Tenon Financial LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	1,180	$369	0.2%	$285.60	0.0%	CAP STK CL A	02079K305
VYM	VANGUARD WHITEHALL FDS	2,551	$366	0.2%	$143.52	—	HIGH DIV YLD	921946406
SPY	SPDR S&P 500 ETF TR	520	$355	0.1%	$681.92	—	TR UNIT	78462F103
PLTR	PALANTIR TECHNOLOGIES INC	1,700	$302	0.1%	$181.03	0.0%	CL A	69608A108
RKLB	ROCKET LAB CORP	4,000	$279	0.1%	$57.32	0.0%	COM	773121108
AMAT	APPLIED MATLS INC	910	$234	0.1%	$239.49	0.0%	COM	038222105
FNDF	SCHWAB STRATEGIC TR	4,608	$208	0.1%	$45.21	—	FUNDAMENTAL INTL	808524755

Increased Positions (17)

VXUS VANGUARD STAR FDS 16.0%

Value ($000) $37,893 (+48.0%) Shares 502,297 (+44.0%) Est. Cost $67.09 Unrealized —

VXF VANGUARD INDEX FDS 20.2%

Value ($000) $47,822 (+29.0%) Shares 228,681 (+29.0%) Est. Cost $185.93 Unrealized —

VOO VANGUARD INDEX FDS 24.8%

Value ($000) $58,747 (+20.7%) Shares 93,676 (+17.8%) Est. Cost $516.46 Unrealized —

BND VANGUARD BD INDEX FDS 13.4%

Value ($000) $31,855 (+34.6%) Shares 430,069 (+35.2%) Est. Cost $73.21 Unrealized —

BSCS INVESCO EXCH TRD SLF IDX FD 0.7%

Value ($000) $1,600 (+155.0%) Shares 77,675 (+154.3%) Est. Cost $20.54 Unrealized —

AAPL APPLE INC 1.6%

Value ($000) $3,913 (+32.2%) Shares 14,392 (+23.3%) Est. Cost $229.79 Unrealized +16.8%

AMZN AMAZON COM INC 0.8%

Value ($000) $1,819 (+98.5%) Shares 7,880 (+89.2%) Est. Cost $196.34 Unrealized +16.5%

NVDA NVIDIA CORPORATION 0.3%

Value ($000) $691 (+178.4%) Shares 3,705 (+178.6%) Est. Cost $181.88 Unrealized +2.3%

IVV ISHARES TR 0.5%

Value ($000) $1,124 (+34.8%) Shares 1,641 (+31.7%) Est. Cost $564.06 Unrealized —

BSCR INVESCO EXCH TRD SLF IDX FD 1.3%

Value ($000) $3,150 (+5.4%) Shares 159,595 (+5.2%) Est. Cost $19.60 Unrealized —

META META PLATFORMS INC 0.2%

Value ($000) $505 (+37.6%) Shares 765 (+55.2%) Est. Cost $522.89 Unrealized +27.6%

VTV VANGUARD INDEX FDS 0.3%

Value ($000) $593 (+26.8%) Shares 3,107 (+23.8%) Est. Cost $168.27 Unrealized —

DFAC DIMENSIONAL ETF TRUST 0.2%

Value ($000) $379 (+13.3%) Shares 9,566 (+10.4%) Est. Cost $32.67 Unrealized —

QQQ INVESCO QQQ TR 0.2%

Value ($000) $494 (+4.5%) Shares 805 (+2.2%) Est. Cost $451.02 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $584 (+2.5%) Shares 10,854 (+3.3%) Est. Cost $45.89 Unrealized —

