Exhibit 99.3
| Monthly Investor Report: Verizon Master Trust - VZMT 2023-4 | ||
| Collection Period | August 2025 | |
| Payment Date | 09/22/2025 | |
| Transaction Month | 27 | |
| 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-1a |
6/22/26 | 06/20/2029 | $537,800,000.00 | 5.16% | 5.16% | |||||||||||||||||||||||||||
| Class A-1b |
6/22/26 | 06/20/2029 | $175,000,000.00 | 33 | SOFR +0.85% | 09/15/2025 | 4.38143% | 5.23% | ||||||||||||||||||||||||
| Class B |
6/22/26 | 06/20/2029 | $54,500,000.00 | 4.57% | 4.57% | |||||||||||||||||||||||||||
| Class C |
6/22/26 | 06/20/2029 | $32,700,000.00 | 5.65% | 5.65% | |||||||||||||||||||||||||||
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| Total |
$800,000,000.00 | |||||||||||||||||||||||||||||||
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| Series 2023-4 Allocation % x Group One Available Funds |
|
$54,966,520.14 | ||||||||||||||||||||||||||||||
| 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 |
|
$54,966,520.14 | ||||||||||||||||||||||||||||||
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| Beginning of Period Reserve Account Balance |
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$8,719,346.05 | ||||||||||||||||||||||||||||||
| Required Reserve Amount |
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$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 |
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$0.00 | ||||||||||||||||||||||||||||||
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| End of Period Reserve Account Balance |
|
$8,719,346.05 | ||||||||||||||||||||||||||||||
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| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds |
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| Master Collateral Agent Fee |
|
$59.19 | $59.19 | $0.00 | $0.00 | $54,966,460.95 | ||||||||||||||||||||||||||
| Owner Trustee Fee |
|
$0.00 | $0.00 | $0.00 | $0.00 | $54,966,460.95 | ||||||||||||||||||||||||||
| Asset Representations Reviewer Fee |
|
$32.63 | $32.63 | $0.00 | $0.00 | $54,966,428.32 | ||||||||||||||||||||||||||
| Supplemental ARR Fee |
|
$130.54 | $130.54 | $0.00 | $0.00 | $54,966,297.78 | ||||||||||||||||||||||||||
| Indenture Trustee Fee |
|
$1,250.00 | $1,250.00 | $0.00 | $0.00 | $54,965,047.78 | ||||||||||||||||||||||||||
| Servicing Fee |
|
$619,539.27 | $619,539.27 | $0.00 | $0.00 | $54,345,508.51 | ||||||||||||||||||||||||||
| Class A-1a Note Interest |
|
$2,312,540.00 | $2,312,540.00 | $0.00 | $0.00 | $52,032,968.51 | ||||||||||||||||||||||||||
| Class A-1b Note Interest |
|
$839,208.56 | $839,208.56 | $0.00 | $0.00 | $51,193,759.95 | ||||||||||||||||||||||||||
| First Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $51,193,759.95 | ||||||||||||||||||||||||||
| Class B Note Interest |
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$207,554.17 | $207,554.17 | $0.00 | $0.00 | $50,986,205.78 | ||||||||||||||||||||||||||
| Second Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $50,986,205.78 | ||||||||||||||||||||||||||
| Class C Note Interest |
|
$153,962.50 | $153,962.50 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Third Priority Principal Payment |
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$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Reserve Account up to Required Reserve Amount |
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$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Regular Priority Principal Payment |
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$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Supplemental Successor Servicer Fee |
|
$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Additional Interest Amounts |
|
$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Make-Whole Payments |
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$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Additional Fees and Expenses |
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$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Additional Trust Expenses |
|
$0.00 | $0.00 | $0.00 | $0.00 | $50,832,243.28 | ||||||||||||||||||||||||||
| Class R Interest |
|
$50,832,243.28 | $50,832,243.28 | $0.00 | $0.00 | $0.00 | ||||||||||||||||||||||||||
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| Total |
$54,966,520.14 | $54,966,520.14 | $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 | $2,312,540.00 | $0.00 | $0.00 | $2,312,540.00 | |||||||||||||||||||||||||
| Class A-1b |
|
$0.00 | $0.00 | $839,208.56 | $0.00 | $0.00 | $839,208.56 | |||||||||||||||||||||||||
| Class B |
|
$0.00 | $0.00 | $207,554.17 | $0.00 | $0.00 | $207,554.17 | |||||||||||||||||||||||||
| Class C |
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$0.00 | $0.00 | $153,962.50 | $0.00 | $0.00 | $153,962.50 | |||||||||||||||||||||||||
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| Total |
$0.00 | $0.00 | $3,513,265.23 | $0.00 | $0.00 | $3,513,265.23 | ||||||||||||||||||||||||||
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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-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 | $4.80 | $0.00 | $4.80 | $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 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $4.39 | $0.00 | $4.39 | $800,000,000.00 | 1.00 | $800,000,000.00 | 1.00 | ||||||||||||||||||||||||
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| Beginning Period | Add: Deposit | Ending Period | ||||||||||||||||||||||||||||||
| Principal Funding Account Limit |
|
$400,000,000.00 | $400,000,000.00 | |||||||||||||||||||||||||||||
| 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.
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 2023-4 on the date the notes were issued (the” Initial Issuance Date”), in the credit risk of the Receivables.
On the Initial Issuance Date and on August 14, 2025 (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 2023-4 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 | as a percentage | |||||||
| Notes |
$799,935,578 | 80.00 | % | |||||
| Class R Interest |
$199,975,386 | 20.00 | % | |||||
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| Total |
$999,910,964 | 100.00 | % | |||||
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