First Capital, Inc. (FCAP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos serviços financeiros, a First Capital, Inc. (FCAP) surge como uma potência estratégica, alavancando uma tela de modelo de negócios meticulosamente criada que transforma os paradigmas bancários tradicionais. Ao integrar perfeitamente tecnologias digitais inovadoras, soluções financeiras personalizadas e estratégias robustas de gerenciamento de riscos, o FCAP se posicionou como uma instituição financeira de visão de futuro que atende a diversos segmentos de clientes-de empreendedores ambiciosos a empresas estabelecidas-com flexibilidade e sofisticação tecnológica incomparáveis. Essa análise abrangente revela a intrincada mecânica por trás da proposta de valor exclusiva da FCAP, oferecendo vislumbre de um insider sobre como a empresa navega no complexo terreno dos serviços financeiros modernos.

First Capital, Inc. (FCAP) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com bancos regionais e instituições financeiras

A partir de 2024, a First Capital, Inc. mantém parcerias estratégicas com as seguintes instituições financeiras regionais:

Instituição parceira	Tipo de parceria	Escopo de colaboração
Carolina Primeiro Banco	Cooperação empréstimos	Deconomia de empréstimo para pequenas empresas
Banco Comunitário do Sudeste	Compartilhamento de risco de crédito	Portfólio de empréstimos comerciais
Serviços Financeiros da Costa do Golfo	Integração bancária digital	Compartilhamento de plataforma de tecnologia

Parcerias com provedores de tecnologia para plataformas de empréstimos digitais

A First Capital, Inc. colabora com os seguintes parceiros de tecnologia:

• Fintech Solutions Inc. - Desenvolvimento da plataforma de empréstimos digitais
• CloudBank Technologies - Gerenciamento de infraestrutura em nuvem
• Sistemas SecureNet - Serviços de segurança cibernética e proteção de dados

Colaboração com agências de relatórios de crédito

As parcerias principais da agência de relatórios de crédito incluem:

Agência de crédito	Nível de acesso a dados	Custo de integração anual
Experian	Relatórios de crédito abrangentes	$245,000
Transmunião	Integração de avaliação de risco	$210,000

Relacionamentos com empresas de investimento e redes de capital de risco

A First Capital, Inc. mantém parcerias estratégicas de investimento com:

• Southeast Venture Partners
• Grupo de Investimento de Capital Atlântico
• Fundo de Crescimento Regional

Valor da rede total de parcerias: US $ 3,7 milhões para investimentos colaborativos anuais

First Capital, Inc. (FCAP) - Modelo de negócios: atividades -chave

Serviços de empréstimos comerciais e de consumo

A partir do quarto trimestre de 2023, a First Capital, Inc. relatou uma carteira de empréstimos total de US $ 161,7 milhões, com a seguinte quebra:

Categoria de empréstimo	Valor total ($)	Percentagem
Empréstimos comerciais	98,400,000	60.8%
Empréstimos ao consumidor	63,300,000	39.2%

Avaliação e gerenciamento de risco de crédito

Métricas de gerenciamento de risco de crédito para 2023:

• Razão de empréstimos sem desempenho: 1,42%
• Reserva de perda de empréstimo: US $ 3,2 milhões
• Taxa de cobrança líquida: 0,65%

Desenvolvimento de produtos financeiros

Novos produtos financeiros lançados em 2023:

• Plataforma de empréstimo de negócios digital
• Linha de crédito para pequenas empresas flexíveis
• Conta de poupança online pessoal

Gerenciamento de portfólio de investimentos

Categoria de investimento	Valor total ($)	Colheita
Valores mobiliários disponíveis para venda	42,500,000	3.75%
Investimentos mantidos em vencimento	28,300,000	4.20%

Implementação de tecnologia bancária digital

Investimentos de tecnologia bancária digital em 2023:

• Gastos de infraestrutura de tecnologia: US $ 2,1 milhões
• Usuários ativos do aplicativo bancário móvel: 22.500
• Volume de transações online: 1,4 milhão de transações

