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Form 10-D Barclays Dryrock Issuanc For: Jul 31

August 16, 2022 11:33 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 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 July 1, 2022 to July 31, 2022
 
Commission File Number of issuing entity:  333-205943, 333-228394
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
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)
 
Wai Chung, Phone: (302) 255-7845
(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.

 1 
 

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 X No ___
 

 

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 and in the tables set forth below under the heading “The Trust Portfolio”.
 
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 July 1, 2022 to July 31, 2022 for the Barclays Dryrock Issuance Trust. Barclays Dryrock Funding LLC’s most recent Form ABS-15G was filed on February 12, 2021.
 
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 July 1, 2022 to July 31, 2022.
 

PART II – OTHER INFORMATION
 

ITEM 10 – Exhibits
 

 2 
 

 
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:  August 16, 2022
 
 
BARCLAYS DRYROCK FUNDING LLC
(Depositor)
 
By: /s/ Wai Chung                                 
 
 
Name: Wai Chung
Title:   Treasurer
 

 

 
 
3

EXHIBIT 99

MONTHLY SERVICER’S CERTIFICATE

BARCLAYS BANK DELAWARE

BARCLAYS DRYROCK ISSUANCE TRUST

Series 2021-1

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:

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 2021-1 Indenture Supplement, dated as of September 22, 2021, between the Trust and the Indenture Trustee (the “Indenture Supplement” and together with the Master Indenture, the “Indenture”), as applicable.
2.BBD is, as of the date hereof, the Servicer under the Agreement.
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.
4.This Certificate relates to the Payment Date occurring on August 15, 2022.
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.
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:

a.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 15th day of August 2022.

 

BARCLAYS BANK DELAWARE, as Servicer

By: /s/ Wai Chung

Name: Wai Chung

Title: Director

 4 
 

 

MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

Series 2021-1

MONTHLY PERIOD ENDING July 31, 2022

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 “Indenture”), 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 2021-1 Indenture Supplement, dated as of September 22, 2021 (the “Indenture Supplement”), 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 2021-1 Noteholders and the performance of the Issuer during the previous monthly period.

The information prepared with respect to the Payment Date of August 15, 2022 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 $1,000,000,000.00
  (1) The total amount of the payment in respect of the Class A Notes $525,000.00
  (2) The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest $525,000.00
  (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 $219,513,000.00
  (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

By: /s/ Wai Chung

Name: Wai Chung

Title: Director

 5 
 

 

MONTHLY SERVICER’S STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

Series 2021-1

MONTHLY PERIOD ENDING July 31, 2022

Record date July 31, 2022
Payment date August 15, 2022
Monthly period beginning July 01, 2022
Monthly period ending July 31, 2022
Previous payment date July 15, 2022
Interest period beginning July 15, 2022
Interest period ending August 14, 2022
Days in monthly period 31
Days in interest period 30
   
TRUST RECEIVABLES INFORMATION  
Beginning of monthly period principal receivables balance $5,699,108,516.42
Beginning of monthly period non-principal receivables balance $62,979,614.75
Beginning of monthly period total receivables balance $5,762,088,131.17
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 $5,734,985,711.88
End of monthly period non-principal receivables balance $62,598,833.10
End of monthly period total receivables balance $5,797,584,544.98
TRUST COLLECTIONS INFORMATION  
Finance charge collections $60,025,278.06
Fees $10,620,399.16
Interchange $40,025,105.95
Recoveries $3,176,614.70
Investment earnings on Issuer Accounts $2,023.91
Total finance charge collections $113,847,397.87
Principal collections $1,906,718,402.64
*Total payment rate 34.32%
(* Total payment rate does not include investment earnings)  
TRUST DEFAULT INFORMATION  
Default Amount / Total Gross Losses $11,485,525.65
Total Recoveries ($3,176,614.70)
Total Net Losses $8,308,910.95
Portfolio Principal Balance $5,699,108,516.42
Total Gross Losses as a percentage of the Portfolio Principal Balance 2.42%
Total Net Losses as a percentage of the Portfolio Principal Balance 1.75%
Number of accounts experiencing a loss 2,035
Average Net Loss per account $4,083.00

 

