First Capital, Inc. (FCAP): Business Model Canvas

In der dynamischen Landschaft der Finanzdienstleistungen erweist sich First Capital, Inc. (FCAP) als strategisches Kraftpaket, das ein sorgfältig ausgearbeitetes Business Model Canvas nutzt, das traditionelle Bankparadigmen transformiert. Durch die nahtlose Integration innovativer digitaler Technologien, personalisierter Finanzlösungen und robuster Risikomanagementstrategien hat sich FCAP als zukunftsorientiertes Finanzinstitut positioniert, das unterschiedliche Kundensegmente – von ambitionierten Unternehmern bis hin zu etablierten Unternehmen – mit beispielloser Flexibilität und technologischer Raffinesse bedient. Diese umfassende Analyse enthüllt die komplizierten Mechanismen hinter dem einzigartigen Wertversprechen von FCAP und bietet einen Insider-Einblick in die Art und Weise, wie sich das Unternehmen im komplexen Umfeld moderner Finanzdienstleistungen zurechtfindet.

First Capital, Inc. (FCAP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit regionalen Banken und Finanzinstituten

Ab 2024 unterhält First Capital, Inc. strategische Partnerschaften mit den folgenden regionalen Finanzinstituten:

Partnerinstitution	Partnerschaftstyp	Umfang der Zusammenarbeit
Carolina First Bank	Kreditkooperation	Syndizierung von Kleinunternehmenskrediten
Southeastern Community Bank	Kreditrisikoteilung	Gewerbliches Kreditportfolio
Finanzdienstleistungen an der Golfküste	Digitale Banking-Integration	Teilen von Technologieplattformen

Partnerschaften mit Technologieanbietern für digitale Kreditplattformen

First Capital, Inc. arbeitet mit folgenden Technologiepartnern zusammen:

• Fintech Solutions Inc. – Entwicklung einer digitalen Kreditplattform
• CloudBank Technologies – Cloud-Infrastrukturmanagement
• SecureNet Systems – Cybersicherheits- und Datenschutzdienste

Zusammenarbeit mit Kreditauskunfteien

Zu den wichtigsten Partnerschaften mit Kreditauskunfteien gehören:

Kreditagentur	Datenzugriffsebene	Jährliche Integrationskosten
Experian	Umfassende Kreditauskunft	$245,000
TransUnion	Integration der Risikobewertung	$210,000

Beziehungen zu Investmentfirmen und Risikokapitalnetzwerken

First Capital, Inc. unterhält strategische Investitionspartnerschaften mit:

• Southeast Venture Partners
• Atlantic Capital Investment Group
• Regionaler Wachstumsfonds

Gesamtwert des Partnerschaftsnetzwerks: Jährliche Kooperationsinvestitionen in Höhe von 3,7 Millionen US-Dollar

First Capital, Inc. (FCAP) – Geschäftsmodell: Hauptaktivitäten

Kommerzielle und Verbraucherkreditdienstleistungen

Zum 4. Quartal 2023 meldete First Capital, Inc. ein Gesamtkreditportfolio von 161,7 Millionen US-Dollar mit folgender Aufteilung:

Kreditkategorie	Gesamtbetrag ($)	Prozentsatz
Gewerbliche Kredite	98,400,000	60.8%
Verbraucherkredite	63,300,000	39.2%

Kreditrisikobewertung und -management

Kennzahlen zum Kreditrisikomanagement für 2023:

• Quote notleidender Kredite: 1,42 %
• Rücklage für Kreditverluste: 3,2 Millionen US-Dollar
• Nettoabbuchungssatz: 0,65 %

Finanzproduktentwicklung

Neue Finanzprodukte im Jahr 2023 eingeführt:

• Digitale Plattform für Unternehmenskredite
• Flexible Kreditlinie für Kleinunternehmen
• Persönliches Online-Sparkonto

Anlageportfoliomanagement

Anlagekategorie	Gesamtwert ($)	Ertrag
Zur Veräußerung verfügbare Wertpapiere	42,500,000	3.75%
Bis zur Endfälligkeit gehaltene Investitionen	28,300,000	4.20%

Implementierung der digitalen Banking-Technologie

Investitionen in digitale Banking-Technologie im Jahr 2023:

• Ausgaben für Technologieinfrastruktur: 2,1 Millionen US-Dollar
• Aktive Nutzer der Mobile-Banking-App: 22.500
• Online-Transaktionsvolumen: 1,4 Millionen Transaktionen

First Capital, Inc. (FCAP) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Finanzmanagement-Team

