Exhibit 99.2
| Monthly Investor Report: Verizon Master Trust - VZMT 2023-1 | ||
| Collection Period | August 2025 | |
| Payment Date | 09/22/2025 | |
| Transaction Month | 32 | |
| 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 |
1/20/26 | 01/22/2029 | $891,010,000.00 | 4.49 | % | 4.49 | % | |||||||||||||||||||||||||
| Class B |
1/20/26 | 01/22/2029 | $68,120,000.00 | 4.74 | % | 4.74 | % | |||||||||||||||||||||||||
| Class C |
1/20/26 | 01/22/2029 | $40,870,000.00 | 4.98 | % | 4.98 | % | |||||||||||||||||||||||||
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| Total |
$1,000,000,000.00 | |||||||||||||||||||||||||||||||
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| Series 2023-1 Allocation % x Group One Available Funds |
$68,243,950.10 | |||
| 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 |
$68,243,950.10 | |||
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| 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 | |||
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| End of Period Reserve Account Balance |
$10,899,182.56 | |||
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| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds |
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| Master Collateral Agent Fee |
$73.49 | $73.49 | $0.00 | $0.00 | $68,243,876.61 | |||||||||||||||
| Owner Trustee Fee |
$0.00 | $0.00 | $0.00 | $0.00 | $68,243,876.61 | |||||||||||||||
| Asset Representations Reviewer Fee |
$40.52 | $40.52 | $0.00 | $0.00 | $68,243,836.09 | |||||||||||||||
| Supplemental ARR Fee |
$162.06 | $162.06 | $0.00 | $0.00 | $68,243,674.03 | |||||||||||||||
| Indenture Trustee Fee |
$1,250.00 | $1,250.00 | $0.00 | $0.00 | $68,242,424.03 | |||||||||||||||
| Servicing Fee |
$769,191.99 | $769,191.99 | $0.00 | $0.00 | $67,473,232.04 | |||||||||||||||
| Class A Note Interest |
$3,333,862.42 | $3,333,862.42 | $0.00 | $0.00 | $64,139,369.62 | |||||||||||||||
| First Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $64,139,369.62 | |||||||||||||||
| Class B Note Interest |
$269,074.00 | $269,074.00 | $0.00 | $0.00 | $63,870,295.62 | |||||||||||||||
| Second Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $63,870,295.62 | |||||||||||||||
| Class C Note Interest |
$169,610.50 | $169,610.50 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Third Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Reserve Account up to Required Reserve Amount |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Regular Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Supplemental Successor Servicer Fee |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Additional Interest Amounts |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Make-Whole Payments |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Additional Fees and Expenses |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Additional Trust Expenses |
$0.00 | $0.00 | $0.00 | $0.00 | $63,700,685.12 | |||||||||||||||
| Class R Interest |
$63,700,685.12 | $63,700,685.12 | $0.00 | $0.00 | $0.00 | |||||||||||||||
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| Total |
$68,243,950.10 | $68,243,950.10 | $0.00 | $0.00 | ||||||||||||||||
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| Total Priority Principal Payments and Additional Interest Amounts |
$0.00 | |||||||||||||||||||
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| Noteholder Payments | Note Balance | PFA Account | Interest Payment | Add’l Interest | Make-Whole | Total Payment | ||||||||||||||||||
| Class A |
$0.00 | $0.00 | $3,333,862.42 | $0.00 | $0.00 | $3,333,862.42 | ||||||||||||||||||
| Class B |
$0.00 | $0.00 | $269,074.00 | $0.00 | $0.00 | $269,074.00 | ||||||||||||||||||
| Class C |
$0.00 | $0.00 | $169,610.50 | $0.00 | $0.00 | $169,610.50 | ||||||||||||||||||
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| Total |
$0.00 | $0.00 | $3,772,546.92 | $0.00 | $0.00 | $3,772,546.92 | ||||||||||||||||||
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| Noteholder Payments | Note Balance | Payment per $1,000 of Notes | As of Prior Payment Date | Current Payment Date | ||||||||||||||||||||||||||||
| 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 | $3.74 | $0.00 | $3.74 | $891,010,000.00 | 1.00 | $891,010,000.00 | 1.00 | ||||||||||||||||||||||||
| Class B |
$1,000.00 | $3.95 | $0.00 | $3.95 | $68,120,000.00 | 1.00 | $68,120,000.00 | 1.00 | ||||||||||||||||||||||||
| Class C |
$1,000.00 | $4.15 | $0.00 | $4.15 | $40,870,000.00 | 1.00 | $40,870,000.00 | 1.00 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $3.77 | $0.00 | $3.77 | $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 |
$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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