Exhibit 99.1

B. Riley Financial Reports Second Quarter 2021 Results; Declares $2.00 Dividend

Total revenues increased to $336.8 million, up 26% from Q2 2020

Operating revenues ⁽²⁾ increased to $304.1 million, up 100% from Q2 2020

Diluted EPS of $2.58 and net income of $73.9 million, down 11% from Q2 2020

Operating EBITDA ⁽³⁾ increased to $92.1 million, up 97% from Q2 2020

Total adjusted EBITDA ⁽¹⁾ of $124.9 million for the quarter

Declares total dividend of $2.00 per share, includes $0.50 regular and $1.50 special

LOS ANGELES, July 29, 2021 – B. Riley Financial, Inc. (NASDAQ: RILY), a diversified financial services company, today announced its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said: “Our operating EBITDA doubled on a year-over-year basis demonstrating continued strength across our businesses during the second quarter. Our results were driven by our investment banking division which continues to establish its leadership in small and mid-cap equity capital markets, supplemented by steady contributions from Advisory Services and Principal Investments. Increasing our capital base while simultaneously returning capital to shareholders and lowering our cost of capital has provided us with the financial flexibility to pursue the increasing number of opportunities that our diversified platform offers.”

Tom Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: “Our recent addition of complementary businesses and key hires have helped increase synergies and cross-selling opportunities across our platform. As we continue to work towards integrating our colleagues from National Holdings and enhancing the services we offer to our clients, recruiting remains a key focus. We continue to seek out new talent and businesses that can expand our reach and capabilities across service lines.”

Riley added: “The successful execution of our platform strategy has allowed us to build a solid balance sheet while enabling us to return $8.50 in common stock dividends to shareholders over the last three quarters. As we look ahead, we see multiple pathways with which to grow shareholder value. We will continue to take advantage of market opportunities in our core segments while building on additional recurring revenue streams that are both noncorrelated and counter cyclical.”

Declaration of Common Stock Dividend

The Company’s Board of Directors has approved a total quarterly cash dividend of $2.00 per share which includes the regular $0.50 dividend and a special dividend of $1.50 per share. The dividend is payable on or about August 26, 2021 to common stockholders of record as of August 13, 2021.

Second Quarter 2021 Financial Summary

For the three months ended June 30, 2021, B. Riley Financial reported net income available to common shareholders of $73.9 million, or $2.58 per diluted share.

Total revenues were $336.8 million for the second quarter of 2021, a year-over-year increase of 26% compared to $266.5 million for the prior-year period. The Company reported total adjusted EBITDA ⁽¹⁾ of $124.9 million for the quarter.

Second quarter operating revenues ⁽²⁾ were $304.1 million, a year-over-year increase of 100% from $151.9 million for the prior-year period. Operating adjusted EBITDA ⁽³⁾ of $92.1 million increased from $46.8 million for the prior-year period, up 97% year-over-year.

Operating results were enhanced by second quarter investment gains ⁽⁴⁾ of $32.7 million which are primarily driven by mark-to-market valuations on strategic investments held by the Company.

As of June 30, 2021, cash and investments ⁽⁶⁾ totaled approximately $2.0 billion including cash and cash equivalents of $297.4 million. Total cash and investments, ⁽⁶⁾ net of debt, was $568.1 million at quarter-end.

Segment Financial Summary for the Three Months Ended June 30, 2021

Financial Highlights for the First Six Months of 2021

Additional Metrics and Supplemental Financial Data

Additional metrics related to operating results and investments are presented to provide investors with greater visibility into the Company’s performance and overall results of operations. Further details related to these metrics can be found in B. Riley Financial’s Second Quarter 2021 Financial Supplement located on the Company’s investor relations website.

Segment Realignment

The Company previously realigned its segment reporting structure for Wealth Management during the first quarter of 2021 as a result of the National Holdings acquisition, and Financial Consulting during the fourth quarter of 2020 to reflect certain organizational changes. Segment results have been recast for all periods presented in conjunction with the new reporting structure.

Conference Call Details

B. Riley Financial will host a conference call to discuss its second quarter 2021 financial results at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) today, Thursday, July 29, 2021. Investors may access the live broadcast and archived recording via the Company’s investor relations website.

