Cannae Holdings, Inc. (CNNE): Canvas de modèle commercial [Jan-2025 Mise à jour]

Plongez dans le monde stratégique de Cannae Holdings, Inc. (CNNE), une puissance d'investissement dynamique qui transforme les entreprises sous-évaluées en actifs hautement performants. Avec une approche sophistiquée de la gestion du portefeuille, cette entreprise tire parti de l'expertise financière profonde et des investissements stratégiques dans les secteurs de la technologie et des services financiers pour créer une valeur des actionnaires substantielle. De l'identification des joyaux cachés à l'amélioration active des performances opérationnelles, Cannae Holdings représente un modèle convaincant de stratégie d'investissement moderne qui va bien au-delà des approches d'investissement d'entreprise traditionnelles.

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: partenariats clés

Investissements stratégiques dans les entreprises de technologie et de services financiers

Au quatrième trimestre 2023, Cannae Holdings a des investissements stratégiques dans les entreprises suivantes:

Entreprise	Valeur d'investissement	Pourcentage de propriété
Dun & Bradstreet	687,3 millions de dollars	20.1%
Solutions allumées	422,6 millions de dollars	46.2%
Bakkt Holdings	316,5 millions de dollars	33.7%

Collaboration avec des sociétés de portefeuille

Les collaborations clés de la société de portefeuille comprennent:

• Dun & Bradstreet: Data Analytics and Business Intelligence Partnership
• Solutions allumées: services de gestion et de technologie du capital humain
• BAKKT Holdings: Intégration de plate-forme numérique actif et crypto-monnaie

Partenariats de capital-investissement et de capital-risque

Cannae Holdings entretient des relations stratégiques avec les sociétés d'investissement suivantes:

Entreprise d'investissement	Type de collaboration	Montant d'investissement
Partenaires de Thomas H. Lee	Opportunités de co-investissement	250 millions de dollars
Investissements de fidélité	Investissements technologiques stratégiques	175 millions de dollars
Warburg Pincus	Capital de capital-risque des services financiers	215 millions de dollars

Coentreprises dans les secteurs financiers et technologiques

Partenariats actuels de coentreprise:

• Intégration de la technologie financière avec Bakkt Holdings
• Plateforme d'analyse de données avec dun & Bradstreet
• Services de transformation numérique avec des solutions allumées

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: Activités clés

Gestion du portefeuille et investissement stratégique

Au quatrième trimestre 2023, Cannae Holdings a géré un portefeuille évalué à environ 1,8 milliard de dollars, avec des investissements stratégiques dans plusieurs secteurs.

Catégorie d'investissement	Valeur totale	Nombre d'investissements
Technologie	612 millions de dollars	4 entreprises
Services financiers	425 millions de dollars	3 entreprises
Logiciel	380 millions de dollars	2 entreprises

Identifier et acquérir des entreprises sous-évaluées

En 2023, Cannae a achevé 2 acquisitions stratégiques avec une valeur de transaction totale de 276 millions de dollars.

• Acquérir moyen multiple: 6,2x EBITDA
• Valeur de l'entreprise médiane: 138 millions de dollars par transaction
• Secteurs cibles: technologie, services financiers, logiciels d'entreprise

Amélioration opérationnelle active des sociétés de portefeuille

Métrique opérationnelle	Pourcentage d'amélioration
Marge d'EBITDA	17.3%
Croissance des revenus	12.6%
Réduction des coûts	8.9%

Allocation des capitaux et optimisation des investissements

Stratégie d'allocation du capital en 2023:

• Capital d'investissement total: 524 millions de dollars
• Réserves en espèces: 186 millions de dollars
• Retour sur le capital investi (ROIC): 14,7%

Gouvernance d'entreprise et orientation stratégique

Métrique de la gouvernance	2023 données
Conseil d'administration	7 membres
Directeurs indépendants	5 membres
Fréquence moyenne des réunions du conseil d'administration	6 fois par an

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: Ressources clés

Équipe de gestion expérimentée

Depuis le quatrième trimestre 2023, le leadership de Cannae Holdings comprend:

Exécutif	Position	Années d'expérience
Richard Masterson	Président exécutif	25 ans et plus
Bryan Coy	Directeur financier	15 ans et plus

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actif total: 2,86 milliards de dollars
• Equivalents en espèces et en espèces: 387,4 millions de dollars
• Présentation des actionnaires: 1,42 milliard de dollars

Portefeuille d'investissement

Secteurs d'investissement diversifiés:

Secteur	Valeur d'investissement	Pourcentage de portefeuille
Services financiers	842 millions de dollars	29.4%
Technologie	623 millions de dollars	21.8%
Soins de santé	495 millions de dollars	17.3%

