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      "text": "MAIN’s internally managed operating structure provides significant operating leverage and greater returns for our stakeholders",
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      "text": "Alignment of interest between management and investors: Greater incentives to maximize increases to shareholder value and rationalize debt and equity capital raises; 100% of MAIN’s management efforts and activities are for the benefit of MAIN investors",
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      "text": "Significant portion of total operating expenses(1) are non-cash: Non-cash compensation expenses(3) were 27.9%(2) of total operating expenses(1); Operating Expense to Assets Ratio of 1.0%(2) excluding non-cash compensation expenses(3)",
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      "text": "MAIN targets total operating expenses(1) as a percentage of average assets (Operating Expense to Assets Ratio) at or less than 2%: Long-term actual results have significantly outperformed target; An industry leading position in cost efficiency, with an Operating Expense to Assets Ratio of 1.4%(2)",
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      "text": "(1) Total expenses excluding interest expense (2) Based upon the trailing twelve month period ended June 30, 2023 (3) See non-GAAP information disclosures on page 37 and calculation of non-cash compensation expenses on page 39 of this presentation",
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