10-D

Collection Period

Payment Date

Transaction Month

Series Status at End of Prior Payment Date

March 2026

04/20/2026

Revolving

0001193125-26-175391.txt : 20260424 0001193125-26-175391.hdr.sgml : 20260424 20260424090302 ACCESSION NUMBER: 0001193125-26-175391 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20260331 0001836995 0001175215 FILED AS OF DATE: 20260424 DATE AS OF CHANGE: 20260424 ABS ASSET CLASS: Other FILER: COMPANY DATA: COMPANY CONFORMED NAME: Verizon Master Trust CENTRAL INDEX KEY: 0001844964 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] ORGANIZATION NAME: Office of Structured Finance EIN: 866471965 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-253034-01 FILM NUMBER: 26890691 BUSINESS ADDRESS: STREET 1: C/O WILMINGTON TRUST, NA STREET 2: 1100 NORTH MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19890-1605 BUSINESS PHONE: 866-829-1928 MAIL ADDRESS: STREET 1: C/O WILMINGTON TRUST, NA STREET 2: 1100 NORTH MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19890-1605 10-D 1 d136325d10d.htm 10-D 10-D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from March 1, 2026 to March 31, 2026

Commission File Numbers of issuing entity: 333-253034-01; 333-278415-01

Central Index Key Number of issuing entity: 0001844964

VERIZON MASTER TRUST

(Exact name of issuing entity as specified in its charter)

Commission File Numbers of depositor: 333-253034; 333-278415

Central Index Key Number of depositor: 0001836995

VERIZON ABS II LLC

(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001175215

CELLCO PARTNERSHIP

(Exact name of sponsor as specified in its charter)

Ronald Klein

908-559-5980

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

23-2259884

(I.R.S. Employer Identification No.)

One Verizon Way

Basking Ridge, New Jersey

(Address of principal executive offices of the issuing entity)

07920
(Zip Code)

212-395-1000

(Telephone number including area code)

Not Applicable

(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)


				Name of exchange
Title of class	Section 12(b)	Section 12(g)	Section 15(d)	(If Section 12(b))
Series 2023-4, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2023-4, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2023-4, Fixed Rate Class B Notes	☐	☐	☒
Series 2023-4, Fixed Rate Class C Notes	☐	☐	☒
Series 2023-7, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2023-7, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2023-7, Fixed Rate Class B Notes	☐	☐	☒
Series 2023-7, Fixed Rate Class C Notes	☐	☐	☒
Series 2024-3, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2024-3, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2024-3, Fixed Rate Class B Notes	☐	☐	☒
Series 2024-3, Fixed Rate Class C Notes	☐	☐	☒
Series 2024-4, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2024-4, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2024-4, Fixed Rate Class B Notes	☐	☐	☒
Series 2024-4, Fixed Rate Class C Notes	☐	☐	☒
Series 2024-6, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2024-6, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2024-6, Fixed Rate Class B Notes	☐	☐	☒
Series 2024-6, Fixed Rate Class C Notes	☐	☐	☒
Series 2024-8, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2024-8, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2024-8, Fixed Rate Class B Notes	☐	☐	☒
Series 2024-8, Fixed Rate Class C Notes	☐	☐	☒
Series 2025-1, Fixed Rate Class A Notes	☐	☐	☒
Series 2025-1, Fixed Rate Class B Notes	☐	☐	☒
Series 2025-1, Fixed Rate Class C Notes	☐	☐	☒
Series 2025-3, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2025-3, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2025-3, Fixed Rate Class B Notes	☐	☐	☒
Series 2025-3, Fixed Rate Class C Notes	☐	☐	☒
Series 2025-5, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2025-5, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2025-5, Fixed Rate Class B Notes	☐	☐	☒
Series 2025-5, Fixed Rate Class C Notes	☐	☐	☒
Series 2025-7, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2025-7, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2025-7, Fixed Rate Class B Notes	☐	☐	☒
Series 2025-7, Fixed Rate Class C Notes	☐	☐	☒
Series 2025-9, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2025-9, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2025-9, Fixed Rate Class B Notes	☐	☐	☒
Series 2025-9, Fixed Rate Class C Notes	☐	☐	☒
Series 2026-1, Fixed Rate Class A-1a Notes	☐	☐	☒
Series 2026-1, Floating Rate Class A-1b Notes	☐	☐	☒
Series 2026-1, Fixed Rate Class B Notes	☐	☐	☒
Series 2026-1, Fixed Rate Class C Notes	☐	☐	☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

PART I — DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the assets of Verizon Master Trust for the distribution period commencing on March 1, 2026 and ending on March 31, 2026 is set forth in the monthly investor reports relating to the April 20, 2026 distribution, which are attached to this Form 10-D as the Exhibits listed under Item 10 below.

There is no activity to report under Rule 15Ga-1(a) under the Securities Exchange Act of 1934 with respect to Verizon Master Trust for the distribution period commencing on March 1, 2026 and ending on March 31, 2026. Cellco Partnership (Central Index Key Number: 0001175215), as securitizer, most recently filed a Form ABS-15G on January 26, 2026 with respect to all asset-backed securities sponsored by it, including those securities issued by Verizon Master Trust.

PART II — OTHER INFORMATION

Item 3. Sales of Securities and Use of Proceeds.

Verizon ABS II LLC and Verizon Master Trust (the “Trust”) have filed with the Securities and Exchange Commission (the “Commission”) a registration statement (file numbers 333-278415 and 333-278415-01, respectively), which was declared effective on May 31, 2024, as amended effective as of June 3, 2025.

The Trust is a master trust that may, from time to time and at its sole discretion, issue additional series of notes, subject to the satisfaction of certain conditions set forth in Section 3.1 of the Master Collateral Agreement (as defined below). As of the date hereof, all of the series issued by the Trust are part of Group 1.

With respect to Group 1 (as such term is defined in the related Group Supplement), no Group Series (or any Group Creditor Representative with respect thereto) or Group Creditor (including any Noteholder) has or will have the right to consent to the Trust issuing any additional Group Series if the conditions set forth in Section 3.1 of the Master Collateral Agreement are satisfied. These conditions include, but are not limited to, (i) the delivery by or on behalf of the Trust to U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as master collateral agent (the “Master Collateral Agent”), of an officer’s certificate stating that, based upon the facts known to such officer, the consummation of such additional Group Series will not (x) result in the occurrence of (1) an amortization event with respect to any other Group Series of that Group or (2) an Event of Default with respect to that Group or (y) materially and adversely affect the amount of distributions to be made to the Creditors of any other Group Series of that Group pursuant to the transaction documents and other Series Related Documents, in each case, as determined in accordance with the Master Collateral Agreement; (ii) the delivery by Cellco Partnership d/b/a Verizon Wireless (“Cellco”), as servicer (the “Servicer”) to the Master Collateral Agent of an officer’s certificate stating that no Pool Balance Deficit is continuing or will result from issuing or entering into such additional Group Series of that Group; and (iii) the delivery by the Trust to the Master Collateral Agent and each Group Creditor Representative of that Group of an opinion of counsel stating that, among other things, all conditions precedent to issuing such additional Group Series have been complied with.

On March 13, 2026, the Trust issued its Series 2026-1 Asset Backed Notes (the “2026-1 Notes”) in an aggregate amount of $1,650,000,000. The Class B Notes of the 2026-1 Notes, with an initial note balance of $112,398,000, were retained by Verizon ABS II LLC or one or more of its affiliates as partial consideration for the transfer of Receivables to the Trust. The Class A-1a Notes, Class A-1b Notes and Class C Notes of the 2026-1 Notes, with an aggregate initial note balance of $1,537,602,000, were sold for an aggregate offering price of $1,537,437,455.05, with underwriting discounts of $3,594,480.50. The offer and sale of the 2026-1 Notes were registered under, and offered by SMBC Nikko Securities America, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, Cabrera Capital Markets LLC, Deutsche Bank Securities Inc. and U.S. Bancorp Investments, Inc., as underwriters, pursuant to the Securities Act of 1933, as amended (the “Securities Act”). The offering for the Series 2026-1 Notes commenced on March 2, 2026, and it did not terminate prior to the sale of any or all of the Series 2026-1 Notes. The net proceeds to Verizon ABS II LLC from the sale of the 2026-1 Notes, after deducting expenses estimated to be $941,920, was $1,532,901,054.55.

The net proceeds from the sale of the 2026-1 Notes may be used by the Trust to acquire additional device payment plan agreements, to make the initial deposit in the related Reserve Account, to redeem other Credit Extensions, to make payments of principal on any other Credit Extensions (to the extent permitted thereby) and for other general corporate purposes.

Each Group 1 Series, including the 2026-1 Notes, will be equally and ratably entitled to the benefits of the Master Collateral Agreement without preference, priority or distinction. On each Payment Date, each Group 1 Series then outstanding, including the 2026-1 Notes, will be entitled to a portion of the Collections on the Receivables and other Group Available Funds for Group 1 for such Payment Date based on the Series Allocation Percentage for such Group 1 Series.

For more detailed information, see also (i) the Indenture, dated as of March 13, 2026 (the “Series 2026-1 Indenture”), between the Trust, as trust, and U.S. Bank Trust Company, National Association, as indenture trustee and note paying agent (which was included as Exhibit 4.2 to the Trust’s Form 8-K, as filed with the Commission on March 13, 2026), and (ii) the Master Collateral Agency and Intercreditor Agreement, dated as of May 25, 2021, among the Trust, the Master Collateral Agent, the Servicer, and the creditor representatives from time to time party thereto (which was included as Exhibit 4.1 to the Trust’s Form 8-K, as filed with the Commission on May 25, 2021), as amended by (x) Omnibus Amendment No. 1 to the Master Collateral Agency and Intercreditor Agreement, the Transfer and Servicing Agreement, the Originator Receivables Transfer Agreement and the Additional Transferor Receivables Transfer Agreement, dated as of November 4, 2021, among the Trust, Verizon DPPA Master Trust, Cellco, as Servicer, marketing agent, custodian and administrator, Verizon ABS II LLC, the Master Collateral Agent, and the originators party thereto from time to time (which was included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on November 4, 2021), (y) Omnibus Amendment No. 2 to the Master Collateral Agency and Intercreditor Agreement and the Amended and Restated Trust Agreement, dated as of August 11, 2022, among the Trust, U.S. Bank National Association, as master collateral agent, Wilmington Trust, National Association, as owner trustee, Verizon DPPA True-up Trust, Verizon ABS II LLC, as depositor and Cellco, as servicer, and acknowledged and agreed to by U.S. Bank Trust Company, National Association (which was included as Exhibit 99.2 to the Trust’s Form 8-K, as filed with the Commission on August 11, 2022) and (z) Amendment No. 3 to the Master Collateral Agency and Intercreditor Agreement, dated as of August 30, 2024, among the Trust, the Master Collateral Agent and Cellco, as administrator (which was included as Exhibit 99.1 to the Trust’s Form 8-K, as filed with the Commission on September 3, 2024) (the “Master Collateral Agreement”).

