)	0
Decrease (increase) in operating assets:
Deposits with clearing organizations	1,397	(32,600)
Receivable from brokers, dealers and clearing organizations	(128,143)	2,004
Receivable from customers	136,326	(66,723)
Income tax receivable	(17,196)	0
Securities purchased under agreements to resell	0	935
Securities owned	(425,589)	13,232
Notes receivable	(10,948)	(12,111)
Other assets	(8,115)	24,394
Increase (decrease) in operating liabilities:
Drafts payable	21,734	10,020
Payable to brokers, dealers and clearing organizations	(128,603)	(33,590)
Payable to customers	(55,307)	(37,643)
Securities sold under agreements to repurchase	484,306	(106,354)
Securities sold but not yet purchased	18,333	182,694
Accrued compensation	(50,792)	(160,196)
Income tax payable	(4,130)	0
Accounts payable and other liabilities	(24,713)	(45,119)
Cash used in operating activities	(150,811)	(231,371)
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(9,734)	(2,307)
Proceeds from the settlement of Company-owned life insurance	555	1,191
Cash used in investing activities	(9,179)	(1,116)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(3,325)	(3,730)
Repurchase of Class A non-voting common stock for cancellation	(7,285)	(46,375)
Payments for employee taxes withheld related to vested share-based awards	(5,907)	(2,251)
Addition to noncontrolling interests	171	0
Redemption of redeemable noncontrolling interests	(83)	0
Repurchase of senior secured notes	(1,000)	0
Increase in bank call loans	94,400	107,800
Cash provided by financing activities	76,971	55,444
Net decrease in cash, cash equivalents and restricted cash	(83,019)	(177,043)
Cash, cash equivalents and restricted cash, beginning of period	137,967	341,524
Cash, cash equivalents and restricted cash, end of period	54,948	164,481
Reconciliation of cash, cash equivalents and restricted cash within the condensed consolidated balance sheets:
Cash and cash equivalents	29,145	36,606
Restricted cash	25,803	127,875
Total cash, cash equivalents and restricted cash	54,948	164,481
Schedule of non-cash financing activities
Employee share plan issuance	9,062	3,809
Supplemental disclosure of cash flow information
Cash paid during the period for interest	30,113	5,776
Cash paid during the period for income taxes, net	$ 20,322	$ 22,750

Organization

Organization	6 Months Ended
	Jun. 30, 2023
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"). Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. The Company is headquartered in New York and has 92 retail branch offices in 25 states located throughout the United States and offices in Puerto Rico, Tel Aviv, Israel, Hong Kong, China, London, England, St. Helier, Isle of Jersey, Munich, Germany, Portugal and Geneva, Switzerland as well as 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 from time to time may offer syndication as well as trading of issued corporate loans; Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey, Portugal, Germany, and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is regulated by the Securities and Futures Commission. Oppenheimer owns Freedom Investments, Inc. ("Freedom"), a registered broker dealer in securities, which provides discount brokerage services, and Oppenheimer Israel (OPCO) Ltd., based on Tel Aviv, Israel, which provides investment services in the State of Israel and operates subject to the authority of the Israel Securities Authority.

Summary of significant accounti

Summary of significant accounting policies and estimates	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of significant accounting policies and estimates	Summary of significant accounting policies and estimates 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") 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, 2022 (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 that 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 and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for any future interim or annual period. Reclassification Effective June 30, 2022, the Company reclassified certain stockholders' equity amounts on the condensed consolidated balance sheet and condensed consolidated statements of changes in stockholders' equity and redeemable noncontrolling interests. The reclassification included separately presenting the par value of common stock, and combining previously disclosed share capital and contributed capital amounts in the currently reported additional paid-in capital amount. The reclassification had no impact on previously reported total stockholders’ equity amounts. Oppenheimer Acquisition Corp. I On October 26, 2021, OPY Acquisition Corp. I (“OHAA”) consummated its $126.5 million initial public offering (the “OHAA IPO”). OHAA is a special purpose acquisition company, incorporated in Delaware for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). OPY Acquisition LLC I (the “Sponsor”), a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of OHAA. The Company and its employees control OHAA through the Sponsor’s ownership of Class A founder shares of OHAA. As a result, both OHAA and the Sponsor are recorded in the Company's consolidated financial statements. Upon IPO completion, funds totaling $127.8 million, including proceeds from the OHAA IPO of $126.5 million and $1.3 million investment from the Sponsor, were held in a trust account until the earlier of (i) the completion of a Business Combination or (ii) ten Transaction costs, which consisted of a net underwriting fee of $2.5 million and $0.5 million of other offering costs, were charged against the gross proceeds of the OHAA IPO consistent with SEC Staff Accounting Bulletin (SAB) Topic 5. On December 20, 2022, OHAA’s stockholders approved an amendment to its certificate of incorporation that was filed with the Delaware Secretary of State on December 22, 2022 which extends the deadline by which it must complete its initial business combination from April 29, 2023 to October 30, 2023. In connection with its proposal to amend its certificate of incorporation, OHAA was required to give its Class A stockholders the opportunity to redeem their shares of Class A common stock. Of the 12,650,000 shares of Class A common stock that were outstanding, a total of 10,170,490 shares exercised their redemption rights. As of June 30, 2023, $25.8 million remained in the trust account that is recorded within “Restricted Cash” on the condensed consolidated balance sheet. “Redeemable noncontrolling interests” of $25.9 million associated with the publicly-held OHAA Class A ordinary shares are recorded on the Company’s condensed consolidated balance sheet as of June 30, 2023 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests will be affected by charges to additional paid-in-capital and noncontrolling interests attributable to certain members of the Sponsor on a pro rata ownership basis. The public warrants and private warrants exercisable for OHAA Class A ordinary shares that were issued in connection with the OHAA IPO (the “OHAA Warrants”) qualify for equity accounting treatment under FASB ASC Topic 815. Oppenheimer Principal Investments LLC Oppenheimer Principal Investments LLC ("OPI") is a Delaware special purpose "Series" limited liability company formed in December 2020 and designed to retain and reward talented employees of the Company, primarily in connection with the deployment of Company capital into successful private market investments, and also in connection with the Company's receipt of non-cash compensation from investment banking assignments. OPI is designed to promote alignment of Company, client and employee interests as they relate to profitable investment opportunities. This program acts as an incentive for senior employees to identify attractive private investments for the Company and its clients, and as a retention tool for key employees of the Company. OPI treats its members as partners for tax purposes generally and with respect to the separate Series formed to participate in (i) the incentive fees generated by successful client investments in the Company's Private Market Opportunities program, or (ii) principal investments made by the Company or a portion of the gains thereon, either through the outright purchase of an investment or consideration earned in lieu of an investment banking fee or other transaction fee. Employees who become members of a Series receive a "profit interest", as that term is used in Internal Revenue Service (“IRS”) regulations, and receive an allocation of capital appreciation of the investment held by the particular Series that exceeds a threshold amount established for each Series. Participating employees are also subject to vesting and forfeiture requirements for each Series investment. Vested profit interests are accounted for as compensation expense under FASB Topic ASC 710. Additionally, the Company’s policy is to consolidate those entities where it owns the majority voting interests. The Company owns the majority voting interest of OPI through Oppenheimer Alternative Investment Management (“OAIM”), the managing member of OPI and a subsidiary of OAM. Pursuant to the Company’s policy for consolidation, the Company consolidates OPI. See note 10 for details. Noncontrolling interests represents ownership interests in the Sponsor of OHAA, OHAA Class A founder and Class A ordinary shares held by management and employees of the Company, as well as OHAA Class B shares held by directors and officers of OHAA and an employee of the Company. Noncontrolling interests also include publicly-held warrants to purchase OHAA Class A ordinary shares. For the six months ended June 30, 2023 and June 30, 2022, the net loss (net of taxes) attributed to noncontrolling interests was $321,000 and $360,000, respectively. Restricted Cash Restricted cash represents OHAA deposits held in trust as indicated above.

Financial Instruments - Credit

Financial Instruments - Credit Losses	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Financial Instruments - Credit Losses	Financial Instruments - Credit Losses Under ASC 326 "Financial Instruments - Credit Losses", the Company can elect to use an approach to measure the allowance for credit losses using the fair value of collateral where the borrower is required to, and reasonably expected to, continually adjust and replenish the amount of collateral securing the instrument to reflect changes in the fair value of such collateral. The Company has elected to use this approach for securities borrowed, margin loans, and reverse repurchase agreements. No material historical losses have been reported on these assets. See note 9 for details. As of June 30, 2023, the Company had $60.9 million of notes receivable ($57.5 million as of December 31, 2022). Notes receivable represent recruiting and retention payments generally in the form of upfront loans to financial advisors 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 the respective 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 is 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 market conditions such as changes in unemployment rates, changes in interest rates and other relevant factors. For the three and six months ended June 30, 2023, no adjustments were made to the expected loss rates. 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 pool basis as the Company has determined that the entire defaulted portion of notes receivable has similar risk characteristics. As of June 30, 2023, the uncollected balance of defaulted notes was $6.2 million and the allowance for uncollectibles was $3.8 million. The allowance for uncollectibles consisted of $2.2 million related to defaulted notes balances (five years and older) and $1.6 million related to defaulted notes balances (under five years). The following table presents the disaggregation of defaulted notes by year of default as of June 30, 2023: (Expressed in thousands) As of June 30, 2023 2023 $ 1,130 2022 285 2021 1,899 2020 423 2019 323 2018 and prior 2,176 Total $ 6,236 The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Beginning balance $ 4,051 $ 5,247 $ 4,327 $ 4,923 Additions and other adjustments (237) (141) (513) 183 Ending balance $ 3,814 $ 5,106 $ 3,814 $ 5,106

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company has 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 92 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of Jersey, Geneva, Switzerland, Munich, Germany, Tel Aviv, Israel and Hong Kong, China. The Company is constantly assessing its needs for office space and, on a rolling basis, has many leases that expire in any given year. Substantially all 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 the Company's 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. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of June 30, 2023, the Company had right-of-use operating lease assets of $154.8 million (net of accumulated amortization of $90.1 million) which are comprised of real estate leases of $152.0 million (net of accumulated amortization of $87.7 million) and equipment leases of $2.8 million (net of accumulated amortization of $2.4 million). As of June 30, 2023, the Company had operating lease liabilities of $196.9 million which are comprised of real estate lease liabilities of $194.1 million and equipment lease liabilities of $2.8 million. The Company had no finance leases as of June 30, 2023. As most of the Company's leases do not provide an implicit rate, the Company uses the 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 that commenced subsequent to January 1, 2019. The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of June 30, 2023 and December 31, 2022, respectively: As of June 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 6.86 6.82 Weighted average discount rate 7.05% 6.66% The following table presents operating lease costs recognized for the three and six months ended June 30, 2023 and June 30, 2022, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements: (Expressed in thousands) For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 6,686 $ 6,189 $ 13,125 $ 12,346 Real estate leases - Interest expense 3,398 3,267 6,607 6,623 Equipment leases - Right-of-use lease asset amortization 431 410 853 824 Equipment leases - Interest expense 47 35 93 67 The maturities of lease liabilities as of June 30, 2023 and December 31, 2022 are as follows: (Expressed in thousands) As of June 30, 2023 December 31, 2022 2023 $ 22,196 $ 42,343 2024 43,123 38,018 2025 37,174 31,684 2026 34,753 29,671 2027 33,205 28,178 After 2027 79,433 58,146 Total lease payments $ 249,884 $ 228,040 Less interest (52,950) (45,470) Present value of lease liabilities $ 196,934 $ 182,570 As of June 30, 2023, the Company had $9.3 million of additional real estate operating leases that have not yet commenced ($40.2 million as of December 31, 2022).

