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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 08/25/2025 to 08/29/2025

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 96.7 91.3 86.2 85.5 95.3 100.9 99.3 1.9 4.9 5.4 4.5 4.2 - *
Weighted Avg. Price 97.4 91.7 85.4 81.3 92.1 98.6 98.7 1.5 3.6 4.0 3.9 4.7 - *
Avg. Price Bottom 5 Trades 80.9 79.7 70.6 44.6 73.5 94.3 95.8 0.5 2.6 1.6 3.7 4.2 - *
2nd Quartile Price 95.6 88.7 78.0 86.5 94.9 99.9 98.8 1.0 4.2 3.2 4.3 * - *
3rd Quartile Price 98.5 92.6 86.7 94.5 99.8 101.6 100.0 2.0 5.6 6.3 5.0 * - *
4th Quartile Price 98.9 95.4 99.2 99.3 100.7 103.2 101.0 2.9 6.2 7.6 5.8 * - *
Avg. Price Top 5 Trades 100.1 98.9 99.3 99.6 102.5 104.4 101.7 3.6 6.6 8.5 5.5 4.2 - *
Standard Deviation 4.0 5.7 10.5 19.4 9.3 4.1 1.9 1.2 2.2 2.8 1.6 1.4 - *
VOLUME OF TRADES (000'S) 510,513.2 81,825.7 29,834.6 115,081.2 140,579.8 38,524.2 167,948.4 69,069.2 41,611.2 134,076.2 42,743.1 71,330.3 - *
Customer Buy 176,002.4 8,309.6 5,923.5 61,568.7 58,657.5 20,189.9 151,181.6 6,048.9 * * * * - *
Customer Sell 189,190.5 67,713.5 22,226.9 29,163.2 40,754.3 10,314.3 701.2 63,020.3 29,941.8 113,841.9 27,971.9 * - *
Dealer to Dealer 145,320.3 5,802.6 * 24,349.4 41,168.0 8,019.9 16,065.5 - - - - - - -
<= $1MM 41,500.4 7,441.6 13,818.0 10,303.4 6,523.4 2,397.3 1,824.2 4,482.3 * - - - - -
<= $10MM 203,990.5 24,884.1 16,016.5 47,538.5 71,296.9 36,126.9 60,544.2 36,397.5 40,514.9 83,145.3 31,446.0 * - -
> $10MM 265,022.4 * - * 62,759.5 - * * - * * * - *
NUMBER OF TRADES 178 38 32 38 41 67 62 25 15 20 8 5 - *
Customer Buy 63 14 7 11 21 17 16 5 * * * * - *
Customer Sell 77 18 21 19 11 27 26 20 11 16 6 * - *
Dealer to Dealer 38 6 * 8 9 23 20 - - - - - - -
<= $1MM 102 28 25 18 16 59 46 12 * - - - - -
<= $10MM 61 8 7 17 20 8 15 12 13 18 7 * - -
> $10MM 15 * - * 5 - * * - * * * - *

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 98.2 * 88.6 * 107.2 105.9 105.4
Weighted Avg. Price 98.7 * 88.6 * 106.4 104.7 105.0
Avg. Price Bottom 5 Trades 93.9 * 88.4 * 106.8 105.7 105.0
2nd Quartile Price 98.0 * 88.3 * 107.5 106.3 105.0
3rd Quartile Price 98.5 * 88.9 * 107.9 106.4 105.1
4th Quartile Price 99.0 * 89.3 * 108.1 107.3 106.5
Avg. Price Top 5 Trades 100.4 * 88.8 * 107.8 106.3 105.8
Standard Deviation 1.4 * 0.4 * 1.2 1.1 0.7
VOLUME OF TRADES (000'S) 712,679.9 * 21,759.8 * 13,276.4 24,918.0 28,564.0
Customer Buy 367,753.3 * 18,101.8 * 12,226.4 24,918.0 5,984.0
Customer Sell 344,926.6 - * * * - *
Dealer to Dealer - - - - - - -
<= $1MM 16,973.9 * * * * * 1,004.0
<= $10MM 201,573.8 * 20,759.8 * * - *
> $10MM 494,132.1 - - - - * *
NUMBER OF TRADES 126 * 7 * 7 6 9
Customer Buy 53 * 5 * 5 6 7
Customer Sell 73 - * * * - *
Dealer to Dealer - - - - - - -
<= $1MM 48 * * * * * 7
<= $10MM 57 * 6 * * - *
> $10MM 21 - - - - * *