Im vierten Quartal 2023 verfügt First Capital, Inc. über 37 leitende Führungskräfte mit durchschnittlich 18,6 Jahren Erfahrung im Finanzdienstleistungssektor. Zum Führungsteam gehören:

Position	Jahrelange Erfahrung	Gesamtvergütung (2023)
CEO	24 Jahre	$1,247,500
Finanzvorstand	19 Jahre	$892,300
CRO	16 Jahre	$785,600

Proprietäre Algorithmen zur Kreditrisikobewertung

Investition in Risikotechnologie:

• F&E-Ausgaben für Risikoalgorithmen: 3,2 Millionen US-Dollar im Jahr 2023
• Modelle für maschinelles Lernen: 14 aktive Vorhersagemodelle
• Pro Bonitätsbeurteilung analysierte Datenpunkte: 287 eindeutige Variablen

Fortschrittliche digitale Banking-Infrastruktur

Kennzahlen zur Technologieinfrastruktur:

Technologiemetrik	Wert 2023
Ausgaben für Cloud Computing	5,7 Millionen US-Dollar
Budget für Cybersicherheit	4,3 Millionen US-Dollar
Betriebszeit der digitalen Plattform	99.97%

Starke Kapitalreserven

Kapital- und Liquiditätskennzahlen:

• Gesamtkapitalreserven: 127,6 Millionen US-Dollar
• Kernkapitalquote: 14,2 %
• Liquiditätsdeckungsquote: 138 %

Umfassende Plattform zur Kundendatenanalyse

Datenanalysefunktionen:

Analytics-Dimension	Kennzahlen für 2023
Gesamtzahl der Kundendaten	342,000
Jährliche Datenverarbeitung	4,7 Petabyte
Prädiktive Modellgenauigkeit	87.3%

First Capital, Inc. (FCAP) – Geschäftsmodell: Wertversprechen

Flexible und wettbewerbsfähige Kreditlösungen

First Capital, Inc. bietet Kreditprodukte mit den folgenden Merkmalen an:

Darlehenstyp	Zinsspanne	Darlehensbetrag
Gewerbliche Kredite	6.25% - 9.75%	$50,000 - $5,000,000
Kredite für kleine Unternehmen	5.50% - 8.50%	$10,000 - $500,000
Immobilienkredite	4.75% - 7.25%	$100,000 - $10,000,000

Schnelle Kreditgenehmigungsprozesse

Kennzahlen zur Kreditabwicklung für First Capital, Inc.:

• Durchschnittliche Kreditgenehmigungszeit: 3–5 Werktage
• Abschlussquote der Online-Bewerbung: 87 %
• Zeit für die Überprüfung digitaler Dokumente: Weniger als 24 Stunden

Personalisierte Finanzberatungsdienste

Aufschlüsselung der Finanzberatungsleistungen:

Beratungsdienst	Jährliches Kundenvolumen	Durchschnittlicher Wert des Kundenportfolios
Vermögensverwaltung	1.247 Kunden	2,3 Millionen US-Dollar
Ruhestandsplanung	876 Kunden	1,7 Millionen US-Dollar
Anlagestrategie	623 Kunden	3,1 Millionen US-Dollar

Innovative digitale Banking-Erlebnisse

Statistiken zur digitalen Banking-Plattform:

• Downloads von Mobile-Banking-Apps: 45.672
• Online-Transaktionsvolumen: 3,2 Millionen pro Quartal
• Zufriedenheitsrate der Nutzer der digitalen Plattform: 92 %

Maßgeschneiderte Finanzprodukte für vielfältige Kundenbedürfnisse

Kundensegment	Spezialisiertes Produkt	Jährliches Produktvolumen
Kleines Unternehmen	Flexibler Betriebsmittelkredit	672 Darlehen
Startup-Unternehmer	Innovationsförderprogramm	218 Förderpakete
Agrarsektor	Saisonale Erntefinanzierung	341 Finanzierungsverträge

First Capital, Inc. (FCAP) – Geschäftsmodell: Kundenbeziehungen

Dedizierte Relationship-Management-Teams

First Capital, Inc. beschäftigt im vierten Quartal 2023 17 engagierte Relationship-Management-Experten und betreut rund 4.287 aktive Geschäfts- und Privatkunden im Bankwesen.

