Hello and welcome to the annual meeting of stockholders of Oppenheimer Holdings. During the meeting, you can submit questions or comments at any time. If you are a Class D shareholder, you may enter a question or comment at any time by clicking on the Q&A icon. If you are a Class A shareholder and have a question, you may email that question to info@opco.com. It is now my pleasure to turn today's meeting over to Albert Lowenthal, Chairman and CEO of Oppenheimer Holdings. Mr. Lowenthal, the floor is yours. Good afternoon, ladies and gentlemen. I want to welcome you to the 2025 Annual Meeting of Oppenheimer Holdings Inc. This meeting is again being held virtually. I am Bud Lowenthal, and I will be chairing the meeting. It is now 4:30 P.M., and I would ask that the meeting come to order. I ask Mr. Dennis McNamara, the Secretary of the Corporation, to act as Secretary of the Meeting, and Ms. [Erica Ortiz-Indard] of Computershare Shareholders Services, our transfer agent, to act as Inspector of Election. Ms. [Ortiz-Indard] has executed an affidavit to execute her duties as the Inspector faithfully. I direct that the Secretary attach the affidavit to the minutes of this meeting. The meeting will first address the formalities as described in our recent proxy statement. We have posted to our virtual meeting site a copy of our recent proxy statement and your annual report for the 2024 fiscal year, consisting of the annual report and the SEC Form 10-K. I hope that each of you had an opportunity to review them. The first order of business today will be to address the meeting's formalities, after which I will make a presentation and answer questions. The notice calling this meeting, together with the proxy statement, was mailed to stockholders on March 17, 2025. I have before me an affidavit of mailing of William Valentine of Computershare relating to the proof of mailing of the notice calling this meeting and the proxy statement in accordance with the bylaws of the Corporation, and I direct that this affidavit of mailing be filed with the minutes of this meeting. I have before me a certified list of the holders of the Class B voting stock at the close of business on March 7, 2025. The record date fixed by the Board of Directors for the purpose of determining the stockholders entitled to vote at this meeting, which has been certified by Rodolfo Sutillo of Computershare, our transfer agent. The list indicates that there are 99,665 shares of Class B voting common stock entitled to vote at this meeting. The list will be opened for inspection by any stockholder of the Corporation for the duration of this meeting. The Inspector of Elections report has now been received. The number of shares of Class B voting common stock represented in person by shareholders at this meeting is zero. The number of shares of Class B voting common stock represented by proxies received from stockholders is 97,348, for a total of 97,348, being a sufficient representation for a quorum. The total number of shares of Class B voting common stock represented at the meeting represent approximately 98% of the issued and outstanding Class B voting common stock of the Corporation. Legal notice of the meeting having been given and a quorum being present, I now declare the meeting lawfully called and convened and ready for the transaction of business. I propose to proceed with the formalities of this meeting before addressing you with respect to the year ended December 31, 2024, and the current year, and answering any questions you may have. The first order of business is the nomination and election of directors. The Nominating Corporate Governance Committee, in accordance with its charter, has recommended that the nine persons named in the proxy statement, all of whom currently serve as directors, be nominated. I now will ask a holder of Class B voting shares to nominate the slate of nominees named in the proxy statement for election as directors of the Corporation. I nominate the following persons for election as members of the Board of Directors of the Corporation to serve until the next annual meeting of stockholders and until their successors have been elected and qualified: Evan Barons, Tim Dwyer, Paul Friedman, Dessa Glasser, Stacy Kanter, Albert Lowenthal, Robert Lowenthal, Larry Roth, Suzanne Spaulding. Is there a second to the motion? I second the motion. Are there any other nominees? If not, I will entertain a motion that nominees be closed. I move that nominations be closed. Is there a second to the motion? I second the motion. Each holder of shares of Class B voting common stock entitled to vote will have the right to one vote for each share recorded in his or her name. The nine nominees for director receiving the highest number of votes shall