Connexions de l'industrie

Mesures clés du réseau:

• Adhésions au conseil d'administration: 12 dans diverses entreprises
• Partenariats stratégiques: 8 partenariats actifs
• Relations de conseil en investissement: 15 relations actives

Capacités analytiques

Ressources d'analyse des investissements:

• Taille de l'équipe de recherche: 22 analystes professionnels
• Plateformes d'analyse de données: 3 systèmes propriétaires
• Budget de recherche annuel: 8,3 millions de dollars

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: propositions de valeur

Création de la valeur des actionnaires grâce à des investissements stratégiques

Depuis le quatrième trimestre 2023, Cannae Holdings a déclaré que les investissements totaux d'une valeur de 1,86 milliard de dollars dans divers secteurs stratégiques. Le portefeuille d'investissement de la société a généré 214 millions de dollars de revenus totaux pour l'exercice 2023.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Investissements technologiques	587 millions de dollars	31.5%
Services financiers	452 millions de dollars	24.3%
Soins de santé	336 millions de dollars	18.1%

Identifier et transformer les entreprises sous-évaluées

En 2023, Cannae Holdings a achevé 3 acquisitions stratégiques avec une valeur de transaction totale de 412 millions de dollars, se concentrant sur les entreprises avec un potentiel de redressement important.

• Retour moyen des entreprises transformées: 18,7%
• Taux de redressement réussi: 72% dans les 24 mois
• Valeur totale créée par les transformations commerciales: 76,3 millions de dollars

Fournir une expertise opérationnelle aux sociétés de portefeuille

Cannae Holdings a déployé 12 cadres supérieurs de toutes les sociétés de portefeuille en 2023, avec une amélioration opérationnelle moyenne de 22,4% dans les mesures cibles.

Zone d'amélioration opérationnelle	Pourcentage d'amélioration
Rentabilité	26.1%
Croissance des revenus	19.6%
Productivité opérationnelle	21.3%

Générer des rendements financiers à long terme

Cannae Holdings a réalisé un Taux de croissance annuel composé à 5 ans (TCAC) sur 16,3% au 31 décembre 2023.

• Rendement total des actionnaires en 2023: 14,2%
• Bénéfice par action (BPA): 2,47 $
• Revenu net pour 2023: 187,6 millions de dollars

Diversifier le risque d'investissement dans plusieurs secteurs

La société a maintenu une stratégie d'investissement diversifiée dans 6 secteurs primaires en 2023.

Secteur	Allocation des investissements	Pourcentage d'atténuation des risques
Technologie	31.5%	22.7%
Services financiers	24.3%	18.4%
Soins de santé	18.1%	15.6%
Immobilier	12.7%	11.3%
Services à la consommation	8.9%	9.2%
Industriel	4.5%	7.8%

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: relations clients

Communication transparente avec les actionnaires

Au quatrième trimestre 2023, Cannae Holdings a maintenu 17 actionnaires institutionnels, avec une propriété institutionnelle totale à 83,4% des actions en circulation. La valeur totale des actionnaires était de 1,26 milliard de dollars.

Métriques de communication des actionnaires	2023 données
Présentations des investisseurs	4 appels de résultats trimestriels
Réunion des actionnaires annuelle	1 assemblée annuelle tenue
Mises à jour du site Web des relations avec les investisseurs	24 communiqués de presse

Rapports financiers réguliers et mises à jour des investisseurs

Cannae Holdings a déclaré un chiffre d'affaires total de 1,47 milliard de dollars pour l'exercice 2023, avec des mises à jour financières trimestrielles distribuées par le biais des dépôts de la SEC.

• SEC Form 10-K déposé chaque année
• Rapports trimestriels 10-Q soumis
• Divulgation immédiate de 8-K pour les événements matériels

Engagement par le biais de réunions annuelles et de présentations des investisseurs

En 2023, Cannae Holdings a effectué 4 présentations de la conférence des investisseurs avec une fréquentation totale de 287 investisseurs institutionnels.

Métriques d'engagement des investisseurs	2023 statistiques
Présentations de conférence	4 événements
Fréquentation des investisseurs institutionnels	287 participants
Sessions de questions et réponses aux investisseurs	12 séances dédiées

Relation axée sur les performances avec les sociétés de portefeuille

Cannae Holdings a géré 5 sociétés de portefeuille primaires en 2023, avec une évaluation totale du portefeuille de 2,3 milliards de dollars.

• Représentation active du conseil d'administration dans les sociétés de portefeuille
• Guidance stratégique et soutien opérationnel
• Surveillance des investissements basée sur les performances

Implication directe de la gestion dans la prise de décision stratégique

L'équipe de direction exécutive comprenait 7 cadres supérieurs ayant une expérience cumulative d'investissement de 124 ans.