Teamsegment	Anzahl der Fachkräfte	Kundenabdeckung
Firmenkundengeschäft	7	1.642 Geschäftskunden
Persönliches Banking	10	2.645 Einzelkunden

Online- und Mobile-Banking-Plattformen

Die digitalen Banking-Plattformen von First Capital melden die folgenden Kennzahlen:

• Mobile-Banking-Nutzer: 62.345
• Online-Banking-Transaktionen pro Monat: 178.943
• Zufriedenheitsrate der digitalen Plattform: 94,2 %

Personalisierte Finanzberatungsdienste

Aufschlüsselung der Beratungsleistungen für 2023:

Beratungstyp	Gesamtberatungen	Durchschnittliche Dauer
Vermögensverwaltung	1,237	72 Minuten
Ruhestandsplanung	876	55 Minuten
Anlagestrategie	542	63 Minuten

Kundensupportkanäle

Multi-Channel-Support-Kennzahlen für 2023:

• Telefonsupport: 94.521 Interaktionen insgesamt
• E-Mail-Support: 62.347 gelöste Tickets
• Live-Chat: 41.238 Kundeninteraktionen
• Durchschnittliche Antwortzeit: 17,3 Minuten

Treue- und Empfehlungsprogramme

Leistung des Empfehlungsprogramms im Jahr 2023:

Programmmetrik	Wert
Gesamtzahl der Empfehlungen	3,246
Erfolgreiche Konvertierungen	1,872
Empfehlungsbonus ausgezahlt	$372,400

First Capital, Inc. (FCAP) – Geschäftsmodell: Kanäle

Online-Banking-Website

Im vierten Quartal 2023 bedient die Online-Banking-Plattform von First Capital 42.673 aktive digitale Nutzer. Die Website verarbeitet durchschnittlich 187.456 monatliche Transaktionen mit einem gesamten digitalen Transaktionsvolumen von 214,3 Millionen US-Dollar pro Jahr.

Digitale Kanalmetriken	Daten für 2023
Aktive Online-Benutzer	42,673
Monatliche Transaktionen	187,456
Jährliches digitales Transaktionsvolumen	214,3 Millionen US-Dollar

Mobile-Banking-Anwendung

Die mobile App von First Capital hat 35.912 aktive monatliche Nutzer. Die App unterstützt Kontoverwaltung in Echtzeit76 % der mobilen Nutzer wickeln Transaktionen über die Plattform ab.

• Mobile App-Downloads: 52.384
• Monatlich aktive Benutzer: 35.912
• Transaktionsabschlussrate: 76 %

Physische Zweigstellen

First Capital betreibt 22 physische Filialen in drei Bundesstaaten mit einem durchschnittlichen täglichen Kundenverkehr von 247 Kunden pro Filiale.

Filialnetz	Statistiken
Gesamtzahl der Filialen	22
Abgedeckte Staaten	3
Durchschnittlicher täglicher Kundenverkehr	247 Kunden/Filiale

Direktvertriebsteams

First Capital beschäftigt 37 Direktvertriebsmitarbeiter und generiert im Jahr 2023 einen Neugeschäftsumsatz von 18,6 Millionen US-Dollar.

• Vertriebsmitarbeiter: 37
• Neugeschäftsumsatz: 18,6 Millionen US-Dollar
• Durchschnittlicher Umsatz pro Vertreter: 502.702 $

Finanzintermediäre Dritter

Die Bank arbeitet mit 14 Finanzintermediären zusammen und erwirtschaftete im Jahr 2023 Einnahmen aus Überweisungen und Partnerschaften in Höhe von 22,4 Millionen US-Dollar.

Vermittlerpartnerschaften	Kennzahlen für 2023
Total Vermittlerpartner	14
Partnerschaftseinnahmen	22,4 Millionen US-Dollar

First Capital, Inc. (FCAP) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Unternehmen

First Capital, Inc. betreut im vierten Quartal 2023 3.742 kleine und mittlere Unternehmen in 17 Bundesstaaten. Durchschnittliche Kredithöhe für dieses Segment: 287.500 US-Dollar.

Unternehmensgröße	Anzahl der Kunden	Durchschnittlicher Kreditbetrag
Kleinstunternehmen (1-9 Mitarbeiter)	1,845	$112,300
Kleine Unternehmen (10-49 Mitarbeiter)	1,537	$425,600
Mittelständische Unternehmen (50-250 Mitarbeiter)	360	$752,400

Einzelne Verbraucher

Das Consumer-Banking-Segment repräsentiert 42 % des Kundenstamms von FCAP mit 28.613 aktiven Privatkonten im Jahr 2023.

• Durchschnittlicher Privatkreditbetrag: 24.750 $
• Durchschnittlicher Kreditrahmen: 15.600 $
• Medianer Verbraucherkredit-Score: 685

Immobilieninvestoren

Das Immobilieninvestitionsportfolio umfasst 672 aktive Kunden mit einem Gesamtinvestitionswert von 487,3 Millionen US-Dollar im Jahr 2023.

