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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 10/27/2025 to 10/31/2025

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 97.3 88.0 88.9 84.3 95.5 99.8 99.4 0.8 3.6 8.8 4.1 * 3.0 6.1
Weighted Avg. Price 97.9 94.4 87.9 83.3 99.0 99.7 100.6 1.5 3.9 4.7 4.8 * 3.1 5.8
Avg. Price Bottom 5 Trades 85.2 77.5 76.3 66.6 78.2 96.0 91.2 0.1 2.7 0.5 2.1 * 3.0 5.6
2nd Quartile Price 96.8 85.7 86.2 84.2 96.5 98.5 97.9 - 3.6 1.3 2.1 * * 5.5
3rd Quartile Price 98.7 89.0 90.9 86.4 100.7 100.0 100.8 0.3 3.9 2.3 5.0 * * 5.9
4th Quartile Price 99.2 93.9 99.2 89.8 101.4 102.5 101.5 2.2 5.1 3.1 6.2 * * 7.6
Avg. Price Top 5 Trades 100.2 96.6 99.3 91.1 102.8 104.3 103.5 2.4 4.7 23.6 6.6 * 3.0 6.4
Standard Deviation 3.5 7.1 8.6 8.7 10.4 3.1 3.0 0.9 1.6 20.3 2.1 * 1.1 1.0
VOLUME OF TRADES (000'S) 247,819.8 30,381.0 141,530.4 29,938.7 66,018.3 96,606.1 789,140.0 400,793.7 168,981.6 3,602,526.7 1,040,188.8 * 269,431.7 918,722.9
Customer Buy 89,851.4 21,962.8 74,029.9 15,423.1 23,049.5 21,291.3 442,976.3 * - 1,790,615.3 343,681.5 * * 557,831.8
Customer Sell 120,125.9 4,850.6 52,351.3 5,722.4 40,820.9 11,169.9 232,378.1 343,381.8 136,915.9 1,742,986.3 608,668.3 - * *
Dealer to Dealer 37,842.4 3,567.6 15,149.3 8,793.1 * 64,144.9 113,785.5 54,770.8 * * * - * -
<= $1MM 21,730.3 2,410.9 2,254.8 9,811.0 4,033.9 3,918.8 9,033.7 2,380.0 * - - - - -
<= $10MM 185,053.3 * 52,974.7 20,127.7 25,139.4 43,748.5 169,044.2 73,625.4 31,409.2 36,304.9 * - * -
> $10MM * * * - * * 611,062.1 324,788.3 * 3,566,221.9 1,010,365.4 * 262,780.4 918,722.9
NUMBER OF TRADES 141 29 29 35 25 31 87 34 11 18 17 * 9 7
Customer Buy 52 13 15 17 14 8 45 * - 6 5 * * 5
Customer Sell 61 8 8 9 9 11 23 26 9 10 9 - * *
Dealer to Dealer 28 8 6 9 * 12 19 7 * * * - * -
<= $1MM 74 26 15 24 17 20 34 6 * - - - - -
<= $10MM 64 * 10 11 7 10 35 17 6 5 * - * -
> $10MM * * * - * * 18 11 * 13 14 * 8 7

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 98.0 * * 96.8 * 105.6 105.8
Weighted Avg. Price 97.5 * * 97.1 * 105.8 105.9
Avg. Price Bottom 5 Trades 94.9 * * 95.5 * 104.1 104.6
2nd Quartile Price 97.7 * * 93.9 * 105.3 105.6
3rd Quartile Price 98.5 * * 98.4 * 106.5 106.3
4th Quartile Price 98.9 * * 98.6 * 107.6 106.5
Avg. Price Top 5 Trades 99.5 * * 98.6 * 107.0 106.9
Standard Deviation 1.5 * * 2.6 * 1.9 1.3
VOLUME OF TRADES (000'S) 106,429.1 * * 21,536.0 * 16,500.0 39,072.4
Customer Buy 33,722.6 * * * * 8,250.0 29,052.4
Customer Sell 72,706.4 * * 15,636.0 - * *
Dealer to Dealer - - - - - - -
<= $1MM 6,813.6 * * * * 1,750.0 *
<= $10MM 49,062.5 * * * - 14,750.0 37,632.4
> $10MM * * - - - - -
NUMBER OF TRADES 35 * * 8 * 10 12
Customer Buy 18 * * * * 7 10
Customer Sell 17 * * 5 - * *
Dealer to Dealer - - - - - - -
<= $1MM 19 * * * * 5 *
<= $10MM 12 * * * - 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 97.3 92.2 104.5 2.6 - - 91.8 89.5 97.0 - - - 62.0 68.1 * - - -
Weighted Avg. Price 98.3 94.7 104.5 2.7 - - 90.3 94.3 91.5 - - - 73.3 41.4 * - - -
Avg. Price Bottom 5 Trades 93.3 84.8 101.7 2.6 - - 83.2 89.5 88.8 - - - 7.5 50.0 * - - -
2nd Quartile Price 96.6 89.4 104.2 * - - 90.5 * 96.6 - - - 23.0 24.0 * - - -
