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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 12/15/2025 to 12/19/2025

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 97.1 90.4 81.6 88.5 95.0 100.8 99.3 1.0 * - * - - *
Weighted Avg. Price 98.5 94.4 85.3 91.3 95.1 102.6 98.8 1.1 * - * - - *
Avg. Price Bottom 5 Trades 83.5 75.2 64.8 65.0 79.8 95.7 86.6 1.0 * - * - - *
2nd Quartile Price 95.8 87.6 73.3 84.9 96.6 99.2 99.0 * * - * - - *
3rd Quartile Price 98.5 92.2 82.1 90.8 100.0 101.0 100.5 * * - * - - *
4th Quartile Price 99.2 94.3 93.1 97.4 100.9 102.7 101.3 * * - * - - *
Avg. Price Top 5 Trades 100.3 99.7 97.0 100.1 102.1 104.4 105.1 1.0 * - * - - *
Standard Deviation 3.3 6.4 11.8 10.6 10.4 2.5 4.2 0.2 * - * - - *
VOLUME OF TRADES (000'S) 526,823.2 131,780.7 88,356.4 210,523.9 27,570.8 139,051.3 627,241.4 182,388.1 * - * - - *
Customer Buy 171,004.3 56,000.9 22,034.5 130,471.3 12,831.0 83,605.4 374,694.1 * * - * - - *
Customer Sell 140,002.0 53,996.8 35,297.6 11,830.4 14,730.2 51,479.2 112,593.9 * * - - - - -
Dealer to Dealer 215,816.9 21,782.9 31,024.3 68,222.2 * 3,966.6 139,953.4 - - - - - - -
<= $1MM 33,649.7 7,756.2 5,918.7 11,673.7 4,943.3 4,421.0 11,791.0 * * - - - - -
<= $10MM 257,413.3 46,824.5 54,100.6 56,801.5 22,627.6 25,992.9 189,597.2 - - - * - - -
> $10MM 235,760.2 * * 142,048.7 - * 425,853.2 * * - - - - *
NUMBER OF TRADES 276 85 37 56 20 71 107 5 * - * - - *
Customer Buy 85 25 13 28 9 17 54 * * - * - - *
Customer Sell 114 31 10 12 10 35 27 * * - - - - -
Dealer to Dealer 77 29 14 16 * 19 26 - - - - - - -
<= $1MM 179 66 19 28 13 55 50 * * - - - - -
<= $10MM 86 15 16 23 7 12 40 - - - * - - -
> $10MM 11 * * 5 - * 17 * * - - - - *

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 98.6 * 83.5 97.4 107.0 104.2 104.6
Weighted Avg. Price 99.1 * 90.6 98.2 106.5 104.5 105.6
Avg. Price Bottom 5 Trades 92.8 * 75.7 94.8 105.7 101.5 101.6
2nd Quartile Price 98.4 * 89.8 93.5 106.2 103.5 103.9
3rd Quartile Price 99.0 * 90.5 98.3 107.6 104.4 105.6
4th Quartile Price 99.5 * 92.4 99.7 107.9 105.8 105.8
Avg. Price Top 5 Trades 100.1 * 91.3 100.4 108.0 106.8 106.2
Standard Deviation 1.6 * 15.1 5.0 1.3 2.0 1.9
VOLUME OF TRADES (000'S) 574,183.7 * 9,209.0 22,060.0 74,102.9 110,151.0 123,154.0
Customer Buy 300,607.6 * * 18,545.0 45,430.9 47,085.0 74,687.0
Customer Sell 271,411.1 * 5,671.7 * * 62,499.0 48,135.0
Dealer to Dealer 2,165.0 - * - - 567.0 332.0
<= $1MM 25,835.1 * 1,452.4 * * 1,056.0 2,791.0
<= $10MM 167,396.1 * 7,756.7 * 34,980.9 23,145.0 34,536.0
> $10MM 380,952.6 - - * * 85,950.0 85,827.0
NUMBER OF TRADES 138 * 10 8 13 23 25
Customer Buy 56 * * 5 9 9 9
Customer Sell 77 * 5 * * 8 11
Dealer to Dealer 5 - * - - 6 5
<= $1MM 74 * 5 * * 10 15
<= $10MM 46 * 5 * 9 8 5
> $10MM 18 - - * * 5 5