BSV VANGUARD BD INDEX FDS 0.1%

Value ($000) $249 (+1.2%) Shares 3,158 (+1.3%) Est. Cost $76.70 Unrealized —

BN BROOKFIELD CORP 0.2%

Value ($000) $496 (+0.4%) Shares 10,812 (+50.0%) Est. Cost $40.12 Unrealized +13.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VXUS	VANGUARD STAR FDS	502,297 (+44.0%)	$37,893 (+48.0%)	16.0%	$67.09	—	VG TL INTL STK F	921909768
VXF	VANGUARD INDEX FDS	228,681 (+29.0%)	$47,822 (+29.0%)	20.2%	$185.93	—	EXTEND MKT ETF	922908652
VOO	VANGUARD INDEX FDS	93,676 (+17.8%)	$58,747 (+20.7%)	24.8%	$516.46	—	S&P 500 ETF SHS	922908363
BND	VANGUARD BD INDEX FDS	430,069 (+35.2%)	$31,855 (+34.6%)	13.4%	$73.21	—	TOTAL BND MRKT	921937835
BSCS	INVESCO EXCH TRD SLF IDX FD	77,675 (+154.3%)	$1,600 (+155.0%)	0.7%	$20.54	—	INVSCO BLSH 28	46138J643
AAPL	APPLE INC	14,392 (+23.3%)	$3,913 (+32.2%)	1.6%	$229.79	+16.8%	COM	037833100
AMZN	AMAZON COM INC	7,880 (+89.2%)	$1,819 (+98.5%)	0.8%	$196.34	+16.5%	COM	023135106
NVDA	NVIDIA CORPORATION	3,705 (+178.6%)	$691 (+178.4%)	0.3%	$181.88	+2.3%	COM	67066G104
IVV	ISHARES TR	1,641 (+31.7%)	$1,124 (+34.8%)	0.5%	$564.06	—	CORE S&P500 ETF	464287200
BSCR	INVESCO EXCH TRD SLF IDX FD	159,595 (+5.2%)	$3,150 (+5.4%)	1.3%	$19.60	—	BULSHS 2027 CB	46138J783
META	META PLATFORMS INC	765 (+55.2%)	$505 (+37.6%)	0.2%	$522.89	+27.6%	CL A	30303M102
VTV	VANGUARD INDEX FDS	3,107 (+23.8%)	$593 (+26.8%)	0.3%	$168.27	—	VALUE ETF	922908744
DFAC	DIMENSIONAL ETF TRUST	9,566 (+10.4%)	$379 (+13.3%)	0.2%	$32.67	—	US CORE EQUITY 2	25434V708
QQQ	INVESCO QQQ TR	805 (+2.2%)	$494 (+4.5%)	0.2%	$451.02	—	UNIT SER 1	46090E103
VWO	VANGUARD INTL EQUITY INDEX F	10,854 (+3.3%)	$584 (+2.5%)	0.2%	$45.89	—	FTSE EMR MKT ETF	922042858
BSV	VANGUARD BD INDEX FDS	3,158 (+1.3%)	$249 (+1.2%)	0.1%	$76.70	—	SHORT TRM BOND	921937827
BN	BROOKFIELD CORP	10,812 (+50.0%)	$496 (+0.4%)	0.2%	$40.12	+13.5%	CL A LTD VT SH	11271J107

Exited Positions (6)

— INVESCO EXCH TRD SLF IDX FD 1.1%

Value ($000) $2,644 Shares 127,808 Est. Cost $20.52 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.1%