Revenues from contracts with cu

Revenues from contracts with customers	6 Months Ended
	Jun. 30, 2023
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 during which uncertainties are expected 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 the 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, are 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 Mutual Fund Income — The Company earns mutual fund income for sales and distribution of mutual fund shares, which consists of a fixed fee amount and a variable amount. The Company recognizes mutual fund income at a point in time on the trade date when the performance obligation is satisfied which is when the mutual fund interest is sold to the investor. The ongoing distribution fees for distributing investment products from mutual fund companies are generally considered variable consideration because they are based on the value of AUM and are uncertain on trade date. The Company recognizes distribution fees over the investment period as the amounts become known and the portion recognized in the current period may relate to distribution services performed in prior periods. 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, asset-based programs 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 as other performance targets over a 12-month measurement period are met. Performance fees are considered variable and they are recognized at a point in time 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 time. 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. Such revenue and fees are primarily recorded at a point in time when services for the performance obligations have been 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 customer receives the benefit of the services throughout the term of the contracts, and such fees are collected based on the terms of the contracts. Bank Deposit Sweep Income Bank deposit sweep income consists of revenue earned from the FDIC-insured bank deposit program. Under this program, client funds are swept into deposit accounts at participating banks and are eligible for FDIC deposit insurance up to FDIC standard maximum deposit insurance amounts. Fees are earned over time and are generally received within 30 days. Disaggregation of Revenue The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) For the Three Months Ended June 30, 2023 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 37,666 $ — $ 43,154 $ 8 $ 80,828 Mutual fund and insurance income 7,711 — 1 4 7,716 Advisory fees 78,811 22,196 — 8 101,015 Investment banking - capital markets 1,688 — 7,345 — 9,033 Investment banking - advisory — — 10,945 — 10,945 Bank deposit sweep income 44,060 — — — 44,060 Other 3,284 — 594 21 3,899 Total revenue from contracts with customers 173,220 22,196 62,039 41 257,496 Other sources of revenue: Interest 22,403 — 4,109 808 27,320 Principal transactions, net 1,072 — 13,410 1,771 16,253 Other 4,550 2 24 544 5,120 Total other sources of revenue 28,025 2 17,543 3,123 48,693 Total revenue $ 201,245 $ 22,198 $ 79,582 $ 3,164 $ 306,189 (Expressed in thousands) For the Three Months Ended June 30, 2022 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 38,108 $ — $ 48,425 $ 6 $ 86,539 Mutual fund and insurance income 7,808 — 1 30 7,839 Advisory fees 83,085 24,311 — 9 107,405 Investment banking - capital markets 2,359 — 6,010 — 8,369 Investment banking - advisory — — 8,284 — 8,284 Bank deposit sweep income 14,845 — — — 14,845 Other 4,807 — 479 66 5,352 Total revenue from contracts with customers 151,012 24,311 63,199 111 238,633 Other sources of revenue: Interest 10,369 — 1,392 28 11,789 Principal transactions, net (2,233) — 6,564 (3,073) 1,258 Other (14,677) 4 119 96 (14,458) Total other sources of revenue (6,541) 4 8,075 (2,949) (1,411) Total revenue $ 144,471 $ 24,315 $ 71,274 $ (2,838) $ 237,222 (Expressed in thousands) For the Six Months Ended June 30, 2023 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 76,590 $ — 83,201 14 $ 159,805 Mutual fund and insurance income 15,423 — 5 8 15,436 Advisory fees 155,394 46,150 — 15 201,559 Investment banking - capital markets 3,475 — 15,586 — 19,061 Investment banking - advisory — — 38,882 — 38,882 Bank deposit sweep income 92,969 — — — 92,969 Other 7,277 — 1,100 118 8,495 Total revenue from contracts with customers 351,128 46,150 138,774 155 536,207 Other sources of revenue: Interest 42,982 — 7,138 2,141 52,261 Principal transactions, net 2,121 — 23,814 3,808 29,743 Other 8,435 7 138 1,077 9,657 Total other sources of revenue 53,538 7 31,090 7,026 91,661 Total revenue $ 404,666 $ 46,157 $ 169,864 $ 7,181 $ 627,868 (Expressed in thousands) For the Six Months Ended June 30, 2022 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 81,463 $ — 95,061 17 $ 176,541 Mutual fund and insurance income 16,130 — 6 22 16,158 Advisory fees 171,613 51,424 117 17 223,171 Investment banking - capital markets 5,665 — 19,234 — 24,899 Investment banking - advisory 35 — 30,189 — 30,224 Bank deposit sweep income 19,199 — — — 19,199 Other 7,642 — 797 188 8,627 Total revenue from contracts with customers 301,747 51,424 145,404 244 498,819 Other sources of revenue: Interest 18,517 — 2,685 104 21,306 Principal transactions, net (4,166) — 8,080 (292) 3,622 Other (20,780) 8 156 119 (20,497) Total other sources of revenue (6,429) 8 10,921 (69) 4,431 Total revenue $ 295,318 $ 51,432 $ 156,325 $ 175 $ 503,250 Contract Assets and Liabilities The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records contract assets when payment is due from a client conditioned on future performance or the occurrence of other events. 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 $34.3 million and $32.8 million at June 30, 2023 and December 31, 2022, respectively. The Company had no significant impairments related to these receivables during the three months ended June 30, 2023. Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company and retainer fees and other fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. Total deferred revenue was $2.86 million and $900,000 at June 30, 2023 and December 31, 2022, 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 June 30, 2023 December 31, 2022 Contract assets (receivables): Commission (1) $ 5,596 $ 3,533 Mutual fund income (2) 5,208 4,993 Advisory fees (3) 4,309 5,368 Bank deposit sweep income (4) 6,434 9,057 Investment banking fees (5) 6,710 5,136 Other 5,995 4,686 Total contract assets $ 34,252 $ 32,773 Deferred revenue (payables): Investment banking fees (6) $ 1,507 $ 900 IRA fees (7) 1,353 — Total deferred revenue $ 2,860 $ 900 (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, including certain receivables. (6) Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied. (7) Fee received in advance on an annual basis.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share are computed by dividing net income over the weighted average number of shares of Class A non-voting common stock ("Class A Stock") and Class B voting common stock ("Class B Stock") outstanding. Diluted earnings per share includes the weighted average number of shares of Class A Stock and Class B Stock outstanding and options to purchase Class A Stock and unvested restricted stock awards of Class A Stock using the treasury stock method. Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Basic weighted average number of shares outstanding 11,016,430 11,980,115 11,054,306 12,222,527 Net dilutive effect of share-based awards, treasury stock method (1) — — 857,073 919,011 Diluted weighted average number of shares outstanding 11,016,430 11,980,115 11,911,379 13,141,538 Net income (loss) attributable to Oppenheimer Holdings Inc. $ (9,400) $ (3,874) $ 5,217 $ 5,418 Earnings (Loss) per share attributable to Oppenheimer Holdings Inc. Basic $ (0.85) $ (0.32) $ 0.47 $ 0.44 Diluted $ (0.85) $ (0.32) $ 0.44 $ 0.41 (1) For the three months ended June 30, 2023, the diluted net loss per share computation did not include the anti-dilutive effect of 1,138,992 shares of Class A Stock granted under share-based compensation arrangements. For the six months ended June 30, 2023, the diluted net income per share computation did not include the anti-dilutive effect of 281,810 shares of Class A Stock granted under share-based compensation arrangements. For the three months ended June 30, 2022, the diluted net loss per share computation did not include the anti-dilutive effect of 1,267,733 shares of Class A Stock granted under share-based

Receivable from and payable to

Receivable from and payable to brokers, dealers and clearing organizations	6 Months Ended
	Jun. 30, 2023
Broker-Dealer [Abstract]
Receivable from and payable to brokers, dealers and clearing organizations	Receivable from and payable to brokers, dealers and clearing organizations (Expressed in thousands) As of June 30, 2023 December 31, 2022 Receivable from brokers, dealers and clearing organizations consisting of: Securities borrowed $ 255,568 $ 127,817 Receivable from brokers 48,354 49,125 Clearing organizations and other 24,789 20,036 Securities failed to deliver 5,509 9,099 Total $ 334,220 $ 206,077 Payable to brokers, dealers and clearing organizations consisting of: Securities loaned $ 336,513 $ 320,843 Securities failed to receive 5,656 62,646 Payable to brokers 553 123 Clearing organizations and other (1) 78,681 166,394 Total $ 421,403 $ 550,006

Fair value measurements

Fair value measurements	6 Months Ended
	Jun. 30, 2023
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, quoted market prices for comparable securities or discounted cash flow models. 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 is 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 and the Massachusetts Securities Division (collectively, 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. As of September 30, 2021, the Company had completed its ARS purchase obligations related to the settlements with the Regulators. In addition to the settlements with the Regulators, Oppenheimer had also reached settlements of and received adverse awards in legal proceedings with various clients where the Company was obligated to purchase ARS. As of June 30, 2023, the Company no longer had any obligations to purchase ARS from such legal settlements or adverse awards. As of June 30, 2023, the Company owned $31.7 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 referred to above have, for the most part, been subject to issuer tender offers. The Company has valued the ARS securities owned at the tender offer price and categorized them in Level 3 of the fair value hierarchy due to the illiquid nature of the securities and the period of time since the last tender offer. The fair value of ARS is particularly sensitive to movements in interest rates. However, an increase or decrease in short-term interest rates may or may not result in a higher or lower tender offer in the future or the tender offer price may not provide a reasonable estimate of the fair value of the securities. In such cases, other valuation techniques might be necessary. As of June 30, 2023, the Company had a valuation allowance totaling $5.2 million relating to ARS owned (which is included as a reduction to securities owned 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 June 30, 2023: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 520 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 12,173 2,705 N/A N/A $ 12,693 $ 2,705 (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 diversified portfolios focusing on but not limited to technology companies, venture capital and global natural resources The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2022: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 574 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 8,221 3,018 N/A N/A $ 8,795 $ 3,018 (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 diversified portfolios focusing on but not limited to technology companies, venture capital and global natural resources. The Company owns an investment in a financial technologies firm. The Company elected the fair value option for this investment and it is included in other assets on the condensed consolidated balance sheet. The Company determined the fair value of the investment based on an implied market-multiple approach and observable market data, including comparable company transactions. As of June 30, 2023, the fair value of the investment was $6.2 million and was categorized in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value The Company's assets and liabilities, recorded at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 : (Expressed in thousands) Fair Value Measurements as of June 30, 2023 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 27,675 $ — $ — $ 27,675 Securities owned: U.S. Treasury securities 719,574 — — 719,574 U.S. Agency securities — 5,919 — 5,919 Corporate debt and other obligations — 10,544 — 10,544 Mortgage and other asset-backed securities — 3,867 — 3,867 Municipal obligations — 91,648 — 91,648 Convertible bonds — 28,581 — 28,581 Corporate equities 31,887 — — 31,887 Money markets — 487 — 487 Auction rate securities — — 31,682 31,682 Securities owned, at fair value 751,461 141,046 31,682 924,189 Investments (1) 5,454 11,713 — 17,167 Derivative contracts: TBAs — 4,734 — 4,734 Derivative contracts, total — 4,734 — 4,734 Total $ 784,590 $ 157,493 $ 31,682 $ 973,765 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 41,737 $ — $ — $ 41,737 U.S. Agency securities — 2 — 2 Corporate debt and other obligations — 2,782 — 2,782 Convertible bonds — 9,857 — 9,857 Corporate equities 16,723 — — 16,723 Securities sold but not yet purchased, at fair value 58,460 12,641 — 71,101 Derivative contracts: Futures 3,057 — — 3,057 TBAs — 4,696 — 4,696 Derivative contracts, total 3,057 4,696 — 7,753 Total $ 61,517 $ 17,337 $ — $ 78,854 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022: (Expressed in thousands) Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 24,937 $ — $ — $ 24,937 Securities owned: U.S. Treasury securities 362,815 — — 362,815 U.S. Agency securities — 6,012 — 6,012 Sovereign obligations — 9,502 — 9,502 Corporate debt and other obligations — 9,844 — 9,844 Mortgage and other asset-backed securities — 1,882 — 1,882 Municipal obligations — 30,126 — 30,126 Convertible bonds — 21,800 — 21,800 Corporate equities 24,837 — — 24,837 Money markets — — — — Auction rate securities — — 31,776 31,776 Securities owned, at fair value 387,652 79,166 31,776 498,594 Investments (1) — 7,068 — 7,068 Derivative contracts: TBAs — 1,762 — 1,762 Total $ 412,589 $ 87,996 $ 31,776 $ 532,361 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 25,006 $ — $ — $ 25,006 U.S. Agency securities — 3 — 3 Sovereign obligations — 9,048 — 9,048 Corporate debt and other obligations — 2,905 — 2,905 Convertible bonds — 4,428 — 4,428 Corporate equities 11,378 — — 11,378 Securities sold but not yet purchased, at fair value 36,384 16,384 — 52,768 Derivative contracts: Futures 44 — — 44 TBAs — 1,761 — 1,761 Derivative contracts, total 44 1,761 — 1,805 Total $ 36,428 $ 18,145 $ — $ 54,573 (1) Included in other assets on the condensed consolidated balance sheet. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2023 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) $ 31,776 $ 6 $ — $ (100) $ — $ 31,682 (1) Represents auction rate securities that failed in the auction rate market. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2022 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) 31,804 (27) 200 — — 31,977 (1) Represents auction rate securities that failed in the auction rate market. (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2023 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) 31,776 6 — (100) — 31,682 (1) Represents auction rate securities that failed in the auction rate market. (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2022 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) 31,804 (27) 200 — — 31,977 (1) Represents auction rate securities that failed in the auction rate market. 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., 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 (e.g., cash and receivables from customers) approximates fair value because of the relatively short-term nature of the underlying assets. The fair value of the Company's senior secured notes, categorized in Level 2 of the fair value hierarchy, is based on quoted prices from the market in which the notes trade. Assets and liabilities not measured at fair value as of June 30, 2023: (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 29,145 $ 29,145 $ — $ — $ 29,145 Restricted cash 25,803 25,803 — — 25,803 Deposits with clearing organization 48,619 48,619 — — 48,619 Receivable from brokers, dealers and clearing organizations: Securities borrowed 255,568 — 255,568 — 255,568 Receivables from brokers 48,354 — 48,354 — 48,354 Securities failed to deliver 5,509 — 5,509 — 5,509 Clearing organizations and other 24,751 — 24,751 — 24,751 334,182 — 334,182 — 334,182 Receivable from customers 1,066,439 — 1,066,439 — 1,066,439 Notes receivable, net 60,873 — 60,873 — 60,873 Investments (1) 87,826 — 87,826 — 87,826 (1) The cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in fair value of the policies’ underlying investments, comprises approximately $86 million of this balance. This balance is included within 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 $ 21,734 $ 21,734 $ — $ — $ 21,734 Bank call loans 94,400 — 94,400 — 94,400 Payables to brokers, dealers and clearing organizations: Securities loaned 336,513 — 336,513 — 336,513 Payable to brokers 553 — 553 — 553 Securities failed to receive 5,656 — 5,656 — 5,656 Clearing organization and other 75,624 — 75,624 — 75,624 418,346 — 418,346 — 418,346 Payables to customers 401,168 — 401,168 — 401,168 Securities sold under agreements to repurchase 645,315 — 645,315 — 645,315 Senior secured notes 113,050 — 107,702 — 107,702 Assets and liabilities not measured at fair value as of December 31, 2022: (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 112,433 $ 112,433 $ — $ — $ 112,433 Restricted cash 25,534 25,534 — — 25,534 Deposits with clearing organization 52,754 52,754 — — 52,754 Receivable from brokers, dealers and clearing organizations: Securities borrowed 127,817 — 127,817 — 127,817 Receivables from brokers 49,125 — 49,125 — 49,125 Securities failed to deliver 9,099 — 9,099 — 9,099 Clearing organizations 20,035 — 20,035 — 20,035 206,076 — 206,076 — 206,076 Receivable from customers 1,202,764 — 1,202,764 — 1,202,764 Securities purchased under agreements to resell — — — — — Notes receivable, net 57,495 — 57,495 — 57,495 Investments (1) 79,322 — 79,322 — 79,322 (1) The cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in fair value of the policies’ underlying investments, comprises approximately $77 million of this balance. This balance is included within other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Bank call loans $ — $ — $ — $ — $ — Payables to brokers, dealers and clearing organizations: Securities loaned 320,843 — 320,843 — 320,843 Payable to brokers 123 — 123 — 123 Securities failed to receive 62,646 — 62,646 — 62,646 Other 166,350 — 166,350 — 166,350 549,962 — 549,962 — 549,962 Payables to customers 456,475 — 456,475 — 456,475 Securities sold under agreements to repurchase 161,009 — 161,009 — 161,009 Senior secured notes 114,050 — 113,233 — 113,233 Fair Value Option The Company elected the fair value option for securities sold under agreements to repurchase ("repurchase agreements") and securities purchased under agreements to resell ("reverse repurchase agreements") that do not settle overnight or have an open settlement date. The Company has elected the fair value option for these instruments to reflect more accurately market and economic events in its earnings and to mitigate a potential mismatch in earnings caused by using different measurement attributes (i.e. fair value versus carrying value) for certain assets and liabilities. As of June 30, 2023, the Company had no 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 or other liabilities on the condensed consolidated balance sheet and other income in the condensed consolidated income statement. 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 income statement 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 income statement as principal transactions revenue, net. The notional amounts and fair values of the Company's derivatives as of June 30, 2023 and December 31, 2022 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of June 30, 2023 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 5,525 $ 4,734 $ 5,525 $ 4,734 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 8,117,000 $ 3,057 Other contracts TBAs 5,525 4,696 Forward repurchase agreements 104,000 — $ 8,226,525 $ 7,753 (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. (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2022 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 1,775 $ 1,762 Forward reverse repurchase agreements 15,000 — Other 275 $ — $ 17,050 $ 1,762 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 1,912,500 $ 44 Other contracts TBAs 1,775 1,761 $ 1,914,275 $ 1,805 (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 income statements for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2023 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,529 Other contracts Foreign exchange forward contracts Other revenue (7) TBAs Principal transactions revenue, net 36 $ 3,558 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2022 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 1,328 Other contracts Foreign exchange forward contracts Other revenue (20) TBAs Principal transactions revenue, net (6) $ 1,302 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2023 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,739 Other contracts Foreign exchange forward contracts Other revenue (8) TBAs Principal transactions revenue, net 38 $ 3,769 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2022 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,519 Other contracts Foreign exchange forward contracts Other revenue (20) TBAs Principal transactions revenue, net 56 $ 3,555

