Oppenheimer (OPY) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 27, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 437.3
Documents Incorporated by Reference	The Company's definitive Proxy Statement for the 2025 Annual Meeting of Stockholders to be filed by the Company pursuant to Regulation 14A is incorporated into Items 10, 11, 12, 13 and 14 of Part III of this Form 10-K.
Entity Central Index Key	0000791963
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,425,575
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		99,665

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 33,150	$ 28,835
Deposits with clearing organizations	98,909	78,706
Receivable from brokers, dealers and clearing organizations	241,478	284,696
Receivable from customers, net of allowance for credit losses of $175 ($345 in 2023)	1,268,866	1,059,892
Income tax receivable	1,499	7,199
Securities purchased under agreements to resell	0	5,842
Securities owned, including amounts pledged of $1,015,604 ($689,381 in 2023), at fair value	1,108,206	795,312
Notes receivable, net	67,931	62,640
Furniture, equipment and leasehold improvements, net of accumulated depreciation of $92,390 ($82,732 in 2023)	38,188	43,874
Right-of-use lease assets, net of accumulated amortization of $118,325 ($99,716 in 2023)	133,821	140,554
Corporate-owned life insurance	98,828	88,989
Intangible assets	35,709	34,340
Goodwill	143,607	142,162
Other assets	112,534	101,775
Total assets	3,382,726	2,874,816
Liabilities
Drafts payable	21,661	9,002
Bank call loans	252,100	0
Payable to brokers, dealers and clearing organizations	253,816	361,890
Payable to customers	357,835	369,287
Securities sold under agreements to repurchase	931,754	640,382
Securities sold but not yet purchased, at fair value	98,892	31,676
Accrued compensation	331,298	256,244
Accounts payable and other liabilities	65,764	82,810
Income tax payable	3,963	0
Lease liabilities	173,320	183,273
Senior secured notes, net of debt issuance costs of $0 ($392 in 2023)	0	112,658
Deferred tax liabilities, net of deferred tax assets of $48,640 ($45,961 in 2023)	41,928	38,355
Total liabilities	2,532,331	2,085,577
Commitments and contingencies (Note 18)
Stockholders' equity
Common stock	10	10
Additional paid-in capital	29,733	31,774
Retained earnings	819,961	756,468
Accumulated other comprehensive income	691	914
Total Oppenheimer Holdings Inc. stockholders' equity	850,395	789,166
Non-controlling interests (Note 2)	0	73
Total Stockholders' Equity	850,395	789,239
Total Liabilities and Stockholders' Equity	$ 3,382,726	$ 2,874,816

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 175	$ 345
Securities owned, amounts pledged	1,015,604	689,381
Net accumulated depreciation	92,390	82,732
Right-of-use lease assets, accumulated amortization	118,325	99,716
Unamortized debt issuance expense	0	392
Deferred tax assets	$ 48,640	$ 45,961
Common stock, par value (in dollars per share)	$ 0.001
Class A Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	10,231,736	10,186,783
Common stock, outstanding (in shares)	10,231,736	10,186,783
Class B Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 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

CONSOLIDATED INCOME STATEMENTS

CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
REVENUE
Commissions	$ 409,710	$ 349,248	$ 370,382
Advisory fees	483,433	415,679	425,615
Investment banking	176,447	117,665	127,529
Bank deposit sweep income	138,770	172,807	104,558
Interest	135,537	104,550	60,713
Principal transactions, net	54,684	65,347	21,031
Other	33,915	23,529	1,113
Total revenue	1,432,496	1,248,825	1,110,941
EXPENSES
Compensation and related expenses	936,814	782,396	740,827
Communications and technology	99,361	91,321	85,474
Occupancy and equipment costs	63,852	66,002	59,897
Clearing and exchange fees	27,641	24,928	25,566
Interest	87,991	68,599	23,846
Other	111,080	168,809	129,777
Total expenses	1,326,739	1,202,055	1,065,387
Pre-tax income	105,757	46,770	45,554
Income tax provision	34,510	16,498	13,444
Net income	71,247	30,272	32,110
Net income (loss) attributable to non-controlling interests, net of tax	(310)	93	(241)
Net income attributable to Oppenheimer Holdings Inc.	$ 71,557	$ 30,179	$ 32,351
Earnings per share attributable to Oppenheimer Holdings Inc.
Basic (in dollars per share)	$ 6.91	$ 2.81	$ 2.77
Diluted (in dollars per share)	$ 6.37	$ 2.59	$ 2.57
Weighted average shares outstanding
Basic (in shares)	10,349,803	10,736,166	11,666,194
Diluted (in shares)	11,230,007	11,645,708	12,607,752
Period end shares outstanding (in shares)	10,331,401	10,286,448	10,968,221

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss) attributable to non-controlling interests	$ 71,247	$ 30,272	$ 32,110
Other comprehensive loss, net of tax
Currency translation adjustment	(223)	(502)	(2,809)
Comprehensive income	71,024	29,770	29,301
Net income (loss) attributable to non-controlling interests	(310)	93	(241)
Comprehensive income attributable to Oppenheimer Holdings Inc.	$ 71,334	$ 29,677	$ 29,542

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND REDEEMABLE NON-CONTROLLING INTERESTS - 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	Non-controlling interests
Balance at beginning of year at Dec. 31, 2021			$ 13		$ 78,032		$ 740,926		$ 4,225	$ 2,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A non-voting common stock						$ 2,924
Repurchase of Class A non-voting common stock for cancellation				$ (2)		(58,581)		$ (2,055)
Share-based expense					11,555
Vested employee share plan awards					(5,081)
Change in redemption value of redeemable non-controlling interests	$ 1,237				(221)					(1,016)
Net income (loss) attributable to non-controlling interests	32,110						32,351			(241)
Dividends paid							(7,044)
Currency translation adjustment	(2,809)								(2,809)
Capital distribution to non-controlling interests										(90)
Balance at end of year at Dec. 31, 2022	794,955	$ 794,233	11		28,628		764,178		1,416	722
Balance at beginning of year at Dec. 31, 2021	127,765
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable non-controlling interests	(103,536)
Change in redemption value of redeemable non-controlling interests	1,237				(221)					(1,016)
Balance at end of year at Dec. 31, 2022	$ 25,466
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.60
Issuance of Class A non-voting common stock						6,061
Repurchase of Class A non-voting common stock for cancellation				(1)		(3,936)		(31,437)
Share-based expense					13,058
Vested employee share plan awards					(11,892)
Change in redemption value of redeemable non-controlling interests	$ 689				(145)					(544)
Net income (loss) attributable to non-controlling interests	30,272						30,179			93
Dividends paid							(6,452)
Currency translation adjustment	(502)								(502)
Capital distribution to non-controlling interests										(198)
Balance at end of year at Dec. 31, 2023	789,239	789,166	10		31,774		756,468		914	73
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable non-controlling interests	(26,155)
Change in redemption value of redeemable non-controlling interests	689				(145)					(544)
Balance at end of year at Dec. 31, 2023	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.60
Issuance of Class A non-voting common stock						8,800
Repurchase of Class A non-voting common stock for cancellation				$ 0		$ (8,384)		$ (1,219)
Share-based expense					12,859
Vested employee share plan awards					(15,580)
Change in redemption value of redeemable non-controlling interests	$ 0				264					237
Net income (loss) attributable to non-controlling interests	71,247						71,557			(310)
Dividends paid							(6,845)
Currency translation adjustment	(223)								(223)
Capital distribution to non-controlling interests										0
Balance at end of year at Dec. 31, 2024	850,395	$ 850,395	$ 10		29,733		$ 819,961		$ 691	0
Increase (Decrease) in Temporary Equity [Roll Forward]
Redemption of redeemable non-controlling interests	0
Change in redemption value of redeemable non-controlling interests	0				$ 264					$ 237
Balance at end of year at Dec. 31, 2024	$ 0
Increase (Decrease) in Temporary Equity [Roll Forward]
Dividends paid per share (in dollars per share)	$ 0.66

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY AND REDEEMABLE NON-CONTROLLING INTERESTS (Parenthetical)	Dec. 31, 2024 $ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income (loss) attributable to non-controlling interests	$ 71,247	$ 30,272	$ 32,110
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization of furniture, equipment and leasehold improvements	10,834	9,924	7,605
Deferred income taxes	3,551	6,457	(14,616)
Amortization of intangible assets	350	0	0
Amortization of notes receivable	18,124	15,966	13,741
Amortization of debt issuance costs	170	219	248
Write-off of debt issuance costs	222	5	61
Provision for (reversal of) credit losses	(137)	(5)	(2,955)
Share-based compensation	45,506	16,940	15,914
Amortization of right-of-use lease assets	26,101	27,281	26,804
Gain on repurchase of senior secured notes	0	(51)	(235)
Decrease (increase) in operating assets:
Deposits with clearing organizations	(20,203)	(1,015)	(10,723)
Receivable from brokers, dealers and clearing organizations	43,218	(78,619)	(36,175)
Receivable from customers	(208,837)	142,877	21,641
Income tax receivable	5,700	(7,199)	0
Securities purchased under agreements to resell	5,842	(5,842)	935
Securities owned	(312,894)	(296,718)	135,910
Notes receivable	(23,415)	(21,111)	(17,253)
Corporate-owned life insurance			19,849
Corporate-owned life insurance	(9,839)	(11,535)
Other assets	(14,641)	289	(3,437)
Increase (decrease) in operating liabilities:
Drafts payable	12,659	9,002	0
Payable to brokers, dealers and clearing organizations	(108,074)	(188,116)	127,949
Payable to customers	(11,452)	(87,188)	(483)
Securities sold under agreements to repurchase	291,372	479,373	(116,313)
Securities sold but not yet purchased	67,216	(21,092)	(19,190)
Accrued compensation	42,407	13,227	(107,350)
Income tax payable	3,963	(4,130)	(9,406)
Accounts payable and other liabilities	(47,158)	(48,021)	(139)
Cash provided by/(used in) operating activities	(108,168)	(18,810)	64,492
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements	(5,148)	(17,056)	(16,311)
Acquisitions, net of cash consideration	(2,350)	(2,929)	0
Proceeds from the settlement of Corporate-owned life insurance	3,659	4,424	2,174
Cash used in investing activities	(3,839)	(15,561)	(14,137)
Cash flows from financing activities
Cash dividends paid on Class A non-voting and Class B voting common stock	(6,845)	(6,452)	(7,044)
Issuance of Class A non-voting common stock	64	75	127
Repurchase of Class A non-voting common stock for cancellation	(9,603)	(35,124)	(60,636)
Payments for employee taxes withheld related to vested share-based awards	(6,844)	(5,907)	(2,283)
Distribution to non-controlling interests	0	(198)	(90)
Redemption on redeemable non-controlling interests	500
Redemption on redeemable non-controlling interests		(26,155)	(103,536)
Repurchase of senior secured notes	0	(1,000)	(10,950)
Redemption of senior secured notes	(113,050)	0	0
Increase (decrease) in bank call loans, net	252,100	0	(69,500)
Cash provided by/(used in) financing activities	116,322	(74,761)	(253,912)
Net increase/(decrease) in cash and cash equivalents and restricted cash	4,315	(109,132)	(203,557)
Cash and cash equivalents and restricted cash, beginning of year	28,835	137,967	341,524
Cash and cash equivalents and restricted cash, end of year	33,150	28,835	137,967
Reconciliation of cash and cash equivalents and restricted cash within the consolidated balance sheet:
Cash and cash equivalents	33,150	28,835	112,433
Restricted cash	0	0	25,534
Total cash and cash equivalents and restricted cash	33,150	28,835	137,967
Schedule of non-cash financing activities
Employee share plan issuance	13,951	9,376	4,288
Fair value of non-cash assets acquired	3,165	6,658	0
Fair value of liabilities assumed in acquisition	840	1,544	0
Contingent consideration for BondWave LLC	0	(1,395)	0
Supplemental disclosure of cash flow information
Cash paid during the year for interest	88,795	68,399	22,810
Cash paid during the year for income taxes, net	$ 21,272	$ 20,576	$ 37,512

Organization

Organization	12 Months Ended
	Dec. 31, 2024
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 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 88 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, and Geneva, Switzerland. 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 conducts secondary trading activities related to the purchase and sale of loans and trade claims, primarily on a riskless principal basis; Oppenheimer Europe Ltd., based in the United Kingdom, with offices in the Isle of Jersey, and Switzerland, which provides institutional equities and fixed income brokerage and corporate finance and is regulated by the Financial Conduct Authority; and Oppenheimer Investments Asia Limited, based in Hong Kong, China, which provides fixed income and equities brokerage services to institutional investors and is regulated by the Securities and Futures Commission. Oppenheimer owns Freedom Investments, Inc. ("Freedom"), a registered broker dealer in securities, which provides discount brokerage services on a limited basis, and Oppenheimer Israel (OPCO) Ltd., based in 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	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of significant accounting policies and estimates	Summary of significant accounting policies and estimates Basis of Presentation The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Intercompany transactions and balances have been eliminated in the preparation of the consolidated financial statements. Change in Presentation Effective June 30, 2022, the Company reclassified certain stockholders' equity amounts on the consolidated balance sheet and consolidated statements of changes in stockholders' equity and redeemable non-controlling 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. Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In presenting the consolidated financial statements, management makes estimates regarding valuations of financial instruments, loans and allowances for credit losses, the outcome of legal and regulatory matters, goodwill and other intangible assets, share-based compensation plans and income taxes. Estimates, by their nature, are based on judgment and available information. Therefore, actual results may differ materially from the estimates. Accounting Standards Recently Adopted ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued this ASU to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The revised guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and how the CODM uses the reported measures of segment profit or loss in assessing segment performance and make decisions about resource allocation, among other requirements. The Company adopted this guidance effective December 31, 2024. Refer to note 21 for additional information. Financial Instruments and F ai r Value Financial Instruments 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. Fair Value Measurements Accounting guidance for the fair value measurement of financial assets defines fair value, establishes a framework for measuring fair value, establishes a fair value measurement hierarchy, and requires certain fair value measurement disclosures. Fair value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established by this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories (highest to lowest priority): Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are significant to the overall fair value measurement. The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the fair value hierarchy using quoted market prices or other pricing sources with reasonable levels of price transparency. Financial instruments classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. Treasury securities and corporate equities. Level 2 financial instruments primarily consist of investment grade and high-yield corporate debt, convertible bonds, U.S. Agency securities, mortgage and asset-backed securities, and municipal obligations. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in active markets, pricing models which incorporate market observable inputs and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial instruments such as auction rate securities ("ARS") and trade claims are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to limited market activity for the asset or liability. As of December 31, 2024 and December 31, 2023, the Company had $2.7 million and $2.7 million respectively, of ARS in Level 3 assets. As of December 31, 2024, the Company had $2.7 million of trade claims in Level 3 assets. See note 8 for further details. Consolidation The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("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 reviews factors, including the rights of the equity holders at risk and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the entity is a VIE. Under U.S. GAAP, a general partner will not consolidate a partnership or similar entity under the voting interest model. See note 10 for further details. Financing Receivables The Company's financing receivables include customer margin loans, securities purchased under agreements to resell ("reverse repurchase agreements"), and securities borrowed transactions. The Company uses financing receivables to extend margin loans to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements. The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the Company is permitted to sell or re-pledge securities held as collateral. These securities may be used to collateralize repurchase agreements, to enter into securities lending agreements, to cover short positions or to fulfill the obligation of securities fails to deliver. The Company monitors the fair value of the collateral received on a daily basis and may require clients and counterparties to deposit additional collateral or return collateral pledged, when appropriate. Customer receivables, primarily consisting of customer margin loans collateralized by customer-owned securities, are stated net of allowance for credit losses. The Company reviews large customer accounts that do not comply with the Company's margin requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss following that process. For small customer accounts that do not comply with the Company's margin requirements, the allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables. The Company also periodically makes loans to financial advisors and other revenue producers as part of its hiring process. These loans are recorded as notes receivable on its consolidated balance sheet. Allowances are established on these loans if the employee is no longer associated with the Company and the loan has not been promptly repaid. Legal and Regulatory Reserves The Company records reserves related to legal and regulatory proceedings in accounts payable and other liabilities. The determination of the amounts of these reserves requires significant judgment on the part of management. In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. When loss contingencies are not probable or cannot be reasonably estimated, the Company does not establish reserves. When determining whether to record a reserve, management considers many factors including, but not limited to, the amount of the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any, in the client's account and the possibility of wrongdoing, if any, on the part of an employee of the Company; the basis and validity of the claim; previous results in similar cases; and applicable legal precedents and case law. Each legal and regulatory proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the results of that period. The assumptions of management in determining the estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less than the reserve amount. Leases Right-of-use ("ROU") assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term, excluding non-base rent components such as fixed common area maintenance costs and other fixed costs such as real estate taxes and insurance. The discount rates used in determining the present value of leases are the Company’s incremental borrowing rates, developed based upon each lease’s term. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, the ROU assets also include any prepaid lease payments and initial direct costs incurred and are reduced by lease incentives. For these leases, lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned. Goodwill The Company's goodwill resides in separate reporting units within its Wealth Management and Corporate/Other operating segments. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in general, determining whether an impairment of goodwill has occurred is increasingly difficult and requires management to exercise significant judgment. Goodwill within the Corporate/Other operating segment largely relates to the Company’s acquisition of BondWave LLC, which closed on December 29, 2023. The Company's annual goodwill impairment analysis performed as of December 31, 2024 over the goodwill within the Private Client Division ("PCD") reporting unit, a separate reporting unit within Wealth Management, applied the same valuation methodologies with consistent inputs as that performed as of December 31, 2023. In estimating the fair value of the reporting units, the Company uses traditional standard valuation methods, including the market comparable approach and income approach. The market comparable approach is based on comparisons of the subject company to public companies whose stocks are actively traded ("Price Multiples") or to similar companies engaged in an actual merger or acquisition ("Precedent Transactions"). As part of this process, multiples of value relative to financial variables, such as earnings, revenue, EBITDA or stockholders' equity, are developed and applied to the appropriate financial variables of the subject company to indicate its value. The income approach involves estimating the present value of the subject company's future cash flows by using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of return ("Discounted Cash Flow" or "DCF"). Each of these standard valuation methodologies requires the use of management estimates and assumptions. In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including revenues, after-tax earnings, and EBITDA as well as price-to-book value ratios at a point in time. The Company analyzes prices paid in Precedent Transactions that are comparable to the business conducted in each of the reporting units. The DCF analysis includes the Company's assumptions regarding discount rate, growth rates of the reporting unit's revenues, expenses, EBITDA, and capital expenditures, adjusted for current economic conditions and expectations. The Company weighs each of the three valuation methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the corresponding weightings, and the input variables for use in the analyses, it is possible that a different valuation model and the selection of different input variables could produce a materially different estimate of the fair value of the respective reporting unit. Intangible Assets Intangible assets are primarily comprised of trademarks, trade names and an Internet domain name, carried on the balance sheet at $35.7 million. Indefinite intangible assets are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. The fair value of the trademarks and trade names was substantially in excess of their carrying value as of December 31, 2024. Defined-lived intangible assets are comprised of software licenses, developed technology and customer relationships. These intangible assets carried at $2.9 million are amortized over their estimated lives and are periodically evaluated for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable from future undiscounted cash flows. Share-Based Compensation Plans As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted stock and stock appreciation rights. In accordance with ASC Topic 718, "Compensation - Stock Compensation," the Company classifies the restricted stock awards as equity awards, which requires the compensation cost to be recognized in the consolidated income statements over the requisite service period of the award at grant date fair value and adjusted for actual forfeitures. The fair value of restricted stock awards is determined based on the grant date closing price of the Company's Class A non-voting common stock ("Class A Stock") adjusted for the present value of the dividend to be received upon vesting. The fair value of stock options is determined using the Black-Scholes model. Key assumptions used to estimate the fair value include the expected term and the expected volatility of the Company's Class A Stock over the term of the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. The Company classifies stock appreciation rights ("OARs") as liability awards, which requires the fair value to be remeasured through earnings at each reporting period until the award vests. The fair value of OARs is also determined using the Black-Scholes model at the end of each reporting period. The compensation cost is adjusted each reporting period for changes in fair value prorated for the portion of the requisite service period rendered. Revenue Recognition Brokerage Customers' securities transactions are reported on a settlement date basis, which is generally one Principal Transactions Transactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and securities sold but not yet purchased are reported at fair value generally based upon quoted prices. Realized and unrealized changes in fair value are recognized in principal transactions, net in the period in which the change occurs. Investment Banking Fees Advisory fees from mergers, acquisitions and restructuring transactions are recorded when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Retainer fees and engagement fees are recognized ratably over the service period. Underwriting fees are recorded when 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 the related expenses are presented gross on the consolidated income statements. Interest Interest revenue represents interest earned on margin debit balances, securities borrowed transactions, reverse repurchase agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Asset Management Asset management advisory fees are generally recognized over the period the related service is provided based on the account value at the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive performance (or incentive) fees when the return on assets under management ("AUM") exceeds certain benchmark returns or other performance targets. Performance fees are generally based on investment performance over a 12-month 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. Asset management advisory fees and performance fees are included in advisory fees in the consolidated income statements. Assets under management are not included as assets of the Company. Bank Deposit Sweep Income Bank deposit sweep income consists of revenues earned from the Advantage 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. The Company earns the fee paid on these deposits after administrative fees are paid to the administrator of the program. The fee earned in the period is recorded in bank deposit sweep income and the portion of interest credited to clients is recorded in interest expense in the consolidated income statements. Balance Sheet Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business. Receivables from / Payables to Brokers, Dealers and Clearing Organizations Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or collateral in an amount generally in excess of the market value of securities loaned. The Company monitors the market value of securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Securities failed to deliver and receive represent the contract value of securities which have not been delivered or received, respectively, by settlement date. Receivables from / Payables to Customers Receivables from and payables to customers include balances arising from customer securities and margin transactions. Receivables from customers are recorded when margin loans are extended to customers and are recorded on a settlement date basis. Payables to customers are recorded when customers deposit cash into their accounts and are recorded on a settlement date basis. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Reverse repurchase agreements and securities sold under agreements to repurchase ("repurchase agreements") are treated as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. The resulting interest income and expense for these arrangements are included in interest income and interest expense in the consolidated income statements. The Company presents the reverse repurchase and repurchase transactions on a net-by-counterparty basis when the specific offsetting requirements are satisfied. Notes Receivable Notes receivable primarily 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 9 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. Amortization of notes receivable is included in the consolidated income statements in compensation and related expenses. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment is provided on a straight-line basis generally over 3 to 7 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Drafts Payable Drafts payable represent amounts drawn by the Company against a bank. Bank Call Loans Bank call loans are generally payable on demand and bear interest at various rates, and such loans are collateralized by firm and/or customer's margin securities. Foreign Currency Translations Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates prevailing at period end; revenue and expenses at average rates for the period; and gains or losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in accumulated other comprehensive income in the consolidated balance sheets. The functional currency of the overseas operations is the local currency in each location except for Oppenheimer Europe Ltd. and Oppenheimer Investments Asia Limited which have the U.S. dollar as their functional currency. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. The Company records uncertain tax positions on the basis of a two-step process whereby it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records interest and penalties accruing on unrecognized tax benefits in pre-tax income as interest expense and other expense, respectively, in its consolidated income statements. The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated. OPY Acquisition Corp. I On October 26, 2021, OPY Acquisition Corp. I (“OHAA”), a special purpose acquisition company, consummated its $126.5 million initial public offering (the “OHAA IPO”). OPY Acquisition LLC I (the “Sponsor”), a Delaware series limited liability company and the Company’s subsidiary, was the sponsor of and consolidated OHAA. Upon IPO completion, funds totaling $127.8 million, including proceeds from the OHAA IPO of $126.5 million and $1.3 million of investment from the Sponsor, were held in a trust account until the earlier of (i) the completion of a Business Combination or (ii) ten On October 26, 2023, OHAA’s stockholders approved an amendment to its certificate of incorporation to extend the deadline by which it must complete its initial business combination from October 30, 2023 to June 30, 2024 on a month-to-month basis. In the fourth quarter of 2023, after careful consideration of the special purpose acquisition company market and after having completed an extensive search, OHAA determined it would be unable to deliver and fund a high quality value enhancing transaction to stockholders despite the extension. Therefore, on December 18, 2023, OHAA determined not to further extend the term it had to complete an initial business combination and instead announced its intention to dissolve and liquidate. On December 28, 2023, all OHAA Class A ordinary shares were cancelled with shareholders receiving their respective share redemption amounts. Accordingly, there were no “Redeemable non-controlling interests” or restricted cash balances associated with the publicly held OHAA Class A ordinary shares recorded on the Company’s consolidated balance sheet as of December 31, 2023. OHAA was dissolved in March 2024. 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.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions On December 29, 2023, the Company acquired 100% of the membership interests of BondWave LLC, a cloud-based financial markets software as a service provider that offers institutions active in fixed income markets with an integrated suite of portfolio analytics, transaction analytics and proprietary data solutions. Under the terms of the agreement, the Company paid approximately $3.6 million on closing, with the potential for additional contingent payments to be made within 18 months after the closing date. The Company allocated $4.3 million of the purchase price to goodwill, $2.2 million to definite-lived intangible assets, $625,000 to cash acquired and the remainder to other assets acquired and liabilities assumed as part of the acquisition accounted under ASC 805 ,“Business Combinations” ("ASC 805"). The goodwill, which has been allocated to the “Corporate/Other” segment, primarily reflects the expected synergies of combining the scalable software platform with Oppenheimer’s broader client base. On November 12, 2024, BondWave LLC acquired substantially all the assets of Bitvore Corp.’s (“Bitvore”) municipal bond data analytics business for $2.35 million in cash. Bitvore’s platform uses machine learning and artificial intelligence to provide municipal bond data analysis, news and information to financial institutions. The Company accounted for the acquisition under the acquisition method of accounting in accordance with ASC 805. The goodwill associated with this acquisition has been allocated to the “Corporate/Other” segment and reflects expected synergies when coupled with BondWave LLC’s existing platform and client base.