The terms “Class A-1a Notes,” “Class A-1b Notes,” “Class B Notes,” “Class C Notes” and “Reserve Account,” as such terms apply to the 2026-1 Notes, have the meaning assigned to them in Section 1.1 of the Series 2026-1 Indenture, and the remaining capitalized terms used in this Item 3 have the meaning assigned to them in Appendix A of the Master Collateral Agreement, as applicable, each of which are incorporated by reference herein.

Item 10. Exhibits.


Exhibit 99.1		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust).

Exhibit 99.2		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2023-4).

Exhibit 99.3		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2023-7).

Exhibit 99.4		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2024-3).

Exhibit 99.5		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2024-4).

Exhibit 99.6		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2024-6).

Exhibit 99.7		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2024-8).

Exhibit 99.8		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2025-1).

Exhibit 99.9		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2025-3).

Exhibit 99.10		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2025-5).

Exhibit 99.11		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2025-7).

Exhibit 99.12		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2025-9).

Exhibit 99.13		Monthly investor report relating to the April 20, 2026 distribution (Verizon Master Trust Series 2026-1).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: April 24, 2026


VERIZON MASTER TRUST
(Issuing Entity)

By:		Cellco Partnership,
		solely as servicer

By:		/s/ Jon Ransegnola
		Name: Jon Ransegnola
		Title: Assistant Treasurer

EX-99.1 2 d136325dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Verizon Master Trust (VZMT) Monthly Investor Report : Pool Balance Summary

Group Name

Collection Period
Beginning

Collection
Period End

Previous Payment
Date

Payment
Date

Days in Collection
Period

Days in Interest
Period

Group Status at End of
Previous Payment Date

One

03/01/2026

03/31/2026

03/20/2026

04/20/2026

Revolving



Reconciliation of Pool Balance and Pool Information
Beginning of Collection Period Pool Balance			$28,480,571,108.02

LESS: Collections (including prepayments, credit and upgrade payments)			$1,629,487,383.73

LESS: Reconveyance Amount			$55,041,559.56

LESS: Written-Off Receivables			$77,577,642.97

ADD: addition of Receivables			$1,410,324,177.36

LESS: Redesignated Receivables (Outgoing) / transferred out			$0.00

ADD: Redesignated Receivables (Incoming)			$0.00

End of Collection Period Pool Balance			$28,128,788,699.12

Consumer Pool Balance			$24,992,393,243.83

Business Pool Balance			$3,136,395,455.29



Write Offs Receivables in Collection Period

	# of Receivables	Written-Off Balance	% of Beginning Pool Balance

Current Collection Period	174,543	$77,577,642.97		0.27%

1st Preceding Collection Period				0.16%

2nd Preceding Collection Period				0.23%

Sum of the three above multiplied by four				2.65%

Delinquent Receivables in Collection Period

	# of Receivables	Delinquent Balances		% of End of Pool Balance

1 - 30 Days Delinquent	4,260,416	$2,175,678,945.00		7.73%

31 - 60 Days Delinquent	378,650	$182,151,126.56		0.65%

61 - 90 Days Delinquent	164,253	$74,998,948.34		0.27%

91 - 120 Days Delinquent	156,974	$70,842,764.75		0.25%

Over 120 Days Delinquent	183,491	$81,333,388.85		0.29%

Total Delinquent Receivables	5,143,784	$2,585,005,173.50		9.19%

Ratio of aggregate Principal Balance of Receivables 91+ days delinquent

Current Collection Period				0.54%

1st Preceding Collection Period				0.55%

2nd Preceding Collection Period				0.47%

Three Month Average				0.52%



Assets Representation Review: Aggregate Principal Balance of 60-Day Delinquent Receivables

Current Period	0.82	%

Delinquency Trigger	5.00	%



Available Funds

+ Collections							$1,426,526,431.50

+ Prepayments							$147,405,610.02

+ Reconveyance Amounts							$48,336,024.32

+ Credit Payments							$42,182,879.82

+ Upgrade Prepayments							$13,372,462.39

+ Parent Support Provider Payments							$0.00

+ Excess sale proceeds							$0.00

- Receivables purchased from Depositor							$0.00

+ Available Subordinated Amounts							$0.00

Total Group Sources of Funds							$1,677,823,408.05



Upgrades	Current Period		To Date

Number of Receivables Upgraded		30,868		1,413,592

Principal Balance of Receivables Upgraded	$	13,372,462.39	$	618,371,729.17

Upgrade payments	$	3,601,680.17	$	151,474,582.83

Failure by Marketing Agent to Make Upgrade Payments		No		No



Pool characteristics as of end of Collection Period

Number of Receivables		55,470,071

Pool Balance	$	28,128,788,699.12

Average Monthly Payment	$	24.85

Average Principal Balance	$	507.10

Weighted Average Remaining Term		24.3

Customer Tenure*

0-12 Months		11.91	%

60+ Months		69.64	%

*Customer tenure is only reported for buckets that are over 10%

Geographic Concentration

Largest state		CA / 9.92	%

2nd Largest State		FL / 6.15	%

3rd Largest State		NY / 5.89	%

Weighted Average FICO		728

Page 1 of 8

Verizon Master Trust (VZMT) Monthly Investor Report: Series Allocation Summary



1. Note Balances, Required Overcollateralization, and Series Invested Amount

			Note Balance						Target OC				Series Invested Amount

	Initial Note Balance		Beginning of Period		Ending of Period		Overcollateralization %		Beginning of Period		Ending of Period		Beginning of Period		Ending of Period

2023-3		$300,000,000.00		$300,000,000.00		$300,000,000.00		8.25%		$26,975,476.84		$26,975,476.84		$326,975,476.84		$326,975,476.84

2023-4		$800,000,000.00		$800,000,000.00		$800,000,000.00		8.25%		$71,934,604.90		$71,934,604.90		$871,934,604.90		$871,934,604.90

2023-6		$625,000,000.00		$625,000,000.00		$625,000,000.00		8.25%		$56,198,910.08		$56,198,910.08		$681,198,910.08		$681,198,910.08

2023-7		$600,000,000.00		$600,000,000.00		$600,000,000.00		8.25%		$53,950,953.68		$53,950,953.68		$653,950,953.68		$653,950,953.68

2024-2		$750,000,000.00		$750,000,000.00		$750,000,000.00		8.25%		$67,438,692.10		$67,438,692.10		$817,438,692.10		$817,438,692.10

2024-3		$875,000,000.00		$875,000,000.00		$875,000,000.00		8.25%		$78,678,474.11		$78,678,474.11		$953,678,474.11		$953,678,474.11

2024-4		$600,000,000.00		$600,000,000.00		$600,000,000.00		8.25%		$53,950,953.68		$53,950,953.68		$653,950,953.68		$653,950,953.68

2024-5		$575,000,000.00		$575,000,000.00		$575,000,000.00		8.25%		$51,702,997.28		$51,702,997.28		$626,702,997.28		$626,702,997.28

2024-6		$1,500,000,000.00		$1,500,000,000.00		$1,500,000,000.00		8.25%		$134,877,384.20		$134,877,384.20		$1,634,877,384.20		$1,634,877,384.20

2024-7		$600,000,000.00		$600,000,000.00		$600,000,000.00		8.25%		$53,950,953.68		$53,950,953.68		$653,950,953.68		$653,950,953.68

2024-8		$1,000,000,000.00		$1,000,000,000.00		$1,000,000,000.00		8.25%		$89,918,256.13		$89,918,256.13		$1,089,918,256.13		$1,089,918,256.13

2025-1		$600,000,000.00		$600,000,000.00		$600,000,000.00		8.25%		$53,950,953.68		$53,950,953.68		$653,950,953.68		$653,950,953.68

2025-2		$500,000,000.00		$500,000,000.00		$500,000,000.00		8.25%		$44,959,128.07		$44,959,128.07		$544,959,128.07		$544,959,128.07

2025-3		$1,000,000,000.00		$1,000,000,000.00		$1,000,000,000.00		8.25%		$89,918,256.13		$89,918,256.13		$1,089,918,256.13		$1,089,918,256.13

2025-4		$500,000,000.00		$500,000,000.00		$500,000,000.00		8.25%		$44,959,128.07		$44,959,128.07		$544,959,128.07		$544,959,128.07

2025-5		$600,000,000.00		$600,000,000.00		$600,000,000.00		8.25%		$53,950,953.68		$53,950,953.68		$653,950,953.68		$653,950,953.68

2025-6		$300,000,000.00		$300,000,000.00		$300,000,000.00		8.25%		$26,975,476.84		$26,975,476.84		$326,975,476.84		$326,975,476.84

2025-7		$900,000,000.00		$900,000,000.00		$900,000,000.00		8.25%		$80,926,430.52		$80,926,430.52		$980,926,430.52		$980,926,430.52

2025-8		$400,000,000.00		$400,000,000.00		$400,000,000.00		8.25%		$35,967,302.45		$35,967,302.45		$435,967,302.45		$435,967,302.45

2025-9		$800,000,000.00		$800,000,000.00		$800,000,000.00		8.25%		$71,934,604.90		$71,934,604.90		$871,934,604.90		$871,934,604.90

2025-10		$500,000,000.00		$500,000,000.00		$500,000,000.00		8.25%		$44,959,128.07		$44,959,128.07		$544,959,128.07		$544,959,128.07

