Exhibit 99.4
| Monthly Investor Report: Verizon Master Trust - VZMT 2023-5 | ||
| Collection Period | August 2025 | |
| Payment Date | 09/22/2025 | |
| Transaction Month | 24 | |
| Series Status at End of Prior Payment Date | Revolving | |
| Offered Notes | Anticipated |
Final Maturity Date |
Issuance Note Balance |
SOFR:Days in the Interest Period |
Note Interest Rate | SOFR Adjustment Date |
SOFR30A | Total | ||||||||||||||||||||||||
| Class A-1a |
9/22/25 | 09/08/2028 | $265,070,000.00 | 5.61 | % | 5.61% | ||||||||||||||||||||||||||
| Class A-1b |
9/22/25 | 09/08/2028 | $113,600,000.00 | 33 | SOFR +0.68 | % | 09/15/2025 | 4.38143 | % | 5.06% | ||||||||||||||||||||||
| Class B |
9/22/25 | 09/08/2028 | $28,950,000.00 | 5.85 | % | 5.85% | ||||||||||||||||||||||||||
| Class C |
9/22/25 | 09/08/2028 | $17,380,000.00 | 6.09 | % | 6.09% | ||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||
| Total |
$425,000,000.00 | |||||||||||||||||||||||||||||||
|
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| Series 2023-5 Allocation % x Group One Available Funds |
|
$29,334,565.96 | ||||||||||||||||||||||||||||||
| Amounts paid by the Cap Counterparty |
|
N/A | ||||||||||||||||||||||||||||||
| Available Subordinated Amounts |
|
$0.00 | ||||||||||||||||||||||||||||||
| Amounts drawn on the Reserve Account |
|
$4,632,152.59 | ||||||||||||||||||||||||||||||
| Amounts released from Principal Funding Account |
|
$0.00 | ||||||||||||||||||||||||||||||
| Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption |
|
425,000,000.00 | ||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||
| Total Available Funds |
|
$458,966,718.55 | ||||||||||||||||||||||||||||||
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|
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| Beginning of Period Reserve Account Balance |
|
$4,632,152.59 | ||||||||||||||||||||||||||||||
| Required Reserve Amount |
|
$0.00 | ||||||||||||||||||||||||||||||
| Shortfall in Required Reserve Amount |
|
$0.00 | ||||||||||||||||||||||||||||||
| Reserve Account funds needed this period (True/False) |
|
FALSE | ||||||||||||||||||||||||||||||
| Reserve Account draw amount required |
|
4,632,152.59 | ||||||||||||||||||||||||||||||
| Reserve Account Deposit Amount |
|
$0.00 | ||||||||||||||||||||||||||||||
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|
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| End of Period Reserve Account Balance |
|
$0.00 | ||||||||||||||||||||||||||||||
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| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall |
Remaining Available Funds |
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| Master Collateral Agent Fee |
|
$31.59 | $31.59 | $0.00 | $0.00 | $458,966,686.96 | ||||||||||||||||||||||||||
| Owner Trustee Fee |
|
$0.00 | $0.00 | $0.00 | $0.00 | $458,966,686.96 | ||||||||||||||||||||||||||
| Asset Representations Reviewer Fee |
|
$17.42 | $17.42 | $0.00 | $0.00 | $458,966,669.54 | ||||||||||||||||||||||||||
| Supplemental ARR Fee |
|
$69.66 | $69.66 | $0.00 | $0.00 | $458,966,599.88 | ||||||||||||||||||||||||||
| Indenture Trustee Fee |
|
$1,250.00 | $1,250.00 | $0.00 | $0.00 | $458,965,349.88 | ||||||||||||||||||||||||||
| Servicing Fee |
|
$330,636.10 | $330,636.10 | $0.00 | $0.00 | $458,634,713.78 | ||||||||||||||||||||||||||
| Class A-1a Note Interest |
|
$1,239,202.25 | $1,239,202.25 | $0.00 | $0.00 | $457,395,511.53 | ||||||||||||||||||||||||||
| Class A-1b Note Interest |
|
$527,063.58 | $527,063.58 | $0.00 | $0.00 | $456,868,447.95 | ||||||||||||||||||||||||||
| First Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $456,868,447.95 | ||||||||||||||||||||||||||
| Class B Note Interest |
|
$141,131.25 | $141,131.25 | $0.00 | $0.00 | $456,727,316.70 | ||||||||||||||||||||||||||