First Capital, Inc. (FCAP) - Modelo de negócios: Recursos -chave

Equipe de gestão financeira experiente

A partir do quarto trimestre de 2023, a First Capital, Inc. possui 37 executivos seniores, com uma média de 18,6 anos de experiência em serviços financeiros. A equipe de liderança inclui:

Posição	Anos de experiência	Compensação total (2023)
CEO	24 anos	$1,247,500
Diretor Financeiro	19 anos	$892,300
Cro	16 anos	$785,600

Algoritmos de avaliação de risco de crédito proprietários

Investimento em tecnologia de risco:

• Despesas de P&D para algoritmos de risco: US $ 3,2 milhões em 2023
• Modelos de aprendizado de máquina: 14 modelos preditivos ativos
• Pontos de dados analisados ​​por avaliação de crédito: 287 variáveis ​​exclusivas

Infraestrutura bancária digital avançada

Métricas de infraestrutura de tecnologia:

Métrica de tecnologia	2023 valor
Gasto de computação em nuvem	US $ 5,7 milhões
Orçamento de segurança cibernética	US $ 4,3 milhões
Tempo de atividade da plataforma digital	99.97%

Fortes reservas de capital

Métricas de capital e liquidez:

• Total de reservas de capital: US $ 127,6 milhões
• Tier 1 Capital Ratio: 14,2%
• Taxa de cobertura de liquidez: 138%

Plataforma abrangente de análise de dados do cliente

Recursos de análise de dados:

Dimensão analítica	2023 Métricas
Total de registros do cliente	342,000
Processamento anual de dados	4.7 Petabytes
Precisão do modelo preditivo	87.3%

First Capital, Inc. (FCAP) - Modelo de Negócios: Proposições de Valor

Soluções de empréstimo flexíveis e competitivas

A First Capital, Inc. oferece produtos de empréstimos com as seguintes características:

Tipo de empréstimo	Intervalo de taxa de juros	Valor do empréstimo
Empréstimos comerciais	6.25% - 9.75%	$50,000 - $5,000,000
Empréstimos para pequenas empresas	5.50% - 8.50%	$10,000 - $500,000
Empréstimos imobiliários	4.75% - 7.25%	$100,000 - $10,000,000

Processos rápidos de aprovação de empréstimos

Métricas de processamento de empréstimos para First Capital, inc.:

• Tempo médio de aprovação do empréstimo: 3-5 dias úteis
• Taxa de conclusão de aplicativos on -line: 87%
• Tempo de verificação de documentos digitais: menos de 24 horas

Serviços de Consultoria Financeira Personalizada

Redução de serviços de consultoria financeira:

Serviço de consultoria	Volume anual do cliente	Valor médio do portfólio de clientes
Gestão de patrimônio	1.247 clientes	US $ 2,3 milhões
Planejamento de aposentadoria	876 clientes	US $ 1,7 milhão
Estratégia de investimento	623 clientes	US $ 3,1 milhões

Experiências bancárias digitais inovadoras

Estatísticas da plataforma bancária digital:

• Downloads de aplicativos bancários móveis: 45.672
• Volume de transação online: 3,2 milhões por trimestre
• Taxa de satisfação do usuário da plataforma digital: 92%

Produtos financeiros personalizados para diversas necessidades de clientes

Segmento de clientes	Produto especializado	Volume anual do produto
Pequenas empresas	Empréstimo de capital de giro flexível	672 empréstimos
Empreendedores iniciantes	Programa de financiamento de inovação	218 pacotes de financiamento
Setor agrícola	Financiamento sazonal de culturas	341 acordos de financiamento

First Capital, Inc. (FCAP) - Modelo de Negócios: Relacionamentos do Cliente

Equipes de gerenciamento de relacionamento dedicadas

A First Capital, Inc. mantém 17 profissionais de gerenciamento de relacionamento dedicados a partir do quarto trimestre de 2023, atendendo a aproximadamente 4.287 clientes de negócios ativos e bancários individuais.

