UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) ~~November~~September 2016, ~~2023~~2025

Commission File Number of depositor: 333-264933-01
Central Index Key Number of depositor: 0001551964

BARCLAYS DRYROCK FUNDING LLC

(Exact name of Depositor as specified in its charter)

ON BEHALF OF

Commission File Number of issuing entity: 333-264933 Central Index Key Number of issuing entity: 0001552111

Central Index Key Number of issuing entity: 0001552111

BARCLAYS DRYROCK ISSUANCE TRUST

(Exact Name of Issuing Entity as Specified in Its Charter)

(Issuer of the Notes)

Central Index Key Number of sponsor: 0001551423

BARCLAYS BANK DELAWARE

(Exact Name of Sponsor as Specified in Its Charter)

Delaware		45-5441359
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)
125 S. West Street, Office 120, Wilmington, DE 19801 (302) 255-7073
125 S. West Street, 6th Floor, Wilmington, DE 19801 (302) 255-7869
(Address, Including Zip Code, and Telephone Number, Including Area Code, of each Registrant’s Principal Executive Offices)
N/A
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

INFORMATION TO BE INCLUDED IN THE REPORT

Item 1.01. Entry into a Material Definitive Agreement.

~~Issuance~~Barclays Bank Delaware (“BBD”) and Barclays Dryrock Funding LLC (the “Depositor”) entered into an Underwriting Agreement, dated September 16, 2025 (the “Underwriting Agreement”), among Barclays Capital Inc., for itself and as a representative of ~~Series~~the ~~2023~~several underwriters named therein, BBD and the Depositor, relating to the Class A Series 2025-21 Fixed Rate Asset Backed Notes (the “Offered Notes”) to be issued by Barclays Dryrock Issuance Trust (the “Issuer”) and described in the Prospectus dated September 16, 2025. Subject to the terms and conditions set forth in the Underwriting Agreement, the Depositor agreed to sell to the underwriters identified therein, and each of such underwriters has severally agreed to purchase, the principal amount of Offered Notes set forth opposite its name in Schedule A to the Underwriting Agreement. A copy of the Underwriting Agreement is filed with this Form 8-K as Exhibit 1.1.

OnItem ~~November 20, 2023, Barclays Dryrock Issuance Trust (the “Trust”) entered into the Series 2023-2 Indenture Supplement (the “Series 2023-2 Indenture Supplement”), among the Trust, U~~8.S01. ~~Bank~~Other ~~Trust Company, National Association, as indenture trustee and U~~Events.S. Bank National Association, as securities intermediary, a copy of which is filed with this Current Report on Form 8-K as Exhibit 4.1, pursuant to which the Trust issued $750,000,000 of Series 2023-2 Class A Asset Backed Notes (the “Class A Notes”) and $164,635,000 of Series 2023-2 Class B Asset Backed Notes (the “Class B Notes”), as described in a Prospectus dated April 18, 2023 (the “Prospectus”).

~~Use~~In order to facilitate the issuance of ~~Proceeds~~the –Offered Notes (and certain other notes to be retained by the Depositor), the Depositor will cause the Issuer to enter into a Series 2025-1 ~~2023~~Indenture Supplement (the “Indenture Supplement”), to be dated on or about September 23, 2025, by and between the Issuer and U.S. Bank Trust Company, National Association, in its capacities as indenture trustee (in such capacity, the “Indenture Trustee”) and as securities intermediary, pursuant to the Amended and Restated Indenture (as amended), by and between the Issuer and the Indenture Trustee, dated as of August 12, 2012, as amended and restated as of December 17, 2013. A copy of the form of Indenture Supplement that the Issuer intends to execute is filed with this Form 8-2K ~~Notes~~as Exhibit 4.1.

