# EDGAR Filing Document

**Accession Number:** 0001551423
**File Stem:** 0001208646-25-000024
**Filing Date:** 2025-6
**Character Count:** 42988
**Document Hash:** f95ca45bd7ddb33b5fa29f91a3e7ad43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001208646-25-000024.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001208646-25-000024

**CONFORMED SUBMISSION TYPE**: 10-D

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**ABS ASSET CLASS**: Credit card

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barclays Dryrock Issuance Trust
- **CENTRAL INDEX KEY:** 0001552111
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 306324196
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-182087-01
- **FILM NUMBER:** 251059993

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WILMINGTON TRUST, N.A., RODNEY SQ. N
- **STREET 2:** 1100 NORTH WILMINGTON TRUST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19890
- **BUSINESS PHONE:** 3026511000

**MAIL ADDRESS:**
- **STREET 1:** C/O WILMINGTON TRUST, N.A., RODNEY SQ. N
- **STREET 2:** 1100 NORTH WILMINGTON TRUST
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19890

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dryrock Issuance Trust
- **DATE OF NAME CHANGE:** 20120612
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barclays Bank Delaware
- **CENTRAL INDEX KEY:** 0001551423
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 510407970

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-182087
- **FILM NUMBER:** 251059994

**BUSINESS ADDRESS:**
- **STREET 1:** 125 S. WEST STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 3025588100

**MAIL ADDRESS:**
- **STREET 1:** 125 S. WEST STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Barclays Dryrock Funding LLC
- **CENTRAL INDEX KEY:** 0001551964
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 455441359
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-182087-02
- **FILM NUMBER:** 251059995

**BUSINESS ADDRESS:**
- **STREET 1:** 125 S. WEST STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801
- **BUSINESS PHONE:** 302-255-4951

**MAIL ADDRESS:**
- **STREET 1:** 125 S. WEST STREET
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Dryrock Funding LLC
- **DATE OF NAME CHANGE:** 20120608

Barclays 10D prepared by Black and Callow

------

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FO RM 10- D

#### ASSET-BACKED ISSUER

#### Distribution Report Pursuant to Section 13 or 15(d) of

#### the Securities Exchange Act of 1934
For the monthly distribution period from May 1, to May 31, 2025

Commission File Number of issuing entity: 333-205943, 333-228394, 333-264933

Central Index Key Number of issuing entity: 0001552111

#### BARCLAYS DRYROCK ISSUANCE TRUST
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-205943-01, 333-228394-02, 333-264933-01

Central Index Key Number of depositor: 0001551964

#### BARCLAYS DRYROCK FUNDING LLC
(Exact name of depositor as specified in its charter)

Commission File Number of sponsor: 333-205943-02, 333-228394-01

Central Index Key Number of sponsor: 0001551423

#### BARCLAYS BANK DELAWARE
(Exact name of sponsor as specified in its charter)

#### Danielle Manley, Phone: (302) 255-7869
**(**Name and telephone number, including area code, of the person to contact in connection with this filing)

#### Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)

#### 30-6324196
(I.R.S. Employer Identification No.)

---

| | |
|:---|:---|
| **c/o Wilmington Trust, National Association** | **19890** |
| **Rodney Square North** | (Zip Code) |
| **1100 North Market Street** |  |
| **Wilmington, DE** |  |
| (Address of principal executive offices of issuing entity) |  |

---

(302) 651-1000

(Telephone number, including area code)

(Former name, former address, if changed since last report)

Each class of Notes to which this report on Form 10-D relates as set forth in the distribution reports attached hereto as Exhibit 99 is subject to the reporting requirements of Section 15(d) of the Securities Exchange Act of 1934.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes <u>X</u> No ___ <br>

#### PART I – DISTRIBUTION INFORMATION
**ITEM 1 – Distribution and Pool Performance Information**.

The information required by Items 1121(a) and 1121(b) of Regulations AB is contained in the distribution reports attached hereto as Exhibit 99.

With respect to the information required by Item 1121(c) of Regulation AB, Barclays Dryrock Funding LLC (CIK # 0001551964) has no repurchase activity to report for the period from May 1, to May 31, 2025 for the Barclays Dryrock Issuance Trust. Barclays Dryrock Funding LLC's most recent Form ABS-15G was filed on February 6, 2025.

With respect to the information required by Item 1121(d) and Item 1121(e) of Regulation AB, Barclays Dryrock Funding LLC has no activity to report for the period from May 1, to May 31, 2025.

