1/2 cup plus 1 tablespoon ketchup
1/3 cup water
1/4 cup granulated sugar
1/4 cup white vinegar
2 tablespoons olive oil
1/4 teaspoon paprika
1/4 teaspoon coarse black pepper
1/4 teaspoon garlic powder
1/4 teaspoon cayenne pepper
pinch onion powder
pinch thyme
Combine all ingredients in a small saucepan over medium heat.
Bring to a boil, whisking often, then reduce heat and simmer, uncovered, for 5 minutes.
Cover the dressing until cool, then refrigerate it until well chilled.