About B. Riley Financial

B. Riley Financial provides collaborative solutions tailored to fit the capital raising and business advisory needs of its clients and partners. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction and liquidation services. For more information, please visit www.brileyfin.com.

Footnotes (See “Note Regarding Use of Non-GAAP Financial Measures” for further discussion of these non-GAAP terms.)

Note Regarding Use of Non-GAAP Financial Measures

Certain of the information set forth herein, including operating revenues, adjusted EBITDA, operating adjusted EBITDA, and investment adjusted EBITDA, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the operating performance of its business and its revenues and cash flow, (i) excluding in the case of operating revenues, trading income (losses) and fair value adjustments on loans, (ii) excluding in the case of adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, restructuring costs, gain on extinguishment of loans, impairment of trade names, stock-based compensation and transaction and other expenses, (iii) excluding in the case of operating adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading income (losses) and fair value adjustments on loans, and other investment related expenses, (iv) including in the case of investment adjusted EBITDA, trading income (losses) and fair value adjustments on loans, net of other investment related expenses, and (v) including in the case of total cash and investments, net of debt, total cash, net securities and investments, and other minus total debt, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”). In addition, the Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward-looking statements include, but are not limited to, statements regarding our excitement and the expected growth of our business segments. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in B. Riley Financial, Inc.’s periodic filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (as applicable). Additional information will be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and B. Riley Financial, Inc. undertakes no duty to update this information.

Contacts

B. RILEY FINANCIAL, INC.

Consolidated Balance Sheets

(Dollars in thousands, except par value)

B. RILEY FINANCIAL, INC.

Consolidated Statements of Income

(Unaudited)

(Dollars in thousands, except share data)

B. RILEY FINANCIAL, INC.

Consolidated Statements of Cash Flows

(Unaudited)

(Dollars in thousands)

B. RILEY FINANCIAL, INC.

Segment Financial Information

(Unaudited)

(Dollars in thousands)

B. RILEY FINANCIAL, INC.

Adjusted EBITDA and Operating Adjusted EBITDA Reconciliation

(Unaudited)

(Dollars in thousands)

B. RILEY FINANCIAL, INC.

Adjusted Net Income Reconciliation

(Unaudited)

(Dollars in thousands, except share data)

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Source: B. Riley Financial, Inc.

Exhibit 99.2

1 NASDAQ: RILY Second Quarter 2021 Supplemental Financial Data July 29, 2021

Reconciliation of U.S. GAAP to Non - GAAP Measures 2 (Unaudited, dollars in thousands) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Adj. EBITDA and Operating Adj. EBITDA Reconciliation Net income attributable to B. Riley Financial, Inc. $83,840 $48,379 $171,594 $254,656 $75,676 EBITDA Adjustments: Provision for income taxes 32,208 18,711 62,060 97,518 19,902 Interes t expense 16,509 16,374 16,712 19,786 20,856 Interes t income (224) (67) (27) (49) (56) Share based payments 4,168 4,778 4,321 5,526 8,608 Depreciation and amortization 4,923 4,886 4,604 6,759 6,165 Restructuri n g costs — 1,557 — — — Gain on extinguishment of loans — — — — (6,509) Impairment of tradenames 8,500 — — — — Transactions related costs and other (1,660) (485) 1,222 1,285 245 Total EBITDA Adjustments 64,424 45,754 88,892 130,825 49,211 Adjusted EBITDA $148,264 $94,133 $260,486 $385,481 $124,887 Operating EBITDA Adjustments: Trading income and fair value adjustments on loans (114,547) (31,753) (140,160) (266,942) (32,679) Other investment related expenses 13,040 4,842 6,461 4,178 (84) Total Operating EBITDA Adjustments (101,507) (26,911) (133,699) (262,764) (32,763) Operating Adjusted EBITDA $46,757 $67,222 $126,787 $122,717 $92,124