#### PART II – OTHER INFORMATION

**ITEM 10 – Exhibits**

[Exhibit 99 Monthly Servicers' Certificate and Monthly Noteholders' Statement.](ex99.htm) <br>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated: June 20, 2025

---

| |
|:---|
| **BARCLAYS DRYROCK FUNDING LLC**<br> (Depositor)<br><u>By: /s/ Diana Clift</u>  |
| Name: Diana Clift<br> Title: Secretary |

---

------

## Ex-99

**EXHIBIT 99**

**MONTHLY SERVICER'S CERTIFICATE**

**BARCLAYS BANK DELAWARE**

**BARCLAYS DRYROCK ISSUANCE TRUST**

**Series 2023-1**

The undersigned, a duly authorized representative of Barclays Bank Delaware ("BBD"), as servicer (in such capacity, the "Servicer"), pursuant to the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the "Agreement"), among Barclays Dryrock Funding LLC, as transferor, the Servicer, BBD, as administrator, Barclays Dryrock Issuance Trust (the "Trust"), as issuer, and U.S. Bank Trust Company, National Association, as indenture trustee (in such capacity, the "Indenture Trustee"), does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms used in this Certificate have their respective meanings set forth in the Agreement or
the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015,
and as further amended by the omnibus amendment dated as of September 21, 2018 (the "Master Indenture"), between the Trust
and the Indenture Trustee, as supplemented by the Series 2023-1 Indenture Supplement, dated as of April 25, 2023, between the Trust and
the Indenture Trustee (the " <u>Indenture Supplement</u> " and together with the Master Indenture, the " <u>Indenture</u> "),
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BBD is, as of the date hereof, the Servicer under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement
to execute and deliver this Certificate to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Certificate relates to the Payment Date occurring on June 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material
respects its obligations under the Agreement and the Indenture through the Monthly Period preceding such Payment Date and no material
default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 6 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The following is a description of each material default in the performance of the Servicer's obligations
under the provisions of the Agreement known to me to have been made by the Servicer through the Monthly Period preceding such Payment
Date, which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 16th day of June 2025.

BARCLAYS BANK DELAWARE, as Servicer

<u>By: /s/ Danielle Manley</u>

Name: Danielle Manley

Title: Director

**MONTHLY NOTEHOLDERS' STATEMENT**

**BARCLAYS DRYROCK ISSUANCE TRUST**

**Series 2023-1**

**MONTHLY PERIOD ENDING May 31, 2025**

Pursuant to (i) the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015, and as further amended by the omnibus amendment, dated as of September 21, 2018 (the "<u>Indenture</u>"), between Barclays Dryrock Issuance Trust, as issuer (the "Issuer"), and U.S. Bank Trust Company, National Association, as indenture trustee (the "Indenture Trustee"), as supplemented by the Series 2023-1 Indenture Supplement, dated as of April 25, 2023 (the "<u>Indenture Supplement</u>"), between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the "Servicing Agreement"), among Barclays Dryrock Funding LLC, as transferor (the "Transferor"), Barclays Bank Delaware, as servicer (in such capacity, the "Servicer") and administrator, the Issuer and the Indenture Trustee, the Servicer is required to prepare certain information each month regarding current payments to the Series 2023-1 Noteholders and the performance of the Issuer during the previous monthly period. The information prepared with respect to the Payment Date of June 16, 2025 is set forth below. Capitalized terms used in this Monthly Noteholders' Statement have their respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

A) Information regarding payments in respect of the Class A Notes $500,000,000.00

(1) The total amount of the payment in respect of the Class A Notes $1,966,666.67

(2) The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest $1,966,666.67

(3) The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest previously due but not distributed on a prior Payment Date $0.00

(4) The amount of the payment set forth in line item (1) above in respect of Class A Additional Interest and the amount of Class A Additional Interest previously due but not distributed on a prior Payment Date $0.00

(5) The amount of the payment set forth in line item (1) above in respect of principal of the Class A Notes $0.00

B) Information regarding payments in respect of the Class B Notes $109,757,000.00

(1) The total amount of the payment in respect of the Class B Notes $0.00

(2) The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest $0.00

(3) The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest previously due but not distributed on a prior Payment Date $0.00

(4) The amount of the payment set forth in line item (1) above in respect of Class B Additional Interest and the amount of Class B Additional Interest previously due but not distributed on a prior Payment Date $0.00

(5) The amount of the payment set forth in line item (1) above in respect of principal of the Class B Notes $0.00

