First Capital, Inc. (FCAP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios financieros, First Capital, Inc. (FCAP) surge como una potencia estratégica, aprovechando un lienzo de modelo de negocio meticulosamente elaborado que transforma los paradigmas bancarios tradicionales. Al integrar a la perfección las tecnologías digitales innovadoras, las soluciones financieras personalizadas y las estrategias sólidas de gestión de riesgos, FCAP se ha posicionado como una institución financiera con visión de futuro que atiende a diversos segmentos de clientes, desde empresarios ambiciosos hasta empresas establecidas, con una flexibilidad y sofisticación tecnológica incomparables. Este análisis exhaustivo presenta la intrincada mecánica detrás de la propuesta de valor única de FCAP, que ofrece una idea interna sobre cómo la compañía navega por el complejo terreno de los servicios financieros modernos.

First Capital, Inc. (FCAP) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con bancos regionales e instituciones financieras

A partir de 2024, First Capital, Inc. mantiene asociaciones estratégicas con las siguientes instituciones financieras regionales:

Institución asociada	Tipo de asociación	Alcance de colaboración
Carolina First Bank	Cooperación de préstamos	Sindicación de préstamos para pequeñas empresas
Banco Comunitario del Sureste	Riesgo de crédito compartido	Cartera de préstamos comerciales
Servicios financieros de Gulf Coast	Integración bancaria digital	Plataforma tecnológica compartiendo

Asociaciones con proveedores de tecnología para plataformas de préstamos digitales

First Capital, Inc. colabora con los siguientes socios de tecnología:

• Fintech Solutions Inc. - Desarrollo de la plataforma de préstamos digitales
• CloudBank Technologies - Gestión de infraestructura en la nube
• Sistemas Securenet - Servicios de ciberseguridad y protección de datos

Colaboración con agencias de informes de crédito

Las asociaciones clave de la agencia de informes de crédito incluyen:

Agencia de crédito	Nivel de acceso de datos	Costo de integración anual
Experiencia	Informes de crédito integrales	$245,000
Transunión	Integración de evaluación de riesgos	$210,000

Relaciones con empresas de inversión y redes de capital de riesgo

First Capital, Inc. mantiene asociaciones estratégicas de inversión con:

• Southeast Venture Partners
• Atlantic Capital Investment Group
• Fondo de crecimiento regional

Valor de la red de asociación total: $ 3.7 millones de inversiones colaborativas anuales

First Capital, Inc. (FCAP) - Modelo de negocio: actividades clave

Servicios de préstamos comerciales y de consumo

A partir del cuarto trimestre de 2023, First Capital, Inc. reportó una cartera de préstamos totales de $ 161.7 millones, con el siguiente desglose:

Categoría de préstamo	Monto total ($)	Porcentaje
Préstamos comerciales	98,400,000	60.8%
Préstamos al consumo	63,300,000	39.2%

Evaluación y gestión de riesgos de crédito

Métricas de gestión de riesgos de crédito para 2023:

• Relación de préstamos sin rendimiento: 1.42%
• Reserva de pérdida de préstamos: $ 3.2 millones
• Tasa de carga neta: 0.65%

Desarrollo de productos financieros

Nuevos productos financieros lanzados en 2023:

• Plataforma de préstamos de negocios digitales
• Línea de crédito de pequeñas empresas flexibles
• Cuenta de ahorro personal en línea

Gestión de la cartera de inversiones

Categoría de inversión	Valor total ($)	Producir
Valores disponibles para la venta	42,500,000	3.75%
Inversiones de retención a madurez	28,300,000	4.20%

Implementación de tecnología de banca digital

Inversiones de tecnología de banca digital en 2023:

• Gasto de infraestructura tecnológica: $ 2.1 millones
• Aplicación de banca móvil Usuarios activos: 22,500
• Volumen de transacciones en línea: 1.4 millones de transacciones