Collateralized transactions

Collateralized transactions	6 Months Ended
	Jun. 30, 2023
Broker-Dealer [Abstract]
Collateralized transactions	Collateralized transactions The Company enters into collateralized borrowing and lending transactions in order to meet customers' needs and earn interest rate spreads, obtain securities for settlement and finance trading inventory positions. Under these transactions, the Company either receives or provides collateral, including U.S. Government and Agency, asset-backed, corporate debt, equity, and non-U.S. Government and Agency securities. The Company obtains short-term borrowings primarily through bank call loans. Bank call loans are generally payable on demand and bear interest at various rates. As of June 30, 2023, the outstanding balance of bank call loans was $94.4 million (zero as of December 31, 2022). Such loans with commercial banks were collateralized by the Company's securities and customer securities with market values of approximately $45.5 million and $64.4 million, respectively. As of June 30, 2023, the Company had approximately $1.6 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $229.7 million under securities loan agreements. As of June 30, 2023, the Company had pledged $261.8 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. As of June 30, 2023, the Company had no outstanding letters of credit. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions in order to, among other things, acquire securities to cover short positions and settle other securities obligations, so as to accommodate customers' needs and to finance the Company's inventory positions. Except as described below, repurchase and reverse repurchase agreements, principally involving U.S. Government and Agency securities, are carried at amounts at which the securities subsequently will be resold or reacquired as specified in the respective agreements and include accrued interest. Repurchase agreements and reverse repurchase agreements are presented on a net-by-counterparty basis, when the repurchase agreements and reverse repurchase agreements are executed with the same counterparty, have the same explicit settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase agreements and reverse repurchase agreements exist in "book entry" form and certain other requirements are met. The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of June 30, 2023: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government $ 685,436 Securities loaned: Equity securities 336,513 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,021,949 The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of June 30, 2023 and December 31, 2022: As of June 30, 2023 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 40,122 $ (40,122) $ — $ — $ — $ — Securities borrowed (1) 255,568 — 255,568 (252,975) — 2,593 Total $ 295,690 $ (40,122) $ 255,568 $ (252,975) $ — $ 2,593 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 685,436 $ (40,122) $ 645,314 $ (643,479) $ — $ 1,835 Securities loaned (2) 336,513 — 336,513 (328,171) — 8,342 Total $ 1,021,949 $ (40,122) $ 981,827 $ (971,650) $ — $ 10,177 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2022 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 28,012 $ (28,012) $ — $ — $ — $ — Securities borrowed (1) 127,817 — 127,817 (127,365) — 452 Total $ 155,829 $ (28,012) $ 127,817 $ (127,365) $ — $ 452 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 189,021 $ (28,012) $ 161,009 $ (157,981) $ — $ 3,028 Securities loaned (2) 320,843 — 320,843 (308,535) — 12,308 Total $ 509,864 $ (28,012) $ 481,852 $ (466,516) $ — $ 15,336 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. The Company elects the fair value option for those repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. As of June 30, 2023, the Company did not have any repurchase agreements and reverse repurchase agreements that do not settle overnight or have an open settlement date. The Company receives collateral in connection with securities borrowed and reverse repurchase agreement transactions and customer margin loans. Under many agreements, the Company is permitted to sell or re-pledge the securities received (e.g., use the securities to enter into securities lending transactions, or deliver to counterparties to cover short positions). As of June 30, 2023, the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $250.7 million ($124.1 million as of December 31, 2022) and $40.0 million ($28.0 million as of December 31, 2022), respectively, of which the Company has sold and re-pledged approximately $95.5 million ($39.4 million as of December 31, 2022) under securities loaned transactions and $40.0 million under repurchase agreements ($28.0 million as of December 31, 2022). 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 $660.0 million, as presented on the face of the condensed consolidated balance sheet as of June 30, 2023 ($175.7 million as of December 31, 2022). The Company manages credit exposure arising from repurchase and reverse repurchase agreements by, in appropriate circumstances, entering into master netting agreements and collateral arrangements with counterparties that provide the Company, in the event of a customer default, the right to liquidate securities and the right to offset a counterparty's rights and obligations. The Company manages market risk of repurchase agreements and securities loaned by monitoring the market value of collateral held and the market value of securities receivable from others. It is the Company's policy to request and obtain additional collateral when exposure to loss exists. In the event the counterparty is unable to meet its contractual obligation to return the securities, the Company may be exposed to off-balance sheet risk of acquiring securities at prevailing market prices. Credit Concentrations Credit concentrations may arise from trading, investing, underwriting and financing activities and may be impacted by changes in economic, industry or political factors. In the normal course of business, the Company may be exposed to credit risk in the event customers, counterparties including other brokers and dealers, issuers, banks, depositories or clearing organizations are unable to fulfill their contractual obligations. The Company seeks to mitigate these risks by actively monitoring exposures and obtaining collateral as deemed appropriate. Included in receivable from brokers, dealers and clearing organizations as of June 30, 2023 were receivables from two major U.S. broker-dealers totaling approximately $125.9 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 two . In addition, the Company clears its non-U.S. international equities business

Variable interest entities ("VI

Variable interest entities ("VIEs")	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity [Abstract]
Variable interest entities ("VIEs")	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. The Company serves as general partner of hedge funds and private equity funds that were established for the purpose of providing alternative investments to both its institutional and qualified retail clients. The Company's investment in and additional capital commitments to these hedge funds and private equity funds are 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 and additional capital commitments represent their maximum exposure to loss. The subsidiaries' general partnership and limited partnership interests are included in other assets on the condensed consolidated balance sheet. As of June 30, 2023, the Company did not have any hedge funds and private equity funds that are VIEs. The Company serves as general partner of Oppenheimer Acquisition LLC I and Oppenheimer Acquisition LLC II (the "Sponsors"). They are sponsors of two special purpose acquisition companies, OHAA and Oppenheimer Acquisition Corp. II (the "SPACs”), that are seeking to effect a transaction which could be in the form of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Sponsors and the SPACs are consolidated VIE's as the Company is the primary beneficiary. On October 26, 2021, OHAA consummated its $126.5 million IPO. The Company and its employees control OHAA through the Sponsor's ownership of Class A founder shares of OHAA. As a result, both OHAA and the Sponsor are consolidated in the Company’s financial statements. On December 20, 2022, OHAA’s stockholders approved an amendment to its certificate of incorporation that was filed with the Delaware Secretary of State on December 22, 2022 which extends the deadline by which it must complete its initial business combination from April 29, 2023 to October 30, 2023. In connection with its proposal to amend its certificate of incorporation, OHAA was required to give its Class A stockholders the opportunity to redeem their shares of Class A common stock. Of the 12,650,000 shares of Class A common stock that were outstanding, a total of 10,170,490 shares exercised their redemption rights. As of June 30, 2023, $25.8 million remained in the trust account that is recorded within “Restricted Cash” on the consolidated balance sheet. In addition, OPI was formed in December 2020 and designed to retain and reward talented employees of the Company, primarily in connection with the deployment of Company capital into successful private market investments, and also in connection with the Company's receipt of non-cash compensation from investment banking assignments. OPI is designed to promote alignment of Company, client and employee interests as they relate to profitable investment opportunities. This program acts as an incentive for senior employees to identify attractive private investments for the Company and its clients, and as a retention tool for key employees of the Company. The Company owns the majority voting interest and control of OPI through Oppenheimer Alternative Investment Management (“OAIM”), the managing member of OPI and a subsidiary of OAM. OPI is a consolidated VIE as the Company is the primary beneficiary. The following table sets forth the total assets and liabilities of VIEs consolidated on our condensed consolidated balance sheet: (Expressed in thousands) As of June 30, 2023 2022 Asset Cash and cash equivalents $ 5,487 $ 1,458 Restricted Cash 25,803 127,875 Other Assets 2,297 568 Total Assets $ 33,587 $ 129,901 Liabilities Other Liabilities 821 123 Total Liabilities $ 821 $ 123

Long-term debt

Long-term debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term debt	Long-term debt (Expressed in thousands) Issued Maturity Date June 30, 2023 December 31, 2022 5.50% Senior Secured Notes 10/1/2025 $ 113,050 $ 114,050 Unamortized Debt Issuance Cost (501) (616) $ 112,549 $ 113,434 5.50% Senior Secured Notes due 2025 (the "Notes") On September 22, 2020, in a private offering, the Company issued $125.0 million aggregate principal amount of 5.50% Senior Secured Notes due 2025 (the "Unregistered Notes") under an indenture at an issue price of 100% of the principal amount. Interest on the Unregistered Notes is payable semi-annually on April 1st and October 1st. The Company used the net proceeds from the offering of the Unregistered Notes, along with cash on hand, to redeem in full our 6.75% Senior Secured Notes due July 1, 2022 (the "Old Notes") in the principal amount of $150.0 million (the Company held $1.4 million in treasury for a net outstanding amount of $148.6 million), and pay all related fees and expenses in relation thereto. On November 23, 2020, we completed an exchange offer in which we exchanged 99.8% of the Unregistered Notes for a like principal amount of Notes with identical terms, except that such new Notes have been registered under the Securities Act of 1933, as amended (the "Securities Act"). We did not receive any proceeds in the exchange offer. The Notes will mature on October 1, 2025 and bear interest at a rate of 5.50% per annum, payable semiannually on April 1st and October 1st, respectively, of each year. The Parent used the net proceeds from the offering of the Notes, along with cash on hand, to redeem in full its Old Notes, in the principal amount of $150.0 million (the Parent held $1.4 million in treasury for a net outstanding amount of $148.6 million), and pay all related fees and expenses in relation thereto. The cost to issue the Notes was $3.1 million, of which $1.9 million was paid to its subsidiary, Oppenheimer, who served as the initial purchaser of the offering, and was eliminated in consolidation. The remaining $1.2 million was capitalized and is amortized over the term of the Notes. The Company has repurchased and may continue to seek to repurchase its Notes from time to time through, as applicable, tender offers, open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on a number of factors, including, but not limited to, the Company’s priorities for the use of cash, price, market and economic conditions, its liquidity requirements, and legal and contractual restrictions. During the first quarter of 2023, the Company repurchased and cancelled $1.0 million aggregate principal amount of its Notes in the open market. As of June 30, 2023, $113.05 million aggregate principal amount of the Notes remain outstanding. The indenture governing the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, the repurchase of equity, the sale of assets, the issuance of guarantees, mergers and acquisitions and the granting of liens. These covenants are subject to a number of important exceptions and qualifications. These exceptions and qualifications include, among other things, a variety of provisions that are intended to allow the Company to continue to conduct its brokerage operations in the ordinary course of business. In addition, certain of the covenants will be suspended upon the Parent attaining an investment grade debt rating for the Notes from both S&P Global Ratings and Moody’s Investors Service, Inc. Pursuant to the indenture, the following covenants apply to the Parent and its restricted subsidiaries, but generally do not apply, or apply only in part, to its Regulated Subsidiaries (as defined): • limitation on indebtedness and issuances of preferred stock, which restricts the Parent’s ability to incur additional indebtedness or to issue preferred stock; • limitation on restricted payments, which generally restricts the Parent’s ability to declare certain dividends or distributions, repurchase its capital stock or make certain investments; • limitation on dividends and other payment restrictions affecting restricted subsidiaries or Regulated Subsidiaries, which generally limits the ability of certain of the Parent’s subsidiaries to pay dividends or make other transfers; • limitation on future Subsidiary Guarantors (as hereinafter defined), which prohibits certain of the Parent’s subsidiaries from guaranteeing its indebtedness or indebtedness of any restricted subsidiary unless the Notes are comparably guaranteed; • limitation on transactions with shareholders and affiliates, which generally requires transactions among the Parent’s affiliated entities to be conducted on an arm’s-length basis; • limitation on liens, which generally prohibits the Parent and its restricted subsidiaries from granting liens unless the Notes are comparably secured; and • limitation on asset sales, which generally prohibits the Parent and certain of its subsidiaries from selling assets or certain securities or property of significant subsidiaries. The indenture also provides for events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the Notes to become or to be declared due and payable. As of June 30, 2023, the Parent was in compliance with all of its covenants. The Notes are jointly and severally and fully and unconditionally guaranteed on a senior secured basis by the Subsidiary Guarantors and future subsidiaries are required to guarantee the Notes pursuant to the indenture. The Notes are secured by a first-priority security interest in substantially all of the Parent’s and the Subsidiary Guarantors’ existing and future tangible and intangible assets, subject to certain exceptions and permitted liens.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxesThe effective income tax rate for the three and six months ended June 30, 2023 was 18.2% and 33.4% respectively, compared with 23.5% and 37.1% for the three and six months ended June 30, 2022 and reflects the Company's annual estimate of the statutory federal and state tax rates adjusted for certain discrete items. The effective tax rate for the second quarter of 2023 was impacted by permanent items and nondeductible foreign losses.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The Company's authorized shares consist 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 For the Six Months Ended 2023 2022 2023 2022 Class A Stock outstanding, beginning of period 10,975,723 12,156,174 10,868,556 12,447,036 Issued pursuant to share-based compensation plans 4,987 — 207,209 86,451 Repurchased and canceled pursuant to the stock buy-back (96,135) (885,230) (191,190) (1,262,543) Class A Stock outstanding, end of period 10,884,575 11,270,944 10,884,575 11,270,944 Stock buy-back On May 15, 2020, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 530,000 shares of the Company's Class A Stock, representing approximately 4.2% of its 12,636,523 then issued and outstanding shares of Class A Stock. This authorization supplemented the 98,625 shares that remained authorized and available under the Company's previous share repurchase program for a total of 628,625 shares authorized and available for repurchase at May 15, 2020. On February 28, 2022, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 518,000 shares of the Company's Class A Stock, representing approximately 4.2% of its 12,322,073 then issued and outstanding shares of Class A Stock. This authorization supplemented the 12,407 shares that remained authorized and available under the Company's previous share repurchase program for a total of 530,407 shares authorized and available for repurchase at February 28, 2022. On May 24, 2022, the Company announced that its Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 550,000 shares of the Company's Class A Stock, representing approximately 4.6% of its 11,863,559 then issued and outstanding shares of Class A Stock. This authorization supplemented the 71,893 shares that remained authorized and available under the Company's previous share repurchase program for a total of 621,893 shares authorized and available for repurchase at May 24, 2022. On July 29, 2022, the Company's Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 536,500 shares of the Company's Class A Stock, representing approximately 4.8% of its 11,251,930 then issued and outstanding shares of Class A Stock. This authorization supplemented the 4,278 shares that remained authorized and available under the Company's previous share repurchase program for a total of 540,778 shares authorized. On December 13, 2022, the Company's Board of Directors approved a share repurchase program that authorizes the Company to purchase up to 543,000 shares of the Company's Class A Stock, representing approximately 5.0% of its 10,867,660 then issued and outstanding shares of Class A Stock. This authorization supplemented the 144,034 shares that remained authorized and available under the Company's previous share repurchase program for a total of 687,034 shares authorized. During the three months ended June 30, 2023, the Company purchased and canceled an aggregate of 96,135 shares of Class A Stock for a total consideration of $3.6 million ($37.43 per share) under this program. During the six months ended June 30, 2023, the Company purchased and canceled an aggregate of 191,190 shares of Class A Stock for a total consideration of $7.3 million ($38.11 per share) under this program. During the three months ended June 30, 2022, the Company purchased and canceled an aggregate of 885,230 shares of Class A Stock for a total consideration of $30.2 million ($34.13 per share) under this program. During the six months ended June 30, 2022, the Company purchased and canceled an aggregate of 1,262,543 shares of Class A Stock for a total consideration of $46.4 million ($36.73 per share) under this program. As of June 30, 2023, 495,844 shares remained available to be purchased under the share repurchase program. The Company repurchases shares 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

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	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 within Other Expenses in the consolidated income statement 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 losses. 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 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 up to $31 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 some 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. On November 18, 2022, the Company received an information request from the SEC requesting information relating to the use of text messaging and similar forms of electronic communications by employees of the Company and whether those communications were properly retained by the Company as part of its records preservation requirements relating to the broker-dealer or investment adviser business activities of the Company. Subsequently, the Company received a similar information request from the Commodity Futures Trading Commission (“CFTC”). The Company has submitted multiple responses to the information request and continues to cooperate with the SEC and CFTC inquiries. Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in forty-five arbitrations, many containing multiple claimants, each filed before FINRA, relating to those claimants’ purported investment in Horizon Private Equity, III, LLC (“Horizon”). Horizon is alleged to be a fraudulent scheme involving, among others, a former Oppenheimer employee John Woods. John Woods left Oppenheimer’s employ in 2016 and Oppenheimer never received a complaint or question from any of the investors prior to the SEC bringing a complaint against Woods and his co-conspirators in 2021. Each investor who was an Oppenheimer client, signed a document acknowledging that Horizon was not an approved Oppenheimer product. Over a protracted period of time, Woods made multiple false statements to Oppenheimer, to regulators and to a state court. The claimants are seeking damages based on a number of legal theories, including, without limitation, violations of various state and federal statutes, breach of fiduciary duty, procurement of breach of fiduciary duty, negligent misrepresentation, aiding and abetting fraud, and unjust enrichment. Claimants do not allege Oppenheimer received any of the funds invested in Horizon, but rather that Oppenheimer’s purported failure to properly supervise its employees allowed the alleged scheme to occur and continue. The fourteen arbitrations still pending that claim specific monetary damages and allege losses of approximately $13.9 million in the aggregate while a few others claim unspecified damages. Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims. Oppenheimer has settled, or settled in principle or an award has been rendered in thirty-one of the Horizon-related arbitrations, with approximately one hundred eight individual complainants. The aggregate payments for those thirty-one arbitrations total approximately $78.5 million. On June 16, 2023, Oppenheimer was served with a complaint in an action entitled John and Cynthia Kearney, John & Tera Sargent, Mike Hall, Individually and as Assignee of 6694 Dawson Blvd, LLC, Thomas and Beverly Crampton, Roy and Shirley Hill, Billy and Debra Lanter, Larry Lawson, Eugene Lyle, Scott Spence, and Dolores Willoughby v. Oppenheimer & Co. Inc., Anne Greene and Gordon Morse, filed in Georgia State Court, Fulton County. Plaintiffs allege that they were all investors in Horizon. However, all of the Plaintiffs allege that they invested in Horizon after John Woods left Oppenheimer’s employ in 2016 and virtually all of the plaintiffs were not Oppenheimer customers. Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages sounding in violations of the Georgia RICO statute and negligence per se. Oppenheimer believes these claims to be without merit and intends to defend itself vigorously against these claims. Also, on July 17, 2023, Oppenheimer was served with a complaint in an action entitled Mark Del Pico, Elizabeth Del Pico and Surrey Lane Partners GP LLC, as general Partner of Surrey Lane Partners, Ltd. v. Oppenheimer & Co. Inc., and Michael Mooney , filed in Florida State Court, Sarasota County. Plaintiffs allege that they were all investors in Horizon; however, none of the Plaintiffs were Oppenheimer customers. All of the Plaintiffs allege that they invested in Horizon years after John Woods left Oppenheimer’s employ in 2016. Plaintiffs further allege that Oppenheimer, through its inaction and/or misconduct, is responsible for their alleged losses and are seeking unspecified damages from Oppenheimer sounding in negligence per se, aiding and abetting breach of fiduciary duty, and aiding and abetting fraud. On June 30, 2022, the Company received a "Wells Notice" from the SEC requesting that Oppenheimer make a written submission to the SEC to explain why Oppenheimer should not be charged with violations of Section 15c2-12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 in relation to its sales of municipal notes pursuant to an exemption from continuing disclosure contained in Rule 15c2-12. On September 13, 2022, the SEC filed a complaint against Oppenheimer in the United States District Court for the Southern District of New York (the “Court") alleging that Oppenheimer violated Section 15B(c)(1) of the Exchange Act and Rule 15c2-12 thereunder as well as Municipal Securities Rulemaking Board Rules G-17 and G-27 for not having fully complied with the exemption from the continuing disclosure obligations under Rule 15c2-12. The SEC asked the Court to enter an order enjoining Oppenheimer from violating the above-referenced rules and requiring it to disgorge approximately $1.9 million plus interest. The Company believes such claim to be without merit and intends to vigorously defend itself against such claim.

Regulatory requirements

Regulatory requirements	6 Months Ended
	Jun. 30, 2023
Regulated Operations [Abstract]
Regulatory requirements	Regulatory requirementsThe 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 Exchange Act. Oppenheimer computes its net capital requirements under the alternative method provided for in the Rule which requires that Oppenheimer maintain net capital equal to two percent of aggregate customer-related debit items, as defined in SEC Rule 15c3-3. As of June 30, 2023, the net capital of Oppenheimer as calculated under the Rule was $417.5 million or 36.66% of Oppenheimer's aggregate debit items. This was $394.7 million in excess of the minimum required net capital at that date. Freedom computes its net capital requirement under the basic method provided for in the Rule, which requires that Freedom maintain net capital equal to the greater of $100,000 or 6-2/3% of aggregate indebtedness, as defined. As of June 30, 2023, Freedom had net capital of $4.2 million, which was $4.1 million in excess of the $100,000 required to be maintained at that date. As of June 30, 2023, the capital required and held under the FCA’s Investment Firms’ Prudential Regime (“IFPR”) for Oppenheimer Europe Ltd. was as follows: • Common Equity Tier 1 ratio 91% (required 56.0%); • Tier 1 Capital ratio 91% (required 75.0%); and • Total Capital ratio 127% (required 100.0%). Effective January 2022, IFPR changed its minimum capital requirement, which is now sterling 750,000 (previously it was Euro 730,000). Capital ratios are now expressed differently, but are effectively unchanged when comparing performance to required regulatory minimums. As of June 30, 2023, Oppenheimer Europe Ltd. was in compliance with its regulatory requirements. As of June 30, 2023, the regulatory capital of Oppenheimer Investments Asia Limited was $4.4 million, which was $4.0 million in excess of the $382,854 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. As of June 30, 2023, Oppenheimer Investment Asia Limited was in compliance with its regulatory requirements.

Segment information

Segment information	6 Months Ended
	Jun. 30, 2023
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; and 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 pre-tax income (loss) of the Company for the three months ended June 30, 2023 and 2022. 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 For the Six Months Ended 2023 2022 2023 2022 Revenue Private client (1) $ 201,245 $ 144,471 $ 404,666 $ 295,318 Asset management (1) 22,198 24,315 46,157 51,432 Capital markets 79,582 71,274 169,864 156,325 Corporate/Other 3,164 (2,838) 7,181 175 Total $ 306,189 $ 237,222 $ 627,868 $ 503,250 Pre-Tax Income (Loss) Private client (1) $ 20,794 $ 38,800 $ 75,250 $ 62,946 Asset management (1) 6,533 8,120 13,014 17,594 Capital markets (14,051) (17,935) (29,528) (16,769) Corporate/Other (24,975) (35,154) (51,386) (55,727) Total $ (11,699) $ (6,169) $ 7,350 $ 8,044 (1) Clients investing in the OAM advisory program are charged fees based on the value of AUM. Advisory fees are allocated 10.0% to the Asset Management and 90.0% to the Private Client segments. Revenue, classified by the major geographic areas in which it was earned, for the three and six months ended June 30, 2023 and 2022 was: (Expressed in thousands) For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Americas $ 295,496 $ 225,500 $ 605,285 $ 477,410 Europe/Middle East 10,108 10,474 20,968 22,451 Asia 585 1,248 1,615 3,389 Total $ 306,189 $ 237,222 $ 627,868 $ 503,250

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent events On July 28, 2023, the Company announced a quarterly dividend in the amount of $0.15 per share, payable on August 25, 2023 to holders of Class A Stock and Class B Stock of record on August 11, 2023. On May 31, 2023, the Company announced the commencement of a modified “Dutch Auction” tender offer to purchase up to $30.0 million of its Class A non-voting common stock at a price not less than $34.00 per share or more than $40.00 per share. The Company completed its repurchases pursuant to the tender offer on July 6, 2023, when it successfully repurchased and cancelled 437,183 shares of Class A non-voting common stock at $40.00 per share for an aggregate purchase price of $17.49 million. As a result, the Company had 10,447,392 shares outstanding on July 6, 2023 after the purchase.

Summary of significant accoun_2

Summary of significant accounting policies and estimates (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	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") 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, 2022 (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 that 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 and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for any future interim or annual period. Oppenheimer Acquisition Corp. I On October 26, 2021, OPY Acquisition Corp. I (“OHAA”) consummated its $126.5 million initial public offering (the “OHAA IPO”). OHAA is a special purpose acquisition company, incorporated in Delaware for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a “Business Combination”). OPY Acquisition LLC I (the “Sponsor”), a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of OHAA. The Company and its employees control OHAA through the Sponsor’s ownership of Class A founder shares of OHAA. As a result, both OHAA and the Sponsor are recorded in the Company's consolidated financial statements. Upon IPO completion, funds totaling $127.8 million, including proceeds from the OHAA IPO of $126.5 million and $1.3 million investment from the Sponsor, were held in a trust account until the earlier of (i) the completion of a Business Combination or (ii) ten Transaction costs, which consisted of a net underwriting fee of $2.5 million and $0.5 million of other offering costs, were charged against the gross proceeds of the OHAA IPO consistent with SEC Staff Accounting Bulletin (SAB) Topic 5. On December 20, 2022, OHAA’s stockholders approved an amendment to its certificate of incorporation that was filed with the Delaware Secretary of State on December 22, 2022 which extends the deadline by which it must complete its initial business combination from April 29, 2023 to October 30, 2023. In connection with its proposal to amend its certificate of incorporation, OHAA was required to give its Class A stockholders the opportunity to redeem their shares of Class A common stock. Of the 12,650,000 shares of Class A common stock that were outstanding, a total of 10,170,490 shares exercised their redemption rights. As of June 30, 2023, $25.8 million remained in the trust account that is recorded within “Restricted Cash” on the condensed consolidated balance sheet. “Redeemable noncontrolling interests” of $25.9 million associated with the publicly-held OHAA Class A ordinary shares are recorded on the Company’s condensed consolidated balance sheet as of June 30, 2023 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests will be affected by charges to additional paid-in-capital and noncontrolling interests attributable to certain members of the Sponsor on a pro rata ownership basis. The public warrants and private warrants exercisable for OHAA Class A ordinary shares that were issued in connection with the OHAA IPO (the “OHAA Warrants”) qualify for equity accounting treatment under FASB ASC Topic 815. Oppenheimer Principal Investments LLC Oppenheimer Principal Investments LLC ("OPI") is a Delaware special purpose "Series" limited liability company formed in December 2020 and designed to retain and reward talented employees of the Company, primarily in connection with the deployment of Company capital into successful private market investments, and also in connection with the Company's receipt of non-cash compensation from investment banking assignments. OPI is designed to promote alignment of Company, client and employee interests as they relate to profitable investment opportunities. This program acts as an incentive for senior employees to identify attractive private investments for the Company and its clients, and as a retention tool for key employees of the Company. OPI treats its members as partners for tax purposes generally and with respect to the separate Series formed to participate in (i) the incentive fees generated by successful client investments in the Company's Private Market Opportunities program, or (ii) principal investments made by the Company or a portion of the gains thereon, either through the outright purchase of an investment or consideration earned in lieu of an investment banking fee or other transaction fee. Employees who become members of a Series receive a "profit interest", as that term is used in Internal Revenue Service (“IRS”) regulations, and receive an allocation of capital appreciation of the investment held by the particular Series that exceeds a threshold amount established for each Series. Participating employees are also subject to vesting and forfeiture requirements for each Series
Reclassification	ReclassificationEffective June 30, 2022, the Company reclassified certain stockholders' equity amounts on the condensed consolidated balance sheet and condensed consolidated statements of changes in stockholders' equity and redeemable noncontrolling interests. The reclassification included separately presenting the par value of common stock, and combining previously disclosed share capital and contributed capital amounts in the currently reported additional paid-in capital amount. The reclassification had no impact on previously reported total stockholders’ equity amounts.
Restricted Cash	Restricted Cash Restricted cash represents OHAA deposits held in trust as indicated above.

