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FINRA-ICE Data Services Structured Trading Activity Reports

Structured Trading Activity Report TBA Pass-Thru Agency CMO Non-Agency CMO/ABS Daily CMBS Weekly CMBS CBO/CDO/CLO

Weekly CMBS data from 10/13/2025 to 10/17/2025

Pricing Table: Agency CMBS by Deal Vintage
METRIC AGENCY CMBS (P&I) AGENCY CMBS (IO/PO)
PRE-2020 2020 2021 2022 2023 2024 2025 PRE-2020 2020 2021 2022 2023 2024 2025
AVERAGE PRICE 97.0 88.9 90.1 92.6 96.6 101.0 99.0 6.0 * 6.4 * * - 76.7
Weighted Avg. Price 98.3 90.9 97.8 91.5 99.3 101.6 99.2 6.2 * 7.0 * * - 87.3
Avg. Price Bottom 5 Trades 81.0 76.4 71.5 77.3 85.7 91.8 88.3 0.7 * 1.9 * * - 76.7
2nd Quartile Price 96.8 86.0 77.9 90.2 95.6 98.7 98.4 1.1 * 6.1 * * - *
3rd Quartile Price 98.8 89.1 99.0 93.8 100.3 102.6 100.2 3.8 * 6.8 * * - *
4th Quartile Price 99.3 92.4 99.4 99.5 102.0 104.4 101.6 18.3 * 7.6 * * - *
Avg. Price Top 5 Trades 100.4 100.0 99.6 100.6 102.5 104.8 102.7 17.2 * 10.3 * * - 76.7
Standard Deviation 4.5 6.7 11.1 8.9 6.6 4.2 3.9 7.3 * 3.2 * * - 33.9
VOLUME OF TRADES (000'S) 235,351.4 75,949.0 665,367.8 52,035.6 41,538.5 265,993.4 484,304.4 113,713.0 * 807,987.0 * * - 66,854.6
Customer Buy 79,804.9 29,457.4 34,036.2 17,091.5 17,015.3 129,505.9 241,179.5 56,778.2 * 316,958.7 * - - *
Customer Sell 80,468.0 24,388.4 350,456.9 25,690.8 23,051.0 119,838.1 194,973.2 56,934.8 * 427,679.6 * * - *
Dealer to Dealer 75,078.5 22,103.2 280,874.7 9,253.4 1,472.3 16,649.4 48,151.8 - - * - - - -
<= $1MM 26,598.3 5,122.3 3,782.2 6,870.3 10,643.0 2,565.0 4,810.6 4,542.3 - * - - - *
<= $10MM 117,221.6 70,826.6 58,316.9 45,165.3 30,895.5 134,871.5 144,239.0 24,252.5 * 31,521.9 * - - *
> $10MM * - 603,268.8 - - 128,556.9 335,254.8 * * 776,331.9 * * - *
NUMBER OF TRADES 140 50 42 27 31 66 72 19 * 25 * * - 5
Customer Buy 54 13 16 9 15 22 39 9 * 12 * - - *
Customer Sell 46 20 16 11 11 29 18 10 * 11 * * - *
Dealer to Dealer 40 17 10 7 5 15 15 - - * - - - -
<= $1MM 95 33 16 13 23 31 28 9 - * - - - *
<= $10MM 41 17 16 14 8 29 31 8 * 11 * - - *
> $10MM * - 10 - - 6 13 * * 13 * * - *

