Cannae Holdings, Inc. (CNNE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo estratégico de Cannae Holdings, Inc. (CNNE), uma potência dinâmica de investimento que transforma empresas subvalorizadas em ativos de alto desempenho. Com uma abordagem sofisticada para o gerenciamento de portfólio, esta empresa utiliza profunda experiência financeira e investimentos estratégicos nos setores de tecnologia e serviços financeiros para criar um valor substancial dos acionistas. Desde a identificação de gemas ocultas até a melhoria do desempenho operacional ativamente, a Cannae Holdings representa um modelo atraente de estratégia de investimento moderna que vai muito além das abordagens tradicionais de investimento corporativo.

Cannae Holdings, Inc. (CNNE) - Modelo de negócios: Parcerias -chave

Investimentos estratégicos em empresas de tecnologia e serviços financeiros

A partir do quarto trimestre 2023, a Cannae Holdings possui investimentos estratégicos nas seguintes empresas:

Empresa	Valor de investimento	Porcentagem de propriedade
Dun & Bradstreet	US $ 687,3 milhões	20.1%
Soluções descendentes	US $ 422,6 milhões	46.2%
Bakkt Holdings	US $ 316,5 milhões	33.7%

Colaboração com empresas de portfólio

As colaborações da empresa de principais portfólio incluem:

• Dun & Bradstreet: Data Analytics e Business Intelligence Partnership
• Soluções descendentes: Serviços de Gerenciamento e Tecnologia de Capital Humanos
• Bakkt Holdings: Integração de plataforma de ativo e criptomoeda digital

Parcerias de capital de private equity e risco

Cannae Holdings mantém relações estratégicas com as seguintes empresas de investimento:

Empresa de investimentos	Tipo de colaboração	Valor do investimento
Thomas H. Lee Partners	Oportunidades de co-investimento	US $ 250 milhões
Fidelity Investments	Investimentos de tecnologia estratégica	US $ 175 milhões
Warburg Pincus	Capital de risco de serviços financeiros	US $ 215 milhões

Joint ventures em setores financeiros e de tecnologia

Parcerias atuais de joint venture:

• Integração de tecnologia financeira com Bakkt Holdings
• Plataforma de análise de dados com dun & Bradstreet
• Serviços de transformação digital com soluções desviadas

Cannae Holdings, Inc. (CNNE) - Modelo de negócios: Atividades -chave

Gerenciamento de portfólio e investimento estratégico

No quarto trimestre 2023, a Cannae Holdings administrou um portfólio avaliado em aproximadamente US $ 1,8 bilhão, com investimentos estratégicos em vários setores.

Categoria de investimento	Valor total	Número de investimentos
Tecnologia	US $ 612 milhões	4 empresas
Serviços financeiros	US $ 425 milhões	3 empresas
Software	US $ 380 milhões	2 empresas

Identificando e adquirindo negócios subvalorizados

Em 2023, Cannae concluiu 2 aquisições estratégicas com um valor total de transação de US $ 276 milhões.

• Aquisição média múltipla: 6,2x EBITDA
• Valor da empresa mediana: US $ 138 milhões por transação
• Setores Targetes: Tecnologia, Serviços Financeiros, Software Enterprise

Melhoria operacional ativa de empresas de portfólio

Métrica operacional	Porcentagem de melhoria
Margem Ebitda	17.3%
Crescimento de receita	12.6%
Redução de custos	8.9%

Alocação de capital e otimização de investimento

Estratégia de alocação de capital em 2023:

• Capital total de investimento: US $ 524 milhões
• Reservas de caixa: US $ 186 milhões
• Retorno sobre Capital Investido (ROIC): 14,7%

Governança corporativa e orientação estratégica

Métrica de Governança	2023 dados
Conselho Administrativo	7 membros
Diretores independentes	5 membros
Frequência média de reunião do conselho	6 vezes por ano

Cannae Holdings, Inc. (CNNE) - Modelo de negócios: Recursos -chave

Equipe de gerenciamento experiente

A partir do quarto trimestre 2023, a liderança de Cannae Holdings inclui:

Executivo	Posição	Anos de experiência
Richard Masterson	Presidente executivo	Mais de 25 anos
Bryan Coy	Diretor financeiro	Mais de 15 anos

