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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 12/08/2025 to 12/12/2025

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 96.8 88.0 87.7 90.7 98.4 100.1 99.2 2.3 4.6 * * * * *
Weighted Avg. Price 98.6 86.9 92.7 94.1 87.8 98.7 100.0 3.4 4.3 * * * * *
Avg. Price Bottom 5 Trades 71.0 71.1 67.3 62.1 78.9 87.8 86.5 0.5 2.6 * * * * *
2nd Quartile Price 96.1 85.3 74.1 89.3 97.8 99.8 98.8 1.4 3.3 * * * * *
3rd Quartile Price 98.4 89.8 90.9 91.8 100.4 101.0 100.1 2.7 6.1 * * * * *
4th Quartile Price 99.3 93.3 98.8 96.8 101.9 102.0 101.0 3.5 6.7 * * * * *
Avg. Price Top 5 Trades 100.2 98.2 99.5 100.3 103.4 103.9 104.5 4.2 7.0 * * * * *
Standard Deviation 4.5 7.9 11.2 9.5 6.5 4.1 3.9 1.5 2.7 * * * * *
VOLUME OF TRADES (000'S) 648,148.3 74,373.0 201,768.2 339,012.6 106,544.6 219,870.3 1,150,050.3 374,617.0 386,154.4 * * * * *
Customer Buy 211,757.9 23,161.6 37,311.8 118,766.3 61,576.4 87,976.7 600,657.5 * * * - * * *
Customer Sell 234,576.5 37,571.4 84,925.7 79,790.4 33,272.2 73,028.3 359,686.3 276,052.3 285,003.2 * * * * -
Dealer to Dealer 201,813.9 13,640.0 79,530.7 140,455.9 11,696.1 58,865.3 189,706.5 - - - - - - -
<= $1MM 62,037.0 7,206.9 7,906.8 17,016.1 18,189.8 5,718.9 15,209.5 * * - * - - -
<= $10MM 399,393.6 67,166.2 152,403.7 83,715.7 34,889.6 93,899.6 209,411.5 22,490.9 * * - - - -
> $10MM 186,717.7 - * 238,280.8 * * 925,429.3 349,763.0 372,477.0 - - * * *
NUMBER OF TRADES 369 57 68 73 64 98 145 18 11 * * * * *
Customer Buy 113 19 21 25 23 28 62 * * * - * * *
Customer Sell 168 24 23 22 25 35 43 14 9 * * * * -
Dealer to Dealer 88 14 24 26 16 35 40 - - - - - - -
<= $1MM 269 40 33 43 52 74 77 * * - * - - -
<= $10MM 91 17 32 21 10 20 40 8 * * - - - -
> $10MM 9 - * 9 * * 28 7 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 * 89.7 97.9 * 104.5 105.1
Weighted Avg. Price 98.5 * 90.7 99.2 * 105.2 105.4
Avg. Price Bottom 5 Trades 94.0 * 89.7 93.2 * 104.0 103.7
2nd Quartile Price 98.4 * * 93.4 * 104.2 105.3
3rd Quartile Price 98.8 * * 99.2 * 106.0 105.7
4th Quartile Price 99.2 * * 99.5 * 107.3 106.1
Avg. Price Top 5 Trades 99.7 * 89.7 102.1 * 105.1 106.4
Standard Deviation 1.5 * 1.4 4.9 * 2.5 1.5
VOLUME OF TRADES (000'S) 139,766.9 * 32,077.6 38,684.0 * 60,346.0 88,745.0
Customer Buy 42,356.0 * * 30,669.0 * * 42,940.0
Customer Sell 96,846.8 * * 8,015.0 * 39,796.0 45,472.0
Dealer to Dealer * - - - - - *
<= $1MM 16,478.0 - * 4,005.0 - * 2,600.0
<= $10MM 112,288.9 * * 34,679.0 * * 27,705.0
> $10MM * - * - - * *
NUMBER OF TRADES 81 * 5 12 * 7 15
Customer Buy 23 * * 7 * * 8
Customer Sell 56 * * 5 * 6 6
Dealer to Dealer * - - - - - *
<= $1MM 48 - * 5 - * 6
<= $10MM 32 * * 7 * * 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 98.1 91.0 103.9 * * * 90.7 77.5 95.9 * - - 60.9 - 97.2 * - -
Weighted Avg. Price 98.2 92.8 103.9 * * * 90.8 79.4 92.2 * - - 59.7 - 96.5 * - -
Avg. Price Bottom 5 Trades 94.3 86.9 98.1 * * * 80.0 70.3 82.0 * - - 1.5 - 94.4 * - -
2nd Quartile Price 97.9 89.8 102.8 * * * 89.9 68.5 87.1 * - - 23.5 - 99.8 * - -
3rd Quartile Price 98.3 90.7 104.3 * * * 91.5 83.9 101.1 * - - 76.8 - 99.9 * - -
4th Quartile Price 98.9 93.5 104.9 * * * 93.0 85.5 103.0 * - - 88.1 - 101.2 * - -
Avg. Price Top 5 Trades 99.9 94.9 107.5 * * * 97.9 84.6 103.4 * - - 96.9 - 101.0 * - -
Standard Deviation 1.3 3.8 1.7 * * * 5.3 8.5 9.5 * - - 35.1 - 6.8 * - -
VOLUME OF TRADES (000'S) 204,623.5 35,542.0 486,990.8 * * * 159,956.3 14,568.0 24,113.0 * - - 474,927.6 - 21,051.1 * - -
Customer Buy 101,170.0 15,315.0 224,601.9 - - * 78,578.7 * 13,878.0 - - - 227,030.7 - 13,023.2 - - -
Customer Sell 98,607.7 20,227.0 236,691.2 - * * 78,689.3 9,784.0 10,235.0 - - - 233,193.5 - * - - -
Dealer to Dealer 4,845.8 - 25,697.7 * - - 2,688.2 - - * - - 14,703.3 - - * - -
<= $1MM 13,769.5 5,597.0 47,031.8 - - * 1,611.7 * 3,835.0 - - - 5,580.2 - * - - -
<= $10MM 126,167.4 29,945.0 267,052.0 - * - 158,344.6 11,568.0 20,278.0 - - - 269,298.7 - 20,839.2 * - -
> $10MM * - 172,907.0 * - * - - - * - - 200,048.6 - - - - -
NUMBER OF TRADES 86 16 192 * * * 51 10 21 * - - 112 - 8 * - -
Customer Buy 38 6 73 - - * 22 * 6 - - - 41 - 5 - - -
Customer Sell 40 10 93 - * * 22 6 15 - - - 52 - * - - -
Dealer to Dealer 8 - 26 * - - 7 - - * - - 19 - - * - -
<= $1MM 47 10 118 - - * 15 * 15 - - - 43 - * - - -
<= $10MM 36 6 62 - * - 36 6 6 - - - 57 - 6 * - -
> $10MM * - 12 * - * - - - * - - 12 - - - - -