BARCLAYS BANK DELAWARE, as Servicer

<u>By: /s/ Danielle Manley</u>

Name: Danielle Manley

Title: Director

**MONTHLY SERVICER'S STATEMENT**

**BARCLAYS DRYROCK ISSUANCE TRUST**

**Series 2023-1**

**MONTHLY PERIOD ENDING May 31, 2025**

---

| | |
|:---|:---|
| Record date | May 31, 2025 |
| Payment date | June 16, 2025 |
| Monthly period beginning | May 01, 2025 |
| Monthly period ending | May 31, 2025 |
| Previous payment date | May 15, 2025 |
| Interest period beginning | May 15, 2025 |
| Interest period ending | June 15, 2025 |
| Days in monthly period | 31 |
| Days in interest period | 30 |
| **TRUST RECEIVABLES INFORMATION** |  |
| Beginning of monthly period principal receivables balance | $7412196363.51 |
| Beginning of monthly period non-principal receivables balance | $112245921.10 |
| Beginning of monthly period total receivables balance | $7524442284.61 |
| Addition of principal receivables balance (end of addition day) | $0.00 |
| Addition of non-principal receivables balance (end of addition day) | $0.00 |
| Removal of principal receivables balance | $0.00 |
| Removal of non-principal receivables balance | $0.00 |
| End of monthly period principal receivables balance | $7397730327.06 |
| End of monthly period non-principal receivables balance | $108796951.84 |
| End of monthly period total receivables balance | $7506527278.90 |
| **TRUST COLLECTIONS INFORMATION** |  |
| Finance charge collections | $98291400.69 |
| Fees | $14792092.34 |
| Interchange | $51375940.79 |
| Recoveries | $5335473.03 |
| Investment earnings on Issuer Accounts | $1122587.78 |
| Total finance charge collections | $169794906.85 |
| Principal collections | $2444328522.86 |
| \*Total payment rate | 33.99% |
| (\* Total payment rate does not include investment earnings) |  |
| **TRUST DEFAULT INFORMATION** |  |
| Default Amount / Total Gross Losses | $28940421.07 |
| Total Recoveries | ($5335473.03) |
| Total Net Losses | $23604948.04 |
| Portfolio Principal Balance | $7412196363.51 |
| Total Gross Losses as a percentage of the Portfolio Principal Balance | 4.69% |
| Total Net Losses as a percentage of the Portfolio Principal Balance | 3.82% |
| Number of accounts experiencing a loss | 3702 |
| Average Net Loss per account | $6376.27 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Delinquency Data** | **Percentage** | **# accounts** | **Total receivables** |
| 1-30 days delinquent | 1.33% | 16166 | $100154945.11 |
| 31-60 days delinquent | 0.55% | 5588 | $41270710.26 |
| 61-90 days delinquent | 0.47% | 4313 | $35357810.88 |
| 91-120 days delinquent | 0.45% | 3742 | $33445129.82 |
| 121-150 days delinquent | 0.40% | 3215 | $30171220.69 |
| 151-180 days delinquent | 0.41% | 3199 | $30433241.00 |
| 181 and greater days delinquent | 0.00% | 1 | $21355.07 |
| Sixty Day Delinquent Assets | 1.72% | 14470 | $129428757.46 |

---

---

| | |
|:---|:---|
| **TRANSFEROR INFORMATION** |  |
| Transferor Percentage as of the Transferor Amount Measurement Date | 86.26% |
| Minimum Transferor Amount Percentage in Calendar Month | 84.15% |
| Required Transferor Amount Percentage | 6.00% |
| **SELLERS INTEREST** |  |
| Seller's Interest as of the Transferor Amount Measurement Date | 469.87% |
| Required Seller's Interest | 5.00% |

---

---

| | |
|:---|:---|
| **ISSUER ACCOUNT INFORMATION** |  |
| Dryrock Issuance Trust Collection Account balance as of end of monthly period | $301433901.78 |
| Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period | $0.00 |
| **BARCLAYS DRYROCK ISSUANCE TRUST** |  |
| Series Name | 2023-1 |
| Expected Final Payment Date | 04/15/2026 |
| Scheduled start of accumulation period | 04/01/2025 |
| Series 2023-1 Stated Principal Amount | $609757000.00 |
| Series 2023-1 Allocation amount | $609757000.00 |
| Series 2023-1 Floating Allocation Percentage | 8.2264% |
| Series 2023-1 Principal Allocation Percentage | 8.2264% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class Details** | **Margin** | **Total Interest Rate** | **Stated Principal Amount** |
| Class A | 0.00% | 4.72% | $500000000.00 |
| Class B | 0.00% | 0.00% | $109757000.00 |