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 98.2 94.0 103.7 * - 65.1 91.4 81.7 102.6 - * - 67.9 93.0 97.0 * - *
Weighted Avg. Price 98.2 93.3 103.9 * - 13.6 91.8 85.1 101.5 - * - 62.8 92.1 100.2 * - *
Avg. Price Bottom 5 Trades 94.6 88.1 99.8 * - 48.2 82.0 71.1 99.1 - * - 3.3 91.7 97.0 * - *
2nd Quartile Price 97.4 92.1 103.0 * - 5.1 89.0 78.6 101.8 - * - 63.8 93.4 * * - *
3rd Quartile Price 98.8 94.0 103.9 * - 102.8 92.5 85.1 103.2 - * - 74.0 94.4 * * - *
4th Quartile Price 99.5 97.5 104.7 * - 102.9 95.1 87.7 105.1 - * - 90.8 94.9 * * - *
Avg. Price Top 5 Trades 99.9 99.4 106.3 * - 103.1 98.3 90.1 105.5 - * - 96.6 94.8 97.0 * - *
Standard Deviation 1.6 3.6 1.5 * - 49.4 5.3 10.0 3.5 - * - 28.7 2.9 8.9 * - *
VOLUME OF TRADES (000'S) 338,502.5 112,873.2 502,256.4 * - 423,104.0 70,543.7 20,651.0 29,969.0 - * - 271,164.0 9,180.0 26,460.0 * - *
Customer Buy 165,626.8 57,395.2 311,973.7 * - 393,824.0 32,504.9 14,396.0 20,736.0 - - - 136,142.1 * * * - *
Customer Sell 172,875.7 55,320.6 187,836.7 * - * 37,408.9 3,855.0 9,233.0 - * - 129,789.7 * * * - *
Dealer to Dealer - * 2,446.0 * - - * * - - - - 5,232.2 * - - - -
<= $1MM 25,992.7 3,347.7 24,102.9 - - * 7,184.4 4,951.0 2,638.0 - - - 8,753.1 * - - - -
<= $10MM 134,969.6 51,325.5 299,591.5 - - * 63,359.2 15,700.0 27,331.0 - - - 228,518.1 7,973.2 26,460.0 * - *
> $10MM 177,540.1 * 178,562.0 * - 411,269.0 - - - - * - * - - - - *
NUMBER OF TRADES 109 38 174 * - 13 41 16 18 - * - 101 8 6 * - *
Customer Buy 62 19 95 * - 9 16 9 11 - - - 46 * * * - *
Customer Sell 47 18 61 * - * 21 5 7 - * - 40 * * * - *
Dealer to Dealer - * 18 * - - * * - - - - 15 * - - - -
<= $1MM 63 21 104 - - * 17 8 10 - - - 44 * - - - -
<= $10MM 34 14 58 - - * 24 8 8 - - - 54 6 6 * - *
> $10MM 12 * 12 * - 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-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 - - - 96.6 96.9 100.7 - - - 92.4 87.1 100.6 - - - 66.8 92.3 100.2 * 65.7 -
Weighted Avg. Price - - - 97.1 98.4 100.6 - - - 92.7 86.7 100.5 - - - 47.2 92.6 100.7 * 17.2 -
Avg. Price Bottom 5 Trades - - - 92.3 87.6 95.6 - - - 83.1 51.7 96.6 - - - 9.6 75.5 79.8 * 50.7 -
2nd Quartile Price - - - 94.3 94.8 100.1 - - - 92.1 81.1 100.0 - - - 59.8 89.4 100.0 * 70.6 -
3rd Quartile Price - - - 98.4 98.4 100.2 - - - 94.1 96.0 100.5 - - - 73.5 96.6 100.4 * 83.8 -
4th Quartile Price - - - 98.9 99.9 101.4 - - - 95.4 99.0 101.2 - - - 88.5 99.3 101.0 * 87.1 -
Avg. Price Top 5 Trades - - - 99.5 100.4 105.3 - - - 98.4 101.9 105.1 - - - 96.9 100.2 108.5 * 87.9 -
Standard Deviation - - - 2.9 3.8 1.5 - - - 5.3 15.9 1.7 - - - 28.0 8.3 5.0 * 36.5 -
VOLUME OF TRADES (000'S) - - - 117,939.8 209,666.6 1,010,992.6 - - - 79,256.7 387,066.2 457,348.9 - - - 354,894.4 223,691.4 726,320.3 * 188,546.0 -
Customer Buy - - - 38,797.0 105,509.9 496,097.3 - - - 47,647.2 131,974.7 237,442.2 - - - 178,933.0 105,923.5 334,202.5 * 96,073.0 -
Customer Sell - - - 49,398.8 97,640.8 510,332.9 - - - 31,609.5 252,775.0 219,691.7 - - - 171,535.9 112,767.9 326,853.8 - * -
Dealer to Dealer - - - * 6,515.8 4,562.4 - - - - 2,316.6 * - - - 4,425.4 * 65,264.0 - * -
<= $1MM - - - 4,942.8 14,527.4 51,368.5 - - - 4,941.4 13,365.1 19,699.4 - - - 7,782.7 11,499.9 18,852.4 * * -
<= $10MM - - - 88,195.0 72,234.1 407,839.6 - - - 74,315.3 209,061.9 337,839.4 - - - 158,715.9 183,635.9 474,456.9 - 23,500.0 -
> $10MM - - - * 122,905.0 551,784.6 - - - - 164,639.1 99,810.0 - - - 188,395.8 * 233,011.0 - * -
NUMBER OF TRADES - - - 33 73 246 - - - 28 106 149 - - - 97 62 151 * 8 -
Customer Buy - - - 11 27 120 - - - 18 41 84 - - - 46 31 77 * 5 -
Customer Sell - - - 18 38 120 - - - 10 59 63 - - - 39 30 62 - * -
Dealer to Dealer - - - * 8 6 - - - - 6 * - - - 12 * 12 - * -
<= $1MM - - - 10 37 124 - - - 9 49 44 - - - 47 21 40 * * -
<= $10MM - - - 21 28 95 - - - 19 49 97 - - - 44 39 98 - 5 -
> $10MM - - - * 8 27 - - - - 8 8 - - - 6 * 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.

Should you have any questions, please call TRACE Data Services at 888-507-3665 or email [email protected].
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