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 92.1 104.9 0.9 4.0 - 90.9 80.7 99.6 1.0 - - 82.6 - 102.6 - - *
Weighted Avg. Price 98.3 92.2 105.0 1.3 3.9 - 92.7 88.5 99.7 0.5 - - 75.1 - 103.0 - - *
Avg. Price Bottom 5 Trades 93.7 88.5 102.4 0.3 3.7 - 85.6 72.1 91.0 1.0 - - 61.3 - 102.2 - - *
2nd Quartile Price 97.7 90.5 104.3 0.2 3.8 - 87.5 80.0 99.6 * - - 76.3 - 101.6 - - *
3rd Quartile Price 98.5 94.1 105.1 0.8 4.6 - 92.0 85.3 100.9 * - - 85.6 - 103.5 - - *
4th Quartile Price 99.0 94.7 105.8 2.3 5.3 - 94.0 94.7 103.6 * - - 92.5 - 103.5 - - *
Avg. Price Top 5 Trades 99.9 95.7 106.9 1.7 4.3 - 96.8 88.4 104.4 1.0 - - 95.6 - 103.1 - - *
Standard Deviation 1.4 4.4 1.3 0.9 1.0 - 4.0 12.3 5.5 1.4 - - 10.8 - 1.1 - - *
VOLUME OF TRADES (000'S) 162,951.6 10,009.8 211,974.7 24,334.1 12,705.4 - 69,810.3 43,479.0 76,172.9 58,209.8 - - 86,880.9 - 18,142.0 - - *
Customer Buy 98,061.8 2,087.8 110,738.4 17,484.8 12,705.4 - 42,204.6 19,147.0 42,634.0 * - - 38,509.8 - * - - *
Customer Sell 62,020.5 7,325.0 100,540.3 * - - 27,605.7 * * * - - 41,158.1 - * - - -
Dealer to Dealer * * 696.0 - - - - - 26,289.9 - - - 7,213.0 - * - - -
<= $1MM 22,398.4 4,309.8 7,826.3 2,205.7 * - 8,441.3 * 5,000.0 * - - 4,264.6 - * - - -
<= $10MM 122,823.3 * 39,717.4 22,128.5 11,778.1 - 48,369.0 26,535.0 71,172.9 * - - 82,616.3 - * - - *
> $10MM * - 164,431.0 - - - * * - * - - - - - - - -
NUMBER OF TRADES 94 11 52 15 6 - 38 10 22 5 - - 47 - 7 - - *
Customer Buy 38 5 34 11 6 - 26 6 11 * - - 24 - * - - *
Customer Sell 52 5 12 * - - 12 * * * - - 16 - * - - -
Dealer to Dealer * * 6 - - - - - 9 - - - 7 - * - - -
<= $1MM 57 8 34 6 * - 24 * 5 * - - 25 - * - - -
<= $10MM 36 * 11 9 5 - 13 7 17 * - - 22 - * - - *
> $10MM * - 7 - - - * * - * - - - - - - - -

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 - - - 94.6 97.1 100.7 - - - 94.8 88.3 100.7 - - * 74.2 91.8 99.3 - - *
Weighted Avg. Price - - - 95.1 97.0 101.2 - - - 96.1 90.2 100.7 - - * 85.8 95.1 100.5 - - *
Avg. Price Bottom 5 Trades - - - 87.2 88.8 98.6 - - - 90.9 63.6 99.0 - - * 32.8 74.4 91.8 - - *
2nd Quartile Price - - - 90.5 96.6 100.1 - - - 95.5 86.4 100.0 - - * 64.0 94.4 100.1 - - *
3rd Quartile Price - - - 97.8 99.3 100.3 - - - 97.0 97.2 100.3 - - * 86.5 98.4 100.3 - - *
4th Quartile Price - - - 99.4 99.8 101.5 - - - 97.8 98.9 101.0 - - * 95.5 99.9 100.7 - - *
Avg. Price Top 5 Trades - - - 99.5 100.0 103.4 - - - 97.6 99.9 103.9 - - * 98.0 100.1 105.6 - - *
Standard Deviation - - - 5.3 3.9 1.3 - - - 3.8 14.3 1.4 - - * 25.6 12.9 6.8 - - *
VOLUME OF TRADES (000'S) - - - 42,774.1 94,987.9 190,790.8 - - - 56,977.2 82,931.7 88,378.5 - - * 108,875.6 101,680.3 54,481.0 - - *
Customer Buy - - - 28,176.2 49,504.9 122,185.0 - - - 40,632.2 25,847.5 54,648.6 - - - 55,622.8 54,107.7 40,718.0 - - *
Customer Sell - - - 14,597.8 42,709.6 68,605.9 - - - * 22,292.8 33,429.9 - - * 45,182.8 47,572.6 13,763.0 - - -
Dealer to Dealer - - - - * - - - - - 34,791.4 * - - - * - - - - -
<= $1MM - - - 4,734.1 4,782.2 20,044.4 - - - * 5,576.1 9,081.8 - - - 3,710.3 * 3,531.0 - - *
<= $10MM - - - 38,040.0 90,205.7 107,986.4 - - - 44,967.2 55,772.8 79,296.8 - - - 105,165.4 69,526.3 50,950.0 - - *
> $10MM - - - - - * - - - * * - - - * - * - - - -
NUMBER OF TRADES - - - 23 40 93 - - - 14 30 44 - - * 48 22 24 - - *
Customer Buy - - - 11 22 48 - - - 10 12 23 - - - 23 10 15 - - *
Customer Sell - - - 12 17 45 - - - * 13 20 - - * 23 12 9 - - -
Dealer to Dealer - - - - * - - - - - 5 * - - - * - - - - -
<= $1MM - - - 14 13 59 - - - * 13 24 - - - 22 * 8 - - *
<= $10MM - - - 9 27 31 - - - 10 15 20 - - - 26 16 16 - - *
> $10MM - - - - - * - - - * * - - - * - * - - - -

* 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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