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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 11/24/2025 to 11/28/2025

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 97.6 91.6 87.3 85.6 97.2 100.1 99.0 * * * * - - *
Weighted Avg. Price 98.2 92.2 96.1 90.6 100.4 100.7 99.8 * * * * - - *
Avg. Price Bottom 5 Trades 86.1 85.6 73.8 60.7 89.9 93.9 89.4 * * * * - - *
2nd Quartile Price 97.9 89.7 78.8 86.8 97.9 97.5 98.3 * * * * - - *
3rd Quartile Price 98.8 93.0 89.3 90.6 101.0 101.0 100.6 * * * * - - *
4th Quartile Price 99.2 96.3 96.0 98.0 103.0 103.0 101.6 * * * * - - *
Avg. Price Top 5 Trades 100.2 97.1 99.3 99.9 103.1 104.9 102.2 * * * * - - *
Standard Deviation 3.6 5.7 9.6 14.8 7.7 3.7 3.8 * * * * - - *
VOLUME OF TRADES (000'S) 191,897.6 3,013.7 58,366.2 71,123.4 34,714.4 169,076.1 380,875.5 * * * * - - *
Customer Buy 86,713.8 * 33,028.3 45,983.1 31,693.3 149,897.1 265,777.4 * * * * - - *
Customer Sell 81,496.0 2,126.8 9,740.8 4,021.6 330.0 12,763.0 82,714.8 - - - * - - *
Dealer to Dealer 23,687.9 * 15,597.0 21,118.7 * 6,416.0 32,383.2 - - - - - - -
<= $1MM 17,256.7 1,373.7 7,887.3 2,968.4 1,966.4 2,564.4 11,335.0 - - * - - - -
<= $10MM 122,781.2 * 37,745.1 30,155.1 * 28,175.0 63,249.2 - - - - - - -
> $10MM * - * * * * 306,291.3 * * * * - - *
NUMBER OF TRADES 106 15 34 25 15 45 72 * * * * - - *
Customer Buy 42 * 20 8 8 8 32 * * * * - - *
Customer Sell 43 7 5 7 5 21 22 - - - * - - *
Dealer to Dealer 21 * 9 10 * 16 18 - - - - - - -
<= $1MM 60 14 24 13 10 34 45 - - * - - - -
<= $10MM 42 * 9 11 * 9 14 - - - - - - -
> $10MM * - * * * * 13 * * * * - - *

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 97.3 89.3 89.6 100.7 * 106.9 103.3
Weighted Avg. Price 98.2 89.2 90.0 99.6 * 107.1 106.5
Avg. Price Bottom 5 Trades 88.1 89.3 89.4 99.5 * 106.6 96.4
2nd Quartile Price 97.6 * 89.2 99.4 * 106.7 104.0
3rd Quartile Price 98.8 * 90.1 100.1 * 107.5 106.8
4th Quartile Price 99.1 * 90.6 106.6 * 107.6 106.9
Avg. Price Top 5 Trades 99.9 89.3 89.8 101.0 * 107.3 107.0
Standard Deviation 3.7 3.9 0.6 3.0 * 0.7 6.2
VOLUME OF TRADES (000'S) 148,421.4 6,569.0 10,204.0 25,250.0 * 3,492.0 60,932.0
Customer Buy 47,362.4 * 10,174.0 * - * 49,656.0
Customer Sell 100,883.9 * * * * * 11,246.0
Dealer to Dealer 175.0 * - - * - *
<= $1MM 12,876.4 * * * * 1,492.0 1,401.0
<= $10MM 40,316.0 * * * - * 34,531.0
> $10MM 95,229.0 - - * - - *
NUMBER OF TRADES 66 5 6 6 * 7 18
Customer Buy 21 * 5 * - * 9
Customer Sell 38 * * * * * 6
Dealer to Dealer 7 * - - * - *
<= $1MM 44 * * * * 6 10
<= $10MM 15 * * * - * 7
> $10MM 7 - - * - - *

