Here are 1-3 brief analogies for Cannae (CNNE):

• A smaller, more active Berkshire Hathaway, making principal investments in diverse sectors like financial services, technology, and restaurants.
• Similar to IAC/InterActiveCorp, as it invests in and helps grow companies across various industries, often spinning them off into new public entities.

• Title Insurance and Real Estate Services: Provided through its significant equity stake in Fidelity National Financial (FNF), which offers title insurance, escrow, and other services essential to real estate transactions.
• Business Data and Analytics: Derived from its substantial investment in Dun & Bradstreet (DNB), a global provider of commercial data, analytics, and insights for decision-making.

Cannae Holdings (symbol: CNNE) is a diversified holding company, not an operating company that directly sells products or services to external customers. As such, Cannae Holdings does not have "major customers" in the traditional sense that purchase goods or services directly from it.

Instead, Cannae's revenue and value are primarily derived from its ownership stakes in, and the performance of, its portfolio of investments in various companies across different sectors, including healthcare, financial services, and technology. Its objective is to acquire and manage interests in businesses with strong cash flow generation and growth potential.

While Cannae Holdings itself does not have direct customers, its major portfolio companies serve a diverse range of customers. For illustrative purposes, some of Cannae's significant investments and the types of customers their businesses serve include:

• Dun & Bradstreet Holdings, Inc. (symbol: DNB)

  Dun & Bradstreet is a global provider of business decisioning data and analytics. It primarily sells to other businesses (B2B). Its customers are companies of all sizes that use D&B's data, analytics, and insights for purposes such as credit risk assessment, sales and marketing, supply chain management, and compliance.

• Paysafe Limited (symbol: PSFE)

  Paysafe is a leading specialized payments platform. Its customer base is a mix of businesses (B2B) and individuals (B2C). Businesses (merchants, gaming operators) use Paysafe for payment processing solutions, while individuals use its digital wallets (like Skrill and Neteller) and prepaid solutions for online transactions.

• AmeriLife Group, LLC (private company)

  AmeriLife Group is a leading provider of health and life insurance, annuities, and retirement planning solutions. It primarily serves individuals (B2C) seeking various insurance and financial products, often through its network of independent agents and advisors.

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Ryan R. Caswell, Chief Executive Officer

Mr. Caswell has served as the Chief Executive Officer of Cannae Holdings since May 2025. Prior to this role, he was the company's President from February 2023 to May 2025, and Senior Vice President of Corporate Finance from September 2020 to February 2023. Mr. Caswell brings over 15 years of investment and corporate finance experience across various industries and transaction types. He has also served on the boards of several Cannae investments, including AmeriLife, Black Knight Football, CorroHealth, Jana Partners, System1, TripleTree Holdings, and Watkins. Before joining Cannae Holdings, Mr. Caswell was a Managing Director in the Financial Institutions Group at BofA Securities, where he executed advisory and capital raising transactions. He also worked as an investment banker at Bear Stearns.

Bryan D. Coy, Chief Financial Officer

Mr. Coy serves as the Chief Financial Officer of Cannae Holdings, where he is responsible for financial reporting and planning, as well as investor relations oversight for Cannae and its operating subsidiaries. From 2017 to 2021, Mr. Coy was the Chief Financial Officer for Black Knight Sports, which includes the Vegas Golden Knights of the National Hockey League and the Henderson Silver Knights of the American Hockey League. Before that, he served as the Chief Accounting Officer of Interblock Gaming until 2017. Mr. Coy was also the Chief Financial Officer of Aruze Gaming America, Inc. from 2010 to 2015, and held positions as Director of Financial Reporting at Fontainebleau Resorts and Chief Financial Officer of Shuffle Master, Inc. - Americas. His earlier career includes roles as Vice President of Finance at Sunterra Resorts and Vice President of Finance at eSchool Solutions, and he began at Deloitte & Touche.

