Exhibit 99.12


Monthly Investor Report: Verizon Master Trust - VZMT 2025-7

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

8/21/28

08/20/2031

$601,430,000.00

3.96%

Class A-1b

8/21/28

08/20/2031

$200,470,000.00

SOFR +0.52%

01/12/2026

3.70834%

4.23%

Class B

8/21/28

08/20/2031

$61,310,000.00

4.21%

Class C

8/21/28

08/20/2031

$36,790,000.00

4.40%

Total

$900,000,000.00



Series 2025-7 Allocation % x Group One Available Funds			$64,662,163.39
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			$64,662,163.39



Beginning of Period Reserve Account Balance			$9,809,264.31
Required Reserve Amount			$9,809,264.31
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			$9,809,264.31



Waterfall Distribution	Amount Due		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Master Collateral Agent Fee		$65.46		$65.46		$0.00		$0.00		$64,662,097.93
Owner Trustee Fee		$0.00		$0.00		$0.00		$0.00		$64,662,097.93
Asset Representations Reviewer Fee		$36.45		$36.45		$0.00		$0.00		$64,662,061.48
Supplemental ARR Fee		$145.81		$145.81		$0.00		$0.00		$64,661,915.67
Indenture Trustee Fee		$1,250.00		$1,250.00		$0.00		$0.00		$64,660,665.67
Servicing Fee		$693,578.73		$693,578.73		$0.00		$0.00		$63,967,086.94
Class A-1a Note Interest		$1,984,719.00		$1,984,719.00		$0.00		$0.00		$61,982,367.94
Class A-1b Note Interest		$682,833.45		$682,833.45		$0.00		$0.00		$61,299,534.49
First Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$61,299,534.49
Class B Note Interest		$215,095.92		$215,095.92		$0.00		$0.00		$61,084,438.57
Second Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$61,084,438.57
Class C Note Interest		$134,896.67		$134,896.67		$0.00		$0.00		$60,949,541.90
Third Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Reserve Account up to Required Reserve Amount		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Regular Priority Principal Payment		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Supplemental Successor Servicer Fee		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Additional Interest Amounts		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Make-Whole Payments		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Additional Fees and Expenses		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Additional Trust Expenses		$0.00		$0.00		$0.00		$0.00		$60,949,541.90
Class R Interest		$60,949,541.90		$60,949,541.90		$0.00		$0.00		$0.00


Total		$64,662,163.39		$64,662,163.39		$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		$1,984,719.00		$0.00		$0.00		$1,984,719.00
Class A-1b		$0.00		$0.00		$682,833.45		$0.00		$0.00		$682,833.45
Class B		$0.00		$0.00		$215,095.92		$0.00		$0.00		$215,095.92
Class C		$0.00		$0.00		$134,896.67		$0.00		$0.00		$134,896.67

Total		$0.00		$0.00		$3,017,545.04		$0.00		$0.00		$3,017,545.04



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		$3.30		$0.00		$3.30		$601,430,000.00		1.00		$601,430,000.00		1.00
Class A-1b		$1,000.00		$3.41		$0.00		$3.41		$200,470,000.00		1.00		$200,470,000.00		1.00
Class B		$1,000.00		$3.51		$0.00		$3.51		$61,310,000.00		1.00		$61,310,000.00		1.00
Class C		$1,000.00		$3.67		$0.00		$3.67		$36,790,000.00		1.00		$36,790,000.00		1.00

Total		$1,000.00		$3.35		$0.00		$3.35		$900,000,000.00		1.00		$900,000,000.00		1.00



	Beginning Period		Add: Deposit		Ending Period

Principal Funding Account Limit		$450,000,000.00				450,000,000.00

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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Collection Period

Payment Date

Transaction Month

Series Status at End of Prior Payment Date

December 2025

01/20/2026

Revolving

Verizon Master Trust 10-D