Cannae Holdings, Inc.

Cannae Holdings, Inc. has issued its proxy statement for the 2026 Annual Meeting of Shareholders, scheduled to be held virtually on December 11, 2026. Shareholders of record as of October 27, 2026, will be able to vote on the election of four directors, an advisory vote on executive compensation, and the ratification of Grant Thornton LLP as the independent registered public accounting firm. The company highlights its strategic transformation, focusing on sports and entertainment assets, and its progress in monetizing non-core assets, redeploying capital, and enhancing corporate governance. Significant capital returns to shareholders through share repurchases and dividend increases are also noted.

Cannae Holdings, Inc. reported a significant turnaround in Q2 2026, swinging to a net income attributable to common shareholders of $37.5 million, or $0.86 per share, compared to a net loss in the prior year. This was largely influenced by $82.8 million in recognized gains, despite a decrease in total operating revenues to $102.2 million. The company also recorded a $32.1 million goodwill impairment for its 99 Restaurants unit and completed strategic acquisitions and divestments, including the sale of Brasada Ranch for $20.7 million and Watkins for $90.0 million.

Cannae Holdings reported Q2 2026 net earnings of $37.5 million, a significant turnaround from a $238.8 million net loss in the prior year, resulting in diluted EPS of $0.86. The company continued its portfolio transformation, divesting its 49% interest in Watkins for $90 million and acquiring Exeter Rugby Group for approximately $26 million. Its largest asset, Black Knight Football, saw AFC Bournemouth achieve a historic 6th place finish in the Premier League, qualifying for European competition, while the restaurant group continued to struggle.

Cannae Holdings, Inc. announced the sale of its entire ownership stake in The Watkins Company to KDSA Investment Partners for $90 million in cash. This divestment, which follows an $80 million investment in October 2024, yielded a 1.2x multiple on invested capital and an IRR of nearly 10% in less than two years. The company stated this move is a key step in its portfolio transformation strategy, allowing it to monetize a non-core asset and redeploy capital into new investments or return it to shareholders, with a focus on sports and entertainment assets.

Cannae Holdings, Inc. completed the previously announced sale of its interest in Brasada Ranch to a company owned by William P. Foley, II on July 15, 2026. In connection with this divestment, the company entered into a Letter Agreement with Mr. Foley. This agreement amends his Director Services Agreement, specifically deleting Section 11(a) which previously allowed Mr. Foley to sell 50% of his Cannae common stock back to the company at certain prices.

Cannae Holdings, Inc. announced that Bryan D. Coy resigned from his position as Executive Vice President and Chief Financial Officer on June 10, 2026. His resignation was not due to any disagreement with the company. In connection with his departure, Mr. Coy will receive accelerated vesting of 21,327 restricted shares and up to six months of base salary as transition payments. Concurrently, Brett A. Correia was appointed as interim Chief Financial Officer, effective June 10, 2026, with a base salary of $300,000. Mr. Correia has served as Cannae's Chief Accounting Officer since August 2019.

Cannae Holdings reported a net loss attributable to common shareholders of $(32.1) million, or $(0.70) per share, for the first quarter of 2026, a significant improvement from the prior year's loss. Total operating revenues for the quarter were $96.2 million, down from $103.2 million year-over-year. The company continued its share repurchase program, buying back 1.185 million shares for $15.2 million in Q1 2026 and an additional 2.1 million shares for $27.2 million post-quarter. Strategic developments include Black Knight Football's acquisition of the remaining 60% of FC Lorient for $70.3 million and the termination of a revolving loan facility.

Cannae Holdings, Inc. reported a net loss attributable to common shareholders of $(32.1) million, or $(0.70) per share, for Q1 2026, an improvement from $(113.0) million, or $(1.81) per share, in Q1 2025. The company continued its strategic focus on sports and entertainment investments and aggressive capital return, repurchasing 3.4 million shares for $43 million in Q1 2026. Portfolio companies showed mixed performance, with Black Knight Football's AFC Bournemouth in contention for European competition, while the Restaurant Group faced revenue declines and store closures.

Cannae Holdings, Inc. announced significant corporate governance changes, including William P. Foley, II transitioning from CEO/Chairman to non-executive Vice Chairman, Douglas K. Ammerman becoming independent Chairman, and Ryan R. Caswell appointed CEO. The company terminated its external Management Services Agreement, effective May 12, 2025, leading to a significant reduction in management fees and a lower termination fee. The board was transformed with four new independent directors, and a proposal to declassify the board was approved with a 98.9% vote. CNNE also authorized a new stock repurchase program for up to 10 million shares, adding to the $1.1 billion repurchased since 2021, including $350.1 million in 2025 and year-to-date 2026. Corporate operating expenses were reduced by $6.8 million (10.2%) in 2025, excluding one-time costs, and the company is accelerating its portfolio transformation to focus on sports and entertainment investments, exemplified by Black Knight Football Club's acquisition of the remaining equity of FC Lorient.