Verizon Master Trust 10-D

Exhibit 99.11


Monthly Investor Report: Verizon Master Trust - VZMT 2025-3



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		3/22/27		03/20/2030		$706,008,000.00				4.51%						4.51	%
Class A-1b		3/22/27		03/20/2030		$185,000,000.00		28		SOFR +0.55%		10/10/2025		4.23367%		4.78	%
Class B		3/22/27		03/20/2030		$68,120,000.00				4.77%						4.77	%
Class C		3/22/27		03/20/2030		$40,872,000.00				4.90%						4.90	%


Total						$1,000,000,000.00



Series 2025-3 Allocation % x Group One Available Funds			$70,594,831.03
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			$70,594,831.03



Beginning of Period Reserve Account Balance			$10,899,182.56
Required Reserve Amount			$10,899,182.56
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			$10,899,182.56



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$74.18		$74.18		$0.00		$0.00		$70,594,756.85
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$70,594,756.85
Asset Representations Reviewer Fee		$38.77		$38.77		$0.00		$0.00		$70,594,718.08
Supplemental ARR Fee		$155.10		$155.10		$0.00		$0.00		$70,594,562.98
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$70,593,312.98
Servicing Fee		$773,207.44		$773,207.44		$0.00		$0.00		$69,820,105.54
Class A-1a Note Interest		$2,653,413.40		$2,653,413.40		$0.00		$0.00		$67,166,692.14
Class A-1b Note Interest		$688,316.96		$688,316.96		$0.00		$0.00		$66,478,375.18
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$66,478,375.18
Class B Note Interest		$270,777.00		$270,777.00		$0.00		$0.00		$66,207,598.18
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$66,207,598.18
Class C Note Interest		$166,894.00		$166,894.00		$0.00		$0.00		$66,040,704.18
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$66,040,704.18
Class R Interest		$66,040,704.18		$66,040,704.18		$0.00		$0.00		$0.00


Total		$70,594,831.03		$70,594,831.03		$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		$2,653,413.40		$0.00		$0.00		$2,653,413.40
Class A-1b		$0.00		$0.00		$688,316.96		$0.00		$0.00		$688,316.96
Class B		$0.00		$0.00		$270,777.00		$0.00		$0.00		$270,777.00
Class C		$0.00		$0.00		$166,894.00		$0.00		$0.00		$166,894.00

Total		$0.00		$0.00		$3,779,401.36		$0.00		$0.00		$3,779,401.36



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		$3.76		$0.00		$3.76		$706,008,000.00		1.00		$706,008,000.00		1.00
Class A-1b		$1,000.00		$3.72		$0.00		$3.72		$185,000,000.00		1.00		$185,000,000.00		1.00
Class B		$1,000.00		$3.98		$0.00		$3.98		$68,120,000.00		1.00		$68,120,000.00		1.00
Class C		$1,000.00		$4.08		$0.00		$4.08		$40,872,000.00		1.00		$40,872,000.00		1.00

Total		$1,000.00		$3.78		$0.00		$3.78		$1,000,000,000.00		1.00		$1,000,000,000.00		1.00

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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Collection Period

Payment Date

Transaction Month

Series Status at End of Prior Payment Date

September 2025

10/20/2025

Revolving

Beginning Period

Add: Deposit

Ending Period

Principal Funding Account Limit

$500,000,000.00

$500,000,000.00

Principal Funding Account balance