2026-1		$1,650,000,000.00		$0.00		$1,650,000,000.00		8.25%		$0.00		$148,365,122.62		$0.00		$1,798,365,122.62

2021-A		$2,866,666,666.65		$4,225,000,000.00		$2,025,000,000.00		8.75%		$405,136,986.30		$194,178,082.19		$4,630,136,986.30		$2,219,178,082.19

2021-B		$1,433,333,333.35		$4,650,000,000.00		$4,650,000,000.00		8.75%		$445,890,410.96		$445,890,410.96		$5,095,890,410.96		$5,095,890,410.96


Total	$	20,275,000,000.00	$	23,200,000,000.00		22,650,000,000.00			$	2,139,106,416.35		2,076,512,634.86	$	25,339,106,416.35	$	24,726,512,634.86

Page 2 of 8

Verizon Master Trust (VZMT) Monthly Investor Report: Series Allocation Summary



Financing Adjustment Dates (FADs)
FADs	3/1/2026	3/8/2026	3/10/2026	3/11/2026	3/13/2026	3/31/2026	Time Wgt Avg

Time wgt (days in Collection Period)	7	2	1	2	18	1

Pool Balance	$28,480,571,108.02	$28,317,659,740.30	$28,194,953,919.34	$28,295,675,080.51	$28,178,498,545.60	$28,128,788,699.12	$28,262,173,672.16



2. PV of Remaining Unpaid Payments, Discount Rate, Discounted Series Invested Amounts and % Series Incremental Required Invested Amount

	Present values of remaining unpaid payments				Discount Rate %			Discounted Series Invested Amounts				% Series Incremental Required Invested Amount

	3/1/2026		3/31/2026					3/1/2026		3/31/2026		3/1/2026			3/31/2026

2023-3		$25,499,884,145.61		$25,206,752,995.01		10.52	%		$365,195,640.33		$364,878,474.12		1.28	%		1.30	%

2023-4		$25,388,391,572.87		$25,097,373,254.60		10.95	%		$978,136,239.78		$977,255,585.83		3.43	%		3.47	%

2023-6		$25,339,369,649.68		$25,049,278,521.78		11.14	%		$765,647,138.96		$764,945,504.09		2.69	%		2.72	%

2023-7		$25,254,576,993.90		$24,966,087,018.64		11.47	%		$737,486,648.50		$736,793,460.49		2.59	%		2.62	%

2024-2		$25,473,887,550.16		$25,181,249,552.79		10.62	%		$913,920,980.93		$913,119,891.01		3.21	%		3.25	%

2024-3		$25,344,522,887.94		$25,054,334,344.48		11.12	%		$1,071,686,648.50		$1,070,704,359.67		3.76	%		3.81	%

2024-4		$25,378,058,867.82		$25,087,236,071.56		10.99	%		$733,896,457.77		$733,235,967.30		2.58	%		2.61	%

2024-5		$25,429,788,144.15		$25,137,986,004.67		10.79	%		$701,888,555.86		$701,268,119.90		2.46	%		2.49	%

2024-6		$25,646,232,646.60		$25,350,319,547.12		9.96	%		$1,815,564,032.70		$1,814,059,945.51		6.37	%		6.45	%

2024-7		$25,599,049,560.56		$25,304,034,429.03		10.14	%		$727,559,673.03		$726,951,498.64		2.55	%		2.58	%

2024-8		$25,531,134,728.47		$25,237,410,349.95		10.40	%		$1,215,825,613.08		$1,214,790,190.73		4.27	%		4.32	%

2025-1		$25,505,088,431.29		$25,211,858,518.88		10.50	%		$730,240,871.94		$729,613,079.02		2.56	%		2.59	%

2025-2		$25,445,339,026.83		$25,153,242,237.90		10.73	%		$609,961,852.87		$609,427,792.92		2.14	%		2.17	%

2025-3		$25,541,564,864.92		$25,247,642,392.92		10.36	%		$1,215,335,149.86		$1,214,299,727.52		4.27	%		4.32	%

2025-4		$25,492,080,822.62		$25,199,097,732.71		10.55	%		$608,844,686.65		$608,316,076.30		2.14	%		2.16	%

2025-5		$25,583,351,927.32		$25,288,635,322.62		10.20	%		$728,010,899.18		$727,396,185.29		2.56	%		2.59	%

2025-6		$25,525,922,151.03		$25,232,296,753.41		10.42	%		$364,822,888.28		$364,508,991.83		1.28	%		1.30	%

2025-7		$25,544,173,437.33		$25,250,201,414.52		10.35	%		$1,093,683,923.71		$1,092,752,043.60		3.84	%		3.88	%

2025-8		$25,492,080,822.62		$25,199,097,732.71		10.55	%		$487,075,749.32		$486,652,861.03		1.71	%		1.73	%

2025-9		$25,685,655,487.81		$25,388,991,337.25		9.81	%		$966,809,809.26		$966,025,068.11		3.39	%		3.43	%

2025-10		$25,620,003,104.54		$25,324,589,318.77		10.06	%		$605,803,814.72		$605,302,452.32		2.13	%		2.15	%

2026-1		$0.00		$25,404,485,791.55		10.88	%		$0.00		$1,991,221,798.37		0.00	%		7.08	%

2021-A		$25,407,783,106.96		$25,116,397,718.12		10.68	%		$5,190,105,753.42		$2,485,346,301.37		18.22	%		8.84	%

2021-B		$25,458,828,466.87		$25,166,475,998.25		9.75	%		$5,700,721,643.84		$5,695,727,671.23		20.02	%		20.25	%


						Total			$28,328,224,672.49		$27,594,593,046.20

Page 3 of 8

Verizon Master Trust (VZMT) Monthly Investor Report: Series Allocation Summary



	3/1/2026		3/8/2026		3/10/2026		3/11/2026		3/13/2026		3/31/2026

Excess Concentration Amounts for Term Series	$	385,283,916.27	$	393,462,666.42	$	381,883,191.30	$	399,896,581.43	$	392,311,104.94	$	426,726,759.05

Excess Concentration Amounts for VFN Series	$	109,417,604.19	$	110,182,850.15	$	101,795,148.05	$	112,904,049.12	$	105,798,775.21	$	118,502,247.95



3. Ineligible Amounts, Excess Concentration Amounts, Series Incremental Required Invested Amount, and Adjusted Series Invested Amounts & Allocation

	Ineligible Amounts				Excess Concentration Amounts				Series Incremental Required Invested Amount				Adjusted Series Invested Amounts

Series	3/1/2026		3/31/2026		3/1/2026		3/31/2026		3/1/2026		3/31/2026		3/1/2026		3/31/2026

2023-3		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$4,931,634.13		$5,547,447.87		370,127,274.46		370,425,921.99

2023-4		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$13,215,238.33		$14,807,418.54		991,351,478.11		992,063,004.37

2023-6		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$10,364,137.35		$11,606,967.85		776,011,276.31		776,552,471.94

2023-7		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$9,978,853.43		$11,180,241.09		747,465,501.93		747,973,701.58

2024-2		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$12,367,613.71		$13,868,619.67		926,288,594.64		926,988,510.68

2024-3		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$14,486,675.25		$16,258,289.52		1,086,173,323.75		1,086,962,649.19

2024-4		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$9,940,325.04		$11,137,568.41		743,836,782.81		744,373,535.71

2024-5		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$9,477,984.34		$10,625,496.30		711,366,540.20		711,893,616.20

2024-6		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$24,542,585.47		$27,523,875.96		1,840,106,618.17		1,841,583,821.47

2024-7		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$9,824,739.86		$11,009,550.38		737,384,412.89		737,961,049.02

2024-8		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$16,451,623.22		$18,434,595.99		1,232,277,236.30		1,233,224,786.72

2025-1		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$9,863,268.26		$11,052,223.06		740,104,140.20		740,665,302.08

2025-2		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$8,245,075.81		$9,259,970.67		618,206,928.68		618,687,763.59

2025-3		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$16,451,623.22		$18,434,595.99		1,231,786,773.08		1,232,734,323.51

2025-4		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$8,245,075.81		$9,217,298.00		617,089,762.46		617,533,374.30

2025-5		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$9,863,268.26		$11,052,223.06		737,874,167.44		738,448,408.35

2025-6		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$4,931,634.13		$5,547,447.87		369,754,522.41		370,056,439.70

2025-7		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$14,794,902.38		$16,556,998.25		1,108,478,826.09		1,109,309,041.85

2025-8		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$6,588,354.97		$7,382,372.93		493,664,104.29		494,035,233.96

2025-9		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$13,061,124.76		$14,636,727.84		979,870,934.02		980,661,795.95

2025-10		$0.00		$0.00		$385,283,916.27		$426,726,759.05		$8,206,547.42		$9,174,625.32		614,010,362.14		614,477,077.64

2026-1		$0.00		$0.00		$0.00		$426,726,759.05		$0.00		$30,212,254.54		0.00		2,021,434,052.91

2021-A		$0.00		$0.00		$109,417,604.19		$118,502,247.95		$19,935,887.48		$10,475,598.72		5,210,041,640.90		2,495,821,900.09

2021-B		$0.00		$0.00		$109,417,604.19		$118,502,247.95		$21,905,404.36		$23,996,705.21		5,722,627,048.20		5,719,724,376.44


												Total		28,605,898,249.48		27,923,592,159.24

Page 4 of 8

Verizon Master Trust (VZMT) Monthly Investor Report: Series Allocation Summary



4. Max (Avg Adj. Series Invested, End of Period) & Allocation %, Series Pool Balance, and Available Fund Allocation to Series

	Max (Time Weighted Average Adjusted Series Invested, End of Period)				Series Allocated Pool Balance		Available Funds Allocation to Series

