First Capital, Inc. (FCAP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des services financiers, First Capital, Inc. (FCAP) apparaît comme une puissance stratégique, tirant parti d'une toile de modèle commercial méticuleusement conçu qui transforme les paradigmes bancaires traditionnels. En intégrant de manière transparente des technologies numériques innovantes, des solutions financières personnalisées et des stratégies de gestion des risques robustes, FCAP s'est positionné comme une institution financière avant-gardiste qui s'adresse à divers segments de clients - des entrepreneurs ambitieux à des entreprises établies - avec une flexibilité inégalée et une sophistication technologique. Cette analyse complète dévoile les mécanismes complexes de la proposition de valeur unique de FCAP, offrant un aperçu d'un initié sur la façon dont la société navigue sur le terrain complexe des services financiers modernes.

First Capital, Inc. (FCAP) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les banques régionales et les institutions financières

En 2024, First Capital, Inc. maintient des partenariats stratégiques avec les institutions financières régionales suivantes:

Institution partenaire	Type de partenariat	Portée de collaboration
Carolina First Bank	Coopération des prêts	Syndication des prêts aux petites entreprises
Banque communautaire du sud-est	Partage des risques de crédit	Portefeuille de prêts commerciaux
Services financiers de la côte du golfe	Intégration bancaire numérique	Partage de plate-forme technologique

Partenariats avec les fournisseurs de technologies pour les plateformes de prêt numérique

First Capital, Inc. collabore avec les partenaires technologiques suivants:

• FinTech Solutions Inc. - Développement de la plate-forme de prêt numérique
• CloudBank Technologies - Cloud Infrastructure Management
• SecureNet Systems - Services de cybersécurité et de protection des données

Collaboration avec les agences de rapport de crédit

Les partenariats clés de l'agence de rapport de crédit comprennent:

Agence de crédit	Niveau d'accès aux données	Coût d'intégration annuel
Expérien	Reportage de crédit complet	$245,000
Transunion	Intégration d'évaluation des risques	$210,000

Relations avec les entreprises d'investissement et les réseaux de capital-risque

First Capital, Inc. maintient des partenariats d'investissement stratégiques avec:

• Southeast Venture Partners
• ATLANTIC CAPITAL Investment Group
• Fonds de croissance régionale

Valeur totale du réseau de partenariat: 3,7 millions de dollars investissements collaboratifs annuels

First Capital, Inc. (FCAP) - Modèle d'entreprise: activités clés

Services de prêt commercial et de consommation

Au quatrième trimestre 2023, First Capital, Inc. a déclaré un portefeuille total de prêts de 161,7 millions de dollars, avec la ventilation suivante:

Catégorie de prêt	Montant total ($)	Pourcentage
Prêts commerciaux	98,400,000	60.8%
Prêts à la consommation	63,300,000	39.2%

Évaluation et gestion des risques de crédit

Mesures de gestion des risques de crédit pour 2023:

• Ratio de prêts non performants: 1,42%
• Réserve de perte de prêt: 3,2 millions de dollars
• Taux de charge net: 0,65%

Développement de produits financiers

De nouveaux produits financiers lancés en 2023:

• Plateforme de prêt commercial numérique
• Ligne de crédit flexible pour une petite entreprise
• Compte d'épargne en ligne personnel

Gestion du portefeuille d'investissement

Catégorie d'investissement	Valeur totale ($)	Rendement
Titres disponibles à la vente	42,500,000	3.75%
Investissements détenus	28,300,000	4.20%

Mise en œuvre de la technologie bancaire numérique

Investissements en technologie bancaire numérique en 2023:

• Dépenses d'infrastructure technologique: 2,1 millions de dollars
• Application bancaire mobile utilisateurs actifs: 22 500
• Volume de transaction en ligne: 1,4 million de transactions