---

---

| | | |
|:---|:---|:---|
| **ALLOCATION OF SERIES 2023-1 AVAILABLE FINANCE CHARGE COLLECTIONS** | **ALLOCATION OF SERIES 2023-1 AVAILABLE FINANCE CHARGE COLLECTIONS** | **ALLOCATION OF SERIES 2023-1 AVAILABLE FINANCE CHARGE COLLECTIONS** |
| 1) | Series 2023-1 Available Finance Charge Collections | $14270582.61 |
| 2) | Class A Notes |  |
| a) | Class A Monthly Interest | $1966666.67 |
| b) | Class A Monthly Interest previously due but not paid | $0.00 |
| c) | Class A Additional Interest and Class A Additional Interest previously due but not paid | $0.00 |
| 3) | Series 2023-1 Servicing Fee paid to Servicer | $1014278.27 |
| 4) | Series 2023-1 Servicing Fee, previously due but not paid | $0.00 |
| 5) | Class B Notes |  |
| a) | Class B Monthly Interest | $0.00 |
| b) | Class B Monthly Interest previously due but not paid | $0.00 |
| c) | Class B Additional Interest and Class B Additional Interest previously due but not paid | $0.00 |
| 6) | Series 2023-1 Default Amount treated as Series 2023-1 Available Principal Collections | $2380755.09 |
| 7) | Unreimbursed Investor Charge-offs and Reallocated Principal Collections treated as Series 2023-1 Available Principal Collections | $0.00 |
| 8) | Accumulation Reserve Account funding | $94168.34 |
| 9) | In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2023-1 Available Principal Collections | $0.00 |
| 10) | Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group 1) | $8814714.24 |
| 11) | Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents | $0.00 |
| 12) | Holder of the Transferor Interest | $8814714.24 |
| **APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2023-1** | **APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2023-1** | **APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2023-1** |
| 1) | Series 2023-1 Available Finance Charge Collections Shortfall | $0.00 |
| 2) | Shared Excess Available Finance Charge Collections allocated to Series 2023-1 | $0.00 |
| 3) | Class A Monthly Interest and Class A Additional Interest and any past due amounts | $0.00 |
| 4) | Unpaid Servicing Fee | $0.00 |
| 5) | Class B Monthly Interest and Class B Additional Interest and any past due amounts | $0.00 |
| 6) | Default Amount treated as Available Principal Collections | $0.00 |
| 7) | Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series 2023-1 Available Principal Collections | $0.00 |
| 8) | Accumulation Reserve Account | $0.00 |
| 9) | Holder of the Transferor Interest | $0.00 |
| **SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS** | **SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS** | **SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS** |
|  | Principal Collections allocated to Series 2023-1 | $201080267.46 |
|  | less Reallocated Principal Collections | $0.00 |
|  | plus Series Default Amount Paid from finance charge collections | $2380755.09 |
|  | plus an amount equal to the sum of Investor Charge-offs and the amount of Reallocated Principal Collections previously not reimbursed, paid by Available Finance Charge Collections | $0.00 |
|  | Series 2023-1 Available Principal Collections | $203461022.55 |
|  | Series 2023-1 Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f) of the Series 2023-1 Indenture Supplement | $95486082.19 |