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 98.4 93.8 104.5 - - * 94.9 87.3 92.3 - - - 77.0 * - - - *
Weighted Avg. Price 97.9 94.1 104.4 - - * 94.4 82.7 91.9 - - - 82.6 * - - - *
Avg. Price Bottom 5 Trades 95.5 90.0 101.1 - - * 92.4 87.3 85.0 - - - 49.3 * - - - *
2nd Quartile Price 98.3 92.0 103.5 - - * 93.0 * 89.1 - - - 80.0 * - - - *
3rd Quartile Price 98.8 93.9 104.8 - - * 94.8 * 90.7 - - - 81.0 * - - - *
4th Quartile Price 99.2 95.3 105.5 - - * 97.4 * 103.9 - - - 90.0 * - - - *
Avg. Price Top 5 Trades 99.6 97.8 107.2 - - * 98.0 87.3 102.0 - - - 92.3 * - - - *
Standard Deviation 1.4 3.9 1.5 - - * 2.3 6.5 8.4 - - - 18.5 * - - - *
VOLUME OF TRADES (000'S) 58,096.3 25,135.3 145,133.0 - - * 38,935.7 5,427.0 24,839.0 - - - 39,081.3 * - - - *
Customer Buy 38,621.8 15,029.6 105,738.0 - - * 18,538.6 * 15,767.0 - - - 16,931.0 - - - - *
Customer Sell 19,327.7 10,105.8 39,345.0 - - * 20,397.0 * 9,072.0 - - - 15,580.3 * - - - *
Dealer to Dealer * - 50.0 - - - - - - - - - 6,570.0 - - - - -
<= $1MM 6,744.2 3,146.3 13,117.0 - - * 2,839.1 * 5,039.0 - - - 1,427.3 * - - - -
<= $10MM 51,352.1 21,989.1 75,516.0 - - - 36,096.5 * 19,800.0 - - - 37,654.0 - - - - -
> $10MM - - * - - * - - - - - - - - - - - *
NUMBER OF TRADES 42 17 85 - - * 20 5 15 - - - 20 * - - - *
Customer Buy 20 6 45 - - * 10 * 8 - - - 6 - - - - *
Customer Sell 20 11 35 - - * 10 * 7 - - - 8 * - - - *
Dealer to Dealer * - 5 - - - - - - - - - 6 - - - - -
<= $1MM 26 9 61 - - * 6 * 8 - - - 9 * - - - -
<= $10MM 16 8 21 - - - 14 * 7 - - - 11 - - - - -
> $10MM - - * - - * - - - - - - - - - - - *

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 - - - 97.6 98.4 100.6 - - - 96.0 95.7 100.4 - - - 52.7 94.0 100.5 - - 83.4
Weighted Avg. Price - - - 97.1 97.6 100.5 - - - 97.4 93.6 100.3 - - - 67.7 97.0 100.3 - - 7.3
Avg. Price Bottom 5 Trades - - - 93.5 93.5 97.2 - - - 94.9 83.9 98.9 - - - 7.7 86.0 99.3 - - 83.4
2nd Quartile Price - - - 96.5 98.2 100.0 - - - 96.2 95.8 99.6 - - - - 88.3 100.2 - - *
3rd Quartile Price - - - 99.4 99.5 100.1 - - - 97.4 97.9 100.4 - - - 76.4 99.2 100.3 - - *
4th Quartile Price - - - 99.5 99.9 101.5 - - - 98.9 100.2 100.8 - - - 94.0 100.2 100.5 - - *
Avg. Price Top 5 Trades - - - 99.6 100.0 105.3 - - - 97.7 101.3 103.3 - - - 96.1 100.5 104.1 - - 83.4
Standard Deviation - - - 2.8 2.5 1.7 - - - 3.7 6.2 1.3 - - - 40.9 6.8 1.4 - - 40.9
VOLUME OF TRADES (000'S) - - - 48,634.1 74,960.2 163,496.1 - - - 41,441.8 80,066.9 191,588.3 - - - 75,391.5 47,575.3 229,604.8 - - 465,000.0
Customer Buy - - - 8,631.3 43,085.0 61,493.0 - - - * 39,403.6 109,609.7 - - - 40,936.7 27,958.5 121,237.3 - - *
Customer Sell - - - 32,088.8 31,875.1 59,410.6 - - - * 19,243.3 74,578.6 - - - 22,112.3 19,119.8 108,242.5 - - *
Dealer to Dealer - - - * - 42,592.6 - - - - * * - - - 12,342.5 * * - - -
<= $1MM - - - 1,429.9 6,951.4 20,115.1 - - - * 6,049.6 6,809.3 - - - 12,870.8 1,972.4 16,941.5 - - -
<= $10MM - - - 33,402.2 53,193.7 109,081.0 - - - * 52,597.3 131,014.0 - - - 52,220.7 45,602.9 177,863.3 - - *
> $10MM - - - * * * - - - * * * - - - * - * - - *
NUMBER OF TRADES - - - 18 35 87 - - - 7 34 55 - - - 44 17 70 - - 6
Customer Buy - - - 6 20 25 - - - * 17 24 - - - 24 7 32 - - *
Customer Sell - - - 8 15 43 - - - * 15 29 - - - 14 8 37 - - *
Dealer to Dealer - - - * - 19 - - - - * * - - - 6 * * - - -
<= $1MM - - - 9 18 58 - - - * 16 24 - - - 28 7 24 - - -
<= $10MM - - - 8 16 26 - - - * 16 27 - - - 15 10 44 - - *
> $10MM - - - * * * - - - * * * - - - * - * - - *

* 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.

Effective January 10th, 2026 the “Structured Trading Activity Report”, “CBO/CDO/CLO” row and the “CBO/CDO/CLO” Pricing Table was revised for the As Of Dates of December 1, 2025 through December 12, 2025. This was due to an issue where trades were not being classified into the CBO/CDO/CLO NON-AAA IG bucket when those reports were first published.

Should you have any questions, please call TRACE Data Services at 888-507-3665 or email [email protected].
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