Investor Presentaiton

$18,000 $16,000 NON-INTEREST AND FEE EXPENSE TO AVERAGE TOTAL ASSETS $14,000 2.9% 2.6% $12,000 $10,000 OPEX (in thousands) $8,000 $6,000 $4,000 $2,000 $0 $9,410 T $10,667 $9,562 $11,023 MEDIAN ADJ. OPEX TO AVERAGE TOTAL ASSETS FROM Q1 2017 TO Q4 2020 OF 2.5% $9,769 2.5% $10,692 2.8% $10,389 2.4% $12,414 IOPEX (exc. Interest, fees, RSU, PSU and option expense) 2.5% $12,025 2.4% $16,248 3.2% 2.8% 2.6% 2.4% 2.4% 2.7% 2.3% 2.2% 2.2% Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 0% Xercules. CAPITAL $12,465 $13,430 $15,078 OPEX as a % of Average Total Assets $13,882 $13,333 $14,300 26 2% 3% 2.5% OPEX as a % of Total Assets (%) 1% 4%

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