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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 10/20/2025 to 10/24/2025

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 95.9 89.0 87.2 90.0 94.5 100.6 100.2 8.1 4.3 * * * 6.2 54.9
Weighted Avg. Price 98.2 96.3 93.0 94.7 98.9 97.8 100.2 21.6 5.1 * * * 5.9 12.0
Avg. Price Bottom 5 Trades 78.4 74.4 71.7 70.0 81.4 90.3 95.0 0.3 4.3 * * * 6.2 26.8
2nd Quartile Price 94.2 86.0 74.1 83.0 89.7 99.5 99.1 0.4 * * * * * 8.1
3rd Quartile Price 98.3 89.4 90.7 93.0 98.8 101.3 100.5 2.1 * * * * * 101.7
4th Quartile Price 99.3 98.0 99.3 99.6 101.3 102.4 101.6 4.5 * * * * * 101.8
Avg. Price Top 5 Trades 100.5 100.3 99.7 100.9 102.5 105.3 104.1 14.4 4.3 * * * 6.2 83.1
Standard Deviation 5.3 9.1 11.6 10.1 8.0 3.3 1.9 20.2 2.4 * * * 2.6 50.1
VOLUME OF TRADES (000'S) 413,245.5 30,651.4 522,868.3 104,340.1 340,801.2 151,138.6 667,056.6 121,600.4 187,250.9 * * * 107,747.1 218,893.5
Customer Buy 124,092.3 9,088.1 131,844.0 54,811.2 105,487.9 66,137.2 340,590.9 80,576.9 * * * * 107,747.1 169,520.8
Customer Sell 259,975.1 4,362.9 221,636.1 28,854.4 39,072.8 65,282.5 185,413.4 * - - * - - -
Dealer to Dealer 29,178.1 17,200.4 169,388.3 20,674.5 196,240.5 19,718.9 141,052.3 - * - - - - *
<= $1MM 20,595.5 2,964.4 2,223.2 5,948.7 4,474.2 6,406.0 11,044.5 * - - - - - *
<= $10MM 220,597.7 27,687.0 120,612.3 60,391.3 15,856.5 58,745.3 198,088.0 25,059.3 * * - - * *
> $10MM * - 400,032.9 * 320,470.5 85,987.3 457,924.1 * * * * * * *
NUMBER OF TRADES 187 49 75 51 38 89 134 9 5 * * * 5 8
Customer Buy 79 13 27 20 14 21 58 8 * * * * 5 7
Customer Sell 70 16 20 13 11 34 31 * - - * - - -
Dealer to Dealer 38 20 28 18 13 34 45 - * - - - - *
<= $1MM 120 37 29 30 24 68 63 * - - - - - *
<= $10MM 64 12 33 19 5 16 54 5 * * - - * *
> $10MM * - 13 * 9 5 17 * * * * * * *