First Capital, Inc. (FCAP) - Modèle d'entreprise: Ressources clés

Équipe de gestion financière expérimentée

Au quatrième trimestre 2023, First Capital, Inc. compte 37 cadres supérieurs avec une moyenne de 18,6 ans d'expérience en services financiers. L'équipe de direction comprend:

Position	Années d'expérience	Compensation totale (2023)
PDG	24 ans	$1,247,500
Directeur financier	19 ans	$892,300
Cro	16 ans	$785,600

Algorithmes d'évaluation des risques de crédit propriétaires

Investissement dans la technologie des risques:

• Dépenses de R&D pour les algorithmes de risque: 3,2 millions de dollars en 2023
• Modèles d'apprentissage automatique: 14 modèles prédictifs actifs
• Points de données analysés par évaluation du crédit: 287 variables uniques

Infrastructure bancaire numérique avancée

Métriques des infrastructures technologiques:

Métrique technologique	Valeur 2023
Dépenses de cloud computing	5,7 millions de dollars
Budget de cybersécurité	4,3 millions de dollars
Time de disponibilité de la plate-forme numérique	99.97%

Solides réserves de capital

Métriques de capital et de liquidité:

• Total des réserves de capital: 127,6 millions de dollars
• Ratio de capital de niveau 1: 14,2%
• Ratio de couverture de liquidité: 138%

Plateforme complète d'analyse des données client

Capacités d'analyse des données:

Dimension d'analyse	2023 métriques
Records clients totaux	342,000
Traitement annuel des données	4.7 pétaoctets
Précision prédictive du modèle	87.3%

First Capital, Inc. (FCAP) - Modèle d'entreprise: propositions de valeur

Solutions de prêt flexibles et compétitives

First Capital, Inc. propose des produits de prêt avec les caractéristiques suivantes:

Type de prêt	Fourchette de taux d'intérêt	Montant du prêt
Prêts commerciaux	6.25% - 9.75%	$50,000 - $5,000,000
Prêts aux petites entreprises	5.50% - 8.50%	$10,000 - $500,000
Prêts immobiliers	4.75% - 7.25%	$100,000 - $10,000,000

Processus d'approbation des prêts rapides

Métriques de traitement des prêts pour First Capital, Inc .:

• Temps d'approbation du prêt moyen: 3-5 jours ouvrables
• Taux d'achèvement de l'application en ligne: 87%
• Temps de vérification du document numérique: moins de 24 heures

Services de conseil financier personnalisés

Répartition des services de conseil financier:

Service consultatif	Volume annuel du client	Valeur moyenne du portefeuille client
Gestion de la richesse	1 247 clients	2,3 millions de dollars
Planification de la retraite	876 clients	1,7 million de dollars
Stratégie d'investissement	623 clients	3,1 millions de dollars

Expériences bancaires numériques innovantes

Statistiques de la plate-forme bancaire numérique:

• Téléchargements d'applications bancaires mobiles: 45 672
• Volume de transaction en ligne: 3,2 millions par trimestre
• Taux de satisfaction des utilisateurs de la plate-forme numérique: 92%

Produits financiers sur mesure pour divers besoins des clients

Segment de clientèle	Produit spécialisé	Volume annuel de produits
Petite entreprise	Prêt de fonds de roulement flexible	672 prêts
Entrepreneurs de startup	Programme de financement de l'innovation	218 forfaits de financement
Secteur agricole	Financement de la récolte saisonnière	341 accords de financement

First Capital, Inc. (FCAP) - Modèle d'entreprise: relations avec les clients

Équipes de gestion des relations dédiées

First Capital, Inc. maintient 17 professionnels de la gestion des relations dédiés au quatrième trimestre 2023, desservant environ 4 287 clients commerciaux actifs et bancaires individuels.

