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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 08/18/2025 to 08/22/2025

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 95.7 91.4 83.8 93.0 97.8 100.2 99.3 2.9 - 6.4 - - - -
Weighted Avg. Price 95.6 92.4 88.7 93.5 100.9 100.1 98.8 3.3 - 7.3 - - - -
Avg. Price Bottom 5 Trades 80.9 75.7 68.6 87.1 89.7 93.1 89.4 2.1 - 6.4 - - - -
2nd Quartile Price 94.0 90.6 76.8 89.5 96.1 99.5 99.0 2.0 - * - - - -
3rd Quartile Price 97.4 92.8 86.8 94.3 98.6 100.2 100.1 2.2 - * - - - -
4th Quartile Price 98.7 96.8 94.7 96.6 101.6 101.6 100.6 5.3 - * - - - -
Avg. Price Top 5 Trades 99.9 99.8 95.4 99.1 102.8 104.0 101.8 3.3 - 6.4 - - - -
Standard Deviation 4.4 7.8 9.7 5.2 5.1 2.6 2.9 1.6 - 1.3 - - - -
VOLUME OF TRADES (000'S) 688,167.3 93,610.7 91,975.2 92,650.8 85,385.2 706,315.4 218,102.0 98,258.7 - 105,830.4 - - - -
Customer Buy 98,354.6 26,738.8 10,688.7 47,799.1 65,905.1 386,975.8 130,987.8 79,490.1 - * - - - -
Customer Sell 303,526.5 33,673.0 51,903.5 10,075.7 10,034.5 289,350.6 29,717.9 * - * - - - -
Dealer to Dealer 286,286.3 33,198.9 29,383.0 34,776.0 9,445.6 29,989.0 57,396.3 - - - - - - -
<= $1MM 29,861.7 4,744.4 3,820.8 2,351.1 6,303.5 3,971.7 8,589.5 - - - - - - -
<= $10MM 176,996.3 72,113.4 40,056.7 29,584.2 29,081.7 83,218.1 154,562.5 * - * - - - -
> $10MM 481,309.4 * * * * 619,125.7 * * - * - - - -
NUMBER OF TRADES 199 35 32 21 32 100 88 8 - 5 - - - -
Customer Buy 61 13 10 10 13 34 43 5 - * - - - -
Customer Sell 74 10 14 6 11 38 22 * - * - - - -
Dealer to Dealer 64 12 8 5 8 28 23 - - - - - - -
<= $1MM 143 19 14 11 18 72 52 - - - - - - -
<= $10MM 45 15 15 6 13 18 33 * - * - - - -
> $10MM 11 * * * * 10 * * - * - - - -

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 97.7 89.0 88.4 94.9 106.4 104.5 105.0
Weighted Avg. Price 97.6 89.2 87.7 97.1 106.0 104.6 104.7
Avg. Price Bottom 5 Trades 93.6 87.6 87.6 89.9 105.1 102.4 104.5
2nd Quartile Price 97.2 87.9 87.8 92.5 105.4 103.5 104.6
3rd Quartile Price 98.3 89.5 88.2 97.5 106.3 104.6 104.8
4th Quartile Price 99.1 90.9 90.3 98.0 107.3 105.7 105.6
Avg. Price Top 5 Trades 99.7 90.3 89.0 99.8 108.0 106.3 105.7
Standard Deviation 1.9 1.9 1.1 4.9 1.7 1.5 0.5
VOLUME OF TRADES (000'S) 122,125.5 39,200.0 17,783.6 19,965.0 78,329.0 253,992.5 81,292.8
Customer Buy 101,311.2 29,596.0 * 6,875.0 36,855.0 63,046.0 47,717.0
Customer Sell 20,814.3 * 16,843.6 13,090.0 41,474.0 190,946.5 33,575.8
Dealer to Dealer - - - - - - -
<= $1MM 5,276.0 * * 2,156.0 1,267.0 3,467.8 2,414.8
<= $10MM 78,060.7 26,181.0 16,648.0 17,809.0 18,440.0 26,034.4 39,423.0
> $10MM * * - - * 224,490.3 *
NUMBER OF TRADES 51 9 9 14 15 25 18
Customer Buy 29 6 * 6 7 8 10
Customer Sell 22 * 7 8 8 17 8
Dealer to Dealer - - - - - - -
<= $1MM 26 * * 6 7 6 7
<= $10MM 22 5 5 8 6 7 9
> $10MM * * - - * 12 *