be elected. Any Class B common shareholder who wishes to vote in person by ballot should submit their vote by pressing the vote button on your screen now. The inspector's report having been filed, I report on the voting as follows. Each of the nine nominees for director has been elected to serve as a director of the Corporation until the next annual meeting of stockholders and until his or her respective successor has been elected and qualified, each nominee having received at least 97,348 votes in favor of his or her election. I now propose to move to the ratification of the appointment of auditors for this fiscal year. The Audit Committee of your Board of Directors has, pursuant to its charter, the sole authority and responsibility to appoint independent auditors for ratification by the stockholders. The Audit Committee has selected Deloitte & Touche LLP for appointment as the Corporation's independent registered public accounting firm for 2025. Accordingly, I request that a holder of Class B voting common stock moves that the selection by the Audit Committee of Deloitte & Touche LLP as the Corporation's auditors for the 2024 fiscal year be ratified. I move that Deloitte & Touche LLP be appointed as the Corporation's independent registered public accounting firm for the Corporation's 2025 fiscal year at a remuneration to be fixed by the audit committee. Is there a second to the motion? I second the motion. Each holder of shares of Class B voting common stock entitled to vote will have the right to one vote for each share recorded in his or her name. To pass, this matter requires the approval of a civil majority of the votes cast by the holders of Class B voting stock represented in person or by proxy at this meeting. Any Class B common stockholder who wishes to vote in person by ballot should submit their vote by pressing the vote button on your screen now. The inspector's report having been filed, I report that the appointment of Deloitte & Touche LLP as the Corporation's independent registered public accounting firm for the Corporation's 2025 fiscal year at a rate of remuneration to be set by the audit committee has been ratified, having received 97,348 votes in favor of the proposal. Is there any additional business to properly come before the meeting? There being no additional business, I ask that a holder of Class B voting common stock move that the meeting be adjourned. Thereafter, I will address those present and answer any questions you may have. I move that the meeting be adjourned. Is there a second to the motion? I second the motion. All in favor, please say aye. Aye. Aye. I declare the meeting adjourned. We have now completed the formalities of the meeting, and I will now address the year ended December 31, 2024, and the current year and answer any questions you may have. Welcome to our presentation. I'm just going to read slide number four. As previously announced, Albert Lowenthal will be stepping down as CEO but will remain as Executive Chairman. Robert Lowenthal will assume the role as CEO in addition to his title of President of Oppenheimer. He has been with the company since 1999, and during that period, he has successfully held the roles of Head of IT from 1999 through 2008, Head of Global Fixed Income from 2008 to 2016, and Head of Investment Banking from 2016 to the present. He joined the Board of Directors in 2013 and was named President in 2021. He is eminently qualified for his new role as CEO of the company. Looking at 2024, as you know, Oppenheimer is a leading investment bank and full-service investment firm providing financial services and advice to high-net-worth investors, individuals, businesses, and institutions. For 2024, 69% of our revenue came from the wealth management segment, or $972 million, and 31% came from capital markets, or $447.6 million. At the end of March of 2025, our shareholders' equity reached a high of $872.3 million. Our book value per share also reached a high of $82.87, with tangible book value per share of $65.85. Our earnings for the first quarter was $2.93. At quarter's end, we had 3,012 employees compared to 3,018 at year-end December 31, 2024. At the end of the first quarter, we had 933 financial advisors connected with the company. Our client assets under administration at the end of the first quarter was $129.9 billion, and our assets under management was $48.9 billion. Pictured on this slide is a map of the United States with our offices around the country. We had 89 retail branches in the U.S. at quarter's end. There are 3,012 employees, 933 of whom are financial advisors, 165 of whom are institutional sales professionals, with 35 senior research analysts. Outside of the U.S., we have offices in Europe, in London, Geneva, and Saint Helier on