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 * - - 97.0 98.2 100.5 * - - 91.6 96.1 100.3 - - * 82.7 95.2 99.8 - * -
Weighted Avg. Price * - - 97.0 98.4 101.1 * - - 90.2 95.5 100.5 - - * 85.7 95.9 100.2 - * -
Avg. Price Bottom 5 Trades * - - 92.6 91.5 95.1 * - - 84.2 84.0 96.1 - - * 57.2 85.9 85.5 - * -
2nd Quartile Price * - - 94.8 97.4 99.9 * - - 86.4 95.0 99.6 - - * 75.8 91.1 100.1 - * -
3rd Quartile Price * - - 98.3 99.8 100.1 * - - 94.3 97.6 100.2 - - * 89.0 96.9 100.5 - * -
4th Quartile Price * - - 98.9 100.0 101.3 * - - 96.5 99.6 101.0 - - * 96.4 99.3 100.8 - * -
Avg. Price Top 5 Trades * - - 99.4 100.5 105.0 * - - 98.0 101.0 105.3 - - * 98.1 100.1 105.9 - * -
Standard Deviation * - - 2.4 2.7 1.7 * - - 5.5 4.8 1.9 - - * 19.7 4.7 3.6 - * -
VOLUME OF TRADES (000'S) * - - 96,121.2 268,987.4 706,094.4 * - - 52,109.5 191,216.9 298,109.9 - - * 149,220.2 266,427.3 658,792.6 - * -
Customer Buy - - - 45,431.0 115,433.8 332,309.7 * - - 32,249.8 102,534.5 135,441.5 - - * 72,382.6 131,551.1 291,767.1 - - -
Customer Sell * - - 50,690.2 151,751.5 354,480.6 * - - 19,277.3 87,482.4 94,325.4 - - * 67,637.6 132,102.7 304,328.1 - * -
Dealer to Dealer - - - - * 19,304.1 * - - * * 68,343.0 - - - * * 62,697.4 - - -
<= $1MM * - - 8,668.0 16,113.1 54,674.0 - - - 2,757.5 15,539.9 19,463.3 - - - 2,320.0 5,041.2 21,171.2 - * -
<= $10MM - - - 49,688.2 132,120.9 423,895.3 * - - 49,352.0 140,677.1 176,456.6 - - * 128,604.5 96,719.1 524,339.2 - - -
> $10MM - - - * 120,753.4 227,525.0 - - - - * 102,190.0 - - - * 164,667.0 113,282.2 - - -
NUMBER OF TRADES * - - 37 70 258 * - - 23 65 112 - - * 45 49 169 - * -
Customer Buy - - - 17 24 105 * - - 10 31 54 - - * 26 24 76 - - -
Customer Sell * - - 20 43 125 * - - 12 31 45 - - * 17 24 86 - * -
Dealer to Dealer - - - - * 28 * - - * * 13 - - - * * 7 - - -
<= $1MM * - - 22 34 147 - - - 9 34 61 - - - 10 13 45 - * -
<= $10MM - - - 12 28 97 * - - 14 29 44 - - * 34 26 118 - - -
> $10MM - - - * 8 14 - - - - * 7 - - - * 10 6 - - -

* 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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