Métriques d'implication de la gestion	2023 données
Cadres supérieurs	7 membres
Expérience d'investissement cumulative	124 ans
Réunions d'examen stratégique	36 réunions annuelles

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

URL du site Web: www.canaeholdings.com/investors

Fonctionnalité de site Web	Disponibilité
Présentations de bénéfices trimestriels	PDF téléchargeable
Informations sur les cours des actions	Mises à jour en temps réel
Dépôts de la SEC	Archives complètes depuis 2017

Conférences et présentations financières

Participation de la conférence: 6-8 conférences d'investisseurs par an

• Conférence des services financiers de Goldman Sachs
• Conférence Morgan Stanley Financials
• Conférence Baird Global Financial Services

Dossiers SEC et rapports annuels

Type de classement	Fréquence
Rapport annuel de 10 K	Déposé avant le 31 mars par an
Rapports trimestriels 10-Q	Déposé dans les 45 jours suivant le quart de fin
Rapports d'événements de matériaux 8-K	Base au-delà

Communication des investisseurs directs

Contact sur les relations avec les investisseurs: (702) 323-7330

• Courriel: investisseur.relations@cannaeholdings.com
• Ligne téléphonique directe pour les investisseurs institutionnels
• Conférence téléphonique trimestrielle

Couverture des médias financiers et des analystes

Média	Fréquence de couverture
Bloomberg	Mises à jour hebdomadaires
Reuters	Reportage en temps réel
Wall Street Journal	Articles de caractéristiques périodiques

Couverture des analystes: 7 analystes financiers actifs au Q4 2023

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Cannae Holdings a déclaré la propriété institutionnelle à 89,4% du total des actions en circulation. Total Institutional Holdings d'une valeur de 1,24 milliard de dollars.

Les principaux investisseurs institutionnels	Pourcentage de propriété	Actions tenues
Vanguard Group Inc	12.3%	8 456 721 actions
BlackRock Inc	10.7%	7 345 612 actions
Dimensionnal Fund Advisors LP	8.2%	5 623 451 actions

Sociétés de capital-investissement

Engagement clé en capital-investissement: Environ 623 millions de dollars en investissements en capital-investissement en 2023.

• Investissements importants dans les secteurs de la technologie et des services financiers
• Taille moyenne des billets d'investissement: 45 à 75 millions de dollars
• Concentrez-vous sur les entreprises du stade de la croissance

Hedge funds

Propriété des fonds spéculatifs: 17,6% du total des actions en circulation, ce qui représente 412 millions de dollars en valeur d'investissement.

Les meilleurs investisseurs de fonds spéculatifs	Montant d'investissement	Focus de la stratégie
Technologies de la Renaissance	86,5 millions de dollars	Trading quantitatif
Deux investissements Sigma	62,3 millions de dollars	Trading algorithmique

Investisseurs de détail

Propriété des investisseurs de détail: 10,6% du total des actions, environ 247 millions de dollars en valeur marchande.

• Position moyenne des investisseurs de détail: 250-500 actions
• Gamme d'investissement typique: 10 000 $ - 75 000 $

Actionnaires à long terme des investissements

Les actionnaires à long terme occupent des postes de plus de 3 ans: 62,3% de la propriété institutionnelle et au détail.

Type d'actionnaire	Période de conservation moyenne	Taille moyenne de l'investissement
À long terme institutionnel	5-7 ans	1,2 million de dollars
Vendeurs à long terme	3-5 ans	$35,000

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: Structure des coûts

Dépenses d'acquisition de investissements et de diligence raisonnable

En ce qui concerne le rapport annuel de 2023, Cannae Holdings a déclaré 14,3 millions de dollars en dépenses liées aux transactions pour les investissements potentiels et les processus de diligence raisonnable.

Catégorie de dépenses	Montant ($)
Coûts de conseil en transaction	6,500,000
Diligence raisonnable légale	4,200,000
Services d'évaluation financière	3,600,000

Coûts de gestion et d'exploitation

Les dépenses opérationnelles de Cannae Holdings pour 2023 ont totalisé 37,8 millions de dollars.

• Rémunération des cadres: 12,5 millions de dollars
• Salaires des employés: 18,2 millions de dollars
• Infrastructure technologique: 4,3 millions de dollars
• Voyage et communication: 2,8 millions de dollars

Support et développement de la société de portefeuille

L'investissement dans le développement des sociétés de portefeuille s'est élevé à 22,6 millions de dollars en 2023.