| Second Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $456,727,316.70 | ||||||||||||||||||||||||||
| Class C Note Interest |
|
$88,203.50 | $88,203.50 | $0.00 | $0.00 | $456,639,113.20 | ||||||||||||||||||||||||||
| Third Priority Principal Payment |
|
$0.00 | $0.00 | $0.00 | $0.00 | $456,639,113.20 | ||||||||||||||||||||||||||
| Reserve Account up to Required Reserve Amount |
|
$0.00 | $0.00 | $0.00 | $0.00 | $456,639,113.20 | ||||||||||||||||||||||||||
| Regular Priority Principal Payment |
|
$425,000,000.00 | $425,000,000.00 | $0.00 | $0.00 | $31,639,113.20 | ||||||||||||||||||||||||||
| Supplemental Successor Servicer Fee |
|
$0.00 | $0.00 | $0.00 | $0.00 | $31,639,113.20 | ||||||||||||||||||||||||||
| Additional Interest Amounts |
|
$0.00 | $0.00 | $0.00 | $0.00 | $31,639,113.20 | ||||||||||||||||||||||||||
| Make-Whole Payments |
|
$0.00 | $0.00 | $0.00 | $0.00 | $31,639,113.20 | ||||||||||||||||||||||||||
| Additional Fees and Expenses |
|
$0.00 | $0.00 | $0.00 | $0.00 | $31,639,113.20 | ||||||||||||||||||||||||||
| Additional Trust Expenses |
|
$0.00 | $0.00 | $0.00 | $0.00 | $31,639,113.20 | ||||||||||||||||||||||||||
| Class R Interest |
$31,639,113.20 | $31,639,113.20 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||||||||||
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|
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| Total |
$458,966,718.55 | $458,966,718.55 | $0.00 | $0.00 | ||||||||||||||||||||||||||||
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| Total Priority Principal Payments and Additional Interest Amounts |
|
$425,000,000.00 | ||||||||||||||||||||||||||||||
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| Noteholder Payments | Note Balance | PFA Account | Interest Payment | Add’l Interest | Make-Whole | Total Payment | ||||||||||||||||||||||||||
| Class A-1a |
|
$265,070,000.00 | $0.00 | $1,239,202.25 | $0.00 | $0.00 | $266,309,202.25 | |||||||||||||||||||||||||
| Class A-1b |
|
$113,600,000.00 | $0.00 | $527,063.58 | $0.00 | $0.00 | $114,127,063.58 | |||||||||||||||||||||||||
| Class B |
|
$28,950,000.00 | $0.00 | $141,131.25 | $0.00 | $0.00 | $29,091,131.25 | |||||||||||||||||||||||||
| Class C |
|
$17,380,000.00 | $0.00 | $88,203.50 | $0.00 | $0.00 | $17,468,203.50 | |||||||||||||||||||||||||
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| Total |
$425,000,000.00 | $0.00 | $1,995,600.58 | $0.00 | $0.00 | $426,995,600.58 | ||||||||||||||||||||||||||
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| Noteholder Payments | Payment per $1,000 of Notes | As of Prior Payment Date |
Current Payment Date |
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| Note Balance per $1,000 of Notes |
Interest Payment |
Make-Whole Payment |
Total Payment | Balance | Note Pool Factor | Balance | Note Pool Factor | |||||||||||||||||||||||||
| Class A-1a |
$0.00 | $0.00 | $0.00 | $0.00 | $265,070,000.00 | 1.00 | $0.00 | 0.00 | ||||||||||||||||||||||||
| Class A-1b |
$0.00 | $0.00 | $0.00 | $0.00 | $113,600,000.00 | 1.00 | $0.00 | 0.00 | ||||||||||||||||||||||||
| Class B |
$0.00 | $0.00 | $0.00 | $0.00 | $28,950,000.00 | 1.00 | $0.00 | 0.00 | ||||||||||||||||||||||||
| Class C |
$0.00 | $0.00 | $0.00 | $0.00 | $17,380,000.00 | 1.00 | $0.00 | 0.00 | ||||||||||||||||||||||||
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| Total |
$0.00 | $425,000,000.00 | 1.00 | $0.00 | 0.00 | |||||||||||||||||||||||||||
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| Beginning Period | Add: Deposit | Ending Period | ||||||||||||||||||||||||||||||
| Principal Funding Account Limit |
|
$212,500,000.00 | $212,500,000.00 | |||||||||||||||||||||||||||||
| 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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