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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 01/26/2026 to 01/30/2026

Pricing Table: Agency CMBS by Deal Vintage
METRIC AGENCY CMBS (P&I) AGENCY CMBS (IO/PO)
PRE-2021 2021 2022 2023 2024 2025 2026 PRE-2021 2021 2022 2023 2024 2025 2026
AVERAGE PRICE 95.9 83.4 80.9 91.2 100.8 98.6 98.5 4.3 6.4 4.7 * * 6.9 *
Weighted Avg. Price 95.4 94.0 88.5 83.3 102.4 100.3 98.6 5.9 5.9 3.8 * * 7.0 *
Avg. Price Bottom 5 Trades 74.0 70.0 61.5 76.9 95.8 79.2 95.3 0.7 4.2 4.3 * * 6.4 *
2nd Quartile Price 95.0 74.6 76.3 78.8 99.9 99.5 97.7 1.2 5.7 4.5 * * 6.9 *
3rd Quartile Price 98.9 76.6 83.6 97.1 101.2 100.3 99.2 5.1 7.2 5.7 * * 7.1 *
4th Quartile Price 99.4 99.1 92.8 100.5 102.4 100.9 100.1 6.6 7.6 5.9 * * 7.3 *
Avg. Price Top 5 Trades 100.5 99.7 99.0 101.3 103.8 103.1 100.2 8.3 8.6 5.2 * * 7.4 *
Standard Deviation 6.1 11.1 13.3 10.5 2.4 10.8 2.0 2.7 1.9 1.4 * * 0.6 *
VOLUME OF TRADES (000'S) 1,271,763.1 774,064.3 173,164.2 156,933.6 32,706.1 588,034.0 319,161.1 460,885.2 549,929.4 107,094.1 * * 1,003,610.8 *
Customer Buy 676,976.4 336,410.9 133,719.3 74,744.9 21,792.1 215,135.8 89,417.7 167,150.4 * * - * 654,320.2 *
Customer Sell 296,040.8 37,603.9 32,391.7 71,323.8 10,852.0 231,066.3 124,800.0 279,171.9 381,100.3 32,254.9 * - * -
Dealer to Dealer 298,745.8 400,049.6 7,053.2 10,864.9 62.0 141,831.9 104,943.4 14,562.8 * * * - - *
<= $1MM 29,854.7 5,881.0 5,658.4 2,997.6 2,070.0 9,338.7 * 7,643.7 - * - - - -
<= $10MM 479,944.5 151,130.9 50,927.3 * * 50,886.4 53,076.4 70,819.5 78,637.9 * - - - *
> $10MM 761,963.8 617,052.4 * * * 527,809.0 265,084.7 382,422.0 471,291.5 * * * 1,003,610.8 *
NUMBER OF TRADES 331 83 55 23 52 89 25 50 27 11 * * 12 *
Customer Buy 137 40 28 8 5 24 12 15 * * - * 9 *
Customer Sell 117 13 15 8 33 39 5 22 20 5 * - * -
Dealer to Dealer 77 30 12 7 14 26 8 13 * * * - - *
<= $1MM 181 29 34 17 48 56 * 17 - * - - - -
<= $10MM 125 34 18 * * 17 14 24 18 * - - - *
> $10MM 25 20 * * * 16 10 9 9 * * * 12 *

Pricing Table: CMBS Conduit AAA LCF (P&I) by Deal Vintage
METRIC CONDUIT AAA LCF (P&I)
PRE-2021 2021 2022 2023 2024 2025 2026
AVERAGE PRICE 97.7 89.5 99.7 106.5 104.6 105.3 *
Weighted Avg. Price 97.3 89.7 96.6 106.7 105.8 105.9 *
Avg. Price Bottom 5 Trades 89.1 89.4 94.6 104.2 101.7 102.2 *
2nd Quartile Price 97.6 89.2 97.9 106.2 102.9 105.4 *
3rd Quartile Price 98.9 89.7 100.0 107.5 105.3 105.9 *
4th Quartile Price 99.5 90.3 106.0 107.7 106.5 106.4 *
Avg. Price Top 5 Trades 100.2 89.6 104.0 108.2 107.2 107.2 *
Standard Deviation 2.8 0.6 5.8 2.3 2.0 1.6 *
VOLUME OF TRADES (000'S) 663,341.5 6,220.0 12,125.0 30,855.6 333,784.0 463,872.0 *
Customer Buy 331,659.6 * * 15,845.0 158,912.0 226,862.0 *
Customer Sell 316,993.1 * 7,375.0 14,680.6 174,512.0 236,932.0 *
Dealer to Dealer 14,688.8 * * * 360.0 * -
<= $1MM 24,481.1 2,220.0 3,425.0 2,835.6 4,430.0 3,170.0 -
<= $10MM 201,475.1 * * * 50,726.0 62,293.0 *
> $10MM 437,385.4 - - * 278,628.0 398,409.0 -
NUMBER OF TRADES 162 7 13 14 41 41 *
Customer Buy 66 * * 5 16 22 *
Customer Sell 77 * 7 7 18 15 *
Dealer to Dealer 19 * * * 7 * -
<= $1MM 76 6 11 10 22 13 -
<= $10MM 62 * * * 8 14 *
> $10MM 24 - - * 11 14 -