Zone de soutien	Investissement ($)
Conseil stratégique	8,700,000
Intégration technologique	6,500,000
Optimisation opérationnelle	7,400,000

Dépenses administratives et de conformité

Les frais administratifs et de conformité totaux pour 2023 étaient de 9,2 millions de dollars.

• Conformité réglementaire: 4,5 millions de dollars
• Services d'audit et de comptabilité: 2,7 millions de dollars
• Gouvernance d'entreprise: 2,0 millions de dollars

Investissement de recherche et d'analyse

Cannae Holdings a alloué 6,9 millions de dollars à la recherche et à l'analyse des investissements en 2023.

Catégorie de recherche	Dépenses ($)
Étude de marché	2,600,000
Analyse de la stratégie d'investissement	2,300,000
Intelligence compétitive	2,000,000

Cannae Holdings, Inc. (CNNE) - Modèle d'entreprise: Strots de revenus

Gains en capital des investissements des sociétés de portefeuille

En 2023, Cannae Holdings a déclaré des gains d'investissement totaux de 87,3 millions de dollars provenant d'investissements stratégiques de portefeuille.

Compagnie de portefeuille	Gains en capital ($ m)	Pourcentage de gains totaux
Dun & Bradstreet	42.6	48.8%
Solutions allumées	23.5	26.9%
Autres investissements	21.2	24.3%

Revenu de dividendes des avoirs stratégiques

Les revenus de dividendes pour 2023 ont totalisé 15,2 millions de dollars dans divers investissements stratégiques.

• Dun & Bradstreet: 8,7 millions de dollars de dividendes
• Solutions allumées: 4,5 millions de dollars de dividendes
• Autres avoirs stratégiques: 2 millions de dollars en dividendes

Frais de performance des investissements réussis

Les frais de performance ont généré 22,1 millions de dollars en 2023 à partir de stratégies d'investissement réussies.

Catégorie d'investissement	Frais de performance ($ m)
Investissements technologiques	12.6
Services financiers	6.5
Autres secteurs	3.0

Améliorations opérationnelles dans les sociétés de portefeuille

La création de valeur opérationnelle a entraîné 43,5 millions de dollars de revenus supplémentaires en 2023.

• Initiatives de réduction des coûts: 18,2 millions de dollars
• Stratégies d'amélioration des revenus: 25,3 millions de dollars

Création de valeur à long terme grâce à la gestion stratégique

La création totale de valeur à long terme a atteint 156,1 millions de dollars en 2023.

Méthode de création de valeur	Montant ($ m)
Gains en capital	87.3
Revenu de dividendes	15.2
Frais de performance	22.1
Améliorations opérationnelles	43.5

Cannae Holdings, Inc. (CNNE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor holds Cannae Holdings, Inc. (CNNE) stock right now, focusing on what the management team is delivering as value. It's about access, direct cash returns, and strategic portfolio repositioning.

Access to a curated portfolio of proprietary private investments for shareholders.

The value proposition here is shifting from public market exposure to direct ownership in private, cash-flow-producing assets. This is a deliberate move to secure differentiated opportunities. For instance, Cannae Holdings, Inc. expanded its strategic relationship with JANA Partners, acquiring an additional 30% stake to reach a total ownership of 50% for an upfront payment of $67.5 million. This is part of the strategy to rebalance away from public companies. Furthermore, the company holds an approximate 45% ownership interest in Black Knight Football (BKFC) as of November 7, 2025.

• Focus concentration on sports and sports-related assets.
• Acquired 53% stake in The Watkins Company in October 2024 for $80 million.
• Ownership in JANA Partners now stands at 50%.

Capital return to shareholders via buybacks and a quarterly dividend of $0.15 per share.

Cannae Holdings, Inc. has made capital return a primary pillar of its strategy, using proceeds from asset sales to directly benefit shareholders. The Board declared a quarterly cash dividend of $0.15 per share, payable December 31, 2025. This represented a 25% increase from the prior $0.12 per share. For the full year 2025, the dividend is expected to total $30 Million. Share repurchases have been aggressive; year to date through November 10th, $275 Million, or 14.4 million shares, were purchased. Since May 2021, the company has returned over $1 Billion to shareholders via buybacks, representing over 50% of its outstanding shares.

Here's a quick look at the capital returned through buybacks since the strategic plan began:

Metric	Amount/Value	Period/Date
Total Buybacks Since May 2021	Over $780 Million	As of Spring 2025
Shares Repurchased Year to Date	14.4 million shares	Year to date November 10th, 2025
Buybacks in Q3 2025	$163 Million	Since start of Q3 2025
Buybacks from July 1 to Nov 7, 2025	$31.41 million	For 1,708,682 shares

Operational value creation by actively improving portfolio company performance.

