Exhibit 99.1

B. Riley Financial Reports Fourth Quarter and Full Year 2022 Results;
Declares $1.00 Dividend

Q4 2022 GAAP Net Loss of ($59.4 million)

Q4 2022 Total Revenues of $326.8 million

Q4 2022 Operating Revenues of $450.4 million

Q4 2022 Operating Adjusted EBITDA of $101.8 million, had guided to $90-100 million

Q4 2022 Investment loss of ($123.5 million), had guided to ($125-$150 million)

Declares Quarterly Dividend of $1.00 per common share

LOS ANGELES, February 22, 2023 – B. Riley Financial, Inc. (NASDAQ: RILY) (“B. Riley” or the “Company”), a diversified financial services platform, today released results for the three and twelve month periods ending December 31, 2022.

Q4 and FY 2022 Summary and Highlights

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: “Despite a challenging Capital Markets environment, we are proud to have delivered the second-best year of Operating Adjusted EBITDA in our firm’s history. This achievement is a testament to the resiliency and diversification our platform. Capital Markets began to improve late in Q4 and this momentum has continued into Q1, which has us optimistic as our clients resume opportunistically accessing capital. We are also beginning to see increased activity in our Liquidation and Real Estate practices that are benefitting from pockets of distress.”

Riley continued: “While our investments marks are not immune to broader market fluctuations, we believe the portfolio is well-positioned heading into 2023. Further, we continue to find attractive opportunities to deploy our excess liquidity in ways that competitively advantage our clients. We appreciate the trust our clients and colleagues place with us, and we look forward to continuing to execute our strategy to create value for all B. Riley stakeholders.”

Tom Kelleher, Co-Chief Executive Officer of B. Riley Financial, added: “Over the past year, we have focused on supporting our clients by helping them deliver on their strategic business initiatives while navigating a liquidity restrained environment. At the same time, we onboarded and integrated several new businesses, and we expect we will continue to grow our platform both organically and through acquisitions. We look forward to expanding operational efficiencies through 2023 and making further enhancements to strengthen our position long term.”

Declaration of Common Dividend

The Company has declared a regular quarterly cash dividend of $1.00 per common share payable on or about March 23 to common stockholders of record as of March 10. Upon this payment, the Company will have returned $4.00 per share in cash dividends, totaling approximately $113 million, to common shareholders in fiscal year 2022.

Financial Summary

The financial results included in this press release are preliminary and pending final review. Financial results will not be final until B. Riley Financial files its Annual Report on Form 10-K for the period. Information about B. Riley Financial’s use of non-GAAP financial measures is provided below under “Use of Non-GAAP Financial Measures.”

For the fourth quarter ended December 31, 2022:

For the full year ended December 31, 2022:

Balance Sheet Highlights

As of December 31, 2022, the Company had $268.6 million of cash and cash equivalents, $1.1 billion in net securities and other investments owned, and $701.7 million in loans receivable. Of this total, non-accrual loans receivable accounted for approximately $7 million of loans receivable, at fair value. Total cash and investments ⁽⁶⁾ was approximately $2.15 billion at year-end.

Total debt was approximately $2.45 billion at December 31, 2022 including $1.7 billion of senior notes due at various dates ranging from May 31, 2024 to August 31, 2028 with interest rates ranging from 5.00% to 6.75%; and approximately $700 million from term loans and credit facilities. The Company is in compliance with all of its debt covenants.

Segment Reclassification

During the fourth quarter of 2022, the Company realigned its segment reporting structure to reflect organizational changes. The Consumer segment includes the previously reported Brands segment and Targus, which the Company acquired in the fourth quarter of 2022. The Consumer segment also includes revenues from equity investments in the Hurley and Justice brands, which were previously reported in the Capital Markets segment. The Company has also realigned its previously reported Principal Investments - Communications and Other segment into two separate segments: Communications segment and All Other segment. The Company has recast its segment presentation in the corresponding unaudited Segment Financial Information tables for all periods presented.

Segment Financial Summary

		Operating Revenues (2)								Investment Gains (Loss) (4)								Total Segment Revenue
		Three Months Ended December 31,								Three Months Ended December 31,								Three Months Ended December 31,
(Dollars in thousands)		2022				2021				2022				2021				2022				2021
Capital Markets		$	133,351			$	171,645			$	(154,455	)		$	24,623			$	(21,104	)		$	196,268
Wealth Management			45,772				103,803				445				1,140				46,217				104,943
Auction and Liquidation			59,778				5,718				-				-				59,778				5,718
Financial Consulting			25,427				27,877				-				-				25,427				27,877
Communications			87,944				33,872				-				-				87,944				33,872
Consumer			89,670				10,337				30,466				43,095				120,136				53,432
All Other			8,415				-				-				-				8,415				-

Interest income from loans and securities lending increased to $61.9 million for the quarter and $240.8 million for the year. Interest income from securities lending increased to $27.5 million for the quarter and $83.1 million for the year. Interest income from loans increased to $157.7 million.

Supplemental Financial Data

Additional details related to operating results and investment performance can be found in the Fourth Quarter 2022 Financial Supplement on B. Riley Financial’s investor relations website.

Conference Call Details

Management will host an investor call to discuss its fourth quarter results today, Wednesday, February 22, 2023 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). Investors may access the live broadcast and archived recording via ir.brileyfin.com.

About B. Riley Financial

B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end, collaborative financial services across investment banking, 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. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. 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. For a reconciliation of adjusted EBITDA, operating revenue, operating adjusted EBITDA, investment adjusted EBITDA, and total cash and investments, to the comparable GAAP financial measures, please see the Appendix hereto.)

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 charge, 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, cash and cash equivalents, restricted cash, due from clearing brokers net of due to clearing brokers, securities and other investments owned, at fair value net of (a) securities sold not yet purchased and (b) noncontrolling interest related to investments, advances against customer contracts, loans receivable, at fair value net of loan participations sold, and other investments reported in prepaid and other assets, 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 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, 2021 and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 2022 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 Annual Report on Form 10-K for the year ended December 31, 2022. 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 undertakes no duty to update this information.

B. RILEY FINANCIAL, INC.

Consolidated Balance Sheets

(Dollars in thousands, except par value)

B. RILEY FINANCIAL, INC.

Consolidated Statements of Operations

(Dollars in thousands, except share data)

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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