Operating Income Summary 3 1. Other investment related expenses. (Unaudited, dollars in thousands) Operating Investment Combined Operating Investment Combined Revenues: Services and fees $ 266,143 - $ 266,143 $ 125,595 - $ 125,595 Trading income and fair value adjustments on loans - 32,679 32,679 - 114,547 114,547 Interest income – loans & securities lending 25,491 - 25,491 24,506 - 24,506 Sale of goods 12,457 - 12,457 1,820 - 1,820 Total revenues $304,091 $ 32,679 $ 336,770 $ 151,921 $ 114,547 $ 266,468 Operating expenses: Direct cost of services $ 12,094 - $ 12,094 $ 7,985 - $ 7,985 Cost of goods sold 3,626 - 3,626 860 - 860 Selling, general and administrative expenses 200,006 (84) (1) 199,922 93,522 13,040 (1) 106,562 Impairment of tradenames - - - 8,500 - 8,500 Interest expense – securities lending & loan participations sold 10,983 - 10,983 11,221 - 11,221 Total operating expenses $ 226,709 $ (84) $ 226,625 $ 122,088 $ 13,040 $ 135,128 Operating income $ 77,382 $ 32,763 $ 110,145 $ 29,833 $ 101,507 $ 131,340 Three Months Ended June 30, 2021 Three Months Ended June 30, 2020

Quarterly Operating Revenue and Operating Adjusted EBITDA Ope ra ting R e v e nue a nd Ope ra ting A d j usted EBIT DA (1)(3)(5)(6 ) (Dollars in thousands) Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Operating Revenue (1) $ 151,921 $ 194,500 $ 270,046 $ 333,217 $ 304,091 Investme n t Gain s ( 2 ) 114,547 31,753 140,160 266,942 32,679 Tot a l Re venu e $ 266,468 $ 226,253 $ 410,206 $ 600,159 $ 336,770 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Operating Adjusted EBITDA (3) $46,757 $67,222 $126,787 $122,717 $92,124 Investment Adjusted EBITDA (4) 101,507 26,911 133,699 262,764 32,763 Adjusted EBITDA (5)(6) $148,264 $94,133 $260,486 $385,481 $124,887 Quarterly Revenue and Adjusted EBITDA 1. 2. 3. 4. 5. 6. Operating Revenue is defined as the sum of revenues from (i) Service and Fees, (ii) Interest Income - Loans and Securities Lending and (iii) Sales of Goods. Investment Gains (Loss) is defined as Trading Income (Losses) and Fair Value Adjustments on Loans. Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) Trading Income (Losses) and Fair Value Adjustments on Loans and (ii) other investment related expenses. Investment Adjusted EBITDA is defined as Trading Income (Losses) and Fair Value Adjustments on Loans, less other investment related expenses. Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring costs, share - based payments, gain on extinguishment of loans, impairment of tradenames, and transaction related and other costs. For a reconciliation to GAAP financial measures, please see slide 2. $151.9M $194.5M $270.0M $304.1M $46.8M $67.2M $126.8M $122.7M $92.1M Operating Adj. EBITDA $333.2M Q2 2 0 2 0 Q3 2 0 2 0 Q4 2 0 2 0 Q1 2 0 2 1 Q2 2 0 2 1 Operating Revenue 4

Cash and Investments Summary 1. 2. Other equity investments and investment related deposits reported in prepaid and other assets. Other investment participations sold reported in noncontrolling interests. (Dollars in thousands) Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Cash and Cash Equivalents $ 106,253 $ 169,676 $ 103,602 $ 237,590 $ 297,396 R e st ri c t e d C a sh 471 1,410 1,235 8,532 1,335 Due from Clearing Brokers, net 29,089 19,589 (6,583) 416,925 424,949 Advances Against Customer Contracts 1,413 900 200 200 200 Securities and Other Investments Owned Equity Securities 341,515 392,674 697,288 1,006,019 1,129,217 Corporat e Bonds 5,375 5,956 3,195 41,754 42,912 Other Fixed Income Securities 2,768 3,557 1,913 5,165 3,227 P a rtn e rship Int e res t s an d Other 49,386 57,293 74,923 113,766 103,417 Securities Sold Not Yet Purchased (9,804) (48,125) (10,105) (288,058) (272,088) Loans Receivable, net of Loan Participations Sold 311,408 330,420 373,373 282,855 265,851 Other equity investments and deposits (1) 61,588 58,389 59,612 48,881 53,510 Othe r investm e n t par tici pati o n s sol d ( 2 ) — — — (4,326) (11,254) Total Cash, Net Securities, and Other $899,462 $991,739 $1,298,653 $1,869,303 $2,038,672 Debt Summary (Dollars in thousands) Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 Jun 30, 2021 Term Loans, net $ 57,195 $ 52,452 $ 74,213 $ 69,543 $ 257,104 Notes Payable 714 714 37,967 6,908 357 Senior Notes Payable 854,037 854,926 870,783 1,139,100 1,213,105 Total Debt 911,946 908,092 982,963 1,215,551 1,470,566 Total Cash and Investments, Net of Debt $ (12,484) $ 83,647 $ 315,690 $ 653,752 $ 568,106 5