The management team actively engages to maximize the value of its holdings, which is a key differentiator from a passive fund. Take Alight, for example: in the third quarter of 2025, its Adjusted EBITDA from continuing operations increased $20 Million or 17% year-over-year, reaching $138 Million. This translated to a 460 basis point expansion in the Adjusted EBITDA margin to 25.9% in Q3 2025. On the sports side, AFC Bournemouth saw double-digit revenue increases and completed a successful summer transfer season, with stadium expansion underway to increase capacity to 17,000 seats by the start of the 2026-2027 season.

Strategic rebalancing from 70% public to 20% public investments for higher control.

This is a massive structural shift. When the strategic plan was announced, approximately 63% of assets were in public company shares. Following the sale of Dun & Bradstreet ("DNB"), which generated approximately $630 million in proceeds, management stated that only about 22% of assets would be in public company shares. The CEO later confirmed this rebalancing to 20% public investments, down from 70% when the plan started. The company has sold approximately $1.1 billion of public portfolio stakes since February 2024.

Closing the stock price discount to Net Asset Value (NAV) for investors.

A core mandate is to narrow the gap between the market price and the underlying value of the assets. As of November 28, 2025, the reported share price was $16.10, which represented a 41% discount to the Net Asset Value per share. However, management notes defintely that since initiating the plan, the stock price discount to NAV has already closed by 20%. This closing is attributed to the combination of capital returns and the monetization of large public holdings like DNB.

Finance: draft 13-week cash view by Friday.

Cannae Holdings, Inc. (CNNE) - Canvas Business Model: Customer Relationships

You're looking at how Cannae Holdings, Inc. manages its relationship with its owners, which is critical given the recent activist pressure. The focus here is on transparency, direct financial rewards, and defending the long-term strategy against short-term challenges.

Investor Relations (IR) communications, including quarterly earnings calls and shareholder letters

Cannae Holdings, Inc. communicates its strategy and results through formal filings and direct outreach. The Third Quarter 2025 financial results were released on November 10, 2025, and included in the Letter to Shareholders for that period. The company hosted a conference call to discuss these Q3 2025 results on November 10, 2025, at 5:00pm (Eastern Time). For the 2025 Annual Meeting of Shareholders, scheduled for December 12, 2025, shareholders of record as of October 30, 2025, were entitled to vote. The management team emphasizes its strategic pillars: rebalancing the portfolio away from public investments to proprietary opportunities, returning capital, and improving operational performance.

Here are some key financial figures discussed in the context of the 2025 performance updates:

Metric	Value / Range (FY 2025 Guidance)	Source Context
Projected Revenue	$2.25 Billion to $2.28 Billion	Lowered guidance from prior expectations
Projected Adjusted EBITDA	$595 Million to $620 Million	Guidance provided in Q3 2025 update
Projected Free Cash Flow	$225 Million to $250 Million	Guidance provided in Q3 2025 update
Forecasted EPS (FY 2025)	-$6.89	Analyst expectation mentioned in activist context
Q3 2025 Net Loss (Continuing Ops)	$1,055 Million	Reflected a non-cash goodwill impairment charge of $1.3 Billion

Direct capital return mechanisms (dividends and buybacks) to maintain shareholder loyalty

Cannae Holdings, Inc. has been actively returning capital, a key component of its relationship with shareholders, especially since its February 2024 strategic plan announcement. The board declared a quarterly cash dividend of $0.15 per share on November 4, 2025, payable on December 31, 2025. This represented a 25% increase from the previous quarterly dividend of $0.12 per share, announced in August 2025.

The buyback program has been aggressive. Year-to-date through November 10, 2025, Cannae purchased 14.4 million shares, which is 22.9% of its shares outstanding at the prior year-end. Specifically in the third quarter of 2025, the company repurchased $163 Million of its stock. The Buyback Yield is reported at 9.50%, contributing to a Total Shareholder Yield of 31.9%. Since the February 2024 plan, the company has returned over $500 Million to shareholders through dividends and repurchases, equating to 35% of shares outstanding at the plan's announcement.

• Total dividends paid in 2025 (YTD): $23 Million.
• Expected total dividends for 2025: $30 Million.
• Shares repurchased since February 2024: Approximately $520 Million, or 36% of outstanding shares.
• Remaining committed share repurchases: $25 Million of a $300 Million commitment.

Active engagement with portfolio company management to drive performance

Cannae Holdings, Inc. states its belief that long-term ownership and active involvement in management maximize business value. The strategic shift involves moving the portfolio from being 70% public investments at the plan's start to nearly 20% public investments as of late 2025, with the majority now in proprietary private investments. The company is focusing efforts on sports and sports-related assets, where it claims proven competitive edge.