William P. Foley, II, Vice Chairman of the Board

William P. Foley, II has served as Vice Chairman of Cannae Holdings since May 2025, having previously held roles as Chairman, Chief Executive Officer, and Chief Investment Officer from February 2024 to May 2025. He was also non-executive Chairman from May 2018 to February 2024 and Executive Chairman from July 2017 to May 2018. Mr. Foley is recognized for founding and building numerous companies, with experience as a board member and executive officer in diverse industries. He has a strong track record of building shareholder value and successfully negotiating and implementing mergers and acquisitions, driving favorable outcomes through operational expertise, disciplined industry consolidation, and rapid execution on cost-reduction opportunities. Mr. Foley founded Fidelity National Financial (FNF) and has served as its Chairman since 1984, growing it into the largest title insurance company in the U.S. He also founded and is the owner of Foley Family Wines. He is the lead investor, chairman, and CEO of Black Knight Sports & Entertainment, which owns the Vegas Golden Knights NHL team, and is managing general partner of Black Knight Football and Entertainment, which owns several professional football clubs globally. He formerly served as Executive Chairman of Fidelity National Information Services, Inc. (FIS) and Chairman of Paysafe Limited, among other significant executive and board roles across public and private companies, including Dun & Bradstreet and Alight. Mr. Foley has been responsible for the creation and growth of over $100 billion in publicly traded companies, including FNF, FIS, and Black Knight, Inc., and principals at Cannae have successfully acquired over 100 companies with aggregate consideration exceeding $30 billion.

Douglas K. Ammerman, Chairman of the Board

Mr. Ammerman has served as Chairman of the Board for Cannae Holdings since May 2025, and as a director since 2024. He retired as a partner from KPMG LLP after nearly 30 years, where he held significant roles including national practice partner and managing partner of the Orange County office. His extensive board experience includes current director positions at Stantec Inc. (where he serves as Chairman), Fidelity National Financial, Inc., F&G, and Dun & Bradstreet. He previously served on the boards of El Pollo Loco, Inc., J. Alexander's Holdings, Inc., and Foley Trasimene Acquisition Corp. Mr. Ammerman also served as Special Assistant to the Secretary of Interior during the Reagan Administration.

Michael L. Gravelle, Executive Vice President, General Counsel and Corporate Secretary

Mr. Gravelle has served as Executive Vice President, General Counsel, and Corporate Secretary of Cannae Holdings since April 2017. He has also served as Executive Vice President, General Counsel, and Corporate Secretary of Fidelity National Financial (FNF) since January 2010, having joined a subsidiary of FNF in 1993. Additionally, Mr. Gravelle has served as Executive Vice President and General Counsel of Black Knight, Inc. and its predecessors since January 2014.

The key risks to Cannae (CNNE) primarily stem from significant shareholder dissatisfaction and ongoing financial underperformance.

1. Shareholder Dissent and Governance Issues: Cannae is facing substantial criticism and dissent from major shareholders, notably Carronade Capital Master, LP. This includes challenges to the company's financial performance, operational management, and governance structures. Shareholders have expressed disapproval of executive compensation practices, evidenced by the rejection of the "Say on Pay" proposal and the election of activist investor nominees to the board. Concerns also exist regarding the company's reincorporation from Delaware to Nevada, which some view as a move to dilute shareholder protections and entrench current management. This ongoing conflict creates instability and can hinder strategic decision-making.
2. Poor Financial Performance and Underperformance: The company has experienced a significant decline in its stock value, with shareholders facing a 60% loss over the past five years and a 29% decline after the last three quarterly earnings reports. Cannae has also seen a 50% drop in net asset value per share over five years. Key financial metrics indicate distress, including a revenue decline of 5.2% over three years, negative operating and net margins (-27.31% and -108.39% respectively), and a negative return on equity (-29.03%). Furthermore, the company has a high debt-equity ratio and has reported substantial pre-tax profit losses. Analysts forecast continued negative revenue growth, suggesting a challenging financial outlook.
3. Lack of Strategic Coherence and Underperforming Investments: Activist investors contend that Cannae's diversified multi-sector investment approach lacks a clear strategic focus, leading to a general value-seeking mission rather than a coherent, value-building strategy. Several of Cannae's publicly traded portfolio companies have underperformed major market benchmarks, and a notable number of private holdings have stagnated, remaining valued at their original cost for many years. This indicates potential inefficiencies in capital allocation and an inability to realize value from its investments.