Value ($000) $289 Shares 1,340 Est. Cost $194.96 Unrealized —

GOOG ALPHABET INC 0.1%

Value ($000) $265 Shares 1,238 Est. Cost $209.93 Unrealized +36.4%

VTIP VANGUARD MALVERN FDS 0.1%

Value ($000) $256 Shares 5,064 Est. Cost $47.89 Unrealized —

VCSH VANGUARD SCOTTSDALE FDS 0.1%

Value ($000) $249 Shares 3,119 Est. Cost $77.32 Unrealized —

MGK VANGUARD WORLD FD 0.1%

Value ($000) $214 Shares 531 Est. Cost $402.42 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	INVESCO EXCH TRD SLF IDX FD	127,808	$2,644	1.1%	$20.52	—	—	46138J825
VIG	VANGUARD SPECIALIZED FUNDS	1,340	$289	0.1%	$194.96	—	—	921908844
GOOG	ALPHABET INC	1,238	$265	0.1%	$209.93	+36.4%	—	02079K107
VTIP	VANGUARD MALVERN FDS	5,064	$256	0.1%	$47.89	—	—	922020805
VCSH	VANGUARD SCOTTSDALE FDS	3,119	$249	0.1%	$77.32	—	—	92206C409
MGK	VANGUARD WORLD FD	531	$214	0.1%	$402.42	—	—	921910816

Decreased Positions (7)

VTI VANGUARD INDEX FDS 3.1%

Value ($000) $7,303 (-9.6%) Shares 21,781 (-11.5%) Est. Cost $266.22 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 5.5%

Value ($000) $12,983 (-3.2%) Shares 207,832 (-7.1%) Est. Cost $50.25 Unrealized —

BSCQ INVESCO EXCH TRD SLF IDX FD 1.4%

Value ($000) $3,435 (-8.6%) Shares 175,486 (-8.7%) Est. Cost $19.37 Unrealized —

VUG VANGUARD INDEX FDS 0.5%

Value ($000) $1,101 (-8.3%) Shares 2,256 (-10.2%) Est. Cost $374.49 Unrealized —

EMXC ISHARES INC 0.1%

Value ($000) $218 (-27.3%) Shares 3,002 (-32.5%) Est. Cost $59.60 Unrealized —

DIS DISNEY WALT CO 0.1%

Value ($000) $221 (-4.5%) Shares 1,942 (-3.9%) Est. Cost $103.52 Unrealized +5.8%

SCHD SCHWAB STRATEGIC TR 0.2%

Value ($000) $409 (-1.2%) Shares 14,907 (-1.7%) Est. Cost $45.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	21,781 (-11.5%)	$7,303 (-9.6%)	3.1%	$266.22	—	TOTAL STK MKT	922908769
VEA	VANGUARD TAX-MANAGED FDS	207,832 (-7.1%)	$12,983 (-3.2%)	5.5%	$50.25	—	VAN FTSE DEV MKT	921943858
BSCQ	INVESCO EXCH TRD SLF IDX FD	175,486 (-8.7%)	$3,435 (-8.6%)	1.4%	$19.37	—	BULSHS 2026 CB	46138J791
VUG	VANGUARD INDEX FDS	2,256 (-10.2%)	$1,101 (-8.3%)	0.5%	$374.49	—	GROWTH ETF	922908736
EMXC	ISHARES INC	3,002 (-32.5%)	$218 (-27.3%)	0.1%	$59.60	—	MSCI EMRG CHN	46434G764
DIS	DISNEY WALT CO	1,942 (-3.9%)	$221 (-4.5%)	0.1%	$103.52	+5.8%	COM	254687106
SCHD	SCHWAB STRATEGIC TR	14,907 (-1.7%)	$409 (-1.2%)	0.2%	$45.04	—	US DIVIDEND EQ	808524797

Unchanged Positions (18)

LLY ELI LILLY & CO 1.0%

Value ($000) $2,490 Shares 2,317 Est. Cost $702.49 Unrealized +36.0%

TYL TYLER TECHNOLOGIES INC 0.3%

Value ($000) $749 Shares 1,649 Est. Cost $427.12 Unrealized +11.5%

MSFT MICROSOFT CORP 0.8%

Value ($000) $1,819 Shares 3,761 Est. Cost $400.01 Unrealized +25.1%

TT TRANE TECHNOLOGIES PLC 0.6%

Value ($000) $1,306 Shares 3,355 Est. Cost $267.07 Unrealized +54.9%

ITOT ISHARES TR 1.4%

Value ($000) $3,351 Shares 22,540 Est. Cost $115.37 Unrealized —

XPO XPO INC 0.3%

Value ($000) $794 Shares 5,844 Est. Cost $112.11 Unrealized +21.5%

HCA HCA HEALTHCARE INC 0.2%

Value ($000) $416 Shares 891 Est. Cost $362.13 Unrealized +28.1%

SPGI S&P GLOBAL INC 0.2%

Value ($000) $485 Shares 928 Est. Cost $427.27 Unrealized +15.7%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $411 Shares 3,416 Est. Cost $98.09 Unrealized +17.7%