Financial Instruments - Credit

Financial Instruments - Credit Losses	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024, the Company had $67.9 million of notes receivable ($62.6 million as of December 31, 2023). 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 9 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. At that 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 environmental and market conditions such as changes in unemployment rates, changes in interest rates and/or other relevant factors. For the year ended December 31, 2024, 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 December 31, 2024, the balance of defaulted notes was $5.0 million and the allowance for uncollectibles was $2.8 million. The allowance for uncollectibles consisted of $1.3 million related to defaulted notes balances (five years and older) and $1.5 million (under five years). The following table presents the disaggregation of defaulted notes by year of default as of December 31, 2024: (Expressed in thousands) As of December 31, 2024 2024 $ 449 2023 1,091 2022 141 2021 1,541 2020 423 2019 and prior 1,340 Total $ 4,985 The following table presents activity in the allowance for uncollectibles of defaulted notes for the years ended December 31, 2024 and 2023: (Expressed in thousands) For the Year Ended December 31, 2024 2023 Beginning balance $ 3,869 $ 4,327 Write-offs (1,901) (1,420) Recoveries $ 847 $ 962 Ending balance $ 2,815 $ 3,869

Leases

Leases	12 Months Ended
	Dec. 31, 2024
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 Company 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 88 retail branch offices in the United States as well as offices in London, England, St. Helier, Isle of Jersey, Geneva, Switzerland, 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 wholly owned subsidiary of 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 December 31, 2024, the Company had right-of-use operating lease assets of $133.8 million (net of accumulated amortization of $118.3 million) which are comprised of real estate leases of $131.4 million (net of accumulated amortization of $115.7 million) and equipment leases of $2.4 million (net of accumulated amortization of $2.6 million). As of December 31, 2024, the Company had operating lease liabilities of $173.3 million which are comprised of real estate lease liabilities of $171.0 million and equipment lease liabilities of $2.3 million. The Company had no finance leases as of December 31, 2024. 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 following table presents the weighted average lease term and weighted average discount rate for the Company's operating leases as of December 31, 2024 and December 31, 2023, respectively: As of December 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 6.08 6.35 Weighted average discount rate 7.50% 7.72% The following table presents operating lease costs recognized for the years ended December 31, 2024 and December 31, 2023, respectively, which are included in occupancy and equipment costs on the consolidated income statements: (Expressed in thousands) For the Year Ended For the Year Ended Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 24,394 $ 25,568 Real estate leases - Interest expense 12,761 13,413 Equipment leases - Right-of-use lease asset amortization 1,706 1,717 Equipment leases - Interest expense 176 184 The maturities of lease liabilities as of December 31, 2024 are as follows: (Expressed in thousands) As of 2025 $ 42,466 2026 40,596 2027 38,151 2028 24,794 2029 18,816 After 2029 52,472 Total lease payments $ 217,295 Less interest (43,975) Present value of lease liabilities $ 173,320 As of December 31, 2024, the Company had $6.9 million of additional operating leases that have not yet commenced. ($5.8 million as of December 31, 2023).

Revenue from contracts with cus

Revenue from contracts with customers	12 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue 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, is recognized at a point in time on trade date when the performance obligation is satisfied. Commission revenue is generally paid on settlement date, which is generally one 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 other performance targets over a 12-month measurement period are met. Performance fees are considered variable as they are subject to fluctuation and/or are contingent on a future event over the measurement period and are not subject to adjustment once the measurement period ends. Such fees are computed as of the fund's year-end when the measurement period ends and generally are recorded as earned in the fourth quarter of the Company's fiscal year. Both management and performance fees are generally received within 90 days. Investment Banking The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements. Underwriting revenues are recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that 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 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 a completion of the transaction or milestone. Retainer fees and fees earned from certain advisory services are recognized ratably over the service period as the 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 years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 188,783 $ 188,113 $ 14 $ 376,910 Mutual fund and insurance income 32,775 4 21 32,800 Advisory fees 483,391 — 42 483,433 Investment banking - capital markets 11,155 58,022 — 69,177 Investment banking - advisory 46 107,224 — 107,270 Bank deposit sweep income 138,770 — — 138,770 Other 12,837 2,864 4,987 20,688 Total revenue from contracts with customers 867,757 356,227 5,064 1,229,048 Other sources of revenue: Interest 88,714 39,299 7,524 135,537 Principal transactions, net 3,263 51,382 39 54,684 Other 12,318 671 238 13,227 Total other sources of revenue 104,295 91,352 7,801 203,448 Total revenue $ 972,052 $ 447,579 $ 12,865 $ 1,432,496 (Expressed in thousands) For the Year Ended December 31, 2023 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 155,039 $ 162,706 $ 23 $ 317,768 Mutual fund and insurance income 31,457 7 16 31,480 Advisory fees 415,450 — 229 415,679 Investment banking - capital markets 7,543 40,499 — 48,042 Investment banking - advisory — 69,623 — 69,623 Bank deposit sweep income 172,807 — — 172,807 Other 15,499 1,436 166 17,101 Total revenue from contracts with customers 797,795 274,271 434 1,072,500 Other sources of revenue: Interest 85,105 15,196 4,249 104,550 Principal transactions, net 3,400 55,572 6,375 65,347 Other 3,887 858 1,683 6,428 Total other sources of revenue 92,392 71,626 12,307 176,325 Total revenue $ 890,187 $ 345,897 $ 12,741 $ 1,248,825 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 $46.2 million and $39.9 million at December 31, 2024 and December 31, 2023, respectively. The Company had no significant impairments related to these receivables during the years ended December 31, 2024 and 2023. Deferred revenue relates to IRA fees received annually in advance on customers' IRA accounts managed by the Company, software license fees received upfront from customers and retainer fees and other fees earned from certain advisory transactions where the performance obligations have not yet been satisfied. Total deferred revenue was $930,000 and $1,118,000 for the years ended December 31, 2024 and 2023, respectively. The following presents the Company's receivables and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet: (Expressed in thousands) As of December 31, 2024 December 31, 2023 Receivables: Commission (1) $ 4,408 $ 4,554 Mutual fund and insurance income (2) 5,838 5,365 Advisory fees (3) 11,271 5,746 Bank deposit sweep income (4) 4,748 5,223 Investment banking fees (5) 14,798 12,847 Other 5,124 6,126 Total receivables $ 46,187 $ 39,861 Deferred revenue (payables): Investment Banking fees (6) $ 28 $ 1,118 Software license fees (7) 902 — $ 930 $ 1,118 (1) Commission earned but not yet received. (2) Mutual fund and insurance income earned but not yet received. (3) Management and performance fees earned but not yet received. (4) Fees earned from FDIC-insured bank deposit program but not yet received. (5) Underwriting revenue and advisory fees earned but not yet received. (6) Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied. (7) Software license fees received upfront from customers and recognized ratably over the contract period. Contract Costs The Company incurs incremental transaction-related costs to obtain and/or fulfill contracts associated with investment banking and advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. As of December 31, 2024, these contract costs were $2.0 million ($1.9 million as of December 31, 2023). There were no significant charges recognized in relation to these costs for year ended December 31, 2024.

Receivable from and payable to

Receivable from and payable to brokers, dealers and clearing organizations	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024 2023 Receivable from brokers, dealers and clearing organizations consists of: Securities borrowed $ 137,177 $ 158,612 Receivable from brokers 59,487 65,639 Securities failed to deliver 8,459 29,656 Clearing organizations and other (1) 33,142 30,789 Other 3,213 — Total $ 241,478 $ 284,696 Payable to brokers, dealers and clearing organizations consists of: Securities loaned $ 235,498 $ 284,987 Payable to brokers 607 447 Securities failed to receive 14,757 23,809 Clearing organizations and other (2) 2,954 52,647 Total $ 253,816 $ 361,890 (1) As of December 31, 2024, approximately $15.4 million of this balance represents a receivable for trades executed, but not yet settled. (2) As of December 31, 2023, approximately $48.4 million of this balance represents a payable for trades executed, but not yet settled.

Fair value measurements

Fair value measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements Securities owned, securities sold but not yet purchased, investments, derivative contracts and certain loans are carried at fair value with changes in fair value recognized in earnings each period. Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. A description of the valuation techniques applied and inputs used in measuring the fair value of the Company’s financial instruments, as well as the general classification of such instruments pursuant to the valuation hierarchy, are as follows: Securities The Company determines the fair value of securities (both long and short) primarily based on pricing sources with reasonable levels of price transparency. Where unadjusted quoted prices for identical assets or liabilities are available in an active market, we classify the securities within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities, money market funds and corporate equities. If quoted market prices are unavailable, fair values are generally determined using pricing models which incorporate market observable inputs, such as benchmark yields, recently executed transaction prices, issuer spreads, reported trades, bids, offers and other reference data. Examples of such instruments, which are typically classified within Level 2 of the valuation hierarchy, include U.S. Agency securities, sovereign obligations, corporate debt and other obligations, mortgage and other asset-backed securities, municipal obligations, money market funds and convertible bonds. In limited situations where there is reduced activity or less observability around inputs to the valuation, we classify those securities in Level 3 of the valuation hierarchy. 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. As of December 31, 2024 and December 31, 2023, the Company had $2.7 million and $2.7 million respectively, of auction rate securities in Level 3 assets. Derivative financial instruments The Company classifies exchange-traded derivative financial instruments such as futures contracts in Level 1 of the valuation hierarchy. Some of our derivative positions, such as to-be-announced securities, are valued using models that use observable market parameters, and we classify them in Level 2 of the valuation hierarchy. Loans The fair value of loans is estimated using recently executed transactions and current price quotations, which are usually observable. When observable pricing information is not available, fair value is generally determined based on cash flow models using discounted cash flow models, competitor comparable data and other valuation metrics. Other The Company owns an equity method 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 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 December 31, 2024, the fair value of the investment was $5.9 million and was categorized in Level 2 of the fair value hierarchy. Trade claims are categorized in Level 3 of the fair value hierarchy due to the illiquid nature of the claims and the period of time since the executed prices. As of December 31, 2024, Company had $2.7 million of trade claims in level 3 assets. Investments Financial instruments measured at Net Asset Value ("NAV") 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. There are no readily available market quotations for these investments. The Company records these investments within other assets and uses the net asset value of the underlying fund as a basis for estimating the fair value of its investment unless another method provides a better indicator of fair value. Changes in the fair value of these investments are reflected within other income in the consolidated financial statements. The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2024: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 283 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,090 1,314 N/A N/A $ 5,373 $ 1,314 (1) Hedge funds represent investments in credit driven strategies. (2) Private equity funds include portfolios focused on technology, infrastructure, real estate, natural resources and specific co- investment opportunities. The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2023: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 446 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,072 2,367 N/A N/A $ 5,518 $ 2,367 (1) Hedge funds represent investments in credit driven 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. Assets and Liabilities Measured at Fair Value The Company's assets and liabilities, recorded at fair value on a recurring basis, as of December 31, 2024 and 2023, 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 December 31, 2024 (Expressed in thousands) Fair Value Measurements as of December 31, 2024 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 28,071 $ — $ — $ 28,071 Securities owned: U.S. Treasury securities 995,420 — — 995,420 U.S. Agency securities — 3,691 — 3,691 Corporate debt and other obligations — 9,423 — 9,423 Mortgage and other asset-backed securities — 8,954 — 8,954 Municipal obligations — 34,704 — 34,704 Convertible bonds — 21,938 — 21,938 Corporate equities 23,873 — — 23,873 Money markets 7,551 — — 7,551 Auction rate securities — — 2,652 2,652 Securities owned, at fair value 1,026,844 78,710 2,652 1,108,206 Investments (1) 978 17,005 — 17,983 Trade claims (1) 2,684 2,684 Loans (1) 432 432 Total $ 1,055,893 $ 96,147 $ 5,336 $ 1,157,376 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 82,767 $ — $ — $ 82,767 U.S. Agency securities — 4 — 4 Corporate debt and other obligations — 11 — 11 Convertible bonds — 4,998 — 4,998 Corporate equities 11,112 — — 11,112 Securities sold but not yet purchased, at fair value 93,879 5,013 — 98,892 Derivative contracts: Futures (2) 1,071 — — 1,071 Derivative contracts, total 1,071 — — 1,071 Total $ 94,950 $ 5,013 $ — $ 99,963 (1) Included in other assets on the consolidated balance sheet. (2) Included in receivable/payable to brokers, dealers and clearing organizations. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (Expressed in thousands) Fair Value Measurements as of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 34,789 $ — $ — $ 34,789 Securities owned: U.S. Treasury securities 695,346 — — 695,346 U.S. Agency securities — 2 — 2 Corporate debt and other obligations — 5,769 — 5,769 Mortgage and other asset-backed securities — 6,627 — 6,627 Municipal obligations — 35,333 — 35,333 Convertible bonds — 16,735 — 16,735 Corporate equities 27,170 — — 27,170 Money markets 5,400 217 — 5,617 Auction rate securities — — 2,713 2,713 Securities owned, at fair value 727,916 64,683 2,713 795,312 Investments (1) 1,872 16,913 — 18,785 Securities purchased under agreements to resell — 5,842 5,842 Derivative contracts: (2) Futures 2 — — 2 TBAs — 11 — 11 Derivative contracts, total 2 11 — 13 Total $ 764,579 $ 87,449 $ 2,713 $ 854,741 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 14,603 $ — $ — $ 14,603 Corporate debt and other obligations — 1,508 — 1,508 Mortgage and other asset-backed securities — 2 — 2 Convertible bonds — 2,136 — 2,136 Corporate equities 13,427 — — 13,427 Securities sold but not yet purchased, at fair value 28,030 3,646 — 31,676 Derivative contracts: (2) Futures 735 — — 735 TBAs — 2 — 2 Derivative contracts, total 735 2 — 737 Total $ 28,765 $ 3,648 $ — $ 32,413 (1) Included in other assets on the consolidated balance sheet. (2) Included in receivable/payable to brokers, dealers and clearing organizations. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023: (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2024 Beginning Total Realized and Unrealized Gains (2) Purchases Sales and Settlements Transfers Ending Assets Trade claims — — 1,427 — 1,257 2,684 Auction rate securities (1) $ 2,713 $ 9 $ — $ (70) $ — $ 2,652 (1) Represents auction rate securities that failed in the auction rate market. (2) Included in principal transactions in the consolidated income statement. (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2023 Beginning Total Realized and Unrealized Losses (2) Purchases Sales and Settlements Transfers Ending Assets Auction rate securities (1) $ 31,776 $ 3,159 $ — $ (32,222) $ — $ 2,713 (1) Represents auction rate securities that failed in the auction rate market. (2) Included in principal transactions in the consolidated income statement. 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 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 December 31, 2024 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 33,150 $ 33,150 $ — $ — $ 33,150 Deposits with clearing organizations 70,838 70,838 — — 70,838 Receivable from brokers, dealers and clearing organizations: Securities borrowed 137,177 — 137,177 — 137,177 Receivables from brokers 59,487 — 59,487 — 59,487 Securities failed to deliver 8,459 — 8,459 — 8,459 Clearing organizations and other 36,355 — 36,355 — 36,355 $ 241,478 — $ 241,478 — $ 241,478 Receivable from customers 1,268,866 — 1,268,866 — 1,268,866 Notes receivable, net 67,931 — 67,931 — 67,931 Corporate-owned life insurance 98,828 98,828 98,828 Investments (1) 1,634 — 1,634 — 1,634 (1) Included within other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 21,661 $ 21,661 $ — $ — $ 21,661 Bank call loans $ 252,100 $ — $ 252,100 $ — $ 252,100 Payables to brokers, dealers and clearing organizations: Securities loaned $ 235,498 — $ 235,498 — $ 235,498 Payable to brokers 607 — 607 — 607 Securities failed to receive 14,757 — 14,757 — 14,757 Clearing Organizations and Other 1,883 — 1,883 — 1,883 $ 252,745 — $ 252,745 — $ 252,745 Payables to customers 357,835 — 357,835 — 357,835 Securities sold under agreements to repurchase 931,754 — 931,754 — 931,754 Assets and liabilities not measured at fair value as of December 31, 2023 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 28,835 $ 28,835 $ — $ — $ 28,835 Deposits with clearing organization 43,917 43,917 — — 43,917 Receivable from brokers, dealers and clearing organizations: Securities borrowed 158,612 — 158,612 — 158,612 Receivables from brokers 65,639 — 65,639 — 65,639 Securities failed to deliver 29,656 — 29,656 — 29,656 Clearing organizations 30,780 — 30,780 — 30,780 284,687 — 284,687 — 284,687 Receivable from customers 1,059,892 — 1,059,892 — 1,059,892 Notes receivable, net 62,640 — 62,640 — 62,640 Corporate-owned life insurance 88,989 88,989 88,989 Investments (1) 2,010 — 2,010 — 2,010 (1) Included within other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 9,002 $ 9,002 $ — $ — $ 9,002 Payables to brokers, dealers and clearing organizations: Securities loaned $ 284,987 $ — $ 284,987 $ — $ 284,987 Payable to brokers 447 — 447 — 447 Securities failed to receive 23,809 — 23,809 — 23,809 Other 51,912 — 51,912 — 51,912 361,155 — 361,155 — 361,155 Payables to customers 369,287 — 369,287 — 369,287 Securities sold under agreements to repurchase 640,382 — 640,382 — 640,382 Senior secured notes 113,050 — 109,838 — 109,838 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 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. Any unrealized gains and losses on foreign exchange forward contracts are recorded in other assets or other liabilities on the consolidated balance sheet and other income in the 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 consolidated balance sheet in payable to brokers, dealers and clearing organizations and in the 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 consolidated balance sheet in receivable from brokers, dealers and clearing organizations or payable to brokers, dealers and clearing organizations and in the consolidated income statement as principal transactions revenue, net. The notional amounts and fair values of the Company's derivatives as of December 31, 2024 and 2023 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2024 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 360 $ — $ 360 $ — Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 11,475,000 $ 1,071 Other contracts TBAs 360 — $ 11,475,360 $ 1,071 (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, 2023 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 3,700 $ 11 Commodity contracts Futures 5,000 2 $ 8,700 $ 13 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 6,875,000 $ 735 Other contracts TBAs 3,700 2 $ 6,878,700 $ 737 (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 consolidated income statements for the years ended December 31, 2024 and 2023: (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2024 Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ 3,083 Other contracts Foreign exchange forward contracts Other revenue (10) TBAs Principal transactions revenue 1 $ 3,074 (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2023 Types Description Location Net Gain Commodity contracts Futures Principal transactions revenue $ 2,842 Other contracts Foreign exchange forward contracts Other revenue 65 TBAs Principal transactions revenue 26 $ 2,933

