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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 10/06/2025 to 10/10/2025

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 95.6 91.3 89.9 95.1 95.7 100.2 96.8 1.8 * 7.1 - * 23.7 *
Weighted Avg. Price 98.4 95.7 98.1 95.3 97.9 98.0 96.6 2.1 * 7.0 - * 9.4 *
Avg. Price Bottom 5 Trades 71.4 71.3 72.7 79.0 80.7 87.3 45.2 1.2 * 6.1 - * 18.5 *
2nd Quartile Price 95.0 88.6 80.4 91.3 93.6 100.3 99.1 2.0 * 6.8 - * 25.7 *
3rd Quartile Price 98.2 92.8 99.0 99.5 99.5 101.4 100.1 2.1 * 7.3 - * 36.6 *
4th Quartile Price 98.9 99.6 99.5 100.9 100.9 102.4 100.9 3.2 * 7.4 - * 36.7 *
Avg. Price Top 5 Trades 100.2 100.1 99.6 101.0 103.6 104.4 102.8 2.6 * 7.8 - * 32.2 *
Standard Deviation 6.1 8.4 10.9 7.8 7.6 4.7 12.4 1.2 * 0.6 - * 15.4 *
VOLUME OF TRADES (000'S) 400,803.0 142,137.1 115,665.8 116,164.4 179,164.4 242,937.4 511,907.9 35,971.3 * 1,293,202.8 - * 244,010.4 *
Customer Buy 170,213.7 35,763.7 5,847.9 37,642.4 56,462.8 117,806.6 224,551.2 * - 509,024.1 - * * -
Customer Sell 122,815.4 53,685.8 79,572.2 27,488.3 66,755.0 87,950.4 170,642.7 9,030.2 * 784,178.7 - - * *
Dealer to Dealer 107,773.9 52,687.6 30,245.7 51,033.7 55,946.6 37,180.3 116,714.0 - - - - - - -
<= $1MM 23,025.4 7,660.7 3,817.1 11,236.9 3,960.0 3,732.4 7,019.0 2,702.8 - - - - - -
<= $10MM 241,687.7 134,476.4 84,263.2 66,030.6 99,837.9 51,225.8 216,860.7 * - - - - * -
> $10MM 136,089.8 - * * 75,366.6 187,979.3 288,028.1 * * 1,293,202.8 - * 231,210.4 *
NUMBER OF TRADES 209 78 40 41 38 72 111 9 * 23 - * 7 *
Customer Buy 65 17 6 16 19 17 45 * - 10 - * * -
Customer Sell 90 37 25 7 9 32 34 6 * 13 - - * *
Dealer to Dealer 54 24 9 18 10 23 32 - - - - - - -
<= $1MM 128 39 18 19 12 54 49 5 - - - - - -
<= $10MM 70 39 21 19 20 9 51 * - - - - * -
> $10MM 11 - * * 6 9 11 * * 23 - * 5 *

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 97.6 90.4 88.9 * 107.6 104.7 105.5
Weighted Avg. Price 98.3 92.1 88.9 * 106.8 105.3 107.0
Avg. Price Bottom 5 Trades 93.1 88.0 88.7 * 106.2 102.3 104.2
2nd Quartile Price 97.0 88.3 88.8 * 106.7 101.8 106.0
3rd Quartile Price 98.4 91.6 89.0 * 108.0 105.4 106.2
4th Quartile Price 98.9 92.6 89.4 * 108.5 106.6 107.4
Avg. Price Top 5 Trades 99.9 92.8 89.2 * 109.0 106.8 106.7
Standard Deviation 2.0 2.4 0.5 * 2.3 2.3 2.0
VOLUME OF TRADES (000'S) 124,615.7 35,845.0 16,542.5 * 14,177.5 6,234.1 18,580.0
Customer Buy 68,855.5 17,030.0 * - 14,082.5 5,937.1 10,558.0
Customer Sell 44,712.8 16,415.0 15,832.5 * * * *
Dealer to Dealer 11,047.4 * - - - * *
<= $1MM 31,426.7 5,845.0 2,315.0 * 975.0 3,250.0 1,980.0
<= $10MM 76,349.0 - * - * * *
> $10MM * * * - - - -
NUMBER OF TRADES 106 14 8 * 9 12 11
Customer Buy 35 5 * - 8 9 8
Customer Sell 46 5 6 * * * *
Dealer to Dealer 25 * - - - * *
<= $1MM 87 12 6 * 5 10 8
<= $10MM 18 - * - * * *
> $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 97.6 93.8 104.0 - - * 90.1 73.8 94.3 - - - 84.3 61.9 98.7 - - -
Weighted Avg. Price 97.0 93.4 104.8 - - * 88.7 72.3 98.7 - - - 85.2 19.2 101.3 - - -
Avg. Price Bottom 5 Trades 95.0 89.2 99.4 - - * 79.3 62.1 76.0 - - - 64.2 48.3 93.3 - - -
2nd Quartile Price 96.6 92.9 103.7 - - * 86.1 65.8 88.7 - - - 73.8 72.8 99.8 - - -
3rd Quartile Price 97.8 94.1 104.5 - - * 91.3 78.0 101.5 - - - 89.8 80.0 100.8 - - -
4th Quartile Price 98.8 95.5 105.1 - - * 95.1 86.1 102.9 - - - 94.9 96.4 103.3 - - -
Avg. Price Top 5 Trades 99.6 98.8 106.2 - - * 97.1 84.7 104.8 - - - 96.6 84.8 103.3 - - -
Standard Deviation 1.3 3.1 1.8 - - * 5.6 13.1 11.8 - - - 11.7 40.0 9.1 - - -
VOLUME OF TRADES (000'S) 755,354.2 140,628.7 188,967.0 - - * 126,132.6 12,289.0 34,835.0 - - - 201,800.7 16,468.0 58,810.8 - - -
Customer Buy 41,043.3 31,629.3 84,417.0 - - - 69,573.4 * 14,372.0 - - - 96,000.4 * 29,341.7 - - -
Customer Sell 370,709.0 63,776.4 103,742.3 - - * 56,525.0 9,259.0 12,351.0 - - - 103,450.4 * 29,469.1 - - -
Dealer to Dealer 343,601.9 45,223.0 807.7 - - - * * 8,112.0 - - - 2,350.0 - - - - -
<= $1MM 2,968.2 5,872.1 8,935.5 - - * 8,929.8 3,850.0 8,390.0 - - - 4,394.9 2,968.0 - - - -
<= $10MM 88,346.5 81,310.3 62,627.5 - - - 117,202.8 * 26,445.0 - - - 197,405.9 * 47,810.8 - - -
> $10MM 664,039.5 * 117,404.0 - - - - - - - - - - - * - - -
NUMBER OF TRADES 69 34 93 - - * 43 11 25 - - - 68 7 12 - - -
Customer Buy 15 13 38 - - - 23 * 10 - - - 33 * 5 - - -
Customer Sell 33 14 46 - - * 19 5 10 - - - 30 * 7 - - -
Dealer to Dealer 21 7 9 - - - * * 5 - - - 5 - - - - -
<= $1MM 24 17 66 - - * 16 8 16 - - - 18 5 - - - -
<= $10MM 25 15 20 - - - 27 * 9 - - - 50 * 11 - - -
> $10MM 20 * 7 - - - - - - - - - - - * - - -