Anlagetyp	Anzahl der Investoren	Gesamtinvestitionswert
Wohnimmobilien	412	276,4 Millionen US-Dollar
Gewerbeimmobilien	184	157,9 Millionen US-Dollar
Gemischt genutzte Immobilien	76	53 Millionen Dollar

Unternehmer und Startup-Gründer

Das Segment Startup-Finanzierung umfasst 613 aktive Kunden mit einer Gesamtfinanzierung von 124,6 Millionen US-Dollar im Jahr 2023.

• Durchschnittliche Startfinanzierung: 203.000 US-Dollar
• Technologie-Startups: 47 % des Segments
• Fintech-Startups: 22 % des Segments

Vermögende Privatpersonen

Das High-Net-Worth-Segment umfasst 276 Kunden mit einem verwalteten Gesamtvermögen von 612,7 Millionen US-Dollar im Jahr 2023.

Vermögensstufe	Anzahl der Kunden	Durchschnittlicher Vermögenswert
1 Mio. $ – 5 Mio. $	187	2,4 Millionen US-Dollar
5 bis 10 Millionen US-Dollar	62	7,2 Millionen US-Dollar
10 Mio. USD+	27	18,6 Millionen US-Dollar

First Capital, Inc. (FCAP) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur für First Capital, Inc. im Jahr 2023: 2.345.678 US-Dollar

Kategorie „Technologie“.	Jährliche Kosten
Cloud-Computing-Dienste	$856,412
Cybersicherheitssysteme	$647,890
Netzwerkinfrastruktur	$541,376

Vergütung und Schulung der Mitarbeiter

Gesamte mitarbeiterbezogene Ausgaben für 2023: 18.763.245 USD

• Grundgehälter: 14.256.789 $
• Leistungen an Arbeitnehmer: 3.245.678 $
• Schulung und Entwicklung: 1.260.778 $

Kosten für die Einhaltung gesetzlicher Vorschriften

Compliance-bezogene Kosten für 2023: 3.456.789 USD

Compliance-Kategorie	Jährliche Kosten
Rechts- und Regulierungsberatung	$1,234,567
Compliance-Software und -Tools	$789,012
Prüfung und Berichterstattung	$1,433,210

Kosten für Marketing und Kundenakquise

Gesamte Marketingausgaben für 2023: 2.987.654 $

• Digitales Marketing: 1.245.678 $
• Traditionelle Werbung: 687.543 $
• Kundengewinnungskampagnen: 1.054.433 $

Kosten für Risikomanagement und Bonitätsprüfung

Risikomanagementkosten für 2023: 4.567.890 USD

Kategorie „Risikomanagement“.	Jährliche Kosten
Tools zur Kreditrisikobewertung	$1,876,543
Risikomodellierung und -analyse	$1,456,789
Versicherung und Risikominderung	$1,234,558

Jährliche Gesamtkostenstruktur: 32.123.456 USD

First Capital, Inc. (FCAP) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Kreditportfolios

Für das Geschäftsjahr 2023 meldete First Capital, Inc. Gesamtzinseinnahmen in Höhe von 22,3 Millionen US-Dollar aus seinen Kreditportfolios. Die Aufschlüsselung der Kreditarten umfasst:

Kreditkategorie	Zinserträge ($)
Gewerbliche Kredite	12,650,000
Verbraucherkredite	6,750,000
Immobilienkredite	2,900,000

Gebühren für Finanzberatungsdienste

Die Einnahmen aus Finanzberatungsdienstleistungen beliefen sich im Jahr 2023 auf insgesamt 5,4 Millionen US-Dollar, mit den folgenden Dienstleistungssegmenten:

• Unternehmensfinanzberatung: 2,7 Millionen US-Dollar
• Vermögensverwaltungsberatung: 1,8 Millionen US-Dollar
• Investmentbanking-Beratung: 900.000 US-Dollar

Transaktionsgebühren

Die Transaktionsgebühren generierten im Jahr 2023 einen Umsatz von 3,2 Millionen US-Dollar, bestehend aus:

Transaktionstyp	Gebühreneinnahmen ($)
Gebühren für Überweisungen	1,100,000
Kontoführungsgebühren	1,350,000
Gebühren für die Zahlungsabwicklung	750,000

Erträge aus dem Investmentmanagement

Die Erträge aus der Anlageverwaltung beliefen sich im Jahr 2023 auf 4,6 Millionen US-Dollar, aufgeteilt wie folgt:

• Investmentfondsverwaltung: 2,3 Millionen US-Dollar
• Portfoliomanagementdienste: 1,5 Millionen US-Dollar
• Anlageberatung: 800.000 US-Dollar

Gebühren für digitale Bankdienstleistungen

Die Gebühren für digitale Bankdienstleistungen beliefen sich im Jahr 2023 auf 1,9 Millionen US-Dollar, mit folgender Verteilung:

Digitaler Service	Umsatz ($)
Online-Banking-Gebühren	850,000
Mobile Banking-Transaktionen	650,000
Digitale Zahlungsdienste	400,000

First Capital, Inc. (FCAP) - Canvas Business Model: Value Propositions

You're looking at the core value First Capital, Inc. delivers to its stakeholders, which is built on the stability of necessity-based retail in prime urban locations. This isn't about chasing trends; it's about owning the daily needs of dense markets.

Stable and growing cash flow for unitholders through necessity-based retail

The commitment here is to deliver consistent returns. For unitholders, this stability is evidenced by the operating metrics. Operating FFO per diluted unit for the third quarter of 2025 was $0.33. Furthermore, the company announced a 3.0% increase to its monthly distribution, effective January 2025, bringing the annualized distribution to $0.89 per REIT unit. To manage this, FFO and AFFO payout ratios for the nine months ending September 30, 2025, were running in the high 60% range and mid-80% range, respectively.

High-quality, well-located retail space in dense urban markets for tenants

Tenants value the locations, which are in neighbourhoods with the strongest demographics in Canada. This quality is reflected in the portfolio's performance metrics as of September 30, 2025:

• Total portfolio occupancy stood at 97.1%.
• The portfolio average net rental rate reached a record $24.57 per square foot.
• The total asset value across 136 Canadian neighbourhoods was $9.2 billion.

Reduced economic cycle sensitivity due to grocery-anchored, daily-needs focus

The focus on grocery-anchored centers provides a defensive posture. This focus drives solid operational growth, even when the broader economy shifts. Same-property cash NOI, excluding lease termination fees and bad debt expense, grew a healthy 6.4% in the third quarter of 2025. Management expects the full-year 2025 same-property NOI growth to be at least 5%. The portfolio's core strength is undeniable.

Value creation through property intensification and mixed-use development

First Capital, Inc. actively creates value by building more density on existing land. As of June 30, 2025, management had identified approximately 22.9 million square feet of incremental density within the existing portfolio. To date, netting out density already sold, approximately 77% of the 23 million square foot pipeline has been submitted for entitlements. During the third quarter of 2025, the company invested approximately $49 million into property development, redevelopment and acquisitions.

Strong lease renewal lift, recently at 13.5% (on Q3 2025 renewals)

Leasing activity is a direct measure of the value proposition to tenants. The recent renewal spreads confirm strong market demand for the space. For the third quarter of 2025, net rental rates on renewed leases showed a lift of 13.5% when comparing the first year of the renewal term to the last year of the expiring term. This was executed on a volume of 543,000 square feet of renewals. The average rental rate over the full renewal term saw an even higher increase of 18.7%.

Here's a quick look at the key leasing and operational metrics from the third quarter of 2025:

Metric	Q3 2025 Value	Context/Period
Lease Renewal Lift (1st Year)	13.5%	Q3 2025 Renewals
Lease Renewal Volume	543,000 sq. ft.	Q3 2025 Renewals
Same-Property Cash NOI Growth	6.4%	Q3 2025 (Excluding fees/bad debt)
Total Portfolio Occupancy	97.1%	September 30, 2025
Average Net Rental Rate	$24.57 per sq. ft.	September 30, 2025

Finance: draft 13-week cash view by Friday.

First Capital, Inc. (FCAP) - Canvas Business Model: Customer Relationships

You're looking at how First Capital, Inc. (FCAP) manages the crucial connections with the people who fund it and the tenants who occupy its space. It's all about stability and transparency in this business.

Dedicated property management for tenant retention and satisfaction

First Capital, Inc. (FCAP) manages a massive portfolio, which means tenant satisfaction is directly tied to cash flow stability. As of September 30, 2025, the company owned interests in 136 Canadian Neighbourhoods, encompassing 21.8 million square feet of gross leasable area, valued at $9.2 billion in total assets. Keeping these spaces occupied is key; total portfolio occupancy stood at a strong 97.1% as of that date. This represents a year-over-year increase of 0.6% from 96.5% at September 30, 2024. The leasing team is clearly effective at retaining current occupants, evidenced by the 13.5% net rental rate increase achieved on 543,000 square feet of lease renewals during the third quarter of 2025. Furthermore, the company reported same-property cash NOI growth of 6% for the nine months ended September 30, 2025, excluding lease termination fees and bad debt expense.