Collateralized transactions

Collateralized transactions	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024 and 2023, the outstanding balance of bank call loans was $252.1 million and 0, respectively. As of December 31, 2024, such loans with commercial banks were collateralized by the Company's securities and margin account securities with market values of approximately $43.0 million and $238.4 million, respectively. As of December 31, 2024, the Company had approximately $1.9 billion of customer securities under customer margin loans that are available to be pledged, of which the Company has re-pledged approximately $187.5 million under securities loan agreements. As of December 31, 2024, the Company had pledged $228.3 million of customer securities directly with the Options Clearing Corporation to secure obligations and margin requirements under option contracts written by customers. As of December 31, 2024, the Company had no outstanding letters of credit. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to cover short positions and settle other securities obligations, to accommodate customers' needs and to finance the Company's inventory positions. Except as described below, repurchase and reverse repurchase agreements, principally involving U.S. Government and Agency securities, are carried at amounts at which the securities subsequently will be resold or reacquired as specified in the respective agreements and include accrued interest. Repurchase agreements and reverse repurchase agreements are presented on a net-by-counterparty basis, when the repurchase agreements and reverse repurchase agreements are executed with the same counterparty, have the same explicit settlement date, are executed in accordance with a master netting arrangement, the securities underlying the repurchase agreements and reverse repurchase agreements exist in "book entry" form and certain other requirements are met. The following table presents a disaggregation of the gross obligation by the class of collateral pledged and the remaining contractual maturity of the repurchase agreements and securities loaned transactions as of December 31, 2024: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury securities $ 999,809 Securities loaned: Equity securities 235,498 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,235,307 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 December 31, 2024 and 2023: As of December 31, 2024 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 68,055 $ (68,055) $ — $ — $ — $ — Securities borrowed (1) 137,177 — 137,177 (130,568) — 6,609 Total $ 205,232 $ (68,055) $ 137,177 $ (130,568) $ — $ 6,609 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 999,809 $ (68,055) $ 931,754 $ (931,754) $ — $ — Securities loaned (2) 235,498 — 235,498 (229,156) — 6,342 Total $ 1,235,307 $ (68,055) $ 1,167,252 $ (1,160,910) $ — $ 6,342 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. As of December 31, 2023 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 8,870 $ (3,028) $ 5,842 $ — $ — $ 5,842 Securities borrowed (1) 158,612 — 158,612 (149,946) — 8,666 Total $ 167,482 $ (3,028) $ 164,454 $ (149,946) $ — $ 14,508 1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 643,410 $ (3,028) $ 640,382 $ (632,521) $ — $ 7,861 Securities loaned (2) 284,987 — 284,987 (276,688) — 8,299 Total $ 928,397 $ (3,028) $ 925,369 $ (909,209) $ — $ 16,160 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. 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 December 31, 2024, the fair value of securities received as collateral under securities borrowed transactions and reverse repurchase agreements was $131.7 million ($151.9 million as of December 31, 2023) and $68.1 million ($8.8 million as of December 31, 2023), respectively, of which the Company has sold and re-pledged approximately $39.2 million ($61.5 million as of December 31, 2023) under securities loaned transactions and $68.1 million under repurchase agreements ($8.8 million as of December 31, 2023). 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 $1.0 billion, as presented on the face of the consolidated balance sheet as of December 31, 2024 ($689.4 million as of December 31, 2023). 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 December 31, 2024 were receivables f ro m three major U.S. broker-dealers totaling approximately $82.9 million. Included in receivable from customers as of December 31, 2024 were fully secured margin loans from our two largest customer accounts totaling approximately $666.1 million, comprising 52% of total margin loans. 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 . In addition, the Company clears its non-U.S. international equities business carried on by Oppenheimer Europe Ltd. through Global Prime Partners, Ltd., a global clearing financial institution located in the United Kingdom. The clearing organizations have the right to charge the Company for losses that result from a client's failure to fulfill its contractual obligations. Accordingly, the Company has credit exposures with these clearing brokers. The clearing brokers can re- hypothecate the securities held on behalf of the Company. As the right to charge the Company has no maximum amount and applies to all trades executed through the clearing brokers, the Company believes there is no maximum amount assignable to this right. As of December 31, 2024, the Company had recorded no liabilities with regard to this right. The Company's policy is to monitor the credit standing of the clearing brokers and banks with which it conducts business.

Variable interest entities ("VI

Variable interest entities ("VIEs")	12 Months Ended
	Dec. 31, 2024
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 its maximum exposure to loss. The subsidiaries' general partnership and limited partnership interests are included in other assets on the consolidated balance sheet. In addition, the Company previously served as general partner of Oppenheimer Acquisition LLC I and Oppenheimer Acquisition LLC II (the "Sponsors"). They were sponsors of two special purpose acquisition companies, OHAA and Oppenheimer Acquisition Corp. II (the "SPACs”). Both the Sponsors and the SPACs have been liquidated. See note 2 for further details. The following table sets forth the total assets and liabilities of VIEs consolidated on our consolidated balance sheet: (Expressed in thousands) For the Years Ended December 31, 2024 2023 Assets Cash and cash equivalents $ — $ 94 Restricted Cash — — Other Assets — 387 Total Assets $ — $ 481 Liabilities Other Liabilities — 171 Total Liabilities $ — $ 171

Furniture, equipment and leaseh

Furniture, equipment and leasehold improvements	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Furniture, equipment and leasehold improvements	Furniture, equipment and leasehold improvements (Expressed in thousands) For the Years Ended December 31, 2024 2023 Furniture, fixtures and equipment $ 65,979 $ 63,473 Leasehold improvements 64,599 63,133 Total 130,578 126,606 Less accumulated depreciation (92,390) (82,732) Total $ 38,188 $ 43,874 Depreciation and amortization expense, included in occupancy and equipment costs in the consolidated income statements was $10.8 million , $9.9 million and $7.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Bank call loans

Bank call loans	12 Months Ended
	Dec. 31, 2024
Bank Call Loans [Abstract]
Bank call loans	Bank call loans Bank call loans, primarily payable on demand, bear interest at various rates. Details of the bank call loans are as follows: (Expressed in thousands, except percentages) 2024 2023 Year-end balance $ 252,100 $ — Weighted interest rate (at end of year) 5.12 % — % Maximum balance (at any month-end) 288,200 131,900 Average amount outstanding (during the year) 167,691 49,387 Average interest rate (during the year) 5.44 % 4.20 % Interest expense for the year ended December 31, 2024 on bank call loans was $9.9 million ($2.9 million in 2023 and $1.8 million in 2022).

Long-term debt

Long-term debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt	Long-term debt (Expressed in thousands) Issued December 31, 2024 December 31, 2023 5.50% Senior Secured Notes $ — $ 113,050 Unamortized Debt Issuance Cost — (392) $ — $ 112,658 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. 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 (the "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 had a stated maturity of October 1, 2025 and bore interest at a rate of 5.50% per annum, payable semiannually on April 1st and October 1st, respectively, of each year. On September 19, 2024, the Company issued a notice of redemption to the holders of its Notes stating that it intended to redeem all of the $113.05 million aggregate principal amount of the Notes outstanding on October 10, 2024. The Company had previously repurchased and retired $11.95 million of the Notes through open market purchases completed in 2022 and 2023. On October 10, 2024, the Company completed its redemption of all of the $113.05 million aggregate principal amount of the Notes outstanding at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. Interest expense on the Notes for the year ended December 31, 2024 was $4.8 million ($6.2 million for the year ended December 31, 2023). Interest paid on the Notes for the year ended December 31, 2024 was $4.8 million ($6.2 million for the year ended December 31, 2023).

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
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 years indicated: 2024 2023 Class A Stock outstanding, beginning of year 10,186,783 10,868,556 Issued pursuant to share-based compensation plans (note 17) 288,759 218,745 Repurchased and canceled (243,806) (900,518) Class A Stock outstanding, end of year 10,231,736 10,186,783 Stock buy-back 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. 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 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 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. During the year ended December 31, 2023, the Company purchased and canceled an aggregate of 1,684,287 shares of Class A Stock for a total consideration of $60.6 million ($36.00 per share) under its share repurchase program. As of December 31, 2023, 223,699 shares remained available to be purchased under the share repurchase program. On March 1, 2024, the Company's 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 5.0% of its 10,357,376 then issued and outstanding shares of Class A Stock. During the year ended December 31, 2024, the Company purchased and canceled an aggregate of 243,806 shares of Class A Stock for a total consideration of $9.6 million ($39.39 per share) under its share repurchase program. As of December 31, 2024, 497,893 shares remained available to be purchased under its share repurchase program. Share purchases will be made by the Company from time to time in the open market at the prevailing open market price using cash on hand, in compliance with the applicable rules and regulations of the New York Stock Exchange and federal and state securities laws. All shares purchased will be canceled. The share repurchase program is expected to continue indefinitely. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares of Class A Stock. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. Dividends The Company paid cash dividends of $0.66 per share in 2024 to holders of Class A Stock and Class B Stock, in the aggregate amount of $6.8 million. The Company paid cash dividends of $0.60 per share in 2023 in the aggregate amount of $6.5 million. In 2022, the Company paid cash dividends of $0.60 per share in the aggregate amount of $7.0 million. On January 31, 2025, the Company announced a quarterly dividend in the amount of $0.18 per share, payable on February 28, 2025 to holders of Class A Stock and Class B Stock of record on February 14, 2025.

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net income over the weighted average number of shares of Class A Stock and 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 Years Ended December 31, 2024 2023 2022 Basic weighted average number of shares outstanding 10,349,803 10,736,166 11,666,194 Net dilutive effect of share-based awards, treasury stock method (1) 880,204 909,542 941,558 Diluted weighted average number of shares outstanding 11,230,007 11,645,708 12,607,752 Net income attributable to Oppenheimer Holdings Inc. $ 71,557 $ 30,179 $ 32,351 Earnings per share attributable to Oppenheimer Holdings Inc. Basic $ 6.91 $ 2.81 $ 2.77 Diluted $ 6.37 $ 2.59 $ 2.57 (1)

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income taxes	Income taxes Income tax expenses shown in the consolidated income statements are reconciled to amounts of tax that would have been payable from the application of the federal tax rate to pre-tax profit, as follows: (Expressed in thousands) For the Years Ended December 31, 2024 2023 2022 Amount Percentage Amount Percentage Amount Percentage U.S. federal statutory income tax $ 22,194 21.0 % $ 9,806 21.0 % $ 9,497 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 6,837 6.5 % 4,150 8.9 % 3,110 6.8 % Unrecognized tax benefit 15 — % 45 0.1 % 180 0.4 % Valuation allowance 2,079 2.0 % 964 2.1 % 1,054 2.3 % Non-taxable income (1,094) (1.0) % (964) (2.1) % (1,083) (2.4) % Provision to return adjustments (95) (0.1) % (812) (1.7) % (316) (0.7) % Change in state and foreign tax rates 451 0.4 % (514) (1.1) % (660) (1.4) % Foreign tax rate differentials (339) (0.3) % (146) (0.3) % (285) (0.6) % Excess tax benefits from share-based awards (647) (0.6) % (1,378) (2.9) % (471) (1.0) % Non-deductible executive compensation 2,747 2.6 % 1,514 3.2 % 1,605 3.5 % Other non-deductible expenses 2,362 2.1 % 3,833 8.1 % 813 1.6 % Total income taxes $ 34,510 32.6 % $ 16,498 35.3 % $ 13,444 29.5 % Income tax expenses included in the consolidated income statements represent the following: (Expressed in thousands) For the Years Ended December 31, 2024 2023 2022 Current: U.S. federal tax $ 22,249 $ 6,967 $ 18,862 State and local tax 7,459 2,137 8,068 Non-U.S. operations 1,250 937 1,129 Total Current 30,958 10,041 28,059 Deferred: U.S. federal tax 2,323 5,207 (10,420) State and local tax 1,262 919 (4,538) Non-U.S. operations (33) 331 343 Total Deferred 3,552 6,457 (14,615) Total $ 34,510 $ 16,498 $ 13,444 Pre-tax loss with respect to non-U.S. operations was $1.2 million for the year ended December 31, 2024. Pre-tax income with respect to non-U.S. operations was $4.8 million for the year ended December 31, 2023. Pre-tax loss with respect to non-U.S. operations was $7.7 million for the year ended December 31, 2022. The effective income tax rate for the year ended December 31, 2024 was 32.6% compared with 35.3% for the year ended December 31, 2023. The higher tax rate in the 2024 year was primarily due to the absence of the non-deductible of $13.0 million regulatory settlement, which was recorded in 2023. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company's deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows: (Expressed in thousands) As of December 31, 2024 2023 Deferred tax assets: Deferred compensation $ 35,846 $ 27,780 Deferred rent and lease incentives 7,504 8,772 Net operating losses and credits 13,822 12,124 Receivable reserves 925 1,259 Accrued expenses 1,284 4,762 Auction rate securities reserves — 62 Involuntary conversion 1,696 1,671 Other 1,028 981 Total deferred tax assets 62,105 57,411 Valuation allowance (11,516) (9,581) Deferred tax assets after valuation allowance 50,589 47,830 Deferred tax liabilities: Goodwill 41,560 40,984 Partnership investments 28,967 27,181 Corporate-owned life insurance 16,619 14,180 Depreciation 3,151 1,517 Other 198 303 Total deferred tax liabilities 90,495 84,165 Deferred tax liabilities, net $ (39,906) $ (36,335) The Company recognized deferred tax assets of $1.9 million at December 31, 2024 within other assets arising from net operating losses incurred by Oppenheimer Israel (OPCO) Ltd. The Company believes that realization of the deferred tax assets is more likely than not based on expectations of future taxable income in Israel. These net operating losses carry forward indefinitely and are not subject to expiration, provided that these subsidiaries and their underlying businesses continue operating normally (as is anticipated). As of December 31, 2024, the Company had deferred tax assets of $10.6 million arising from net operating losses incurred by Oppenheimer Europe Ltd. and had recorded full valuation allowances. Although the net operating losses carry forward indefinitely, the Company believes it is more likely than not that the Company will not be able to realize its deferred tax assets in the future. The net change during the year in the total valuation allowance is $1.7 million . The Company and one or more of its subsidiaries files income tax returns in the U.S. federal jurisdiction and in various states and foreign jurisdictions. The Company has closed tax years through 2017 in the U.S. federal jurisdiction. The Company has unrecognized tax benefits of $1.3 million , $1.2 million and $1.1 million as of December 31, 2024, 2023 and 2022, respectively (as shown on the table below). Included in the balance of unrecognized tax benefits as of December 31, 2024 and 2023 were $994,000 and $977,000, respectively, of tax benefits for either year that, if recognized, would affect the effective tax rate. During the year ended December 31, 2024, the Company adde d $0.2 million and released $0.2 million related to state and local tax matters. The Company does not believe any unrecognized tax benefit will significantly increase or decrease within twelve months. A reconciliation of the beginning and ending amount of unrecognized tax benefit follows: (Expressed in thousands) 2024 2023 2022 Balance at beginning of year $ 1,236 $ 1,072 $ 343 Additions for tax positions of prior years 217 224 729 Lapse in statute of limitations (136) — — Settlements with taxing authorities (59) (60) — Balance at end of year $ 1,258 $ 1,236 $ 1,072 In its consolidated income statements, the Company records interest and penalties accruing on unrecognized tax benefits in pre-tax income as interest expense and other expense, respectively. For the year ended December 31, 2024, the Company added tax-related interest expense of $3,000 , and for the years ended December 2023 and 2022, the Company released tax-related interest expense of $107,000 and $173,000, respectively, in its consolidated income statement. As of December 31, 2024 and 2023, the Company had an income tax-related interest payable of $325,000 and $322,000, respectively, on its consolidated balance sheets.