Segment d'équipe	Nombre de professionnels	Couverture client
Banque commerciale	7	1 642 clients commerciaux
Banque personnelle	10	2 645 clients individuels

Plateformes bancaires en ligne et mobiles

Les plates-formes bancaires numériques de First Capital rapportent les mesures suivantes:

• Utilisateurs de la banque mobile: 62 345
• Transactions bancaires en ligne par mois: 178 943
• Taux de satisfaction de la plate-forme numérique: 94,2%

Services de consultation financière personnalisés

Répartition des services de consultation pour 2023:

Type de consultation	Consultations totales	Durée moyenne
Gestion de la richesse	1,237	72 minutes
Planification de la retraite	876	55 minutes
Stratégie d'investissement	542	63 minutes

Canaux de support client

Métriques de support multicanaux pour 2023:

• Prise en charge du téléphone: 94 521 interactions totales
• Assistance par e-mail: 62 347 billets résolus
• Chat en direct: 41 238 engagements clients
• Temps de réponse moyen: 17,3 minutes

Programmes de fidélité et de référence

Performance du programme de référence en 2023:

Métrique du programme	Valeur
Références totales	3,246
Conversions réussies	1,872
Bonus de référence payé	$372,400

First Capital, Inc. (FCAP) - Modèle d'entreprise: canaux

Site Web de banque en ligne

Au quatrième trimestre 2023, la plate-forme bancaire en ligne de First Capital dessert 42 673 utilisateurs numériques actifs. Le site Web traite en moyenne 187 456 transactions mensuelles avec un volume de transactions numériques total de 214,3 millions de dollars par an.

Métriques des canaux numériques	2023 données
Utilisateurs en ligne actifs	42,673
Transactions mensuelles	187,456
Volume annuel de transaction numérique	214,3 millions de dollars

Application bancaire mobile

L'application mobile de First Capital compte 35 912 utilisateurs mensuels actifs. L'application prend en charge Gestion de compte en temps réel, avec 76% des utilisateurs mobiles terminant des transactions via la plate-forme.

• Téléchargements d'applications mobiles: 52 384
• Utilisateurs actifs mensuels: 35 912
• Taux d'achèvement des transactions: 76%

Emplacements de branche physiques

First Capital exploite 22 succursales physiques dans 3 États, avec un trafic client quotidien moyen de 247 clients par succursale.

Réseau de succursale	Statistiques
Total des succursales	22
États couverts	3
Trafic client quotidien moyen	247 clients / succursale

Équipes de vente directes

First Capital maintient 37 représentants des ventes directes, générant 18,6 millions de dollars de revenus de nouveaux activités en 2023.

• Représentants commerciaux: 37
• Revenus de nouvelles entreprises: 18,6 millions de dollars
• Revenu moyen par représentant: 502 702 $

Intermédiaires financiers tiers

La banque collabore avec 14 intermédiaires financiers, générant 22,4 millions de dollars de revenus de référence et de partenariat au cours de 2023.

Partenariats intermédiaires	2023 métriques
Partenaires intermédiaires totaux	14
Revenus de partenariat	22,4 millions de dollars

First Capital, Inc. (FCAP) - Modèle d'entreprise: segments de clientèle

Petites et moyennes entreprises

First Capital, Inc. dessert 3 742 petites et moyennes entreprises dans 17 États au T2 2023. Taille moyenne du prêt pour ce segment: 287 500 $.

Taille de l'entreprise	Nombre de clients	Montant moyen du prêt
Micro-entreprises (1-9 employés)	1,845	$112,300
Petites entreprises (10-49 employés)	1,537	$425,600
Entreprises moyennes (50-250 employés)	360	$752,400

Consommateurs individuels

Le segment de la banque de consommation représente 42% de la clientèle de FCAP, avec 28 613 comptes individuels actifs en 2023.

• Montant moyen de prêt personnel: 24 750 $
• Ligne de crédit moyenne: 15 600 $
• Score de crédit à la consommation médiane: 685

Investisseurs immobiliers

Le portefeuille d'investissement immobilier comprend 672 clients actifs d'une valeur d'investissement totale de 487,3 millions de dollars en 2023.