the Isle of Jersey. We have an office in the Middle East in Tel Aviv and an office in Hong Kong, China. Our revenues for 12/31/2024 was $1.4 billion, with net income of $71.6 million, and our basic earnings per share were $6.91 for the full year. We had record revenue for the full year, largely driven by higher advisory fees attributable to a rise in billable assets under management, as well as an increase in transaction-based commissions and significantly improved investment banking and interest revenue. Compensation expenses increased from the prior year, largely a result of higher production-related expenses, incentive compensation accruals, and elevated costs associated with stock appreciation rights, as our share price moved up substantially during 2024. We had lower non-compensation expenses for the full year, primarily reflecting lower legal and regulatory costs, partially offset by higher interest expense on short-term borrowings. During the year 2024, the company repurchased 243,806 shares of Class A non-voting common stock during the full year under our share repurchase program. During the first quarter, we had total revenues of $367,825,000, an increase of 4.2%, and our net income attributable to Oppenheimer Holdings was $30,655,000 versus $26,054,000 during the same period of 2024, an increase of 17.7%. Our earnings per share were $2.93 compared to $2.50, an increase of 17.2% for the period. Our increased revenue was primarily driven by significantly higher advisory fees attributable to a rise in billable assets under management, as well as an increase in transaction-based commissions, as well as sales and trading revenue. Our total stockholders' equity, book value, and tangible book value reached new record highs as a result of these positive earnings. Looking at the charts pictured here, as you can see, our revenues for 2024 were $1,432,000,000 compared to $1,248,000,000 in the prior year of 2023. Our net income, moving to the next chart, was $71.6 million in 2024 versus $30.2 million in 2023. For the quarter, we had revenue of $367.8 million for the first quarter of 2025. Our net income for the first quarter was $30.7 million. Earnings per share in 2024 was $6.91 compared to $6.31 in the prior year, and our income was $2.93 for the first quarter, diluted with $2.72. Stockholders' equity at the end of the first quarter of 2025 reached an all-time record of $872 million compared to $850 million at the end of 2024. The chart pictured is a chart of our stock price through April 23rd of 2025. As you can see, we had a sharp increase in the price of shares of Oppenheimer during the latter part of 2024, which was partially offset by a decrease in the share price during the first quarter of 2025. Our total assets on our balance sheet at the end of March of 2025 was $3,572,000,000, with shareholders' equity of $872 million. Our regulatory net capital was $384.1 million, with our excess capital being $355.4 million. Book value reached $82.87 and tangible book value of $65.85 per share. Looking in the lower left-hand quadrant, you can see that we paid off our long-term borrowings, which were $112 million at the end of 2023, which was fully paid off during that year, leaving us with no outstanding long-term borrowings at the end of 2024. Interest and fee revenue has always been an important component of our revenue. FDIC Bank Deposit Program had $2.9 billion in total assets at 3/31/25, with producing income of $132.2 million for the trailing 12 months ending 3/31/25. On the margin lending side, our average customer margin debits were $1.295 billion for the trailing 12 months ending March 31, 2025, producing $87.9 million of revenue for the period. Our segment revenue of 2024 versus 2023, as you can see in the upper pie chart, we had $972 million of revenue in 2024, or 68%, compared to $890.2 million in the lower chart, or 71% during 2023. Our capital markets revenue in 2024 was $447.6 million, or 31%, compared to $345.9 million, or 28% for all of 2023. Our pre-tax income for wealth management in 2024 was $265.7 million compared to $218.5 million during the full year of 2023. On the capital markets side, we had $39.6 million of loss from capital markets in 2024, a reduction from $63 million in 2023. Clearly, we were disappointed with the level of capital markets activity due to the uncertainty in the marketplace during all of calendar year 2024 as well as 2023. Looking at the first quarter of 2025 versus the first quarter of 2023, our first quarter total revenue was $367.8 million, of which $242 million, or 66%, came from wealth management, and $123.3 million, or 34%, came from capital markets. This compared with revenue of $353 million during the first quarter of 2024, of which $238 million, or 68%, came from