Series	Amounts		Allocation %		Amounts		Amounts

2023-3		$370,123,136.64		1.29%		$324,025,247.72		$21,567,916.56

2023-4		$991,289,643.24		3.44%		$864,062,405.36		$57,764,775.42

2023-6		$775,948,653.42		2.69%		$675,063,026.59		$45,216,334.15

2023-7		$747,406,196.30		2.60%		$648,072,183.44		$43,553,107.81

2024-2		$926,228,467.20		3.22%		$810,050,580.61		$53,973,565.65

2024-3		$1,086,089,842.61		3.77%		$945,072,040.37		$63,289,008.99

2024-4		$743,766,628.59		2.58%		$648,045,956.03		$43,341,030.93

2024-5		$711,331,392.94		2.47%		$621,038,971.84		$41,450,962.86

2024-6		$1,840,048,121.22		6.39%		$1,620,052,731.17		$107,223,989.41

2024-7		$737,366,880.18		2.56%		$648,021,139.31		$42,968,050.79

2024-8		$1,232,205,996.61		4.28%		$1,080,050,118.37		$71,803,459.44

2025-1		$740,073,151.49		2.57%		$648,030,484.25		$43,125,766.19

2025-2		$618,162,432.14		2.15%		$540,022,503.58		$36,021,694.09

2025-3		$1,231,711,195.49		4.28%		$1,080,056,270.11		$71,774,768.66

2025-4		$617,048,108.43		2.14%		$540,031,783.87		$35,956,762.33

2025-5		$737,823,119.99		2.56%		$648,028,866.73		$42,994,728.18

2025-6		$369,729,609.28		1.28%		$324,007,922.61		$21,544,930.38

2025-7		$1,108,422,124.97		3.85%		$972,044,378.75		$64,590,328.83

2025-8		$493,641,824.30		1.71%		$432,028,450.99		$28,765,611.20

2025-9		$979,854,203.77		3.40%		$864,017,842.00		$57,098,343.96

2025-10		$613,980,687.43		2.13%		$540,024,075.09		$35,778,074.14

2026-1		$2,021,434,052.91		7.02%		$1,783,554,950.83		$117,793,773.53

2021-A		$3,378,989,727.63		11.74%		$2,947,544,900.77		$196,901,637.18

2021-B		$5,720,116,533.71		19.87%		$4,999,695,437.54		$333,324,619.58

Transferor’s Percentage				0.00%		2,812.88		$167.78



Total						25,202,645,080.81	$	1,677,823,408.05



Transferor’s Allocation (before fees)	$	167.78

- Master Collateral Agent Fee		$0.00

- Owner Trustee Fee		$0.00

- Asset Representations Reviewer Fee		$0.00

Transferor’s Allocation (after fees)	$	167.78



Principal Funding Account(s) (PFAs)

Aggregate Beginning of Period PFAs Limit			$7,162,500,000.00

Aggregate Ending of Period PFAs Limit			$7,987,500,000.00

Aggregate Beginning of Period PFAs Balance			$0.00

Add: Aggregate deposit(s) to PFAs			$0.00

Aggregate end of period PFAs			$0.00

Group One Required Pool Balance*			$27,923,592,159.24

Pool Balance Deficit**			$0.00

(Sum of all Adjusted Series Invested Amounts less Min of (i) Sum of Series PFA Accounts or (ii) Sum of Series PFA Limits) *Max(0, Required Pool Balance - Pool Balance)

Page 5 of 8



Amortization Event Tests for following VZMT Series:

VZMT Public Series: 2023-4, 2023-7, 2024-3, 2024-4, 2024-6, 2024-8, 2025-1, 2025-3, 2025-5, 2025-7, 2025-9 and 2026-1



Delinquency and Write-Offs		In Compliance?

For any Payment Date, the sum of the fractions, expressed as percentages, for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate Principal Balance of all Receivables that are ninety-one (91) days or more delinquent at the end of each of the three (3) prior Collection Periods by the Pool Balance as of the last day of each of those Collection Periods, divided by three (3), exceeds 2%		Yes

For any Payment Date, the sum of the fractions, expressed as percentages, for each of the three (3) Collection Periods immediately preceding that Payment Date, calculated by dividing the aggregate Principal Balance of all Receivables which became Written-Off Receivables during each of the three (3) prior Collection Periods by the Pool Balance as of the first day of each of those Collection Periods, multiplied by four (4), exceeds 10%		Yes

As of any date of determination, the Discounted Series Invested Amount for a respective Series is greater than the excess of (i) the Pool Balance over (ii) the sum of (x) the Ineligible Amount for such Series and (y) the Series Excess Concentration Amount such Series.		Yes
Payments		Yes

On any Payment Date, interest due is not paid on any class of Notes

On the fifth Business Day after any Payment Date during the Revolving Period, after giving effect to distributions on such Payment Date, the sum of the amount on deposit in the Reserve Account plus, if a Letter of Credit has been issued for the benefit of the Notes, the amount available under the Letter of Credit, is less than the Required Reserve Amount		Yes

As of the Anticipated Redemption Date, the Trust has not redeemed the Notes

As of any Payment Date, a Pool Balance Deficit exists after giving effect to distributions on such Payment Date (including deposits to the Principal Funding Account on such Payment Date) With respect to any Payment Date, the respective Series Allocated Pool Balance is less than 50.00% of (x) the aggregate Note Balance minus (y) the amount on deposit in the Principal Funding Account, in each case as of such Payment Date and with respect to that Series.		Yes
Servicing and Event of Default

A Servicer Termination Event has occurred and is continuing		Yes

An Event of Default has occurred and is continuing		Yes

Page 6 of 8

Excess Concentration Amount for following VZMT Series

VZMT Public Series: 2023-4, 2023-7, 2024-3, 2024-4, 2024-6, 2024-8, 2025-1, 2025-3, 2025-5*, 2025-7*, 2025-9* and 2026-1*


Consumer & Business, Without duplication	Actual % or Amt		Actual $		Excess $
The amount by which the aggregate Principal Balance of Receivables with Obligors that have less than sixty (60) months of Customer Tenure with Verizon Wireless exceeds 45.00% of the Pool Balances		29.61%		$8,327,994,482.73		$0.00
The amount by which the aggregate Principal Balance of Receivables with Obligors that have less than twelve (12) months of Customer Tenure with Verizon Wireless exceeds 22.00% (20.00% for Series with *) of the Pool Balance		11.31%		$3,180,623,134.56		$0.00
With respect to all Receivables for which the origination date was less than thirty-one (31) days prior to the related Cutoff Date, or in the case of any determination made on a Payment Date, the last day of the related Collection Period, the product of (i) the aggregate Principal Balance of all such Receivables and (ii) 10.00%		10.00%		$1,032,101,736.76		$103,210,173.68

Consumer Only, Without duplication (If Consumer Receivable Condition is satisfied)
The aggregate Principal Balance of all Consumer Receivables with the lowest FICO^® Scores that would need to be excluded from the calculation of the Pool Balance of all Consumer Receivables in order to cause the weighted average FICO^® Score of the Consumer Obligors with respect to all Consumer Receivables (weighted based on Principal Balances) included in such calculation of the Pool Balance of all Consumer Receivables to be at least 700 (excluding any Consumer Receivables with Consumer Obligors for whom FICO^® Scores are not available)		728		N/A		$0.00
The amount by which the aggregate Principal Balance of Consumer Receivables with Consumer Obligors for whom FICO^® Scores are not available exceeds 4.50% of the Pool Balance of all Consumer Receivables		3.68%		$918,995,570.60		$0.00

Business Only, Without duplication
The amount by which the aggregate Principal Balance of Business Receivables exceeds 10.00% of the Pool Balance		11.15%		$3,136,395,455.29		$323,516,585.38



Total Loan for respective Series Excess Concentration Amount						$426,726,759.05

Page 7 of 8

On and as of the Payment Date to which this Monthly Investor Report related, the Servicer hereby certifies that the information in the Monthly Investor Report (for Verizon Master Trust and for each outstanding Series) is accurate in all material respects.

VZMT Public Series: 2023-4, 2023-7, 2024-3, 2024-4, 2024-6, 2024-8, 2025-1, 2025-3, 2025-5, 2025-7, 2025-9 and 2026-1


Cellco Partnership, as Servicer

By: /s/ Jon Ransegnola				4/15/2026
Name: Jon Ransegnola				Date:
Title: Assistant Treasurer

1 As of the date of this Monthly Investor Report for purposes of any references to the term “delinquent” contained herein (or in the Monthly Investor Report for any outstanding Series), the Servicer considers an account to be delinquent if there are unpaid charges remaining on the account on the day after the bill’s due date and calculates delinquency assuming a due date is 22 or 30 days after the end of the monthly bill cycle for consumer customers and business customers, respectively.

Page 8 of 8

EX-99.2 3 d136325dex992.htm EX-99.2 EX-99.2

Exhibit 99.2


Monthly Investor Report: Verizon Master Trust - VZMT 2023-4

Offered
Notes

Anticipated Redemption Date

Final Maturity Date

Issuance Note Balance

SOFR:Days in the Interest Period

Note Interest Rate

SOFR Adjustment Date

SOFR30A

Total

Class A-1a

6/22/26

06/20/2029

$537,800,000.00

5.16%

Class A-1b

6/22/26

06/20/2029

$175,000,000.00

SOFR +0.85%

04/13/2026

3.63980%

4.49%

Class B

6/22/26

06/20/2029

$54,500,000.00

4.57%

Class C

6/22/26

06/20/2029

$32,700,000.00

5.65%

Total

$800,000,000.00



Series 2023-4 Allocation % x Group One Available Funds			$57,764,775.42
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$57,764,775.42


Beginning of Period Reserve Account Balance	$	8,719,346.05
Required Reserve Amount	$	8,719,346.05
Shortfall in Required Reserve Amount	$	0.00
Reserve Account funds needed this period (True/False)		FALSE
Reserve Account draw amount required		0.00
Reserve Account Deposit Amount	$	0.00
End of Period Reserve Account Balance	$	8,719,346.05



