# EDGAR Filing Document

**Accession Number:** 0001454308
**File Stem:** 0001454308-26-000002
**Filing Date:** 2026-1
**Character Count:** 7867
**Document Hash:** 9251820d9402aea2a3468462c14f3ba2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001454308-26-000002.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001454308-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tanglewood Wealth Management, Inc.
- **CENTRAL INDEX KEY:** 0001454308

**ORGANIZATION NAME:**
- **EIN:** 760624770
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13327
- **FILM NUMBER:** 26573959

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 POST OAK BLVD
- **STREET 2:** SUITE 800
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713-840-8880

**MAIL ADDRESS:**
- **STREET 1:** 1400 POST OAK BLVD
- **STREET 2:** SUITE 800
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Tanglewood Wealth Management Inc.<br>**Address:** 1400 POST OAK BLVD<br>SUITE 800<br>HOUSTON, TX 77056

**Form 13F File Number:** 028-13327

**CRD Number (if applicable):** 000107639

**SEC File Number (if applicable):** 801-38245

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Keith Fenstad<br>**Title:** Chief Compliance Officer<br>**Phone:** 713-840-8880

**Signature, Place, and Date of Signing:**

Keith Fenstad  Houston, TX  01-28-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 35

**Form 13F Information Table Value Total:** $1090671190

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC CAP STK CL A | CAP STK CL A | 02079K305 |  | 1055436 | 3372 | SH |  | SOLE |  | 0 | 0 | 3372 |
| APPLE INC COM | COM | 037833100 |  | 742450 | 2731 | SH |  | SOLE |  | 0 | 0 | 2731 |
| BERKSHIRE HATHAWAY INC DEL CL A | CL A | 084670108 |  | 754800 | 1 | SH |  | SOLE |  | 0 | 0 | 1 |
| FIRST EAGLE OVERSEAS EQUITY ETF | FIRST EAGLE OVER | 75526L878 |  | 1990914 | 41168 | SH |  | SOLE |  | 41168 | 0 | 0 |
| FPA GLOBAL EQUITY ETF | FPA GBL EQTY ETF | 30254T577 |  | 40281050 | 1085742 | SH |  | SOLE |  | 1085742 | 0 | 0 |
| FREEDOM 100 EMERGING MARKETS ETF | FREEDOM 100 EM | 02072L607 |  | 57635654 | 1124159 | SH |  | SOLE |  | 1124159 | 0 | 0 |
| INVESCO QQQ TRUST SERIES I | UNIT SER 1 | 46090E103 |  | 44272011 | 72067 | SH |  | SOLE |  | 72067 | 0 | 0 |
| ISHARES 1-3 YEAR TREASURY BOND ETF | 1 3 YR TREAS BD | 464287457 |  | 610715 | 7374 | SH |  | SOLE |  | 7374 | 0 | 0 |
| ISHARES 3-7 YEAR TREASURY BOND ETF | 3 7 YR TREAS BD | 464288661 |  | 176681783 | 1480366 | SH |  | SOLE |  | 1480366 | 0 | 0 |
| ISHARES CORE MSCI EAFE ETF | CORE MSCI EAFE | 46432F842 |  | 4988647 | 55764 | SH |  | SOLE |  | 55764 | 0 | 0 |
| ISHARES GOLD TRUST | ISHARES NEW | 464285204 |  | 84579221 | 1042001 | SH |  | SOLE |  | 1042001 | 0 | 0 |
| ISHARES INTERNATIONAL SELECT DIVIDEND ETF | INTL SEL DIV ETF | 464288448 |  | 218948 | 5550 | SH |  | SOLE |  | 5550 | 0 | 0 |
