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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 12/22/2025 to 12/26/2025

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 97.7 94.9 86.5 89.2 97.0 101.3 99.5 * 5.0 * - - - *
Weighted Avg. Price 99.3 95.7 93.6 93.9 90.0 99.7 99.5 * 5.3 * - - - *
Avg. Price Bottom 5 Trades 85.9 89.5 74.5 78.5 92.4 97.8 87.1 * 5.0 * - - - *
2nd Quartile Price 97.6 92.3 76.3 88.3 96.9 100.4 99.7 * * * - - - *
3rd Quartile Price 99.1 95.2 91.1 90.5 100.5 101.3 100.4 * * * - - - *
4th Quartile Price 99.8 99.6 99.1 94.5 101.1 103.4 101.0 * * * - - - *
Avg. Price Top 5 Trades 100.4 100.0 98.7 96.8 100.9 103.9 102.5 * 5.0 * - - - *
Standard Deviation 3.7 4.0 10.3 7.1 6.1 2.3 3.3 * 1.0 * - - - *
VOLUME OF TRADES (000'S) 289,182.3 303,523.7 31,736.6 33,343.7 31,562.2 19,597.4 456,095.5 * 387,777.0 * - - - *
Customer Buy 97,343.2 136,135.7 18,893.0 24,131.0 19,157.3 17,074.0 338,440.5 - * * - - - *
Customer Sell 117,677.2 28,459.3 8,870.3 * * 1,401.9 34,827.0 * * * - - - -
Dealer to Dealer 74,161.9 138,928.7 3,973.4 7,567.8 * 1,121.6 82,828.0 - - - - - - -
<= $1MM 18,541.5 1,614.7 277.7 3,580.2 * 4,197.4 5,541.0 - * - - - - -
<= $10MM 204,675.4 35,139.2 31,459.0 29,763.5 9,883.5 * 121,184.4 - - - - - - -
> $10MM * 266,769.8 - - * - 329,370.1 * * * - - - *
NUMBER OF TRADES 156 39 19 22 11 57 94 * 5 * - - - *
Customer Buy 40 9 8 11 7 9 32 - * * - - - *
Customer Sell 64 16 5 * * 34 38 * * * - - - -
Dealer to Dealer 52 14 6 7 * 14 24 - - - - - - -
<= $1MM 89 21 7 15 * 54 63 - * - - - - -
<= $10MM 64 13 12 7 6 * 19 - - - - - - -
> $10MM * 5 - - * - 12 * * * - - - *

