Exhibit 21.1
Subsidiaries of BRC Group Holdings, Inc. – December 31, 2025
| Jurisdiction of Organization/ | ||
| Subsidiary | Incorporation | |
| B. Riley Acquisition Corp. I | Delaware | |
| B. Riley Acquisition Corp. II | Delaware | |
| B. Riley Acquisition Corp. III | Delaware | |
| B. Riley Acquisition Corp. IV | Delaware | |
| B. Riley Acquisition Corp. V | Delaware | |
| B. Riley Acquisition Sponsor Co., I, LLC | Delaware | |
| B. Riley Acquisition Sponsor Co., II, LLC | Delaware | |
| B. Riley Acquisition Sponsor Co., III, LLC | Delaware | |
| B. Riley Acquisition Sponsor Co., IV, LLC | Delaware | |
| B. Riley Acquisition Sponsor Co., V, LLC | Delaware | |
| B. Riley Advisory Holdings, LLC | Delaware | |
| B. Riley Advisory US, Inc. | Delaware | |
| B. Riley Brand Management, LLC | Delaware | |
| B. Riley Capital Management, LLC | New York | |
| B. Riley Commercial Capital, LLC | Delaware | |
| B. Riley Corporate Services, Inc. | Delaware | |
| B. Riley Environmental Holdings, LLC | Delaware | |
| B. Riley Environmental MIP, LLC | Delaware | |
| B. Riley International, LLC | Delaware | |
| B. Riley Principal 150 Sponsor Co., LLC | Delaware | |
| B. Riley Principal 175 Merger Corp. | Delaware | |
| B. Riley Principal 175 Sponsor Co., LLC | Delaware | |
| B. Riley Principal 200 Merger Corp. | Delaware | |
| B. Riley Principal 200 Sponsor Co., LLC | Delaware | |
| B. Riley Principal 250 Sponsor Co., LLC | Delaware | |
| B. Riley Principal Capital II, LLC | Delaware | |
| B. Riley Principal Capital, LLC | Delaware | |
| B. Riley Principal Investments RE, LLC | Delaware |
Subsidiaries of BRC Group Holdings, Inc. – December 31, 2025
| B. Riley Principal Investments, LLC | Delaware | |
| B. Riley Principal Sponsor Co. II, LLC | Delaware | |
| B. Riley Principal Sponsor Co. III, LLC | Delaware | |
| B. Riley Principal Sponsor Co., LLC | Delaware | |
| B. Riley Private Shares 2023-2 QC, LLC | Delaware | |
| B. Riley Private Shares 2023-2 QP, LLC | Delaware | |
| B. Riley Private Shares Management 2022-1, LLC | Delaware | |
| B. Riley Real Estate Ventures Holdings LLC | Delaware | |
| B. Riley Receivables, LLC | Delaware | |
| B. Riley Restructuring Services, LLC | Delaware | |
| B. Riley Retail RE Holdings LLC | Delaware | |
| B. Riley Securities Canada Holdings, Inc. | Delaware | |
| B. RILEY SECURITIES CANADA ULC | British Columbia | |
| B. Riley Securities Holdings, Inc. | Delaware | |
| B. Riley Securities, Inc. | Delaware | |
| B. Riley Venture Capital, LLC | Delaware | |
| B. Riley Wealth Advisors, Inc. | Washington | |
| B. Riley Wealth Insurance, Inc. | Washington | |
| B. Riley Wealth Management Holdings, Inc. | Delaware | |
| B. Riley Wealth Management, Inc. | Tennessee | |
| B. Riley Wealth Private Shares, LLC | Delaware | |
| B. Riley Wealth Tax Services, Inc. | Delaware | |
| Bandwave Systems, LLC | Pennsylvania | |
| bebe stores, inc.* | California | |
| Benchmark Landscaping, LLC | Delaware | |
| Bicoastal Alliance, LLC* | Delaware | |
| BR Advisory & Investments, LLC | Delaware | |
| BR Events, LLC | California | |
| BR EXAR, LLC | Delaware | |
| BR Financial Holdings, LLC | Delaware | |
| BR Great Northern Mall, LLC | Delaware | |
| BR HYATTSVILLE, LLC | Delaware |
2
Subsidiaries of BRC Group Holdings, Inc. – December 31, 2025
| BRC Emerging Managers GP, LLC | Delaware | |
| BRC Partners Opportunities Trust, a L.P. Liquidating Trust | New York | |
| BRCM Capital Partners, LLC | Delaware | |
| BRCM Finance Co., LLC | Delaware | |
| BRF Finance Co., LLC | Delaware | |
| BRF GA Joann Holdco, LLC | Delaware | |
| BRF Investments, LLC | Delaware | |
| BR-NRG, LLC | Delaware | |
| BRPI Acquisition Co LLC | Delaware | |
| BRPI Executive Consulting, LLC | Delaware | |
| BRVC bolttech II, LLC* | Delaware | |