---

**APPLICATION OF SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD**

---

| | | |
|:---|:---|:---|
| 1) | Shared Excess Available Principal Collections | $0.00 |
| **APPLICATION OF SERIES 2023-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD** | **APPLICATION OF SERIES 2023-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD** |  |
| 1) | Amount deposited in the Principal Funding Account | $50813083.33 |
| 2) | Shared Excess Available Principal Collections | $0.00 |
| **APPLICATION OF SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD** | **APPLICATION OF SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD** | **APPLICATION OF SERIES 2023-1 AVAILABLE PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD** |
| 1) | Paid to the Class A Noteholders | $0.00 |
| 2) | Paid to the Class B Noteholders | $0.00 |
| 3) | Shared Excess Available Principal Collections | $0.00 |
| **APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2023-1** | **APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2023-1** | **APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2023-1** |
| 1) | Series 2023-1 Principal Collections Shortfall | $0.00 |
| 2) | Shared Excess Available Principal Collections | $0.00 |
| 3) | During the Controlled Accumulation Period: |  |
| 3a | Amount deposited in the Principal Funding Account | $0.00 |
| 4) | During the Early Amortization Period: |  |
| 4a | Paid to the Class A Noteholders | $0.00 |
| 4a | Paid to the Class B Noteholders | $0.00 |
| Holder of the Transferor Interest | Holder of the Transferor Interest | $44672998.86 |
| **SERIES 2023-1 ACCOUNT INFORMATION** | **SERIES 2023-1 ACCOUNT INFORMATION** |  |
| Accumulation Reserve Account balance | Accumulation Reserve Account balance |  |
|  | Beginning balance | $3048785.00 |
|  | Current deposit | $94168.34 |
|  | Accumulation Reserve Draw Amount | $94168.34 |
|  | Ending Balance | $3048785.00 |
| Principal Funding Account balance | Principal Funding Account balance |  |
|  | Beginning balance | $50813083.33 |
|  | Current deposit | $50813083.33 |
|  | Paid to the Class A Noteholders | $0.00 |
|  | Paid to the Class B Noteholders | $0.00 |
|  | Ending Balance | $101626166.66 |
| **SERIES 2023-1 PERFORMANCE DATA** | **SERIES 2023-1 PERFORMANCE DATA** |  |
| Portfolio Yield | Portfolio Yield |  |
|  | Current Monthly Period | 23.40% |
|  | Prior Monthly Period | 22.51% |
|  | Second Prior Monthly Period | 24.00% |
| Base Rate | Base Rate |  |
|  | Current Monthly Period | 5.87% |
|  | Prior Monthly Period | 5.87% |
|  | Second Prior Monthly Period | 5.87% |
| Excess Spread Percentage | Excess Spread Percentage |  |
|  | Current Monthly Period | 17.53% |
|  | Prior Monthly Period | 16.64% |
|  | Second Prior Monthly Period | 18.13% |
| Quarterly Excess Spread Percentage | Quarterly Excess Spread Percentage | 17.43% |
| Required Excess Spread Percentage | Required Excess Spread Percentage | 0.00% |
| Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? | Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? | Yes |
| Delinquency Trigger Percentage | Delinquency Trigger Percentage | 9.00% |
| Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage? | Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage? | No |

---

To the knowledge of the undersigned, no Early Amortization Event or Early Redemption Event has occurred.

Capitalized terms used in the Monthly Servicer's Statement have their respective meanings set forth in the Indenture, Indenture Supplement and the Servicing Agreement

At the date of this report, the Transferor as "originator" for the purposes of EU Regulation no. 575/2013 (the "CRR") retains an economic interest in Barclays Dryrock Issuance Trust in the form of the minimum transferor interest (option(b)) in accordance with Article 405 of the CRR. The current transferor interest in disclosed in the relevant section of this report.

BARCLAYS BANK DELAWARE, as Servicer

<u>By: /s/ Danielle Manley</u>

Name: Danielle Manley

Title: Director

**MONTHLY SERVICER'S CERTIFICATE**

**BARCLAYS BANK DELAWARE**

**BARCLAYS DRYROCK ISSUANCE TRUST**

**Series 2023-2**

The undersigned, a duly authorized representative of Barclays Bank Delaware ("BBD"), as servicer (in such capacity, the "Servicer"), pursuant to the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the "Agreement"), among Barclays Dryrock Funding LLC, as transferor, the Servicer, BBD, as administrator, Barclays Dryrock Issuance Trust (the "Trust"), as issuer, and U.S. Bank Trust Company, National Association, as indenture trustee (in such capacity, the "Indenture Trustee"), does hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms used in this Certificate have their respective meanings set forth in the Agreement or
the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015,
and as further amended by the omnibus amendment dated as of September 21, 2018 (the "Master Indenture"), between the Trust
and the Indenture Trustee, as supplemented by the Series 2023-2 Indenture Supplement, dated as of November 20, 2023, between the Trust
and the Indenture Trustee (the " <u>Indenture Supplement</u> " and together with the Master Indenture, the " <u>Indenture</u> "),
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BBD is, as of the date hereof, the Servicer under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement
to execute and deliver this Certificate to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Certificate relates to the Payment Date occurring on June 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material
respects its obligations under the Agreement and the Indenture through the Monthly Period preceding such Payment Date and no material
default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 6 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The following is a description of each material default in the performance of the Servicer's obligations
under the provisions of the Agreement known to me to have been made by the Servicer through the Monthly Period preceding such Payment
Date, which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 16th day of June 2025.

BARCLAYS BANK DELAWARE, as Servicer

<u>By: /s/ Danielle Manley</u>

Name: Danielle Manley

Title: Director

**MONTHLY NOTEHOLDERS' STATEMENT**

**BARCLAYS DRYROCK ISSUANCE TRUST**

**Series 2023-2**

**MONTHLY PERIOD ENDING May 31, 2025**

Pursuant to (i) the Amended and Restated Indenture, dated as of December 17, 2013, as amended by the first amendment thereto, dated as of July 6, 2015, and as further amended by the omnibus amendment, dated as of September 21, 2018 (the "<u>Indenture</u>"), between Barclays Dryrock Issuance Trust, as issuer (the "Issuer"), and U.S. Bank Trust Company, National Association, as indenture trustee (the "Indenture Trustee"), as supplemented by the Series 2023-2 Indenture Supplement, dated as of November 20, 2023 (the "<u>Indenture Supplement</u>"), between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing Agreement, dated as of December 17, 2013 (the "Servicing Agreement"), among Barclays Dryrock Funding LLC, as transferor (the "Transferor"), Barclays Bank Delaware, as servicer (in such capacity, the "Servicer") and administrator, the Issuer and the Indenture Trustee, the Servicer is required to prepare certain information each month regarding current payments to the Series 2023-2 Noteholders and the performance of the Issuer during the previous monthly period.