Condensed Consolidated Balance Sheets 6 (Dollars in thousands) June 30, 2021 (Unaudited) December 31, 2020 Cash and cash equivalents $297,396 $103,602 Restricted cash 1,335 1,235 Due from clearing brokers 424,949 7,089 Securities and other investments owned, at fair value 1,278,773 777,319 Securities borrowed 1,140,023 765,457 Accounts receivable, net 57,853 46,518 Due from related parties 734 986 Advances against customer contracts 200 200 Loans receivable, at fair value 270,295 390,689 Prepaid expenses and other assets 119,400 87,262 Operating lease right - of - use assets 60,933 48,799 Property and equipment, net 14,447 11,685 Goodwill 236,005 227,046 Other intangible assets, net 200,304 190,745 Deferred tax assets, net 4,080 4,098 Total assets $4,106,727 $2,662,730 Accounts payable $6,101 $2,722 Accrued expenses and other liabilities 220,603 168,478 Deferred revenue 68,398 68,651 Deferred tax liabilities, net 90,325 34,248 Due to related parties and partners 230 327 Due to clearing brokers — 13,672 Securities sold not yet purchased 272,088 10,105 Securities loaned 1,134,359 759,810 Mandatorily redeemable noncontrolling interests 4,105 4,700 Operating lease liabilities 73,761 60,778 Notes payable 357 37,967 Loan participations sold 4,444 17,316 Term loans, net 257,104 74,213 Senior notes payable, net 1,213,105 870,783 Total liabilities $3,344,980 $2,123,770 Total B. Riley Financial, Inc. stockholders' equity 724,169 512,586 Noncontrolling interests 37,578 26,374 Total equity 761,747 538,960 Total liabilities and equity $4,106,727 $2,662,730

Condensed Consolidated Statements of Income 7 (Unaudited, dollars in thousands, except share data) Three Months Ended Jun e 30, 2021 2020 Revenues: S e rvic e s an d fe e s $266,143 $125,595 Trading income and fair value adjustments on loans 32,679 114,547 Interest income - Loans and securities lending 25,491 24,506 Sale of goods 12,457 1,820 Total revenues 336,770 266,468 Operating expenses: Direct cost of services 12,094 7,985 Cost of goods sold 3,626 860 Selling, general and administrative expenses 199,922 106,562 Impairment of tradenames — 8,500 Interest expense - Securities lending and loan participations sold 10,983 11,221 Total operating expenses 226,625 135,128 Opera ting income 110,145 131,340 Other income (expense): Interes t income 56 224 Gai n o n ex ti ng u i s h m e n t o f loa n s 6,509 — Loss from equity investments (852) (318) Interes t expense (2 0 ,8 56) (1 6 ,5 09) Income before income taxes 95,002 114,737 Provision for income taxes (1 9 ,9 02) (3 2 ,2 08) Net income 75,100 82,529 Net loss attributable to noncontrolling interests (5 76) (1, 311) Net income attributable to B. Riley Financial, Inc. $75,676 $83,840 Preferred stock dividends 1,7 8 9 1,0 8 7 Net income available to common shareholders $73,887 $82,753 Basic income per common share $2.70 $3.23 Diluted income per common share $2.58 $3.07 Weighted average basic common shares outstanding 27,344,184 25,627,085 Weighted average diluted common shares outstanding 28,668,465 26,992,823