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2023
Credit Loss [Abstract]
Schedule of Financing Receivable Credit Quality Indicators	The following table presents the disaggregation of defaulted notes by year of default as of June 30, 2023: (Expressed in thousands) As of June 30, 2023 2023 $ 1,130 2022 285 2021 1,899 2020 423 2019 323 2018 and prior 2,176 Total $ 6,236
Schedule of Financing Receivable, Allowance for Credit Loss	The following table presents activity in the allowance for uncollectibles of defaulted notes for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Beginning balance $ 4,051 $ 5,247 $ 4,327 $ 4,923 Additions and other adjustments (237) (141) (513) 183 Ending balance $ 3,814 $ 5,106 $ 3,814 $ 5,106

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Cost	The following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of June 30, 2023 and December 31, 2022, respectively: As of June 30, 2023 December 31, 2022 Weighted average remaining lease term (in years) 6.86 6.82 Weighted average discount rate 7.05% 6.66% The following table presents operating lease costs recognized for the three and six months ended June 30, 2023 and June 30, 2022, respectively, which are included in occupancy and equipment costs on the condensed consolidated income statements: (Expressed in thousands) For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 6,686 $ 6,189 $ 13,125 $ 12,346 Real estate leases - Interest expense 3,398 3,267 6,607 6,623 Equipment leases - Right-of-use lease asset amortization 431 410 853 824 Equipment leases - Interest expense 47 35 93 67
Schedule of Maturities of Lease Liabilities	The maturities of lease liabilities as of June 30, 2023 and December 31, 2022 are as follows: (Expressed in thousands) As of June 30, 2023 December 31, 2022 2023 $ 22,196 $ 42,343 2024 43,123 38,018 2025 37,174 31,684 2026 34,753 29,671 2027 33,205 28,178 After 2027 79,433 58,146 Total lease payments $ 249,884 $ 228,040 Less interest (52,950) (45,470) Present value of lease liabilities $ 196,934 $ 182,570

Revenues from contracts with _2

Revenues from contracts with customers (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) For the Three Months Ended June 30, 2023 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 37,666 $ — $ 43,154 $ 8 $ 80,828 Mutual fund and insurance income 7,711 — 1 4 7,716 Advisory fees 78,811 22,196 — 8 101,015 Investment banking - capital markets 1,688 — 7,345 — 9,033 Investment banking - advisory — — 10,945 — 10,945 Bank deposit sweep income 44,060 — — — 44,060 Other 3,284 — 594 21 3,899 Total revenue from contracts with customers 173,220 22,196 62,039 41 257,496 Other sources of revenue: Interest 22,403 — 4,109 808 27,320 Principal transactions, net 1,072 — 13,410 1,771 16,253 Other 4,550 2 24 544 5,120 Total other sources of revenue 28,025 2 17,543 3,123 48,693 Total revenue $ 201,245 $ 22,198 $ 79,582 $ 3,164 $ 306,189 (Expressed in thousands) For the Three Months Ended June 30, 2022 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 38,108 $ — $ 48,425 $ 6 $ 86,539 Mutual fund and insurance income 7,808 — 1 30 7,839 Advisory fees 83,085 24,311 — 9 107,405 Investment banking - capital markets 2,359 — 6,010 — 8,369 Investment banking - advisory — — 8,284 — 8,284 Bank deposit sweep income 14,845 — — — 14,845 Other 4,807 — 479 66 5,352 Total revenue from contracts with customers 151,012 24,311 63,199 111 238,633 Other sources of revenue: Interest 10,369 — 1,392 28 11,789 Principal transactions, net (2,233) — 6,564 (3,073) 1,258 Other (14,677) 4 119 96 (14,458) Total other sources of revenue (6,541) 4 8,075 (2,949) (1,411) Total revenue $ 144,471 $ 24,315 $ 71,274 $ (2,838) $ 237,222 (Expressed in thousands) For the Six Months Ended June 30, 2023 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 76,590 $ — 83,201 14 $ 159,805 Mutual fund and insurance income 15,423 — 5 8 15,436 Advisory fees 155,394 46,150 — 15 201,559 Investment banking - capital markets 3,475 — 15,586 — 19,061 Investment banking - advisory — — 38,882 — 38,882 Bank deposit sweep income 92,969 — — — 92,969 Other 7,277 — 1,100 118 8,495 Total revenue from contracts with customers 351,128 46,150 138,774 155 536,207 Other sources of revenue: Interest 42,982 — 7,138 2,141 52,261 Principal transactions, net 2,121 — 23,814 3,808 29,743 Other 8,435 7 138 1,077 9,657 Total other sources of revenue 53,538 7 31,090 7,026 91,661 Total revenue $ 404,666 $ 46,157 $ 169,864 $ 7,181 $ 627,868 (Expressed in thousands) For the Six Months Ended June 30, 2022 Reportable Segments Private Client Asset Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 81,463 $ — 95,061 17 $ 176,541 Mutual fund and insurance income 16,130 — 6 22 16,158 Advisory fees 171,613 51,424 117 17 223,171 Investment banking - capital markets 5,665 — 19,234 — 24,899 Investment banking - advisory 35 — 30,189 — 30,224 Bank deposit sweep income 19,199 — — — 19,199 Other 7,642 — 797 188 8,627 Total revenue from contracts with customers 301,747 51,424 145,404 244 498,819 Other sources of revenue: Interest 18,517 — 2,685 104 21,306 Principal transactions, net (4,166) — 8,080 (292) 3,622 Other (20,780) 8 156 119 (20,497) Total other sources of revenue (6,429) 8 10,921 (69) 4,431 Total revenue $ 295,318 $ 51,432 $ 156,325 $ 175 $ 503,250
Schedule of 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 June 30, 2023 December 31, 2022 Contract assets (receivables): Commission (1) $ 5,596 $ 3,533 Mutual fund income (2) 5,208 4,993 Advisory fees (3) 4,309 5,368 Bank deposit sweep income (4) 6,434 9,057 Investment banking fees (5) 6,710 5,136 Other 5,995 4,686 Total contract assets $ 34,252 $ 32,773 Deferred revenue (payables): Investment banking fees (6) $ 1,507 $ 900 IRA fees (7) 1,353 — Total deferred revenue $ 2,860 $ 900 (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, including certain receivables. (6) Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied. (7) Fee received in advance on an annual basis.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	Earnings per share have been calculated as follows: (Expressed in thousands, except number of shares and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Basic weighted average number of shares outstanding 11,016,430 11,980,115 11,054,306 12,222,527 Net dilutive effect of share-based awards, treasury stock method (1) — — 857,073 919,011 Diluted weighted average number of shares outstanding 11,016,430 11,980,115 11,911,379 13,141,538 Net income (loss) attributable to Oppenheimer Holdings Inc. $ (9,400) $ (3,874) $ 5,217 $ 5,418 Earnings (Loss) per share attributable to Oppenheimer Holdings Inc. Basic $ (0.85) $ (0.32) $ 0.47 $ 0.44 Diluted $ (0.85) $ (0.32) $ 0.44 $ 0.41 (1) For the three months ended June 30, 2023, the diluted net loss per share computation did not include the anti-dilutive effect of 1,138,992 shares of Class A Stock granted under share-based compensation arrangements. For the six months ended June 30, 2023, the diluted net income per share computation did not include the anti-dilutive effect of 281,810 shares of Class A Stock granted under share-based compensation arrangements. For the three months ended June 30, 2022, the diluted net loss per share computation did not include the anti-dilutive effect of 1,267,733 shares of Class A Stock granted under share-based

Receivable from and payable t_2

Receivable from and payable to brokers, dealers and clearing organizations (Tables)	6 Months Ended
	Jun. 30, 2023
Broker-Dealer [Abstract]
Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of June 30, 2023 December 31, 2022 Receivable from brokers, dealers and clearing organizations consisting of: Securities borrowed $ 255,568 $ 127,817 Receivable from brokers 48,354 49,125 Clearing organizations and other 24,789 20,036 Securities failed to deliver 5,509 9,099 Total $ 334,220 $ 206,077 Payable to brokers, dealers and clearing organizations consisting of: Securities loaned $ 336,513 $ 320,843 Securities failed to receive 5,656 62,646 Payable to brokers 553 123 Clearing organizations and other (1) 78,681 166,394 Total $ 421,403 $ 550,006 (1) The balances are primarily related to trade date / settlement date adjustments for positions in inventory.

Fair value measurements (Tables

Fair value measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Investments in Company-Sponsored Funds	The following table provides information about the Company's investments in Company-sponsored funds as of June 30, 2023: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 520 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 12,173 2,705 N/A N/A $ 12,693 $ 2,705 (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 diversified portfolios focusing on but not limited to technology companies, venture capital and global natural resources The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2022: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 574 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 8,221 3,018 N/A N/A $ 8,795 $ 3,018 (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 diversified portfolios focusing on but not limited to technology companies, venture capital and global natural resources.
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The Company's assets and liabilities, recorded at fair value on a recurring basis as of June 30, 2023, and December 31, 2022, have been categorized based upon the above fair value hierarchy as follows: Assets and liabilities measured at fair value on a recurring basis as of June 30, 2023 : (Expressed in thousands) Fair Value Measurements as of June 30, 2023 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 27,675 $ — $ — $ 27,675 Securities owned: U.S. Treasury securities 719,574 — — 719,574 U.S. Agency securities — 5,919 — 5,919 Corporate debt and other obligations — 10,544 — 10,544 Mortgage and other asset-backed securities — 3,867 — 3,867 Municipal obligations — 91,648 — 91,648 Convertible bonds — 28,581 — 28,581 Corporate equities 31,887 — — 31,887 Money markets — 487 — 487 Auction rate securities — — 31,682 31,682 Securities owned, at fair value 751,461 141,046 31,682 924,189 Investments (1) 5,454 11,713 — 17,167 Derivative contracts: TBAs — 4,734 — 4,734 Derivative contracts, total — 4,734 — 4,734 Total $ 784,590 $ 157,493 $ 31,682 $ 973,765 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 41,737 $ — $ — $ 41,737 U.S. Agency securities — 2 — 2 Corporate debt and other obligations — 2,782 — 2,782 Convertible bonds — 9,857 — 9,857 Corporate equities 16,723 — — 16,723 Securities sold but not yet purchased, at fair value 58,460 12,641 — 71,101 Derivative contracts: Futures 3,057 — — 3,057 TBAs — 4,696 — 4,696 Derivative contracts, total 3,057 4,696 — 7,753 Total $ 61,517 $ 17,337 $ — $ 78,854 (1) Included in other assets on the condensed consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022: (Expressed in thousands) Fair Value Measurements as of December 31, 2022 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 24,937 $ — $ — $ 24,937 Securities owned: U.S. Treasury securities 362,815 — — 362,815 U.S. Agency securities — 6,012 — 6,012 Sovereign obligations — 9,502 — 9,502 Corporate debt and other obligations — 9,844 — 9,844 Mortgage and other asset-backed securities — 1,882 — 1,882 Municipal obligations — 30,126 — 30,126 Convertible bonds — 21,800 — 21,800 Corporate equities 24,837 — — 24,837 Money markets — — — — Auction rate securities — — 31,776 31,776 Securities owned, at fair value 387,652 79,166 31,776 498,594 Investments (1) — 7,068 — 7,068 Derivative contracts: TBAs — 1,762 — 1,762 Total $ 412,589 $ 87,996 $ 31,776 $ 532,361 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 25,006 $ — $ — $ 25,006 U.S. Agency securities — 3 — 3 Sovereign obligations — 9,048 — 9,048 Corporate debt and other obligations — 2,905 — 2,905 Convertible bonds — 4,428 — 4,428 Corporate equities 11,378 — — 11,378 Securities sold but not yet purchased, at fair value 36,384 16,384 — 52,768 Derivative contracts: Futures 44 — — 44 TBAs — 1,761 — 1,761 Derivative contracts, total 44 1,761 — 1,805 Total $ 36,428 $ 18,145 $ — $ 54,573 (1) Included in other assets on the condensed consolidated balance sheet. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2023 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) $ 31,776 $ 6 $ — $ (100) $ — $ 31,682 (1) Represents auction rate securities that failed in the auction rate market. (Expressed in thousands) Level 3 Assets and Liabilities For the Three Months Ended June 30, 2022 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) 31,804 (27) 200 — — 31,977 (1) Represents auction rate securities that failed in the auction rate market. (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2023 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) 31,776 6 — (100) — 31,682 (1) Represents auction rate securities that failed in the auction rate market. (Expressed in thousands) Level 3 Assets and Liabilities For the Six Months Ended June 30, 2022 Total Realized Beginning and Unrealized Purchases Sales and Transfers Ending Balance Losses and Issuances Settlements In (Out) Balance Assets Auction rate securities (1) 31,804 (27) 200 — — 31,977 (1) Represents auction rate securities that failed in the auction rate market.
Schedule of Financial Instruments, Estimate Not Practicable, Fair Value	Assets and liabilities not measured at fair value as of June 30, 2023: (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 29,145 $ 29,145 $ — $ — $ 29,145 Restricted cash 25,803 25,803 — — 25,803 Deposits with clearing organization 48,619 48,619 — — 48,619 Receivable from brokers, dealers and clearing organizations: Securities borrowed 255,568 — 255,568 — 255,568 Receivables from brokers 48,354 — 48,354 — 48,354 Securities failed to deliver 5,509 — 5,509 — 5,509 Clearing organizations and other 24,751 — 24,751 — 24,751 334,182 — 334,182 — 334,182 Receivable from customers 1,066,439 — 1,066,439 — 1,066,439 Notes receivable, net 60,873 — 60,873 — 60,873 Investments (1) 87,826 — 87,826 — 87,826 (1) The cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in fair value of the policies’ underlying investments, comprises approximately $86 million of this balance. This balance is included within 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 $ 21,734 $ 21,734 $ — $ — $ 21,734 Bank call loans 94,400 — 94,400 — 94,400 Payables to brokers, dealers and clearing organizations: Securities loaned 336,513 — 336,513 — 336,513 Payable to brokers 553 — 553 — 553 Securities failed to receive 5,656 — 5,656 — 5,656 Clearing organization and other 75,624 — 75,624 — 75,624 418,346 — 418,346 — 418,346 Payables to customers 401,168 — 401,168 — 401,168 Securities sold under agreements to repurchase 645,315 — 645,315 — 645,315 Senior secured notes 113,050 — 107,702 — 107,702 Assets and liabilities not measured at fair value as of December 31, 2022: (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash $ 112,433 $ 112,433 $ — $ — $ 112,433 Restricted cash 25,534 25,534 — — 25,534 Deposits with clearing organization 52,754 52,754 — — 52,754 Receivable from brokers, dealers and clearing organizations: Securities borrowed 127,817 — 127,817 — 127,817 Receivables from brokers 49,125 — 49,125 — 49,125 Securities failed to deliver 9,099 — 9,099 — 9,099 Clearing organizations 20,035 — 20,035 — 20,035 206,076 — 206,076 — 206,076 Receivable from customers 1,202,764 — 1,202,764 — 1,202,764 Securities purchased under agreements to resell — — — — — Notes receivable, net 57,495 — 57,495 — 57,495 Investments (1) 79,322 — 79,322 — 79,322 (1) The cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in fair value of the policies’ underlying investments, comprises approximately $77 million of this balance. This balance is included within other assets on the condensed consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Bank call loans $ — $ — $ — $ — $ — Payables to brokers, dealers and clearing organizations: Securities loaned 320,843 — 320,843 — 320,843 Payable to brokers 123 — 123 — 123 Securities failed to receive 62,646 — 62,646 — 62,646 Other 166,350 — 166,350 — 166,350 549,962 — 549,962 — 549,962 Payables to customers 456,475 — 456,475 — 456,475 Securities sold under agreements to repurchase 161,009 — 161,009 — 161,009 Senior secured notes 114,050 — 113,233 — 113,233
Schedule of Notional Amounts and Fair Values of Derivatives by Product	The notional amounts and fair values of the Company's derivatives as of June 30, 2023 and December 31, 2022 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of June 30, 2023 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 5,525 $ 4,734 $ 5,525 $ 4,734 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 8,117,000 $ 3,057 Other contracts TBAs 5,525 4,696 Forward repurchase agreements 104,000 — $ 8,226,525 $ 7,753 (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. (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2022 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 1,775 $ 1,762 Forward reverse repurchase agreements 15,000 — Other 275 $ — $ 17,050 $ 1,762 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 1,912,500 $ 44 Other contracts TBAs 1,775 1,761 $ 1,914,275 $ 1,805 (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.
Schedule of Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations	The following table presents the location and fair value amounts of the Company's derivative instruments and their effect in the condensed consolidated income statements for the three and six months ended June 30, 2023 and 2022: (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2023 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,529 Other contracts Foreign exchange forward contracts Other revenue (7) TBAs Principal transactions revenue, net 36 $ 3,558 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Three Months Ended June 30, 2022 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 1,328 Other contracts Foreign exchange forward contracts Other revenue (20) TBAs Principal transactions revenue, net (6) $ 1,302 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2023 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,739 Other contracts Foreign exchange forward contracts Other revenue (8) TBAs Principal transactions revenue, net 38 $ 3,769 (Expressed in thousands) The Effect of Derivative Instruments in the Income Statement For the Six Months Ended June 30, 2022 Recognized in Income on Derivatives Types Description Location Net Gain/(Loss) Commodity contracts Futures Principal transactions revenue, net $ 3,519 Other contracts Foreign exchange forward contracts Other revenue (20) TBAs Principal transactions revenue, net 56 $ 3,555