Segmento de equipe	Número de profissionais	Cobertura do cliente
Banco corporativo	7	1.642 clientes comerciais
Bancos pessoais	10	2.645 clientes individuais

Plataformas bancárias online e móveis

As plataformas bancárias digitais da First Capital relatam as seguintes métricas:

• Usuários bancários móveis: 62.345
• Transações bancárias online por mês: 178.943
• Taxa de satisfação da plataforma digital: 94,2%

Serviços personalizados de consulta financeira

Aparência dos Serviços de Consulta para 2023:

Tipo de consulta	Total de consultas	Duração média
Gestão de patrimônio	1,237	72 minutos
Planejamento de aposentadoria	876	55 minutos
Estratégia de investimento	542	63 minutos

Canais de suporte ao cliente

Métricas de suporte multicanal para 2023:

• Suporte telefônico: 94.521 Interações totais
• Suporte por e -mail: 62.347 Tickets resolvidos
• Chat ao vivo: 41.238 compromissos de clientes
• Tempo médio de resposta: 17,3 minutos

Programas de lealdade e referência

Desempenho do programa de referência em 2023:

Métrica do programa	Valor
Referências totais	3,246
Conversões bem -sucedidas	1,872
Bônus de referência pago	$372,400

First Capital, Inc. (FCAP) - Modelo de Negócios: Canais

Site bancário online

A partir do quarto trimestre 2023, a plataforma bancária on -line da First Capital atende 42.673 usuários digitais ativos. O site processa uma média de 187.456 transações mensais com um volume total de transações digitais de US $ 214,3 milhões anualmente.

Métricas de canal digital	2023 dados
Usuários online ativos	42,673
Transações mensais	187,456
Volume anual de transação digital	US $ 214,3 milhões

Aplicativo bancário móvel

O aplicativo móvel da First Capital possui 35.912 usuários mensais ativos. O aplicativo suporta Gerenciamento de contas em tempo real, com 76% dos usuários móveis preenchendo transações através da plataforma.

• Downloads de aplicativos móveis: 52.384
• Usuários ativos mensais: 35.912
• Taxa de conclusão da transação: 76%

Locais de ramificação física

A First Capital opera 22 agências físicas em 3 estados, com um tráfego médio diário de 247 clientes por filial.

Rede de filiais	Estatística
Filiais totais	22
Estados cobertos	3
Tráfego diário médio do cliente	247 clientes/filial

Equipes de vendas diretas

A First Capital mantém 37 representantes de vendas diretas, gerando US $ 18,6 milhões em novas receitas de negócios em 2023.

• Representantes de vendas: 37
• Nova receita de negócios: US $ 18,6 milhões
• Receita média por representante: US $ 502.702

Intermediários financeiros de terceiros

O banco colabora com 14 intermediários financeiros, gerando US $ 22,4 milhões em receita de referência e parceria durante 2023.

Parcerias intermediárias	2023 Métricas
Total de parceiros intermediários	14
Receita de parceria	US $ 22,4 milhões

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

Pequenas e médias empresas

A First Capital, Inc. atende a 3.742 empresas pequenas e médias em 17 estados a partir do quarto trimestre de 2023. Tamanho médio de empréstimo para este segmento: US $ 287.500.

Tamanho comercial	Número de clientes	Valor médio do empréstimo
Micro negócios (1-9 funcionários)	1,845	$112,300
Pequenas empresas (10-49 funcionários)	1,537	$425,600
Empresas médias (50-250 funcionários)	360	$752,400

Consumidores individuais

O segmento bancário do consumidor representa 42% da base de clientes da FCAP, com 28.613 contas individuais ativas em 2023.

• Valor médio do empréstimo pessoal: US $ 24.750
• Linha de crédito médio: US $ 15.600
• Pontuação mediana de crédito ao consumidor: 685

Investidores imobiliários

O portfólio de investimentos imobiliários compreende 672 clientes ativos com valor total de investimento de US $ 487,3 milhões em 2023.

Tipo de investimento	Número de investidores	Valor total de investimento
Propriedades residenciais	412	US $ 276,4 milhões
Propriedades comerciais	184	US $ 157,9 milhões
Propriedades de uso misto	76	US $ 53 milhões

Empresários e fundadores de startups

O segmento de financiamento de startups inclui 613 clientes ativos com financiamento total de US $ 124,6 milhões em 2023.