Pricing Table: CMBS Conduit AAA LCF (P&I) by Deal Vintage
METRIC CONDUIT AAA LCF (P&I)
PRE-2020 2020 2021 2022 2023 2024 2025
AVERAGE PRICE 97.8 90.8 89.2 95.7 107.6 106.3 106.7
Weighted Avg. Price 96.2 89.3 89.4 98.2 109.3 105.9 106.1
Avg. Price Bottom 5 Trades 93.8 90.2 88.8 95.7 106.0 105.5 106.2
2nd Quartile Price 97.3 88.9 89.0 * 106.7 107.0 106.7
3rd Quartile Price 98.8 93.1 89.8 * 108.2 107.1 106.9
4th Quartile Price 99.3 93.8 90.0 * 108.8 107.3 107.2
Avg. Price Top 5 Trades 99.8 91.3 89.6 95.7 109.1 107.2 107.3
Standard Deviation 2.0 2.5 0.8 4.2 2.9 1.4 1.1
VOLUME OF TRADES (000'S) 112,166.2 14,668.0 30,670.0 23,516.0 49,954.9 9,986.0 40,200.0
Customer Buy 70,376.4 * * * 48,274.9 7,261.0 25,700.0
Customer Sell 40,153.4 * 9,700.0 * * * *
Dealer to Dealer * * - - - - -
<= $1MM 16,955.2 * * * * 2,189.0 *
<= $10MM 43,425.0 * * * * * 25,500.0
> $10MM * - * * * - *
NUMBER OF TRADES 70 6 7 5 8 9 9
Customer Buy 26 * * * 5 7 6
Customer Sell 41 * 5 * * * *
Dealer to Dealer * * - - - - -
<= $1MM 52 * * * * 5 *
<= $10MM 15 * * * * * 6
> $10MM * - * * * - *

Pricing Table: CMBS Conduit by Deal Vintage
METRIC CONDUIT AAA (P&I) CONDUIT AAA (IO/PO) CONDUIT IG (P&I) CONDUIT IG (IO/PO) CONDUIT HY (P&I) CONDUIT HY (IO/PO)
PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE 97.7 93.0 104.8 1.1 - * 93.3 67.7 * 0.4 * - 78.2 * 93.5 1.9 * 100.9
Weighted Avg. Price 98.7 94.1 105.3 1.3 - * 95.1 62.3 * 0.4 * - 79.9 * 101.2 1.9 * 100.3
Avg. Price Bottom 5 Trades 93.3 84.0 101.7 0.2 - * 84.1 61.2 * 0.2 * - 16.0 * 71.2 1.9 * 100.9
2nd Quartile Price 97.1 90.2 103.5 0.4 - * 91.1 53.5 * 0.2 * - 73.2 * 98.0 * * *
3rd Quartile Price 98.5 94.2 105.0 0.8 - * 94.5 78.5 * 0.4 * - 88.0 * 103.4 * * *
4th Quartile Price 99.1 98.2 105.7 1.8 - * 96.9 87.0 * 0.7 * - 96.8 * 103.6 * * *
Avg. Price Top 5 Trades 99.7 99.7 108.1 2.8 - * 99.1 73.2 * 0.6 * - 98.7 * 103.6 1.9 * 100.9
Standard Deviation 1.9 5.7 1.7 1.3 - * 4.3 16.7 * 0.2 * - 26.6 * 25.0 0.5 * 2.3
VOLUME OF TRADES (000'S) 141,816.6 21,149.3 194,870.0 46,545.5 - * 88,449.7 31,020.0 * 24,595.0 * - 156,395.6 * 81,579.8 21,338.3 * 1,934.0
Customer Buy 100,770.9 11,349.2 95,379.0 13,796.1 - * 45,656.3 * * 7,998.1 * - 64,509.3 * 47,714.9 10,669.2 - *
Customer Sell 40,620.7 8,929.0 98,831.0 32,749.5 - - 41,993.3 * * 14,589.9 * - 82,195.3 * * * * *
Dealer to Dealer * * * - - - 800.0 * - * - - 9,691.0 - * - - -
<= $1MM 12,734.1 8,544.3 8,000.8 2,969.0 - - 8,143.2 * * * - - 4,869.9 * 1,975.1 * - 1,934.0
<= $10MM 27,764.6 12,605.0 95,869.2 33,108.2 - - 80,306.5 20,400.0 * 22,488.7 * - 151,525.8 * 29,604.7 18,338.3 * -
> $10MM 101,317.9 - 91,000.0 * - * - * - - - - - - * - - -
NUMBER OF TRADES 56 28 62 19 - * 53 8 * 12 * - 55 * 17 8 * 5
Customer Buy 27 11 35 9 - * 23 * * 6 * - 19 * 12 5 - *
Customer Sell 26 14 25 10 - - 20 * * 5 * - 25 * * * * *
Dealer to Dealer * * * - - - 10 * - * - - 11 - * - - -
<= $1MM 39 22 37 9 - - 29 * * * - - 22 * 5 * - 5
<= $10MM 12 6 20 9 - - 24 6 * 8 * - 33 * 10 5 * -
> $10MM 5 - 5 * - * - * - - - - - - * - - -

