Exhibit 99.4


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

Collection Period		August 2025
Payment Date		09/22/2025
Transaction Month		24
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		9/22/25		09/08/2028		$265,070,000.00				5.61	%							5.61%
Class A-1b		9/22/25		09/08/2028		$113,600,000.00		33		SOFR +0.68	%		09/15/2025		4.38143	%		5.06%
Class B		9/22/25		09/08/2028		$28,950,000.00				5.85	%							5.85%
Class C		9/22/25		09/08/2028		$17,380,000.00				6.09	%							6.09%

Total						$425,000,000.00


Series 2023-5 Allocation % x Group One Available Funds																		$29,334,565.96
Amounts paid by the Cap Counterparty																		N/A
Available Subordinated Amounts																		$0.00
Amounts drawn on the Reserve Account																		$4,632,152.59
Amounts released from Principal Funding Account																		$0.00
Any amounts deposited by the Class A Certificateholder in connection with an Optional Redemption																		425,000,000.00

Total Available Funds																		$458,966,718.55


Beginning of Period Reserve Account Balance																		$4,632,152.59
Required Reserve Amount																		$0.00
Shortfall in Required Reserve Amount																		$0.00
Reserve Account funds needed this period (True/False)																		FALSE
Reserve Account draw amount required																		4,632,152.59
Reserve Account Deposit Amount																		$0.00

End of Period Reserve Account Balance																		$0.00


Waterfall Distribution							Amount Due		Amount Paid			Shortfall		Carryover Shortfall			Remaining Available Funds
Master Collateral Agent Fee								$31.59		$31.59			$0.00		$0.00			$458,966,686.96
Owner Trustee Fee								$0.00		$0.00			$0.00		$0.00			$458,966,686.96
Asset Representations Reviewer Fee								$17.42		$17.42			$0.00		$0.00			$458,966,669.54
Supplemental ARR Fee								$69.66		$69.66			$0.00		$0.00			$458,966,599.88
Indenture Trustee Fee								$1,250.00		$1,250.00			$0.00		$0.00			$458,965,349.88
Servicing Fee								$330,636.10		$330,636.10			$0.00		$0.00			$458,634,713.78
Class A-1a Note Interest								$1,239,202.25		$1,239,202.25			$0.00		$0.00			$457,395,511.53
Class A-1b Note Interest								$527,063.58		$527,063.58			$0.00		$0.00			$456,868,447.95
First Priority Principal Payment								$0.00		$0.00			$0.00		$0.00			$456,868,447.95
Class B Note Interest								$141,131.25		$141,131.25			$0.00		$0.00			$456,727,316.70
Second Priority Principal Payment								$0.00		$0.00			$0.00		$0.00			$456,727,316.70
Class C Note Interest								$88,203.50		$88,203.50			$0.00		$0.00			$456,639,113.20
Third Priority Principal Payment								$0.00		$0.00			$0.00		$0.00			$456,639,113.20
Reserve Account up to Required Reserve Amount								$0.00		$0.00			$0.00		$0.00			$456,639,113.20
Regular Priority Principal Payment								$425,000,000.00		$425,000,000.00			$0.00		$0.00			$31,639,113.20
Supplemental Successor Servicer Fee								$0.00		$0.00			$0.00		$0.00			$31,639,113.20
Additional Interest Amounts								$0.00		$0.00			$0.00		$0.00			$31,639,113.20
Make-Whole Payments								$0.00		$0.00			$0.00		$0.00			$31,639,113.20
Additional Fees and Expenses								$0.00		$0.00			$0.00		$0.00			$31,639,113.20
Additional Trust Expenses								$0.00		$0.00			$0.00		$0.00			$31,639,113.20
Class R Interest								$31,639,113.20		$31,639,113.20			$0.00		$0.00			$0.00

Total								$458,966,718.55		$458,966,718.55			$0.00		$0.00

Total Priority Principal Payments and Additional Interest Amounts																		$425,000,000.00

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Noteholder Payments					Note Balance		PFA Account		Interest Payment		Add’l Interest		Make-Whole		Total Payment
Class A-1a						$265,070,000.00		$0.00		$1,239,202.25		$0.00		$0.00		$266,309,202.25
Class A-1b						$113,600,000.00		$0.00		$527,063.58		$0.00		$0.00		$114,127,063.58
Class B						$28,950,000.00		$0.00		$141,131.25		$0.00		$0.00		$29,091,131.25
Class C						$17,380,000.00		$0.00		$88,203.50		$0.00		$0.00		$17,468,203.50

Total						$425,000,000.00		$0.00		$1,995,600.58		$0.00		$0.00		$426,995,600.58


Noteholder Payments			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		$0.00		$0.00		$0.00		$0.00		$265,070,000.00		1.00		$0.00		0.00
Class A-1b		$0.00		$0.00		$0.00		$0.00		$113,600,000.00		1.00		$0.00		0.00
Class B		$0.00		$0.00		$0.00		$0.00		$28,950,000.00		1.00		$0.00		0.00
Class C		$0.00		$0.00		$0.00		$0.00		$17,380,000.00		1.00		$0.00		0.00

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



							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.

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Verizon Master Trust 10-D