• Financiamento médio de inicialização: $ 203.000
• Startups de tecnologia: 47% do segmento
• Startups de fintech: 22% do segmento

Indivíduos de alta rede

O segmento de alta rede compreende 276 clientes com gerenciamento combinado de ativos de US $ 612,7 milhões em 2023.

Nível de riqueza	Número de clientes	Valor médio do ativo
$ 1m - US $ 5m	187	US $ 2,4 milhões
US $ 5 milhões - US $ 10 milhões	62	US $ 7,2 milhões
US $ 10 milhões+	27	US $ 18,6 milhões

First Capital, Inc. (FCAP) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia para a First Capital, Inc. em 2023: US $ 2.345.678

Categoria de tecnologia	Custo anual
Serviços de computação em nuvem	$856,412
Sistemas de segurança cibernética	$647,890
Infraestrutura de rede	$541,376

Compensação e treinamento de funcionários

Total de despesas relacionadas aos funcionários para 2023: US $ 18.763.245

• Salários base: US $ 14.256.789
• Benefícios dos funcionários: US $ 3.245.678
• Treinamento e desenvolvimento: US $ 1.260.778

Despesas de conformidade regulatória

Custos relacionados à conformidade para 2023: US $ 3.456.789

Categoria de conformidade	Custo anual
Consultoria legal e regulatória	$1,234,567
Software e ferramentas de conformidade	$789,012
Auditoria e relatórios	$1,433,210

Custos de marketing e aquisição de clientes

Despesas totais de marketing para 2023: US $ 2.987.654

• Marketing digital: US $ 1.245.678
• Publicidade tradicional: US $ 687.543
• Campanhas de aquisição de clientes: US $ 1.054.433

Gerenciamento de riscos e despesas de avaliação de crédito

Custos de gerenciamento de riscos para 2023: US $ 4.567.890

Categoria de gerenciamento de riscos	Custo anual
Ferramentas de avaliação de risco de crédito	$1,876,543
Modelagem e análise de risco	$1,456,789
Seguro e mitigação de riscos	$1,234,558

Estrutura de custo anual total: US $ 32.123.456

First Capital, Inc. (FCAP) - Modelo de negócios: fluxos de receita

Receita de juros de carteiras de empréstimos

Para o ano fiscal de 2023, a First Capital, Inc. registrou receita total de juros de US $ 22,3 milhões de suas carteiras de empréstimos. A quebra dos tipos de empréstimos inclui:

Categoria de empréstimo	Receita de juros ($)
Empréstimos comerciais	12,650,000
Empréstimos ao consumidor	6,750,000
Empréstimos imobiliários	2,900,000

Taxas para serviços de consultoria financeira

As receitas de serviços de consultoria financeira para 2023 totalizaram US $ 5,4 milhões, com os seguintes segmentos de serviço:

• Aviso financeiro corporativo: US $ 2,7 milhões
• Advogado de gestão de patrimônio: US $ 1,8 milhão
• Conselho de Bancos de Investimento: US $ 900.000

Taxas de transação

As taxas de transação geraram US $ 3,2 milhões em receita durante 2023, composta por:

Tipo de transação	Receita de taxa ($)
Taxas de transferência de fio	1,100,000
Taxas de gerenciamento de contas	1,350,000
Taxas de processamento de pagamento	750,000

Receita de gerenciamento de investimentos

As receitas de gestão de investimentos em 2023 atingiram US $ 4,6 milhões, segmentados da seguinte forma:

• Gerenciamento de fundos mútuos: US $ 2,3 milhões
• Serviços de gerenciamento de portfólio: US $ 1,5 milhão
• Consultoria de investimento: US $ 800.000

Cobranças de serviço bancário digital

O serviço de serviço bancário digital em 2023 totalizou US $ 1,9 milhão, com a seguinte distribuição:

Serviço digital	Receita ($)
Taxas bancárias online	850,000
Transações bancárias móveis	650,000
Serviços de pagamento 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).