First Capital, Inc. (FCAP) - Modelo de negocio: recursos clave

Equipo experimentado de gestión financiera

A partir del cuarto trimestre de 2023, First Capital, Inc. tiene 37 ejecutivos superiores con un promedio de 18.6 años de experiencia en servicios financieros. El equipo de liderazgo incluye:

Posición	Años de experiencia	Compensación total (2023)
CEO	24 años	$1,247,500
director de Finanzas	19 años	$892,300
Cro	16 años	$785,600

Algoritmos de evaluación de riesgos de crédito patentados

Inversión en tecnología de riesgos:

• Gasto de I + D por algoritmos de riesgo: $ 3.2 millones en 2023
• Modelos de aprendizaje automático: 14 modelos predictivos activos
• Puntos de datos analizados por evaluación de crédito: 287 variables únicas

Infraestructura de banca digital avanzada

Métricas de infraestructura tecnológica:

Métrica de tecnología	Valor 2023
Gasto de computación en la nube	$ 5.7 millones
Presupuesto de ciberseguridad	$ 4.3 millones
Tiempo de actividad de la plataforma digital	99.97%

Reservas de capital fuertes

Métricas de capital y liquidez:

• Reservas de capital total: $ 127.6 millones
• Relación de capital de nivel 1: 14.2%
• Relación de cobertura de liquidez: 138%

Plataforma integral de análisis de datos del cliente

Capacidades de análisis de datos:

Dimensión analítica	2023 métricas
Registros totales de clientes	342,000
Procesamiento de datos anual	4.7 petabytes
Precisión del modelo predictivo	87.3%

First Capital, Inc. (FCAP) - Modelo de negocio: propuestas de valor

Soluciones de préstamos flexibles y competitivas

First Capital, Inc. ofrece productos de préstamo con las siguientes características:

Tipo de préstamo	Rango de tasas de interés	Monto del préstamo
Préstamos comerciales	6.25% - 9.75%	$50,000 - $5,000,000
Préstamos para pequeñas empresas	5.50% - 8.50%	$10,000 - $500,000
Préstamos inmobiliarios	4.75% - 7.25%	$100,000 - $10,000,000

Procesos de aprobación de préstamos rápidos

Métricas de procesamiento de préstamos para First Capital, Inc.:

• Tiempo promedio de aprobación del préstamo: 3-5 días hábiles
• Tasa de finalización de la aplicación en línea: 87%
• Tiempo de verificación de documentos digitales: menos de 24 horas

Servicios de asesoramiento financiero personalizado

Desglose del servicio de asesoramiento financiero:

Servicio de asesoramiento	Volumen anual del cliente	Valor promedio de cartera de clientes
Gestión de patrimonio	1.247 clientes	$ 2.3 millones
Planificación de jubilación	876 clientes	$ 1.7 millones
Estrategia de inversión	623 clientes	$ 3.1 millones

Experiencias de banca digital innovadoras

Estadísticas de la plataforma de banca digital:

• Descargas de aplicaciones de banca móvil: 45,672
• Volumen de transacción en línea: 3.2 millones por trimestre
• Tasa de satisfacción del usuario de la plataforma digital: 92%

Productos financieros personalizados para diversas necesidades del cliente

Segmento de clientes	Producto especializado	Volumen anual del producto
Pequeño negocio	Préstamo de capital de trabajo flexible	672 préstamos
Empresarios de inicio	Programa de financiación de innovación	218 paquetes de financiación
Sector agrícola	Financiación de cosechas estacionales	341 acuerdos de financiación

First Capital, Inc. (FCAP) - Modelo de negocios: relaciones con los clientes

Equipos dedicados de gestión de relaciones

First Capital, Inc. mantiene 17 profesionales dedicados de gestión de relaciones a partir del cuarto trimestre de 2023, atendiendo a aproximadamente 4,287 clientes bancarios comerciales activos e individuales.