Employee compensation plans

Employee compensation plans	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Employee compensation plans	Employee compensation plans The Company maintains various employee compensation plans for the benefit of its employees. Two types of employee compensation are granted under share-based compensation and cash-based compensation plans. Share-based Compensation Plans Oppenheimer Holdings Inc. Incentive Plan On February 26, 2014, the Company adopted the Oppenheimer Holdings Inc. 2014 Incentive Plan (the 2014 "OIP"). Pursuant to the 2014 OIP, the Compensation Committee of the Board of Directors of the Company (the "Committee") was permitted to grant options to purchase Class A Stock ("stock options"), Class A Stock awards and restricted Class A Stock (collectively "restricted stock awards") to or for the benefit of employees and non-employee directors of the Company and its subsidiaries as part of their compensation. Restricted stock awards were generally awarded for a three Restricted stock - The Company has granted restricted stock awards pursuant to the 2014 OIP. The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the 2014 OIP for the year ended December 31, 2024: Number of Class Weighted Weighted Average Remaining Nonvested at beginning of year 1,589,414 $ 32.92 1.6 years Granted 330,140 37.86 2.7 years Vested (463,175) 28.44 — Forfeited (21,411) 38.44 — Nonvested at end of year 1,434,968 $ 35.42 1.6 years As of December 31, 2024, all outstanding restricted Class A Stock awards were non-vested. The aggregate intrinsic value of restricted Class A Stock awards outstanding as of December 31, 2024 was $92.0 million. During the year ended December 31, 2024, the Company included $12.9 million ($13.1 million in 2023 and $11.5 million in 2022) of compensation expense in its consolidated income statements relating to restricted Class A Stock awards. As of December 31, 2024, there was $20.3 million of total unrecognized compensation cost related to unvested restricted Class A Stock awards. The cost is expected to be recognized over a weighted average period of 1.6 years. On March 1, 2024, the Company adopted the Oppenheimer Holdings Inc. 2024 Incentive Plan (the "2024 OIP"). The 2024 OIP received stockholder approval at the Company's Annual Meeting of Stockholders on May 6, 2024. The 2024 OIP replaced the 2014 OIP, which expired by its terms on February 26, 2024. Holders of the Class B Stock of the Company approved for registration 1,000,000 shares of Class A Stock under the 2024 OIP. As of December 31, 2024, the number of shares of Class A Stock available under the 2024 plan, but not yet awarded, was 999,000. On January 29, 2025, the Company awarded a total of 203,375 restricted shares of Class A Stock to current employees pursuant to the 2024 OIP. Of these restricted shares, 105,675 shares will cliff vest in three years and 97,700 shares will cliff vest in five years. These awards will be expensed over the applicable three Stock options - The Company has granted stock options pursuant to the 2014 OIP. There were 0 and 2,447 options outstanding as of December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Company included $2,550 ($8,195 in 2023 and $15,702 in 2022) of compensation expense in its consolidated income statement relating to the expensing of stock options. Oppenheimer Holdings Inc. Stock Appreciation Right Plan Under the Oppenheimer Holdings Inc. Stock Appreciation Right Plan, the Company awards stock appreciation rights ("OARs") to certain employees as part of their compensation package based on a formula reflecting gross production and length of service. These awards are granted once per year in January with respect to the prior year's production. The OARs vest five years from grant date and settle in cash at vesting. OARs - The Company has awarded OARs pursuant to the Oppenheimer Holdings Inc. Stock Appreciation Right Plan. The following table summarizes the status of the Company's outstanding OARs awards as of December 31, 2024: Grant Date Number of Strike Price Remaining Fair Value as of December 31, 2024 January 10, 2020 478,680 $ 27.54 9 days $ 36.57 January 11, 2021 573,329 32.16 1 year 32.57 January 7, 2022 605,087 49.57 2 years 18.87 January 6, 2023 506,170 45.33 3 years 25.00 January 5, 2024 479,470 40.78 4 years 29.48 Total OARs outstanding 2,642,736 Total weighted average values $ — 3.0 years $ — The fair value as of December 31, 2024 for each of the OARs was estimated using the Black-Scholes model with the following assumptions: Grant Date January 10, 2020 January 11, 2021 January 7, 2022 January 6, 2023 January 5, 2024 Expected term (1) 9 days 1 year 2 years 3 years 4 years Expected volatility factor (2) 22.353 % 26.966 % 24.353 % 30.793 % 31.158 % Risk-free interest rate (3) 4.314 % 4.183 % 4.228 % 4.261 % 4.319 % (1) The expected term was determined based on the remaining life of the actual awards. (2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards. (3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at December 31, 2024. As of December 31, 2024, 2,642,736 of outstanding OARs were unvested. As of December 31, 2024, the aggregate intrinsic value of OARs outstanding was $65.3 million. In the year ended December 31, 2024, the Company included $32.6 million ($3.9 million in 2023 and $4.4 million in 2022) in compensation expense in its consolidated income statements relating to OARs awards. The liability related to the OARs was $46.9 million as of December 31, 2024. As of December 31, 2024, there was $27.5 million of total unrecognized compensation cost related to unvested OARs. The cost is expected to be recognized over a weighted average period of 3.0 years. On January 6, 2025, 654,280 OARs were awarded to Oppenheimer employees related to fiscal 2024 performance. These OARs will be expensed over 5 years (the vesting period). Cash-based Compensation Plans Defined Contribution Plan The Company, through its subsidiaries, maintains a defined contribution plan covering substantially all full-time U.S. employees. The Oppenheimer & Co. Inc. 401(k) Plan provides that Oppenheimer may make discretionary contributions. Eligible Oppenheimer employees can make voluntary contributions which cannot exceed $23,000, $22,500 and $20,500 per annum in 2024, 2023 and 2022, respectively, unless they are also eligible to make "catch up" contributions. The Company made contributions to the 401(k) Plan of $4.9 million, $4.4 million and $4.3 million in 2024, 2023 and 2022, respectively. Deferred Compensation Plans On October 26, 2023, the Company terminated the DIP. All deferrals made prior to October 26, 2023 survive the termination of the DIP. The Company maintains an Executive Deferred Compensation Plan ("EDCP") and a Deferred Incentive Plan ("DIP") in order to offer certain qualified high-performing financial advisors a bonus based upon a formula reflecting years of service, production, net commissions and a valuation of their clients' assets. The bonus amounts resulted in deferrals for fiscal 2024 of $12.1 million ($10.1 million for 2023 and $11.1 million for 2022). These deferrals normally vest after five years. The liability is being recognized over the vesting period. The EDCP also includes voluntary deferrals by senior executives that are not subject to vesting. The Company maintains a Corporate-owned life insurance policy, which is designed to hedge a portion of the EDCP obligation. The EDCP liability is being tracked against the value of a benchmark investment portfolio held for this purpose. Additionally, the Company maintains the Oppenheimer & Co. Inc. Investment Banking and Capital Markets Deferred Compensation Plan ("CMDP") for eligible employees in the Capital Markets business segment. As of December 31, 2024, the Company's liability with respect to the EDCP, DIP and CMDP described below totaled $77.8 million and is included in accrued compensation on the consolidated balance sheet as of December 31, 2024. The Company also maintains a deferred compensation plan on behalf of certain employees who were formerly employed by CIBC World Markets. The Company hedges this deferred compensation obligation with a portfolio of mutual fund investments. As of December 31, 2024, the Company's liability with respect to this plan totaled $22.4 million. An employee is eligible to participate in the CMDP if the employee (i) is an Investment Banking Division employee of Oppenheimer with a title of Associate or above whose previous year’s salary and bonus exceeded $200,000, or (ii) is a professional working in the Oppenheimer Capital Markets Division (but not the Investment Banking Division) who is designated by the Plan Administrator (in its sole discretion) as eligible to participate in the Plan. The CMDP has both mandatory and elective contributions. The amount of compensation subject to mandatory deferral (“Bonus Deferral Credit”) is based on a schedule maintained by the Plan Administrator from time to time. The Bonus Deferral Credit vests ratably over a period of three years and is distributed upon vesting. For the elective portion, a participant is eligible if his or her base salary and bonus exceed $500,000 and he or she may elect to defer up to 50% of the total of his or her base salary and bonus amounts (“Elective Deferral Credit”) for a 5-year or 10-year period. The Elective Deferral Credit is 100% vested at all times. The Company provides a Matching Credit of 10% of the Elective Deferral Credit which vests on last day of the Performance Year (as defined in the CMDP) attributable to the Matching Credit. The Elective Deferral Credit and the Matching Credit are distributed in lump sums in the year following the fifth or tenth anniversary of the last day of the Performance Year (as defined in the CMDP), depending on the participant’s election. For fiscal 2024, the Company’s deferral related to the CMDP totaled $13.4 million which is comprised of Bonus Deferral Credits. Eligibility for Elective Deferral Credits began in 2023 for elections made by December 31, 2021. The total amount expensed in 2024 for the Company's deferred compensation plans was $38.7 million ($33.6 million in 2023 and $5.3 million in 2022).

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Commitments The Company had capital commitments of $1.3 million with respect to unfunded obligation in private equity funds sponsored by the Company and $6.9 million of commitments related to additional operating leases that have not yet commenced. As of December 31, 2024, the Company had no collateralized or uncollateralized letters of credit outstanding. 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 other 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 $12 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. Beginning on or about August 31, 2021, Oppenheimer was named as a respondent in numerous 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 from any of the investors prior to the SEC bringing a complaint against Woods and his co-conspirators in 2021. Oppenheimer has settled or an award has been rendered and paid in all but one of the Horizon-related arbitrations. In addition, in June and August of 2023, Oppenheimer was served with two Horizon-related complaints in Georgia State Court, by plaintiffs, virtually all of whom were never Oppenheimer customers, alleging unspecified losses. In 2024, each of those complaints was dismissed by the trial court. Plaintiffs in each case subsequently filed an appeal of the court’s order dismissing the cases, each of which is currently pending. On June 30, 2022, Oppenheimer 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 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 and pay a civil penalty. On January 30, 2024, Oppenheimer and the SEC reached an agreement in principle to settle the litigation pursuant to which Oppenheimer would pay a civil penalty of $1.2 million. The settlement is subject to Oppenheimer obtaining a waiver of certain statutory disqualifications.

Regulatory requirements

Regulatory requirements	12 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Regulatory requirements	Regulatory requirements The Company's U.S. broker dealer subsidiaries, Oppenheimer and Freedom, are subject to the uniform net capital requirements of the SEC under Rule 15c3-1 (the "Rule") promulgated under the 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 December 31, 2024, the net capital of Oppenheimer as calculated under the Rule was $381.4 million or 32.48% of Oppenheimer's aggregate debit items. This was $357.9 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 December 31, 2024, Freedom had net capital of $3.8 million, which was $3.7 million in excess of the $100,000 required to be maintained at that date. As of December 31, 2024, the capital required and held under the Financial Conduct Authority's Investment Firms' Prudential Regime ("IFPR") for Oppenheimer Europe Ltd. was as follows: • Common Equity Tier 1 ratio 182.0% (required 56.0%); • Tier 1 Capital ratio 182.0% (required 75.0%); and • Total Capital ratio 243.0% (required 100.0%). As of December 31, 2024, Oppenheimer Europe Ltd. was in compliance with its regulatory requirements. As of December 31, 2024, the regulatory capital of Oppenheimer Investments Asia Limited was $3.3 million, which was $2.9 million in excess of the $386,200 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 December 31, 2024, Oppenheimer Investment Asia Limited was in compliance with its regulatory requirements.

Goodwill and intangibles

Goodwill and intangibles	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and intangibles	Goodwill and intangibles Goodwill The Company's goodwill of $143.6 million resides in reporting units with its Wealth Management ($137.9 million) and Corporate/Other ($5.7 million) reportable segments. The Company performed its annual test for goodwill impairment for both reporting units as of December 31, 2024, which did not result in any impairment charges. Both reporting units had fair values that were substantially in excess of their respective carrying values. Goodwill within the Corporate/Other reporting unit relates to the Company’s acquisition of BondWave LLC and Bitvore. Intangible assets are primarily comprised of trademarks, trade names and an Internet domain name, carried on the balance sheet at $35.7 million. Indefinite intangible assets are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. Trademarks and trade names recorded as of December 31, 2024 and 2023 have been tested for impairment and it has been determined that no impairment has occurred. At each annual intangible assets impairment testing date, the trademarks and trade names had a fair value that was substantially in excess of their carrying value. Defined-lived intangible assets are comprised of software licenses, developed technology and customer relationships. These intangible assets carried at $2.9 million are amortized over their estimated lives and are periodically evaluated for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable from future undiscounted cash flows.

Segment information

Segment information	12 Months Ended
	Dec. 31, 2024
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’s chief operating decision maker (“CODM”) is the chief executive officer. The CODM evaluates the performance of the Company’s reportable segments based on their year-over-year revenue and pre-tax profit or loss and uses this measure to allocate resources (including employee, financial and/or capital resources), largely in conjunction with monthly and/or quarterly reviews of segment financial performance. The CODM also uses segment profit or loss in evaluating the incentive and other compensation of segment employees as well as capital investment for facilities and information technology development. Effective in the fourth quarter of 2024, the Company combined the former Private Client and Asset Management business segments to form the Wealth Management segment. The revised segment structure is aligned with how the CODM and senior management view the performance and operations of our retail focused business. Our Capital Markets and Corporate/Other segments were not impacted by these changes. To provide historical information on a basis consistent with the revised segment presentation, the Company recast prior period segment results. The Company's reportable segments are: Wealth Management — includes commissions and 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; 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 costs of certain centralized or shared functions are allocated based on methodologies that reflect utilization. The Company also includes activities associated with BondWave, LLC in Corporate/Other. The tables below present information about the Company’s reported segment revenues, segment pre-tax income or loss, compensation expenses, and other segment items for the years ended December 31, 2024, 2023 and 2022. There are no adjustments or reconciling items for any of the years presented. Asset information by reportable segment is not reported, since the Company does not produce such information for internal use by the CODM. (Expressed in thousands) For the Years Ended December 31, 2024 Wealth Management Capital markets Corporate/Other Total Revenue $972,052 $447,579 $12,865 $1,432,496 Less : Compensation Expenses 514,227 323,612 98,974 936,813 Other Segment Items (1) 192,086 163,563 34,277 389,926 Pre-Tax Income (Loss) $265,739 $(39,596) $(120,386) $105,757 (1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses. (Expressed in thousands) For the Years Ended December 31, 2023 Wealth Management Capital markets Corporate/Other Total Revenue $890,187 $345,897 $12,741 $1,248,825 Less : Compensation Expenses 424,031 269,330 89,035 782,396 Other Segment Items (1) 247,621 139,528 32,510 419,659 Pre-Tax Income (Loss) $218,535 $(62,961) $(108,804) $46,770 (1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses. (Expressed in thousands) For the Years Ended December 31, 2022 Wealth management Capital markets Corporate/Other Total Revenue $774,922 $337,821 $(1,802) $1,110,941 Less : Compensation Expenses 401,932 260,974 77,921 740,827 Other Segment Items (1) 194,987 102,543 27,030 324,560 Pre-Tax Income (Loss) $178,003 $(25,696) $(106,753) $45,554 (1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses. Revenue, classified by the major geographic areas in which it was earned for the years ended December 31, 2024, 2023 and 2022 was as follows: (Expressed in thousands) For the Years Ended December 31, 2024 2023 2022 Americas $ 1,376,254 $ 1,199,558 $ 1,058,188 Europe/Middle East 52,513 46,490 47,080 Asia 3,729 2,777 5,673 Total $ 1,432,496 $ 1,248,825 $ 1,110,941

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent events The Company has performed an evaluation of events that occurred since December 31, 2024 and through the date on which the consolidated financial statements were issued, and determined t here are no events that have occurred that would require recognition or additional disclosure except as disclosed in Note 14 and Note 17.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to Oppenheimer Holdings Inc.	$ 71,557	$ 30,179	$ 32,351

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity presents significant challenges to the business community in general, including to the financial services industry. Increasingly, bad actors, both domestic and international, attempt to steal personal data and/or interrupt the normal functioning of businesses through accessing individuals' and companies' files and equipment connected to the internet. Recent incidents have reflected the increasing sophistication of intruders and their intent to steal personally identifiable information as well as funds and securities. These intruders sometimes use instructions that are seemingly from authorized parties but in fact, are from parties intent on attempting to steal. In other instances these intruders attempt to bypass normal safeguards and disrupt or steal significant amounts of information and then either release it to the Internet or hold it for ransom. Regulators are increasingly requiring companies to provide heightened levels of sophisticated defenses. The Company maintains processes and systems with an aim to preventing any such attack from disrupting its services to clients as well as to prevent any loss of data concerning its clients, their financial affairs, as well as Company privileged information. Our management is actively involved in the oversight of our cybersecurity risk management program. We have devoted significant financial and personnel resources to implement and maintain security measures to meet regulatory requirements and customer expectations. We have incorporated cybersecurity processes to assess, identify and manage risks from cybersecurity threats into our overall risk assessment process. The Company maintains a cybersecurity program that is designed to identify, protect from, detect, respond to, and recover from cybersecurity threats and risks, and protect the confidentiality, integrity, and availability of its information systems, including the information residing on such systems. The National Institute of Standards and Technology Cybersecurity Framework helps the Company inform its cybersecurity agenda and prioritize its cybersecurity activities. The Company takes a risk-based approach to cybersecurity, which begins with the identification and evaluation of cybersecurity risks or threats that could affect the Company’s operations, finances, legal or regulatory compliance, or reputation. The Company has processes in place for assessing, identifying and managing material risks from cybersecurity threats along with risk assessment procedures designed to allow such processes to remain responsive to emerging risks. Our processes include, but are not limited to, the following: • we engage third-party cybersecurity firms and tools to assist with network monitoring, endpoint protection, vulnerability assessments and penetration testing; • we engage cyber security consultants and auditors to perform tabletop exercises and evaluate our cyber processes including an assessment of our incident response procedures. Identified risks are formally tracked until mitigated or eliminated; • we perform regular scanning of our systems to identify and resolve critical vulnerabilities; • we provide periodic training and testing, including phishing tests, to help our employees understand cybersecurity risks and their responsibility in mitigating those risks; and • we insure against potential losses from cyber incidents by maintaining cybersecurity insurance. We have a written incident response plan that identifies the steps to be taken in response to a cybersecurity incident that includes investigation, escalation and remediation provisions. The incident response plan includes standard processes for reporting and escalating cybersecurity incidents to senior management. We have processes to evaluate third party service providers and vendors that have access to sensitive systems and Company and customer data, which does include the use of cybersecurity questionnaires and due diligence procedures such as assessments of that service provider’s cybersecurity posture.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our management is actively involved in the oversight of our cybersecurity risk management program. We have devoted significant financial and personnel resources to implement and maintain security measures to meet regulatory requirements and customer expectations. We have incorporated cybersecurity processes to assess, identify and manage risks from cybersecurity threats into our overall risk assessment process. The Company maintains a cybersecurity program that is designed to identify, protect from, detect, respond to, and recover from cybersecurity threats and risks, and protect the confidentiality, integrity, and availability of its information systems, including the information residing on such systems. The National Institute of Standards and Technology Cybersecurity Framework helps the Company inform its cybersecurity agenda and prioritize its cybersecurity activities. The Company takes a risk-based approach to cybersecurity, which begins with the identification and evaluation of cybersecurity risks or threats that could affect the Company’s operations, finances, legal or regulatory compliance, or reputation. The Company has processes in place for assessing, identifying and managing material risks from cybersecurity threats along with risk assessment procedures designed to allow such processes to remain responsive to emerging risks.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board Oversight The Board of Directors, both directly and through the Audit Committee, oversees management’s responsibility of ensuring proper functioning of our cybersecurity risk management program. In particular, the Audit Committee assists the Board in its oversight of management’s responsibility to assess, manage and mitigate cybersecurity risks. Recently the Audit Committee added a member with significant cybersecurity experience. The Audit Committee receives a cybersecurity update at each regular meeting of the Board covering cybersecurity risks, cybersecurity staffing and staff development including certifications and training. These updates are given either in person by the CIO and CISO or in written presentations created by them. As of the date of this filing, the Company has not identified any cybersecurity threats that have materially affected or are reasonably anticipated to have a material effect on the Company’s business strategy, results of operations or financial condition. Although the Company has not experienced cybersecurity incidents that are individually, or in the aggregate, material, the Company has experienced cyberattacks in the past, which the Company believes have thus far been mitigated by preventative, detective, and responsive measures put in place by the Company. Given the continuing reports of cyber incidents in general, we believe that the Company will most likely continue to be a target of cybersecurity attacks by bad actors. For additional information on how risks from cybersecurity threats may adversely affect the Company see “Item 1A. Risk Factors-Risks Related to Our Business” of this Annual Report on Form 10-K, which disclosures are incorporated by reference herein.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors, both directly and through the Audit Committee, oversees management’s responsibility of ensuring proper functioning of our cybersecurity risk management program. In particular, the Audit Committee assists the Board in its oversight of management’s responsibility to assess, manage and mitigate cybersecurity risks. Recently the Audit Committee added a member with significant cybersecurity experience. The Audit Committee receives a cybersecurity update at each regular meeting of the Board covering cybersecurity risks, cybersecurity staffing and staff development including certifications and training. These updates are given either in person by the CIO and CISO or in written presentations created by them.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors, both directly and through the Audit Committee, oversees management’s responsibility of ensuring proper functioning of our cybersecurity risk management program. In particular, the Audit Committee assists the Board in its oversight of management’s responsibility to assess, manage and mitigate cybersecurity risks. Recently the Audit Committee added a member with significant cybersecurity experience. The Audit Committee receives a cybersecurity update at each regular meeting of the Board covering cybersecurity risks, cybersecurity staffing and staff development including certifications and training. These updates are given either in person by the CIO and CISO or in written presentations created by them.
Cybersecurity Risk Role of Management [Text Block]	Management’s Role Management has implemented risk management structures, policies and procedures, and manages our risk exposure on a day-to-day basis. The Company has a dedicated cybersecurity organization within its technology department that focuses on current and emerging cybersecurity matters. The Company’s cybersecurity function is led by the Company’s Chief Information Officer ("CIO") and the Company’s Chief Information Security Officer ("CISO"), who reports to the Company’s CIO. The CIO and his direct reports, including the CISO, discuss action items related to risks at a standing monthly meeting. The CISO and many members of his team have multiple decades of cybersecurity related experience. Risk reporting is provided at monthly meetings of the firm’s cross-business Cybersecurity Committee and periodic presentations to the firm’s Risk Management Committee, at which many members of the Company’s senior management are present.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Management has implemented risk management structures, policies and procedures, and manages our risk exposure on a day-to-day basis. The Company has a dedicated cybersecurity organization within its technology department that focuses on current and emerging cybersecurity matters. The Company’s cybersecurity function is led by the Company’s Chief Information Officer ("CIO") and the Company’s Chief Information Security Officer ("CISO"), who reports to the Company’s CIO. The CIO and his direct reports, including the CISO, discuss action items related to risks at a standing monthly meeting. The CISO and many members of his team have multiple decades of cybersecurity related experience. Risk reporting is provided at monthly meetings of the firm’s cross-business Cybersecurity Committee and periodic presentations to the firm’s Risk Management Committee, at which many members of the Company’s senior management are present.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO and many members of his team have multiple decades of cybersecurity related experience. Risk reporting is provided at monthly meetings of the firm’s cross-business Cybersecurity Committee and periodic presentations to the firm’s Risk Management Committee, at which many members of the Company’s senior management are present.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CEO meets regularly with the CIO to discuss cybersecurity threats and existing and potentially new technology systems including those related to cybersecurity. The CIO and CISO have a standing monthly meeting with the President and General Counsel to discuss potential vulnerabilities in the cyber environment. The President formerly ran the Information Technology Department at the firm and as a result has significant systems experience including experience related to cybersecurity.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of significant accoun_2