Collateralized transactions (Ta

Collateralized transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Broker-Dealer [Abstract]
Schedule of Transfer of Certain Financial Assets Accounted for as Secured Borrowings	The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of June 30, 2023: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Government $ 685,436 Securities loaned: Equity securities 336,513 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,021,949
Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions	The following tables present the gross amounts and the offsetting amounts of reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions as of June 30, 2023 and December 31, 2022: As of June 30, 2023 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 40,122 $ (40,122) $ — $ — $ — $ — Securities borrowed (1) 255,568 — 255,568 (252,975) — 2,593 Total $ 295,690 $ (40,122) $ 255,568 $ (252,975) $ — $ 2,593 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 685,436 $ (40,122) $ 645,314 $ (643,479) $ — $ 1,835 Securities loaned (2) 336,513 — 336,513 (328,171) — 8,342 Total $ 1,021,949 $ (40,122) $ 981,827 $ (971,650) $ — $ 10,177 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet. As of December 31, 2022 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 28,012 $ (28,012) $ — $ — $ — $ — Securities borrowed (1) 127,817 — 127,817 (127,365) — 452 Total $ 155,829 $ (28,012) $ 127,817 $ (127,365) $ — $ 452 (1) Included in receivable from brokers, dealers and clearing organizations on the condensed consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 189,021 $ (28,012) $ 161,009 $ (157,981) $ — $ 3,028 Securities loaned (2) 320,843 — 320,843 (308,535) — 12,308 Total $ 509,864 $ (28,012) $ 481,852 $ (466,516) $ — $ 15,336 (2) Included in payable to brokers, dealers and clearing organizations on the condensed consolidated balance sheet.

Variable interest entities ("_2

Variable interest entities ("VIEs") (Tables)	6 Months Ended
	Jun. 30, 2023
Variable Interest Entity [Abstract]
Schedule of Variable Interest Entities	The following table sets forth the total assets and liabilities of VIEs consolidated on our condensed consolidated balance sheet: (Expressed in thousands) As of June 30, 2023 2022 Asset Cash and cash equivalents $ 5,487 $ 1,458 Restricted Cash 25,803 127,875 Other Assets 2,297 568 Total Assets $ 33,587 $ 129,901 Liabilities Other Liabilities 821 123 Total Liabilities $ 821 $ 123

Long-term debt (Tables)

Long-term debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued Maturity Date June 30, 2023 December 31, 2022 5.50% Senior Secured Notes 10/1/2025 $ 113,050 $ 114,050 Unamortized Debt Issuance Cost (501) (616) $ 112,549 $ 113,434

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of 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 For the Six Months Ended 2023 2022 2023 2022 Class A Stock outstanding, beginning of period 10,975,723 12,156,174 10,868,556 12,447,036 Issued pursuant to share-based compensation plans 4,987 — 207,209 86,451 Repurchased and canceled pursuant to the stock buy-back (96,135) (885,230) (191,190) (1,262,543) Class A Stock outstanding, end of period 10,884,575 11,270,944 10,884,575 11,270,944

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Reported Revenue and Profit Before Income Taxes	The table below presents information about the reported revenue and pre-tax income (loss) of the Company for the three months ended June 30, 2023 and 2022. 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 For the Six Months Ended 2023 2022 2023 2022 Revenue Private client (1) $ 201,245 $ 144,471 $ 404,666 $ 295,318 Asset management (1) 22,198 24,315 46,157 51,432 Capital markets 79,582 71,274 169,864 156,325 Corporate/Other 3,164 (2,838) 7,181 175 Total $ 306,189 $ 237,222 $ 627,868 $ 503,250 Pre-Tax Income (Loss) Private client (1) $ 20,794 $ 38,800 $ 75,250 $ 62,946 Asset management (1) 6,533 8,120 13,014 17,594 Capital markets (14,051) (17,935) (29,528) (16,769) Corporate/Other (24,975) (35,154) (51,386) (55,727) Total $ (11,699) $ (6,169) $ 7,350 $ 8,044 (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.
Schedule of Revenue Classified by Major Geographic Areas	Revenue, classified by the major geographic areas in which it was earned, for the three and six months ended June 30, 2023 and 2022 was: (Expressed in thousands) For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 Americas $ 295,496 $ 225,500 $ 605,285 $ 477,410 Europe/Middle East 10,108 10,474 20,968 22,451 Asia 585 1,248 1,615 3,389 Total $ 306,189 $ 237,222 $ 627,868 $ 503,250

Organization (Details)

Organization (Details)	Jun. 30, 2023 office state
Organization And Basis Of Presentation [Line Items]
Number of states in which entity operates | state	25
UNITED STATES
Organization And Basis Of Presentation [Line Items]
Number of offices providing services | office	92

Summary of significant accoun_3

Summary of significant accounting policies and estimates (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Dec. 20, 2022	Oct. 26, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Dec. 13, 2022	Jul. 29, 2022	May 24, 2022	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021	May 15, 2020
Summary Of Significant Accounting Policies [Line Items]
Proceeds held in trust, period		10 days
Proceeds held in trust, combination period		18 months
Restricted cash			$ 25,803	$ 127,875	$ 25,803	$ 127,875		$ 25,534
Redeemable noncontrolling interests			25,948	127,765	25,948	127,765	$ 25,557	$ 25,466				$ 127,765		$ 127,765
Net loss attributable to noncontrolling interest, net of tax			$ (168)	$ (846)	$ (321)	$ (360)
Class A Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock, outstanding (in shares)			10,884,575	11,270,944	10,884,575	11,270,944	10,975,723	10,868,556	10,867,660	11,251,930	11,863,559	12,156,174	12,322,073	12,447,036	12,636,523
IPO
Summary Of Significant Accounting Policies [Line Items]
Proceeds from Company sponsored Initial Public Offering		$ 126,500
Total funds		127,800
Investment from sponsor		1,300
Underwriting fees		2,500
Offering costs		$ 500
Shares exercised their redemption rights (in shares)	10,170,490
IPO | Class A Stock
Summary Of Significant Accounting Policies [Line Items]
Common stock, outstanding (in shares)	12,650,000

Financial Instruments - Credi_3

Financial Instruments - Credit Losses - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]
Notes receivable, net	$ 60,873		$ 57,495
Uncollectible balance reserved (as a percent)	100%
Uncollectible balance period (in years)	5 years
Uncollected balance of defaulted notes	$ 6,236
Allowance for credit loss	3,814	$ 4,051	$ 4,327	$ 5,106	$ 5,247	$ 4,923
Notes Receivable, Five Years and Older
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss	2,200
Notes Receivable, Under Five Years
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit loss	$ 1,600
Minimum | Notes Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Service period (in years)	3 years
Maximum | Notes Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Service period (in years)	10 years

Financial Instruments - Credi_4

Financial Instruments - Credit Losses - Schedule of Disaggregation of Defaulted Notes By Year Of Origination (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Credit Loss [Abstract]
2023	$ 1,130
2022	285
2021	1,899
2020	423
2019	323
2018 and prior	2,176
Total	$ 6,236

Financial Instruments - Credi_5

Financial Instruments - Credit Losses - Schedule of Activity in Allowance For Uncollectible Defaulted Notes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 4,051	$ 5,247	$ 4,327	$ 4,923
Additions and other adjustments	(237)	(141)	(513)	183
Ending balance	$ 3,814	$ 5,106	$ 3,814	$ 5,106

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($) office	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use lease assets, net of accumulated amortization	$ 154,811	$ 142,630
Right of use asset, accumulated amortization	90,125	82,449
Lease liabilities	196,934	182,570
Lease not yet commenced, amount	9,300	$ 40,200
Real Estate Leases
Lessee, Lease, Description [Line Items]
Lease liabilities	194,100
Equipment Leases
Lessee, Lease, Description [Line Items]
Lease liabilities	2,800
Real Estate Leases
Lessee, Lease, Description [Line Items]
Right-of-use lease assets, net of accumulated amortization	152,000
Right of use asset, accumulated amortization	87,700
Equipment Leases
Lessee, Lease, Description [Line Items]
Right-of-use lease assets, net of accumulated amortization	2,800
Right of use asset, accumulated amortization	$ 2,400
Viner Finance Inc.
Lessee, Lease, Description [Line Items]
Ownership of subsidiary (as a percent)	100%
UNITED STATES
Lessee, Lease, Description [Line Items]
Number of stores | office	92

Leases - Weighted Average Lease

Leases - Weighted Average Lease Term and Discount Rate (Details)	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 10 months 9 days	6 years 9 months 25 days
Weighted average discount rate (as a percent)	7.05%	6.66%

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Leases - Right-of-use lease asset amortization			$ 13,945	$ 13,170
Real Estate
Lessee, Lease, Description [Line Items]
Leases - Right-of-use lease asset amortization	$ 6,686	$ 6,189	13,125	12,346
Leases - Interest expense	3,398	3,267	6,607	6,623
Equipment
Lessee, Lease, Description [Line Items]
Leases - Right-of-use lease asset amortization	431	410	853	824
Leases - Interest expense	$ 47	$ 35	$ 93	$ 67

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 22,196	$ 42,343
2024	43,123	38,018
2025	37,174	31,684
2026	34,753	29,671
2027	33,205	28,178
After 2027	79,433	58,146
Total lease payments	249,884	228,040
Less interest	(52,950)	(45,470)
Present value of lease liabilities	$ 196,934	$ 182,570

Revenue from contracts with cus

Revenue from contracts with customers - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract assets (receivables)	$ 34,252	$ 32,773
Deferred revenue (payables)	$ 2,860	$ 900
Commission From Equity Securities Transactions
Disaggregation of Revenue [Line Items]
Revenue settlement period (in days)	2 days
Commissions From Corporate Bond Transactions
Disaggregation of Revenue [Line Items]
Revenue settlement period (in days)	1 day
Mutual fund and insurance income
Disaggregation of Revenue [Line Items]
Revenue settlement period (in days)	90 days
Advisory fees
Disaggregation of Revenue [Line Items]
Revenue settlement period (in days)	90 days
Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenue settlement period (in days)	90 days
Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenue settlement period (in days)	30 days

Revenues from contracts with _3

Revenues from contracts with customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 257,496	$ 238,633	$ 536,207	$ 498,819
Interest	27,320	11,789	52,261	21,306
Principal transactions, net	16,253	1,258	29,743	3,622
Other	5,120	(14,458)	9,657	(20,497)
Total other sources of revenue	48,693	(1,411)	91,661	4,431
Total revenue	306,189	237,222	627,868	503,250
Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	41	111	155	244
Interest	808	28	2,141	104
Principal transactions, net	1,771	(3,073)	3,808	(292)
Other	544	96	1,077	119
Total other sources of revenue	3,123	(2,949)	7,026	(69)
Total revenue	3,164	(2,838)	7,181	175
Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	173,220	151,012	351,128	301,747
Interest	22,403	10,369	42,982	18,517
Principal transactions, net	1,072	(2,233)	2,121	(4,166)
Other	4,550	(14,677)	8,435	(20,780)
Total other sources of revenue	28,025	(6,541)	53,538	(6,429)
Total revenue	201,245	144,471	404,666	295,318
Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	22,196	24,311	46,150	51,424
Interest	0	0	0	0
Principal transactions, net	0	0	0	0
Other	2	4	7	8
Total other sources of revenue	2	4	7	8
Total revenue	22,198	24,315	46,157	51,432
Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	62,039	63,199	138,774	145,404
Interest	4,109	1,392	7,138	2,685
Principal transactions, net	13,410	6,564	23,814	8,080
Other	24	119	138	156
Total other sources of revenue	17,543	8,075	31,090	10,921
Total revenue	79,582	71,274	169,864	156,325
Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	80,828	86,539	159,805	176,541
Commissions from sales and trading | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8	6	14	17
Commissions from sales and trading | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	37,666	38,108	76,590	81,463
Commissions from sales and trading | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Commissions from sales and trading | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	43,154	48,425	83,201	95,061
Mutual fund and insurance income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,716	7,839	15,436	16,158
Mutual fund and insurance income | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4	30	8	22
Mutual fund and insurance income | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,711	7,808	15,423	16,130
Mutual fund and insurance income | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Mutual fund and insurance income | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1	1	5	6
Advisory fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	101,015	107,405	201,559	223,171
Advisory fees | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	8	9	15	17
Advisory fees | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	78,811	83,085	155,394	171,613
Advisory fees | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	22,196	24,311	46,150	51,424
Advisory fees | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	117
Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	9,033	8,369	19,061	24,899
Investment banking - capital markets | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Investment banking - capital markets | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	1,688	2,359	3,475	5,665
Investment banking - capital markets | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Investment banking - capital markets | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	7,345	6,010	15,586	19,234
Investment banking - advisory
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,945	8,284	38,882	30,224
Investment banking - advisory | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Investment banking - advisory | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	35
Investment banking - advisory | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Investment banking - advisory | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	10,945	8,284	38,882	30,189
Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	44,060	14,845	92,969	19,199
Bank deposit sweep income | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank deposit sweep income | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	44,060	14,845	92,969	19,199
Bank deposit sweep income | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank deposit sweep income | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,899	5,352	8,495	8,627
Other | Corporate/Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	21	66	118	188
Other | Private Client
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	3,284	4,807	7,277	7,642
Other | Asset Management
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Capital Markets
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 594	$ 479	$ 1,100	$ 797