3rd Quartile Price 97.9 92.0 104.6 * - - 93.7 * 102.6 - - - 78.3 97.4 * - - -
4th Quartile Price 99.0 96.7 105.3 * - - 95.3 * 103.7 - - - 89.1 98.8 * - - -
Avg. Price Top 5 Trades 99.3 101.3 107.1 2.6 - - 96.6 89.5 104.5 - - - 96.3 95.5 * - - -
Standard Deviation 2.3 6.2 1.5 0.7 - - 4.7 7.6 9.9 - - - 33.1 38.1 * - - -
VOLUME OF TRADES (000'S) 47,535.8 23,770.7 89,172.5 42,653.2 - - 57,670.6 12,097.1 19,088.0 - - - 152,271.7 12,772.9 * - - -
Customer Buy 34,093.3 18,388.2 62,804.6 * - - 24,745.3 * 13,362.0 - - - 51,560.0 * * - - -
Customer Sell 13,122.5 4,575.2 26,367.9 * - - 31,325.3 * * - - - 97,503.2 * - - - -
Dealer to Dealer * 807.2 - * - - * - - - - - 3,208.5 * - - - -
<= $1MM 7,382.2 5,119.8 10,735.9 - - - 3,620.0 * 3,804.0 - - - 11,443.5 * - - - -
<= $10MM 24,461.6 18,650.8 78,436.6 28,344.9 - - 54,050.6 * * - - - 117,287.2 * * - - -
> $10MM * - - * - - - - - - - - * - - - - -
NUMBER OF TRADES 34 23 51 9 - - 27 5 11 - - - 67 8 * - - -
Customer Buy 13 9 35 * - - 12 * 9 - - - 27 * * - - -
Customer Sell 18 7 16 * - - 13 * * - - - 35 * - - - -
Dealer to Dealer * 7 - * - - * - - - - - 5 * - - - -
<= $1MM 26 17 30 - - - 11 * 7 - - - 28 * - - - -
<= $10MM 7 6 21 8 - - 16 * * - - - 38 * * - - -
> $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 - - - 97.7 97.0 99.9 - - - 92.7 94.1 99.9 - - - 81.7 95.1 99.0 - * -
Weighted Avg. Price - - - 96.1 99.2 99.1 - - - 91.7 94.7 100.3 - - - 80.5 96.6 95.9 - * -
Avg. Price Bottom 5 Trades - - - 97.2 88.5 95.0 - - - 88.6 78.7 94.3 - - - 43.4 75.6 83.2 - * -
2nd Quartile Price - - - 97.8 97.9 99.5 - - - 89.0 94.5 100.0 - - - 75.5 95.4 99.8 - * -
3rd Quartile Price - - - 98.3 99.4 100.1 - - - 93.5 97.6 100.1 - - - 90.0 97.7 100.1 - * -
4th Quartile Price - - - 98.5 99.8 100.4 - - - 98.5 99.9 100.6 - - - 94.9 99.7 101.5 - * -
Avg. Price Top 5 Trades - - - 98.4 99.9 103.8 - - - 97.0 100.4 103.1 - - - 98.0 100.2 103.7 - * -
Standard Deviation - - - 1.3 5.1 2.1 - - - 4.5 8.5 2.2 - - - 20.6 8.0 6.2 - * -
VOLUME OF TRADES (000'S) - - - 3,425.3 113,996.4 376,887.9 - - - 25,014.0 110,053.7 415,830.9 - - - 127,867.1 174,363.0 270,544.8 - * -
Customer Buy - - - * 54,838.1 155,028.5 - - - * 36,795.7 196,353.2 - - - 66,466.4 82,512.8 102,902.1 - * -
Customer Sell - - - 2,991.6 59,158.3 221,665.4 - - - 15,564.0 67,278.0 201,477.7 - - - 56,400.8 87,720.1 164,442.7 - * -
Dealer to Dealer - - - - - * - - - - * * - - - * * * - - -
<= $1MM - - - 1,400.3 4,503.5 15,393.5 - - - * 6,536.3 8,253.2 - - - 1,510.4 6,189.0 4,920.0 - - -
<= $10MM - - - * 37,316.1 194,480.6 - - - 23,439.0 54,189.4 112,497.7 - - - 113,496.7 89,556.9 142,684.8 - * -
> $10MM - - - - * 167,013.7 - - - - * 295,080.0 - - - * 78,617.0 122,940.0 - * -
NUMBER OF TRADES - - - 8 25 91 - - - 11 29 52 - - - 35 44 57 - * -
Customer Buy - - - * 14 38 - - - * 18 23 - - - 17 17 25 - * -
Customer Sell - - - 5 11 51 - - - 8 9 25 - - - 17 25 30 - * -
Dealer to Dealer - - - - - * - - - - * * - - - * * * - - -
<= $1MM - - - 7 12 45 - - - * 12 19 - - - 7 11 13 - - -
<= $10MM - - - * 10 36 - - - 7 16 25 - - - 27 27 38 - * -
> $10MM - - - - * 10 - - - - * 8 - - - * 6 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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