Summary of significant accounting policies and estimates (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Intercompany transactions and balances have been eliminated in the preparation of the consolidated financial statements.
Change in Presentation	Effective June 30, 2022, the Company reclassified certain stockholders' equity amounts on the consolidated balance sheet and consolidated statements of changes in stockholders' equity and redeemable non-controlling 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.
Use of Estimates	The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods.
Accounting Standards Recently Adopted	ASU 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the FASB issued this ASU to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The revised guidance requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), the title and position of the CODM and how the CODM uses the reported measures of segment profit or loss in assessing segment performance and make decisions about resource allocation, among other requirements. The Company adopted this guidance effective December 31, 2024. Refer to note 21 for additional information.
Financial Instruments and Fair Value	Financial Instruments 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. Fair Value Measurements Accounting guidance for the fair value measurement of financial assets defines fair value, establishes a framework for measuring fair value, establishes a fair value measurement hierarchy, and requires certain fair value measurement disclosures. Fair value, as defined by the accounting guidance, is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy established by this accounting guidance prioritizes the inputs used in valuation techniques into the following three categories (highest to lowest priority): Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly; and Level 3: Unobservable inputs that are significant to the overall fair value measurement. The Company's financial instruments that are recorded at fair value generally are classified within Level 1 or Level 2 within the fair value hierarchy using quoted market prices or other pricing sources with reasonable levels of price transparency. Financial instruments classified within Level 1 are valued based on quoted market prices in active markets and consist of U.S. Treasury securities and corporate equities. Level 2 financial instruments primarily consist of investment grade and high-yield corporate debt, convertible bonds, U.S. Agency securities, mortgage and asset-backed securities, and municipal obligations. Financial instruments classified as Level 2 are valued based on quoted prices for similar assets and liabilities in active markets, pricing models which incorporate market observable inputs and quoted prices for identical or similar assets and liabilities in markets that are not active. Some financial instruments such as auction rate securities ("ARS") and trade claims are classified within Level 3 within the fair value hierarchy as observable pricing inputs are not available due to limited market activity for the asset or liability. As of December 31, 2024 and December 31, 2023, the Company had $2.7 million and $2.7 million respectively, of ARS in Level 3 assets. As of December 31, 2024, the Company had $2.7 million of trade claims in Level 3 assets. See note 8 for further details.
Consolidation	The Company consolidates all subsidiaries in which it has a controlling financial interest, as well as any variable interest entities ("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 reviews factors, including the rights of the equity holders at risk and obligations of equity holders to absorb losses or receive expected residual returns, to determine if the entity is a VIE. Under U.S. GAAP, a general partner will not consolidate a partnership or similar entity under the voting interest model. See note 10 for further details.
Financing Receivables	The Company's financing receivables include customer margin loans, securities purchased under agreements to resell ("reverse repurchase agreements"), and securities borrowed transactions. The Company uses financing receivables to extend margin loans to customers, meet trade settlement requirements, and facilitate its matched-book arrangements and inventory requirements. The Company's financing receivables are secured by collateral received from clients and counterparties. In many cases, the Company is permitted to sell or re-pledge securities held as collateral. These securities may be used to collateralize repurchase agreements, to enter into securities lending agreements, to cover short positions or to fulfill the obligation of securities fails to deliver. The Company monitors the fair value of the collateral received on a daily basis and may require clients and counterparties to deposit additional collateral or return collateral pledged, when appropriate. Customer receivables, primarily consisting of customer margin loans collateralized by customer-owned securities, are stated net of allowance for credit losses. The Company reviews large customer accounts that do not comply with the Company's margin requirements on a case-by-case basis to determine the likelihood of collection and records an allowance for credit loss following that process. For small customer accounts that do not comply with the Company's margin requirements, the allowance for credit loss is generally recorded as the amount of unsecured or partially secured receivables. The Company also periodically makes loans to financial advisors and other revenue producers as part of its hiring process. These loans are recorded as notes receivable on its consolidated balance sheet. Allowances are established on these loans if the employee is no longer associated with the Company and the loan has not been promptly repaid.
Legal and Regulatory Reserves	The Company records reserves related to legal and regulatory proceedings in accounts payable and other liabilities. The determination of the amounts of these reserves requires significant judgment on the part of management. In accordance with applicable accounting guidance, the Company establishes reserves for litigation and regulatory matters where available information indicates that it is probable a liability had been incurred and the Company can reasonably estimate the amount of that loss. When loss contingencies are not probable or cannot be reasonably estimated, the Company does not establish reserves. When determining whether to record a reserve, management considers many factors including, but not limited to, the amount of the claim; the stage and forum of the proceeding, the sophistication of the claimant, the amount of the loss, if any, in the client's account and the possibility of wrongdoing, if any, on the part of an employee of the Company; the basis and validity of the claim; previous results in similar cases; and applicable legal precedents and case law. Each legal and regulatory proceeding is reviewed with counsel in each accounting period and the reserve is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the results of that period. The assumptions of management in determining the estimates of reserves may be incorrect and the actual disposition of a legal or regulatory proceeding could be greater or less than the reserve amount.
Leases	Right-of-use ("ROU") assets and lease liabilities are initially recognized based on the present value of the future minimum lease payments over the lease term, excluding non-base rent components such as fixed common area maintenance costs and other fixed costs such as real estate taxes and insurance. The discount rates used in determining the present value of leases are the Company’s incremental borrowing rates, developed based upon each lease’s term. The lease term may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For operating leases, the ROU assets also include any prepaid lease payments and initial direct costs incurred and are reduced by lease incentives. For these leases, lease expense is recognized on a straight-line basis over the lease term if the ROU asset has not been impaired or abandoned.
Goodwill	The Company's goodwill resides in separate reporting units within its Wealth Management and Corporate/Other operating segments. Goodwill of a reporting unit is subject to at least an annual test for impairment to determine if the estimated fair value of a reporting unit is less than its carrying amount. Goodwill of a reporting unit is required to be tested for impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Due to the volatility in the financial services sector and equity markets in general, determining whether an impairment of goodwill has occurred is increasingly difficult and requires management to exercise significant judgment. Goodwill within the Corporate/Other operating segment largely relates to the Company’s acquisition of BondWave LLC, which closed on December 29, 2023. The Company's annual goodwill impairment analysis performed as of December 31, 2024 over the goodwill within the Private Client Division ("PCD") reporting unit, a separate reporting unit within Wealth Management, applied the same valuation methodologies with consistent inputs as that performed as of December 31, 2023. In estimating the fair value of the reporting units, the Company uses traditional standard valuation methods, including the market comparable approach and income approach. The market comparable approach is based on comparisons of the subject company to public companies whose stocks are actively traded ("Price Multiples") or to similar companies engaged in an actual merger or acquisition ("Precedent Transactions"). As part of this process, multiples of value relative to financial variables, such as earnings, revenue, EBITDA or stockholders' equity, are developed and applied to the appropriate financial variables of the subject company to indicate its value. The income approach involves estimating the present value of the subject company's future cash flows by using projections of the cash flows that the business is expected to generate, and discounting these cash flows at a given rate of return ("Discounted Cash Flow" or "DCF"). Each of these standard valuation methodologies requires the use of management estimates and assumptions. In its Price Multiples valuation analysis, the Company uses various operating metrics of comparable companies, including revenues, after-tax earnings, and EBITDA as well as price-to-book value ratios at a point in time. The Company analyzes prices paid in Precedent Transactions that are comparable to the business conducted in each of the reporting units. The DCF analysis includes the Company's assumptions regarding discount rate, growth rates of the reporting unit's revenues, expenses, EBITDA, and capital expenditures, adjusted for current economic conditions and expectations. The Company weighs each of the three valuation methods equally in its overall valuation. Given the subjectivity involved in selecting which valuation method to use, the corresponding weightings, and the input variables for use in the analyses, it is possible that a different valuation model and the selection of different input variables could produce a materially different estimate of the fair value of the respective reporting unit.
Intangible Assets	ntangible assets are primarily comprised of trademarks, trade names and an Internet domain name, carried on the balance sheet at $35.7 million. Indefinite intangible assets are subject to at least an annual test for impairment to determine if the estimated fair value is less than their carrying amount. The fair value of the trademarks and trade names was substantially in excess of their carrying value as of December 31, 2024. Defined-lived intangible assets are comprised of software licenses, developed technology and customer relationships. These intangible assets carried at $2.9 million are amortized over their estimated lives and are periodically evaluated for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable from future undiscounted cash flows.
Share-Based Compensation Plans	As part of the compensation to employees and directors, the Company uses stock-based compensation, consisting of restricted stock and stock appreciation rights. In accordance with ASC Topic 718, "Compensation - Stock Compensation," the Company classifies the restricted stock awards as equity awards, which requires the compensation cost to be recognized in the consolidated income statements over the requisite service period of the award at grant date fair value and adjusted for actual forfeitures. The fair value of restricted stock awards is determined based on the grant date closing price of the Company's Class A non-voting common stock ("Class A Stock") adjusted for the present value of the dividend to be received upon vesting. The fair value of stock options is determined using the Black-Scholes model. Key assumptions used to estimate the fair value include the expected term and the expected volatility of the Company's Class A Stock over the term of the award, the risk-free interest rate over the expected term, and the Company's expected annual dividend yield. The Company classifies stock appreciation rights ("OARs") as liability awards, which requires the fair value to be remeasured through earnings at each reporting period until the award vests. The fair value of OARs is also determined using the Black-Scholes model at the end of each reporting period. The compensation cost is adjusted each reporting period for changes in fair value prorated for the portion of the requisite service period rendered.
Revenue Recognition	Brokerage Customers' securities transactions are reported on a settlement date basis, which is generally one Principal Transactions Transactions in proprietary securities and related revenue and expenses are recorded on a trade date basis. Securities owned and securities sold but not yet purchased are reported at fair value generally based upon quoted prices. Realized and unrealized changes in fair value are recognized in principal transactions, net in the period in which the change occurs. Investment Banking Fees Advisory fees from mergers, acquisitions and restructuring transactions are recorded when services for the transactions are completed and income is reasonably determinable, generally as set forth under the terms of the engagement. Retainer fees and engagement fees are recognized ratably over the service period. Underwriting fees are recorded when 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 the related expenses are presented gross on the consolidated income statements. Interest Interest revenue represents interest earned on margin debit balances, securities borrowed transactions, reverse repurchase agreements, fixed income securities, firm investments, and cash and cash equivalents. Interest revenue is recognized in the period earned based upon average or daily asset balances, contractual cash flows, and interest rates. Asset Management Asset management advisory fees are generally recognized over the period the related service is provided based on the account value at the valuation date per the respective asset management agreements. In certain circumstances, OAM is entitled to receive performance (or incentive) fees when the return on assets under management ("AUM") exceeds certain benchmark returns or other performance targets. Performance fees are generally based on investment performance over a 12-month 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. Asset management advisory fees and performance fees are included in advisory fees in the consolidated income statements. Assets under management are not included as assets of the Company. Bank Deposit Sweep Income
Balance Sheet	Cash and Cash Equivalents The Company defines cash equivalents as highly liquid investments with original maturities of less than 90 days that are not held for sale in the ordinary course of business. Receivables from / Payables to Brokers, Dealers and Clearing Organizations Securities borrowed and securities loaned are carried at the amounts of cash collateral advanced or received. Securities borrowed transactions require the Company to deposit cash or other collateral with the lender. The Company receives cash or collateral in an amount generally in excess of the market value of securities loaned. The Company monitors the market value of securities borrowed and loaned on a daily basis and may require counterparties to deposit additional collateral or return collateral pledged, when appropriate. Securities failed to deliver and receive represent the contract value of securities which have not been delivered or received, respectively, by settlement date. Receivables from / Payables to Customers Receivables from and payables to customers include balances arising from customer securities and margin transactions. Receivables from customers are recorded when margin loans are extended to customers and are recorded on a settlement date basis. Payables to customers are recorded when customers deposit cash into their accounts and are recorded on a settlement date basis. Securities Purchased under Agreements to Resell and Securities Sold under Agreements to Repurchase Reverse repurchase agreements and securities sold under agreements to repurchase ("repurchase agreements") are treated as collateralized financing transactions and are recorded at their contractual amounts plus accrued interest. The resulting interest income and expense for these arrangements are included in interest income and interest expense in the consolidated income statements. The Company presents the reverse repurchase and repurchase transactions on a net-by-counterparty basis when the specific offsetting requirements are satisfied. Notes Receivable Notes receivable primarily 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 9 years from the initial date of the note or based on productivity levels of employees. All such notes are contingent on the employees' continued employment with the Company. The unforgiven portion of the notes becomes due on demand in the event the employee departs during the service period. Amortization of notes receivable is included in the consolidated income statements in compensation and related expenses. Furniture, Equipment and Leasehold Improvements Furniture, equipment and leasehold improvements are stated at cost less accumulated depreciation. Depreciation of furniture, fixtures, and equipment is provided on a straight-line basis generally over 3 to 7 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the life of the improvement or the remaining term of the lease. Drafts Payable Drafts payable represent amounts drawn by the Company against a bank. Bank Call Loans Bank call loans are generally payable on demand and bear interest at various rates, and such loans are collateralized by firm and/or customer's margin securities. Foreign Currency Translations Foreign currency balances have been translated into U.S. dollars as follows: monetary assets and liabilities at exchange rates prevailing at period end; revenue and expenses at average rates for the period; and gains or losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in accumulated other comprehensive income in the consolidated balance sheets. The functional currency of the overseas operations is the local currency in each location except for Oppenheimer Europe Ltd. and Oppenheimer Investments Asia Limited which have the U.S. dollar as their functional currency. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. The Company records uncertain tax positions on the basis of a two-step process whereby it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company records interest and penalties accruing on unrecognized tax benefits in pre-tax income as interest expense and other expense, respectively, in its consolidated income statements. The Company permanently reinvests eligible earnings of its foreign subsidiaries and, accordingly, does not accrue any U.S. income taxes that would arise if such earnings were repatriated.

Financial Instruments - Credi_2

Financial Instruments - Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024: (Expressed in thousands) As of December 31, 2024 2024 $ 449 2023 1,091 2022 141 2021 1,541 2020 423 2019 and prior 1,340 Total $ 4,985
Schedule of Financing Receivable, Allowance for Credit Loss	The following table presents activity in the allowance for uncollectibles of defaulted notes for the years ended December 31, 2024 and 2023: (Expressed in thousands) For the Year Ended December 31, 2024 2023 Beginning balance $ 3,869 $ 4,327 Write-offs (1,901) (1,420) Recoveries $ 847 $ 962 Ending balance $ 2,815 $ 3,869

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024 and December 31, 2023, respectively: As of December 31, 2024 December 31, 2023 Weighted average remaining lease term (in years) 6.08 6.35 Weighted average discount rate 7.50% 7.72% The following table presents operating lease costs recognized for the years ended December 31, 2024 and December 31, 2023, respectively, which are included in occupancy and equipment costs on the consolidated income statements: (Expressed in thousands) For the Year Ended For the Year Ended Operating lease costs: Real estate leases - Right-of-use lease asset amortization $ 24,394 $ 25,568 Real estate leases - Interest expense 12,761 13,413 Equipment leases - Right-of-use lease asset amortization 1,706 1,717 Equipment leases - Interest expense 176 184
Schedule of Maturities of Lease Liabilities	The maturities of lease liabilities as of December 31, 2024 are as follows: (Expressed in thousands) As of 2025 $ 42,466 2026 40,596 2027 38,151 2028 24,794 2029 18,816 After 2029 52,472 Total lease payments $ 217,295 Less interest (43,975) Present value of lease liabilities $ 173,320

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	12 Months Ended
	Dec. 31, 2024
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 years ended December 31, 2024 and 2023: For the Year Ended December 31, 2024 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 188,783 $ 188,113 $ 14 $ 376,910 Mutual fund and insurance income 32,775 4 21 32,800 Advisory fees 483,391 — 42 483,433 Investment banking - capital markets 11,155 58,022 — 69,177 Investment banking - advisory 46 107,224 — 107,270 Bank deposit sweep income 138,770 — — 138,770 Other 12,837 2,864 4,987 20,688 Total revenue from contracts with customers 867,757 356,227 5,064 1,229,048 Other sources of revenue: Interest 88,714 39,299 7,524 135,537 Principal transactions, net 3,263 51,382 39 54,684 Other 12,318 671 238 13,227 Total other sources of revenue 104,295 91,352 7,801 203,448 Total revenue $ 972,052 $ 447,579 $ 12,865 $ 1,432,496 (Expressed in thousands) For the Year Ended December 31, 2023 Reportable Segments Wealth Management Capital Markets Corporate/Other Total Revenue from contracts with customers: Commissions from sales and trading $ 155,039 $ 162,706 $ 23 $ 317,768 Mutual fund and insurance income 31,457 7 16 31,480 Advisory fees 415,450 — 229 415,679 Investment banking - capital markets 7,543 40,499 — 48,042 Investment banking - advisory — 69,623 — 69,623 Bank deposit sweep income 172,807 — — 172,807 Other 15,499 1,436 166 17,101 Total revenue from contracts with customers 797,795 274,271 434 1,072,500 Other sources of revenue: Interest 85,105 15,196 4,249 104,550 Principal transactions, net 3,400 55,572 6,375 65,347 Other 3,887 858 1,683 6,428 Total other sources of revenue 92,392 71,626 12,307 176,325 Total revenue $ 890,187 $ 345,897 $ 12,741 $ 1,248,825
Schedule of Contract with Customer, Asset and Liability	The following presents the Company's receivables and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the consolidated balance sheet: (Expressed in thousands) As of December 31, 2024 December 31, 2023 Receivables: Commission (1) $ 4,408 $ 4,554 Mutual fund and insurance income (2) 5,838 5,365 Advisory fees (3) 11,271 5,746 Bank deposit sweep income (4) 4,748 5,223 Investment banking fees (5) 14,798 12,847 Other 5,124 6,126 Total receivables $ 46,187 $ 39,861 Deferred revenue (payables): Investment Banking fees (6) $ 28 $ 1,118 Software license fees (7) 902 — $ 930 $ 1,118 (1) Commission earned but not yet received. (2) Mutual fund and insurance income earned but not yet received. (3) Management and performance fees earned but not yet received. (4) Fees earned from FDIC-insured bank deposit program but not yet received. (5) Underwriting revenue and advisory fees earned but not yet received. (6) Retainer fees and fees received from certain advisory transactions where the performance obligations have not yet been satisfied.

Receivable from and payable t_2

Receivable from and payable to brokers, dealers and clearing organizations (Tables)	12 Months Ended
	Dec. 31, 2024
Broker-Dealer [Abstract]
Schedule of Receivable from and Payable to Brokers, Dealers and Clearing Organizations	(Expressed in thousands) As of December 31, 2024 2023 Receivable from brokers, dealers and clearing organizations consists of: Securities borrowed $ 137,177 $ 158,612 Receivable from brokers 59,487 65,639 Securities failed to deliver 8,459 29,656 Clearing organizations and other (1) 33,142 30,789 Other 3,213 — Total $ 241,478 $ 284,696 Payable to brokers, dealers and clearing organizations consists of: Securities loaned $ 235,498 $ 284,987 Payable to brokers 607 447 Securities failed to receive 14,757 23,809 Clearing organizations and other (2) 2,954 52,647 Total $ 253,816 $ 361,890 (1) As of December 31, 2024, approximately $15.4 million of this balance represents a receivable for trades executed, but not yet settled. (2) As of December 31, 2023, approximately $48.4 million of this balance represents a payable for trades executed, but not yet settled.

