Exhibit 21.1
Mentor Capital, Inc. Subsidiaries
The following is a list of subsidiaries of Mentor Capital, Inc. as of December 31, 2025:
| Name of Subsidiary | % of ownership | State in which Incorporated | ||||
| Mentor IP, LLC | 100 | % | South Dakota | |||
| Mentor Partner I, LLC | 100 | % | Texas | |||
| Mentor Partner II, LLC | 100 | % | Texas | |||
| TWG, LLC | 100 | % | Texas | |||