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 2,86 bilhões
• Caixa e equivalentes em dinheiro: US $ 387,4 milhões
• Equidade dos acionistas: US $ 1,42 bilhão

Portfólio de investimentos

Setores de investimentos diversificados:

Setor	Valor de investimento	Porcentagem de portfólio
Serviços financeiros	US $ 842 milhões	29.4%
Tecnologia	US $ 623 milhões	21.8%
Assistência médica	US $ 495 milhões	17.3%

Conexões da indústria

Métricas principais de rede:

• Associações do conselho: 12 em várias empresas
• Parcerias estratégicas: 8 parcerias ativas
• Relacionamentos de consultoria de investimento: 15 relacionamentos ativos

Capacidades analíticas

Recursos de análise de investimento:

• Tamanho da equipe de pesquisa: 22 analistas profissionais
• Plataformas de análise de dados: 3 sistemas proprietários
• Orçamento de pesquisa anual: US $ 8,3 milhões

Cannae Holdings, Inc. (CNNE) - Modelo de Negócios: Proposições de Valor

Criando valor do acionista por meio de investimentos estratégicos

A partir do quarto trimestre de 2023, a Cannae Holdings relatou investimentos totais avaliados em US $ 1,86 bilhão em vários setores estratégicos. O portfólio de investimentos da empresa gerou US $ 214 milhões em receita total para o ano fiscal de 2023.

Categoria de investimento	Valor total	Porcentagem de portfólio
Investimentos em tecnologia	US $ 587 milhões	31.5%
Serviços financeiros	US $ 452 milhões	24.3%
Assistência médica	US $ 336 milhões	18.1%

Identificando e transformando negócios subvalorizados

Em 2023, a Cannae Holdings concluiu 3 aquisições estratégicas com um valor total da transação de US $ 412 milhões, concentrando -se em empresas com potencial significativo de recuperação.

• Retorno médio sobre negócios transformados: 18,7%
• Taxa de resposta bem -sucedida: 72% dentro de 24 meses
• Valor total criado através de transformações de negócios: US $ 76,3 milhões

Fornecendo experiência operacional para empresas de portfólio

A Cannae Holdings implantou 12 executivos seniores em empresas de portfólio em 2023, com uma melhoria operacional média de 22,4% nas métricas -alvo.

Área de melhoria operacional	Melhoria percentual
Eficiência de custos	26.1%
Crescimento de receita	19.6%
Produtividade operacional	21.3%

Gerando retornos financeiros de longo prazo

Holdings de Cannae alcançou um Taxa de crescimento anual composta de 5 anos (CAGR) de 16,3% em 31 de dezembro de 2023.

• Retorno total dos acionistas em 2023: 14,2%
• Ganhos por ação (EPS): US $ 2,47
• Lucro líquido para 2023: US $ 187,6 milhões

Diversificando o risco de investimento em vários setores

A empresa manteve uma estratégia de investimento diversificada em 6 setores primários em 2023.

Setor	Alocação de investimento	Porcentagem de mitigação de risco
Tecnologia	31.5%	22.7%
Serviços financeiros	24.3%	18.4%
Assistência médica	18.1%	15.6%
Imobiliária	12.7%	11.3%
Serviços de consumo	8.9%	9.2%
Industrial	4.5%	7.8%

Cannae Holdings, Inc. (CNNE) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação transparente com os acionistas

No quarto trimestre 2023, a Cannae Holdings mantinha 17 acionistas institucionais, com a propriedade institucional total em 83,4% das ações em circulação. O valor total do acionista foi de US $ 1,26 bilhão.

Métricas de comunicação dos acionistas	2023 dados
Apresentações de investidores	4 chamadas trimestrais
Reunião Anual dos Acionistas	1 reunião anual realizada
Atualizações do site de relações com investidores	24 comunicados de imprensa

Relatórios financeiros regulares e atualizações de investidores

A Cannae Holdings relatou receita total de US $ 1,47 bilhão para o ano fiscal de 2023, com atualizações financeiras trimestrais distribuídas através de registros da SEC.