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee	$	57.38	$	57.38	$	0.00	$	0.00		$	57,764,718.04
Owner Trustee Fee	$	0.00	$	0.00	$	0.00	$	0.00		$	57,764,718.04
Asset Representations Reviewer Fee	$	30.69	$	30.69	$	0.00	$	0.00		$	57,764,687.35
Supplemental ARR Fee	$	122.76	$	122.76	$	0.00	$	0.00		$	57,764,564.59
Indenture Trustee Fee	$	1,250.00	$	1,250.00	$	0.00	$	0.00		$	57,763,314.59
Servicing Fee	$	612,837.81	$	612,837.81	$	0.00	$	0.00		$	57,150,476.78
Class A-1a Note Interest	$	2,312,540.00	$	2,312,540.00	$	0.00	$	0.00		$	54,837,936.78
Class A-1b Note Interest	$	676,587.92	$	676,587.92	$	0.00	$	0.00		$	54,161,348.86
First Priority Principal Payment	$	0.00	$	0.00	$	0.00	$	0.00		$	54,161,348.86
Class B Note Interest	$	207,554.17	$	207,554.17	$	0.00	$	0.00		$	53,953,794.69
Second Priority Principal Payment	$	0.00	$	0.00	$	0.00	$	0.00		$	53,953,794.69
Class C Note Interest	$	153,962.50	$	153,962.50	$	0.00	$	0.00		$	53,799,832.19
Third Priority Principal Payment	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Reserve Account up to Required Reserve Amount	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Regular Priority Principal Payment	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Supplemental Successor Servicer Fee	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Additional Interest Amounts	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Make-Whole Payments	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Additional Fees and Expenses	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Additional Trust Expenses	$	0.00	$	0.00	$	0.00	$	0.00		$	53,799,832.19
Class R Interest	$	53,799,832.19	$	53,799,832.19	$	0.00	$	0.00		$	0.00


Total	$	57,764,775.42	$	57,764,775.42	$	0.00	$	0.00


Total Priority Principal Payments and Additional Interest Amounts										$	0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$2,312,540.00		$0.00		$0.00		$2,312,540.00
Class A-1b		$0.00		$0.00		$676,587.92		$0.00		$0.00		$676,587.92
Class B		$0.00		$0.00		$207,554.17		$0.00		$0.00		$207,554.17
Class C		$0.00		$0.00		$153,962.50		$0.00		$0.00		$153,962.50

Total		$0.00		$0.00		$3,350,644.59		$0.00		$0.00		$3,350,644.59



Noteholder Payments	Note Balance		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$4.30		$0.00		$4.30		$537,800,000.00		1.00		$537,800,000.00		1.00
Class A-1b		$1,000.00		$3.87		$0.00		$3.87		$175,000,000.00		1.00		$175,000,000.00		1.00
Class B		$1,000.00		$3.81		$0.00		$3.81		$54,500,000.00		1.00		$54,500,000.00		1.00
Class C		$1,000.00		$4.71		$0.00		$4.71		$32,700,000.00		1.00		$32,700,000.00		1.00

Total		$1,000.00		$4.19		$0.00		$4.19		$800,000,000.00		1.00		$800,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period

Principal Funding Account Limit	$400,000,000.00				400,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.3 4 d136325dex993.htm EX-99.3 EX-99.3

Exhibit 99.3


Monthly Investor Report: Verizon Master Trust - VZMT 2023-7



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A		Total
Class A-1a		11/20/26		11/20/2029		$434,610,000.00				5.67%						5.67	%
Class A-1b		11/20/26		11/20/2029		$100,000,000.00		31		SOFR +0.95%		04/13/2026		3.63980%		4.59	%
Class B		11/20/26		11/20/2029		$40,870,000.00				5.96%						5.96	%
Class C		11/20/26		11/20/2029		$24,520,000.00				4.61%						4.61	%


Total						$600,000,000.00



Series 2023-7 Allocation % x Group One Available Funds			$43,553,107.81
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$43,553,107.81



Beginning of Period Reserve Account Balance			$6,539,509.54
Required Reserve Amount			$6,539,509.54
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$6,539,509.54



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$43.26		$43.26		$0.00		$0.00		$43,553,064.55
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$43,553,064.55
Asset Representations Reviewer Fee		$23.14		$23.14		$0.00		$0.00		$43,553,041.41
Supplemental ARR Fee		$92.55		$92.55		$0.00		$0.00		$43,552,948.86
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$43,551,698.86
Servicing Fee		$462,063.45		$462,063.45		$0.00		$0.00		$43,089,635.41
Class A-1a Note Interest		$2,053,532.25		$2,053,532.25		$0.00		$0.00		$41,036,103.16
Class A-1b Note Interest		$395,232.78		$395,232.78		$0.00		$0.00		$40,640,870.38
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,640,870.38
Class B Note Interest		$202,987.67		$202,987.67		$0.00		$0.00		$40,437,882.71
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,437,882.71
Class C Note Interest		$94,197.67		$94,197.67		$0.00		$0.00		$40,343,685.04
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$40,343,685.04
Class R Interest		$40,343,685.04		$40,343,685.04		$0.00		$0.00		$0.00


Total		$43,553,107.81		$43,553,107.81		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$2,053,532.25		$0.00		$0.00		$2,053,532.25
Class A-1b		$0.00		$0.00		$395,232.78		$0.00		$0.00		$395,232.78
Class B		$0.00		$0.00		$202,987.67		$0.00		$0.00		$202,987.67
Class C		$0.00		$0.00		$94,197.67		$0.00		$0.00		$94,197.67

Total		$0.00		$0.00		$2,745,950.37		$0.00		$0.00		$2,745,950.37



	Note Balance per $1,000 of Notes		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	Note Balance per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$4.73		$0.00		$4.73		$434,610,000.00		1.00		$434,610,000.00		1.00
Class A-1b		$1,000.00		$3.95		$0.00		$3.95		$100,000,000.00		1.00		$100,000,000.00		1.00
Class B		$1,000.00		$4.97		$0.00		$4.97		$40,870,000.00		1.00		$40,870,000.00		1.00
Class C		$1,000.00		$3.84		$0.00		$3.84		$24,520,000.00		1.00		$24,520,000.00		1.00

Total		$1,000.00		$4.58		$0.00		$4.58		$600,000,000.00		1.00		$600,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$300,000,000.00				300,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00



Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.4 5 d136325dex994.htm EX-99.4 EX-99.4

Exhibit 99.4


Monthly Investor Report: Verizon Master Trust - VZMT 2024-3



Offered Notes	Anticipated Redemption Date	Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A			Total

Class A-1a	4/20/27		04/22/2030	$	604,635,000.00				5.34%							5.34	%

Class A-1b	4/20/27		04/22/2030	$	175,000,000.00		31		SOFR +0.58%		04/13/2026		3.63980	%		4.22	%

Class B	4/20/27		04/22/2030	$	59,605,000.00				5.54%							5.54	%

Class C	4/20/27		04/22/2030	$	35,760,000.00				5.73%							5.73	%


Total				$	875,000,000.00



Series 2024-3 Allocation % x Group One Available Funds					$63,289,008.99
Amounts paid by the Cap Counterparty					N/A
Available Subordinated Amounts					$0.00
Amounts drawn on the Reserve Account					$0.00
Amounts released from Principal Funding Account					$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds					$63,289,008.99



Beginning of Period Reserve Account Balance			$9,536,784.74
Required Reserve Amount			$9,536,784.74
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$9,536,784.74



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$62.87		$62.87		$0.00		$0.00		$63,288,946.12
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$63,288,946.12
Asset Representations Reviewer Fee		$33.62		$33.62		$0.00		$0.00		$63,288,912.50
Supplemental ARR Fee		$134.50		$134.50		$0.00		$0.00		$63,288,778.00
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$63,287,528.00
Servicing Fee		$671,445.48		$671,445.48		$0.00		$0.00		$62,616,082.52
Class A-1a Note Interest		$2,690,625.75		$2,690,625.75		$0.00		$0.00		$59,925,456.77
Class A-1b Note Interest		$635,900.42		$635,900.42		$0.00		$0.00		$59,289,556.35
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$59,289,556.35
Class B Note Interest		$275,176.42		$275,176.42		$0.00		$0.00		$59,014,379.93
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$59,014,379.93
Class C Note Interest		$170,754.00		$170,754.00		$0.00		$0.00		$58,843,625.93
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$58,843,625.93
Class R Interest		$58,843,625.93		$58,843,625.93		$0.00		$0.00		$0.00


Total		$63,289,008.99		$63,289,008.99		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$2,690,625.75		$0.00		$0.00		$2,690,625.75
Class A-1b		$0.00		$0.00		$635,900.42		$0.00		$0.00		$635,900.42
Class B		$0.00		$0.00		$275,176.42		$0.00		$0.00		$275,176.42
Class C		$0.00		$0.00		$170,754.00		$0.00		$0.00		$170,754.00


Total		$0.00		$0.00		$3,772,456.59		$0.00		$0.00		$3,772,456.59



Noteholder Payments	Note Balance per $1,000 of Notes		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	Note Balance per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a	$	1,000.00	$	4.45	$	0.00	$	4.45	$	604,635,000.00		1.00	$	604,635,000.00		1.00
Class A-1b	$	1,000.00	$	3.63	$	0.00	$	3.63	$	175,000,000.00		1.00	$	175,000,000.00		1.00
Class B	$	1,000.00	$	4.62	$	0.00	$	4.62	$	59,605,000.00		1.00	$	59,605,000.00		1.00
Class C	$	1,000.00	$	4.78	$	0.00	$	4.78	$	35,760,000.00		1.00	$	35,760,000.00		1.00

Total	$	1,000.00	$	4.31	$	0.00	$	4.31	$	875,000,000.00		1.00	$	875,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$437,500,000.00				437,500,000.00
Principal Funding Account balance		$0.00		$0.00	$	0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.5 6 d136325dex995.htm EX-99.5 EX-99.5

Exhibit 99.5


Monthly Investor Report: Verizon Master Trust - VZMT 2024-4



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate			SOFR Adjustment Date		SOFR30A			Total
Class A-1a		6/22/26		06/20/2029		$288,686,000.00				5.21	%							5.21	%
Class A-1b		6/22/26		06/20/2029		$245,918,000.00		31		SOFR +0.55	%		04/13/2026		3.63980	%		4.19	%
Class B		6/22/26		06/20/2029		$40,872,000.00				5.40	%							5.40	%
Class C		6/22/26		06/20/2029		$24,524,000.00				5.60	%							5.60	%


Total						$600,000,000.00



Series 2024-4 Allocation % x Group One Available Funds			$43,341,030.93
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$43,341,030.93


