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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 03/16/2026 to 03/20/2026

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 96.1 81.7 87.1 96.5 99.7 99.4 96.7 4.2 13.1 - - * * *
Weighted Avg. Price 96.7 88.2 89.3 98.6 100.0 99.6 96.5 4.3 4.7 - - * * *
Avg. Price Bottom 5 Trades 72.0 74.1 61.3 83.1 86.2 88.3 84.3 2.0 0.3 - - * * *
2nd Quartile Price 94.8 74.8 88.1 95.8 99.8 99.3 97.3 3.4 0.4 - - * * *
3rd Quartile Price 98.5 81.7 90.2 98.1 100.7 100.2 99.6 4.4 2.3 - - * * *
4th Quartile Price 99.2 88.4 91.8 100.6 101.7 100.7 100.4 5.9 7.3 - - * * *
Avg. Price Top 5 Trades 99.9 92.4 96.2 101.8 104.2 102.9 100.8 6.4 45.4 - - * * *
Standard Deviation 5.3 7.3 10.7 5.6 5.7 3.4 5.9 1.9 25.1 - - * * *
VOLUME OF TRADES (000'S) 1,255,311.6 128,379.0 142,529.6 221,946.1 219,573.8 912,806.9 253,251.9 488,726.6 3,975,608.0 - - * * *
Customer Buy 505,815.3 58,832.9 57,116.2 41,854.7 42,944.1 308,939.1 184,596.2 * 3,630,815.9 - - * - *
Customer Sell 686,901.0 67,856.5 51,678.9 125,775.6 138,625.0 561,933.5 * 434,169.3 344,792.1 - - * * -
Dealer to Dealer 62,595.3 1,689.6 33,734.6 54,315.8 38,004.7 41,934.4 8,506.6 - - - - - - -
<= $1MM 57,514.1 5,670.8 10,236.4 12,113.9 3,572.9 5,334.2 * - - - - - - -
<= $10MM 328,859.6 48,708.2 60,982.2 64,841.1 74,386.7 76,052.6 92,446.5 * * - - - - *
> $10MM 868,937.9 * * 144,991.1 141,614.2 831,420.1 159,642.3 476,324.5 3,953,900.8 - - * * -
NUMBER OF TRADES 344 47 43 54 59 80 39 18 20 - - * * *
Customer Buy 133 22 15 10 21 28 31 * 12 - - * - *
Customer Sell 160 13 18 29 25 39 * 15 8 - - * * -
Dealer to Dealer 51 12 10 15 13 13 5 - - - - - - -
<= $1MM 197 29 16 30 36 49 * - - - - - - -
<= $10MM 103 14 24 19 15 12 28 * * - - - - *
> $10MM 44 * * 5 8 19 8 16 17 - - * * -

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 97.5 90.0 94.1 106.3 104.2 104.4 -
Weighted Avg. Price 96.7 90.0 92.6 105.6 103.7 104.5 -
Avg. Price Bottom 5 Trades 87.6 89.9 90.7 104.5 102.3 103.0 -
2nd Quartile Price 98.1 89.8 90.9 105.5 102.5 104.4 -
3rd Quartile Price 98.9 90.7 92.7 106.1 104.7 104.8 -
4th Quartile Price 99.3 90.8 97.2 110.0 105.7 105.1 -
Avg. Price Top 5 Trades 99.8 90.2 100.1 108.1 105.9 105.2 -
Standard Deviation 3.4 0.7 5.0 2.8 1.6 1.2 -
VOLUME OF TRADES (000'S) 341,453.9 4,335.0 54,356.0 19,677.8 55,967.5 48,594.0 -
Customer Buy 111,536.5 * 31,836.0 12,492.8 24,690.0 10,640.0 -
Customer Sell 229,437.4 3,835.0 22,520.0 * 31,257.5 37,954.0 -
Dealer to Dealer * - - - * - -
<= $1MM 8,275.0 3,329.0 3,490.0 2,727.8 1,270.0 1,994.0 -
<= $10MM 199,744.1 * 38,866.0 * 43,840.5 26,175.0 -
> $10MM 133,434.9 - * - * * -
NUMBER OF TRADES 88 6 16 9 18 16 -
Customer Buy 30 * 10 6 8 6 -
Customer Sell 56 5 6 * 9 10 -
Dealer to Dealer * - - - * - -
<= $1MM 29 5 5 5 5 9 -
<= $10MM 50 * 10 * 12 6 -
> $10MM 9 - * - * * -