The information prepared with respect to the Payment Date of June 16, 2025 is set forth below. Capitalized terms used in this Monthly Noteholders' Statement have their respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

A) Information regarding payments in respect of the Class A Notes $750,000,000.00

(1) The total amount of the payment in respect of the Class A Notes $3,488,186.67

(2) The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest $3,488,186.67

(3) The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest previously due but not distributed on a prior Payment Date $0.00

(4) The amount of the payment set forth in line item (1) above in respect of Class A Additional Interest and the amount of Class A Additional Interest previously due but not distributed on a prior Payment Date $0.00

(5) The amount of the payment set forth in line item (1) above in respect of principal of the Class A Notes $0.00

B) Information regarding payments in respect of the Class B Notes $164,635,000.00

(1) The total amount of the payment in respect of the Class B Notes $0.00

(2) The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest $0.00

(3) The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest previously due but not distributed on a prior Payment Date $0.00

(4) The amount of the payment set forth in line item (1) above in respect of Class B Additional Interest and the amount of Class B Additional Interest previously due but not distributed on a prior Payment Date $0.00

(5) The amount of the payment set forth in line item (1) above in respect of principal of the Class B Notes $0.00

BARCLAYS BANK DELAWARE, as Servicer

<u>By: /s/ Danielle Manley</u>

Name: Danielle Manley

Title: Director

**MONTHLY SERVICER'S STATEMENT**

**BARCLAYS DRYROCK ISSUANCE TRUST**

**Series 2023-2**

**MONTHLY PERIOD ENDING May 31, 2025**

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| | |
|:---|:---|
| Record date | May 31, 2025 |
| Payment date | June 16, 2025 |
| Monthly period beginning | May 01, 2025 |
| Monthly period ending | May 31, 2025 |
| Previous payment date | May 15, 2025 |
| Interest period beginning | May 15, 2025 |
| Interest period ending | June 15, 2025 |
| Days in monthly period | 31 |
| Days in interest period | 32 |
| **TRUST RECEIVABLES INFORMATION** |  |
| Beginning of monthly period principal receivables balance | $7412196363.51 |
| Beginning of monthly period non-principal receivables balance | $112245921.10 |
| Beginning of monthly period total receivables balance | $7524442284.61 |
| Addition of principal receivables balance (end of addition day) | $0.00 |
| Addition of non-principal receivables balance (end of addition day) | $0.00 |
| Removal of principal receivables balance | $0.00 |
| Removal of non-principal receivables balance | $0.00 |
| End of monthly period principal receivables balance | $7397730327.06 |
| End of monthly period non-principal receivables balance | $108796951.84 |
| End of monthly period total receivables balance | $7506527278.90 |
| **TRUST COLLECTIONS INFORMATION** |  |
| Finance charge collections | $98291400.69 |
| Fees | $14792092.34 |
| Interchange | $51375940.79 |
| Recoveries | $5335473.03 |
| Investment earnings on Issuer Accounts | $1122587.78 |
| Total finance charge collections | $169794906.85 |
| Principal collections | $2444328522.86 |
| \*Total payment rate | 33.99% |
| (\* Total payment rate does not include investment earnings) |  |
| **TRUST DEFAULT INFORMATION** |  |
| Default Amount / Total Gross Losses | $28940421.07 |
| Total Recoveries | ($5335473.03) |
| Total Net Losses | $23604948.04 |
| Portfolio Principal Balance | $7412196363.51 |
| Total Gross Losses as a percentage of the Portfolio Principal Balance | 4.69% |
| Total Net Losses as a percentage of the Portfolio Principal Balance | 3.82% |
| Number of accounts experiencing a loss | 3702 |
| Average Net Loss per account | $6376.27 |