Beginning of Period Reserve Account Balance	$	6,539,509.54
Required Reserve Amount	$	6,539,509.54
Shortfall in Required Reserve Amount	$	0.00
Reserve Account funds needed this period (True/False)		FALSE
Reserve Account draw amount required		0.00
Reserve Account Deposit Amount	$	0.00
End of Period Reserve Account Balance	$	6,539,509.54



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$43.05		$43.05		$0.00		$0.00		$43,340,987.88
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$43,340,987.88
Asset Representations Reviewer Fee		$23.03		$23.03		$0.00		$0.00		$43,340,964.85
Supplemental ARR Fee		$92.11		$92.11		$0.00		$0.00		$43,340,872.74
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$43,339,622.74
Servicing Fee		$459,813.48		$459,813.48		$0.00		$0.00		$42,879,809.26
Class A-1a Note Interest		$1,253,378.38		$1,253,378.38		$0.00		$0.00		$41,626,430.88
Class A-1b Note Interest		$887,243.45		$887,243.45		$0.00		$0.00		$40,739,187.43
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,739,187.43
Class B Note Interest		$183,924.00		$183,924.00		$0.00		$0.00		$40,555,263.43
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,555,263.43
Class C Note Interest		$114,445.33		$114,445.33		$0.00		$0.00		$40,440,818.10
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$40,440,818.10
Class R Interest		$40,440,818.10		$40,440,818.10		$0.00		$0.00		$0.00


Total		$43,341,030.93		$43,341,030.93		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$1,253,378.38		$0.00		$0.00		$1,253,378.38
Class A-1b		$0.00		$0.00		$887,243.45		$0.00		$0.00		$887,243.45
Class B		$0.00		$0.00		$183,924.00		$0.00		$0.00		$183,924.00
Class C		$0.00		$0.00		$114,445.33		$0.00		$0.00		$114,445.33

Total		$0.00		$0.00		$2,438,991.16		$0.00		$0.00		$2,438,991.16



	Note Balance		Payment per $ 1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$4.34		$0.00		$4.34		$288,686,000.00		1.00		$288,686,000.00		1.00
Class A-1b		$1,000.00		$3.61		$0.00		$3.61		$245,918,000.00		1.00		$245,918,000.00		1.00
Class B		$1,000.00		$4.50		$0.00		$4.50		$40,872,000.00		1.00		$40,872,000.00		1.00
Class C		$1,000.00		$4.67		$0.00		$4.67		$24,524,000.00		1.00		$24,524,000.00		1.00

Total		$1,000.00		$4.06		$0.00		$4.06		$600,000,000.00		1.00		$600,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$300,000,000.00				300,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.6 7 d136325dex996.htm EX-99.6 EX-99.6

Exhibit 99.6


Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance	SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A		Total

Class A-1a		8/20/27		08/20/2030	$1,069,212,000.00				4.17%						4.17	%

Class A-1b		8/20/27		08/20/2030	$267,300,000.00		31		SOFR +0.67%		04/13/2026		3.63980%		4.31	%

Class B		8/20/27		08/20/2030	$102,180,000.00				4.42%						4.42	%

Class C		8/20/27		08/20/2030	$61,308,000.00				4.67%						4.67	%



Total					$1,500,000,000.00



Series 2024-6 Allocation % x Group One Available Funds					$107,223,989.41
Amounts paid by the Cap Counterparty					N/A
Available Subordinated Amounts					$0.00
Amounts drawn on the Reserve Account					$0.00
Amounts released from Principal Funding Account					$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds					$107,223,989.41



Beginning of Period Reserve Account Balance					$16,348,773.84
Required Reserve Amount					$16,348,773.84
Shortfall in Required Reserve Amount					$0.00
Reserve Account funds needed this period (True/False)					FALSE
Reserve Account draw amount required					0.00
Reserve Account Deposit Amount					$0.00
End of Period Reserve Account Balance					$16,348,773.84



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$106.51		$106.51		$0.00		$0.00		$107,223,882.90
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$107,223,882.90
Asset Representations Reviewer Fee		$56.97		$56.97		$0.00		$0.00		$107,223,825.93
Supplemental ARR Fee		$227.87		$227.87		$0.00		$0.00		$107,223,598.06
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$107,222,348.06
Servicing Fee		$1,137,560.29		$1,137,560.29		$0.00		$0.00		$106,084,787.77
Class A-1a Note Interest		$3,715,511.70		$3,715,511.70		$0.00		$0.00		$102,369,276.07
Class A-1b Note Interest		$992,008.22		$992,008.22		$0.00		$0.00		$101,377,267.85
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$101,377,267.85
Class B Note Interest		$376,363.00		$376,363.00		$0.00		$0.00		$101,000,904.85
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$101,000,904.85
Class C Note Interest		$238,590.30		$238,590.30		$0.00		$0.00		$100,762,314.55
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$100,762,314.55
Class R Interest		$100,762,314.55		$100,762,314.55		$0.00		$0.00		$0.00


Total		$107,223,989.41		$107,223,989.41		$0.00		$0.00



Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$3,715,511.70		$0.00		$0.00		$3,715,511.70
Class A-1b		$0.00		$0.00		$992,008.22		$0.00		$0.00		$992,008.22
Class B		$0.00		$0.00		$376,363.00		$0.00		$0.00		$376,363.00
Class C		$0.00		$0.00		$238,590.30		$0.00		$0.00		$238,590.30

Total		$0.00		$0.00		$5,322,473.22		$0.00		$0.00		$5,322,473.22



	Note Balance per $1,000 of Notes		Payment per $ 1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	Note Balance per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$3.48		$0.00		$3.48		$1,069,212,000.00		1.00		$1,069,212,000.00		1.00
Class A-1b		$1,000.00		$3.71		$0.00		$3.71		$267,300,000.00		1.00		$267,300,000.00		1.00
Class B		$1,000.00		$3.68		$0.00		$3.68		$102,180,000.00		1.00		$102,180,000.00		1.00
Class C		$1,000.00		$3.89		$0.00		$3.89		$61,308,000.00		1.00		$61,308,000.00		1.00

Total		$1,000.00		$3.55		$0.00		$3.55		$1,500,000,000.00		1.00		$1,500,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$750,000,000.00				750,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.7 8 d136325dex997.htm EX-99.7 EX-99.7

Exhibit 99.7

Monthly Investor Report: Verizon Master Trust - VZMT 2024-8



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR: Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A		Total
Class A-1a		11/22/27		11/20/2030		$816,010,000.00				4.62%						4.62	%
Class A-1b		11/22/27		11/20/2030		$75,000,000.00		31		SOFR +0.42%		04/13/2026		3.63980%		4.06	%
Class B		11/22/27		11/20/2030		$68,120,000.00				4.82%						4.82	%
Class C		11/22/27		11/20/2030		$40,870,000.00				4.99%						4.99	%


Total						$1,000,000,000.00



Series 2024-8 Allocation % x Group One Available Funds			$71,803,459.44
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$71,803,459.44



Beginning of Period Reserve Account Balance			$10,899,182.56
Required Reserve Amount			$10,899,182.56
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$10,899,182.56



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$71.33		$71.33		$0.00		$0.00		$71,803,388.11
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$71,803,388.11
Asset Representations Reviewer Fee		$38.15		$38.15		$0.00		$0.00		$71,803,349.96
Supplemental ARR Fee		$152.60		$152.60		$0.00		$0.00		$71,803,197.36
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$71,801,947.36
Servicing Fee		$761,776.96		$761,776.96		$0.00		$0.00		$71,040,170.40
Class A-1a Note Interest		$3,141,638.50		$3,141,638.50		$0.00		$0.00		$67,898,531.90
Class A-1b Note Interest		$262,195.42		$262,195.42		$0.00		$0.00		$67,636,336.48
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,636,336.48
Class B Note Interest		$273,615.33		$273,615.33		$0.00		$0.00		$67,362,721.15
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,362,721.15
Class C Note Interest		$169,951.08		$169,951.08		$0.00		$0.00		$67,192,770.07
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$67,192,770.07
Class R Interest		$67,192,770.07		$67,192,770.07		$0.00		$0.00		$0.00


Total		$71,803,459.44		$71,803,459.44		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$3,141,638.50		$0.00		$0.00		$3,141,638.50
Class A-1b		$0.00		$0.00		$262,195.42		$0.00		$0.00		$262,195.42
Class B		$0.00		$0.00		$273,615.33		$0.00		$0.00		$273,615.33
Class C		$0.00		$0.00		$169,951.08		$0.00		$0.00		$169,951.08

Total		$0.00		$0.00		$3,847,400.33		$0.00		$0.00		$3,847,400.33



Noteholder Payments	Note Balance		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$3.85		$0.00		$3.85		$816,010,000.00		1.00		$816,010,000.00		1.00
Class A-1b		$1,000.00		$3.50		$0.00		$3.50		$75,000,000.00		1.00		$75,000,000.00		1.00
Class B		$1,000.00		$4.02		$0.00		$4.02		$68,120,000.00		1.00		$68,120,000.00		1.00
Class C		$1,000.00		$4.16		$0.00		$4.16		$40,870,000.00		1.00		$40,870,000.00		1.00

Total		$1,000.00		$3.85		$0.00		$3.85		$1,000,000,000.00		1.00		$1,000,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$500,000,000.00				500,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.8 9 d136325dex998.htm EX-99.8 EX-99.8

Exhibit 99.8


Monthly Investor Report: Verizon Master Trust - VZMT 2025-1

Offered Notes

Anticipated Redemption Date

Final Maturity Date

Issuance Note Balance

SOFR: Days in the Interest Period

Note Interest Rate

SOFR Adjustment Date

SOFR30A

Total

Class A

1/20/28

01/21/2031

$534,600,000.00

4.71%

4.71

Class B

1/20/28

01/21/2031

$40,872,000.00

4.94%

4.94

Class C

1/20/28

01/21/2031

$24,528,000.00

5.09%

5.09

Total

$600,000,000.00



Series 2025-1 Allocation % x Group One Available Funds			$43,125,766.19
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$43,125,766.19



Beginning of Period Reserve Account Balance			$6,539,509.54
Required Reserve Amount			$6,539,509.54
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$6,539,509.54



