Exhibit 99.5


Monthly Investor Report: Verizon Master Trust - VZMT 2023-7

Collection Period		July 2025
Payment Date		08/20/2025
Transaction Month		21
Series Status at End of Prior Payment Date		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		11/20/26		11/20/2029		$434,610,000.00				5.67%						5.67%
Class A-1b		11/20/26		11/20/2029		$100,000,000.00		30		SOFR +0.95%		08/13/2025		4.34270%		5.29%
Class B		11/20/26		11/20/2029		$40,870,000.00				5.96%						5.96%
Class C		11/20/26		11/20/2029		$24,520,000.00				4.61%						4.61%

Total						$600,000,000.00


Series 2023-7 Allocation % x Group One Available Funds																$42,411,252.43
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

Total Available Funds																$42,411,252.43


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						$44.45		$44.45		$0.00		$0.00				$42,411,207.98
Owner Trustee Fee						$0.00		$0.00		$0.00		$0.00				$42,411,207.98
Asset Representations Reviewer Fee						$24.60		$24.60		$0.00		$0.00				$42,411,183.38
Supplemental ARR Fee						$98.42		$98.42		$0.00		$0.00				$42,411,084.96
Indenture Trustee Fee						$1,250.00		$1,250.00		$0.00		$0.00				$42,409,834.96
Servicing Fee						$467,632.64		$467,632.64		$0.00		$0.00				$41,942,202.32
Class A-1a Note Interest						$2,053,532.25		$2,053,532.25		$0.00		$0.00				$39,888,670.07
Class A-1b Note Interest						$441,058.33		$441,058.33		$0.00		$0.00				$39,447,611.74
First Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$39,447,611.74
Class B Note Interest						$202,987.67		$202,987.67		$0.00		$0.00				$39,244,624.07
Second Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$39,244,624.07
Class C Note Interest						$94,197.67		$94,197.67		$0.00		$0.00				$39,150,426.40
Third Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Reserve Account up to Required Reserve Amount						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Regular Priority Principal Payment						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Supplemental Successor Servicer Fee						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Additional Interest Amounts						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Make-Whole Payments						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Additional Fees and Expenses						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Additional Trust Expenses						$0.00		$0.00		$0.00		$0.00				$39,150,426.40
Class R Interest						$39,150,426.40		$39,150,426.40		$0.00		$0.00				$0.00

Total						$42,411,252.43		$42,411,252.43		$0.00		$0.00

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		$2,053,532.25		$0.00		$0.00		$2,053,532.25
Class A-1b						$0.00		$0.00		$441,058.33		$0.00		$0.00		$441,058.33
Class B						$0.00		$0.00		$202,987.67		$0.00		$0.00		$202,987.67
Class C						$0.00		$0.00		$94,197.67		$0.00		$0.00		$94,197.67

Total						$0.00		$0.00		$2,791,775.92		$0.00		$0.00		$2,791,775.92


Noteholder Payments	Note Balance		Payment per $1,000 of Notes						As of Prior Payment Date				Current Payment Date
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		$4.73		$0.00		$4.73		$434,610,000.00		1.00		$434,610,000.00		1.00
Class A-1b		$1,000.00		$4.41		$0.00		$4.41		$100,000,000.00		1.00		$100,000,000.00		1.00
Class B		$1,000.00		$4.97		$0.00		$4.97		$40,870,000.00		1.00		$40,870,000.00		1.00
Class C		$1,000.00		$3.84		$0.00		$3.84		$24,520,000.00		1.00		$24,520,000.00		1.00

Total		$1,000.00		$4.65		$0.00		$4.65		$600,000,000.00		1.00		$600,000,000.00		1.00



									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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Verizon Master Trust 10-D