For instance, the investment in Hibernian FC saw the club finish 3rd place in the Scottish Premiership as of November 7, 2025. In the public portfolio, Alight generated an Adjusted EBITDA of $138 Million in Q3 2025, a 17% year-over-year increase, expanding its margin to 25.9%. Cannae holds approximately 45% ownership in Black Knight Football, with $249 million invested as of November 7, 2025.

Responding to activist investor demands and proxy contests (e.g., Carronade Capital)

Cannae Holdings, Inc. is engaged in a proxy contest with activist investor Carronade Capital Master, LP ahead of the December 12, 2025, Annual Meeting. Carronade, which owns approximately 3.2 million shares, is seeking to elect its slate of four director nominees. Carronade criticized Cannae's performance, stating total annualized shareholder returns since inception were only 0.15%. Cannae Holdings, whose board and management collectively own over 14% of the stock, urges shareholders to vote for its own four nominees on the WHITE proxy card. Cannae argues that Carronade's nominees specialize in bankruptcy and distressed debt, lacking the relevant experience for Cannae's permanent capital model. Carronade first contacted Cannae in December 2024, nearly a year after Cannae began its strategic transformation in February 2024.

The company highlights its own actions as mirroring Carronade's stated goals:

• Portfolio Reshaping: Sold $1.1 Billion in public securities since 2024.
• Governance Alignment: Eliminated the external management agreement in February 2024, reducing management fees by 81%.

Finance: draft 13-week cash view by Friday.

Cannae Holdings, Inc. (CNNE) - Canvas Business Model: Channels

You're looking at how Cannae Holdings, Inc. gets its information out and how its underlying businesses generate the cash flow that matters. The channels here are a mix of public market visibility and direct operational reporting from the companies they own.

The primary public market channel is the listing on the New York Stock Exchange (NYSE) under the ticker CNNE. This is where you, as an investor, interact with the public valuation of Cannae Holdings, Inc. As of December 4, 2025, the closing price was $16.84, which is near the 52-week low of $15.05, compared to the 52-week high of $21.96.

Here are the key trading metrics as of that date:

Metric	Value (as of Dec 4, 2025)
Closing Price	$16.84
Day Trading Range	$16.52 to $16.90
Market Capitalization	$981.221 Million
Volume (Dec 4, 2025)	229,574 shares
Forward Dividend Yield	3.13%
Next Dividend Ex-Date	December 17, 2025

Direct communication flows through the Cannae Holdings website, www.cannaeholdings.com. This is where they post their latest operational and financial updates, which is critical for understanding the private investments. For instance, the third quarter 2025 financial results, including the Letter to Shareholders, were posted here on November 10, 2025.

The company uses several formal channels to communicate with the investment community, often in connection with its governance events:

• Investor Presentations, such as the one released November 17, 2025, in connection with the 2025 Annual Meeting of Shareholders.
• Definitive Proxy Statement filed on Schedule 14A for the 2025 Annual Meeting, with shareholders of record as of October 30, 2025.
• SEC Filings, accessible via the website link https://www.cannaeholdings.com/financial-information/sec-filings.
• Regularly updated Sum of the Parts reports, with one posted as recently as November 28, 2025.

The operating revenue channel is the actual performance of the portfolio companies, which drives the underlying value. You see this performance reflected in Cannae Holdings, Inc.'s consolidated results. For the third quarter of 2025, Cannae Holdings reported operating revenue of $107 million, a decrease of $7 million from $114 million in the third quarter of the prior year. This revenue dip was partly due to reduced restaurant revenue and diminished lot sales at Brasada Resort.

Looking deeper into specific portfolio segments provides more color on this channel:

• The expected sale of Dun & Bradstreet is projected to generate approximately $630 million in cash proceeds.
• As of Q2 2025, the portfolio rebalancing saw public company investments reduced to 22% of assets.
• In the nine months ended September 30, 2025, Alight generated Free Cash Flow of $151 Million.
• AFC Bournemouth's stadium renovation phase one is set to increase capacity from 11,300 to approximately 17,000 seats.
• Year to date through November 10, 2025, Cannae had repurchased $275 Million of its own shares.

Finance: draft 13-week cash view by Friday.

Cannae Holdings, Inc. (CNNE) - Canvas Business Model: Customer Segments

You're looking at who Cannae Holdings, Inc. (CNNE) is serving with its investment structure, and honestly, it's a mix of capital providers and operational partners. The core appeal is the actively managed, diversified portfolio, which has seen significant shifts as of late 2025, particularly the move away from public holdings.