Fair value measurements (Tables

Fair value measurements (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 283 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,090 1,314 N/A N/A $ 5,373 $ 1,314 (1) Hedge funds represent investments in credit driven strategies. (2) Private equity funds include portfolios focused on technology, infrastructure, real estate, natural resources and specific co- investment opportunities. The following table provides information about the Company's investments in Company-sponsored funds as of December 31, 2023: (Expressed in thousands) Fair Value Unfunded Redemption Redemption Hedge funds (1) $ 446 $ — Quarterly - Annually 30 - 120 Days Private equity funds (2) 5,072 2,367 N/A N/A $ 5,518 $ 2,367 (1) Hedge funds represent investments in credit driven 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 December 31, 2024 and 2023, 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 December 31, 2024 (Expressed in thousands) Fair Value Measurements as of December 31, 2024 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 28,071 $ — $ — $ 28,071 Securities owned: U.S. Treasury securities 995,420 — — 995,420 U.S. Agency securities — 3,691 — 3,691 Corporate debt and other obligations — 9,423 — 9,423 Mortgage and other asset-backed securities — 8,954 — 8,954 Municipal obligations — 34,704 — 34,704 Convertible bonds — 21,938 — 21,938 Corporate equities 23,873 — — 23,873 Money markets 7,551 — — 7,551 Auction rate securities — — 2,652 2,652 Securities owned, at fair value 1,026,844 78,710 2,652 1,108,206 Investments (1) 978 17,005 — 17,983 Trade claims (1) 2,684 2,684 Loans (1) 432 432 Total $ 1,055,893 $ 96,147 $ 5,336 $ 1,157,376 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 82,767 $ — $ — $ 82,767 U.S. Agency securities — 4 — 4 Corporate debt and other obligations — 11 — 11 Convertible bonds — 4,998 — 4,998 Corporate equities 11,112 — — 11,112 Securities sold but not yet purchased, at fair value 93,879 5,013 — 98,892 Derivative contracts: Futures (2) 1,071 — — 1,071 Derivative contracts, total 1,071 — — 1,071 Total $ 94,950 $ 5,013 $ — $ 99,963 (1) Included in other assets on the consolidated balance sheet. (2) Included in receivable/payable to brokers, dealers and clearing organizations. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (Expressed in thousands) Fair Value Measurements as of December 31, 2023 Level 1 Level 2 Level 3 Total Assets Deposits with clearing organizations $ 34,789 $ — $ — $ 34,789 Securities owned: U.S. Treasury securities 695,346 — — 695,346 U.S. Agency securities — 2 — 2 Corporate debt and other obligations — 5,769 — 5,769 Mortgage and other asset-backed securities — 6,627 — 6,627 Municipal obligations — 35,333 — 35,333 Convertible bonds — 16,735 — 16,735 Corporate equities 27,170 — — 27,170 Money markets 5,400 217 — 5,617 Auction rate securities — — 2,713 2,713 Securities owned, at fair value 727,916 64,683 2,713 795,312 Investments (1) 1,872 16,913 — 18,785 Securities purchased under agreements to resell — 5,842 5,842 Derivative contracts: (2) Futures 2 — — 2 TBAs — 11 — 11 Derivative contracts, total 2 11 — 13 Total $ 764,579 $ 87,449 $ 2,713 $ 854,741 Liabilities Securities sold but not yet purchased: U.S. Treasury securities $ 14,603 $ — $ — $ 14,603 Corporate debt and other obligations — 1,508 — 1,508 Mortgage and other asset-backed securities — 2 — 2 Convertible bonds — 2,136 — 2,136 Corporate equities 13,427 — — 13,427 Securities sold but not yet purchased, at fair value 28,030 3,646 — 31,676 Derivative contracts: (2) Futures 735 — — 735 TBAs — 2 — 2 Derivative contracts, total 735 2 — 737 Total $ 28,765 $ 3,648 $ — $ 32,413 (1) Included in other assets on the consolidated balance sheet. (2) Included in receivable/payable to brokers, dealers and clearing organizations. The following tables present changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the years ended December 31, 2024 and 2023: (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2024 Beginning Total Realized and Unrealized Gains (2) Purchases Sales and Settlements Transfers Ending Assets Trade claims — — 1,427 — 1,257 2,684 Auction rate securities (1) $ 2,713 $ 9 $ — $ (70) $ — $ 2,652 (1) Represents auction rate securities that failed in the auction rate market. (2) Included in principal transactions in the consolidated income statement. (Expressed in thousands) Level 3 Assets and Liabilities For the Year Ended December 31, 2023 Beginning Total Realized and Unrealized Losses (2) Purchases Sales and Settlements Transfers Ending Assets Auction rate securities (1) $ 31,776 $ 3,159 $ — $ (32,222) $ — $ 2,713 (1) Represents auction rate securities that failed in the auction rate market. (2) Included in principal transactions in the consolidated income statement.
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value	Assets and liabilities not measured at fair value as of December 31, 2024 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 33,150 $ 33,150 $ — $ — $ 33,150 Deposits with clearing organizations 70,838 70,838 — — 70,838 Receivable from brokers, dealers and clearing organizations: Securities borrowed 137,177 — 137,177 — 137,177 Receivables from brokers 59,487 — 59,487 — 59,487 Securities failed to deliver 8,459 — 8,459 — 8,459 Clearing organizations and other 36,355 — 36,355 — 36,355 $ 241,478 — $ 241,478 — $ 241,478 Receivable from customers 1,268,866 — 1,268,866 — 1,268,866 Notes receivable, net 67,931 — 67,931 — 67,931 Corporate-owned life insurance 98,828 98,828 98,828 Investments (1) 1,634 — 1,634 — 1,634 (1) Included within other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 21,661 $ 21,661 $ — $ — $ 21,661 Bank call loans $ 252,100 $ — $ 252,100 $ — $ 252,100 Payables to brokers, dealers and clearing organizations: Securities loaned $ 235,498 — $ 235,498 — $ 235,498 Payable to brokers 607 — 607 — 607 Securities failed to receive 14,757 — 14,757 — 14,757 Clearing Organizations and Other 1,883 — 1,883 — 1,883 $ 252,745 — $ 252,745 — $ 252,745 Payables to customers 357,835 — 357,835 — 357,835 Securities sold under agreements to repurchase 931,754 — 931,754 — 931,754 Assets and liabilities not measured at fair value as of December 31, 2023 (Expressed in thousands) Fair Value Measurement: Assets Carrying Value Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 28,835 $ 28,835 $ — $ — $ 28,835 Deposits with clearing organization 43,917 43,917 — — 43,917 Receivable from brokers, dealers and clearing organizations: Securities borrowed 158,612 — 158,612 — 158,612 Receivables from brokers 65,639 — 65,639 — 65,639 Securities failed to deliver 29,656 — 29,656 — 29,656 Clearing organizations 30,780 — 30,780 — 30,780 284,687 — 284,687 — 284,687 Receivable from customers 1,059,892 — 1,059,892 — 1,059,892 Notes receivable, net 62,640 — 62,640 — 62,640 Corporate-owned life insurance 88,989 88,989 88,989 Investments (1) 2,010 — 2,010 — 2,010 (1) Included within other assets on the consolidated balance sheet. (Expressed in thousands) Fair Value Measurement: Liabilities Carrying Value Level 1 Level 2 Level 3 Total Drafts payable $ 9,002 $ 9,002 $ — $ — $ 9,002 Payables to brokers, dealers and clearing organizations: Securities loaned $ 284,987 $ — $ 284,987 $ — $ 284,987 Payable to brokers 447 — 447 — 447 Securities failed to receive 23,809 — 23,809 — 23,809 Other 51,912 — 51,912 — 51,912 361,155 — 361,155 — 361,155 Payables to customers 369,287 — 369,287 — 369,287 Securities sold under agreements to repurchase 640,382 — 640,382 — 640,382 Senior secured notes 113,050 — 109,838 — 109,838
Schedule of Notional Amounts and Fair Values of Derivatives by Product	The notional amounts and fair values of the Company's derivatives as of December 31, 2024 and 2023 by product were as follows: (Expressed in thousands) Fair Value of Derivative Instruments as of December 31, 2024 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 360 $ — $ 360 $ — Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 11,475,000 $ 1,071 Other contracts TBAs 360 — $ 11,475,360 $ 1,071 (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, 2023 Description Notional Fair Value Assets: Derivatives not designated as hedging instruments (1) Other contracts TBAs $ 3,700 $ 11 Commodity contracts Futures 5,000 2 $ 8,700 $ 13 Liabilities: Derivatives not designated as hedging instruments (1) Commodity contracts Futures $ 6,875,000 $ 735 Other contracts TBAs 3,700 2 $ 6,878,700 $ 737 (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 consolidated income statements for the years ended December 31, 2024 and 2023: (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2024 Types Description Location Net Gain (Loss) Commodity contracts Futures Principal transactions revenue $ 3,083 Other contracts Foreign exchange forward contracts Other revenue (10) TBAs Principal transactions revenue 1 $ 3,074 (Expressed in thousands) The Effect of Derivative Instruments in the Consolidated Income Statement For the Year Ended December 31, 2023 Types Description Location Net Gain Commodity contracts Futures Principal transactions revenue $ 2,842 Other contracts Foreign exchange forward contracts Other revenue 65 TBAs Principal transactions revenue 26 $ 2,933

Collateralized transactions (Ta

Collateralized transactions (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024: (Expressed in thousands) Overnight and Open Repurchase agreements: U.S. Treasury securities $ 999,809 Securities loaned: Equity securities 235,498 Gross amount of recognized liabilities for repurchase agreements and securities loaned $ 1,235,307
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 December 31, 2024 and 2023: As of December 31, 2024 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 68,055 $ (68,055) $ — $ — $ — $ — Securities borrowed (1) 137,177 — 137,177 (130,568) — 6,609 Total $ 205,232 $ (68,055) $ 137,177 $ (130,568) $ — $ 6,609 (1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 999,809 $ (68,055) $ 931,754 $ (931,754) $ — $ — Securities loaned (2) 235,498 — 235,498 (229,156) — 6,342 Total $ 1,235,307 $ (68,055) $ 1,167,252 $ (1,160,910) $ — $ 6,342 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet. As of December 31, 2023 (Expressed in thousands) Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Reverse repurchase agreements $ 8,870 $ (3,028) $ 5,842 $ — $ — $ 5,842 Securities borrowed (1) 158,612 — 158,612 (149,946) — 8,666 Total $ 167,482 $ (3,028) $ 164,454 $ (149,946) $ — $ 14,508 1) Included in receivable from brokers, dealers and clearing organizations on the consolidated balance sheet. Gross Amounts Not Offset Gross Gross Net Amounts Financial Cash Net Amount Repurchase agreements $ 643,410 $ (3,028) $ 640,382 $ (632,521) $ — $ 7,861 Securities loaned (2) 284,987 — 284,987 (276,688) — 8,299 Total $ 928,397 $ (3,028) $ 925,369 $ (909,209) $ — $ 16,160 (2) Included in payable to brokers, dealers and clearing organizations on the consolidated balance sheet.

Variable interest entities ("_2

Variable interest entities ("VIEs") (Tables)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entity [Abstract]
Schedule of Variable Interest Entities	The following table sets forth the total assets and liabilities of VIEs consolidated on our consolidated balance sheet: (Expressed in thousands) For the Years Ended December 31, 2024 2023 Assets Cash and cash equivalents $ — $ 94 Restricted Cash — — Other Assets — 387 Total Assets $ — $ 481 Liabilities Other Liabilities — 171 Total Liabilities $ — $ 171

Furniture, equipment and leas_2

Furniture, equipment and leasehold improvements (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Office Facilities	(Expressed in thousands) For the Years Ended December 31, 2024 2023 Furniture, fixtures and equipment $ 65,979 $ 63,473 Leasehold improvements 64,599 63,133 Total 130,578 126,606 Less accumulated depreciation (92,390) (82,732) Total $ 38,188 $ 43,874

Bank call loans (Tables)

Bank call loans (Tables)	12 Months Ended
	Dec. 31, 2024
Bank Call Loans [Abstract]
Schedule of Bank Call Loans	Details of the bank call loans are as follows: (Expressed in thousands, except percentages) 2024 2023 Year-end balance $ 252,100 $ — Weighted interest rate (at end of year) 5.12 % — % Maximum balance (at any month-end) 288,200 131,900 Average amount outstanding (during the year) 167,691 49,387 Average interest rate (during the year) 5.44 % 4.20 %

Long-term debt (Tables)

Long-term debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	(Expressed in thousands) Issued December 31, 2024 December 31, 2023 5.50% Senior Secured Notes $ — $ 113,050 Unamortized Debt Issuance Cost — (392) $ — $ 112,658

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Changes in Number of Shares of Class A Stock Outstanding	The following table reflects changes in the number of shares of Class A Stock outstanding for the years indicated: 2024 2023 Class A Stock outstanding, beginning of year 10,186,783 10,868,556 Issued pursuant to share-based compensation plans (note 17) 288,759 218,745 Repurchased and canceled (243,806) (900,518) Class A Stock outstanding, end of year 10,231,736 10,186,783

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2024
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 Years Ended December 31, 2024 2023 2022 Basic weighted average number of shares outstanding 10,349,803 10,736,166 11,666,194 Net dilutive effect of share-based awards, treasury stock method (1) 880,204 909,542 941,558 Diluted weighted average number of shares outstanding 11,230,007 11,645,708 12,607,752 Net income attributable to Oppenheimer Holdings Inc. $ 71,557 $ 30,179 $ 32,351 Earnings per share attributable to Oppenheimer Holdings Inc. Basic $ 6.91 $ 2.81 $ 2.77 Diluted $ 6.37 $ 2.59 $ 2.57 (1)

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Effective Income Tax Rate	Income tax expenses shown in the consolidated income statements are reconciled to amounts of tax that would have been payable from the application of the federal tax rate to pre-tax profit, as follows: (Expressed in thousands) For the Years Ended December 31, 2024 2023 2022 Amount Percentage Amount Percentage Amount Percentage U.S. federal statutory income tax $ 22,194 21.0 % $ 9,806 21.0 % $ 9,497 21.0 % U.S. state and local income taxes, net of U.S. federal income tax benefits 6,837 6.5 % 4,150 8.9 % 3,110 6.8 % Unrecognized tax benefit 15 — % 45 0.1 % 180 0.4 % Valuation allowance 2,079 2.0 % 964 2.1 % 1,054 2.3 % Non-taxable income (1,094) (1.0) % (964) (2.1) % (1,083) (2.4) % Provision to return adjustments (95) (0.1) % (812) (1.7) % (316) (0.7) % Change in state and foreign tax rates 451 0.4 % (514) (1.1) % (660) (1.4) % Foreign tax rate differentials (339) (0.3) % (146) (0.3) % (285) (0.6) % Excess tax benefits from share-based awards (647) (0.6) % (1,378) (2.9) % (471) (1.0) % Non-deductible executive compensation 2,747 2.6 % 1,514 3.2 % 1,605 3.5 % Other non-deductible expenses 2,362 2.1 % 3,833 8.1 % 813 1.6 % Total income taxes $ 34,510 32.6 % $ 16,498 35.3 % $ 13,444 29.5 %
Schedule of Components of Income Tax Expense (Benefit)	Income tax expenses included in the consolidated income statements represent the following: (Expressed in thousands) For the Years Ended December 31, 2024 2023 2022 Current: U.S. federal tax $ 22,249 $ 6,967 $ 18,862 State and local tax 7,459 2,137 8,068 Non-U.S. operations 1,250 937 1,129 Total Current 30,958 10,041 28,059 Deferred: U.S. federal tax 2,323 5,207 (10,420) State and local tax 1,262 919 (4,538) Non-U.S. operations (33) 331 343 Total Deferred 3,552 6,457 (14,615) Total $ 34,510 $ 16,498 $ 13,444
Schedule of Significant Components of Deferred Tax Assets and Liabilities	Significant components of the Company's deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows: (Expressed in thousands) As of December 31, 2024 2023 Deferred tax assets: Deferred compensation $ 35,846 $ 27,780 Deferred rent and lease incentives 7,504 8,772 Net operating losses and credits 13,822 12,124 Receivable reserves 925 1,259 Accrued expenses 1,284 4,762 Auction rate securities reserves — 62 Involuntary conversion 1,696 1,671 Other 1,028 981 Total deferred tax assets 62,105 57,411 Valuation allowance (11,516) (9,581) Deferred tax assets after valuation allowance 50,589 47,830 Deferred tax liabilities: Goodwill 41,560 40,984 Partnership investments 28,967 27,181 Corporate-owned life insurance 16,619 14,180 Depreciation 3,151 1,517 Other 198 303 Total deferred tax liabilities 90,495 84,165 Deferred tax liabilities, net $ (39,906) $ (36,335)
Schedule of Unrecognized Tax Benefits Roll Forward	A reconciliation of the beginning and ending amount of unrecognized tax benefit follows: (Expressed in thousands) 2024 2023 2022 Balance at beginning of year $ 1,236 $ 1,072 $ 343 Additions for tax positions of prior years 217 224 729 Lapse in statute of limitations (136) — — Settlements with taxing authorities (59) (60) — Balance at end of year $ 1,258 $ 1,236 $ 1,072

Employee compensation plans (Ta

Employee compensation plans (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Restricted Stock Activity	The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the 2014 OIP for the year ended December 31, 2024: Number of Class Weighted Weighted Average Remaining Nonvested at beginning of year 1,589,414 $ 32.92 1.6 years Granted 330,140 37.86 2.7 years Vested (463,175) 28.44 — Forfeited (21,411) 38.44 — Nonvested at end of year 1,434,968 $ 35.42 1.6 years
Share-Based Payment Arrangement, Stock Appreciation Right	The following table summarizes the status of the Company's outstanding OARs awards as of December 31, 2024: Grant Date Number of Strike Price Remaining Fair Value as of December 31, 2024 January 10, 2020 478,680 $ 27.54 9 days $ 36.57 January 11, 2021 573,329 32.16 1 year 32.57 January 7, 2022 605,087 49.57 2 years 18.87 January 6, 2023 506,170 45.33 3 years 25.00 January 5, 2024 479,470 40.78 4 years 29.48 Total OARs outstanding 2,642,736 Total weighted average values $ — 3.0 years $ —
Schedule of Share-Based Payment Award, Non-Options Equity Instrument, Valuation Assumptions	The fair value as of December 31, 2024 for each of the OARs was estimated using the Black-Scholes model with the following assumptions: Grant Date January 10, 2020 January 11, 2021 January 7, 2022 January 6, 2023 January 5, 2024 Expected term (1) 9 days 1 year 2 years 3 years 4 years Expected volatility factor (2) 22.353 % 26.966 % 24.353 % 30.793 % 31.158 % Risk-free interest rate (3) 4.314 % 4.183 % 4.228 % 4.261 % 4.319 % (1) The expected term was determined based on the remaining life of the actual awards. (2) The volatility factor was measured using the weighted average of historical daily price changes of the Company's Class A Stock over a historical period commensurate to the expected term of the awards. (3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the U.S. Treasury yield curve in effect at December 31, 2024.

Segment information (Tables)

Segment information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Reported Revenue and Profit Before Income Taxes	(Expressed in thousands) For the Years Ended December 31, 2024 Wealth Management Capital markets Corporate/Other Total Revenue $972,052 $447,579 $12,865 $1,432,496 Less : Compensation Expenses 514,227 323,612 98,974 936,813 Other Segment Items (1) 192,086 163,563 34,277 389,926 Pre-Tax Income (Loss) $265,739 $(39,596) $(120,386) $105,757 (1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses. (Expressed in thousands) For the Years Ended December 31, 2023 Wealth Management Capital markets Corporate/Other Total Revenue $890,187 $345,897 $12,741 $1,248,825 Less : Compensation Expenses 424,031 269,330 89,035 782,396 Other Segment Items (1) 247,621 139,528 32,510 419,659 Pre-Tax Income (Loss) $218,535 $(62,961) $(108,804) $46,770 (1) Other segment items include communication and technology expenses, occupancy and equipment costs, clearing and exchange fees, interest and other expenses. (Expressed in thousands) For the Years Ended December 31, 2022 Wealth management Capital markets Corporate/Other Total Revenue $774,922 $337,821 $(1,802) $1,110,941 Less : Compensation Expenses 401,932 260,974 77,921 740,827 Other Segment Items (1) 194,987 102,543 27,030 324,560 Pre-Tax Income (Loss) $178,003 $(25,696) $(106,753) $45,554
Schedule of Revenue Classified by Major Geographic Areas	Revenue, classified by the major geographic areas in which it was earned for the years ended December 31, 2024, 2023 and 2022 was as follows: (Expressed in thousands) For the Years Ended December 31, 2024 2023 2022 Americas $ 1,376,254 $ 1,199,558 $ 1,058,188 Europe/Middle East 52,513 46,490 47,080 Asia 3,729 2,777 5,673 Total $ 1,432,496 $ 1,248,825 $ 1,110,941

Organization (Details)

Organization (Details)	Dec. 31, 2024 office state
Organization And Basis Of Presentation [Line Items]
Number of states | state	25
Americas
Organization And Basis Of Presentation [Line Items]
Number of branch offices | office	88

Summary of significant accoun_3

Summary of significant accounting policies and estimates (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 26, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Securities owned, at fair value		$ 1,108,206	$ 795,312
Carrying value of intangibles		35,709	34,340
Defined-lived intangible assets		$ 2,900
Number of business days for related transactions (in days)		1 day
Cash equivalents maximum maturity period of highly liquid investments		90 days
Period after April 29, 2023	10 days
Combination period	18 months
Net income (loss) attributable to non-controlling interests		$ (310)	93	$ (241)
IPO
Summary Of Significant Accounting Policies [Line Items]
Total funds	$ 127,800
Proceeds from Company sponsored Initial Public Offering	126,500
Investment from sponsor	$ 1,300
Minimum | Furniture, fixtures and equipment
Summary Of Significant Accounting Policies [Line Items]
Furniture, fixtures, and equipment, useful life		3 years
Minimum | Notes Receivable
Summary Of Significant Accounting Policies [Line Items]
Service period		3 years
Maximum | Furniture, fixtures and equipment
Summary Of Significant Accounting Policies [Line Items]
Furniture, fixtures, and equipment, useful life		7 years
Maximum | Notes Receivable
Summary Of Significant Accounting Policies [Line Items]
Service period		9 years
Securities
Summary Of Significant Accounting Policies [Line Items]
Number of business days for related transactions (in days)		1 day
Auction rate securities
Summary Of Significant Accounting Policies [Line Items]
Securities owned, at fair value		$ 2,652	2,713
Level 3
Summary Of Significant Accounting Policies [Line Items]
Securities owned, at fair value		2,652	2,713
Level 3 | Auction rate securities
Summary Of Significant Accounting Policies [Line Items]
Securities owned, at fair value		$ 2,652	$ 2,713

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Thousands	Nov. 12, 2024	Dec. 29, 2023	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill			$ 143,607	$ 142,162
BondWave LLC
Business Acquisition [Line Items]
Percentage of business acquired		100%
Additional, contingent payments		$ 3,600
Additional contingent payment period		18 months
Goodwill		$ 4,300
Intangibles assets		2,200
Cash acquired		$ 625
Bitvore Corp | BondWave LLC
Business Acquisition [Line Items]
Additional, contingent payments	$ 2,350