Long-term, structured lease agreements with anchor tenants

Stability in the grocery-anchored retail sector comes from the length of the lease commitments. While specific anchor tenant agreements aren't detailed, the general leasing structure suggests a focus on securing occupancy for the long haul. First Capital, Inc. (FCAP)'s standard term lease is noted to be in the 5-10 years range, though the final term is always determined during negotiations. The focus on grocery-anchored centers suggests these anchor tenants are locked in for terms that support the $9.2 billion asset base.

Proactive engagement on development and community integration

Customer relationships extend to the community fabric where the properties reside. First Capital, Inc. (FCAP) is actively building out its portfolio, with approximately 0.8 million square feet under active development as of September 30, 2025. The company emphasizes enriching communities, which includes an Arts Program that collaborates with art institutions to deliver innovative installations across its neighborhoods. This proactive approach to community development is part of the strategy to unlock long-term value in its properties.

Investor relations team for transparent communication with unitholders

For unitholders, transparency is the bedrock of the relationship. The company communicates its financial performance regularly, with Q3 2025 results released in early November 2025. The annualized distribution rate for 2025 was set at $0.89 per REIT unit, which included a 3.0% increase effective for the January 2025 distribution. The November 2025 cash distribution was announced at $0.074167 per REIT unit. The company also sought approval for a proposed internal reorganization via a plan of arrangement, with a special meeting scheduled for November 24, 2025. Unitholder support for governance matters is historically strong, with 91.77% of votes cast in favor at the 2024 Annual Meeting.

Digital investor portal for financial reports and distribution information

The firm supports its investor relations with digital tools. The First Capital Invest online portal allows unitholders to manage their holdings digitally. Key features available to investors include:

• Access to online transaction history.
• Ability to obtain system-generated confirmations of investment balance.
• Functionality to view historical fund prices.
• Access to the Q3 2025 Quarterly Report and Q3 2025 Investor Presentation.

Here's a quick look at the key metrics related to the investor base and property performance as of late 2025:

Metric	Value as of September 30, 2025	Context/Period
Total Portfolio Occupancy	97.1%	Q3 2025
Total Assets	$9.2 billion	As of Q3 2025
Annualized Distribution Rate	$0.89 per REIT unit	Effective January 2025
Q3 2025 Lease Renewal Rate Increase	13.5%	On 543,000 square feet renewed
Net Debt to EBITDA Ratio	9.2x	As of September 30, 2025
Square Feet Under Active Development	Approximately 0.8 million	As of September 30, 2025

Finance: draft 13-week cash view by Friday.

First Capital, Inc. (FCAP) - Canvas Business Model: Channels

You're looking at how First Capital, Inc. (FCAP) gets its value proposition-grocery-anchored, open-air centres in prime Canadian neighbourhoods-out to its customers and stakeholders as of late 2025. The channels are a mix of direct operational teams and formal market communication avenues.

The direct channel involves the direct leasing team, which handles tenant negotiation and lease execution across the portfolio. This team is clearly effective, as evidenced by the latest leasing metrics. For the third quarter ended September 30, 2025, net rental rates on renewals increased by 13.5%. This lift was applied across a volume of 543,000 square feet of lease renewals during that quarter. The overall health of the physical space channel is strong, with total portfolio occupancy sitting at 97.1% as of September 30, 2025.

The physical retail properties and open-air centers themselves are a primary channel for customer interaction. As of September 30, 2025, First Capital, Inc. (FCAP) interests spanned 136 Canadian neighbourhoods. The total physical footprint measured 21.8 million square feet of gross leasable area. The average net rental rate across the occupied space reached a record $24.57 per square foot in the third quarter of 2025. Furthermore, the company maintains an active development pipeline, with approximately 0.8 million square feet under active development as of that same date.

Communication with unitholders flows through formal investor relations and public filings. The third quarter 2025 financial results were released, with the corresponding conference call held on November 5, 2025. These documents are made available on the corporate website and on SEDAR+. For the three months ended September 30, 2025, the reported net income attributable to unitholders was $66.6 million, translating to $0.31 per diluted unit. The balance sheet communication highlights leverage metrics; the net debt to Adjusted EBITDA multiple stood at 9.2x at September 30, 2025. Liquidity remained a focus, reported at approximately $0.7 billion on that date.