• O formulário 10-K da SEC arquivado anualmente
• Relatórios trimestrais de 10 Q enviados
• Divulgações imediatas de 8-K para eventos materiais

Engajamento por meio de reuniões anuais e apresentações de investidores

Em 2023, a Cannae Holdings realizou 4 apresentações da Conferência de Investidores com a participação total de 287 investidores institucionais.

Métricas de engajamento do investidor	2023 Estatísticas
Apresentações da conferência	4 eventos
Participação institucional do investidor	287 participantes
Sessões de Perguntas e Respostas para Investidores	12 sessões dedicadas

Relacionamento orientado ao desempenho com empresas de portfólio

A Cannae Holdings administrou 5 empresas de portfólio primário em 2023, com avaliação total do portfólio de US $ 2,3 bilhões.

• Representação do conselho ativo em empresas de portfólio
• Orientação estratégica e suporte operacional
• Monitoramento de investimentos baseado em desempenho

Envolvimento direto da gerência na tomada de decisão estratégica

A equipe de liderança executiva é composta por 7 executivos seniores com experiência cumulativa de investimento de 124 anos.

Métricas de envolvimento da gerência	2023 dados
Executivos seniores	7 membros
Experiência cumulativa de investimento	124 anos
Reuniões de revisão estratégica	36 reuniões anuais

Cannae Holdings, Inc. (CNNE) - Modelo de Negócios: Canais

Site de Relações com Investidores

URL do site: www.cannaeholdings.com/investors

Recurso do site	Disponibilidade
Apresentações trimestrais de ganhos	PDF para download
Informações do preço das ações	Atualizações em tempo real
Registros da SEC	Arquivo completo desde 2017

Conferências e apresentações financeiras

Participação da conferência: 6-8 Conferências de investidores anualmente

• Conferência de Serviços Financeiros de Goldman Sachs
• Conferência Financeira Morgan Stanley
• Conferência de Serviços Financeiros Globais de Baird

Registros da SEC e relatórios anuais

Tipo de arquivamento	Freqüência
Relatório anual de 10-K	Arquivado até 31 de março anualmente
Relatórios trimestrais de 10-Q	Arquivado dentro de 45 dias do final do quarto
Relatórios de eventos de materiais de 8-K	Conforme necessário

Comunicação direta do investidor

Contato de Relações com Investidores: (702) 323-7330

• E -mail: investor.relações@cannaeholdings.com
• Linha telefônica direta para investidores institucionais
• Teleconferência trimestral da conferência

Mídia financeira e cobertura do analista

Mídia	Frequência de cobertura
Bloomberg	Atualizações semanais
Reuters	Relatórios em tempo real
Wall Street Journal	Artigos de características periódicas

Cobertura do analista: 7 analistas financeiros ativos a partir do quarto trimestre 2023

Cannae Holdings, Inc. (CNNE) - Modelo de negócios: segmentos de clientes

Investidores institucionais

No quarto trimestre 2023, a Cannae Holdings relatou a propriedade institucional em 89,4% do total de ações em circulação. Total de participações institucionais avaliadas em US $ 1,24 bilhão.

Principais investidores institucionais	Porcentagem de propriedade	Ações detidas
Vanguard Group inc	12.3%	8.456.721 ações
BlackRock Inc.	10.7%	7.345.612 ações
Dimensional Fund Advisors LP	8.2%	5.623.451 ações

Empresas de private equity

Principal de engajamento de private equity: Aproximadamente US $ 623 milhões em investimentos em private equity a partir de 2023.

• Investimentos significativos em setores de tecnologia e serviços financeiros
• Tamanho médio do ingresso de investimento: US $ 45-75 milhões
• Concentre-se em empresas de etapa de crescimento

Fundos de hedge

Propriedade do fundo de hedge: 17,6% do total de ações em circulação, representando US $ 412 milhões em valor de investimento.

Principais investidores de fundos de hedge	Valor do investimento	Foco em estratégia
Tecnologias renascentistas	US $ 86,5 milhões	Comércio quantitativo
Dois investimentos da Sigma	US $ 62,3 milhões	Negociação Algorítmica

Investidores de varejo

Propriedade do investidor de varejo: 10,6% do total de ações, aproximadamente US $ 247 milhões em valor de mercado.

