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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 02/23/2026 to 02/27/2026

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 95.4 84.8 91.2 100.4 101.9 100.8 99.0 4.6 6.3 5.8 * - 18.5 80.6
Weighted Avg. Price 95.2 94.9 96.1 100.8 103.2 102.1 99.3 5.4 5.7 5.6 * - 2.0 14.9
Avg. Price Bottom 5 Trades 72.6 73.4 77.8 94.6 95.0 91.5 89.1 1.8 6.1 5.8 * - 18.5 74.6
2nd Quartile Price 93.8 77.7 89.2 98.8 100.7 100.3 100.1 3.6 6.1 * * - * 101.4
3rd Quartile Price 98.3 82.9 92.3 102.4 102.0 101.0 100.4 5.6 6.5 * * - * 101.5
4th Quartile Price 99.4 93.8 98.0 102.6 103.4 102.0 100.6 6.0 7.7 * * - * 101.8
Avg. Price Top 5 Trades 100.7 99.6 99.9 103.3 105.8 105.5 100.9 6.4 6.8 5.8 * - 18.5 89.8
Standard Deviation 6.2 8.8 7.0 5.3 2.8 3.1 5.7 1.7 1.0 0.3 * - 18.3 41.5
VOLUME OF TRADES (000'S) 599,181.8 413,707.9 288,554.6 429,804.5 423,971.0 875,879.5 658,069.0 264,437.6 245,579.1 297,929.2 * - 517,633.5 413,214.4
Customer Buy 176,849.7 93,088.1 117,522.5 128,283.6 149,691.6 263,155.1 280,225.5 * * * - - * 396,894.4
Customer Sell 214,885.4 175,126.6 68,672.4 178,368.7 189,872.7 448,402.3 237,882.0 221,741.4 85,275.1 * * - * *
Dealer to Dealer 207,446.7 145,493.3 102,359.8 * 84,406.6 164,322.0 139,961.5 - - * - - * -
<= $1MM 41,365.0 6,682.7 10,512.4 1,757.6 3,976.6 8,427.3 5,559.2 * - - - - - *
<= $10MM 396,197.7 112,963.0 70,699.5 34,977.0 57,973.3 76,883.1 58,664.8 55,764.7 * * * - * *
> $10MM 161,619.1 * 207,342.7 393,069.8 362,021.2 790,569.1 593,845.0 207,786.6 237,124.6 * - - * *
NUMBER OF TRADES 251 62 53 26 71 117 40 26 7 5 * - 5 9
Customer Buy 71 23 23 10 17 35 23 * * * - - * 5
Customer Sell 96 17 11 13 36 55 10 24 5 * * - * *
Dealer to Dealer 84 22 19 * 18 27 7 - - * - - * -
<= $1MM 162 22 24 8 47 74 7 * - - - - - *
<= $10MM 80 36 22 8 13 20 12 14 * * * - * *
> $10MM 9 * 7 10 11 23 21 11 6 * - - * *