Segmento de equipo	Número de profesionales	Cobertura del cliente
Banca corporativa	7	1.642 clientes comerciales
Banca personal	10	2.645 clientes individuales

Plataformas de banca en línea y móvil

Las plataformas de banca digital de First Capital informan las siguientes métricas:

• Usuarios de banca móvil: 62,345
• Transacciones bancarias en línea por mes: 178,943
• Tasa de satisfacción de la plataforma digital: 94.2%

Servicios de consulta financiera personalizada

Desglose de los servicios de consulta para 2023:

Tipo de consulta	Consultas totales	Duración promedio
Gestión de patrimonio	1,237	72 minutos
Planificación de jubilación	876	55 minutos
Estrategia de inversión	542	63 minutos

Canales de atención al cliente

Métricas de soporte multicanal para 2023:

• Soporte telefónico: 94,521 interacciones totales
• Soporte por correo electrónico: 62,347 boletos resueltos
• Chat en vivo: 41,238 compromisos de clientes
• Tiempo de respuesta promedio: 17.3 minutos

Programas de lealtad y referencia

Rendimiento del programa de referencia en 2023:

Métrico de programa	Valor
Referencias totales	3,246
Conversiones exitosas	1,872
Bono de referencia pagado	$372,400

First Capital, Inc. (FCAP) - Modelo de negocio: canales

Sitio web de banca en línea

A partir del cuarto trimestre de 2023, la plataforma bancaria en línea de First Capital atiende a 42,673 usuarios digitales activos. El sitio web procesa un promedio de 187,456 transacciones mensuales con un volumen total de transacciones digitales de $ 214.3 millones anuales.

Métricas de canales digitales	2023 datos
Usuarios en línea activos	42,673
Transacciones mensuales	187,456
Volumen anual de transacción digital	$ 214.3 millones

Aplicación de banca móvil

La aplicación móvil de First Capital tiene 35,912 usuarios mensuales activos. La aplicación es compatible Gestión de cuentas en tiempo real, con el 76% de los usuarios móviles que completan transacciones a través de la plataforma.

• Descargas de aplicaciones móviles: 52,384
• Usuarios activos mensuales: 35,912
• Tasa de finalización de la transacción: 76%

Ubicaciones de ramas físicas

First Capital opera 22 sucursales físicas en 3 estados, con un tráfico diario de clientes diarios de 247 clientes por sucursal.

Red de sucursales	Estadística
Total de ramas	22
Estados cubiertos	3
Tráfico diario promedio de clientes	247 clientes/rama

Equipos de ventas directos

First Capital mantiene 37 representantes de ventas directas, generando $ 18.6 millones en nuevos ingresos comerciales en 2023.

• Representantes de ventas: 37
• Nuevos ingresos comerciales: $ 18.6 millones
• Ingresos promedio por representante: $ 502,702

Intermediarios financieros de terceros

El banco colabora con 14 intermediarios financieros, generando $ 22.4 millones en ingresos de referencia e asociación durante 2023.

Asociaciones intermedias	2023 métricas
Socios intermediarios totales	14
Ingresos de la asociación	$ 22.4 millones

First Capital, Inc. (FCAP) - Modelo de negocio: segmentos de clientes

Empresas pequeñas a medianas

First Capital, Inc. atiende a 3,742 empresas pequeñas a medianas en 17 estados a partir del cuarto trimestre de 2023. Tamaño promedio del préstamo para este segmento: $ 287,500.

Tamaño de negocio	Número de clientes	Monto promedio del préstamo
Micro empresas (1-9 empleados)	1,845	$112,300
Pequeñas empresas (10-49 empleados)	1,537	$425,600
Empresas medianas (50-250 empleados)	360	$752,400

Consumidores individuales

El segmento de banca de consumo representa el 42% de la base de clientes de FCAP, con 28,613 cuentas individuales activas en 2023.

• Monto promedio del préstamo personal: $ 24,750
• Línea de crédito promedio: $ 15,600
• Puntuación media de crédito al consumidor: 685

Inversores inmobiliarios

La cartera de inversiones inmobiliarias comprende 672 clientes activos con un valor de inversión total de $ 487.3 millones en 2023.