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 97.5 * 89.0 * * * 104.7
Weighted Avg. Price 98.5 * 88.9 * * * 105.0
Avg. Price Bottom 5 Trades 94.5 * 88.9 * * * 104.5
2nd Quartile Price 95.5 * 88.8 * * * 105.1
3rd Quartile Price 98.4 * 89.5 * * * 105.5
4th Quartile Price 99.0 * 89.7 * * * 105.7
Avg. Price Top 5 Trades 99.8 * 89.2 * * * 105.0
Standard Deviation 1.9 * 0.6 * * * 1.1
VOLUME OF TRADES (000'S) 78,831.1 * 18,133.0 * * * 11,430.0
Customer Buy 62,304.6 * * * * * *
Customer Sell 16,526.5 * * - - - -
Dealer to Dealer - - - - - - *
<= $1MM 7,774.1 * * - - - *
<= $10MM 51,057.0 * * * * * *
> $10MM * - - - * - -
NUMBER OF TRADES 44 * 6 * * * 6
Customer Buy 31 * * * * * *
Customer Sell 13 * * - - - -
Dealer to Dealer - - - - - - *
<= $1MM 25 * * - - - *
<= $10MM 18 * * * * * *
> $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 97.8 92.8 104.2 - - - 91.9 * * - - - 80.5 * - - - -
Weighted Avg. Price 98.4 91.1 103.5 - - - 94.8 * * - - - 76.0 * - - - -
Avg. Price Bottom 5 Trades 95.5 90.8 102.8 - - - 83.7 * * - - - 56.6 * - - - -
2nd Quartile Price 97.0 93.0 103.3 - - - 87.5 * * - - - 82.5 * - - - -
3rd Quartile Price 98.0 94.3 104.1 - - - 95.1 * * - - - 86.8 * - - - -
4th Quartile Price 98.9 95.8 105.3 - - - 95.3 * * - - - 94.1 * - - - -
Avg. Price Top 5 Trades 99.4 94.8 105.8 - - - 97.1 * * - - - 93.6 * - - - -
Standard Deviation 1.4 2.8 1.2 - - - 5.3 * * - - - 19.0 * - - - -
VOLUME OF TRADES (000'S) 49,196.6 15,683.5 77,364.0 - - - 12,570.6 * * - - - 54,091.3 * - - - -
Customer Buy 33,761.1 11,095.0 71,018.0 - - - 7,960.0 * * - - - 25,470.2 - - - - -
Customer Sell 15,191.6 * 6,346.0 - - - 3,420.6 - - - - - 23,410.2 * - - - -
Dealer to Dealer * - - - - - 1,190.0 - - - - - 5,211.0 - - - - -
<= $1MM 5,227.7 * 4,910.0 - - - 5,915.6 - * - - - 2,147.7 * - - - -
<= $10MM 25,765.2 12,828.5 51,454.0 - - - * * - - - - 51,943.6 - - - - -
> $10MM * - * - - - - - - - - - - - - - - -
NUMBER OF TRADES 27 10 29 - - - 33 * * - - - 26 * - - - -
Customer Buy 12 6 23 - - - 7 * * - - - 10 - - - - -
Customer Sell 13 * 6 - - - 17 - - - - - 10 * - - - -
Dealer to Dealer * - - - - - 9 - - - - - 6 - - - - -
<= $1MM 19 * 17 - - - 31 - * - - - 12 * - - - -
<= $10MM 7 6 11 - - - * * - - - - 14 - - - - -
> $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 - - - 95.3 95.6 100.8 - - - 92.9 92.9 101.1 - - - 82.8 89.4 103.0 - - -
Weighted Avg. Price - - - 95.9 96.9 101.2 - - - 92.5 87.4 101.8 - - - 83.5 93.1 103.7 - - -
Avg. Price Bottom 5 Trades - - - 93.7 88.6 98.4 - - - 86.7 81.3 99.6 - - - 82.8 85.3 99.5 - - -
2nd Quartile Price - - - 94.3 91.7 100.1 - - - 91.1 83.1 100.2 - - - * 81.0 100.1 - - -
3rd Quartile Price - - - 95.0 97.4 100.4 - - - 95.0 96.4 100.7 - - - * 94.9 103.7 - - -
4th Quartile Price - - - 98.4 99.9 101.6 - - - 96.5 99.2 103.4 - - - * 100.2 108.4 - - -
Avg. Price Top 5 Trades - - - 97.0 99.9 103.6 - - - 98.2 99.7 103.6 - - - 82.8 93.8 107.5 - - -
Standard Deviation - - - 2.2 4.8 1.6 - - - 4.9 7.8 1.5 - - - 8.4 9.9 3.8 - - -
VOLUME OF TRADES (000'S) - - - 17,583.0 16,712.7 129,211.6 - - - 50,643.1 91,388.7 51,818.6 - - - 10,299.3 8,934.3 51,748.0 - - -
Customer Buy - - - 14,320.0 5,143.6 56,676.0 - - - 23,408.1 38,879.9 21,940.6 - - - * * 27,188.0 - - -
Customer Sell - - - * 11,569.1 72,535.6 - - - 27,235.0 52,508.8 29,878.0 - - - * * * - - -
Dealer to Dealer - - - - - - - - - - - - - - - - - - - - -
<= $1MM - - - 4,075.0 4,159.9 9,360.5 - - - * 2,770.0 4,250.6 - - - * * * - - -
<= $10MM - - - 13,508.0 12,552.8 69,008.1 - - - 49,136.9 53,618.7 30,458.0 - - - * * 31,238.0 - - -
> $10MM - - - - - * - - - - * * - - - - - * - - -
NUMBER OF TRADES - - - 10 20 46 - - - 17 24 23 - - - 5 7 15 - - -
Customer Buy - - - 6 6 27 - - - 8 8 15 - - - * * 11 - - -
Customer Sell - - - * 14 19 - - - 9 16 8 - - - * * * - - -
Dealer to Dealer - - - - - - - - - - - - - - - - - - - - -
<= $1MM - - - 5 12 24 - - - * 5 10 - - - * * * - - -
<= $10MM - - - 5 8 18 - - - 13 17 12 - - - * * 11 - - -
> $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.

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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