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-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026
AVERAGE PRICE 98.1 98.5 103.8 * * * 92.3 86.9 91.1 - - - 78.8 * 99.3 - - 8.4
Weighted Avg. Price 97.0 100.9 104.0 * * * 92.3 86.9 88.7 - - - 76.1 * 101.3 - - 7.8
Avg. Price Bottom 5 Trades 90.2 88.4 100.2 * * * 78.2 74.4 77.1 - - - 24.0 * 83.0 - - 8.4
2nd Quartile Price 97.9 93.5 103.0 * * * 88.4 77.5 87.9 - - - 69.5 * 101.3 - - *
3rd Quartile Price 98.8 102.1 103.9 * * * 95.6 89.4 89.6 - - - 86.8 * 103.1 - - *
4th Quartile Price 99.4 105.0 104.7 * * * 97.5 102.7 99.5 - - - 93.0 * 103.3 - - *
Avg. Price Top 5 Trades 99.7 105.6 106.0 * * * 99.0 99.9 104.1 - - - 98.6 * 103.4 - - 8.4
Standard Deviation 2.3 6.5 1.2 * * * 6.4 11.9 8.3 - - - 20.0 * 8.5 - - 2.1
VOLUME OF TRADES (000'S) 119,851.1 118,488.2 505,240.5 * * * 180,325.5 38,442.3 130,413.0 - - - 364,152.6 * 160,409.0 - - 567,180.0
Customer Buy 74,228.7 28,934.7 218,758.6 * * * 111,339.4 * 49,834.4 - - - 167,138.4 * 63,514.9 - - 567,180.0
Customer Sell 42,932.0 88,930.1 272,812.4 * * - 67,000.7 23,807.2 80,298.6 - - - 179,993.7 * 95,831.1 - - -
Dealer to Dealer 2,690.4 * 13,669.6 * - - 1,985.3 * * - - - 17,020.5 - * - - -
<= $1MM 17,523.8 8,583.5 21,471.0 - - - 12,439.3 * 6,935.0 - - - 12,146.5 - * - - -
<= $10MM 65,327.3 59,868.0 211,777.4 * - - 133,663.1 36,090.0 123,478.0 - - - 339,369.6 * 82,067.4 - - -
> $10MM * * 271,992.1 - * * * - - - - - * * * - - 567,180.0
NUMBER OF TRADES 99 38 156 * * * 97 15 44 - - - 127 * 29 - - 11
Customer Buy 40 17 67 * * * 41 * 17 - - - 59 * 11 - - 11
Customer Sell 40 19 62 * * - 49 9 24 - - - 55 * 17 - - -
Dealer to Dealer 19 * 27 * - - 7 * * - - - 13 - * - - -
<= $1MM 73 19 86 - - - 47 * 14 - - - 30 - * - - -
<= $10MM 23 17 54 * - - 48 11 30 - - - 96 * 22 - - -
> $10MM * * 16 - * * * - - - - - * * * - - 11

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-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026 PRE-2021 2021-2023 2024-2026
AVERAGE PRICE * - - 95.0 98.8 100.8 - - - 93.5 95.2 100.4 - - - 82.4 95.1 100.8 - - -
Weighted Avg. Price * - - 95.2 98.8 101.0 - - - 93.5 95.3 101.1 - - - 85.0 95.5 101.8 - - -
Avg. Price Bottom 5 Trades * - - 87.4 88.0 95.9 - - - 84.6 66.4 94.9 - - - 18.7 82.1 88.0 - - -
2nd Quartile Price * - - 90.0 98.1 100.1 - - - 90.1 96.8 100.0 - - - 83.5 93.0 100.1 - - -
3rd Quartile Price * - - 98.7 99.9 100.3 - - - 93.5 98.6 100.5 - - - 89.8 97.6 100.6 - - -
4th Quartile Price * - - 99.1 100.1 101.5 - - - 98.5 99.8 101.3 - - - 95.4 99.5 101.6 - - -
Avg. Price Top 5 Trades * - - 99.3 104.5 105.6 - - - 100.0 101.1 103.8 - - - 98.9 106.7 106.9 - - -
Standard Deviation * - - 4.6 3.5 1.6 - - - 4.5 8.6 1.6 - - - 21.6 7.4 3.5 - - -
VOLUME OF TRADES (000'S) * - - 182,703.4 474,723.6 1,210,696.7 - - - 175,693.1 348,795.5 588,093.6 - - - 331,967.0 324,298.4 1,031,744.0 - - -
Customer Buy - - - 96,126.4 210,701.8 615,496.6 - - - 91,124.9 181,054.8 260,637.1 - - - 155,082.4 136,372.7 452,523.6 - - -
Customer Sell * - - 85,277.0 214,123.2 540,158.5 - - - 83,607.2 163,365.7 306,785.5 - - - 159,068.2 182,815.7 509,775.4 - - -
Dealer to Dealer - - - * 49,898.6 55,041.6 - - - 961.0 4,375.0 20,671.0 - - - 17,816.4 5,110.0 69,445.0 - - -
<= $1MM * - - 7,263.8 17,416.2 36,419.7 - - - 8,628.3 19,972.0 24,348.1 - - - 3,603.7 6,168.9 23,287.6 - - -
<= $10MM - - - 85,967.5 249,798.6 486,374.0 - - - 125,324.8 171,908.0 315,361.5 - - - 289,801.5 245,954.6 617,011.5 - - -
> $10MM - - - * 207,508.8 687,903.0 - - - * 156,915.5 248,384.0 - - - * * 391,445.0 - - -
NUMBER OF TRADES * - - 40 130 236 - - - 61 95 151 - - - 83 70 209 - - -
Customer Buy - - - 21 50 105 - - - 31 37 69 - - - 37 32 84 - - -
Customer Sell * - - 17 60 112 - - - 24 44 70 - - - 37 33 106 - - -
Dealer to Dealer - - - * 20 19 - - - 6 14 12 - - - 9 5 19 - - -
<= $1MM * - - 18 70 88 - - - 27 44 60 - - - 14 16 51 - - -
<= $10MM - - - 18 49 114 - - - 31 46 77 - - - 66 50 137 - - -
> $10MM - - - * 11 34 - - - * 5 14 - - - * * 21 - - -

* 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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