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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 11/10/2025 to 11/14/2025

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 88.4 92.1 92.5 95.0 101.6 98.2 * 5.7 6.1 5.0 - * *
Weighted Avg. Price 98.3 89.7 90.6 95.0 78.0 100.7 98.3 * 5.5 6.8 4.8 - * *
Avg. Price Bottom 5 Trades 84.9 75.5 77.9 77.6 63.8 99.0 78.8 * 4.3 5.8 5.0 - * *
2nd Quartile Price 96.4 85.5 90.9 89.3 95.4 100.3 98.9 * 5.9 6.5 * - * *
3rd Quartile Price 98.7 89.2 94.2 96.7 100.5 101.5 99.9 * 5.9 7.6 * - * *
4th Quartile Price 99.2 92.1 99.3 99.6 101.4 102.8 101.0 * 6.2 7.6 * - * *
Avg. Price Top 5 Trades 99.9 99.9 99.7 99.9 102.5 104.2 102.8 * 6.8 6.8 5.0 - * *
Standard Deviation 3.8 6.0 7.5 9.3 12.3 1.7 5.7 * 1.6 2.1 0.4 - * *
VOLUME OF TRADES (000'S) 339,844.3 53,873.5 177,199.4 333,689.2 143,522.5 286,458.9 885,910.7 * 920,250.9 179,377.1 229,731.0 - * *
Customer Buy 122,505.7 31,703.6 51,106.9 103,529.9 27,185.4 56,898.0 438,774.6 * 190,718.1 * * - - *
Customer Sell 198,995.5 16,864.1 91,135.8 226,623.8 39,478.9 196,603.2 325,574.2 * 664,092.8 * * - * *
Dealer to Dealer 18,343.0 5,305.7 34,956.8 3,535.6 76,858.2 32,957.7 121,561.9 - * - * - * -
<= $1MM 32,227.4 6,874.5 2,861.2 6,852.7 7,882.6 7,692.8 6,561.3 * * - - - - -
<= $10MM 139,771.7 46,999.0 28,421.9 11,501.1 35,094.9 87,185.3 175,583.8 - - * - - * -
> $10MM 167,845.1 - 145,916.2 315,335.4 * * 703,765.6 * 919,572.0 * 229,731.0 - - *
NUMBER OF TRADES 142 62 30 29 43 65 87 * 15 6 6 - * *
Customer Buy 52 29 13 11 18 20 43 * 5 * * - - *
Customer Sell 55 17 8 11 16 25 25 * 9 * * - * *
Dealer to Dealer 35 16 9 7 9 20 19 - * - * - * -
<= $1MM 96 42 12 18 28 48 30 * * - - - - -
<= $10MM 39 20 12 6 11 13 33 - - * - - * -
> $10MM 7 - 6 5 * * 24 * 14 * 6 - - *

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 98.4 91.4 89.2 * * 105.1 106.0
Weighted Avg. Price 98.6 91.1 89.1 * * 105.3 106.1
Avg. Price Bottom 5 Trades 93.6 90.3 88.8 * * 103.5 105.0
2nd Quartile Price 98.3 90.3 88.6 * * 105.0 105.8
3rd Quartile Price 98.8 93.1 89.5 * * 105.9 106.1
4th Quartile Price 99.4 94.3 89.8 * * 106.6 106.6
Avg. Price Top 5 Trades 100.1 92.5 89.6 * * 106.5 106.7
Standard Deviation 1.5 2.4 0.6 * * 1.8 0.9
VOLUME OF TRADES (000'S) 204,025.9 12,675.6 22,140.0 * * 89,990.0 124,719.0
Customer Buy 116,887.1 7,497.8 * * * 22,429.0 36,390.0
Customer Sell 87,138.9 * 11,715.0 * * 67,561.0 88,329.0
Dealer to Dealer - - - - - - -
<= $1MM 20,811.8 * * * * * 3,115.0
<= $10MM 148,000.8 * 20,915.0 * * 23,451.0 45,604.0
> $10MM * - - * - * *
NUMBER OF TRADES 97 7 8 * * 12 17
Customer Buy 42 5 * * * 5 8
Customer Sell 55 * 5 * * 7 9
Dealer to Dealer - - - - - - -
<= $1MM 45 * * * * * 6
<= $10MM 50 * 6 * * 5 8
> $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 98.0 92.5 104.5 - * * 91.8 78.3 86.5 - - - 63.2 72.7 - - - *
Weighted Avg. Price 98.1 92.7 104.5 - * * 93.5 85.7 87.2 - - - 68.2 76.8 - - - *
Avg. Price Bottom 5 Trades 94.6 87.6 101.5 - * * 77.7 66.5 73.0 - - - 3.1 72.7 - - - *
2nd Quartile Price 97.5 90.3 103.5 - * * 89.5 69.3 76.3 - - - 29.0 * - - - *
3rd Quartile Price 98.7 92.0 104.7 - * * 92.7 85.5 88.9 - - - 82.2 * - - - *
4th Quartile Price 99.3 97.0 105.1 - * * 96.3 88.4 100.8 - - - 88.3 * - - - *
Avg. Price Top 5 Trades 99.5 98.0 107.9 - * * 98.4 88.7 103.0 - - - 95.9 72.7 - - - *
Standard Deviation 1.6 4.2 1.5 - * * 5.5 14.7 12.1 - - - 35.1 13.7 - - - *
VOLUME OF TRADES (000'S) 90,869.4 21,601.8 272,739.8 - * * 125,521.2 22,402.0 34,447.0 - - - 90,216.4 2,849.8 - - - *
Customer Buy 29,084.8 3,135.4 86,483.3 - * - 67,016.9 13,847.0 16,959.0 - - - 41,420.7 * - - - -
Customer Sell 61,684.6 18,326.4 185,646.5 - - - 56,771.3 * 17,038.0 - - - 32,138.1 * - - - *
Dealer to Dealer * * * - - * 1,733.0 - * - - - 16,657.6 - - - - -
<= $1MM 13,285.8 3,866.4 15,805.5 - - - 12,723.3 3,830.0 6,289.0 - - - 12,198.5 * - - - -
<= $10MM 61,615.4 17,735.4 141,581.2 - - * 112,797.9 * 28,158.0 - - - 78,017.9 * - - - *
> $10MM * - 115,353.0 - * - - - - - - - - - - - - -
NUMBER OF TRADES 46 21 84 - * * 70 11 23 - - - 96 5 - - - *
Customer Buy 18 7 49 - * - 33 7 10 - - - 31 * - - - -
Customer Sell 27 12 33 - - - 30 * 10 - - - 37 * - - - *
Dealer to Dealer * * * - - * 7 - * - - - 28 - - - - -
<= $1MM 28 14 49 - - - 35 7 13 - - - 66 * - - - -
<= $10MM 17 7 29 - - * 35 * 10 - - - 30 * - - - *
> $10MM * - 6 - * - - - - - - - - - - - - -