Financial Instruments - Credi_3

Financial Instruments - Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Notes receivable, net	$ 67,931	$ 62,640
Uncollectible balance reserved (as a percent)	100%
Uncollectible balance period	5 years
Uncollected balance of defaulted notes	$ 4,985
Allowance for credit losses	2,815	$ 3,869	$ 4,327
Notes Receivable, Five Years and Older
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit losses	1,300
Notes Receivable, Under Five Years
Financing Receivable, Credit Quality Indicator [Line Items]
Allowance for credit losses	$ 1,500
Minimum | Notes Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Service period	3 years
Maximum | Notes Receivable
Financing Receivable, Credit Quality Indicator [Line Items]
Service period	9 years

Financial Instruments - Credi_4

Financial Instruments - Credit Losses - Schedule of Disaggregation of Defaulted Notes By Year Of Default (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Credit Loss [Abstract]
2024	$ 449
2023	1,091
2022	141
2021	1,541
2020	423
2019 and prior	1,340
Total	$ 4,985

Financial Instruments - Credi_5

Financial Instruments - Credit Losses - Schedule of Activity in Allowance For Uncollectible Defaulted Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 3,869	$ 4,327
Write-offs	(1,901)	(1,420)
Recoveries	847	962
Ending balance	$ 2,815	$ 3,869

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	Dec. 31, 2024 USD ($) office	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use assets	$ 133,821	$ 140,554
Right-of-use lease assets, accumulated amortization	118,325	99,716
Lease liabilities	173,320	183,273
Leases not yet commenced	6,900	$ 5,800
Real Estate Leases
Lessee, Lease, Description [Line Items]
Right-of-use assets	131,400
Right-of-use lease assets, accumulated amortization	115,700
Lease liabilities	171,000
Equipment
Lessee, Lease, Description [Line Items]
Right-of-use assets	2,400
Right-of-use lease assets, accumulated amortization	2,600
Lease liabilities	$ 2,300
Americas
Lessee, Lease, Description [Line Items]
Number of branch offices | office	88

Leases - Weighted Average Lease

Leases - Weighted Average Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term (in years)	6 years 29 days	6 years 4 months 6 days
Weighted average discount rate (as a percent)	7.50%	7.72%

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Real estate leases - Right-of-use lease asset amortization	$ 26,101	$ 27,281	$ 26,804
Real Estate
Lessee, Lease, Description [Line Items]
Real estate leases - Right-of-use lease asset amortization	24,394	25,568
Real estate leases - Interest expense	12,761	13,413
Equipment
Lessee, Lease, Description [Line Items]
Real estate leases - Right-of-use lease asset amortization	1,706	1,717
Real estate leases - Interest expense	$ 176	$ 184

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 42,466
2026	40,596
2027	38,151
2028	24,794
2029	18,816
After 2029	52,472
Total lease payments	217,295
Less interest	(43,975)
Present value of lease liabilities	$ 173,320	$ 183,273

Revenue from contracts with c_3

Revenue from contracts with customers - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Contract with customer, receivables	$ 46,187	$ 39,861
Contract with Customer, Liability	930	1,118
Capitalized contract costs	$ 2,000	$ 1,900
Commission From Equity Securities 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

Revenue from contracts with c_4

Revenue from contracts with customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 1,229,048	$ 1,072,500
Interest	135,537	104,550	$ 60,713
Principal transactions, net	54,684	65,347	21,031
Other	13,227	6,428
Total other sources of revenue	203,448	176,325
Total revenue	1,432,496	1,248,825	1,110,941
Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	5,064	434
Interest	7,524	4,249
Principal transactions, net	39	6,375
Other	238	1,683
Total other sources of revenue	7,801	12,307
Total revenue	12,865	12,741	(1,802)
Commissions from sales and trading
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	376,910	317,768
Commissions from sales and trading | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	14	23
Mutual fund and insurance income
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	32,800	31,480
Mutual fund and insurance income | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	21	16
Advisory fees
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	483,433	415,679
Advisory fees | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	42	229
Investment banking - capital markets
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	69,177	48,042
Investment banking - capital markets | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Investment banking - advisory
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	107,270	69,623
Investment banking - advisory | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Bank deposit sweep income
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	138,770	172,807
Bank deposit sweep income | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	20,688	17,101
Other | Corporate/Other
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4,987	166
Asset Management Segment | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	867,757	797,795
Interest	88,714	85,105
Principal transactions, net	3,263	3,400
Other	12,318	3,887
Total other sources of revenue	104,295	92,392
Total revenue	972,052	890,187
Asset Management Segment | Commissions from sales and trading | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	188,783	155,039
Asset Management Segment | Mutual fund and insurance income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	32,775	31,457
Asset Management Segment | Advisory fees | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	483,391	415,450
Asset Management Segment | Investment banking - capital markets | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11,155	7,543
Asset Management Segment | Investment banking - advisory | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	46	0
Asset Management Segment | Bank deposit sweep income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	138,770	172,807
Asset Management Segment | Other | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	12,837	15,499
Capital Markets | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	356,227	274,271
Interest	39,299	15,196
Principal transactions, net	51,382	55,572
Other	671	858
Total other sources of revenue	91,352	71,626
Total revenue	447,579	345,897	$ 337,821
Capital Markets | Commissions from sales and trading | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	188,113	162,706
Capital Markets | Mutual fund and insurance income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	4	7
Capital Markets | Advisory fees | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Capital Markets | Investment banking - capital markets | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	58,022	40,499
Capital Markets | Investment banking - advisory | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	107,224	69,623
Capital Markets | Bank deposit sweep income | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	0	0
Capital Markets | Other | Operating Segments
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 2,864	$ 1,436

Revenue from contracts with c_5

Revenue from contracts with customers - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	$ 46,187	$ 39,861
Contract with Customer, Liability	930	1,118
Investment banking fees
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Liability	28	1,118
Software license fees
Contracts with Customers Assets and Liabilities [Line Items]
Contract with Customer, Liability	902	0
Commission
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	4,408	4,554
Mutual fund and insurance income
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	5,838	5,365
Advisory fees
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	11,271	5,746
Bank deposit sweep income
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	4,748	5,223
Investment banking fees
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	14,798	12,847
Other
Contracts with Customers Assets and Liabilities [Line Items]
Total receivables	$ 5,124	$ 6,126

Receivable from and payable t_3

Receivable from and payable to brokers, dealers and clearing organizations (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Receivable from brokers, dealers and clearing organizations consists of:
Securities borrowed	$ 137,177	$ 158,612
Receivable from brokers	59,487	65,639
Securities failed to deliver	8,459	29,656
Clearing organizations and other	33,142	30,789
Other	3,213	0
Total	241,478	284,696
Payable to brokers, dealers and clearing organizations consists of:
Securities loaned	235,498	284,987
Payable to brokers	607	447
Securities failed to receive	14,757	23,809
Clearing organizations and other	2,954	52,647
Total	253,816	$ 361,890
Trade date receivable	15,400
Payables to clearing organization, not yet settled	$ 48,400

Fair value measurements - Narra

Fair value measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 1,108,206	$ 795,312
Forward or delayed delivery of the underlying instrument with settlement	180 days
Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 2,652	2,713
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	2,652	2,713
Level 3 | Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	2,652	2,713
Level 3 | Trade claims
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	2,700
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	78,710	64,683
Equity method investment	5,900
Level 2 | Auction rate securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Securities owned, at fair value	$ 0	$ 0

Fair value measurements - Inves

Fair value measurements - Investments in Company-Sponsored Funds (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Fair Value	$ 5,373	$ 5,518
Unfunded Commitments	1,314	2,367
Hedge Funds
Summary of Investment Holdings [Line Items]
Fair Value	283	446
Unfunded Commitments	$ 0	$ 0
Hedge Funds | Minimum
Summary of Investment Holdings [Line Items]
Redemption notice period	30 days	30 days
Hedge Funds | Maximum
Summary of Investment Holdings [Line Items]
Redemption notice period	120 days	120 days
Private Equity Funds
Summary of Investment Holdings [Line Items]
Fair Value	$ 5,090	$ 5,072
Unfunded Commitments	$ 1,314	$ 2,367

Fair value measurements - Asset

Fair value measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Deposits with clearing organizations	$ 28,071	$ 34,789
Securities owned
Securities owned, at fair value	1,108,206	795,312
Investments	17,983	18,785
Trade claims	2,684
Loans	432
Securities purchased under agreements to resell	0	5,842
Derivative contracts:
Derivative contracts, total		13
Total	1,157,376	854,741
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	98,892	31,676
Derivative contracts:
Derivative contracts	$ 1,071	737
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Receivable from brokers, dealers and clearing organizations
Total	$ 99,963	32,413
U.S. Treasury securities
Securities owned
Securities owned, at fair value	995,420	695,346
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	82,767	14,603
U.S. Agency securities
Securities owned
Securities owned, at fair value	3,691	2
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	4
Corporate debt and other obligations
Securities owned
Securities owned, at fair value	9,423	5,769
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	11	1,508
Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	8,954	6,627
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		2
Municipal obligations
Securities owned
Securities owned, at fair value	34,704	35,333
Convertible bonds
Securities owned
Securities owned, at fair value	21,938	16,735
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	4,998	2,136
Corporate equities
Securities owned
Securities owned, at fair value	23,873	27,170
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	11,112	13,427
Money markets
Securities owned
Securities owned, at fair value	7,551	5,617
Auction rate securities
Securities owned
Securities owned, at fair value	2,652	2,713
Futures
Derivative contracts:
Derivative contracts, total		2
Derivative contracts:
Derivative contracts	1,071	735
TBAs
Derivative contracts:
Derivative contracts, total		11
Derivative contracts:
Derivative contracts		2
Level 1
ASSETS
Deposits with clearing organizations	28,071	34,789
Securities owned
Securities owned, at fair value	1,026,844	727,916
Investments	978	1,872
Trade claims
Loans
Securities purchased under agreements to resell		0
Derivative contracts:
Derivative contracts, total		2
Total	1,055,893	764,579
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	93,879	28,030
Derivative contracts:
Derivative contracts	1,071	735
Total	94,950	28,765
Level 1 | U.S. Treasury securities
Securities owned
Securities owned, at fair value	995,420	695,346
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	82,767	14,603
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
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
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		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	23,873	27,170
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	11,112	13,427
Level 1 | Money markets
Securities owned
Securities owned, at fair value	7,551	5,400
Level 1 | Auction rate securities
Securities owned
Securities owned, at fair value	0	0
Level 1 | Futures
Derivative contracts:
Derivative contracts, total		2
Derivative contracts:
Derivative contracts	1,071	735
Level 1 | TBAs
Derivative contracts:
Derivative contracts, total		0
Derivative contracts:
Derivative contracts		0
Level 2
ASSETS
Deposits with clearing organizations	0	0
Securities owned
Securities owned, at fair value	78,710	64,683
Investments	17,005	16,913
Trade claims
Loans	432
Securities purchased under agreements to resell		5,842
Derivative contracts:
Derivative contracts, total		11
Total	96,147	87,449
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	5,013	3,646
Derivative contracts:
Derivative contracts	0	2
Total	5,013	3,648
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	3,691	2
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	4
Level 2 | Corporate debt and other obligations
Securities owned
Securities owned, at fair value	9,423	5,769
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	11	1,508
Level 2 | Mortgage and other asset-backed securities
Securities owned
Securities owned, at fair value	8,954	6,627
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		2
Level 2 | Municipal obligations
Securities owned
Securities owned, at fair value	34,704	35,333
Level 2 | Convertible bonds
Securities owned
Securities owned, at fair value	21,938	16,735
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value	4,998	2,136
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	0	217
Level 2 | Auction rate securities
Securities owned
Securities owned, at fair value	0	0
Level 2 | Futures
Derivative contracts:
Derivative contracts, total		0
Derivative contracts:
Derivative contracts	0	0
Level 2 | TBAs
Derivative contracts:
Derivative contracts, total		11
Derivative contracts:
Derivative contracts		2
Level 3
ASSETS
Deposits with clearing organizations	0	0
Securities owned
Securities owned, at fair value	2,652	2,713
Investments	0	0
Trade claims	2,684
Loans
Securities purchased under agreements to resell
Derivative contracts:
Derivative contracts, total		0
Total	5,336	2,713
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 | 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
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
Securities sold, but not yet purchased
Securities sold but not yet purchased, at fair value		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	2,652	2,713
Level 3 | Futures
Derivative contracts:
Derivative contracts, total		0
Derivative contracts:
Derivative contracts	$ 0	0
Level 3 | TBAs
Derivative contracts:
Derivative contracts, total		0
Derivative contracts:
Derivative contracts		$ 0

Fair value measurements - Chang

Fair value measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Assets
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Principal transactions, net
Auction rate securities
Assets
Beginning Balance	$ 2,713	$ 31,776
Total Realized and Unrealized Losses	9	3,159
Purchases and Issuances	0	0
Sales and Settlements	(70)	(32,222)
Transfers In / (Out)	0	0
Ending Balance	2,652	2,713
Trade claims
Assets
Beginning Balance	0
Total Realized and Unrealized Losses	0
Purchases and Issuances	1,427
Sales and Settlements	0
Transfers In / (Out)	1,257
Ending Balance	$ 2,684	$ 0

Fair value measurements - Ass_2

Fair value measurements - Assets and Liabilities Not Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate-owned life insurance	$ 98,828	$ 88,989
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,150	28,835
Deposits with clearing organizations	70,838	43,917
Securities borrowed	137,177	158,612
Receivables from brokers	59,487	65,639
Securities failed to deliver	8,459	29,656
Clearing organizations and other	36,355	30,780
Total Receivable from brokers, dealers and clearing organizations	241,478	284,687
Receivable from customers	1,268,866	1,059,892
Notes receivable, net	67,931	62,640
Corporate-owned life insurance	98,828	88,989
Investments	1,634	2,010
Drafts payable	21,661	9,002
Bank call loans	252,100
Securities loaned	235,498	284,987
Payable to brokers	607	447
Securities failed to receive	14,757	23,809
Clearing Organizations and Other	1,883	51,912
Total payables to brokers, dealers and clearing organizations	252,745	361,155
Payables to customers	357,835	369,287
Securities sold under agreements to repurchase	931,754	640,382
Senior secured notes		109,838
Nonrecurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,150	28,835
Deposits with clearing organizations	70,838	43,917
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
Notes receivable, net	0	0
Corporate-owned life insurance
Investments	0	0
Drafts payable	21,661	9,002
Bank call loans	0
Securities loaned	0	0
Payable to brokers	0	0
Securities failed to receive	0	0
Clearing Organizations 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
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Deposits with clearing organizations	0	0
Securities borrowed	137,177	158,612
Receivables from brokers	59,487	65,639
Securities failed to deliver	8,459	29,656
Clearing organizations and other	36,355	30,780
Total Receivable from brokers, dealers and clearing organizations	241,478	284,687
Receivable from customers	1,268,866	1,059,892
Notes receivable, net	67,931	62,640
Corporate-owned life insurance	98,828	88,989
Investments	1,634	2,010
Drafts payable	0	0
Bank call loans	252,100
Securities loaned	235,498	284,987
Payable to brokers	607	447
Securities failed to receive	14,757	23,809
Clearing Organizations and Other	1,883	51,912
Total payables to brokers, dealers and clearing organizations	252,745	361,155
Payables to customers	357,835	369,287
Securities sold under agreements to repurchase	931,754	640,382
Senior secured notes		109,838
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Deposits with clearing organizations	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
Notes receivable, net	0	0
Corporate-owned life insurance
Investments	0	0
Drafts payable	0	0
Bank call loans	0
Securities loaned	0	0
Payable to brokers	0	0
Securities failed to receive	0	0
Clearing Organizations 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
Nonrecurring | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,150	28,835
Deposits with clearing organizations	70,838	43,917
Securities borrowed	137,177	158,612
Receivables from brokers	59,487	65,639
Securities failed to deliver	8,459	29,656
Clearing organizations and other	36,355	30,780
Total Receivable from brokers, dealers and clearing organizations	241,478	284,687
Receivable from customers	1,268,866	1,059,892
Notes receivable, net	67,931	62,640
Corporate-owned life insurance	98,828	88,989
Investments	1,634	2,010
Drafts payable	21,661	9,002
Bank call loans	252,100
Securities loaned	235,498	284,987
Payable to brokers	607	447
Securities failed to receive	14,757	23,809
Clearing Organizations and Other	1,883	51,912
Total payables to brokers, dealers and clearing organizations	252,745	361,155
Payables to customers	357,835	369,287
Securities sold under agreements to repurchase	$ 931,754	640,382
Senior secured notes		$ 113,050

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	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative asset, Notional	$ 360	$ 8,700
Derivatives asset, Fair Value	0	13
Derivative liability, notional	11,475,360	6,878,700
Derivative liability, Fair Value	1,071	737
Other contracts | TBAs
Derivatives, Fair Value [Line Items]
Derivative asset, Notional	360	3,700
Derivatives asset, Fair Value	0	11
Derivative liability, notional	360	3,700
Derivative liability, Fair Value	0	2
Commodity contracts | Futures
Derivatives, Fair Value [Line Items]
Derivative asset, Notional		5,000
Derivatives asset, Fair Value		2
Derivative liability, notional	11,475,000	6,875,000
Derivative liability, Fair Value	$ 1,071	$ 735

Fair value measurements - Fair

Fair value measurements - Fair Value Amounts of Derivative Instruments and their Effect on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income (pre-tax) Gain (Loss)	$ 3,074	$ 2,933
Commodity contracts | Principal transactions revenue | Futures
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income (pre-tax) Gain (Loss)	3,083	2,842
Other contracts | Principal transactions revenue | TBAs
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income (pre-tax) Gain (Loss)	1	26
Other contracts | Other revenue | Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Recognized in Income (pre-tax) Gain (Loss)	$ (10)	$ 65

Collateralized transactions - N

Collateralized transactions - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) dealer customer	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank call loans	$ 252,100,000	$ 0
Market value of securities	43,000,000	238,400,000
Customer securities under customer margin loans that are available to be pledged	1,900,000,000
Re-pledged amounts under securities loans agreements	187,500,000
Customer securities pledged directly with the Options Clearing Corporation to secure obligations	228,300,000
Letters of credit outstanding,	0
Amount pledged	$ 1,015,604,000	689,381,000
Number of broker-dealers | dealer	3
Receivable from brokers and clearing organizations	$ 82,900,000
Number of customers | customer	2
Receivable from customers	$ 666,100,000
Number of business days for related transactions (in days)	1 day
Accounts Receivable | Customer Concentration Risk | 2 Largest Customers
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Percentage of margin loans	52%
Equity Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of securities received as collateral	$ 131,700,000	151,900,000
Equity Securities | Reverse Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of collateral	68,100,000	8,800,000
Equity Securities | 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	$ 39,200,000	61,500,000
Equity Securities | Repurchase Agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of collateral		$ 8,800,000

Collateralized transactions - S

Collateralized transactions - Schedule of Disaggregation of Gross Obligations by Class (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities		$ 643,410
Equity securities		$ 284,987
Overnight and Open
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. Treasury securities	$ 999,809
Equity securities	235,498
Gross amount of recognized liabilities for repurchase agreements and securities loaned	$ 1,235,307

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	Dec. 31, 2024	Dec. 31, 2023
Reverse repurchase agreements
Gross Amounts of Recognized Assets	$ 68,055	$ 8,870
Gross Amounts Offset on the Balance Sheet	(68,055)	(3,028)
Net Amounts of Assets Presented on the Balance Sheet	0	5,842
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	0	5,842
Securities borrowed
Gross Amounts of Recognized Assets	137,177	158,612
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Assets Presented on the Balance Sheet	137,177	158,612
Financial Instruments	(130,568)	(149,946)
Cash Collateral Received	0	0
Net Amount	6,609	8,666
Total
Gross Amounts of Recognized Assets	205,232	167,482
Gross Amounts Offset on the Balance Sheet	(68,055)	(3,028)
Net Amounts of Assets Presented on the Balance Sheet	137,177	164,454
Financial Instruments	(130,568)	(149,946)
Cash Collateral Received	0	0
Net Amount	6,609	14,508
Repurchase agreements
U.S. Treasury securities		643,410
Gross Amounts Offset on the Balance Sheet	(68,055)	(3,028)
Net Amounts of Liabilities Presented on the Balance Sheet	931,754	640,382
Financial Instruments	(931,754)	(632,521)
Cash Collateral Pledged	0	0
Net Amount	0	7,861
Securities loaned
Equity securities		284,987
Gross Amounts Offset on the Balance Sheet	0	0
Net Amounts of Liabilities Presented on the Balance Sheet	235,498	284,987
Financial Instruments	(229,156)	(276,688)
Cash Collateral Pledged	0	0
Net Amount	6,342	8,299
Total
Gross Amounts of Recognized Liabilities	1,235,307	928,397
Gross Amounts Offset on the Balance Sheet	(68,055)	(3,028)
Net Amounts of Liabilities Presented on the Balance Sheet	1,167,252	925,369
Financial Instruments	(1,160,910)	(909,209)
Cash Collateral Pledged	0	0
Net Amount	$ 6,342	$ 16,160

