Cannae Holdings, Inc. (CNNE): Business Model Canvas [Dec-2025 Updated]

You're looking at a holding company in the middle of a major strategic shift, and honestly, understanding the mechanics is key to knowing where your capital is headed next. I've spent two decades mapping these pivots, and the one Cannae Holdings, Inc. is executing-moving hard from public stocks to controlling proprietary assets-is a big one; we're talking about a structure that just sold $1.1 billion in securities since 2024 and is actively returning capital via buybacks totaling $275 million year-to-date in 2025 while rebalancing its portfolio to just 20% public holdings. This Business Model Canvas lays out exactly how they plan to generate value now, from managing their $630 million cash cushion from the D&B sale to growing assets like Black Knight Football Club. Dive in to see the nine blocks defining their new playbook.

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

You're looking at the network that drives Cannae Holdings, Inc.'s strategy, which is heavily reliant on strategic alliances for deal sourcing and operational execution.

The relationship with JANA Partners is key for deal flow; Cannae expected to close a transaction to acquire an additional 30% ownership stake in JANA Partners, bringing total ownership to 50% post-close, for an upfront payment of $67.5 million. Cannae also planned to invest an additional $30 million in JANA funds, aiming to secure proprietary investment opportunities.

Operational value is extracted through close work with management teams across the portfolio. For instance, the management of Black Knight Football Club (BKFC) is central to executing the multi-club ownership strategy, which includes driving operational synergies and accelerating player development across its global assets.

The divestiture of Dun & Bradstreet (D&B) was a major partnership event, closing its acquisition by Clearlake Capital Group in August 2025 for a total transaction value of approximately $7.7 billion. Cannae realized proceeds of $630 million from this sale.

Financing relies on relationships with financial institutions. As part of its strategic capital return plan following the D&B sale, Cannae committed to repaying the entire outstanding balance of its margin loan, which was planned to be $141 million. At the end of Q2 2025, Cannae reported total debt of $188,000,000, which comprised $141,000,000 under the margin loan and $47,500,000 under a term note with its maturity extended to 02/1930.

The sports sector involves numerous strategic affiliations to build the BKFC network. These partnerships focus on shared scouting, executive collaboration, and commercial opportunities, rather than outright ownership in every case.

Here's a quick look at the financial and ownership stakes related to these key partners as of mid-to-late 2025:

Partner Entity	Nature of Relationship	Key Financial/Ownership Metric (2025)
JANA Partners	Sourcing Proprietary Investments	50% Total Ownership Post-Close; $67.5 million cash payment for stake increase
Clearlake Capital Group	Acquisition Counterparty (D&B)	$7.7 billion total transaction value for D&B
Financial Institutions (Margin Loan)	Debt Facility	Planned repayment of $141 million from D&B proceeds
Black Knight Football Club (BKFC)	Portfolio Company Investment	Cannae ownership interest of approx. 44%; Investment of $224 Million as of May 9, 2025
Watkins Glen International (WGI)	Regional Economic Impact	Annual economic boon of $204 million to the Finger Lakes region

The expansion strategy for Black Knight Football Club centers on building a global network through a mix of full ownership and strategic affiliations:

• AFC Bournemouth: 100% ownership.
• Moreirense Futebol Clube: Acquired a majority ownership interest.
• FC Lorient: Significant minority investment.
• Hibernian FC: Minority stake; sat in 3rd place in Scottish Premier League in Q1 2025.
• Orlando City SC: Strategic affiliation agreement focused on development and scouting.
• Auckland FC: Part of the BKFC network.
• Kyoto Sanga: Similar strategic affiliation partnership.

The successful closing of the D&B sale provided $630 million in capital, which was immediately earmarked for shareholder returns and debt retirement, including the $141 million margin loan.

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

You're looking at the core actions Cannae Holdings, Inc. takes to manage its portfolio and deploy capital as of late 2025. Honestly, the focus has clearly shifted from public holdings to private, proprietary assets.

Active management and operational improvement of core portfolio companies involves driving better performance in the assets they hold. For instance, looking at Alight, their largest remaining public investment, Adjusted EBITDA from continuing operations improved by $20 Million or 17% to $138 Million in the third quarter of 2025, compared to $118 Million in the prior year quarter. This operational focus also saw Alight's Adjusted EBITDA margin expand by 460 basis points year-over-year to 25.9% in the third quarter of 2025.

The strategy strongly emphasizes capital redeployment into proprietary, cash-flow-producing private assets. This is evident in the sports sector. Black Knight Football Club (BKFC) raised $130 Million in capital, bringing its total capitalization to $563 Million, where Cannae Holdings, Inc. maintains a 44% stake. Cannae Holdings, Inc. had invested $224 Million in BKFC as of May 9, 2025. Also, they expanded their multi-club football strategy with the acquisition of Moreirense FC.

A major activity has been monetizing public company investments. Since the strategic plan was announced in 2024, Cannae Holdings, Inc. has sold $1.1 billion in public company securities. This activity dramatically rebalanced the portfolio, moving it from 70% public investments when the plan started to just 20% public investments as of the third quarter of 2025. The closing of the Dun & Bradstreet sale on August 26, 2025, was a key part of this, generating $630 Million in cash proceeds.

