Exhibit 99.9
| Monthly Investor Report: Verizon Master Trust - VZMT 2025-3 | ||||||
| Collection Period | Payment Date | Transaction Month | Series Status at End of Prior Payment Date | |||
| March 2026 | 04/20/2026 | 13 | 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 |
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 | % | ||||||||||||||||||||||||||
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| Total |
$1,000,000,000.00 | |||||||||||||||||||||||||||||||
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| 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 |
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| 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 | |||||||||||||||||||
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| Total |
$71,774,768.66 | $71,774,768.66 | $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 | $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 | ||||||||||||||||||
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| Total |
$0.00 | $0.00 | $3,758,542.82 | $0.00 | $0.00 | $3,758,542.82 | ||||||||||||||||||
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| Noteholder Payments |
Note Balance | 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 | $3.76 | $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 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $3.76 | $0.00 | $3.76 | $1,000,000,000.00 | 1.00 | $1,000,000,000.00 | 1.00 | ||||||||||||||||||||||||
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| Beginning Period | Add: Deposit | Ending Period | ||||||||||||||||||||||
| Principal Funding Account Limit |
$ | 500,000,000.00 | 500,000,000.00 | |||||||||||||||||||||
| Principal Funding Account balance
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$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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