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 - - - 97.1 98.0 100.8 - - - 94.2 95.3 100.3 - - - 68.9 89.5 100.7 - - 100.1
Weighted Avg. Price - - - 98.7 98.4 101.2 - - - 96.0 95.7 100.2 - - - 71.7 94.3 100.1 - - 100.1
Avg. Price Bottom 5 Trades - - - 91.5 92.4 98.2 - - - 87.1 71.2 96.0 - - - 32.2 45.5 95.9 - - 99.7
2nd Quartile Price - - - 97.8 97.5 100.1 - - - 90.5 96.0 99.8 - - - 60.8 83.5 100.1 - - 100.1
3rd Quartile Price - - - 98.6 98.5 100.2 - - - 96.0 98.9 100.3 - - - 76.5 98.7 100.7 - - 100.1
4th Quartile Price - - - 99.3 99.9 101.6 - - - 97.6 99.9 100.6 - - - 82.3 100.0 102.1 - - 100.3
Avg. Price Top 5 Trades - - - 99.4 100.1 105.3 - - - 99.0 101.1 104.2 - - - 98.1 100.4 104.7 - - 100.3
Standard Deviation - - - 3.5 2.3 1.5 - - - 4.6 9.6 1.5 - - - 22.2 19.8 2.3 - - 0.2
VOLUME OF TRADES (000'S) - - - 59,698.9 143,668.6 374,633.2 - - - 74,310.5 197,521.2 441,495.1 - - - 158,152.6 206,606.5 253,970.8 - - 101,440.0
Customer Buy - - - 20,606.6 66,673.8 178,369.9 - - - 37,295.7 84,369.9 219,701.7 - - - 76,963.0 103,821.9 125,487.0 - - 25,900.0
Customer Sell - - - 39,092.3 76,445.2 169,738.3 - - - 37,014.7 96,001.3 212,764.4 - - - 77,136.2 94,388.3 102,869.8 - - 75,540.0
Dealer to Dealer - - - - * 26,525.0 - - - - * 9,029.1 - - - 4,053.4 * 25,614.0 - - -
<= $1MM - - - 6,912.8 24,324.5 40,493.7 - - - 6,064.3 9,983.9 24,309.7 - - - 3,166.4 7,652.0 8,626.9 - - *
<= $10MM - - - 20,286.1 108,844.3 233,497.2 - - - 68,246.2 116,707.3 145,180.4 - - - 122,586.2 148,338.5 192,983.8 - - 98,440.0
> $10MM - - - * * 100,642.3 - - - - 70,830.0 272,005.0 - - - * * * - - -
NUMBER OF TRADES - - - 22 76 169 - - - 25 48 117 - - - 50 50 59 - - 31
Customer Buy - - - 7 31 64 - - - 12 21 53 - - - 22 24 26 - - 9
Customer Sell - - - 15 43 98 - - - 13 24 58 - - - 21 22 28 - - 22
Dealer to Dealer - - - - * 7 - - - - * 6 - - - 7 * 5 - - -
<= $1MM - - - 14 51 97 - - - 10 15 66 - - - 16 10 17 - - *
<= $10MM - - - 6 24 66 - - - 15 28 44 - - - 32 38 38 - - 28
> $10MM - - - * * 6 - - - - 5 7 - - - * * * - - -

* 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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