| ISHARES MSCI EAFE ETF | MSCI EAFE ETF | 464287465 |  | 27159685 | 282825 | SH |  | SOLE |  | 282825 | 0 | 0 |
| ISHARES MSCI EAFE GROWTH ETF | EAFE GRWTH ETF | 464288885 |  | 2320778 | 20372 | SH |  | SOLE |  | 20372 | 0 | 0 |
| ISHARES MSCI EAFE VALUE ETF | EAFE VALUE ETF | 464288877 |  | 426461 | 5972 | SH |  | SOLE |  | 5972 | 0 | 0 |
| ISHARES MSCI USA QUALITY FACTOR ETF | MSCI USA QLT FCT | 46432F339 |  | 24156959 | 121624 | SH |  | SOLE |  | 121624 | 0 | 0 |
| ISHARES RUSSELL 1000 VALUE ETF | RUS 1000 VAL ETF | 464287598 |  | 276176 | 1313 | SH |  | SOLE |  | 1313 | 0 | 0 |
| ISHARES RUSSELL 3000 ETF | RUSSELL 3000 ETF | 464287689 |  | 28914827 | 74744 | SH |  | SOLE |  | 74744 | 0 | 0 |
| JPMORGAN EQUITY PREMIUM INCOME ETF | EQUITY PREMIUM | 46641Q332 |  | 402970 | 7040 | SH |  | SOLE |  | 7040 | 0 | 0 |
| MICROSOFT CORP COM | COM | 594918104 |  | 728332 | 1506 | SH |  | SOLE |  | 0 | 0 | 1506 |
| PROFESIONALLY MANAGED PORTFO | AKRE FOCUS ETF | 74316P579 |  | 5935992 | 90612 | SH |  | SOLE |  | 90612 | 0 | 0 |
| SCHWAB FUNDAMENTAL U.S. LARGE COMPANY ETF | SCHWAB FDT US LG | 808524771 |  | 35830768 | 1316823 | SH |  | SOLE |  | 1316823 | 0 | 0 |
| SCHWAB U.S. BROAD MARKET ETF | US BRD MKT ETF | 808524102 |  | 21123082 | 805302 | SH |  | SOLE |  | 805302 | 0 | 0 |
| SCHWAB U.S. LARGE-CAP ETF | US LRG CAP ETF | 808524201 |  | 787117 | 29249 | SH |  | SOLE |  | 29249 | 0 | 0 |
| SCHWAB US DIVIDEND EQUITY ETF | US DIVIDEND EQ | 808524797 |  | 292870 | 10677 | SH |  | SOLE |  | 10677 | 0 | 0 |
| SPDR GOLD SHARES | GOLD SHS | 78463V107 |  | 56932706 | 143657 | SH |  | SOLE |  | 143657 | 0 | 0 |
| SPDR S 500 ETF TRUST | TR UNIT | 78462F103 |  | 1216545 | 1784 | SH |  | SOLE |  | 1784 | 0 | 0 |
| STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | TECHNOLOGY | 81369Y803 |  | 1218706 | 8465 | SH |  | SOLE |  | 8465 | 0 | 0 |
| T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF | CAP APPRECIATION | 87283Q867 |  | 5342389 | 139779 | SH |  | SOLE |  | 139779 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 273689 | 3695 | SH |  | SOLE |  | 3695 | 0 | 0 |
| VANGUARD FTSE DEVELOPED MARKETS ETF | FTSE DEV MKT ETF | 921943858 |  | 182748611 | 2925381 | SH |  | SOLE |  | 2925381 | 0 | 0 |
| VANGUARD INTERMEDIATE-TERM TREASURY ETF | INTER TERM TREAS | 92206C706 |  | 84210220 | 1405143 | SH |  | SOLE |  | 1405143 | 0 | 0 |
| VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF | INTL DVD ETF | 921946810 |  | 7173887 | 78446 | SH |  | SOLE |  | 78446 | 0 | 0 |
| VANGUARD REAL ESTATE ETF | REAL ESTATE ETF | 922908553 |  | 353872 | 3999 | SH |  | SOLE |  | 3999 | 0 | 0 |
| VANGUARD TOTAL STOCK MARKET ETF | TOTAL STK MKT | 922908769 |  | 189032919 | 563822 | SH |  | SOLE |  | 563822 | 0 | 0 |

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