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 - - - 96.4 97.7 101.2 - - - 92.0 95.3 100.2 - - - 73.1 91.9 100.9 - * -
Weighted Avg. Price - - - 99.3 98.4 101.6 - - - 93.7 93.9 100.6 - - - 79.8 92.0 100.5 - * -
Avg. Price Bottom 5 Trades - - - 96.4 88.3 96.0 - - - 76.3 73.9 94.4 - - - 8.9 62.0 87.9 - * -
2nd Quartile Price - - - * 97.1 100.2 - - - 90.3 95.0 99.8 - - - 70.0 87.3 100.2 - * -
3rd Quartile Price - - - * 99.6 100.9 - - - 94.9 98.9 100.3 - - - 79.3 96.7 100.6 - * -
4th Quartile Price - - - * 99.9 102.8 - - - 95.4 99.8 101.1 - - - 92.3 99.4 101.9 - * -
Avg. Price Top 5 Trades - - - 96.4 100.7 105.1 - - - 98.3 100.1 104.1 - - - 98.0 100.4 107.9 - * -
Standard Deviation - - - 2.9 3.4 1.9 - - - 6.6 7.5 2.1 - - - 25.1 10.8 4.4 - * -
VOLUME OF TRADES (000'S) - - - 11,911.3 237,645.8 529,224.2 - - - 104,193.9 196,574.9 286,126.3 - - - 209,055.6 371,175.2 450,248.7 - * -
Customer Buy - - - - 94,857.5 223,880.9 - - - 63,647.3 70,286.3 76,628.1 - - - 107,213.9 156,119.5 203,147.8 - * -
Customer Sell - - - 11,911.3 129,522.5 264,783.3 - - - 40,546.6 115,172.7 164,398.2 - - - 93,921.6 215,055.8 242,200.8 - - -
Dealer to Dealer - - - - 13,265.8 40,560.0 - - - - * 45,100.0 - - - 7,920.0 - * - - -
<= $1MM - - - * 14,811.2 13,550.3 - - - 10,330.1 16,044.9 32,032.9 - - - 8,845.3 9,967.1 12,516.9 - - -
<= $10MM - - - * 143,363.1 317,517.7 - - - 93,863.8 156,530.1 149,728.4 - - - 179,610.2 255,674.1 220,087.8 - * -
> $10MM - - - * * 198,156.2 - - - - * 104,365.0 - - - * * 217,644.0 - - -
NUMBER OF TRADES - - - 5 87 118 - - - 45 85 110 - - - 79 74 95 - * -
Customer Buy - - - - 34 47 - - - 19 30 40 - - - 37 35 39 - * -
Customer Sell - - - 5 46 65 - - - 26 51 64 - - - 37 39 53 - - -
Dealer to Dealer - - - - 7 6 - - - - * 6 - - - 5 - * - - -
<= $1MM - - - * 43 43 - - - 20 45 65 - - - 25 21 28 - - -
<= $10MM - - - * 41 65 - - - 25 38 38 - - - 52 49 55 - * -
> $10MM - - - * * 10 - - - - * 7 - - - * * 12 - - -

* 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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