Revenues from contracts with _4

Revenues from contracts with customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	$ 34,252	$ 32,773
Deferred revenue (payables)	2,860	900
Commission
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	5,596	3,533
Mutual Fund Income
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	5,208	4,993
Advisory fees
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	4,309	5,368
Bank Deposit Sweep Income
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	6,434	9,057
Investment Banking Fees
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	6,710	5,136
Other
Capitalized Contract Cost [Line Items]
Contract assets (receivables)	5,995	4,686
Investment Banking Fees
Capitalized Contract Cost [Line Items]
Deferred revenue (payables)	1,507	900
IRA fees
Capitalized Contract Cost [Line Items]
Deferred revenue (payables)	$ 1,353	$ 0

Earnings per share (Details)

Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic weighted average number of shares outstanding (in shares)	11,016,430	11,980,115	11,054,306	12,222,527
Net dilutive effect of share-based awards, treasury stock method (in shares)	0	0	857,073	919,011
Diluted weighted average number of shares outstanding (in shares)	11,016,430	11,980,115	11,911,379	13,141,538
Net income (loss) attributable to Oppenheimer Holdings Inc.	$ (9,400)	$ (3,874)	$ 5,217	$ 5,418
Earnings (Loss) per share attributable to Oppenheimer Holdings Inc., Basic (in dollars per share)	$ (0.85)	$ (0.32)	$ 0.47	$ 0.44
Earnings (Loss) per share attributable to Oppenheimer Holdings Inc., Diluted (in dollars per share)	$ (0.85)	$ (0.32)	$ 0.44	$ 0.41
Class A Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of anti-dilutive stock options granted	1,138,992	1,267,733	281,810	4,100

Receivable from and payable t_3

Receivable from and payable to brokers, dealers and clearing organizations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivable from brokers, dealers and clearing organizations consisting of:
Securities borrowed	$ 255,568	$ 127,817
Receivable from brokers	48,354	49,125
Clearing organizations and other	24,789	20,036
Securities failed to deliver	5,509	9,099
Total	334,220	206,077
Payable to brokers, dealers and clearing organizations consisting of:
Securities loaned	336,513	320,843
Securities failed to receive	5,656	62,646
Payable to brokers	553	123
Clearing organizations and other	78,681	166,394
Total	$ 421,403	$ 550,006

Fair value measurements - Addit

Fair value measurements - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 924,183	$ 498,594
Valuation adjustment	5,200
Investments	$ 17,167	7,068
Forward or delayed delivery of the underlying instrument with settlement	180 days
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	$ 11,713	$ 7,068
Other Assets | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments	6,200
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 31,700

Fair value measurements - Inves

Fair value measurements - Investments in Company-Sponsored Funds (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 12,693	$ 8,795
Unfunded Commitments	2,705	3,018
Hedge Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	520	574
Unfunded Commitments	$ 0	$ 0
Hedge Funds | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redemption Notice Period	30 days	30 days
Hedge Funds | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Redemption Notice Period	120 days	120 days
Private Equity Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 12,173	$ 8,221
Unfunded Commitments	$ 2,705	$ 3,018

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Deposits with clearing organizations	$ 27,675	$ 24,937
Securities owned:
Securities owned, at fair value	924,183	498,594
Securities owned and sold, fair value	924,189	498,594
Investments	17,167	7,068
Derivative contracts
Derivative contracts, total	4,734
Total	973,765	532,361
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	71,101	52,768
Derivative contracts:
Derivative contracts	7,753	1,805
Total	78,854	54,573
Sovereign obligations
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		9,048
U.S. Treasury securities
Securities owned:
Securities owned, at fair value	719,574	362,815
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	41,737	25,006
U.S. Agency securities
Securities owned:
Securities owned, at fair value	5,919	6,012
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	2	3
Sovereign obligations
Securities owned:
Securities owned, at fair value		9,502
Corporate debt and other obligations
Securities owned:
Securities owned, at fair value	10,544	9,844
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	2,782	2,905
Mortgage and other asset-backed securities
Securities owned:
Securities owned, at fair value	3,867	1,882
Municipal obligations
Securities owned:
Securities owned, at fair value	91,648	30,126
Convertible bonds
Securities owned:
Securities owned, at fair value	28,581	21,800
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	9,857	4,428
Corporate equities
Securities owned:
Securities owned, at fair value	31,887	24,837
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	16,723	11,378
Money markets
Securities owned:
Securities owned, at fair value	487	0
Auction rate securities
Securities owned:
Securities owned, at fair value	31,682	31,776
TBAs
Derivative contracts
Derivative contracts, total	4,734	1,762
Derivative contracts:
Derivative contracts	4,696	1,761
Futures
Derivative contracts:
Derivative contracts	3,057	44
Level 1
ASSETS
Deposits with clearing organizations	27,675	24,937
Securities owned:
Securities owned and sold, fair value	751,461	387,652
Investments	5,454	0
Derivative contracts
Derivative contracts, total	0
Total	784,590	412,589
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	58,460	36,384
Derivative contracts:
Derivative contracts	3,057	44
Total	61,517	36,428
Level 1 | Sovereign obligations
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		0
Level 1 | U.S. Treasury securities
Securities owned:
Securities owned, at fair value	719,574	362,815
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	41,737	25,006
Level 1 | U.S. Agency securities
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 1 | Sovereign obligations
Securities owned:
Securities owned, at fair value		0
Level 1 | Corporate debt and other obligations
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 1 | Mortgage and other asset-backed securities
Securities owned:
Securities owned, at fair value	0	0
Level 1 | Municipal obligations
Securities owned:
Securities owned, at fair value	0	0
Level 1 | Convertible bonds
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 1 | Corporate equities
Securities owned:
Securities owned, at fair value	31,887	24,837
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	16,723	11,378
Level 1 | Money markets
Securities owned:
Securities owned, at fair value	0	0
Level 1 | Auction rate securities
Securities owned:
Securities owned, at fair value	0	0
Level 1 | TBAs
Derivative contracts
Derivative contracts, total	0	0
Derivative contracts:
Derivative contracts	0	0
Level 1 | Futures
Derivative contracts:
Derivative contracts	3,057	44
Level 2
ASSETS
Deposits with clearing organizations	0	0
Securities owned:
Securities owned and sold, fair value	141,046	79,166
Investments	11,713	7,068
Derivative contracts
Derivative contracts, total	4,734
Total	157,493	87,996
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	12,641	16,384
Derivative contracts:
Derivative contracts	4,696	1,761
Total	17,337	18,145
Level 2 | Sovereign obligations
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		9,048
Level 2 | U.S. Treasury securities
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 2 | U.S. Agency securities
Securities owned:
Securities owned, at fair value	5,919	6,012
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	2	3
Level 2 | Sovereign obligations
Securities owned:
Securities owned, at fair value		9,502
Level 2 | Corporate debt and other obligations
Securities owned:
Securities owned, at fair value	10,544	9,844
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	2,782	2,905
Level 2 | Mortgage and other asset-backed securities
Securities owned:
Securities owned, at fair value	3,867	1,882
Level 2 | Municipal obligations
Securities owned:
Securities owned, at fair value	91,648	30,126
Level 2 | Convertible bonds
Securities owned:
Securities owned, at fair value	28,581	21,800
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	9,857	4,428
Level 2 | Corporate equities
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 2 | Money markets
Securities owned:
Securities owned, at fair value	487	0
Level 2 | Auction rate securities
Securities owned:
Securities owned, at fair value	0	0
Level 2 | TBAs
Derivative contracts
Derivative contracts, total	4,734	1,762
Derivative contracts:
Derivative contracts	4,696	1,761
Level 2 | Futures
Derivative contracts:
Derivative contracts	0	0
Level 3
ASSETS
Deposits with clearing organizations	0	0
Securities owned:
Securities owned and sold, fair value	31,682	31,776
Investments	0	0
Derivative contracts
Derivative contracts, total	0
Total	31,682	31,776
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Derivative contracts:
Derivative contracts	0	0
Total	0	0
Level 3 | Sovereign obligations
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		0
Level 3 | U.S. Treasury securities
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 3 | U.S. Agency securities
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 3 | Sovereign obligations
Securities owned:
Securities owned, at fair value		0
Level 3 | Corporate debt and other obligations
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 3 | Mortgage and other asset-backed securities
Securities owned:
Securities owned, at fair value	0	0
Level 3 | Municipal obligations
Securities owned:
Securities owned, at fair value	0	0
Level 3 | Convertible bonds
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 3 | Corporate equities
Securities owned:
Securities owned, at fair value	0	0
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	0	0
Level 3 | Money markets
Securities owned:
Securities owned, at fair value	0	0
Level 3 | Auction rate securities
Securities owned:
Securities owned, at fair value	31,682	31,776
Level 3 | TBAs
Derivative contracts
Derivative contracts, total	0	0
Derivative contracts:
Derivative contracts	0	0
Level 3 | Futures
Derivative contracts:
Derivative contracts	$ 0	$ 0

Fair value measurements - Chang

Fair value measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Auction rate securities - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Assets
Assets Beginning Balance	$ 31,776	$ 31,804	$ 31,776	$ 31,804
Total Realized and Unrealized Losses	6	(27)	6	(27)
Purchases and Issuances	0	200	0	200
Sales and Settlements	(100)	0	(100)	0
Transfers In (Out)	0	0	0	0
Assets Ending Balance	$ 31,682	$ 31,977	$ 31,682	$ 31,977

Fair value measurements - Ass_2

Fair value measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - Fair Value, Nonrecurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Cash	$ 29,145	$ 112,433
Restricted cash	25,803	25,534
Deposits with clearing organization	48,619	52,754
Securities borrowed	255,568	127,817
Receivables from brokers	48,354	49,125
Securities failed to deliver	5,509	9,099
Clearing organizations and other	24,751	20,035
Total Receivable from brokers, dealers and clearing organizations	334,182	206,076
Receivable from customers	1,066,439	1,202,764
Securities purchased under agreements to resell		0
Notes receivable, net	60,873	57,495
Investments	87,826	79,322
Company-owned life insurance policies	86,000	77,000
Drafts payable	21,734
Bank call loans	94,400	0
Securities loaned	336,513	320,843
Payable to brokers	553	123
Securities failed to receive	5,656	62,646
Clearing organization and other	75,624	166,350
Total payables to brokers, dealers and clearing organizations	418,346	549,962
Payables to customers	401,168	456,475
Securities sold under agreements to repurchase	645,315	161,009
Senior secured notes	107,702	113,233
Level 1
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Cash	29,145	112,433
Restricted cash	25,803	25,534
Deposits with clearing organization	48,619	52,754
Securities borrowed	0	0
Receivables from brokers	0	0
Securities failed to deliver	0	0
Clearing organizations and other	0	0
Total Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers	0	0
Securities purchased under agreements to resell		0
Notes receivable, net	0	0
Investments	0	0
Drafts payable	21,734
Bank call loans	0	0
Securities loaned	0	0
Payable to brokers	0	0
Securities failed to receive	0	0
Clearing organization and other	0	0
Total payables to brokers, dealers and clearing organizations	0	0
Payables to customers	0	0
Securities sold under agreements to repurchase	0	0
Senior secured notes	0	0
Level 2
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Cash	0	0
Restricted cash	0	0
Deposits with clearing organization	0	0
Securities borrowed	255,568	127,817
Receivables from brokers	48,354	49,125
Securities failed to deliver	5,509	9,099
Clearing organizations and other	24,751	20,035
Total Receivable from brokers, dealers and clearing organizations	334,182	206,076
Receivable from customers	1,066,439	1,202,764
Securities purchased under agreements to resell		0
Notes receivable, net	60,873	57,495
Investments	87,826	79,322
Drafts payable	0
Bank call loans	94,400	0
Securities loaned	336,513	320,843
Payable to brokers	553	123
Securities failed to receive	5,656	62,646
Clearing organization and other	75,624	166,350
Total payables to brokers, dealers and clearing organizations	418,346	549,962
Payables to customers	401,168	456,475
Securities sold under agreements to repurchase	645,315	161,009
Senior secured notes	107,702	113,233
Level 3
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Cash	0	0
Restricted cash	0	0
Deposits with clearing organization	0	0
Securities borrowed	0	0
Receivables from brokers	0	0
Securities failed to deliver	0	0
Clearing organizations and other	0	0
Total Receivable from brokers, dealers and clearing organizations	0	0
Receivable from customers	0	0
Securities purchased under agreements to resell		0
Notes receivable, net	0	0
Investments	0	0
Drafts payable	0
Bank call loans	0	0
Securities loaned	0	0
Payable to brokers	0	0
Securities failed to receive	0	0
Clearing organization and other	0	0
Total payables to brokers, dealers and clearing organizations	0	0
Payables to customers	0	0
Securities sold under agreements to repurchase	0	0
Senior secured notes	0	0
Carrying Value
Financial Instruments, Estimate Not Practicable, Fair Value [Line Items]
Cash	29,145	112,433
Restricted cash	25,803	25,534
Deposits with clearing organization	48,619	52,754
Securities borrowed	255,568	127,817
Receivables from brokers	48,354	49,125
Securities failed to deliver	5,509	9,099
Clearing organizations and other	24,751	20,035
Total Receivable from brokers, dealers and clearing organizations	334,182	206,076
Receivable from customers	1,066,439	1,202,764
Securities purchased under agreements to resell		0
Notes receivable, net	60,873	57,495
Investments	87,826	79,322
Drafts payable	21,734
Bank call loans	94,400	0
Securities loaned	336,513	320,843
Payable to brokers	553	123
Securities failed to receive	5,656	62,646
Clearing organization and other	75,624	166,350
Total payables to brokers, dealers and clearing organizations	418,346	549,962
Payables to customers	401,168	456,475
Securities sold under agreements to repurchase	645,315	161,009
Senior secured notes	$ 113,050	$ 114,050

Fair value measurements - Notio

Fair value measurements - Notional Amounts and Fair Values of Derivatives by Product (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	$ 5,525	$ 17,050
Derivatives asset, Fair Value	4,734	1,762
Derivative liability, Notional	8,226,525	1,914,275
Derivative liability, Fair Value	7,753	1,805
TBAs | Other contracts
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional	5,525	1,775
Derivatives asset, Fair Value	4,734	1,762
Derivative liability, Notional	5,525	1,775
Derivative liability, Fair Value	4,696	1,761
Futures | Commodity contracts
Derivatives, Fair Value [Line Items]
Derivative liability, Notional	8,117,000	1,912,500
Derivative liability, Fair Value	3,057	44
Forward repurchase agreements | Other contracts
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional		15,000
Derivatives asset, Fair Value		0
Derivative liability, Notional	104,000
Derivative liability, Fair Value	$ 0
Other Security | Other contracts
Derivatives, Fair Value [Line Items]
Derivatives asset, Notional		275
Derivatives asset, Fair Value		$ 0

