4Q and FY 2023 Investor Presentation
Structured Finance: Revenue
MIS Revenue1: Distribution by Geography
■Non-U.S. ■U.S.
MIS Revenue¹: Distribution by Recurring vs. Transaction
■Transaction ■Recurring
35%
35%
41%
43%
50%
52%
55%
52%
53%
53%
53%
65%
67%
67%
68%
63%
62%
59%
67%
64%
65%
62%
65%
65%
59%
57%
50%
48%
45%
48%
47%
47%
47%
35%
33%
33%
37%
32%
33%
38%
41%
36%
35%
38%
FY21
1Q22 2Q22 3Q22
4Q22 FY22
1Q23 2Q23 3Q23 4Q23 FY23
FY21
1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23
4Q23
FY23
■ ABS
MIS Revenue1: Distribution by Product
■RMBS
■CMBS
Structured Credit
Other
1%
1%
1%
1%
1%
1%
27%
29%
34%
38%
33%
30%
32%
30%
31%
33%
32%
14%
26%
22%
19%
15%
21%
14%
17%
15%
15%
18%
25%
22%
24%
23%
22%
25%
22%
20%
23%
22%
23%
21%
22%
25%
26%
29%
31%
25%
27%
29%
31%
30%
FY21
1Q22
2Q22
3Q22
4Q22
FY22
1Q23
2Q23
3Q23
4Q23
FY23
1.
Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed
securities) includes commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Percentages have been rounded and may not total to 100%.
Historical data has been adjusted to conform with current information and excludes intercompany revenue.
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4Q and FY 2023 Investor Presentation
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