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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 96.4 87.8 86.6 82.7 97.1 100.4 99.8 0.8 3.9 10.8 4.5 * 3.0 5.8
Weighted Avg. Price 97.6 91.6 89.1 86.5 100.0 100.0 100.6 1.5 3.9 4.9 4.9 * 3.1 3.9
Avg. Price Bottom 5 Trades 81.0 73.5 70.2 52.8 78.2 95.0 91.1 0.1 2.7 0.5 2.1 * 3.0 4.5
2nd Quartile Price 95.5 83.9 76.5 82.7 97.3 99.3 98.6 - 3.6 1.8 2.4 * * 5.5
3rd Quartile Price 98.3 89.5 89.8 86.2 101.1 100.8 100.8 0.3 3.9 3.1 5.1 * * 7.2
4th Quartile Price 99.1 93.9 95.3 88.9 102.1 103.3 101.5 1.7 5.1 6.8 5.7 * * 7.5
Avg. Price Top 5 Trades 100.4 98.5 99.9 98.8 102.9 105.0 104.5 2.4 5.2 46.6 6.6 * 3.0 7.1
Standard Deviation 4.3 7.8 10.2 12.0 9.3 3.1 2.9 0.9 1.7 19.3 1.8 * 1.1 2.0
VOLUME OF TRADES (000'S) 420,973.2 59,897.0 355,880.0 145,276.6 104,473.1 174,229.7 1,129,062.2 403,635.0 171,651.1 4,274,519.4 2,011,377.3 * 269,431.7 1,810,584.4
Customer Buy 173,144.1 32,025.2 158,920.8 35,133.0 44,049.7 67,227.0 549,075.3 * * 1,874,756.2 751,703.2 * * 1,367,612.0
Customer Sell 183,216.1 16,277.1 171,840.2 86,541.3 58,275.6 14,744.1 359,924.3 345,074.1 136,915.9 2,330,838.1 1,075,559.4 * * *
Dealer to Dealer 64,613.0 11,594.7 25,119.0 23,602.4 * 92,258.6 220,062.6 54,770.8 * * * * * -
<= $1MM 41,442.4 3,341.2 7,666.4 11,964.6 5,034.0 6,663.8 13,576.9 2,380.0 * * - - - -
<= $10MM 265,664.6 34,893.7 97,922.6 49,583.6 62,594.1 55,218.0 314,734.8 76,466.7 34,078.7 36,304.9 * - * -
> $10MM 113,866.2 * 250,291.0 * * 112,347.9 800,750.5 324,788.3 * 4,236,214.6 1,981,553.9 * 262,780.4 1,810,584.4
NUMBER OF TRADES 239 55 66 63 34 66 161 36 12 28 25 * 9 10
Customer Buy 92 22 33 26 19 18 68 * * 8 8 * * 7
Customer Sell 89 17 22 18 13 26 55 27 9 18 13 * * *
Dealer to Dealer 58 16 11 19 * 22 38 7 * * * * * -
<= $1MM 139 44 28 33 19 45 70 6 * * - - - -
<= $10MM 93 10 29 26 14 15 66 19 7 5 * - * -
> $10MM 7 * 9 * * 6 25 11 * 21 22 * 8 10

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 91.4 90.3 97.0 105.5 105.6 106.0
Weighted Avg. Price 97.1 92.2 90.5 97.2 106.2 105.7 106.0
Avg. Price Bottom 5 Trades 94.4 91.4 89.3 95.5 105.0 104.0 104.1
2nd Quartile Price 97.5 * 89.7 98.2 103.8 104.6 105.6
3rd Quartile Price 98.5 * 90.2 98.5 106.3 105.7 106.4
4th Quartile Price 98.9 * 91.6 98.9 106.9 107.6 107.6
Avg. Price Top 5 Trades 99.8 91.4 91.3 98.8 106.4 107.4 107.6
Standard Deviation 1.5 2.0 1.2 2.5 2.2 1.8 1.4
VOLUME OF TRADES (000'S) 188,143.0 18,440.0 8,959.0 22,536.0 16,670.0 18,340.0 58,292.4
Customer Buy 79,337.8 * * * 14,570.0 8,430.0 43,772.4
Customer Sell 105,065.2 * * 16,636.0 * * *
Dealer to Dealer * * * - * * -
<= $1MM 13,368.4 * 4,959.0 3,425.0 3,670.0 3,590.0 1,960.0
<= $10MM 69,502.5 * * * - 14,750.0 56,332.4
> $10MM 105,272.0 * - - * - -
NUMBER OF TRADES 67 5 11 9 8 13 18
Customer Buy 30 * * * 5 8 15
Customer Sell 33 * * 6 * * *
Dealer to Dealer * * * - * * -
<= $1MM 36 * 9 5 7 8 5
<= $10MM 24 * * * - 5 13
> $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 97.7 92.6 104.8 2.6 - - 92.4 82.2 92.5 * - - 68.2 65.5 75.1 - * 67.3
Weighted Avg. Price 98.2 94.6 104.9 2.7 - - 91.2 82.2 90.1 * - - 67.2 42.8 84.9 - * 52.1
Avg. Price Bottom 5 Trades 92.7 84.8 101.1 2.6 - - 82.7 72.6 75.2 * - - 7.1 39.4 75.1 - * 5.6
2nd Quartile Price 97.3 89.8 104.3 * - - 90.5 76.3 82.7 * - - 35.4 44.5 * - * 6.7
3rd Quartile Price 98.4 93.4 104.7 * - - 93.0 82.0 100.7 * - - 84.1 97.4 * - * 100.0
4th Quartile Price 99.0 96.7 105.3 * - - 95.9 90.0 103.7 * - - 90.1 98.8 * - * 103.0
Avg. Price Top 5 Trades 99.7 101.7 108.7 2.6 - - 98.7 92.6 105.2 * - - 98.7 95.5 75.1 - * 102.1
Standard Deviation 2.1 5.9 1.6 0.6 - - 4.3 8.6 13.9 * - - 31.2 36.5 13.2 - * 42.6
VOLUME OF TRADES (000'S) 95,422.2 27,110.2 209,912.5 55,021.5 - - 146,756.9 53,684.0 35,638.0 * - - 252,243.2 22,755.7 9,408.0 - * 1,365,218.0
Customer Buy 56,058.1 19,401.1 136,081.6 * - - 53,280.0 22,772.0 20,462.0 * - - 100,025.0 * * - - 1,364,218.0
Customer Sell 34,532.4 6,901.8 71,340.9 * - - 80,177.0 25,722.0 14,076.0 - - - 146,968.5 * * - * -
Dealer to Dealer 4,831.7 807.2 * 24,493.7 - - 13,300.0 * * * - - 5,249.6 * * - * *
<= $1MM 20,900.1 7,259.4 20,955.9 - - - 17,146.3 2,367.0 3,804.0 - - - 17,109.7 * 5,000.0 - - 5,446.0
<= $10MM 29,675.7 19,850.8 141,706.6 40,713.3 - - 129,610.6 51,317.1 31,834.0 * - - 181,181.7 22,333.3 * - - 156,259.0
> $10MM * - * * - - - - - - - - * - - - * 1,203,513.0
NUMBER OF TRADES 75 29 88 12 - - 88 23 19 * - - 126 9 6 - * 66
Customer Buy 27 12 56 * - - 37 10 12 * - - 43 * * - - 65
Customer Sell 37 10 29 * - - 39 10 6 - - - 58 * * - * -
Dealer to Dealer 11 7 * 6 - - 12 * * * - - 25 * * - * *
<= $1MM 62 22 47 - - - 42 5 7 - - - 67 * 5 - - 9
<= $10MM 10 7 38 11 - - 46 18 12 * - - 56 5 * - - 34
> $10MM * - * * - - - - - - - - * - - - * 23