| BRVC bolttech, LLC* | Delaware | |
| BRVC CONTINUOUS COMPOSITES II, LLC* | Delaware | |
| BRVC Promenade Group, LLC* | Delaware | |
| BRVC Pura, LLC* | Delaware | |
| BRVC SparkCognition, LLC* | Delaware | |
| BRVC Swiftly, LLC | Delaware | |
| BRVC Uniphore LLC* | Delaware | |
| Bullseye Telecom of Virginia, LLC | Virginia | |
| Bullseye Telecom, LLC | Michigan | |
| FBR Capital Markets PT, Inc | Virginia | |
| Georgia Scapes HoldCo LLC* | Delaware | |
| Georgia Scapes LLC | Delaware | |
| Great American Global Partners, LLC* | California | |
| Hyper Products Inc | Delaware | |
| IPCO Holdings, LLC | Delaware | |
| Juno Internet Services, Inc. | Delaware | |
| Juno Online Services, Inc. | Delaware | |
| Lingo Communications of Kentucky, LLC | Georgia | |
| Lingo Management, LLC | Delaware |
3
Subsidiaries of BRC Group Holdings, Inc. – December 31, 2025
| Lingo Telecom of the West, LLC | Delaware | |
| Lingo Telecom of Virginia, LLC | Virginia | |
| Lingo Telecom, LLC | Texas | |
| magicJack Holdings Corporation | Delaware | |
| magicJack L.P. | Delaware | |
| magicJack SMB, Inc. | Florida | |
| magicJack VocalTec Ltd. | Israel | |
| magicJack VoIP Services, LLC | Delaware | |
| Marconi Wireless Holdings, LLC | Delaware | |
| ModCloth Partners, LLC | Delaware | |
| NAM SPECIAL SITUATIONS MANAGEMENT, LLC | Delaware | |
| National Securities Corporation | Washington | |
| Native Brands Group, LLC | California | |
| NetZero Modecom, Inc. | Delaware | |
| NetZero, Inc. | Delaware | |
| NHC Holdings, LLC | Delaware | |
| Nogin Commerce, LLC | Delaware | |
| Nogin Holdings, LLC | Delaware | |
| One Outdoor Holdings, LLC* | Delaware | |
| ReVal Group, LLC | Delaware | |
| Rex Healthcare Receivables, LLC | Delaware | |
| Sena Cases LLC | Delaware | |
| Targus Asia Pacific Co. Ltd. | Thailand | |
| Targus Asia Pacific Ltd. | Hong Kong | |
| Targus Asia Pacific PTE Ltd. | Korea | |
| Targus Asia Pacific Sdn Bhd | Malaysia | |
| Targus Australia Pty Ltd | NSW | |
| Targus Brasil Comercio De Produtos Acessorios De Informatica Ltda. | Brazil | |
| Targus BV | Netherlands | |
| Targus Canada Ltd. | Ontario | |
| Targus Denmark ApS | Denmark | |
| Targus Deutschland GmbH | Germany |
4
Subsidiaries of BRC Group Holdings, Inc. – December 31, 2025
| Targus Europe Limited | England & Wales | |
| Targus Finland Oy | Finland | |
| Targus Group (UK) Limited | England | |
| Targus India Private Limited | Republic of India | |
| Targus International Holdco (UK) Limited | England | |
| Targus International LLC | Delaware | |
| Targus Italy S.R.L. | Italy | |
| Targus Japan Co. Ltd. | Japan | |
| Targus Korea Corporation | Korea | |
| Targus New Zealand Limited | New Zealand | |
| Targus S.A. Belgium | Belgium | |
| Targus SARL | France | |
| Targus Shanghai Company Ltd. | China | |
| Targus South Africa Pty Ltd. | South Africa | |
| Targus Spain, S.R.L. | Spain | |
| Targus Sweden AB | Sweden | |
| Targus Switzerland GmbH | Switzerland | |
| Targus US LLC | Delaware | |
| Targus US NewCo Inc. | Delaware | |
| Tdsoft Ltd. | Israel | |
| Tempo Telecom, LLC | Georgia | |
| TIGER US HOLDINGS INC. | Delaware | |
| United Advisor Services, LLC | New Jersey | |
| United Advisors, LLC | New Jersey | |
| United Advisors, LLC (DE) | Delaware | |
| United Online Advertising Network, Inc. | Delaware | |
| United Online Software Development | Republic of India | |
| United Online Web Services, Inc. | Delaware | |
| United Online, Inc. | Delaware | |
| Vancouver Telephone Company Limited | British Columbia | |
| YMax Communications Corp. | Delaware | |
| YMax Communications Corp. of Virginia | Virginia | |
| YMax Corporation | Delaware |
| * | BRC Group Holdings, Inc. owns less than 100% of these subsidiaries. |
5