Exhibit 99.12
| Monthly Investor Report: Verizon Master Trust - VZMT 2025-9 | ||
| Collection Period | Payment Date | Transaction Month | Series Status at End of Prior Payment Date | |||
| February 2026 | 03/20/2026 | 4 | 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 |
10/20/27 | 10/21/2030 | $637,806,000.00 | 3.96% | 3.96 | % | ||||||||||||||||||||||||||
| Class A-1b |
10/20/27 | 10/21/2030 | $75,000,000.00 | 28 | SOFR +0.42% | 03/13/2026 | 3.67223 | % | 4.09 | % | ||||||||||||||||||||||
| Class B |
10/20/27 | 10/21/2030 | $54,496,000.00 | 4.24% | 4.24 | % | ||||||||||||||||||||||||||
| Class C |
10/20/27 | 10/21/2030 | $32,698,000.00 | 4.41% | 4.41 | % | ||||||||||||||||||||||||||
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| Total |
$800,000,000.00 | |||||||||||||||||||||||||||||||
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| Series 2025-9 Allocation % x Group One Available Funds |
$50,215,670.37 | |||
| 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 |
$50,215,670.37 | |||
| Beginning of Period Reserve Account Balance |
$8,719,346.05 | |||
| Required Reserve Amount |
$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 |
$0.00 | |||
| End of Period Reserve Account Balance |
$8,719,346.05 | |||
| Waterfall Distribution | Amount Due | Amount Paid | Shortfall | Carryover Shortfall | Remaining Available Funds | |||||||||||||||||||
| Master Collateral Agent Fee |
$56.76 | $56.76 | $0.00 | $0.00 | $50,215,613.61 | |||||||||||||||||||
| Owner Trustee Fee |
$0.00 | $0.00 | $0.00 | $0.00 | $50,215,613.61 | |||||||||||||||||||
| Asset Representations Reviewer Fee |
$35.69 | $35.69 | $0.00 | $0.00 | $50,215,577.92 | |||||||||||||||||||
| Supplemental ARR Fee |
$142.76 | $142.76 | $0.00 | $0.00 | $50,215,435.16 | |||||||||||||||||||
| Indenture Trustee Fee |
$1,250.00 | $1,250.00 | $0.00 | $0.00 | $50,214,185.16 | |||||||||||||||||||
| Servicing Fee |
$614,572.22 | $614,572.22 | $0.00 | $0.00 | $49,599,612.94 | |||||||||||||||||||
| Class A-1a Note Interest |
$2,104,759.80 | $2,104,759.80 | $0.00 | $0.00 | $47,494,853.14 | |||||||||||||||||||
| Class A-1b Note Interest |
$238,713.42 | $238,713.42 | $0.00 | $0.00 | $47,256,139.72 | |||||||||||||||||||
| First Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $47,256,139.72 | |||||||||||||||||||
| Class B Note Interest |
$192,552.53 | $192,552.53 | $0.00 | $0.00 | $47,063,587.19 | |||||||||||||||||||
| Second Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $47,063,587.19 | |||||||||||||||||||
| Class C Note Interest |
$120,165.15 | $120,165.15 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Third Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Reserve Account up to Required Reserve Amount |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Regular Priority Principal Payment |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Supplemental Successor Servicer Fee |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Additional Interest Amounts |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Make-Whole Payments |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Additional Fees and Expenses |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Additional Trust Expenses |
$0.00 | $0.00 | $0.00 | $0.00 | $46,943,422.04 | |||||||||||||||||||
| Class R Interest |
$46,943,422.04 | $46,943,422.04 | $0.00 | $0.00 | $0.00 | |||||||||||||||||||
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| Total |
$50,215,670.37 | $50,215,670.37 | $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 | $2,104,759.80 | $0.00 | $0.00 | $2,104,759.80 | ||||||||||||||||||
| Class A-1b |
$0.00 | $0.00 | $238,713.42 | $0.00 | $0.00 | $238,713.42 | ||||||||||||||||||
| Class B |
$0.00 | $0.00 | $192,552.53 | $0.00 | $0.00 | $192,552.53 | ||||||||||||||||||
| Class C |
$0.00 | $0.00 | $120,165.15 | $0.00 | $0.00 | $120,165.15 | ||||||||||||||||||
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| Total |
$0.00 | $0.00 | $2,656,190.90 | $0.00 | $0.00 | $2,656,190.90 | ||||||||||||||||||
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| Noteholder Payments | Note Balance per $1,000 of Notes |
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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| Interest Payment | Make-Whole Payment | Total Payment | Balance | Note Pool Factor | Balance | Note Pool Factor | ||||||||||||||||||||||||||
| Class A-1a |
$1,000.00 | $3.30 | $0.00 | $3.30 | $637,806,000.00 | 1.00 | $637,806,000.00 | 1.00 | ||||||||||||||||||||||||
| Class A-1b |
$1,000.00 | $3.18 | $0.00 | $3.18 | $75,000,000.00 | 1.00 | $75,000,000.00 | 1.00 | ||||||||||||||||||||||||
| Class B |
$1,000.00 | $3.53 | $0.00 | $3.53 | $54,496,000.00 | 1.00 | $54,496,000.00 | 1.00 | ||||||||||||||||||||||||
| Class C |
$1,000.00 | $3.68 | $0.00 | $3.68 | $32,698,000.00 | 1.00 | $32,698,000.00 | 1.00 | ||||||||||||||||||||||||
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| Total |
$1,000.00 | $3.32 | $0.00 | $3.32 | $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 |
$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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