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 91.4 89.7 97.1 108.2 107.2 106.2
Weighted Avg. Price 98.5 92.3 89.7 98.5 107.1 107.5 106.6
Avg. Price Bottom 5 Trades 93.5 90.6 89.1 91.9 108.2 106.8 105.2
2nd Quartile Price 97.9 92.1 89.4 93.5 * 106.2 106.7
3rd Quartile Price 98.6 92.8 89.8 98.2 * 107.8 106.9
4th Quartile Price 99.1 94.0 90.5 99.6 * 108.5 107.1
Avg. Price Top 5 Trades 100.1 92.9 90.3 102.1 108.2 107.7 107.1
Standard Deviation 1.5 2.8 1.1 5.3 1.3 1.0 1.4
VOLUME OF TRADES (000'S) 119,054.7 11,796.0 10,749.5 30,955.0 2,209.0 14,872.0 36,021.0
Customer Buy 63,123.7 11,246.0 8,082.5 22,160.0 * 14,862.0 14,091.0
Customer Sell 54,640.0 * * 8,760.0 * * *
Dealer to Dealer 1,291.0 - - * - - -
<= $1MM 24,220.0 * * 2,645.0 2,209.0 * *
<= $10MM 94,834.7 * * 28,310.0 - * 33,680.0
> $10MM - - - - - - -
NUMBER OF TRADES 107 7 8 15 5 7 10
Customer Buy 47 5 5 7 * 6 6
Customer Sell 53 * * 7 * * *
Dealer to Dealer 7 - - * - - -
<= $1MM 74 * * 9 5 * *
<= $10MM 33 * * 6 - * 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 98.1 95.0 104.8 0.9 - 4.6 91.6 81.0 99.4 - - - 59.2 70.0 * * - -
Weighted Avg. Price 97.5 95.2 104.5 1.5 - 4.0 92.4 84.2 104.0 - - - 52.4 59.6 * * - -
Avg. Price Bottom 5 Trades 94.8 89.8 101.0 0.9 - 4.6 82.8 74.4 89.3 - - - 1.5 70.0 * * - -
2nd Quartile Price 97.5 92.8 104.4 * - * 88.0 81.5 102.7 - - - 16.0 * * * - -
3rd Quartile Price 98.7 95.2 105.2 * - * 93.3 82.5 104.2 - - - 73.0 * * * - -
4th Quartile Price 99.1 97.4 105.6 * - * 96.0 86.3 105.5 - - - 90.0 * * * - -
Avg. Price Top 5 Trades 99.9 101.0 107.2 0.9 - 4.6 98.3 87.0 106.1 - - - 98.4 70.0 * * - -
Standard Deviation 1.4 4.1 1.5 0.4 - 1.0 5.4 9.8 10.5 - - - 35.7 13.0 * * - -
VOLUME OF TRADES (000'S) 281,624.9 106,287.2 184,593.8 106,840.0 - 398,899.2 55,315.9 8,325.0 29,445.0 - - - 270,728.7 29,863.2 * * - -
Customer Buy 238,933.1 91,480.3 109,706.0 * - - 26,669.0 * 17,192.0 - - - 107,342.7 * * * - -
Customer Sell 42,613.4 14,790.9 72,787.8 * - * 27,813.9 3,575.0 12,253.0 - - - 108,798.5 * * * - -
Dealer to Dealer * * * * - * 833.0 * - - - - 54,587.5 - - - - -
<= $1MM 15,510.8 3,864.2 17,764.8 * - - 9,574.7 3,795.0 3,930.0 - - - 11,408.7 * * - - -
<= $10MM 95,723.3 54,210.6 104,349.0 * - - 45,741.2 * 25,515.0 - - - 220,975.8 * * - - -
> $10MM 170,390.8 * * * - 398,899.2 - - - - - - * * - * - -
NUMBER OF TRADES 73 25 77 5 - 5 52 12 14 - - - 117 5 * * - -
Customer Buy 42 19 42 * - - 15 * 6 - - - 40 * * * - -
Customer Sell 27 5 34 * - * 27 5 8 - - - 48 * * * - -
Dealer to Dealer * * * * - * 10 * - - - - 29 - - - - -
<= $1MM 37 10 47 * - - 37 10 7 - - - 62 * * - - -
<= $10MM 30 12 27 * - - 15 * 7 - - - 52 * * - - -
> $10MM 6 * * * - 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 - - - 97.5 97.2 101.1 - - - 93.7 96.9 101.0 - - - 66.1 92.9 99.5 * 86.5 98.5
Weighted Avg. Price - - - 98.6 99.6 101.3 - - - 95.2 96.1 101.4 - - - 71.8 93.5 99.2 * 91.8 99.9
Avg. Price Bottom 5 Trades - - - 95.0 88.7 98.7 - - - 84.5 80.2 96.6 - - - 3.8 54.3 88.4 * 86.5 96.6
2nd Quartile Price - - - 98.2 96.6 100.1 - - - 91.3 97.4 100.1 - - - 58.5 92.2 100.0 * * 100.2
3rd Quartile Price - - - 98.6 99.8 100.3 - - - 95.8 99.3 100.4 - - - 73.0 97.8 100.4 * * 100.3
4th Quartile Price - - - 99.4 99.9 102.0 - - - 96.6 99.8 101.8 - - - 84.8 99.8 101.0 * * 100.3
Avg. Price Top 5 Trades - - - 99.3 100.2 105.4 - - - 99.3 101.5 106.3 - - - 97.4 100.6 104.8 * 86.5 100.4
Standard Deviation - - - 2.7 4.1 1.8 - - - 4.8 5.9 2.0 - - - 27.0 12.4 4.1 * 7.1 6.7
VOLUME OF TRADES (000'S) - - - 22,883.0 692,372.3 469,924.9 - - - 104,643.6 198,954.4 276,240.4 - - - 307,566.9 257,686.7 390,114.2 * 11,775.0 35,425.0
Customer Buy - - - 19,958.3 124,127.0 176,038.4 - - - 61,264.6 109,752.5 145,614.0 - - - 146,713.1 120,459.3 182,122.4 - * 22,700.0
Customer Sell - - - 2,924.6 568,146.3 268,612.9 - - - 43,379.0 72,061.9 88,126.4 - - - 143,385.2 116,270.1 174,691.8 * * 12,725.0
Dealer to Dealer - - - - * 25,273.6 - - - - 17,140.0 42,500.0 - - - 17,468.6 20,957.3 33,300.0 - - -
<= $1MM - - - 1,438.1 8,554.9 16,558.6 - - - 5,232.3 10,920.2 22,800.4 - - - 11,080.8 13,010.3 6,765.0 - * *
<= $10MM - - - * 126,993.5 274,170.6 - - - 99,411.3 188,034.2 232,040.0 - - - 217,287.4 144,126.6 292,949.2 - * 32,700.0
> $10MM - - - * * 179,195.7 - - - - - * - - - * 100,549.8 90,400.0 * - -
NUMBER OF TRADES - - - 14 57 105 - - - 38 73 108 - - - 95 75 82 * 5 14
Customer Buy - - - 9 34 41 - - - 22 38 62 - - - 43 38 34 - * 7
Customer Sell - - - 5 22 57 - - - 16 29 38 - - - 41 31 39 * * 7
Dealer to Dealer - - - - * 7 - - - - 6 8 - - - 11 6 9 - - -
<= $1MM - - - 9 22 30 - - - 13 27 51 - - - 39 24 14 - * *
<= $10MM - - - * 31 64 - - - 25 46 55 - - - 53 44 63 - * 10
> $10MM - - - * * 11 - - - - - * - - - * 7 5 * - -

* 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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