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 |
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| April 2026 | 05/20/2026 | 6 | 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 | 30 | SOFR +0.42 | % | 05/13/2026 | 3.64285 | % | 4.06 | % | ||||||||||||||||||||
| 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 |
$ | 52,430,905.77 | ||
| 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 |
$ | 52,430,905.77 |
| 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 |
$ | 58.13 | $ | 58.13 | $ | 0.00 | $ | 0.00 | $ | 52,430,847.64 | ||||||||||
| Owner Trustee Fee |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 52,430,847.64 | ||||||||||
| Asset Representations Reviewer Fee |
$ | 30.34 | $ | 30.34 | $ | 0.00 | $ | 0.00 | $ | 52,430,817.30 | ||||||||||
| Supplemental ARR Fee |
$ | 121.35 | $ | 121.35 | $ | 0.00 | $ | 0.00 | $ | 52,430,695.95 | ||||||||||
| Indenture Trustee Fee |
$ | 1,250.00 | $ | 1,250.00 | $ | 0.00 | $ | 0.00 | $ | 52,429,445.95 | ||||||||||
| Servicing Fee |
$ | 613,186.50 | $ | 613,186.50 | $ | 0.00 | $ | 0.00 | $ | 51,816,259.45 | ||||||||||
| Class A-1a Note Interest |
$ | 2,104,759.80 | $ | 2,104,759.80 | $ | 0.00 | $ | 0.00 | $ | 49,711,499.65 | ||||||||||
| Class A-1b Note Interest |
$ | 253,928.13 | $ | 253,928.13 | $ | 0.00 | $ | 0.00 | $ | 49,457,571.52 | ||||||||||
| First Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,457,571.52 | ||||||||||
| Class B Note Interest |
$ | 192,552.53 | $ | 192,552.53 | $ | 0.00 | $ | 0.00 | $ | 49,265,018.99 | ||||||||||
| Second Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,265,018.99 | ||||||||||
| Class C Note Interest |
$ | 120,165.15 | $ | 120,165.15 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Third Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Reserve Account up to Required Reserve Amount |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Regular Priority Principal Payment |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Supplemental Successor Servicer Fee |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Additional Interest Amounts |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Make-Whole Payments |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Additional Fees and Expenses |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Additional Trust Expenses |
$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 49,144,853.84 | ||||||||||
| Class R Interest |
$ | 49,144,853.84 | $ | 49,144,853.84 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||||
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| Total |
$ | 52,430,905.77 | $ | 52,430,905.77 | $ | 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-1a |
$ | 0.00 | $ | 0.00 | $ | 2,104,759.80 | $ | 0.00 | $ | 0.00 | $ | 2,104,759.80 | ||||||||||||
| Class A-1b |
$ | 0.00 | $ | 0.00 | $ | 253,928.13 | $ | 0.00 | $ | 0.00 | $ | 253,928.13 | ||||||||||||
| 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 | $ | 2,671,405.61 | $ | 0.00 | $ | 0.00 | $ | 2,671,405.61 | ||||||||||||
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| Payment per $1,000 of Notes | As of Prior Payment Date | Current Payment Date | ||||||||||||||||||||||||||||||
| Noteholder Payments |
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 |
$ | 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 | $ | 3.39 | $ | 0.00 | $ | 3.39 | $ | 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 | $ | 3.34 | $ | 0.00 | $ | 3.34 | $ | 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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