Delinquency Data

Percentage

# accounts

Total receivables

1-30 days delinquent 1.18% 15,649 $68,153,701.86
31-60 days delinquent 0.36% 4,404 $21,140,813.35
61-90 days delinquent 0.24% 2,832 $13,893,449.15
91-120 days delinquent 0.21% 2,037 $11,949,864.18
121-150 days delinquent 0.20% 1,822 $11,711,812.69
151-180 days delinquent 0.20% 1,613 $11,448,665.29
181 and greater days delinquent 0.00% 0 $0.00
Sixty Day Delinquent Assets 0.85% 8,304 $49,003,791.31

 

TRANSFEROR INFORMATION  
Transferor Percentage as of the Transferor Amount Measurement Date 63.32%
Minimum Transferor Amount Percentage in Calendar Month 59.99%
Required Transferor Amount Percentage 6.00%
   
SELLERS INTEREST  
Seller’s Interest as of the Transferor Amount Measurement Date 210.51%
Required Seller’s Interest 5.00%
 6 
 

 

ISSUER ACCOUNT INFORMATION  
Dryrock Issuance Trust Collection Account balance as of end of monthly period $137,618,464.68
Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period $0.00
   
BARCLAYS DRYROCK ISSUANCE TRUST  
Series Name 2021-1
Expected Final Payment Date 09/16/2024
Scheduled start of accumulation period 09/01/2023
Series 2021-1 Stated Principal Amount $1,219,513,000.00
Series 2021-1 Allocation amount $1,219,513,000.00
Series 2021-1 Floating Allocation Percentage 21.3983%
Series 2021-1 Principal Allocation Percentage 21.3983%

 

Class Details

Margin

Total Interest Rate

Stated Principal Amount

Class A 0.00% 0.63% $1,000,000,000.00
Class B 0.00% 0.00% $219,513,000.00

 

ALLOCATION OF SERIES 2021-1 AVAILABLE FINANCE CHARGE COLLECTIONS
1) Series 2021-1 Available Finance Charge Collections $24,361,854.04
2) Class A Notes  
  a) Class A Monthly Interest $525,000.00
  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 2021-1 Servicing Fee paid to Servicer $2,045,316.89
4) Series 2021-1 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 2021-1 Default Amount treated as Series 2021-1 Available Principal Collections $2,457,708.61
7) Unreimbursed Investor Charge-offs and Reallocated Principal Collections treated as Series 2021-1 Available Principal Collections $0.00
8) Accumulation Reserve Account funding $0.00
9) In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2021-1 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) $19,333,828.54
11) Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents $0.00
12) Holder of the Transferor Interest $19,333,828.54
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2021-1
1) Series 2021-1 Available Finance Charge Collections Shortfall $0.00
2) Shared Excess Available Finance Charge Collections allocated to Series 2021-1 $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 2021-1 Available Principal Collections $0.00
8) Accumulation Reserve Account $0.00
9) Holder of the Transferor Interest $0.00
SERIES 2021-1 AVAILABLE PRINCIPAL COLLECTIONS
  Principal Collections allocated to Series 2021-1 $408,005,545.53
  less Reallocated Principal Collections $0.00
  plus Series Default Amount Paid from finance charge collections $2,457,708.61
  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 2021-1 Available Principal Collections $410,463,254.14
  Series 2021-1 Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f) of the Series 2021-1 Indenture Supplement $75,898,927.63
APPLICATION OF SERIES 2021-1 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
1) Shared Excess Available Principal Collections $75,898,927.63
 7 
 

 

APPLICATION OF SERIES 2021-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD  
1) Amount deposited in the Principal Funding Account $0.00
2) Shared Excess Available Principal Collections $0.00
APPLICATION OF SERIES 2021-1 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 2021-1  
1) Series 2021-1 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 $75,898,927.63
SERIES 2021-1 ACCOUNT INFORMATION  
Accumulation Reserve Account balance  
  Beginning balance $0.00
  Current deposit $0.00
  Accumulation Reserve Draw Amount $0.00
  Ending Balance $0.00
Principal Funding Account balance  
  Beginning balance $0.00
  Current deposit $0.00
  Paid to the Class A Noteholders $0.00
  Paid to the Class B Noteholders $0.00
  Ending Balance $0.00
SERIES 2021-1 PERFORMANCE DATA  
Portfolio Yield  
  Current Monthly Period 21.55%
  Prior Monthly Period 21.11%
  Second Prior Monthly Period 22.22%
Base Rate  
  Current Monthly Period 2.52%
  Prior Monthly Period 2.52%
  Second Prior Monthly Period 2.52%
Excess Spread Percentage  
  Current Monthly Period 19.04%
  Prior Monthly Period 18.60%
  Second Prior Monthly Period 19.70%
Quarterly Excess Spread Percentage 19.11%
Required Excess Spread Percentage 0.00%
Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? Yes
Delinquency Trigger Percentage 9.00%
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

