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  "documentTitle": "Main Street Capital | Investor Day Presentation Deck | 155 slides",
  "authorId": "main-street-capital",
  "authorName": "Main Street Capital Corporation",
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  "presentationDate": "2023-06-01 00:00:00",
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  "pageNumber": 17,
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      "text": "MAIN's internally managed operating structure provides significant operating leverage and greater returns for our shareholders",
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      "text": "“Internally managed” structure means no external management fees or expenses are paid\nAlignment of interest between management and investors\nGreater incentives to maximize increases to shareholder value and rationalize debt and equity capital raises\n100% of MAIN's management efforts and activities are for the benefit of MAIN investors\nMAIN targets total operating expenses(1) as a percentage of average assets (Operating Expense to Assets Ratio) at or less than 2%\nLong-term actual results have significantly outperformed target\nAn industry leading position in cost efficiency, with an Operating Expense to Assets Ratio of 1.4%(2)\nSignificant portion of total operating expenses(1) are non-cash\nNon-cash compensation expenses(3) were 24.9%(2) of total operating expenses(1)\nOperating Expense to Assets Ratio of 1.1%(2) excluding non-cash compensation expenses(3)",
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      "text": "(1) Total expenses excluding interest expense\n(2) Based upon the trailing twelve month period ended March 31, 2023\n(3) See Main Street Investor Presentation, available on the MAIN website, for calculation of non-cash compensation expenses (page 38) and Non-GAAP information disclosures and discussion of DNII (page 48)",
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      "text": "Efficient and Leverageable Operating Structure",
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