AVUV AMERICAN CENTY ETF TR 0.4%

Value ($000) $837 Shares 8,203 Est. Cost $93.34 Unrealized —

VTEB VANGUARD MUN BD FDS 0.5%

Value ($000) $1,094 Shares 21,763 Est. Cost $50.40 Unrealized —

IXUS ISHARES TR 0.2%

Value ($000) $417 Shares 4,925 Est. Cost $67.86 Unrealized —

IWB ISHARES TR 0.2%

Value ($000) $361 Shares 966 Est. Cost $288.03 Unrealized —

IWM ISHARES TR 0.2%

Value ($000) $397 Shares 1,614 Est. Cost $210.45 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.3%

Value ($000) $689 Shares 3,598 Est. Cost $169.37 Unrealized —

IJR ISHARES TR 0.1%

Value ($000) $246 Shares 2,050 Est. Cost $112.15 Unrealized —

QXO QXO INC 0.1%

Value ($000) $307 Shares 15,930 Est. Cost $13.60 Unrealized +40.9%

VGIT VANGUARD SCOTTSDALE FDS 0.6%

Value ($000) $1,358 Shares 22,655 Est. Cost $59.72 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	2,317	$2,490	1.0%	$702.49	+36.0%	COM	532457108
TYL	TYLER TECHNOLOGIES INC	1,649	$749	0.3%	$427.12	+11.5%	COM	902252105
MSFT	MICROSOFT CORP	3,761	$1,819	0.8%	$400.01	+25.1%	COM	594918104
TT	TRANE TECHNOLOGIES PLC	3,355	$1,306	0.6%	$267.07	+54.9%	SHS	G8994E103
ITOT	ISHARES TR	22,540	$3,351	1.4%	$115.37	—	CORE S&P TTL STK	464287150
XPO	XPO INC	5,844	$794	0.3%	$112.11	+21.5%	COM	983793100
HCA	HCA HEALTHCARE INC	891	$416	0.2%	$362.13	+28.1%	COM	40412C101
SPGI	S&P GLOBAL INC	928	$485	0.2%	$427.27	+15.7%	COM	78409V104
XOM	EXXON MOBIL CORP	3,416	$411	0.2%	$98.09	+17.7%	COM	30231G102
AVUV	AMERICAN CENTY ETF TR	8,203	$837	0.4%	$93.34	—	US SML CP VALU	025072877
VTEB	VANGUARD MUN BD FDS	21,763	$1,094	0.5%	$50.40	—	TAX EXEMPT BD	922907746
IXUS	ISHARES TR	4,925	$417	0.2%	$67.86	—	CORE MSCI TOTAL	46432F834
IWB	ISHARES TR	966	$361	0.2%	$288.03	—	RUS 1000 ETF	464287622
IWM	ISHARES TR	1,614	$397	0.2%	$210.45	—	RUSSELL 2000 ETF	464287655
RSP	INVESCO EXCHANGE TRADED FD T	3,598	$689	0.3%	$169.37	—	S&P500 EQL WGT	46137V357
IJR	ISHARES TR	2,050	$246	0.1%	$112.15	—	CORE S&P SCP ETF	464287804
QXO	QXO INC	15,930	$307	0.1%	$13.60	+40.9%	COM NEW	82846H405
VGIT	VANGUARD SCOTTSDALE FDS	22,655	$1,358	0.6%	$59.72	—	INTER TERM TREAS	92206C706