wealth management, and $112 million, or 32%, came from capital markets. Our pre-tax income for the first quarter showed $75.8 million of pre-tax income coming from wealth management compared to $67.9 million came from in the first quarter of 2025 compared to $75.8 million in the first quarter of 2024. In capital markets, we had a loss of $5.1 million in the first quarter compared to $6.7 million in 2024. Our well-recognized brand name makes us one of the few independent non-bank broker-dealers with full-service capabilities. We offer a wide variety of services in wealth management. Our wealth management revenue during 2024 for the full year was $972 million compared to $890 million in 2023, and our first quarter revenue in wealth management was $242 million compared to $238 million in the first quarter of 2024. In the lower left-hand quadrant, client assets per financial advisor reached a new high of $139.2 million for the first quarter of 2025 compared to $133.4 million in the first quarter of 2024, and at year-end 2024, $139.1 million. Our wealth management pre-tax margin was slightly reduced in the first quarter of 2025 to 28% compared to 31.8% at the end of the first quarter of 2024, but up slightly from the full year of 2024, which was 27.3%. As you can see from the table on the top, we continue to increase the share of wealth management revenues coming from advisory fees, reaching 68.3% for the trailing 12 months at March 2025, 68.1% for year-end 2024, which was down slightly from the year-end 2023. Our client assets under administration were $129.9 billion, a new high at the end of the first quarter of 2025. Our client assets under management were down slightly from year-end 2024 at the end of the first quarter, reaching only $48.9 billion at the end of the first quarter of 2025. In capital markets, we continue to have a strong equity research component with 35 senior research analysts covering over 600 companies at the end of the first quarter. Our capital markets revenue reached an all-time high in 2021. In 2024, though, we did have the best year we've had since that period in 2021, reaching $448 million. First quarter revenue was $123 million compared to $112 million in the first quarter of 2024. In fixed income, our investment banking revenues were up 49% for 2024, and sales and trading revenues were up 19.6% in 2024 compared to 2023. The composition of our revenue breakdown for 2024 was $167.6 million coming from equities, or 37%, $126.8 million coming from investment banking, and $128.8 million coming from fixed income, or 29%. Our investment banking focus industries continue to be healthcare, technology, consumer and retail, transportation and logistics, finance and real estate, and finally, energy. In conclusion, we continue to invest in our future, and we continue to be poised for growth. We had record high revenues for the full year 2024, driven by higher advisory fees, an increase in transaction-based revenue, as well as significantly improved investment banking and interest income. Our strong 2024 results provided the company with the opportunity to further strengthen its balance sheet through the redemption of all of our outstanding senior secured notes, totaling $113 million, which were redeemed in the fourth quarter of 2024. Our solid capital position afforded us the opportunity to both increase our quarterly dividend as well as repurchase 243,806 Class A non-voting shares in 2024. We delivered profitable results in the first quarter of 2025 despite uncertain macroeconomic conditions, and we posted our best quarter since the fourth quarter of 2021 when we recorded our all-time record quarterly results. Looking forward to the future, we're well positioned to provide client advice amidst rapid developments on market-moving policies enacted by the new administration, which have resulted in increasingly volatile market conditions. We're dedicated to continuing to pursue both organic and inorganic growth opportunities in areas complementary to our existing businesses. Moving to the second quarter of 2025, advisory fees we expect will be adversely impacted by lower billable assets under management should the recent market decline persist amidst uncertainty over tariffs and tax policy. We will opportunistically pursue hiring qualified candidates across the platform, both in wealth management as well as capital markets. With that, I conclude my prepared remarks and ask if there are any questions. We have no questions from our Class B stockholders. Any Class A stockholders submitted a question by email, we will respond within the next 24 hours. All right, thank you all for attending our 2025 annual meeting, and with that, we'll conclude the meeting. This is the meeting. You may now disconnect.