• Intensifying Competition and Technological Disruption in Payments and Data Services: Cannae's significant investments in Paysafe (payments) and Dun & Bradstreet (business data) face growing threats from agile fintech startups, large technology companies entering their sectors, and the rapid evolution of digital infrastructure. For Paysafe, the emergence of new payment rails (e.g., instant payments, central bank digital currencies), intense competition from players like Stripe and Adyen, and evolving regulatory landscapes in key markets (like iGaming) pose ongoing challenges to market share and margins. For Dun & Bradstreet, the proliferation of alternative data sources, AI-driven analytics platforms, and stricter global data privacy regulations (which could restrict traditional data aggregation methods) represent a clear and emerging threat to its established business model.
• Macroeconomic Headwinds and Structural Challenges in Restaurant Holdings: Cannae's ownership of restaurant platforms (including O'Charley's, Ninety Nine Restaurants, Village Inn, and Bakers Square) faces direct emerging threats from persistent macroeconomic pressures and shifting consumer behaviors. Elevated inflation (food, labor, energy costs) continues to compress margins, while ongoing labor shortages and rising wage demands exacerbate operational difficulties. Furthermore, evolving consumer preferences, with a continued shift away from traditional casual dining towards fast-casual, experiential dining, or convenient delivery-only models (including ghost kitchens), represents a structural threat to the relevance and profitability of these established restaurant brands.

Restaurant Technology Solutions

The global restaurant technology market size was valued at approximately USD 5.93 billion in 2025. It is projected to grow to USD 27.05 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 16.39% from 2025 to 2035.

Business Decisioning Data and Analytics

The global data analytics market size is projected to grow from USD 82.23 billion in 2025 to USD 402.70 billion by 2032, with a CAGR of 25.5%.

Human Capital Management (HCM) / HR Technology

The global human capital management market size is predicted to reach USD 34.12 billion in 2025, with a projected growth to USD 64.97 billion by 2032, at a CAGR of 9.6% over 2025-2032.

Title Insurance

The market size of the Title Insurance industry in the United States is estimated at USD 17.1 billion in 2025. North America remains the largest market for title insurance, holding approximately 70% of the global market share, with the United States as the primary contributor.

Real Estate Technology (PropTech)

The global PropTech market size is projected to grow from USD 40.19 billion in 2025 to USD 88.37 billion by 2032. North America dominated the global PropTech market with a share of 38.03% in 2024.

Share Repurchases

• Cannae Holdings has aggressively repurchased its common stock, with approximately $500 million returned to shareholders via share repurchases since February 2024, including $228 million in 2024 and an estimated $270 million in 2025.
• A three-year stock repurchase program was authorized effective February 26, 2021, for up to 10 million shares, expiring on February 26, 2024. This was followed by a subsequent authorization, with approximately 8.4 million shares remaining available for repurchase as of May 18, 2023, through August 3, 2025.
• The company expects to repurchase at least $300 million of its common stock from the proceeds of the Dun & Bradstreet sale, anticipated to close in the third quarter of 2025.

Share Issuance

• In February 2024, Cannae entered into a strategic partnership with JANA Partners, which included an investment comprising approximately 1.85 million shares of Cannae common stock and $18.3 million in cash.

Outbound Investments

• In December 2022, Cannae acquired a 50.1% limited partnership interest in Black Knight Football and Entertainment (BKFE) for an aggregate commitment of approximately $133 million, primarily to acquire the English Premier League football club AFC Bournemouth.
• Cannae invested $86 million in November 2022 for an approximate 9% interest in Computer Services, Inc. (CSI) as part of a consortium acquisition.
• In February 2024, Cannae acquired approximately a 20% stake in JANA Partners' management company for $56 million, and in October 2024, acquired a 53% stake in the Watkins Company for $80 million. In September 2025, Cannae increased its ownership in JANA Partners to 50%.