Condensed Consolidated Statements of Cash Flows 8 (Unaudited, dollars in thousands) Six Months Ended June 30, 2021 2020 Cash flows from operating activities: Net incom e (los s ) $331,698 $(16,720) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 12,924 9,879 Provision for doubtful accounts 755 2,081 S hare - base d compens a ti o n 14,134 9,489 Fair valu e adjustme n ts, non - cash (10,046) 21,975 Non - cash interest and other (9,091) (6,943) Effect of foreign currency on operations (1,486) (73) (Income) loss from equity investments (23) 554 Dividends from equity investments 610 797 Deferred income taxes 51,242 (14,340) Impairment of intangibles and gain on disposal of fixed assets — 12,550 Gain on extinguishment of loans (6,509) — Loss (gain) on extinguishment of debt 919 (1,556) Gain on equity investment (3,544) — Income allocated for mandatorily redeemable noncontrolling interests 347 397 Change in operating assets and liabilities (529,831) (3,861) Net cash (used in) provided by operating activities (147,901) 14,229 Cash flows from investing activities: Net cash used in investing activities (13,722) (83,354) Cash flows from financing activities: Net cash provided by financing activities 356,051 71,815 Effect of foreign currency on cash, cash equivalents and restricted cash (534) (705) Net increase in cash, cash equivalents and restricted cash 193,894 1,985 Cash, cash equivalents and restricted cash, beginning of year 104,837 104,739 Cash, cash equivalents and restricted cash, end of year $298,731 $106,724

Segment Financial Information 9 (Unaudited, dollars in thousands) Three Months Ended June 30, 2021 2020 Capital Markets segment: Revenues - Services and fees $125,997 $60,364 Trading income and fair value a d justm e nt s o n loa n s 29,897 114,080 Interest income - Loans and securities lending 25,491 24,506 Total revenues 181,385 198,950 S elling , genera l an d administ r at i v e expenses (65,473) (56,623) Interest expense - Securities lending and loan participations sold (10,983) (11,221) Depreciation and amortization (247) (595) Segment income 104,682 130,511 We alt h Manage m e nt seg m e nt Revenues - Services and fees 87,444 15,318 Trading income and fair value adjustm e nt s o n loans 2,865 467 Total revenues 90,309 15,785 Selling, general and administrative expenses (88,702) (15,283) Depreciation and amortization (2,340) (470) Segment (loss) income (733) 32 Auction and Liquidation segment: Revenues - Services and fees 5,534 7,206 Revenues - Sale of goods 11,743 1,045 Total revenues 17,277 8,251 Direct cost of services (7,540) (3,217) Cost of goods sold (3,105) (285) S elling , genera l an d administ r at i v e expenses (3,077) (2,729) S e gm e nt in c ome 3,555 2,020 Three Months Ended June 30, 2021 2020 Financial Consulting segment Revenue s - S e rvic e s an d fe e s 23,735 18,845 Selling, general and administrative expenses (19,471) (15,268) Depreciation and amortization (89) (73) Segment income 4,175 3,504 Principal Investments – United Online and magicJack segment: Revenues - Services and fees 18,932 20,656 Revenues - Sale of goods 714 775 Total revenues 19,646 21,431 Direct cost of services (4,554) (4,768) Cost of goods sold (521) (575) S elling , genera l an d administ r at i v e expenses (4,768) (4,049) Depreciation and amortization (2,528) (2,851) Segment income 7,275 9,188 Brands segment: Revenues - Services and fees 4,501 3,206 Trading losses and fair value adjustm e nt s o n loans (83) — Total revenues 4,418 3,206 S elling , genera l an d administ r at i v e expenses (690) (309) Depreciation and amortization (715) (715) Impairment of tradenames — (8,500) Segment income (loss) 3,013 (6,318) Consolidated operating income from reportable segments $121,967 $138,937

Definition of US GAAP to Non - GAAP Financial Measures 10 Certain of the information set forth herein, including operating revenue, adjusted EBITDA, operating adjusted EBITDA, and investment adjusted EBITDA may be considered non - GAAP financial measures . B . Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its revenues and cash flow, (i) excluding in the case of operating revenues, trading income (losses) and fair value adjustments on loans, (ii) excluding in the case of adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, restructuring costs, gain on extinguishment of loans, impairment of trade names, stock - based compensation and transaction and other expenses, (iii) excluding in the case of operating adjusted EBITDA, aforementioned adjustments for adjusted EBITDA, as well as trading income (losses) and fair value adjustments on loans, and other investment related expenses, and (iv) in the case of investment adjusted EBITDA this includes trading income (losses) and fair value adjustments on loans, net of other investment related expenses, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP") . In addition, the Company's management uses these non - GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, capital resources and cash flow . Non - GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non - financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies .