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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 09/08/2025 to 09/12/2025

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 98.4 93.0 84.5 91.0 95.4 101.4 99.8 5.9 5.9 5.1 5.3 3.3 4.3 3.5
Weighted Avg. Price 98.5 95.6 96.1 94.7 98.2 100.0 99.1 5.5 6.2 4.2 5.2 5.8 4.2 3.5
Avg. Price Bottom 5 Trades 90.7 69.3 52.6 72.0 75.5 92.1 92.0 0.6 3.0 1.2 5.3 3.3 4.0 1.6
2nd Quartile Price 98.1 89.2 76.6 90.6 93.6 100.7 99.2 4.1 4.7 2.6 * * 3.4 1.6
3rd Quartile Price 98.9 99.0 88.3 92.2 99.7 102.1 100.4 4.7 6.1 3.4 * * 5.0 3.7
4th Quartile Price 99.8 99.8 98.8 96.4 101.1 103.2 101.1 4.7 6.4 8.1 * * 5.5 6.4
Avg. Price Top 5 Trades 100.6 100.1 100.8 99.0 104.0 105.3 102.8 7.3 9.4 9.5 5.3 3.3 4.6 5.5
Standard Deviation 1.9 8.9 13.8 7.6 9.5 3.0 2.5 12.6 2.3 3.1 0.5 2.0 1.2 2.1
VOLUME OF TRADES (000'S) 804,725.4 181,907.2 609,041.4 650,287.3 160,608.2 191,953.1 485,150.9 1,396,179.5 266,467.3 374,050.4 11,559.6 185,200.9 589,696.0 1,567,083.9
Customer Buy 321,073.4 34,792.8 91,483.7 394,878.5 107,574.8 108,771.1 291,196.5 * 77,572.8 100,330.0 * * * 925,227.9
Customer Sell 156,572.3 64,180.7 431,376.2 37,931.6 13,782.5 49,884.8 105,186.4 1,386,698.4 170,912.5 235,274.0 * * 356,738.1 *
Dealer to Dealer 327,079.7 82,933.7 86,181.5 217,477.2 39,250.9 33,297.1 88,767.9 * 17,981.9 38,446.4 * * - *
<= $1MM 48,903.0 18,662.9 9,201.7 12,414.0 5,724.6 3,056.0 4,409.6 3,326.9 * - - - - -
<= $10MM 430,508.5 144,155.0 210,800.0 87,715.4 92,800.2 80,808.2 168,476.8 47,840.3 73,225.6 94,481.4 11,559.6 30,681.1 * -
> $10MM 325,313.9 * * 550,157.8 * 108,088.9 312,264.5 * * 279,569.1 - * 583,697.2 1,567,083.9
NUMBER OF TRADES 270 110 81 65 44 77 89 33 32 35 6 7 7 12
Customer Buy 98 31 30 36 27 28 36 * 6 6 * * * 6
Customer Sell 83 31 27 12 9 27 28 28 20 18 * * 5 *
Dealer to Dealer 89 48 24 17 8 22 25 * 6 11 * * - *
<= $1MM 138 63 34 30 16 56 39 11 * - - - - -
<= $10MM 117 46 43 21 24 16 34 18 24 29 6 5 * -
> $10MM 15 * * 14 * 5 16 * * 6 - * 6 12

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 98.2 89.6 89.6 99.5 108.4 106.8 106.9
Weighted Avg. Price 98.6 88.4 90.3 100.5 108.3 107.5 106.9
Avg. Price Bottom 5 Trades 93.4 87.7 88.8 94.4 107.3 106.2 106.3
2nd Quartile Price 97.7 88.6 88.9 96.0 108.5 106.9 106.5
3rd Quartile Price 98.5 89.6 89.9 98.8 108.7 107.2 106.9
4th Quartile Price 99.3 90.6 90.5 106.7 113.4 107.7 107.2
Avg. Price Top 5 Trades 100.5 91.8 90.6 106.0 109.6 107.5 107.6
Standard Deviation 1.9 1.8 0.9 5.0 2.7 1.1 0.6
VOLUME OF TRADES (000'S) 188,968.9 70,483.0 27,533.0 41,426.0 23,821.0 13,500.0 165,257.5
Customer Buy 138,726.6 * 22,802.0 17,056.0 * * 79,107.0
Customer Sell 49,492.3 36,770.0 * 24,370.0 13,821.0 12,156.0 85,330.5
Dealer to Dealer * - - - - - *
<= $1MM 17,543.1 4,598.0 3,447.6 2,800.0 * 3,500.0 3,474.0
<= $10MM 75,317.2 15,273.0 11,007.0 38,626.0 22,192.0 * *
> $10MM * * * - - - *
NUMBER OF TRADES 68 17 14 17 7 9 18
Customer Buy 30 * 11 11 * * 10
Customer Sell 37 13 * 6 6 5 6
Dealer to Dealer * - - - - - *
<= $1MM 43 9 8 7 * 8 11
<= $10MM 21 6 5 10 5 * *
> $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 93.9 105.3 2.1 - * 91.4 73.0 94.1 * 2.9 * 67.4 90.2 101.3 * - *
Weighted Avg. Price 97.9 92.4 105.0 1.9 - * 91.9 72.3 94.2 * 2.8 * 78.5 90.9 101.5 * - *
Avg. Price Bottom 5 Trades 93.9 89.3 102.3 1.2 - * 81.9 50.9 79.4 * 2.9 * 1.8 84.7 100.4 * - *
2nd Quartile Price 97.0 91.9 105.0 1.3 - * 87.9 58.2 91.0 * * * 66.8 81.5 101.4 * - *
3rd Quartile Price 98.3 94.8 105.4 2.0 - * 92.8 84.3 100.0 * * * 79.5 92.9 101.8 * - *
4th Quartile Price 99.0 96.1 105.9 2.8 - * 96.0 88.1 102.9 * * * 89.8 99.3 102.5 * - *
Avg. Price Top 5 Trades 99.6 98.0 107.1 3.2 - * 98.2 91.6 103.3 * 2.9 * 97.5 96.8 102.1 * - *
Standard Deviation 1.7 3.9 1.1 1.0 - * 5.2 17.2 11.1 * 0.3 * 32.3 9.5 1.5 * - *
VOLUME OF TRADES (000'S) 199,184.0 78,742.4 254,331.3 61,121.6 - * 139,965.9 71,247.0 9,480.0 * 16,325.0 * 152,407.0 13,557.9 27,777.6 * - *
Customer Buy 106,188.9 37,040.0 174,604.2 * - * 66,340.7 25,716.0 5,015.0 - * * 65,273.7 * * * - *
Customer Sell 92,995.0 39,782.4 75,867.1 * - - 72,625.2 45,531.0 4,465.0 - - - 81,802.2 * 21,449.5 - - -
Dealer to Dealer - * 3,860.0 50,386.9 - * * - - * * * 5,331.2 - - * - -
<= $1MM 7,654.3 3,000.4 17,195.0 - - - 7,642.0 * 4,480.0 - - - 6,376.3 * * - - *
<= $10MM 119,218.5 49,092.0 66,510.8 40,490.9 - * 132,324.0 70,237.0 * - 16,325.0 - 111,250.7 12,520.0 25,347.2 - - *
> $10MM 72,311.1 * 170,625.5 * - * - - - * - * * - - * - -
NUMBER OF TRADES 58 19 80 13 - * 59 20 18 * 5 * 69 8 11 * - *
Customer Buy 25 5 49 * - * 26 8 8 - * * 20 * * * - *
Customer Sell 33 13 26 * - - 31 12 10 - - - 42 * 9 - - -
Dealer to Dealer - * 5 10 - * * - - * * * 7 - - * - -
<= $1MM 27 7 55 - - - 24 * 16 - - - 32 * * - - *
<= $10MM 25 11 16 11 - * 35 17 * - 5 - 35 5 8 - - *
> $10MM 6 * 9 * - * - - - * - * * - - * - -

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 - - - 96.0 99.0 101.0 - - - 94.6 95.9 100.9 - - - 80.6 89.3 100.9 - * -
Weighted Avg. Price - - - 97.5 99.4 101.8 - - - 94.6 95.3 100.7 - - - 86.3 81.3 99.7 - * -
Avg. Price Bottom 5 Trades - - - 91.1 91.0 96.7 - - - 86.3 81.7 96.5 - - - 24.2 27.2 90.5 - * -
2nd Quartile Price - - - 95.0 99.4 100.0 - - - 93.3 94.4 100.2 - - - 82.0 89.2 100.3 - * -
3rd Quartile Price - - - 97.9 99.9 100.3 - - - 96.3 99.0 100.7 - - - 87.5 98.4 100.6 - * -
4th Quartile Price - - - 99.0 100.0 102.5 - - - 97.1 99.9 101.8 - - - 97.0 99.8 101.9 - * -
Avg. Price Top 5 Trades - - - 99.3 100.5 105.6 - - - 98.5 100.0 105.5 - - - 99.5 100.6 106.5 - * -
Standard Deviation - - - 3.7 2.4 1.9 - - - 3.9 6.1 1.9 - - - 26.9 23.4 3.0 - * -
VOLUME OF TRADES (000'S) - - - 23,433.8 262,149.4 345,925.1 - - - 108,245.5 309,123.2 254,709.7 - - - 168,936.0 446,347.1 340,068.6 - * -
Customer Buy - - - 10,270.0 81,798.5 161,835.4 - - - 43,815.6 138,926.5 107,990.1 - - - 87,502.4 185,461.8 157,918.7 - - -
Customer Sell - - - 12,863.8 180,350.9 183,131.6 - - - 64,430.0 169,971.7 94,424.5 - - - 78,747.7 227,301.0 170,649.8 - * -
Dealer to Dealer - - - * - * - - - - * 52,295.0 - - - * * 11,500.0 - * -
<= $1MM - - - 5,403.3 7,067.4 26,436.2 - - - 3,503.0 8,760.4 16,280.9 - - - 7,552.9 4,872.0 11,568.6 - - -
<= $10MM - - - 18,030.5 226,366.1 223,881.0 - - - 93,755.6 179,352.7 223,428.7 - - - 161,383.1 296,181.6 268,638.9 - * -
> $10MM - - - - * 95,608.0 - - - * 121,010.0 * - - - - 145,293.4 * - - -
NUMBER OF TRADES - - - 21 81 137 - - - 41 71 93 - - - 62 80 111 - * -
Customer Buy - - - 8 23 52 - - - 15 37 39 - - - 33 38 47 - - -
Customer Sell - - - 12 58 82 - - - 26 33 40 - - - 26 39 59 - * -
Dealer to Dealer - - - * - * - - - - * 14 - - - * * 5 - * -
<= $1MM - - - 16 21 76 - - - 12 21 36 - - - 22 10 24 - - -
<= $10MM - - - 5 58 56 - - - 28 45 56 - - - 40 61 84 - * -
> $10MM - - - - * 5 - - - * 5 * - - - - 9 * - - -

* 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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