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 97.6 * * 107.5 105.1 * *
Weighted Avg. Price 97.5 * * 108.1 105.8 * *
Avg. Price Bottom 5 Trades 90.0 * * 106.8 103.9 * *
2nd Quartile Price 97.7 * * 107.1 104.1 * *
3rd Quartile Price 99.0 * * 108.7 106.1 * *
4th Quartile Price 99.3 * * 109.2 106.7 * *
Avg. Price Top 5 Trades 100.5 * * 108.4 106.3 * *
Standard Deviation 3.2 * * 1.9 1.5 * *
VOLUME OF TRADES (000'S) 211,121.0 * * 1,461.6 23,645.0 * *
Customer Buy 120,431.1 * * * 21,417.0 * *
Customer Sell 90,689.9 * * 231.6 2,228.0 * -
Dealer to Dealer - - - - - - -
<= $1MM 15,598.5 * * 1,461.6 1,461.0 * -
<= $10MM 148,500.5 - * - * * -
> $10MM * - - - * - *
NUMBER OF TRADES 74 * * 7 10 * *
Customer Buy 34 * * * 5 * *
Customer Sell 40 * * 5 5 * -
Dealer to Dealer - - - - - - -
<= $1MM 36 * * 7 7 * -
<= $10MM 34 - * - * * -
> $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-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 98.4 100.1 104.7 3.0 4.2 83.6 93.2 - 96.8 * - - 72.3 * 101.3 - - *
Weighted Avg. Price 98.0 102.6 104.6 3.0 3.7 55.7 93.4 - 92.5 * - - 72.7 * 101.2 - - *
Avg. Price Bottom 5 Trades 94.6 94.3 102.9 1.2 3.5 83.6 72.4 - 88.8 * - - 13.0 * 101.3 - - *
2nd Quartile Price 97.7 96.5 104.1 1.3 4.0 * 94.0 - 88.8 * - - 50.9 * * - - *
3rd Quartile Price 99.1 103.0 104.7 3.1 4.4 * 95.9 - 102.2 * - - 83.4 * * - - *
4th Quartile Price 99.5 104.6 105.4 5.0 5.6 * 97.3 - 106.7 * - - 96.8 * * - - *
Avg. Price Top 5 Trades 100.3 105.5 106.4 5.4 5.0 83.6 98.2 - 104.7 * - - 98.9 * 101.3 - - *
Standard Deviation 1.7 5.2 1.0 1.9 1.4 44.2 8.4 - 10.0 * - - 27.4 * 0.8 - - *
VOLUME OF TRADES (000'S) 84,783.1 68,185.5 207,220.2 171,028.5 150,082.2 53,737.8 136,141.3 - 44,148.0 * - - 263,204.4 * 12,600.8 - - *
Customer Buy 48,036.6 17,020.0 126,558.2 * - * 69,722.1 - 20,100.0 * - - 130,676.1 * * - - *
Customer Sell 36,746.4 46,365.4 80,608.0 93,161.2 150,082.2 * 66,359.2 - * * - - 127,884.7 * * - - *
Dealer to Dealer - * * * - - * - - - - - 4,643.6 - - - - -
<= $1MM 8,149.1 1,500.3 11,280.0 * - * 3,464.3 - * * - - 6,082.9 * - - - -
<= $10MM 76,634.0 44,465.7 151,578.2 68,125.7 * * 132,677.0 - 44,048.0 - - - 231,409.6 * 12,600.8 - - -
> $10MM - * * * 137,386.6 * - - - * - - * - - - - *
NUMBER OF TRADES 45 16 71 19 8 5 49 - 10 * - - 83 * 5 - - *
Customer Buy 27 7 38 * - * 31 - 6 * - - 40 * * - - *
Customer Sell 18 8 31 14 8 * 17 - * * - - 36 * * - - *
Dealer to Dealer - * * * - - * - - - - - 7 - - - - -
<= $1MM 22 5 38 * - * 17 - * * - - 22 * - - - -
<= $10MM 23 10 30 14 * * 32 - 9 - - - 59 * 5 - - -
> $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-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 - - - 95.2 99.4 101.0 - - - 95.5 97.6 100.8 - - - 3.7 90.4 100.6 * - 100.3
Weighted Avg. Price - - - 94.3 98.9 100.9 - - - 94.6 97.6 100.8 - - - 6.5 91.0 100.9 * - 100.3
Avg. Price Bottom 5 Trades - - - 93.0 94.0 98.1 - - - 91.6 87.4 96.2 - - - - 59.3 91.4 * - 100.1
2nd Quartile Price - - - 95.3 99.4 100.0 - - - 94.3 97.4 100.1 - - - - 83.4 100.0 * - 100.2
3rd Quartile Price - - - 96.0 100.0 100.3 - - - 95.9 99.1 100.3 - - - - 97.8 100.3 * - 100.3
4th Quartile Price - - - 98.5 100.3 102.3 - - - 98.2 100.0 101.4 - - - - 100.0 101.1 * - 100.5
Avg. Price Top 5 Trades - - - 97.2 103.2 104.3 - - - 99.0 100.5 104.8 - - - 98.9 100.3 106.5 * - 100.6
Standard Deviation - - - 3.3 3.2 1.4 - - - 3.0 4.6 1.8 - - - 17.1 13.2 2.7 * - 0.2
VOLUME OF TRADES (000'S) - - - 43,410.0 150,445.2 645,889.9 - - - 115,831.3 116,541.8 388,419.3 - - - 3,089,163.3 268,248.7 624,389.7 * - 66,600.0
Customer Buy - - - 43,410.0 109,404.9 327,436.3 - - - 62,439.3 71,893.3 162,856.2 - - - 1,075,454.7 148,629.0 271,888.7 * - 30,000.0
Customer Sell - - - - 34,710.3 310,493.6 - - - 53,392.0 42,548.4 203,683.1 - - - 1,060,611.2 112,753.6 322,001.0 * - 36,600.0
Dealer to Dealer - - - - * * - - - - * 21,880.0 - - - 953,097.4 * 30,500.0 - - -
<= $1MM - - - * 4,423.8 16,911.7 - - - 6,560.0 7,171.9 13,964.3 - - - 384,071.7 5,213.6 17,400.9 - - 3,500.0
<= $10MM - - - 25,270.0 85,826.4 336,326.2 - - - 52,471.3 83,799.9 313,419.0 - - - 2,196,024.2 159,449.1 370,034.8 - - 63,100.0
> $10MM - - - * * 292,652.0 - - - * * 61,036.0 - - - 509,067.4 103,586.0 236,954.0 * - -
NUMBER OF TRADES - - - 9 43 143 - - - 27 43 130 - - - 1,748 50 135 * - 25
Customer Buy - - - 9 25 70 - - - 14 27 53 - - - 1,165 25 61 * - 10
Customer Sell - - - - 16 70 - - - 13 14 71 - - - 306 23 67 * - 15
Dealer to Dealer - - - - * * - - - - * 6 - - - 277 * 7 - - -
<= $1MM - - - * 14 47 - - - 13 19 34 - - - 953 10 26 - - 6
<= $10MM - - - 5 25 79 - - - 12 22 91 - - - 756 35 96 - - 19
> $10MM - - - * * 17 - - - * * 5 - - - 39 5 13 * - -

* 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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