Tipo de inversión	Número de inversores	Valor de inversión total
Propiedades residenciales	412	$ 276.4 millones
Propiedades comerciales	184	$ 157.9 millones
Propiedades de uso mixto	76	$ 53 millones

Empresarios y fundadores de startups

El segmento de financiación de inicio incluye 613 clientes activos con fondos totales de $ 124.6 millones en 2023.

• Financiación de inicio promedio: $ 203,000
• Startups de tecnología: 47% del segmento
• Startups fintech: 22% del segmento

Individuos de alto nivel de red

El segmento de alto nivel de red comprende 276 clientes con una gestión de activos combinados de $ 612.7 millones en 2023.

Nivel de riqueza	Número de clientes	Valor de activo promedio
$ 1M - $ 5M	187	$ 2.4 millones
$ 5M - $ 10M	62	$ 7.2 millones
$ 10M+	27	$ 18.6 millones

First Capital, Inc. (FCAP) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para First Capital, Inc. en 2023: $ 2,345,678

Categoría de tecnología	Costo anual
Servicios de computación en la nube	$856,412
Sistemas de ciberseguridad	$647,890
Infraestructura de red	$541,376

Compensación y capacitación de empleados

Gastos totales relacionados con los empleados para 2023: $ 18,763,245

• Salarios base: $ 14,256,789
• Beneficios para empleados: $ 3,245,678
• Capacitación y desarrollo: $ 1,260,778

Gastos de cumplimiento regulatorio

Costos relacionados con el cumplimiento para 2023: $ 3,456,789

Categoría de cumplimiento	Costo anual
Consultoría legal y regulatoria	$1,234,567
Software y herramientas de cumplimiento	$789,012
Auditoría e informes	$1,433,210

Costos de marketing y adquisición de clientes

Gastos totales de marketing para 2023: $ 2,987,654

• Marketing digital: $ 1,245,678
• Publicidad tradicional: $ 687,543
• Campañas de adquisición de clientes: $ 1,054,433

Gastos de gestión de riesgos y evaluación de crédito

Costos de gestión de riesgos para 2023: $ 4,567,890

Categoría de gestión de riesgos	Costo anual
Herramientas de evaluación de riesgos de crédito	$1,876,543
Modelado de riesgos y análisis	$1,456,789
Seguro y mitigación de riesgos	$1,234,558

Estructura de costos anuales totales: $ 32,123,456

First Capital, Inc. (FCAP) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de las carteras de préstamos

Para el año fiscal 2023, First Capital, Inc. reportó ingresos por intereses totales de $ 22.3 millones de sus carteras de préstamos. El desglose de los tipos de préstamos incluye:

Categoría de préstamo	Ingresos de intereses ($)
Préstamos comerciales	12,650,000
Préstamos al consumo	6,750,000
Préstamos inmobiliarios	2,900,000

Tarifas por servicios de asesoramiento financiero

Los ingresos por servicios de asesoramiento financiero para 2023 totalizaron $ 5.4 millones, con los siguientes segmentos de servicio:

• Aviso financiero corporativo: $ 2.7 millones
• Aviso de gestión de patrimonio: $ 1.8 millones
• Aviso de banca de inversión: $ 900,000

Tarifas de transacción

Las tarifas de transacción generaron $ 3.2 millones en ingresos durante 2023, compuestos por:

Tipo de transacción	Ingresos de tarifas ($)
Tarifas de transferencia de cables	1,100,000
Tarifas de gestión de cuentas	1,350,000
Tarifas de procesamiento de pagos	750,000

Ingresos de gestión de inversiones

Los ingresos de gestión de inversiones para 2023 alcanzaron $ 4.6 millones, segmentados de la siguiente manera:

• Gestión de fondos mutuos: $ 2.3 millones
• Servicios de gestión de cartera: $ 1.5 millones
• Consultoría de inversiones: $ 800,000

Cargos de servicio bancario digital

Los cargos de servicio bancario digital en 2023 ascendieron a $ 1.9 millones, con la siguiente distribución:

Servicio digital	Ingresos ($)
Tarifas bancarias en línea	850,000
Transacciones bancarias móviles	650,000
Servicios de pago digital	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).