Exhibit 99.5


Monthly Investor Report: Verizon Master Trust - VZMT 2023-5

Collection Period		May 2025
Payment Date		6/20/2025
Transaction Month		21
Series Status at End of Prior Payment Date		Revolving



Offered Notes	Anticipated Redemption Date		Final Maturity Date		Issuance Note/ Note Balance		SOFR: Days in the Interest Period		Note Interest Rate		SOFR Adjustment Date		SOFR30A		Total
Class A-1a		9/22/25		9/8/28		$265,070,000				5.61%						5.61%
Class A-1b		9/22/25		9/8/28		$113,600,000		31		SOFR30A + 0.68%		6/12/25		4.30385%		4.98%
Class B		9/22/25		9/8/28		$28,950,000				5.85%						5.85%
Class C		9/22/25		9/8/28		$17,380,000				6.09%						6.09%

Total						$425,000,000


Series Alloc % x Group One Available Funds																$30,467,225.99
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																$0.00

Total Available Funds																$30,467,225.99


Beginning of Period Reserve Account Balance																$4,632,152.59
Required Reserve Amount																$4,632,152.59
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																$4,632,152.59


Waterfall Distribution					Amount Due		Amount Paid		Shortfall		Carryover Shortfall				Remaining Available Funds
Master Collateral Agent Fee						$31.71		$31.71		$0.00		$0.00				$30,467,194.28
Owner Trustee Fee						$0.00		$0.00		$0.00		$0.00				$30,467,194.28
Asset Representations Reviewer Fee						$17.52		$17.52		$0.00		$0.00				$30,467,176.76
Supplemental ARR Fee						$70.08		$70.08		$0.00		$0.00				$30,467,106.68
Indenture Trustee Fee						$1,250.00		$1,250.00		$0.00		$0.00				$30,465,856.68
Servicing Fee						$327,420.66		$327,420.66		$0.00		$0.00				$30,138,436.02
Class A-1a Note Interest						$1,239,202.25		$1,239,202.25		$0.00		$0.00				$28,899,233.77
Class A-1b Note Interest						$487,531.28		$487,531.28		$0.00		$0.00				$28,411,702.49
First Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$28,411,702.49
Class B Note Interest						$141,131.25		$141,131.25		$0.00		$0.00				$28,270,571.24
Second Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$28,270,571.24
Class C Note Interest						$88,203.50		$88,203.50		$0.00		$0.00				$28,182,367.74
Third Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Reserve Account up to Required Reserve Amount						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Regular Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Supplemental Successor Servicer Fee						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Additional Interest Amounts						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Make-Whole Payments						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Additional Fees and Expenses						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Additional Trust Expenses						$0.00		$0.00		$0.00		$0.00				$28,182,367.74
Class R Interest						$28,182,367.74		$28,182,367.74		$0.00		$0.00				$0.00

Total						$30,467,225.99		$30,467,225.99		$0.00		$0.00

Total Priority, Regular and Accelerated Principal Payments																$0.00

Page 1



Noteholder Payments					Note Balance Payments		PFA Account Payment		Interest Payment		Add’l Interest Amount		Make-Whole Payment		Total Payment
Class A-1a						$0.00		$0.00		$1,239,202.25		$0.00		$0.00		$1,239,202.25
Class A-1b						$0.00		$0.00		$487,531.28		$0.00		$0.00		$487,531.28
Class B						$0.00		$0.00		$141,131.25		$0.00		$0.00		$141,131.25
Class C						$0.00		$0.00		$88,203.50		$0.00		$0.00		$88,203.50

Total						$0.00		$0.00		$1,956,068.28		$0.00		$0.00		$1,956,068.28


Noteholder Payments	Note Balance per $1,000 of Notes		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
Noteholder Payments	Note Balance per $1,000 of Notes		Total Interest Payment		Make-Whole Payment		Total Payment		Balance		Note Pool Factor		Balance		Note Pool Factor
Class A-1a		$1,000.00		$4.68		$0.00		$4.68		$265,070,000.00		$1.00		$265,070,000.00		$1.00
Class A-1b		$1,000.00		$4.29		$0.00		$4.29		$113,600,000.00		$1.00		$113,600,000.00		$1.00
Class B		$1,000.00		$4.88		$0.00		$4.88		$28,950,000.00		$1.00		$28,950,000.00		$1.00
Class C		$1,000.00		$5.08		$0.00		$5.08		$17,380,000.00		$1.00		$17,380,000.00		$1.00

Total		$1,000.00		$4.60		$0.00		$4.60		$425,000,000.00		$1.00		$425,000,000.00		$1.00



									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.

Page 2

Verizon Master Trust 10-D