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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": "(1) Total expenses excluding interest expense (2) Based upon the year ended December 31, 2023 (3) See calculation of non-cash compensation expenses on page 38 and non-GAAP information disclosures on page 48 of this presentation",
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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 are non-cash: Non-cash compensation expenses were 30.2% of total operating expenses; Operating Expense to Assets Ratio of 0.9% excluding non-cash compensation expenses",
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