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 - - - 95.6 97.8 100.6 - - - 91.0 95.3 100.6 - - - 85.4 94.8 100.4 - * *
Weighted Avg. Price - - - 95.3 99.3 99.8 - - - 90.8 95.7 100.8 - - - 82.5 95.5 99.6 - * *
Avg. Price Bottom 5 Trades - - - 92.3 87.6 95.0 - - - 81.4 78.7 94.3 - - - 31.8 62.0 83.2 - * *
2nd Quartile Price - - - 92.6 98.0 99.9 - - - 88.0 94.5 100.1 - - - 78.0 96.8 99.9 - * *
3rd Quartile Price - - - 96.8 99.5 100.3 - - - 93.5 97.7 100.4 - - - 92.6 98.4 100.7 - * *
4th Quartile Price - - - 98.3 99.9 102.4 - - - 96.4 99.9 101.8 - - - 97.0 99.9 102.0 - * *
Avg. Price Top 5 Trades - - - 98.4 100.2 104.5 - - - 98.1 100.4 105.3 - - - 100.0 101.0 106.5 - * *
Standard Deviation - - - 2.6 4.3 2.2 - - - 6.5 6.7 2.2 - - - 17.6 10.3 4.5 - * *
VOLUME OF TRADES (000'S) - - - 13,683.2 171,531.9 707,111.4 - - - 58,028.2 152,365.1 514,018.8 - - - 282,756.4 520,311.5 649,635.1 - * *
Customer Buy - - - 6,581.6 81,677.0 334,250.4 - - - 25,715.4 55,703.3 245,840.1 - - - 120,751.2 200,552.2 285,384.1 - * *
Customer Sell - - - 6,351.6 86,825.0 368,796.9 - - - 32,312.8 84,022.6 241,528.7 - - - 118,029.5 257,199.5 336,964.2 - * *
Dealer to Dealer - - - * * 4,064.0 - - - - 12,639.3 26,650.0 - - - 43,975.7 62,559.8 27,286.7 - - -
<= $1MM - - - 7,863.2 9,808.8 25,091.5 - - - 7,058.9 12,355.3 15,130.2 - - - 15,675.8 15,146.3 7,715.0 - - -
<= $10MM - - - * 55,890.8 332,362.3 - - - 50,969.3 90,681.8 184,808.6 - - - 254,220.6 327,142.1 311,138.1 - * *
> $10MM - - - - 105,832.4 349,657.5 - - - - * 314,080.0 - - - * 178,023.0 330,782.0 - * -
NUMBER OF TRADES - - - 23 41 160 - - - 27 60 88 - - - 113 125 129 - * *
Customer Buy - - - 10 20 80 - - - 10 31 41 - - - 46 43 54 - * *
Customer Sell - - - 12 18 74 - - - 17 23 39 - - - 47 59 62 - * *
Dealer to Dealer - - - * * 6 - - - - 6 8 - - - 20 23 13 - - -
<= $1MM - - - 20 20 66 - - - 12 26 35 - - - 38 24 16 - - -
<= $10MM - - - * 16 73 - - - 15 33 44 - - - 74 91 95 - * *
> $10MM - - - - 5 21 - - - - * 9 - - - * 10 18 - * -

* 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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