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 97.8 92.6 104.3 1.1 5.7 * 91.6 77.5 100.7 0.8 - - 85.1 79.4 98.8 0.9 - 97.8
Weighted Avg. Price 97.4 90.8 103.8 1.3 5.6 * 92.8 75.5 100.5 1.1 - - 84.8 80.9 99.4 0.9 - 97.8
Avg. Price Bottom 5 Trades 94.8 87.4 101.6 0.1 5.5 * 73.6 60.2 95.3 0.1 - - 49.1 77.0 96.7 0.9 - 97.8
2nd Quartile Price 96.9 90.2 103.8 0.6 5.2 * 88.8 75.3 100.8 0.1 - - 81.3 76.5 102.9 * - 97.8
3rd Quartile Price 98.1 92.0 104.5 1.3 6.4 * 93.4 86.5 101.5 0.4 - - 90.2 80.1 103.2 * - 97.9
4th Quartile Price 98.9 96.4 105.1 1.5 6.4 * 96.5 86.6 103.4 1.2 - - 94.8 83.8 103.9 * - 97.9
Avg. Price Top 5 Trades 99.6 98.1 107.2 1.7 5.9 * 98.5 86.9 104.3 1.6 - - 98.4 82.1 103.4 0.9 - 97.8
Standard Deviation 1.4 4.3 1.3 0.6 0.8 * 6.4 13.7 4.5 0.9 - - 14.4 4.0 8.0 0.1 - 0.1
VOLUME OF TRADES (000'S) 123,853.4 85,559.4 513,112.0 92,262.8 99,960.2 * 156,205.3 19,967.0 55,784.5 17,772.6 - - 243,417.4 26,876.0 15,229.3 7,466.3 - 26,100.0
Customer Buy 63,782.8 57,754.8 296,925.1 46,127.5 * * 78,451.1 10,897.0 43,257.7 8,886.3 - - 121,569.6 * 8,623.4 * - *
Customer Sell 60,070.6 26,100.7 216,186.9 - * * 74,094.2 8,330.0 9,526.7 - - - 121,808.9 * * - - *
Dealer to Dealer - * - 46,135.3 * - 3,660.0 * * 8,886.3 - - * * - * - -
<= $1MM 12,047.2 3,872.9 7,497.2 10,294.3 - * 12,573.3 1,907.0 3,724.5 5,318.7 - - 5,226.2 * * * - -
<= $10MM 88,309.1 51,686.5 173,893.8 29,804.5 * * 143,632.0 18,060.0 52,060.0 * - - 216,275.2 26,481.2 14,994.3 * - 26,100.0
> $10MM * * 331,721.0 * * * - - - - - - * - - - - -
NUMBER OF TRADES 55 20 79 35 6 * 86 15 20 16 - - 83 8 7 6 - 6
Customer Buy 36 7 41 21 * * 42 6 12 10 - - 37 * 5 * - *
Customer Sell 19 10 38 - * * 39 7 7 - - - 43 * * - - *
Dealer to Dealer - * - 14 * - 5 * * 6 - - * * - * - -
<= $1MM 37 10 25 22 - * 45 7 7 12 - - 27 * * * - -
<= $10MM 16 9 39 10 * * 41 8 13 * - - 54 7 5 * - 6
> $10MM * * 15 * * * - - - - - - * - - - - -

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 - - - 96.1 97.7 100.9 - - * 90.1 94.1 100.1 - - - 83.1 94.3 100.7 - 84.6 100.3
Weighted Avg. Price - - - 96.5 99.0 101.2 - - * 87.0 92.3 99.8 - - - 81.2 92.3 100.6 - 83.4 100.3
Avg. Price Bottom 5 Trades - - - 91.4 86.1 96.2 - - * 78.2 70.1 94.4 - - - 51.9 70.1 96.1 - 75.0 100.1
2nd Quartile Price - - - 95.0 97.8 100.2 - - * 89.2 95.0 99.8 - - - 70.4 93.5 100.0 - 81.2 100.1
3rd Quartile Price - - - 97.0 99.4 100.4 - - * 93.6 98.2 100.2 - - - 91.2 97.0 100.4 - 87.9 100.3
4th Quartile Price - - - 99.0 100.0 101.7 - - * 97.3 99.6 100.9 - - - 97.0 99.8 101.3 - 89.6 101.2
Avg. Price Top 5 Trades - - - 100.1 100.3 105.5 - - * 98.2 100.5 104.3 - - - 99.3 100.3 104.8 - 92.1 100.3
Standard Deviation - - - 3.6 4.0 1.8 - - * 9.3 10.4 2.0 - - - 16.5 8.7 2.3 - 8.5 0.5
VOLUME OF TRADES (000'S) - - - 32,519.1 368,051.8 230,528.6 - - * 46,081.0 187,755.9 139,405.6 - - - 211,642.2 319,557.8 149,245.7 - 38,986.0 8,970.0
Customer Buy - - - 18,153.0 121,774.4 157,835.8 - - - 24,322.0 62,943.0 75,785.7 - - - 100,249.4 187,315.2 95,042.2 - 17,743.0 *
Customer Sell - - - 14,366.2 244,158.2 68,292.8 - - * 19,677.8 123,812.9 63,619.9 - - - 102,692.8 128,242.6 45,403.5 - 21,243.0 *
Dealer to Dealer - - - - * * - - - * * - - - - * * * - - -
<= $1MM - - - 6,057.1 13,039.2 23,833.6 - - - 2,647.3 13,995.6 17,649.4 - - - 7,730.1 15,871.4 9,821.0 - - *
<= $10MM - - - 26,462.0 155,729.2 188,650.0 - - * 43,433.7 95,261.0 121,756.1 - - - 125,302.2 149,869.7 125,424.7 - 38,986.0 *
> $10MM - - - - 199,283.4 * - - - - 78,499.3 - - - - 78,610.0 153,816.7 * - - -
NUMBER OF TRADES - - - 21 82 110 - - * 22 78 85 - - - 59 91 62 - 15 6
Customer Buy - - - 10 32 54 - - - 10 35 45 - - - 29 43 39 - 7 *
Customer Sell - - - 11 47 52 - - * 11 41 40 - - - 28 46 19 - 8 *
Dealer to Dealer - - - - * * - - - * * - - - - * * * - - -
<= $1MM - - - 11 30 61 - - - 10 38 49 - - - 19 39 21 - - *
<= $10MM - - - 10 42 48 - - * 12 35 36 - - - 35 42 40 - 15 *
> $10MM - - - - 10 * - - - - 5 - - - - 5 10 * - - -

* 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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