---

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| | | | |
|:---|:---|:---|:---|
| **Delinquency Data** | **Percentage** | **# accounts** | **Total receivables** |
| 1-30 days delinquent | 1.33% | 16166 | $100154945.11 |
| 31-60 days delinquent | 0.55% | 5588 | $41270710.26 |
| 61-90 days delinquent | 0.47% | 4313 | $35357810.88 |
| 91-120 days delinquent | 0.45% | 3742 | $33445129.82 |
| 121-150 days delinquent | 0.40% | 3215 | $30171220.69 |
| 151-180 days delinquent | 0.41% | 3199 | $30433241.00 |
| 181 and greater days delinquent | 0.00% | 1 | $21355.07 |
| Sixty Day Delinquent Assets | 1.72% | 14470 | $129428757.46 |

---

---

| | |
|:---|:---|
| **TRANSFEROR INFORMATION** |  |
| Transferor Percentage as of the Transferor Amount Measurement Date | 86.26% |
| Minimum Transferor Amount Percentage in Calendar Month | 84.15% |
| Required Transferor Amount Percentage | 6.00% |
| **SELLERS INTEREST** |  |
| Seller's Interest as of the Transferor Amount Measurement Date | 469.87% |
| Required Seller's Interest | 5.00% |

---

---

| | |
|:---|:---|
| **ISSUER ACCOUNT INFORMATION** |  |
| Dryrock Issuance Trust Collection Account balance as of end of monthly period | $301433901.78 |
| Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period | $0.00 |
| **BARCLAYS DRYROCK ISSUANCE TRUST** |  |
| Series Name | 2023-2 |
| Expected Final Payment Date | 10/15/2025 |
| Scheduled start of accumulation period | 12/01/2024 |
| Series 2023-2 Stated Principal Amount | $914635000.00 |
| Series 2023-2 Allocation amount | $548781000.00 |
| Series 2023-2 Floating Allocation Percentage | 7.4038% |
| Series 2023-2 Principal Allocation Percentage | 12.3396% |
| Current period SOFR | 4.33% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Class Details** | **Margin** | **Total Interest Rate** | **Stated Principal Amount** |
| Class A | 0.90% | 5.23% | $750000000.00 |
| Class B | 0.00% | 0.00% | $164635000.00 |

---

---

| | | |
|:---|:---|:---|
| **ALLOCATION OF SERIES 2023-2 AVAILABLE FINANCE CHARGE COLLECTIONS** | **ALLOCATION OF SERIES 2023-2 AVAILABLE FINANCE CHARGE COLLECTIONS** | **ALLOCATION OF SERIES 2023-2 AVAILABLE FINANCE CHARGE COLLECTIONS** |
| 1) | 2023-2 Available Finance Charge Collections | $14796690.53 |
| 2) | Class A Notes |  |
| a) | Class A Monthly Interest | $3488186.67 |
| b) | Class A Monthly Interest previously due but not paid | $0.00 |
| c) | Class A Additional Interest and Class A Additional Interest previously due but not paid | $0.00 |
| 3) | Series 2023-2 Servicing Fee paid to Servicer | $912849.96 |
| 4) | Series 2023-2 Servicing Fee, previously due but not paid | $0.00 |
| 5) | Class B Notes |  |
| a) | Class B Monthly Interest | $0.00 |
| b) | Class B Monthly Interest previously due but not paid | $0.00 |
| c) | Class B Additional Interest and Class B Additional Interest previously due but not paid | $0.00 |
| 6) | Series 2023-2 Default Amount treated as Series 2023-2 Available Principal Collections | $2142678.45 |
| 7) | Unreimbursed Investor Charge-offs and Reallocated Principal Collections treated as Series 2023-2 Available Principal Collections | $0.00 |
| 8) | Accumulation Reserve Account funding | $693705.35 |
| 9) | In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2023-2 Available Principal Collections | $0.00 |
| 10) | Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group 1) | $7559270.10 |
| 11) | Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents | $0.00 |
| 12) | Holder of the Transferor Interest | $7559270.10 |
| **APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2023-2** | **APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2023-2** | **APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2023-2** |
| 1) | Series 2023-2 Available Finance Charge Collections Shortfall | $0.00 |
| 2) | Shared Excess Available Finance Charge Collections allocated to Series 2023-2 | $0.00 |
| 3) | Class A Monthly Interest and Class A Additional Interest and any past due amounts | $0.00 |
| 4) | Unpaid Servicing Fee | $0.00 |
| 5) | Class B Monthly Interest and Class B Additional Interest and any past due amounts | $0.00 |
| 6) | Default Amount treated as Available Principal Collections | $0.00 |
| 7) | Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series 2023-2 Available Principal Collections | $0.00 |
| 8) | Accumulation Reserve Account | $0.00 |
| 9) | Holder of the Transferor Interest | $0.00 |
| **SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS** | **SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS** | **SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS** |
|  | Principal Collections allocated to Series 2023-2 | $301620236.29 |
|  | less Reallocated Principal Collections | $0.00 |
|  | plus Series Default Amount Paid from finance charge collections | $2142678.45 |
|  | plus an amount equal to the sum of Investor Charge-offs and the amount of Reallocated Principal Collections previously not reimbursed, paid by Available Finance Charge Collections | $0.00 |
|  | Series 2023-2 Available Principal Collections | $303762914.74 |
|  | Series 2023-2 Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f) of the Series 2023-2 Indenture Supplement | $141800500.21 |

