Exhibit 99.11
| Monthly Investor Report: Verizon Master Trust - VZMT 2025-1 | ||
| Collection Period | August 2025 | |
| Payment Date | 09/22/2025 | |
| Transaction Month | 8 | |
| Series Status at End of Prior Payment Date | 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 |
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% | |||||||||||||||||||||||||||
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| Total |
$600,000,000.00 | |||||||||||||||||||||||||||||||
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| Series 2025-1 Allocation % x Group One Available Funds |
|
$41,036,725.98 | ||||||||||||||||||||||||||||||
| Amounts paid by the Cap Counterparty |
|
N/A | ||||||||||||||||||||||||||||||
| Available Subordinated Amounts |
|
$0.00 | ||||||||||||||||||||||||||||||
| Amounts drawn on the Reserve Account |
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$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 |
$41,036,725.98 | |||||||||||||||||||||||||||||||
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| Beginning of Period Reserve Account Balance |
|
$6,539,509.54 | ||||||||||||||||||||||||||||||
| Required Reserve Amount |
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$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 |
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0.00 | ||||||||||||||||||||||||||||||
| Reserve Account Deposit Amount |
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$0.00 | ||||||||||||||||||||||||||||||
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| End of Period Reserve Account Balance |
|
$6,539,509.54 | ||||||||||||||||||||||||||||||
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| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall |
Remaining Available Funds |
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| Master Collateral Agent Fee |
|
$44.19 | $44.19 | $0.00 | $0.00 | $41,036,681.79 | ||||||||||||||||||||||||||
| Owner Trustee Fee |
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$0.00 | $0.00 | $0.00 | $0.00 | $41,036,681.79 | ||||||||||||||||||||||||||
| Asset Representations Reviewer Fee |
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$24.36 | $24.36 | $0.00 | $0.00 | $41,036,657.43 | ||||||||||||||||||||||||||
| Supplemental ARR Fee |
|
$97.45 | $97.45 | $0.00 | $0.00 | $41,036,559.98 | ||||||||||||||||||||||||||
| Indenture Trustee Fee |
|
$1,250.00 | $1,250.00 | $0.00 | $0.00 | $41,035,309.98 | ||||||||||||||||||||||||||
| Servicing Fee |
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$462,533.62 | $462,533.62 | $0.00 | $0.00 | $40,572,776.36 | ||||||||||||||||||||||||||
| Class A Note Interest |
|
$2,098,305.00 | $2,098,305.00 | $0.00 | $0.00 | $38,474,471.36 | ||||||||||||||||||||||||||
| First Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $38,474,471.36 | ||||||||||||||||||||||||||
| Class B Note Interest |
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$168,256.40 | $168,256.40 | $0.00 | $0.00 | $38,306,214.96 | ||||||||||||||||||||||||||
| Second Priority Principal Payment |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,306,214.96 | ||||||||||||||||||||||||||
| Class C Note Interest |
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$104,039.60 | $104,039.60 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Third Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Reserve Account up to Required Reserve Amount |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Regular Priority Principal Payment |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Supplemental Successor Servicer Fee |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Additional Interest Amounts |
|
$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Make-Whole Payments |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Additional Fees and Expenses |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Additional Trust Expenses |
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$0.00 | $0.00 | $0.00 | $0.00 | $38,202,175.36 | ||||||||||||||||||||||||||
| Class R Interest |
$38,202,175.36 | $38,202,175.36 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||||||||||
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| Total |
$41,036,725.98 | $41,036,725.98 | $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 |
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$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 |
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$0.00 | $0.00 | $104,039.60 | $0.00 | $0.00 | $104,039.60 | |||||||||||||||||||||||||
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| Total |
$0.00 | $0.00 | $2,370,601.00 | $0.00 | $0.00 | $2,370,601.00 | ||||||||||||||||||||||||||
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| Noteholder | Note Balance | Payment per $1,000 of Notes | As of Prior Payment Date | Current Payment Date | ||||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $3.95 | $0.00 | $3.95 | $600,000,000.00 | 1.00 | $600,000,000.00 | 1.00 | ||||||||||||||||||||||||
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| Beginning Period | Add: Deposit | Ending Period | ||||||||||||||||||||||||||||||
| Principal Funding Account Limit |
|
$300,000,000.00 | $300,000,000.00 | |||||||||||||||||||||||||||||
| 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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