Variable interest entities ("_3

Variable interest entities ("VIEs") (Details) $ in Thousands	Dec. 31, 2024 USD ($) company	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Number of special purpose acquisition companies | company	2
Cash and cash equivalents	$ 33,150	$ 28,835	$ 112,433
Restricted cash	0	0	$ 25,534
Other assets	112,534	101,775
Total assets	3,382,726	2,874,816
Total liabilities	2,532,331	2,085,577
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Cash and cash equivalents	0	94
Restricted cash	0	0
Other assets	0	387
Total assets	0	481
Other Liabilities	0	171
Total liabilities	$ 0	$ 171

Furniture, equipment and leas_3

Furniture, equipment and leasehold improvements - Summary of Office Facilities Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Office facilities, gross	$ 130,578	$ 126,606
Less accumulated depreciation	(92,390)	(82,732)
Total	38,188	43,874
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Office facilities, gross	65,979	63,473
Leasehold improvements
Property, Plant and Equipment [Line Items]
Office facilities, gross	$ 64,599	$ 63,133

Furniture, equipment and leas_4

Furniture, equipment and leasehold improvements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 10.8	$ 9.9	$ 7.6

Bank call loans - Schedule of B

Bank call loans - Schedule of Bank Call Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Bank Call Loans [Abstract]
Year-end balance	$ 252,100	$ 0
Weighted interest rate (at end of year) (as a percent)	5.12%	0%
Maximum balance (at any month-end)	$ 288,200	$ 131,900
Average amount outstanding (during the year)	$ 167,691	$ 49,387
Average interest rate (during the year) (as a percent)	5.44%	4.20%

Bank call loans - Narrative (De

Bank call loans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Bank Call Loans [Abstract]
Interest expense on bank call loans	$ 9.9	$ 2.9	$ 1.8

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Oct. 10, 2024	Sep. 19, 2024	Dec. 31, 2023	Sep. 22, 2020
Debt Instrument [Line Items]
Unamortized Debt Issuance Cost	$ 0			$ (392)
Total long-term debt, net	0			112,658
5.50% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt gross	$ 0			$ 113,050
5.50% Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Long-term debt gross		$ 113,050	$ 113,050
Stated interest rate (as a percent)					5.50%

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details) - USD ($)			12 Months Ended
	Oct. 10, 2024	Nov. 23, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 19, 2024	Sep. 22, 2020
Debt Instrument [Line Items]
Cash paid during the year for interest			$ 88,795,000	$ 68,399,000	$ 22,810,000
5.50% Senior Secured Notes
Debt Instrument [Line Items]
Long-term debt gross			0	113,050,000
Interest expense, debt			4,800,000	6,200,000
Cash paid during the year for interest			$ 4,800,000	$ 6,200,000
5.50% Senior Secured Notes | Senior 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%
Long-term debt gross	$ 113,050,000					$ 113,050,000
Redemption price (as a percent)	100%	99.80%
Debt instrument, repurchase amount						$ 11,950,000
6.75% Senior Secured Notes | Senior 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

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			12 Months Ended
	Jan. 31, 2025	Jul. 06, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 01, 2024	May 31, 2023	Dec. 13, 2022	Jul. 29, 2022	May 24, 2022	Feb. 28, 2022
Class of Stock [Line Items]
Preferred stock, authorized (in shares)			50,000,000
Preferred stock, par value (in USD per share)			$ 0.001
Common stock, par value (in dollars per share)			$ 0.001
Preferred stock, issued (in shares)			0
Payments for repurchase of common stock			$ 9,603	$ 35,124	$ 60,636
Dividends paid per share (in dollars per share)			$ 0.66	$ 0.60	$ 0.60
Cash dividends paid			$ 6,800	$ 6,500	$ 7,000
O 2022 Q4 Dividends
Class of Stock [Line Items]
Dividends paid per share (in dollars per share)					$ 0.60
Class A Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)			50,000,000	50,000,000
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Common stock, outstanding (in shares)			10,231,736	10,186,783	10,868,556			10,867,660	11,251,930	11,863,559	12,322,073
Common stock, issued (in shares)			10,231,736	10,186,783
Class A Stock | Subsequent Event
Class of Stock [Line Items]
Quarterly dividend payable (in dollars per share)	$ 0.18
Class A Stock | Previous Program
Class of Stock [Line Items]
Shares remaining available to be purchased (in shares)								144,034	4,278	71,893	12,407
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
Stock repurchased (as a percent)								5%	4.80%	4.60%	4.20%
Shares remaining available to be purchased (in shares)				223,699				687,034	540,778	621,893	530,407
Stock repurchased and canceled (in shares)				1,684,287
Stock repurchased and canceled				$ 60,600
Stock repurchased and canceled during period (in dollars per share)				$ 36
Class A Stock | Share Repurchase Program, March (2024)
Class of Stock [Line Items]
Repurchase of class A common stock (in shares)						518,000
Stock repurchased (as a percent)						5%
Shares remaining available to be purchased (in shares)			497,893
Stock repurchased and canceled (in shares)			243,806
Stock repurchased and canceled			$ 9,600
Stock repurchased and canceled during period (in dollars per share)			$ 39.39
Class A Stock | Modified Dutch Auction Tender Offer
Class of Stock [Line Items]
Common stock, outstanding (in shares)		10,447,392
Stock repurchased and canceled (in shares)		437,183
Authorized amount							$ 30,000
Stock repurchase program, price (in dollars per share)		$ 40
Payments for repurchase of common stock		$ 17,490
Class A Stock | Modified Dutch Auction Tender Offer | Minimum
Class of Stock [Line Items]
Stock repurchase program, price (in dollars per share)							$ 34
Class A Stock | Modified Dutch Auction Tender Offer | Maximum
Class of Stock [Line Items]
Stock repurchase program, price (in dollars per share)							$ 40
Class B Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)			99,665	99,665
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Common stock, outstanding (in shares)			99,665	99,665
Common stock, issued (in shares)			99,665	99,665
Class B Stock | Subsequent Event
Class of Stock [Line Items]
Quarterly dividend payable (in dollars per share)	$ 0.18

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Number of Shares of Class A Stock Outstanding (Details) - Class A Stock - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Common Stock, Shares Outstanding, Rollforward [Roll Forward]
Class A Stock outstanding, beginning of year	10,186,783	10,868,556
Issued pursuant to shared-based compensation plans	288,759	218,745
Repurchased and canceled	(243,806)	(900,518)
Class A Stock outstanding, end of year	10,231,736	10,186,783

Earnings per share - Schedule o

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Basic weighted average number of shares outstanding	10,349,803	10,736,166	11,666,194
Net dilutive effect of share-based awards, treasury stock method (in shares)	880,204	909,542	941,558
Diluted weighted average number of shares outstanding	11,230,007	11,645,708	12,607,752
Net income attributable to Oppenheimer Holdings Inc.	$ 71,557	$ 30,179	$ 32,351
Basic (in dollars per share)	$ 6.91	$ 2.81	$ 2.77
Diluted (in dollars per share)	$ 6.37	$ 2.59	$ 2.57
Class A Stock
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Number of anti-dilutive stock options granted	0	115,950	4,100

Income taxes - Schedule of Reco

Income taxes - Schedule of Reconciliation of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
U.S. federal statutory income tax	$ 22,194	$ 9,806	$ 9,497
U.S. state and local income taxes, net of U.S. federal income tax benefits	6,837	4,150	3,110
Unrecognized tax benefit	15	45	180
Valuation allowance	2,079	964	1,054
Non-taxable income	(1,094)	(964)	(1,083)
Provision to return adjustments	(95)	(812)	(316)
Change in state and foreign tax rates	451	(514)	(660)
Foreign tax rate differentials	(339)	(146)	(285)
Excess tax benefits from share-based awards	(647)	(1,378)	(471)
Non-deductible executive compensation	2,747	1,514	1,605
Other non-deductible expenses	2,362	3,833	813
Total income taxes	$ 34,510	$ 16,498	$ 13,444
Percentage
U.S. federal statutory income tax rate (as a percent)	21%	21%	21%
U.S. state and local income taxes, net of U.S. federal income tax benefits (as a percent)	6.50%	8.90%	6.80%
Unrecognized tax benefits (as a percent)	0%	0.10%	0.40%
Valuation allowance (as a percent)	2%	2.10%	2.30%
Non-taxable income (as a percent)	(1.00%)	(2.10%)	(2.40%)
Provision to return adjustments (as a percent)	(0.10%)	(1.70%)	(0.70%)
Change in state and foreign tax rates (as a percent)	0.40%	(1.10%)	(1.40%)
Foreign tax rate differentials (as a percent)	(0.30%)	(0.30%)	(0.60%)
Excess tax benefits from share-based awards (as a percent)	(0.60%)	(2.90%)	(1.00%)
Non-Deductible Executive Compensation (as a percent)	2.60%	3.20%	3.50%
Other non-deductible expenses (as a percent)	2.10%	8.10%	1.60%
Total income tax expense (as a percent)	32.60%	35.30%	29.50%

Income taxes - Schedule of Curr

Income taxes - Schedule of Current and Deferred Income Tax (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
U.S. federal tax	$ 22,249	$ 6,967	$ 18,862
State and local tax	7,459	2,137	8,068
Non-U.S. operations	1,250	937	1,129
Total Current	30,958	10,041	28,059
Deferred:
U.S. federal tax	2,323	5,207	(10,420)
State and local tax	1,262	919	(4,538)
Non-U.S. operations	(33)	331	343
Total Deferred	3,552	6,457	(14,615)
Total income taxes	$ 34,510	$ 16,498	$ 13,444

Income taxes - Narrative (Detai

Income taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Income Taxes [Line Items]
Income (loss) before income taxes for foreign operations	$ 1,200	$ 4,800	$ 7,700
Effective income tax (as a percent)	32.60%	35.30%	29.50%
Effective income tax rate, non-deductible regulatory settlement		$ 13,000
Net change in total valuation allowance	$ 1,700
Unrecognized tax benefits	1,258	1,236	$ 1,072	$ 343
Unrecognized tax benefit that would impact tax rate	994	977
Additions for tax positions of prior years	217	224	729
Settlements with taxing authorities	59	60	0
Unrecognized tax benefits, penalties and interest tax expense	3	107	$ 173
Income tax-related interest payable	325	$ 322
State and Local Jurisdiction
Schedule Of Income Taxes [Line Items]
Additions for tax positions of prior years	200
Settlements with taxing authorities	200
Oppenheimer Israel (OPCO) Ltd.
Schedule Of Income Taxes [Line Items]
Net operating loss carryforward	1,900
Oppenheimer Europe Ltd
Schedule Of Income Taxes [Line Items]
Net operating loss carryforward	$ 10,600

Income taxes - Schedule of Sign

Income taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Deferred compensation	$ 35,846	$ 27,780
Deferred rent and lease incentives	7,504	8,772
Net operating losses and credits	13,822	12,124
Receivable reserves	925	1,259
Accrued expenses	1,284	4,762
Auction rate securities reserves	0	62
Involuntary conversion	1,696	1,671
Other	1,028	981
Total deferred tax assets	62,105	57,411
Valuation allowance	(11,516)	(9,581)
Deferred tax assets after valuation allowance	50,589	47,830
Deferred tax liabilities:
Goodwill	41,560	40,984
Partnership investments	28,967	27,181
Corporate-owned life insurance	16,619	14,180
Depreciation	3,151	1,517
Other	198	303
Total deferred tax liabilities	90,495	84,165
Total deferred tax liabilities	$ (39,906)	$ (36,335)

Income taxes - Schedule of Unre

Income taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning Balance	$ 1,236	$ 1,072	$ 343
Additions for tax positions of prior years	217	224	729
Lapse in statute of limitations	(136)	0	0
Settlements with taxing authorities	(59)	(60)	0
Ending Balance	$ 1,258	$ 1,236	$ 1,072

Employee compensation plans - N

Employee compensation plans - Narrative (Details)				12 Months Ended
	Jan. 29, 2025 shares	Jan. 05, 2024 shares	Dec. 15, 2021 USD ($)	Dec. 31, 2024 USD ($) plan shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 01, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee compensation plans | plan				2
Stock options outstanding (in shares) | shares				0	2,447
Maximum annual contribution under Defined Contribution Plan				$ 23,000	$ 22,500	$ 20,500
Employer contribution to Defined Contribution Plan				4,900,000	4,400,000	4,300,000
Deferred bonus amounts							$ 13,400,000
Minimum bonus and salary amount			$ 200,000
Vesting period							3 years
Bonus deferral credit, minimum salary and bonus amount			$ 500,000
Deferral of salary and bonus (as a percent)			50%
Elective deferral credit period one			5 years
Elective deferral credit period two			10 years
Elective deferral credit, amount vested (as a percent)			100%
Matching credit (as a percent)			10%
Deferred compensation plans cost				$ 38,700,000	33,600,000	5,300,000
Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available under the share-based compensation plans (in shares) | shares				999,000				1,000,000
Restricted Stock | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of non-option awards				$ 92,000,000
Compensation expense relating to the share-based awards				12,900,000	$ 13,100,000	11,500,000
Unrecognized compensation cost related to unvested share-based compensation				$ 20,300,000
Weighted Average Remaining Contractual Life				1 year 7 months 6 days	1 year 7 months 6 days
Non-option awards granted (in shares) | shares				330,140
Vested (in shares) | shares				463,175
Non-option equity instruments, unvested (in shares) | shares				1,434,968	1,589,414
Restricted Stock | Class A Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Non-option awards granted (in shares) | shares	203,375
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense relating to the share-based awards				$ 2,550,000	$ 8,195,000	15,702,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		5 years		5 years
Aggregate intrinsic value of non-option awards				$ 65,300,000
Compensation expense relating to the share-based awards				$ 32,600,000	3,900,000	4,400,000
Weighted Average Remaining Contractual Life				3 years
Non-option awards granted (in shares) | shares		654,280
Non-option equity instruments, unvested (in shares) | shares				2,642,736
Liability related to the non-option equity awards				$ 46,900,000
Total unrecognized compensation cost				$ 27,500,000
Minimum | Restricted Stock | Class A Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum | Restricted Stock | Class A Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Third Anniversary | Restricted Stock | Class A Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-option awards granted (in shares) | shares	105,675
Fifth Anniversary | Restricted Stock | Class A Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares) | shares	97,700
Oppenheimer Holdings 2014 Incentive Plan (OIP) | Minimum | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Oppenheimer Holdings 2014 Incentive Plan (OIP) | Maximum | Class A Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				5 years
Executive Deferred Compensation Plan and Deferred Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred bonus amounts				$ 12,100,000	$ 10,100,000	$ 11,100,000
Vesting period of deferred bonus				5 years
Executive Deferred Compensation Plan, Deferred Incentive Plan And Capital Markets Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's deferred compensation liability				$ 77,800,000
CIBC Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company's deferred compensation liability				$ 22,400,000

Employee compensation plans - S

Employee compensation plans - Schedule of Restricted Stock Activity (Details) - Class A Stock - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Class A Shares Subject to Restricted Stock  Awards
Non-vested beginning of year (in shares)	1,589,414
Granted (in shares)	330,140
Vested (in shares)	(463,175)
Forfeited (in shares)	(21,411)
Non-vested end of year (in shares)	1,434,968	1,589,414
Weighted Average Fair Value Per Share
Non-vested beginning of year (in dollars per share)	$ 32.92
Granted (in dollars per share)	37.86
Vested (in dollars per share)	28.44
Forfeited (in dollars per share)	38.44
Non-vested end of year (in dollars per share)	$ 35.42	$ 32.92
Weighted Average Remaining Contractual Life	1 year 7 months 6 days	1 year 7 months 6 days
Granted, Weighted Average Remaining Contractual Life	2 years 8 months 12 days

Employee compensation plans -_2

Employee compensation plans - Schedule of Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs)	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding (in shares) | shares	2,642,736
Strike price (in dollars per share)	$ 0
Weighted Average Remaining Contractual Life	3 years
Fair value (in dollars per share)	$ 0
January 10, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding (in shares) | shares	478,680
Strike price (in dollars per share)	$ 27.54
Weighted Average Remaining Contractual Life	9 days
Fair value (in dollars per share)	$ 36.57
January 11, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding (in shares) | shares	573,329
Strike price (in dollars per share)	$ 32.16
Weighted Average Remaining Contractual Life	1 year
Fair value (in dollars per share)	$ 32.57
January 7, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding (in shares) | shares	605,087
Strike price (in dollars per share)	$ 49.57
Weighted Average Remaining Contractual Life	2 years
Fair value (in dollars per share)	$ 18.87
January 6, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding (in shares) | shares	506,170
Strike price (in dollars per share)	$ 45.33
Weighted Average Remaining Contractual Life	3 years
Fair value (in dollars per share)	$ 25
January 5, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of OARs Outstanding (in shares) | shares	479,470
Strike price (in dollars per share)	$ 40.78
Weighted Average Remaining Contractual Life	4 years
Fair value (in dollars per share)	$ 29.48

Employee compensation plans -_3

Employee compensation plans - Schedule of Stock Compensation Assumptions Used (Details) - Stock Appreciation Rights (SARs)	12 Months Ended
	Dec. 31, 2024
January 10, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	9 days
Expected volatility factor (as a percent)	22.353%
Risk-free interest rate (as a percent)	4.314%
January 11, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	1 year
Expected volatility factor (as a percent)	26.966%
Risk-free interest rate (as a percent)	4.183%
January 7, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	2 years
Expected volatility factor (as a percent)	24.353%
Risk-free interest rate (as a percent)	4.228%
January 6, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	3 years
Expected volatility factor (as a percent)	30.793%
Risk-free interest rate (as a percent)	4.261%
January 5, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	4 years
Expected volatility factor (as a percent)	31.158%
Risk-free interest rate (as a percent)	4.319%

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($)	Dec. 31, 2024	Jan. 30, 2024	Dec. 31, 2023	Sep. 13, 2022
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 1,300,000
Leases not yet commenced	6,900,000		$ 5,800,000
Letters of credit outstanding,	0
Estimated range of loss in excess of amounts accrued	$ 12,000,000
Estimate of possible loss amount		$ 1,200,000		$ 1,900,000

Regulatory requirements (Detail

Regulatory requirements (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Regulatory Capital Requirements [Line Items]
Minimum capital required	$ 4,150,000
Oppenheimer
Regulatory Capital Requirements [Line Items]
Required percentage of net capital to aggregate customer-related debit items (as a percent)	2%
Net capital	$ 381,400,000
Aggregate indebtedness (as a percent)	32.48%
Excess capital	$ 357,900,000
Freedom
Regulatory Capital Requirements [Line Items]
Net capital	$ 3,800,000
Aggregate indebtedness (as a percent)	6.67%
Freedom maintain net capital equal to the greater	$ 100,000
Net capital in excess of minimum required	$ 3,700,000
Oppenheimer Europe Ltd | Basel Three New Requirements
Regulatory Capital Requirements [Line Items]
Common Equity Tier 1 ratio (as a percent)	182%
Common Equity Tier 1 ratio required (as a percent)	56%
Tier 1 Capital ratio (as a percent)	182%
Tier 1 Capital ratio required (as a percent)	75%
Total Capital ratio (as a percent)	243%
Total Capital ratio required (as a percent)	100%
Oppenheimer Investments Asia Ltd.
Regulatory Capital Requirements [Line Items]
Regulatory capital	$ 3,300,000
Excess Liquid Capital under Hong Kong SFC rules	2,900,000
Regulatory capital required to be maintained	$ 386,200

Goodwill and intangibles (Detai

Goodwill and intangibles (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 143,607,000	$ 142,162,000
Carrying value of intangibles	35,709,000	34,340,000
Impairment of indefinite intangible assets	0	$ 0
Defined-lived intangible assets	2,900,000
PCD reporting
Goodwill [Line Items]
Goodwill	137,900,000
Corporate And Other Reporting Unit
Goodwill [Line Items]
Goodwill	$ 5,700,000

Segment information - Reported

Segment information - Reported Revenue and Profit Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 1,432,496	$ 1,248,825	$ 1,110,941
Compensation Expenses	936,813	782,396	740,827
Other Segment Items	389,926	419,659	324,560
Income (loss) before income taxes from continuing operations	105,757	46,770	45,554
Corporate/Other
Segment Reporting Information [Line Items]
Total revenue	12,865	12,741	(1,802)
Compensation Expenses	98,974	89,035	77,921
Other Segment Items	34,277	32,510	27,030
Income (loss) before income taxes from continuing operations	(120,386)	(108,804)	(106,753)
Wealth Management Segment | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	972,052	890,187	774,922
Compensation Expenses	514,227	424,031	401,932
Other Segment Items	192,086	247,621	194,987
Income (loss) before income taxes from continuing operations	265,739	218,535	178,003
Capital Markets | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	447,579	345,897	337,821
Compensation Expenses	323,612	269,330	260,974
Other Segment Items	163,563	139,528	102,543
Income (loss) before income taxes from continuing operations	$ (39,596)	$ (62,961)	$ (25,696)

Segment information - Revenue C

Segment information - Revenue Classified by Major Geographic Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 1,432,496	$ 1,248,825	$ 1,110,941
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	1,376,254	1,199,558	1,058,188
Europe/Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	52,513	46,490	47,080
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 3,729	$ 2,777	$ 5,673