The company is aggressively executing share repurchase programs. Year-to-date through November 10th, 2025, Cannae Holdings, Inc. purchased $275 Million of its stock, which equates to 14.4 million shares, or 22.9% of its shares outstanding at the prior year-end. The total commitment related to the Dun & Bradstreet proceeds included repurchasing at least $300 Million of common stock, with $25 Million remaining to reach that target as of the Q3 2025 update. Since May 2021, Cannae Holdings, Inc. has returned over $1 Billion to shareholders through buybacks.

Here's a quick math breakdown of the capital deployment from the Dun & Bradstreet proceeds as of November 10, 2025:

Use of Proceeds	Amount Deployed (USD)	Shares/Debt/Dividend Metric
Share Repurchases (YTD)	$275 Million	Part of the committed $300 Million target
Margin Loan Repayment	$141 Million	Repaid all outstanding balance in Q3 2025
Dividends Paid (Q3 2025)	$8 Million	Total 2025 dividends expected to be $30 Million
Total Proceeds Utilized (D&B)	$424 Million	From the $630 Million aggregate proceeds

Finally, sourcing and executing new strategic investments remains a core activity, with management directing efforts to concentrate on sports and sports-related assets where Cannae Holdings, Inc. believes it has a durable competitive edge. This includes the expansion into multi-club football and increasing its stake in Jana Partners.

You can see the capital return commitment in action:

• Since announcing the strategic plan in 2024, over $500 Million has been returned to shareholders.
• This return represents 35% of shares outstanding at the plan's announcement.
• The quarterly dividend per share increased by 25% to $0.15 starting in Q2 2025.
• Cannae Holdings, Inc. paid $23 Million in dividends in 2025 year-to-date.

Finance: review the remaining $25 Million share repurchase commitment against the current cash position by Monday.

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

You're looking at the core assets that make Cannae Holdings, Inc. tick as a permanent capital vehicle, especially after the major portfolio rebalancing that concluded in late 2025. These aren't just line items; they are the engines for long-term value creation.

Permanent capital vehicle structure is the foundational resource here. This structure is designed for long-duration investment holding, meaning Cannae Holdings, Inc. isn't forced to sell assets based on short-term market pressures. This contrasts sharply with many other investment vehicles.

The expertise of William P. Foley, II, as CEO and Chairman, is a critical, though intangible, resource. His track record, including the success of the Vegas Golden Knights, informs the strategy for proprietary assets like Black Knight Football Club (BKFC).

The monetization of the largest public holding provided a massive influx of capital, creating immediate flexibility. The significant cash proceeds from the D&B sale closed on August 26, 2025, totaling approximately $630 million. This followed an earlier sale of 10 million D&B shares in Q2 2025, which generated $90 million.

The strategic move to increase the stake in JANA Partners is a key resource for deal flow. Cannae Holdings, Inc. secured a 50% ownership stake in JANA Partners, following an agreement to acquire an additional 30%. The cash consideration for this was an upfront payment of $67.5 million, with a potential earnout of up to $26 million contingent on Assets Under Management thresholds. Cannae also committed to invest $30 million in JANA funds.

The shift toward proprietary assets is central to the current resource base. This includes the ownership in the football club enterprise and the flavoring products company.

Here's a quick look at the financial scale and capital deployment as of late 2025:

Key Financial Metric/Resource	Amount/Value	Context/Date Reference
D&B Sale Proceeds (Closing)	$630 million	August 2025 closing figure.
Total Share Repurchase Commitment (from D&B Proceeds)	$300 million	Planned use of capital.
Debt Retirement (Margin Loan)	$101 million	Planned use of capital.
Capital Returned via Buybacks (YTD 2025)	Approximately $177 million	As of August 26, 2025.
Total Share Repurchases (Since Jan 2024)	Approximately $520 million	Or 36% of outstanding shares.
Total Share Repurchases (Since Jan 2021)	52% of outstanding shares	Demonstrating consistent strategy.
Total Shareholder Equity (CQ2 2025)	$1.2B	Balance sheet figure.
Total Debt (CQ2 2025)	$68.6M	Balance sheet figure.

The proprietary portfolio assets represent significant embedded value, especially as Cannae Holdings, Inc. transitions away from public equities.

• Black Knight Football Club (BKFC) ownership, including 100% of AFC Bournemouth.
• AFC Bournemouth valuation reported at $630 million in April 2025.
• Minority interests in FC Lorient and Hibernian FC.
• Majority stake in The Watkins Company, acquired for $80 million.

The Watkins Company acquisition, agreed upon in October 2024, secured a majority stake of 52.8%. This investment targets the fast-growing spices and seasonings category.

The company's overall financial health in Q2 2025 showed total assets of $1.5B against total liabilities of $331.6M. The Board's actions have helped reduce the discount to Net Asset Value by 21% from the start of 2024 through October 31, 2025. Finance: draft 13-week cash view by Friday.

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.