Barclays Dryrock Issuance Trust issues $914.6M Series 2025-1 asset-backed notes

Barclays Dryrock Funding LLC

Issued $750M Class A notes and $164.6M Class B notes under Series 2025-1 Indenture Supplement.
Net proceeds of ~$747.2M after underwriting and expenses used to buy credit card receivables from Barclays Bank Delaware.
Class A notes underwritten by Barclays Capital, BMO, BofA, Scotia, TD; depositor retained all Class B notes.
Offering terminated September 23, 2025 upon sale of all Class A notes.

item 1.01item 9.01

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