Exhibit 99.11
| Monthly Investor Report: Verizon Master Trust - VZMT 2025-7 | ||
| Collection Period | Payment Date | Transaction Month | Series Status at End of Prior Payment Date | |||
| March 2026 |
04/20/2026 | 7 | Revolving | |||
| 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 | % | ||||||||||||||||||||||||||
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| Total |
$900,000,000.00 | |||||||||||||||||||||||||||||||
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| 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 |
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| 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 | |||||||||||||||||||
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| Total |
$64,590,328.83 | $64,590,328.83 | $0.00 | $0.00 | ||||||||||||||||||||
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| Total Priority Principal Payments and Additional Interest Amounts |
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$0.00 | ||||||||||||||||||||||
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| 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 | ||||||||||||||||||
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| Total |
$0.00 | $0.00 | $3,052,805.15 | $0.00 | $0.00 | $3,052,805.15 | ||||||||||||||||||
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| Noteholder Payments | Note Balance
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Payment per $1,000 of Notes
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As of Prior Payment Date
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Current Payment Date
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| 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 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $3.39 | $0.00 | $3.39 | $900,000,000.00 | 1.00 | $900,000,000.00 | 1.00 | ||||||||||||||||||||||||
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| 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.
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