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining	Available Funds
Master Collateral Agent Fee		$42.84		$42.84		$0.00		$0.00			$43,125,723.35
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00			$43,125,723.35
Asset Representations Reviewer Fee		$22.91		$22.91		$0.00		$0.00			$43,125,700.44
Supplemental ARR Fee		$91.65		$91.65		$0.00		$0.00			$43,125,608.79
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00			$43,124,358.79
Servicing Fee		$457,529.69		$457,529.69		$0.00		$0.00			$42,666,829.10
Class A Note Interest		$2,098,305.00		$2,098,305.00		$0.00		$0.00			$40,568,524.10
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00			$40,568,524.10
Class B Note Interest		$168,256.40		$168,256.40		$0.00		$0.00			$40,400,267.70
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00			$40,400,267.70
Class C Note Interest		$104,039.60		$104,039.60		$0.00		$0.00			$40,296,228.10
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00			$40,296,228.10
Class R Interest		$40,296,228.10		$40,296,228.10		$0.00		$0.00			$0.00



Total		$43,125,766.19		$43,125,766.19		$0.00		$0.00



Total Priority Principal Payments and Additional Interest Amounts											$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A		$0.00		$0.00		$2,098,305.00		$0.00		$0.00		$2,098,305.00
Class B		$0.00		$0.00		$168,256.40		$0.00		$0.00		$168,256.40
Class C		$0.00		$0.00		$104,039.60		$0.00		$0.00		$104,039.60

Total		$0.00		$0.00		$2,370,601.00		$0.00		$0.00		$2,370,601.00



Noteholder Payments	Note Balance		Payment per $ 1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A		$1,000.00		$3.93		$0.00		$3.93		$534,600,000.00		1.00		$534,600,000.00		1.00
Class B		$1,000.00		$4.12		$0.00		$4.12		$40,872,000.00		1.00		$40,872,000.00		1.00
Class C		$1,000.00		$4.24		$0.00		$4.24		$24,528,000.00		1.00		$24,528,000.00		1.00

Total		$1,000.00		$3.95		$0.00		$3.95		$600,000,000.00		1.00		$600,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$300,000,000.00				300,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.9 10 d136325dex999.htm EX-99.9 EX-99.9

Exhibit 99.9


Monthly Investor Report: Verizon Master Trust - VZMT 2025-3



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A		Total
Class A-1a		3/22/27		03/20/2030		$706,008,000.00				4.51%						4.51	%
Class A-1b		3/22/27		03/20/2030		$185,000,000.00		31		SOFR +0.55%		04/13/2026		3.63980%		4.19	%
Class B		3/22/27		03/20/2030		$68,120,000.00				4.77%						4.77	%
Class C		3/22/27		03/20/2030		$40,872,000.00				4.90%						4.90	%


Total						$1,000,000,000.00



Series 2025-3 Allocation % x Group One Available Funds			$71,774,768.66
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$71,774,768.66



Beginning of Period Reserve Account Balance			$10,899,182.56
Required Reserve Amount			$10,899,182.56
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$10,899,182.56



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$71.30		$71.30		$0.00		$0.00		$71,774,697.36
Owner Trustee Fee		$15,000.00		$15,000.00		$0.00		$0.00		$71,759,697.36
Asset Representations Reviewer Fee		$38.13		$38.13		$0.00		$0.00		$71,759,659.23
Supplemental ARR Fee		$152.54		$152.54		$0.00		$0.00		$71,759,506.69
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$71,758,256.69
Servicing Fee		$761,472.57		$761,472.57		$0.00		$0.00		$70,996,784.12
Class A-1a Note Interest		$2,653,413.40		$2,653,413.40		$0.00		$0.00		$68,343,370.72
Class A-1b Note Interest		$667,458.42		$667,458.42		$0.00		$0.00		$67,675,912.30
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,675,912.30
Class B Note Interest		$270,777.00		$270,777.00		$0.00		$0.00		$67,405,135.30
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,405,135.30
Class C Note Interest		$166,894.00		$166,894.00		$0.00		$0.00		$67,238,241.30
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$67,238,241.30
Class R Interest		$67,238,241.30		$67,238,241.30		$0.00		$0.00		$0.00


Total		$71,774,768.66		$71,774,768.66		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$2,653,413.40		$0.00		$0.00		$2,653,413.40
Class A-1b		$0.00		$0.00		$667,458.42		$0.00		$0.00		$667,458.42
Class B		$0.00		$0.00		$270,777.00		$0.00		$0.00		$270,777.00
Class C		$0.00		$0.00		$166,894.00		$0.00		$0.00		$166,894.00

Total		$0.00		$0.00		$3,758,542.82		$0.00		$0.00		$3,758,542.82



Noteholder Payments	Note Balance		Payment per $ 1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$3.76		$0.00		$3.76		$706,008,000.00		1.00		$706,008,000.00		1.00
Class A-1b		$1,000.00		$3.61		$0.00		$3.61		$185,000,000.00		1.00		$185,000,000.00		1.00
Class B		$1,000.00		$3.98		$0.00		$3.98		$68,120,000.00		1.00		$68,120,000.00		1.00
Class C		$1,000.00		$4.08		$0.00		$4.08		$40,872,000.00		1.00		$40,872,000.00		1.00

Total		$1,000.00		$3.76		$0.00		$3.76		$1,000,000,000.00		1.00		$1,000,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit	$	500,000,000.00				500,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.10 11 d136325dex9910.htm EX-99.10 EX-99.10

Exhibit 99.10


Monthly Investor Report: Verizon Master Trust - VZMT 2025-5


Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A			Total
Class A-1a		6/20/28		06/20/2031		$400,950,000.00				4.40%							4.40	%
Class A-1b		6/20/28		06/20/2031		$133,650,000.00		31		SOFR +0.55%		04/13/2026		3.63980	%		4.19	%
Class B		6/20/28		06/20/2031		$40,870,000.00				4.42%							4.42	%
Class C		6/20/28		06/20/2031		$24,530,000.00				4.84%							4.84	%


Total						$600,000,000.00



Series 2025-5 Allocation % x Group One Available Funds			$42,994,728.18
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$42,994,728.18


Beginning of Period Reserve Account Balance			$6,539,509.54
Required Reserve Amount			$6,539,509.54
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$6,539,509.54



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$42.71		$42.71		$0.00		$0.00		$42,994,685.47
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$42,994,685.47
Asset Representations Reviewer Fee		$22.84		$22.84		$0.00		$0.00		$42,994,662.63
Supplemental ARR Fee		$91.37		$91.37		$0.00		$0.00		$42,994,571.26
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$42,993,321.26
Servicing Fee		$456,139.49		$456,139.49		$0.00		$0.00		$42,537,181.77
Class A-1a Note Interest		$1,470,150.00		$1,470,150.00		$0.00		$0.00		$41,067,031.77
Class A-1b Note Interest		$482,193.61		$482,193.61		$0.00		$0.00		$40,584,838.16
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,584,838.16
Class B Note Interest		$150,537.83		$150,537.83		$0.00		$0.00		$40,434,300.33
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,434,300.33
Class C Note Interest		$98,937.67		$98,937.67		$0.00		$0.00		$40,335,362.66
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$40,335,362.66
Class R Interest		$40,335,362.66		$40,335,362.66		$0.00		$0.00		$0.00


Total		$42,994,728.18		$42,994,728.18		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$1,470,150.00		$0.00		$0.00		$1,470,150.00
Class A-1b		$0.00		$0.00		$482,193.61		$0.00		$0.00		$482,193.61
Class B		$0.00		$0.00		$150,537.83		$0.00		$0.00		$150,537.83
Class C		$0.00		$0.00		$98,937.67		$0.00		$0.00		$98,937.67

Total		$0.00		$0.00		$2,201,819.11		$0.00		$0.00		$2,201,819.11



	Note Balance		Payment per $ 1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$3.67		$0.00		$3.67		$400,950,000.00		1.00		$400,950,000.00		1.00
Class A-1b		$1,000.00		$3.61		$0.00		$3.61		$133,650,000.00		1.00		$133,650,000.00		1.00
Class B		$1,000.00		$3.68		$0.00		$3.68		$40,870,000.00		1.00		$40,870,000.00		1.00
Class C		$1,000.00		$4.03		$0.00		$4.03		$24,530,000.00		1.00		$24,530,000.00		1.00

Total		$1,000.00		$3.67		$0.00		$3.67		$600,000,000.00		1.00		$600,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$300,000,000.00				300,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.11 12 d136325dex9911.htm EX-99.11 EX-99.11

Exhibit 99.11


Monthly Investor Report: Verizon Master Trust - VZMT 2025-7



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A		Total
Class A-1a		8/21/28		08/20/2031		$601,430,000.00				3.96%						3.96	%
Class A-1b		8/21/28		08/20/2031		$200,470,000.00		31		SOFR +0.52%		04/13/2026		3.63980%		4.16	%
Class B		8/21/28		08/20/2031		$61,310,000.00				4.21%						4.21	%
Class C		8/21/28		08/20/2031		$36,790,000.00				4.40%						4.40	%


Total						$900,000,000.00



Series 2025-7 Allocation % x Group One Available Funds			$64,590,328.83
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$64,590,328.83



Beginning of Period Reserve Account Balance			$9,809,264.31
Required Reserve Amount			$9,809,264.31
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$9,809,264.31



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$64.16		$64.16		$0.00		$0.00		$64,590,264.67
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$64,590,264.67
Asset Representations Reviewer Fee		$34.32		$34.32		$0.00		$0.00		$64,590,230.35
Supplemental ARR Fee		$137.26		$137.26		$0.00		$0.00		$64,590,093.09
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$64,588,843.09
Servicing Fee		$685,251.44		$685,251.44		$0.00		$0.00		$63,903,591.65
Class A-1a Note Interest		$1,984,719.00		$1,984,719.00		$0.00		$0.00		$61,918,872.65
Class A-1b Note Interest		$718,093.56		$718,093.56		$0.00		$0.00		$61,200,779.09
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$61,200,779.09
Class B Note Interest		$215,095.92		$215,095.92		$0.00		$0.00		$60,985,683.17
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$60,985,683.17
Class C Note Interest		$134,896.67		$134,896.67		$0.00		$0.00		$60,850,786.50
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$60,850,786.50
Class R Interest		$60,850,786.50		$60,850,786.50		$0.00		$0.00		$0.00