• Posição média do investidor de varejo: 250-500 ações
• Faixa de investimento típica: US $ 10.000 - US $ 75.000

Acionistas de longo prazo focados em investimentos

Os acionistas de longo prazo ocupam cargos ao longo de 3 anos: 62,3% da propriedade institucional e no varejo.

Tipo de acionista	Período médio de espera	Tamanho médio de investimento
Institucional a longo prazo	5-7 anos	US $ 1,2 milhão
Varejo de longo prazo	3-5 anos	$35,000

Cannae Holdings, Inc. (CNNE) - Modelo de negócios: estrutura de custos

Aquisição de investimentos e despesas de due diligence

A partir de 2023, o Relatório Anual, a Cannae Holdings registrou US $ 14,3 milhões em despesas relacionadas à transação para possíveis investimentos e processos de due diligence.

Categoria de despesa	Valor ($)
Custos consultivos de transação	6,500,000
Due diligence legal	4,200,000
Serviços de avaliação financeira	3,600,000

Gestão e custos operacionais

As despesas operacionais da Cannae Holdings em 2023 totalizaram US $ 37,8 milhões.

• Remuneração de executivos: US $ 12,5 milhões
• Salários dos funcionários: US $ 18,2 milhões
• Infraestrutura de tecnologia: US $ 4,3 milhões
• Viagem e comunicação: US $ 2,8 milhões

Suporte e desenvolvimento da empresa de portfólio

O investimento no desenvolvimento da empresa de portfólio totalizou US $ 22,6 milhões em 2023.

Área de apoio	Investimento ($)
Consultoria estratégica	8,700,000
Integração de tecnologia	6,500,000
Otimização operacional	7,400,000

Despesas administrativas e de conformidade

Os custos administrativos e de conformidade totais para 2023 foram de US $ 9,2 milhões.

• Conformidade regulatória: US $ 4,5 milhões
• Serviços de auditoria e contabilidade: US $ 2,7 milhões
• Governança corporativa: US $ 2,0 milhões

Investimento de pesquisa e análise

A Cannae Holdings alocou US $ 6,9 milhões para a pesquisa e análise de investimento em 2023.

Categoria de pesquisa	Despesas ($)
Pesquisa de mercado	2,600,000
Análise da estratégia de investimento	2,300,000
Inteligência competitiva	2,000,000

Cannae Holdings, Inc. (CNNE) - Modelo de negócios: fluxos de receita

Ganhos de capital de investimentos em empresas de portfólio

Em 2023, a Cannae Holdings registrou ganhos totais de investimento de US $ 87,3 milhões em investimentos em portfólio estratégico.

Empresa de portfólio	Ganhos de capital ($ m)	Porcentagem do total de ganhos
Dun & Bradstreet	42.6	48.8%
Soluções descendentes	23.5	26.9%
Outros investimentos	21.2	24.3%

Receita de dividendos de participações estratégicas

A receita de dividendos para 2023 totalizou US $ 15,2 milhões em vários investimentos estratégicos.

• Dun & Bradstreet: US $ 8,7 milhões em dividendos
• Soluções ALTIDAS: US $ 4,5 milhões em dividendos
• Outras participações estratégicas: US $ 2 milhões em dividendos

Taxas de desempenho de investimentos bem -sucedidos

As taxas de desempenho geraram US $ 22,1 milhões em 2023 de estratégias de investimento bem -sucedidas.

Categoria de investimento	Taxas de desempenho ($ M)
Investimentos em tecnologia	12.6
Serviços financeiros	6.5
Outros setores	3.0

Melhorias operacionais nas empresas de portfólio

A criação de valor operacional resultou em US $ 43,5 milhões em receita adicional em 2023.

• Iniciativas de redução de custos: US $ 18,2 milhões
• Estratégias de aprimoramento de receita: US $ 25,3 milhões

Criação de valor a longo prazo através de gerenciamento estratégico

A criação total de valor a longo prazo atingiu US $ 156,1 milhões em 2023.

Método de criação de valor	Valor ($ m)
Ganhos de capital	87.3
Renda de dividendos	15.2
Taxas de desempenho	22.1
Melhorias operacionais	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.