~~The~~In ~~public~~connection ~~offering~~with the issuance of the Offered ~~Class~~Notes, Athe ~~Notes~~chief ~~was~~executive ~~made~~officer ~~under~~of the ~~registration~~ ~~statement~~Depositor onhas ~~Form~~made ~~SF-3~~the ~~(File~~certifications ~~No.~~required ~~File~~by ~~Nos~~Paragraph I.B.1(a) ~~333-264933~~of ~~and~~Form ~~333~~SF-~~264933-01)~~3. Such certifications are being filed with ~~the~~this ~~Securities~~Form ~~and~~8-K ~~Exchange~~as ~~Commission on~~Exhibit ~~May~~36.1 ~~13,~~in ~~2022~~order ~~and~~to ~~declared~~satisfy ~~effective~~the onrequirements ~~October~~of 5,Item ~~2022~~ 601(~~the~~b)(36) ~~“Registration~~of ~~Statement”)~~Regulation S-K.

The ~~public~~registrant ~~offering~~is ofalso ~~the~~filing ~~Class~~with ~~A Notes terminated on November~~this ~~20,~~Form ~~2023~~8-K ~~upon~~Exhibits ~~the sale of all of the Class A Notes~~5.1 The depositor retained all of the Class B Notes. The underwriters of the Class A Notes were Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and ~~Wells~~ ~~Fargo Securities, LLC~~8.1 Noin ~~underwriting~~connection ~~discount~~with ~~was paid to~~ the ~~underwriters~~issuance ~~with~~of ~~respect to~~ the ~~Class~~Offered B Notes.

~~During~~Item the period from the effective date of the Registration Statement through the date of this report, the amount of expenses incurred in connection with the issuance and distribution of the Class A Notes with respect to underwriting commissions and discounts was $750,000,0009. ~~After deducting the underwriting commissions and discounts described in the preceding sentence, the net offering proceeds to the Trust before expenses for the Class A Notes are $748,500,000~~01. ~~Other expenses,~~Financial ~~including~~Statements ~~legal fees~~ and other costs and expenses, are reasonably estimated to be $750,000 and net proceeds to the Trust, after deduction of expenses, are reasonably estimated to be $747,750,000. With respect to the payment of these other expenses and costs, all direct or indirect payments were made to persons other than persons who are (a) directors or officers of the Trust, or (b) owners of 10 percent or more of any class of securities of the Trust.Exhibits

The net proceeds to Barclays Dryrock Funding LLC, after deducting the underwriting commissions and discounts, and expenses above, were used to purchase credit card receivables from Barclays Bank Delaware (the “Bank”), an affiliate of Barclays Dryrock Funding LLC, and for general corporate purposes of Barclays Dryrock Funding LLC, including, but not limited to, the repayment of amounts owed to the Bank. Except as provided in the previous sentence, none of the proceeds were used for payments to (a) any directors or officers of the Trust or (b) owners of 10 percent or more of any class of securities of the Trust.

Item 9.01. Financial Statements and Exhibits.

(a) Not applicable

(b) Not applicable

(d) Exhibits: The following isare filed as anExhibits ~~Exhibit~~ to this Report:

Exhibit Number	Description
4.1	Series 2023-2 Indenture Supplement, dated as of November 20, 2023, among Barclays Dryrock Issuance Trust, U.S. Bank Trust Company, National Association, as indenture trustee and U.S. Bank National Association, as securities intermediary
1.1	Series 2025-1 Underwriting Agreement, dated as of September 16, 2025.
4.1	Form of Series 2025-1 Indenture Supplement, to be dated on or about September 23, 2025.
5.1	Opinion of Mayer Brown LLP with respect to legality of the Offered Notes, dated September 17, 2025.
8.1	Opinion of Mayer Brown LLP with respect to tax matters of the Offered Notes, dated September 17, 2025.
36.1	Depositor Certification for Shelf Offerings of Asset-Backed Securities, dated September 16, 2025 with respect to the Offered Notes.

SIGNATURES

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

BARCLAYS DRYROCK FUNDING LLC, as depositor of Barclays Dryrock Issuance Trust ~~By: /s/ Danielle Manley Name: Danielle Manley Title: President~~

~~November~~By: /s/ ~~27,~~James ~~2023~~Zucco Name: James Zucco Title: Treasurer

September 17, 2025

Filing Compare · Barclays Dryrock Issuance Trust