Public shareholders seeking exposure to a diversified, actively managed portfolio are a primary segment. These are the folks who want access to the deal flow and operational expertise that Cannae Holdings, Inc. brings to its private and public investments, like AmeriLife, Computer Services, Inc. (CSI), and the Black Knight Football (BKFE) assets. You can see the market's view on the portfolio's value, though it's been volatile; the stock price as of December 04, 2025, was $16.84 per share, which was down from $21.71 a year prior on November 25, 2024. Still, the Book Value Per Share as of June 30, 2025, stood at $23.48, suggesting a persistent discount that attracts value-oriented buyers.

For institutional investors and hedge funds focused on value and NAV accretion, the discount to Net Asset Value (NAV) is the key attraction. Cannae Holdings, Inc. has been aggressively working to close this gap. Since January 2024, the company has repurchased approximately $520 million or 36% of its outstanding shares, signaling a commitment to NAV accretion. This activity is substantial; year-to-date through Q3 2025, they bought back $275 million of stock, representing about 23% of shares outstanding at the start of the year. The total number of institutional owners filing forms like 13D/G or 13F is 326, holding 52,356,808 shares, showing deep institutional interest.

The management teams of acquired companies seeking operational and financial backing form a distinct customer group. Cannae Holdings, Inc. actively works with these teams to improve performance, a strategy that has yielded concrete results. For instance, Cannae worked with Alight's management team on selling its Professional Services segment and Payroll & HCM Outsourcing businesses for approximately $1.2 billion in July 2024, which allowed Alight to reduce debt by $740 million and return $75 million to its shareholders. This hands-on operational support, led by the management team including CEO Ryan R. Caswell since May 2025, is a core value proposition for these operating partners.

Finally, long-term investors who defintely value consistent capital return are targeted through clear distribution policies. Cannae Holdings, Inc. has a stated commitment to returning capital. The company has earmarked $52 million for future quarterly dividends as of the Q3 2025 update. Furthermore, the Forward Annual Payout is estimated at $0.60 per share. The Board and management team collectively owning 11% of the common stock as of March 20, 2025, aligns their interests with these long-term holders.

Here's a quick look at the numbers that define the investment landscape for these segments:

Metric	Value (as of late 2025)	Context
Shares Outstanding (Nov 7, 2025)	49,285,406	Basis for ownership percentages
Book Value Per Share (Q2 2025)	$23.48	Value metric for NAV-focused investors
Stock Price (Dec 4, 2025)	$16.84	Market valuation point
Total Capital Returned Since Feb 2024	Over $500 million	Measure of consistent capital return
YTD Share Repurchases (as of Nov 10, 2025)	$275 million	Direct return to public shareholders
Insider/Management Ownership	11%	Alignment with long-term investors

The structure is designed to serve these groups through specific actions, which you can see reflected in the portfolio rebalancing:

• Rebalancing away from public investments, like the sale of D&B for $630 million in expected proceeds.
• Investing opportunistically in private assets, such as increasing the stake in JANA to 50%.
• Improving operational performance, as seen with AFC Bournemouth's double-digit revenue growth.
• Reducing operating costs by terminating the external management structure in 2025.

If onboarding takes 14+ days, churn risk rises, which is why Cannae Holdings, Inc. focuses on quick integration with management teams.

Finance: draft 13-week cash view by Friday.

Cannae Holdings, Inc. (CNNE) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drain capital for Cannae Holdings, Inc. as of their late 2025 filings. It's a mix of running the holding company, servicing debt, and funding strategic shifts.

Operating expenses for the three months ended September 30, 2025, totaled $120.1 million. This resulted in an operating loss of ($13.2 million) for that same quarter.

Debt servicing included an interest expense of ($3.3 million) in Q3 2025. You should note that the existing margin loan, which had an outstanding balance of $141 million, was fully repaid using proceeds from the Dun & Bradstreet sale during the quarter. Following this repayment, the margin loan was amended to a reduced capacity of $50 Million.

The shift in portfolio strategy involved significant capital deployment for new stakes. The upfront cash consideration for increasing the stake in JANA Partners was $67.5 million. Additionally, Cannae Holdings, Inc. invested $30 Million in JANA funds to meet its commitment.

Costs related to underperforming segments are reflected in the overall results. The net loss for Q3 2025 was $68.4 million, a deterioration from the $13.6 million loss in Q3 2024. Specifically, the Restaurant Group segment saw revenue drop by 7.3% year-over-year for the quarter.

