I put the BNC T on the VNA and had N to BNC adapters on the T, no cables.
Hmm, in that case, I either suspect the calibration or the quality of the connectors and/or dummy load.
1) Was a full calibration done at the test frequency using lab standards, open, short, and load?
2) What is the rated frequency range of the dummy loads used on the T.
I can see some reactive component from the T and BNC adapters but the test frequency seems a little low for that to contribute much. Anyway, the real part confirms the overall point: two 50 ohm loads in parallel = expected 25 ohms (or close enough).
-Mike