Total		$64,590,328.83		$64,590,328.83		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$1,984,719.00		$0.00		$0.00		$1,984,719.00
Class A-1b		$0.00		$0.00		$718,093.56		$0.00		$0.00		$718,093.56
Class B		$0.00		$0.00		$215,095.92		$0.00		$0.00		$215,095.92
Class C		$0.00		$0.00		$134,896.67		$0.00		$0.00		$134,896.67

Total		$0.00		$0.00		$3,052,805.15		$0.00		$0.00		$3,052,805.15



Noteholder Payments	Note Balance		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$3.30		$0.00		$3.30		$601,430,000.00		1.00		$601,430,000.00		1.00
Class A-1b		$1,000.00		$3.58		$0.00		$3.58		$200,470,000.00		1.00		$200,470,000.00		1.00
Class B		$1,000.00		$3.51		$0.00		$3.51		$61,310,000.00		1.00		$61,310,000.00		1.00
Class C		$1,000.00		$3.67		$0.00		$3.67		$36,790,000.00		1.00		$36,790,000.00		1.00

Total		$1,000.00		$3.39		$0.00		$3.39		$900,000,000.00		1.00		$900,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period

Principal Funding Account Limit		$450,000,000.00				450,000,000.00

Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.12 13 d136325dex9912.htm EX-99.12 EX-99.12

Exhibit 99.12


Monthly Investor Report: Verizon Master Trust - VZMT 2025-9



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A			Total
Class A-1a		10/20/27		10/21/2030		$637,806,000.00				3.96%							3.96	%
Class A-1b		10/20/27		10/21/2030		$75,000,000.00		31		SOFR +0.42%		04/13/2026		3.63980	%		4.06	%
Class B		10/20/27		10/21/2030		$54,496,000.00				4.24%							4.24	%
Class C		10/20/27		10/21/2030		$32,698,000.00				4.41%							4.41	%


Total						$800,000,000.00



Series 2025-9 Allocation % x Group One Available Funds			$57,098,343.96
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$57,098,343.96



Beginning of Period Reserve Account Balance			$8,719,346.05
Required Reserve Amount			$8,719,346.05
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$8,719,346.05



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$56.72		$56.72		$0.00		$0.00		$57,098,287.24
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$57,098,287.24
Asset Representations Reviewer Fee		$30.34		$30.34		$0.00		$0.00		$57,098,256.90
Supplemental ARR Fee		$121.34		$121.34		$0.00		$0.00		$57,098,135.56
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$57,096,885.56
Servicing Fee		$605,767.51		$605,767.51		$0.00		$0.00		$56,491,118.05
Class A-1a Note Interest		$2,104,759.80		$2,104,759.80		$0.00		$0.00		$54,386,358.25
Class A-1b Note Interest		$262,195.42		$262,195.42		$0.00		$0.00		$54,124,162.83
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$54,124,162.83
Class B Note Interest		$192,552.53		$192,552.53		$0.00		$0.00		$53,931,610.30
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$53,931,610.30
Class C Note Interest		$120,165.15		$120,165.15		$0.00		$0.00		$53,811,445.15
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$53,811,445.15
Class R Interest		$53,811,445.15		$53,811,445.15		$0.00		$0.00		$0.00


Total		$57,098,343.96		$57,098,343.96		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$2,104,759.80		$0.00		$0.00		$2,104,759.80
Class A-1b		$0.00		$0.00		$262,195.42		$0.00		$0.00		$262,195.42
Class B		$0.00		$0.00		$192,552.53		$0.00		$0.00		$192,552.53
Class C		$0.00		$0.00		$120,165.15		$0.00		$0.00		$120,165.15

Total		$0.00		$0.00		$2,679,672.90		$0.00		$0.00		$2,679,672.90



Noteholder Payments	Note Balance per $1,000 of Notes		Payment per $ 1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	Note Balance per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$3.30		$0.00		$3.30		$637,806,000.00		1.00		$637,806,000.00		1.00
Class A-1b		$1,000.00		$3.50		$0.00		$3.50		$75,000,000.00		1.00		$75,000,000.00		1.00
Class B		$1,000.00		$3.53		$0.00		$3.53		$54,496,000.00		1.00		$54,496,000.00		1.00
Class C		$1,000.00		$3.68		$0.00		$3.68		$32,698,000.00		1.00		$32,698,000.00		1.00

Total		$1,000.00		$3.35		$0.00		$3.35		$800,000,000.00		1.00		$800,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period

Principal Funding Account Limit		$400,000,000.00				400,000,000.00

Principal Funding Account balance		$0.00		$0.00		$0.00

Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Page 2 of 2

EX-99.13 14 d136325dex9913.htm EX-99.13 EX-99.13

Exhibit 99.13


Monthly Investor Report: Verizon Master Trust - VZMT 2026-1



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note Balance		SOFR:Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A			Total
Class A-1a		2/22/28		02/20/2031		$1,102,623,000.00				3.94%							3.94	%
Class A-1b		2/22/28		02/20/2031		$367,541,000.00		38		SOFR +0.40%		04/13/2026		3.63980	%		4.04	%
Class B		2/22/28		02/20/2031		$112,398,000.00				4.19%							4.19	%
Class C		2/22/28		02/20/2031		$67,438,000.00				4.43%							4.43	%


Total						$1,650,000,000.00



Series 2025-9 Allocation % x Group One Available Funds			$117,793,773.53
Amounts paid by the Cap Counterparty			N/A
Available Subordinated Amounts			$0.00
Amounts drawn on the Reserve Account			$0.00
Amounts released from Principal Funding Account			$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption
Total Available Funds			$117,793,773.53



Beginning of Period Reserve Account Balance			$17,983,651.23
Required Reserve Amount			$17,983,651.23
Shortfall in Required Reserve Amount			$0.00
Reserve Account funds needed this period (True/False)			FALSE
Reserve Account draw amount required			0.00
Reserve Account Deposit Amount			$0.00
End of Period Reserve Account Balance			$17,983,651.23



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$117.01		$117.01		$0.00		$0.00		$117,793,656.52
Owner Trustee Fee		$15,000.00		$15,000.00		$0.00		$0.00		$117,778,656.52
Asset Representations Reviewer Fee		$62.53		$62.53		$0.00		$0.00		$117,778,593.99
Supplemental ARR Fee		$250.13		$250.13		$0.00		$0.00		$117,778,343.86
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$117,777,093.86
Servicing Fee		$1,249,697.20		$1,249,697.20		$0.00		$0.00		$116,527,396.66
Class A-1a Note Interest		$4,465,010.58		$4,465,010.58		$0.00		$0.00		$112,062,386.08
Class A-1b Note Interest		$1,567,280.58		$1,567,280.58		$0.00		$0.00		$110,495,105.50
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$110,495,105.50
Class B Note Interest		$484,029.50		$484,029.50		$0.00		$0.00		$110,011,076.00
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$110,011,076.00
Class C Note Interest		$307,048.96		$307,048.96		$0.00		$0.00		$109,704,027.04
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$109,704,027.04
Class R Interest		$109,704,027.04		$109,704,027.04		$0.00		$0.00		$0.00


Total		$117,793,773.53		$117,793,773.53		$0.00		$0.00


Total Priority Principal Payments and Additional Interest Amounts										$0.00

Page 1 of 2



Noteholder Payments	Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a		$0.00		$0.00		$4,465,010.58		$0.00		$0.00		$4,465,010.58
Class A-1b		$0.00		$0.00		$1,567,280.58		$0.00		$0.00		$1,567,280.58
Class B		$0.00		$0.00		$484,029.50		$0.00		$0.00		$484,029.50
Class C		$0.00		$0.00		$307,048.96		$0.00		$0.00		$307,048.96

Total		$0.00		$0.00		$6,823,369.62		$0.00		$0.00		$6,823,369.62



	Note Balance per $1,000 of Notes		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	Note Balance per $1,000 of Notes		Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$4.05		$0.00		$4.05		$1,102,623,000.00		1.00		$1,102,623,000.00		1.00
Class A-1b		$1,000.00		$4.26		$0.00		$4.26		$367,541,000.00		1.00		$367,541,000.00		1.00
Class B		$1,000.00		$4.31		$0.00		$4.31		$112,398,000.00		1.00		$112,398,000.00		1.00
Class C		$1,000.00		$4.55		$0.00		$4.55		$67,438,000.00		1.00		$67,438,000.00		1.00

Total		$1,000.00		$4.14		$0.00		$4.14		$1,650,000,000.00		1.00		$1,650,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period
Principal Funding Account Limit		$0.00				825,000,000.00
Principal Funding Account balance		$0.00		$0.00		$0.00



Note: Information regarding Amortization Event Tests and Excess Concentration Amounts can be found on the Verizon Master Trust report filed as Exhibit 99.1 to this Form 10-D.

Pursuant to the U.S. Risk Retention Rules, the sponsor, either directly or through its majority-owned affiliates, is required to retain an economic interest, which equals at least 5% of the aggregate unpaid principal balance of all outstanding investor ABS interests in Group 1, as wholly offset by the percentage represented by the fair value of the Class R Interest, as Series EHRI, of the fair value of all outstanding ABS interests in Series 2026-1 on the date the notes were issued (the” Closing Date”), in the credit risk of the Receivables.

On the Closing Date, Verizon DPPA True-up Trust, a majority-owned affiliate of the Sponsor, retained the required economic interest in the credit risk of the Receivables in satisfaction of the Sponsor’s obligations under the U.S. Risk Retention Rules in the form of a qualifying “seller’s interest,” consisting of the Transferor’s Interest (which, among other things, is represented by the Certificates), as wholly offset by an “eligible horizontal residual interest” in Series 2026-1 consisting of the Class R Interest.

The fair value of the notes and the Class R Interest, recalculated as of the Closing Date, are summarized below. The totals in the table may not sum due to rounding:



	Fair Value		Fair Value (as a percentage)
Notes		$1,649,828,588		80.55%
Class R Interest		$398,449,548		19.45%

Total		$2,048,278,136		100.00%

Page 2 of 2