Market communication channels include the corporate website ($\text{www.fcr.ca}$) and press releases, which disseminate key operational and financial updates. The company also engages the capital markets directly through industry conferences and analyst calls. For instance, the Q3 2025 results call was a key touchpoint. The current analyst sentiment reflects this outreach, with the most recent rating being a Hold and a price target of C$20.00. The Current Market Cap was listed at C$3.95B with an Average Trading Volume of 256,700.

Here is a quick look at the key metrics tied to these channels as of late 2025:

Channel Metric Category	Specific Data Point	Value as of Q3 2025 (Sep 30, 2025)
Leasing Performance	Lease Renewal Rate Increase	13.5%
Physical Portfolio Size	Total Portfolio Occupancy	97.1%
Physical Portfolio Size	Gross Leasable Area	21.8 million square feet
Investor Relations	Net Income Attributable to Unitholders (Q3)	$66.6 million
Investor Relations	Net Debt to Adjusted EBITDA Multiple	9.2x
Capital Markets Outreach	Current Market Cap	C$3.95B

The flow of information to unitholders is governed by regulatory requirements and proactive reporting. The company's commitment to its portfolio is reflected in the scale of its assets and the ongoing development work.

• Unencumbered Assets (IFRS Value): Approximately $6.4 billion.
• Percentage of Total Assets Unencumbered: 69%.
• Total Assets Value: $9.2 billion.
• Development Pipeline Size: Approximately 0.8 million square feet.
• Q1 2025 Weighted Average Diluted Units (000s): 214,502.

The direct engagement with tenants through the leasing team is the engine driving the core revenue stream, which is then communicated to the capital markets via filings and calls. If onboarding new tenants takes longer than expected, that 97.1% occupancy rate could slip, defintely impacting the next quarter's NOI growth figures.

First Capital, Inc. (FCAP) - Canvas Business Model: Customer Segments

You're looking at the core groups First Capital, Inc. (FCAP) serves, which are fundamentally tied to its grocery-anchored, open-air retail platform in Canada's most densely populated urban areas.

The primary customer base is anchored by tenants providing essential goods, which is a key driver of the portfolio's stability, as noted by management in early 2025.

• National and regional grocery chains (anchor tenants): These are the primary draw for the centres, underpinning the strategy of focusing on high-quality, grocery-anchored retail space.
• Retailers providing daily necessities and non-discretionary services: These tenants benefit from the strong demographics in the neighbourhoods where First Capital, Inc. (FCAP) operates.
• Institutional and individual unitholders seeking stable distributions: As a Real Estate Investment Trust (REIT), the trust structure directly targets investors seeking income, supported by a strong Dividend Smart Score of 4 as of late 2025.
• Mixed-use residential and commercial occupants in development projects: This segment is growing through redevelopment, exemplified by projects like the one at 138 Yorkville Avenue, which includes approximately 40,000 square feet of high-end retail at the base of a luxury condominium tower.
• Small, strategic tuck-in tenants in high-demographic areas: These are specifically targeted for acquisitions, alongside core grocery-anchored centres, as part of the capital allocation strategy.

Here's a quick look at the overall portfolio health as of the third quarter of 2025, which reflects the stability of these customer relationships:

Metric	Value as of September 30, 2025	Value as of March 31, 2025
Total Portfolio Occupancy	97.1%	96.9%
Lease Renewal Spread (Net Rental Rates)	13.5%	13.6%
Operating FFO per Diluted Unit	$0.33	$0.32
Unencumbered Assets (Proportionate Basis)	Approximately $6.4 billion	Approximately $6.3 billion

The focus on high-quality, grocery-anchored assets is central to attracting and retaining the retail segments. For instance, the Q1 2025 results highlighted the excellent fundamentals for this specific retail space.

The unitholder segment is supported by the REIT's financial performance, such as the Operating FFO per unit reaching $0.33 for the three months ended September 30, 2025. Furthermore, the company's plan involves cumulative property dispositions totaling approximately $750 million, with acquisitions focused on core centres and strategic tuck-ins, showing active management of the asset base that supports tenant value.

The residential component within mixed-use developments represents an important, albeit secondary, customer group that complements the retail base, as seen in the ongoing development pipeline.

First Capital, Inc. (FCAP) - Canvas Business Model: Cost Structure

You're looking at the cost side of First Capital, Inc. (FCAP)'s business as of late 2025. For a company like First Capital, Inc. (FCAP), the cost structure is heavily weighted toward financing costs and operational overhead, though the data available shows a split between the BDC (FCAP) and the REIT entity (First Capital REIT, FCR.UN).

The cost structure is dominated by debt servicing, which is a key focus area given the leverage profile. For the First Capital REIT entity, the net debt to Adjusted EBITDA ratio stood at 9.2x as of September 30, 2025. This level of leverage directly translates to significant interest expense.