---

**APPLICATION OF SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD**

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| | | |
|:---|:---|:---|
| 1) | Shared Excess Available Principal Collections | $0.00 |
| **APPLICATION OF SERIES 2023-2 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD** | **APPLICATION OF SERIES 2023-2 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD** | **APPLICATION OF SERIES 2023-2 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD** |
| 1) | Amount deposited in the Principal Funding Account | $91463500.00 |
| 2) | Shared Excess Available Principal Collections | $0.00 |
| **APPLICATION OF SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD** | **APPLICATION OF SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD** | **APPLICATION OF SERIES 2023-2 AVAILABLE PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD** |
| 1) | Paid to the Class A Noteholders | $0.00 |
| 2) | Paid to the Class B Noteholders | $0.00 |
| 3) | Shared Excess Available Principal Collections | $0.00 |
| **APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2023-2** | **APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2023-2** | **APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES 2023-2** |
| 1) | Series 2023-2 Principal Collections Shortfall | $0.00 |
| 2) | Shared Excess Available Principal Collections | $0.00 |
| 3) | During the Controlled Accumulation Period: |  |
| 3a | Amount deposited in the Principal Funding Account | $0.00 |
| 4) | During the Early Amortization Period: |  |
| 4a | Paid to the Class A Noteholders | $0.00 |
| 4a | Paid to the Class B Noteholders | $0.00 |
| Holder of the Transferor Interest | Holder of the Transferor Interest | $50337000.21 |
| **SERIES 2023-2 ACCOUNT INFORMATION** | **SERIES 2023-2 ACCOUNT INFORMATION** |  |
| Accumulation Reserve Account balance | Accumulation Reserve Account balance |  |
|  | Beginning balance | $4573175.00 |
|  | Current deposit | $693705.35 |
|  | Accumulation Reserve Draw Amount | $693705.35 |
|  | Ending Balance | $4573175.00 |
| Principal Funding Account balance | Principal Funding Account balance |  |
|  | Beginning balance | $457317500.00 |
|  | Current deposit | $91463500.00 |
|  | Paid to the Class A Noteholders | $0.00 |
|  | Paid to the Class B Noteholders | $0.00 |
|  | Ending Balance | $548781000.00 |
| **SERIES 2023-2 PERFORMANCE DATA** | **SERIES 2023-2 PERFORMANCE DATA** |  |
| Portfolio Yield | Portfolio Yield |  |
|  | Current Monthly Period | 27.67% |
|  | Prior Monthly Period | 25.52% |
|  | Second Prior Monthly Period | 25.91% |
| Base Rate | Base Rate |  |
|  | Current Monthly Period | 6.58% |
|  | Prior Monthly Period | 6.30% |
|  | Second Prior Monthly Period | 6.16% |
| Excess Spread Percentage | Excess Spread Percentage |  |
|  | Current Monthly Period | 21.09% |
|  | Prior Monthly Period | 19.22% |
|  | Second Prior Monthly Period | 19.75% |
| Quarterly Excess Spread Percentage | Quarterly Excess Spread Percentage | 20.02% |
| Required Excess Spread Percentage | Required Excess Spread Percentage | 0.00% |
| Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? | Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? | Yes |
| Delinquency Trigger Percentage | Delinquency Trigger Percentage | 9.00% |
| Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage? | Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage? | No |

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To the knowledge of the undersigned, no Early Amortization Event or Early Redemption Event has occurred.

Capitalized terms used in the Monthly Servicer's Statement have their respective meanings set forth in the Indenture, Indenture Supplement and the Servicing Agreement

At the date of this report, the Transferor as "originator" for the purposes of EU Regulation no. 575/2013 (the "CRR") retains an economic interest in Barclays Dryrock Issuance Trust in the form of the minimum transferor interest (option(b)) in accordance with Article 405 of the CRR. The current transferor interest in disclosed in the relevant section of this report.

BARCLAYS BANK DELAWARE, as Servicer

<u>By: /s/ Danielle Manley</u>

Name: Danielle Manley

Title: Director