Pricing Table: CMBS Other by Deal Vintage
METRIC OTHER CMBS AAA LCF (P&I) OTHER CMBS AAA (P&I) OTHER CMBS AAA (IO/PO) OTHER CMBS IG (P&I) OTHER CMBS IG (IO/PO) OTHER CMBS HY (P&I) OTHER CMBS HY (IO/PO)
PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025 PRE-2020 2020-2022 2023-2025
AVERAGE PRICE * - - 97.2 96.4 101.5 - * - 94.1 95.0 100.6 0.6 1.3 - 78.7 90.1 100.0 * - -
Weighted Avg. Price * - - 96.8 97.8 101.6 - * - 93.9 95.7 100.6 0.5 1.4 - 82.8 91.3 99.6 * - -
Avg. Price Bottom 5 Trades * - - 95.8 87.8 99.7 - * - 86.6 80.6 98.9 0.4 1.3 - 4.5 57.0 92.3 * - -
2nd Quartile Price * - - 96.3 95.6 100.1 - * - 91.3 94.1 100.0 0.4 * - 80.4 85.5 98.9 * - -
3rd Quartile Price * - - 98.2 98.5 100.6 - * - 95.8 97.4 100.4 0.9 * - 86.8 97.5 100.2 * - -
4th Quartile Price * - - 98.4 99.9 103.0 - * - 96.8 99.7 100.9 0.9 * - 94.8 99.3 102.2 * - -
Avg. Price Top 5 Trades * - - 98.4 100.1 105.5 - * - 98.8 101.1 104.0 0.7 1.3 - 100.0 100.4 105.3 * - -
Standard Deviation * - - 1.3 4.6 1.8 - * - 4.1 6.1 1.3 0.3 0.1 - 26.0 13.2 3.7 * - -
VOLUME OF TRADES (000'S) * - - 10,414.4 73,339.5 149,577.7 - * - 80,256.8 255,072.5 226,150.3 102,959.8 9,802.0 - 369,574.2 304,414.2 252,306.0 * - -
Customer Buy * - - 6,114.8 42,680.6 79,414.8 - * - 32,458.0 116,505.3 157,514.2 51,479.9 * - 173,129.4 122,318.1 113,046.0 * - -
Customer Sell * - - 4,299.6 29,460.8 67,002.9 - * - 46,928.8 134,567.1 67,671.1 * * - 190,176.8 156,684.1 125,260.0 * - -
Dealer to Dealer - - - - * * - - - * * * - - - * * * - - -
<= $1MM - - - 2,599.5 12,760.8 10,768.8 - * - 7,006.0 13,312.0 12,346.0 - * - 9,907.1 10,614.6 8,531.0 - - -
<= $10MM * - - * 60,578.6 107,108.8 - - - 73,250.8 174,460.5 142,754.3 28,915.1 * - 283,770.6 136,263.2 201,775.0 - - -
> $10MM - - - - - * - - - - 67,300.0 * * - - 75,896.5 157,536.4 * * - -
NUMBER OF TRADES * - - 15 47 66 - * - 36 96 66 9 5 - 89 67 64 * - -
Customer Buy * - - 5 22 36 - * - 16 43 40 5 * - 44 33 36 * - -
Customer Sell * - - 10 21 28 - * - 17 52 25 * * - 41 30 27 * - -
Dealer to Dealer - - - - * * - - - * * * - - - * * * - - -
<= $1MM - - - 12 28 38 - * - 21 38 33 - * - 24 27 22 - - -
<= $10MM * - - * 19 26 - - - 15 52 30 6 * - 60 34 39 - - -
> $10MM - - - - - * - - - - 6 * * - - 5 6 * * - -

* Indicates trade count is less than 5
Data updated with current day's trades at approximately 8PM New York time
Effective June 1st, 2015 ABS List or Fixed Offering Price and Takedown Transactions (as defined in FINRA Rule 6710), as well as CMO transactions in securities newly added to the system on the report day will be excluded from inclusion in the FINRA-ICE Data daily Securitized Product Report and Pricing Tables. Previously created reports will not be adjusted for the change.

Should you have any questions, please call TRACE Data Services at 888-507-3665 or email [email protected].
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