By: /s/ Wai Chung

Name: Wai Chung

Title: Director

 8 
 

 

MONTHLY SERVICER’S CERTIFICATE

BARCLAYS BANK DELAWARE

BARCLAYS DRYROCK ISSUANCE TRUST

Series 2022-1

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:

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 2022-1 Indenture Supplement, dated as of April 21, 2022, between the Trust and the Indenture Trustee (the “Indenture Supplement” and together with the Master Indenture, the “Indenture”), as applicable.
2.BBD is, as of the date hereof, the Servicer under the Agreement.
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.
4.This Certificate relates to the Payment Date occurring on August 15, 2022.
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.
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:

a.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Certificate this 15th day of August 2022.

 

BARCLAYS BANK DELAWARE, as Servicer

By: /s/ Wai Chung

Name: Wai Chung

Title: Director

 9 
 

 

MONTHLY NOTEHOLDERS’ STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

Series 2022-1

MONTHLY PERIOD ENDING July 31, 2022

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 “Indenture”), 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 2022-1 Indenture Supplement, dated as of April 21, 2022 (the “Indenture Supplement”), 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 2022-1 Noteholders and the performance of the Issuer during the previous monthly period.

The information prepared with respect to the Payment Date of August 15, 2022 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 $725,000,000.00
  (1) The total amount of the payment in respect of the Class A Notes $1,854,791.67
  (2) The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest $1,854,791.67
  (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 $159,147,000.00
  (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

By: /s/ Wai Chung

Name: Wai Chung

Title: Director

 10 
 

 

MONTHLY SERVICER’S STATEMENT

BARCLAYS DRYROCK ISSUANCE TRUST

Series 2022-1

MONTHLY PERIOD ENDING July 31, 2022

Record date July 31, 2022
Payment date August 15, 2022
Monthly period beginning July 01, 2022
Monthly period ending July 31, 2022
Previous payment date July 15, 2022
Interest period beginning July 15, 2022
Interest period ending August 14, 2022
Days in monthly period 31
Days in interest period 30
   
TRUST RECEIVABLES INFORMATION  
Beginning of monthly period principal receivables balance $5,699,108,516.42
Beginning of monthly period non-principal receivables balance $62,979,614.75
Beginning of monthly period total receivables balance $5,762,088,131.17
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 $5,734,985,711.88
End of monthly period non-principal receivables balance $62,598,833.10
End of monthly period total receivables balance $5,797,584,544.98
TRUST COLLECTIONS INFORMATION  
Finance charge collections $60,025,278.06
Fees $10,620,399.16
Interchange $40,025,105.95
Recoveries $3,176,614.70
Investment earnings on Issuer Accounts $2,023.91
Total finance charge collections $113,847,397.87
Principal collections $1,906,718,402.64
*Total payment rate 34.32%
(* Total payment rate does not include investment earnings)  
TRUST DEFAULT INFORMATION  
Default Amount / Total Gross Losses $11,485,525.65
Total Recoveries ($3,176,614.70)
Total Net Losses $8,308,910.95
Portfolio Principal Balance $5,699,108,516.42
Total Gross Losses as a percentage of the Portfolio Principal Balance 2.42%
Total Net Losses as a percentage of the Portfolio Principal Balance 1.75%
Number of accounts experiencing a loss 2,035
Average Net Loss per account $4,083.00

 

Delinquency Data

Percentage

# accounts

Total receivables

1-30 days delinquent 1.18% 15,649 $68,153,701.86
31-60 days delinquent 0.36% 4,404 $21,140,813.35
61-90 days delinquent 0.24% 2,832 $13,893,449.15
91-120 days delinquent 0.21% 2,037 $11,949,864.18
121-150 days delinquent 0.20% 1,822 $11,711,812.69
151-180 days delinquent 0.20% 1,613 $11,448,665.29
181 and greater days delinquent 0.00% 0 $0.00
Sixty Day Delinquent Assets 0.85% 8,304 $49,003,791.31

 