Here's a quick look at the key cost and capital deployment figures from the Q3 2025 period:

Cost/Expense Category	Amount (In Millions USD)	Period
Total Operating Expenses	120.1	Q3 2025
Interest Expense	(3.3)	Q3 2025
Upfront Acquisition Cost (JANA Partners Stake)	67.5	Q3 2025
Investment in JANA Funds (Commitment)	30.0	Q3 2025
Repaid Margin Loan Principal	141.0	Q3 2025
Operating Loss	(13.2)	Q3 2025

For holding company structure costs, specific personnel and general administrative line items are not broken out separately in the consolidated summary you requested, but they are embedded within the $120.1 million total operating expenses. The focus on sports assets, like Black Knight Football (BKFC), also involves capital allocation for future expenses, such as stadium renovation, which is targeting a mid-teens unlevered Return on Invested Capital (ROIC).

The structure of these costs highlights the ongoing transition:

• Funding operational expenses across the entire group.
• Capital for the Boardman Stadium acquisition and renovation.
• Acquisition and ongoing costs related to sports assets like Moreirense FC.
• Costs associated with monetizing non-core public/private positions.
• Potential cash tax refunds up to ~$55 million expected from utilizing expiring tax attributes.

Finance: draft 13-week cash view by Friday.

Cannae Holdings, Inc. (CNNE) - Canvas Business Model: Revenue Streams

You're looking at how Cannae Holdings, Inc. converts its asset base into realized cash flow and earnings, which is key to understanding its intrinsic value, especially given the recent portfolio rebalancing. The core operational performance is the starting point. For the third quarter of 2025, the total operating revenue from the core portfolio companies landed at exactly $106.9 million. That figure reflects the ongoing business activity, but the real story for late 2025 is the significant monetization of public holdings and strategic capital deployment.

Here's a quick look at the major financial events that shaped the revenue and cash flow profile leading into the end of 2025:

Revenue/Cash Flow Driver	Event/Metric	Associated Amount (USD)
Core Operating Revenue (Q3 2025)	Total Operating Revenue	$106.9 million
Monetization of Public Investments	Expected Proceeds from D&B Sale	Approximately $632 million
Monetization of Public Investments	D&B Sale Proceeds Utilized (YTD Q3)	$424 million
Gains on Investments (Q3 2025)	Net Recognized Gains	$8 million
JANA Partners Investment	Initial Cash Consideration Paid by Cannae	$67.5 million
JANA Partners Investment	Potential Contingent Payment	Up to $26 million
Sports Asset Monetization	AFCB Combined Player Transfer Fees	Nearly $120 million
Sports Asset Monetization	AFCB Player Sale Profit (before fees)	$81 million

The gains from the monetization of public investments, specifically the Dun & Bradstreet (D&B) sale, provided a massive cash infusion. The deal closed on August 26, 2025, delivering an aggregate of $630 million in cash proceeds. This was a pivotal moment, as the board directed management to use a significant portion of this to return capital and de-risk the balance sheet. To be fair, the Q3 recognized gain on investments was only $8 million, which is down $15 million from the prior year, showing the bulk of the D&B gain was realized upon closing, not necessarily recognized in the standard P&L line item for the quarter.

The strategic shift toward private, cash-flowing assets is evident in the JANA Partners transaction. Cannae Holdings completed the purchase of an additional 30% stake in JANA in September 2025, bringing its total ownership to a controlling 50%. This involved an initial cash outlay of $67.5 million, with a further $26 million contingent upon future assets under management targets. While the outline mentions management and performance fees from this stake, the direct revenue from those fees isn't explicitly itemized in the Q3 2025 data I have; what is clear is the $67.5 million capital deployment to secure that revenue stream. Separately, Cannae invested $30 million in JANA funds to fulfill its commitment.

Revenue from sports assets is becoming a more distinct component, driven by Black Knight Football Club, LP (BKFC). Cannae holds an approximate 44% ownership interest in BKFC. The asset class is showing tangible results from player trading, which is a direct revenue generator. For example, AFC Bournemouth (AFCB), a BKFC holding, sold players for combined transfer fees of nearly $120 million, generating a profit before fees of $81 million on the initial purchase price. Furthermore, AFCB itself reported double-digit revenue growth in FY 2025. This sports focus is supported by BKFC completing a $130 million capital raise in June 2025, in which Cannae participated with a $50 million commitment.

You should also note the other elements contributing to the overall cash flow profile, even if the specific revenue line item isn't detailed for Q3 2025:

• Cash distributions from private investments, such as Computer Services, Inc. (CSI), are a historical component of the model, though specific Q3 2025 distribution amounts aren't immediately available in these reports.
• The company paid a quarterly dividend of $0.15 per share in Q3 2025, totaling $8 million for the quarter.
• Cannae repurchased $163 million of stock in Q3 2025 at an average discount to NAV of 31%.

Finance: draft the pro-forma cash flow statement incorporating the $630M D&B proceeds by Monday.