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 98.7 99.7 103.0 - - 3.9 92.6 96.1 98.5 - - - 83.4 81.0 * - - -
Weighted Avg. Price 99.2 95.5 103.1 - - 3.7 93.1 96.8 98.5 - - - 80.0 84.0 * - - -
Avg. Price Bottom 5 Trades 95.4 89.7 100.2 - - 3.4 87.0 82.8 85.4 - - - 24.3 81.0 * - - -
2nd Quartile Price 98.1 99.2 102.3 - - 3.7 92.0 91.0 98.8 - - - 85.3 * * - - -
3rd Quartile Price 99.0 103.5 103.0 - - 4.3 93.6 101.5 100.3 - - - 93.3 * * - - -
4th Quartile Price 99.4 104.0 103.9 - - 4.7 96.4 103.5 102.0 - - - 95.6 * * - - -
Avg. Price Top 5 Trades 99.8 104.3 105.1 - - 4.3 97.8 104.8 103.4 - - - 99.6 81.0 * - - -
Standard Deviation 1.1 5.5 1.2 - - 0.7 5.5 8.6 5.8 - - - 21.4 7.4 * - - -
VOLUME OF TRADES (000'S) 297,306.8 32,096.8 601,362.3 - - 501,650.2 53,982.8 132,707.0 120,490.9 - - - 221,849.5 5,309.8 * - - -
Customer Buy 114,794.7 16,381.7 311,058.3 - - 252,400.6 27,103.8 61,828.0 68,888.4 - - - 104,972.6 * * - - -
Customer Sell 182,427.3 15,045.1 285,428.0 - - * 26,879.0 70,879.0 51,602.4 - - - 103,346.6 * * - - -
Dealer to Dealer * * 4,876.0 - - - - - - - - - 13,530.3 - - - - -
<= $1MM 15,605.8 5,104.1 11,173.2 - - - 3,576.0 * 3,275.0 - - - 10,982.6 * - - - -
<= $10MM 169,553.6 26,992.7 248,406.0 - - * 50,406.8 106,923.0 117,215.9 - - - 210,866.8 * * - - -
> $10MM 112,147.5 - 341,783.1 - - 498,499.3 - * - - - - - - - - - -
NUMBER OF TRADES 105 31 108 - - 9 24 27 34 - - - 78 5 * - - -
Customer Buy 34 11 54 - - 5 12 13 21 - - - 39 * * - - -
Customer Sell 67 16 49 - - * 12 14 13 - - - 34 * * - - -
Dealer to Dealer * * 5 - - - - - - - - - 5 - - - - -
<= $1MM 56 23 39 - - - 9 * 5 - - - 17 * - - - -
<= $10MM 41 8 51 - - * 15 23 29 - - - 61 * * - - -
> $10MM 8 - 18 - - 8 - * - - - - - - - - - -

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 - - - 95.6 99.1 100.0 - - - 94.8 98.0 99.7 - - - 73.8 94.9 99.6 - * -
Weighted Avg. Price - - - 97.3 98.7 100.1 - - - 95.3 97.9 100.2 - - - 76.6 90.9 99.4 - * -
Avg. Price Bottom 5 Trades - - - 90.2 91.2 96.9 - - - 86.2 85.0 95.2 - - - 12.2 77.7 92.8 - * -
2nd Quartile Price - - - 92.8 98.5 99.6 - - - 90.5 98.2 98.8 - - - 66.0 94.0 99.2 - * -
3rd Quartile Price - - - 96.1 99.9 100.0 - - - 95.5 99.2 100.0 - - - 80.5 98.4 99.9 - * -
4th Quartile Price - - - 99.3 100.6 100.2 - - - 99.7 99.9 100.5 - - - 97.3 100.1 100.4 - * -
Avg. Price Top 5 Trades - - - 99.7 102.9 103.3 - - - 99.8 102.7 103.7 - - - 99.8 100.8 102.8 - * -
Standard Deviation - - - 3.5 3.1 1.1 - - - 4.6 5.7 1.6 - - - 26.8 7.9 2.0 - * -
VOLUME OF TRADES (000'S) - - - 60,135.9 230,934.5 776,659.8 - - - 209,453.6 171,647.0 460,551.8 - - - 379,268.9 199,123.4 331,781.1 - * -
Customer Buy - - - 25,338.0 119,291.4 374,303.2 - - - 107,116.5 72,851.9 223,833.9 - - - 185,096.8 88,978.5 131,786.5 - * -
Customer Sell - - - 28,797.9 105,410.1 402,356.6 - - - 102,337.1 82,615.1 222,903.0 - - - 189,251.7 105,144.9 167,294.5 - * -
Dealer to Dealer - - - * * - - - - - 16,180.0 13,815.0 - - - * * * - - -
<= $1MM - - - 11,197.5 10,374.0 35,353.6 - - - 6,167.0 8,686.1 17,541.2 - - - 5,426.8 7,695.5 16,174.2 - - -
<= $10MM - - - 35,338.4 130,760.5 332,927.0 - - - 179,672.6 150,360.9 316,967.7 - - - 315,028.0 158,627.8 304,495.7 - * -
> $10MM - - - * * 408,379.2 - - - * * 126,043.0 - - - 58,814.0 * * - - -
NUMBER OF TRADES - - - 35 60 173 - - - 52 66 159 - - - 97 54 98 - * -
Customer Buy - - - 8 27 81 - - - 25 24 64 - - - 54 24 41 - * -
Customer Sell - - - 25 32 92 - - - 27 33 74 - - - 40 29 53 - * -
Dealer to Dealer - - - * * - - - - - 9 21 - - - * * * - - -
<= $1MM - - - 21 25 66 - - - 9 31 65 - - - 16 13 29 - - -
<= $10MM - - - 13 31 88 - - - 41 34 86 - - - 76 39 68 - * -
> $10MM - - - * * 19 - - - * * 8 - - - 5 * * - - -

* 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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