Type d'investissement	Nombre d'investisseurs	Valeur d'investissement totale
Propriétés résidentielles	412	276,4 millions de dollars
Propriétés commerciales	184	157,9 millions de dollars
Propriétés à usage mixte	76	53 millions de dollars

Entrepreneurs et fondateurs de startups

Le segment du financement des startups comprend 613 clients actifs avec un financement total de 124,6 millions de dollars en 2023.

• Financement moyen des startups: 203 000 $
• Startups technologiques: 47% du segment
• Startups fintech: 22% du segment

Individus à haute nette

Le segment à forte intensité comprend 276 clients avec une gestion combinée des actifs de 612,7 millions de dollars en 2023.

Niveau de richesse	Nombre de clients	Valeur de l'actif moyen
1 M $ - 5 M $	187	2,4 millions de dollars
5 M $ - 10 M $	62	7,2 millions de dollars
10 M $ +	27	18,6 millions de dollars

First Capital, Inc. (FCAP) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour First Capital, Inc. en 2023: 2 345 678 $

Catégorie de technologie	Coût annuel
Services de cloud computing	$856,412
Systèmes de cybersécurité	$647,890
Infrastructure réseau	$541,376

Compensation et formation des employés

Total des dépenses liées aux employés pour 2023: 18 763 245 $

• Salaires de base: 14 256 789 $
• Avantages sociaux: 3 245 678 $
• Formation et développement: 1 260 778 $

Frais de conformité réglementaire

Coûts liés à la conformité pour 2023: 3 456 789 $

Catégorie de conformité	Coût annuel
Conseil juridique et réglementaire	$1,234,567
Logiciel et outils de conformité	$789,012
Audit et rapport	$1,433,210

Coûts de marketing et d'acquisition des clients

Total des dépenses de marketing pour 2023: 2 987 654 $

• Marketing numérique: 1 245 678 $
• Publicité traditionnelle: 687 543 $
• Campagnes d'acquisition de clients: 1 054 433 $

Frais de gestion des risques et d'évaluation du crédit

Coûts de gestion des risques pour 2023: 4 567 890 $

Catégorie de gestion des risques	Coût annuel
Outils d'évaluation des risques de crédit	$1,876,543
Modélisation et analyse des risques	$1,456,789
Assurance et atténuation des risques	$1,234,558

Structure totale des coûts annuels: 32 123 456 $

First Capital, Inc. (FCAP) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des portefeuilles de prêts

Pour l'exercice 2023, First Capital, Inc. a déclaré un revenu total d'intérêts de 22,3 millions de dollars par rapport à ses portefeuilles de prêts. La ventilation des types de prêts comprend:

Catégorie de prêt	Revenu des intérêts ($)
Prêts commerciaux	12,650,000
Prêts à la consommation	6,750,000
Prêts immobiliers	2,900,000

Frais pour les services de conseil financier

Les revenus du service de conseil financier pour 2023 ont totalisé 5,4 millions de dollars, les segments de service suivants:

• Conseil financier des entreprises: 2,7 millions de dollars
• Conseil de gestion de la patrimoine: 1,8 million de dollars
• Conseil des banques d'investissement: 900 000 $

Frais de transaction

Les frais de transaction ont généré 3,2 millions de dollars de revenus en 2023, composé de:

Type de transaction	Revenus de frais ($)
Frais de transfert de fil	1,100,000
Frais de gestion des comptes	1,350,000
Frais de traitement des paiements	750,000

Revenus de gestion des investissements

Les revenus de la gestion des investissements pour 2023 ont atteint 4,6 millions de dollars, segmenté comme suit:

• Gestion des fonds communs de placement: 2,3 millions de dollars
• Services de gestion du portefeuille: 1,5 million de dollars
• Conseil en placement: 800 000 $

Frais de service bancaire numérique

Les frais de service bancaire numérique en 2023 s'élevaient à 1,9 million de dollars, la distribution suivante:

Service numérique	Revenus ($)
Frais bancaires en ligne	850,000
Transactions bancaires mobiles	650,000
Services de paiement numérique	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).