Fair value measurements - Fair

Fair value measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ 3,558	$ 1,302	$ 3,769	$ 3,555
Commodity contracts | Principal Transaction Revenue | Futures
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	3,529	1,328	3,739	3,519
Other contracts | Principal Transaction Revenue | TBAs
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	36	(6)	38	56
Other contracts | Other | Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income on Derivatives (pre-tax) Gain (Loss)	$ (7)	$ (20)	$ (8)	$ (20)

Collateralized transactions - N

Collateralized transactions - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) dealer	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans	$ 94,400,000	$ 0
Market value of securities	45,500,000	64,400,000
Customer securities under customer margin loans that are available to be pledged	1,600,000,000
Re-pledged amounts under securities loans agreements	229,700,000
Customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers	261,800,000
Outstanding letters of credit	0
Amounts pledged	$ 660,007,000	175,724,000
Number of broker-dealers | dealer	2
Receivable from brokers and clearing organizations	$ 125,900,000
Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of business days for related transactions (in days)	1 day
Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of business days for related transactions (in days)	2 days
Corporate equities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of securities received as collateral	$ 250,700,000	124,100,000
Corporate equities | Reverse Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of collateral	40,000,000	28,000,000
Corporate equities | Securities Borrowed Transactions
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of securities received as collateral, sold and re-pledged under securities loaned	$ 95,500,000	39,400,000
Corporate equities | Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of collateral		$ 28,000,000

Collateralized transactions - S

Collateralized transactions - Schedule of Disaggregation of Gross Obligations by Class (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Government		$ 189,021
Equity securities		$ 320,843
Overnight and Open
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Government	$ 685,436
Equity securities	336,513
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$ 1,021,949

Collateralized transactions -_2

Collateralized transactions - Schedule of Gross Amounts and Offsetting Amounts of Reverse Repurchase Agreements, Repurchase Agreements, Securities Borrowed and Securities Lending Transactions (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Reverse repurchase agreements
Gross Amounts of Recognized Assets	$ 40,122	$ 28,012
Gross Amounts Offset on the Balance Sheet	(40,122)	(28,012)
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	255,568	127,817
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets Presented on the Balance Sheet	255,568	127,817
Financial Instruments	(252,975)	(127,365)
Cash Collateral Received	0	0
Net Amount	2,593	452
Total
Gross Amounts of Recognized Assets	295,690	155,829
Gross Amounts Offset on the Balance Sheet	(40,122)	(28,012)
Net Amounts of Assets Presented on the Balance Sheet	255,568	127,817
Financial Instruments	(252,975)	(127,365)
Cash Collateral Received	0	0
Net Amount	2,593	452
Repurchase agreements
Gross Amounts of Recognized Liabilities		189,021
Gross Amounts Offset on the Balance Sheet	(40,122)	(28,012)
Net Amounts of Liabilities Presented on the Balance Sheet	645,314	161,009
Financial Instruments	(643,479)	(157,981)
Cash Collateral Pledged	0	0
Net Amount	1,835	3,028
Securities loaned
Gross Amounts of Recognized Liabilities		320,843
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Liabilities Presented on the Balance Sheet	336,513	320,843
Financial Instruments	(328,171)	(308,535)
Cash Collateral Pledged	0	0
Net Amount	8,342	12,308
Total
Gross Amounts of Recognized Liabilities	1,021,949	509,864
Gross Amounts Offset on the Balance Sheet	(40,122)	(28,012)
Net Amounts of Liabilities Presented on the Balance Sheet	981,827	481,852
Financial Instruments	(971,650)	(466,516)
Cash Collateral Pledged	0	0
Net Amount	$ 10,177	$ 15,336

Variable interest entities ("_3

Variable interest entities ("VIEs") (Details) $ in Thousands	Dec. 20, 2022 shares	Oct. 26, 2021 USD ($)	Jun. 30, 2023 USD ($) company shares	Mar. 31, 2023 shares	Dec. 31, 2022 USD ($) shares	Dec. 13, 2022 shares	Jul. 29, 2022 shares	Jun. 30, 2022 USD ($) shares	May 24, 2022 shares	Mar. 31, 2022 shares	Feb. 28, 2022 shares	Dec. 31, 2021 shares	May 15, 2020 shares
Variable Interest Entity [Line Items]
Number of special purpose acquisition companies | company			2
Cash and cash equivalents			$ 29,145		$ 112,433			$ 36,606
Restricted Cash			25,803		25,534			$ 127,875
Other Assets			190,843		184,443
Total assets			3,092,375		2,714,392
Total liabilities			$ 2,278,005		$ 1,893,971
IPO
Variable Interest Entity [Line Items]
Proceeds from Company sponsored Initial Public Offering		$ 126,500
Shares exercised their redemption rights (in shares) | shares	10,170,490
Class A Stock
Variable Interest Entity [Line Items]
Common stock, outstanding (in shares) | shares			10,884,575	10,975,723	10,868,556	10,867,660	11,251,930	11,270,944	11,863,559	12,156,174	12,322,073	12,447,036	12,636,523
Class A Stock | IPO
Variable Interest Entity [Line Items]
Common stock, outstanding (in shares) | shares	12,650,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Proceeds from Company sponsored Initial Public Offering		$ 126,500
Cash and cash equivalents			$ 5,487					$ 1,458
Restricted Cash			25,803					127,875
Other Assets			2,297					568
Total assets			33,587					129,901
Other Liabilities			821					123
Total liabilities			$ 821					$ 123

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Sep. 22, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Cost	$ (501)	$ (616)
Long-term debt	112,549	113,434
5.50% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 113,050	$ 114,050
5.50% Senior Secured Notes | Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)			5.50%

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Nov. 23, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Sep. 22, 2020
5.50% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 113,050,000		$ 113,050,000			$ 114,050,000
Interest expense		1,600,000	$ 1,700,000	3,100,000	$ 3,400,000
Senior Secured Notes | 5.50% Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)								5.50%
Aggregate principal amount of debt issued								$ 125,000,000
Issue price (as a percent)								100%
Redemption price (as a percent)	99.80%
Interest rate during period (as a percent)	5.50%
Debt issuance costs								$ 3,100,000
Debt issuance cost, amount paid to subsidiary								1,900,000
Debt issuance costs capitalized								$ 1,200,000
Debt instrument, repurchase amount						$ 1,000,000
Notes outstanding		$ 113,050,000		$ 113,050,000
Senior Secured Notes | 6.75% Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)								6.75%
Long-term debt, gross								$ 150,000,000
Long term debt held in treasury								1,400,000
Long term debt outstanding, net of amount held in treasury								$ 148,600,000

Income taxes (Details)

Income taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	18.20%	23.50%	33.40%	37.10%

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Dec. 13, 2022	Jul. 29, 2022	May 24, 2022	Mar. 31, 2022	Feb. 28, 2022	Dec. 31, 2021	May 15, 2020
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	50,000,000		50,000,000
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001			$ 0.001
Preferred stock, issued (in shares)	0		0
Class A Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	50,000,000		50,000,000			50,000,000
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, issued (in shares)	10,884,575		10,884,575			10,868,556
Common stock, outstanding (in shares)	10,884,575	11,270,944	10,884,575	11,270,944	10,975,723	10,868,556	10,867,660	11,251,930	11,863,559	12,156,174	12,322,073	12,447,036	12,636,523
Class A Stock | New Program
Class of Stock [Line Items]
Repurchase of class A common stock (in shares)							543,000	536,500	550,000		518,000		530,000
Shares repurchased as a percent of shares outstanding (as a percent)							5%	4.80%	4.60%		4.20%		4.20%
Remaining amount authorized for repurchase (in shares)	495,844		495,844				687,034	540,778	621,893		530,407		628,625
Stock repurchased (in shares)	96,135	885,230	191,190	1,262,543
Total consideration for repurchase of stock	$ 3.6	$ 30.2	$ 7.3	$ 46.4
Stock repurchased (in dollars per share)	$ 37.43	$ 34.13	$ 38.11	$ 36.73
Class A Stock | Previous Program
Class of Stock [Line Items]
Remaining amount authorized for repurchase (in shares)							144,034	4,278	71,893		12,407		98,625
Class B Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	99,665		99,665			99,665
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, issued (in shares)	99,665		99,665			99,665
Common stock, outstanding (in shares)	99,665		99,665			99,665

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Number of Shares of Class A Stock Outstanding (Details) - Class A Stock - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Change In Common Stock Outstanding [Roll Forward]
Class A Stock outstanding, beginning of period	10,975,723	12,156,174	10,868,556	12,447,036
Issued pursuant to share-based compensation plans	4,987	0	207,209	86,451
Repurchased and canceled pursuant to the stock buy-back	(96,135)	(885,230)	(191,190)	(1,262,543)
Class A Stock outstanding, end of period	10,884,575	11,270,944	10,884,575	11,270,944

Contingencies (Details)

Contingencies (Details) $ in Millions			6 Months Ended
	Sep. 13, 2022 USD ($)	Aug. 31, 2021 USD ($) arbitration	Jun. 30, 2023 USD ($) arbitration complaintant
Loss Contingencies [Line Items]
Estimated range of loss in excess of amounts accrued			$ 31
Number of arbitrations | arbitration		45
Damages sought		$ 13.9
Number of complainants | complaintant			108
Litigation settlement expense			$ 78.5
Amount disgorged to SEC	$ 1.9
Pending Litigation
Loss Contingencies [Line Items]
Number of arbitrations | arbitration		14
Settled Litigation
Loss Contingencies [Line Items]
Number of claims settled | arbitration			31

Regulatory requirements (Detail

Regulatory requirements (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)	Jan. 31, 2022 GBP (£)	Jan. 31, 2022 EUR (€)
Oppenheimer
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items (as a percent)	2%
Net capital	$ 417,500,000
Aggregate indebtedness (as a percent)	36.66%
Excess capital	$ 394,700,000
Freedom
Regulatory Capital Requirements [Line Items]
Net capital	$ 4,200,000
Aggregate indebtedness (as a percent)	6.67%
Freedom maintain net capital equal to the greater	$ 100,000
Net capital in excess of minimum required	$ 4,100,000
Oppenheimer Europe Ltd
Regulatory Capital Requirements [Line Items]
Common Equity Tier 1 Ratio (as a percent)	91%
Common Equity Tier 1 Ratio Required (as a percent)	56%
Tier 1 Capital Ratio Required (as a percent)	75%
Total Capital Ratio (as a percent)	127%
Total Capital Ratio Required (as a percent)	100%
Regulatory capital required to be maintained		£ 750,000	€ 730,000
Oppenheimer Investments Asia Ltd.
Regulatory Capital Requirements [Line Items]
Regulatory capital required to be maintained	$ 382,854
Net capital	4,400,000
Excess Liquid Capital under Hong Kong SFC Rules	$ 4,000,000

Segment information - Reported

Segment information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Total	$ 306,189	$ 237,222	$ 627,868	$ 503,250
Pre-Tax Income (Loss)
Total pre-tax income (loss)	(11,699)	(6,169)	7,350	8,044
Corporate/Other
Revenue
Total	3,164	(2,838)	7,181	175
Pre-Tax Income (Loss)
Total pre-tax income (loss)	(24,975)	(35,154)	(51,386)	(55,727)
Private Client
Revenue
Total	$ 201,245	$ 144,471	$ 404,666	$ 295,318
Pre-Tax Income (Loss)
Asset management fees (as a percent)	90%	90%	90%	90%
Private Client | Operating Segments
Revenue
Total	$ 201,245	$ 144,471	$ 404,666	$ 295,318
Pre-Tax Income (Loss)
Total pre-tax income (loss)	20,794	38,800	75,250	62,946
Asset Management
Revenue
Total	$ 22,198	$ 24,315	$ 46,157	$ 51,432
Pre-Tax Income (Loss)
Asset management fees (as a percent)	10%	10%	10%	10%
Asset Management | Operating Segments
Revenue
Total	$ 22,198	$ 24,315	$ 46,157	$ 51,432
Pre-Tax Income (Loss)
Total pre-tax income (loss)	6,533	8,120	13,014	17,594
Capital markets
Revenue
Total	79,582	71,274	169,864	156,325
Capital markets | Operating Segments
Revenue
Total	79,582	71,274	169,864	156,325
Pre-Tax Income (Loss)
Total pre-tax income (loss)	$ (14,051)	$ (17,935)	$ (29,528)	$ (16,769)

Segment information - Revenue C

Segment information - Revenue Classified by Major Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 306,189	$ 237,222	$ 627,868	$ 503,250
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	295,496	225,500	605,285	477,410
Europe/Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	10,108	10,474	20,968	22,451
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total	$ 585	$ 1,248	$ 1,615	$ 3,389

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ / shares in Units, $ in Thousands

6 Months Ended

Jul. 28, 2023

Jul. 06, 2023

Jun. 30, 2023

Jun. 30, 2022

May 31, 2023

Mar. 31, 2023

Dec. 31, 2022

Dec. 13, 2022

Jul. 29, 2022

May 24, 2022

Mar. 31, 2022

Feb. 28, 2022

Dec. 31, 2021

May 15, 2020

Subsequent Events [Line Items]

Payments for repurchase of common stock

$ 7,285

$ 46,375

Class A Stock

Subsequent Events [Line Items]

Common stock, outstanding (in shares)

10,884,575

11,270,944

10,975,723

10,868,556

10,867,660

11,251,930

11,863,559

12,156,174

12,322,073

12,447,036

12,636,523

Class A Stock | Modified Dutch Auction Tender Offer

Subsequent Events [Line Items]

Authorized amount

$ 30,000

Class A Stock | Minimum | Modified Dutch Auction Tender Offer

Subsequent Events [Line Items]

Stock repurchase program, price (in dollars per share)

$ 34

Class A Stock | Maximum | Modified Dutch Auction Tender Offer

Subsequent Events [Line Items]

Stock repurchase program, price (in dollars per share)

$ 40

Class A Stock | Subsequent Event

Subsequent Events [Line Items]

Quarterly dividend payable amount per share (in dollars per share)

$ 0.15

Common stock, outstanding (in shares)

10,447,392

Class A Stock | Subsequent Event | Modified Dutch Auction Tender Offer

Subsequent Events [Line Items]

Stock repurchase program, price (in dollars per share)

$ 40

Stock repurchased and cancellation (in shares)

437,183

Payments for repurchase of common stock

$ 17,490

Class B Stock

Subsequent Events [Line Items]

Common stock, outstanding (in shares)

99,665

99,665

Class B Stock | Subsequent Event

Subsequent Events [Line Items]

Quarterly dividend payable amount per share (in dollars per share)

$ 0.15