Exhibit 99.10
| Monthly Investor Report: Verizon Master Trust - VZMT 2025-5
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| Collection Period |
Payment Date |
Transaction Month |
Series Status at End of Prior Payment Date | |||
| February 2026 | 03/20/2026 | 9 | 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 |
6/20/28 | 06/20/2031 | $400,950,000.00 | 4.40% | 4.40 | % | ||||||||||||||||||||||||||
| Class A-1b |
6/20/28 | 06/20/2031 | $133,650,000.00 | 28 | SOFR +0.55% | 03/13/2026 | 3.67223 | % | 4.22 | % | ||||||||||||||||||||||
| Class B |
6/20/28 | 06/20/2031 | $40,870,000.00 | 4.42% | 4.42 | % | ||||||||||||||||||||||||||
| Class C |
6/20/28 | 06/20/2031 | $24,530,000.00 | 4.84% | 4.84 | % | ||||||||||||||||||||||||||
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| Total |
$600,000,000.00 | |||||||||||||||||||||||||||||||
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| Series 2025-5 Allocation % x Group One Available Funds |
$37,813,471.99 | |||
| 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 |
$37,813,471.99 | |||
| Beginning of Period Reserve Account Balance |
$6,539,509.54 | |||
| Required Reserve Amount |
$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 |
0.00 | |||
| Reserve Account Deposit Amount |
$0.00 | |||
| End of Period Reserve Account Balance |
$6,539,509.54 |
| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | |||||||||||||||||||
| Master Collateral Agent Fee |
$42.74 | $42.74 | $0.00 | $0.00 | $37,813,429.25 | |||||||||||||||||||
| Owner Trustee Fee |
$0.00 | $0.00 | $0.00 | $0.00 | $37,813,429.25 | |||||||||||||||||||
| Asset Representations Reviewer Fee |
$26.88 | $26.88 | $0.00 | $0.00 | $37,813,402.37 | |||||||||||||||||||
| Supplemental ARR Fee |
$107.51 | $107.51 | $0.00 | $0.00 | $37,813,294.86 | |||||||||||||||||||
| Indenture Trustee Fee |
$1,250.00 | $1,250.00 | $0.00 | $0.00 | $37,812,044.86 | |||||||||||||||||||
| Servicing Fee |
$462,786.01 | $462,786.01 | $0.00 | $0.00 | $37,349,258.85 | |||||||||||||||||||
| Class A-1a Note Interest |
$1,470,150.00 | $1,470,150.00 | $0.00 | $0.00 | $35,879,108.85 | |||||||||||||||||||
| Class A-1b Note Interest |
$438,900.81 | $438,900.81 | $0.00 | $0.00 | $35,440,208.04 | |||||||||||||||||||
| First Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $35,440,208.04 | |||||||||||||||||||
| Class B Note Interest |
$150,537.83 | $150,537.83 | $0.00 | $0.00 | $35,289,670.21 | |||||||||||||||||||
| Second Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $35,289,670.21 | |||||||||||||||||||
| Class C Note Interest |
$98,937.67 | $98,937.67 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Third Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Reserve Account up to Required Reserve Amount |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Regular Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Supplemental Successor Servicer Fee |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Additional Interest Amounts |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Make-Whole Payments |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Additional Fees and Expenses |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Additional Trust Expenses |
$0.00 | $0.00 | $0.00 | $0.00 | $35,190,732.54 | |||||||||||||||||||
| Class R Interest |
$35,190,732.54 | $35,190,732.54 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||
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| Total |
$37,813,471.99 | $37,813,471.99 | $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 | $1,470,150.00 | $0.00 | $0.00 | $1,470,150.00 | ||||||||||||||||||
| Class A-1b |
$0.00 | $0.00 | $438,900.81 | $0.00 | $0.00 | $438,900.81 | ||||||||||||||||||
| Class B |
$0.00 | $0.00 | $150,537.83 | $0.00 | $0.00 | $150,537.83 | ||||||||||||||||||
| Class C |
$0.00 | $0.00 | $98,937.67 | $0.00 | $0.00 | $98,937.67 | ||||||||||||||||||
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| Total |
$0.00 | $0.00 | $2,158,526.31 | $0.00 | $0.00 | $2,158,526.31 | ||||||||||||||||||
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| 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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| Noteholder Payments | 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 | $3.67 | $0.00 | $3.67 | $400,950,000.00 | 1.00 | $400,950,000.00 | 1.00 | ||||||||||||||||||||||||
| Class A-1b |
$1,000.00 | $3.28 | $0.00 | $3.28 | $133,650,000.00 | 1.00 | $133,650,000.00 | 1.00 | ||||||||||||||||||||||||
| Class B |
$1,000.00 | $3.68 | $0.00 | $3.68 | $40,870,000.00 | 1.00 | $40,870,000.00 | 1.00 | ||||||||||||||||||||||||
| Class C |
$1,000.00 | $4.03 | $0.00 | $4.03 | $24,530,000.00 | 1.00 | $24,530,000.00 | 1.00 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $3.60 | $0.00 | $3.60 | $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 |
$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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