TRANSFEROR INFORMATION  
Transferor Percentage as of the Transferor Amount Measurement Date 63.32%
Minimum Transferor Amount Percentage in Calendar Month 59.99%
Required Transferor Amount Percentage 6.00%
   
SELLERS INTEREST  
Seller’s Interest as of the Transferor Amount Measurement Date 210.51%
Required Seller’s Interest 5.00%
 11 
 

 

ISSUER ACCOUNT INFORMATION  
Dryrock Issuance Trust Collection Account balance as of end of monthly period $137,618,464.68
Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period $0.00
   
BARCLAYS DRYROCK ISSUANCE TRUST  
Series Name 2022-1
Expected Final Payment Date 04/15/2025
Scheduled start of accumulation period 04/01/2024
Series 2022-1 Stated Principal Amount $884,147,000.00
Series 2022-1 Allocation amount $884,147,000.00
Series 2022-1 Floating Allocation Percentage 15.5138%
Series 2022-1 Principal Allocation Percentage 15.5138%

 

Class Details

Margin

Total Interest Rate

Stated Principal Amount

Class A 0.00% 3.07% $725,000,000.00
Class B 0.00% 0.00% $159,147,000.00

 

ALLOCATION OF SERIES 2022-1 AVAILABLE FINANCE CHARGE COLLECTIONS
1) Series 2022-1 Available Finance Charge Collections $17,662,345.62
2) Class A Notes  
  a) Class A Monthly Interest $1,854,791.67
  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 2022-1 Servicing Fee paid to Servicer $1,482,854.82
4) Series 2022-1 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 2022-1 Default Amount treated as Series 2022-1 Available Principal Collections $1,781,838.84
7) Unreimbursed Investor Charge-offs and Reallocated Principal Collections treated as Series 2022-1 Available Principal Collections $0.00
8) Accumulation Reserve Account funding $0.00
9) In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series 2022-1 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) $12,542,860.29
11) Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents $0.00
12) Holder of the Transferor Interest $12,542,860.29
APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES 2022-1
1) Series 2022-1 Available Finance Charge Collections Shortfall $0.00
2) Shared Excess Available Finance Charge Collections allocated to Series 2022-1 $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 2022-1 Available Principal Collections $0.00
8) Accumulation Reserve Account $0.00
9) Holder of the Transferor Interest $0.00
SERIES 2022-1 AVAILABLE PRINCIPAL COLLECTIONS
  Principal Collections allocated to Series 2022-1 $295,804,045.58
  less Reallocated Principal Collections $0.00
  plus Series Default Amount Paid from finance charge collections $1,781,838.84
  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 2022-1 Available Principal Collections $297,585,884.42
  Series 2022-1 Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f) of the Series 2022-1 Indenture Supplement $2,314,287.96
APPLICATION OF SERIES 2022-1 AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
1) Shared Excess Available Principal Collections $2,314,287.96
 12 
 

 

APPLICATION OF SERIES 2022-1 PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD  
1) Amount deposited in the Principal Funding Account $0.00
2) Shared Excess Available Principal Collections $0.00
APPLICATION OF SERIES 2022-1 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 2022-1  
1) Series 2022-1 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 $2,314,287.96
SERIES 2022-1 ACCOUNT INFORMATION  
Accumulation Reserve Account balance  
  Beginning balance $0.00
  Current deposit $0.00
  Accumulation Reserve Draw Amount $0.00
  Ending Balance $0.00
Principal Funding Account balance  
  Beginning balance $0.00
  Current deposit $0.00
  Paid to the Class A Noteholders $0.00
  Paid to the Class B Noteholders $0.00
  Ending Balance $0.00
SERIES 2022-1 PERFORMANCE DATA  
Portfolio Yield  
  Current Monthly Period 21.55%
  Prior Monthly Period 21.11%
  Second Prior Monthly Period 20.38%
Base Rate  
  Current Monthly Period 4.52%
  Prior Monthly Period 4.52%
  Second Prior Monthly Period 4.52%
Excess Spread Percentage  
  Current Monthly Period 17.04%
  Prior Monthly Period 16.60%
  Second Prior Monthly Period 15.87%
Quarterly Excess Spread Percentage 16.50%
Required Excess Spread Percentage 0.00%
Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage? Yes
Delinquency Trigger Percentage 9.00%
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

By: /s/ Wai Chung

Name: Wai Chung

Title: Director

 13 
 

 



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