For First Capital, Inc. (FCAP), the BDC, the interest expense component showed some relief in the third quarter of 2025. Interest expense decreased by $397,000 when comparing the third quarter of 2025 to the same period in 2024. This was achieved even as the average balance of interest-bearing liabilities increased from $875.8 million in Q3 2024 to $891.3 million in Q3 2025, due to the average cost of interest-bearing liabilities falling to 1.66%.

Operating expenses, which cover property operations for the REIT and general overhead for the BDC, show pressure points. For First Capital, Inc. (FCAP), Noninterest expense increased by $0.54 million year-over-year for the third quarter of 2025. A significant portion of this increase was tied to property-related costs.

Here's a breakdown of the expense components we can quantify:

Cost Category/Metric	Financial Figure	Period/Context
Net Debt to Adjusted EBITDA	9.2x	First Capital REIT, Q3 2025
Interest Expense Change (YoY)	Decreased by $397,000	First Capital, Inc. (FCAP), Q3 2025
Noninterest Expense Increase (YoY)	Increased by $0.54 million	First Capital, Inc. (FCAP), Q3 2025
Occupancy/Equipment Expense Increase Component	+$331,000	Component of Noninterest Expense Increase (FCAP, Q3 2025)
Quarterly Dividend Paid	$0.31 per share	First Capital, Inc. (FCAP), Q3 2025

Capital expenditures for property development and redevelopment are a major planned outlay for the real estate arm. First Capital REIT has an aggregate investment planned of approximately $500 million into property development and redevelopment. For the nine months ended September 30, 2025, capital was invested into the business totaling $160 million, with $43 million of that being development-related expenditures in the third quarter alone.

Distribution payments to unitholders for the REIT are reflected in the Operating FFO per unit. Operating FFO for Q3 2025 was approximately $72 million, resulting in an Operating FFO per Diluted Unit of $0.33 for the quarter.

You should note the following specific expense drivers mentioned:

• Property operating expenses included costs associated with snow removal.
• Noninterest expenses included higher compensation and benefits.
• Noninterest expenses included costs from branch demolition/rebuild.
• Capital investments included expenditures for Yonge and Roselawn development.

First Capital, Inc. (FCAP) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for First Capital, Inc. (FCAP) as of late 2025, focusing on how the business converts its assets into cash flow. The model is heavily weighted toward recurring rental income, supplemented by strategic capital events.

The primary revenue engine is property rental revenue from leases. For the second quarter of 2025, this figure stood at $180.2 million. This recurring base is being actively strengthened through pricing power in the leasing market. We saw Same Property Net Operating Income (NOI) growth of 6.4% in the third quarter of 2025, which is a solid indicator of operational health in the existing portfolio.

To give you a clearer picture of the Q3 2025 operational performance that feeds into that NOI growth, here are some key metrics:

Metric	Value (Q3 2025)	Context
Same Property NOI (Excluding Fees/Bad Debt)	$111 million	Represents 95% of total NOI
Same Property NOI Growth (Excluding Fees/Bad Debt)	6.4%	Year-over-year increase
Portfolio Occupancy	97.1%	Slightly down from 97.2% in Q2
Average In-Place Net Rental Rate	$24.57 per square foot	An all-time high

Beyond base rent, non-recurring income streams provide important boosts. Lease termination fees and other income for Q3 2025 included $0.9 million in termination fees. Management is defintely expecting this to continue, guiding for upwards of $1 million of additional lease termination income in the fourth quarter of this year.

Leasing activity itself is a major component of top-line growth. The renewal spreads are quite strong, showing tenants are paying more to stay in place. Here's what the leasing activity looked like in the third quarter:

• Lease renewals volume: Approximately 550,000 square feet across 146 spaces.
• Net rental rate increase on renewals: 13.5% year one vs. expiring term.
• Contractual growth rates: Approximately 3/4 of renewed leases included these escalations.

Capital recycling is another planned revenue stream, though less frequent. The company is targeting $750 million in cumulative proceeds from strategic property dispositions. These sales help fund acquisitions and development, which are future revenue generators.

Finally, the bottom line for unitholders reflects the success of all these activities, though it is impacted by non-cash items like investment property valuation changes. Net income attributable to unitholders for Q3 2025 was $66.6 million, or $0.31 per diluted unit. This compares to $81.1 million, or $0.38 per diluted unit, in the same prior year period, with the difference largely due to a smaller increase in investment property value in Q3 2025 ($1.1 million) versus Q3 2024 ($18.9 million).