On this page of StockholderLetter.com we present the latest annual shareholder letter from Cannae Holdings, Inc. — ticker symbol CNNE. Reading current and past CNNE letters to shareholders can bring important insights into the investment thesis.

 •  11/5/2025 Letter Continued (Full PDF)
 •  4/28/2023 CNNE Stockholder Letter
 •  4/26/2024 CNNE Stockholder Letter
 •  More "Real Estate" Category Stockholder Letters
 •  CNNE Benford's Law Stock Score = 88

CNNE Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT

CANNAE HOLDINGS, INC.
Select Portfolio Highlights
We primarily acquire interests in operating companies and are actively engaged in managing and operating a core
group of those companies. We believe that our long-term ownership and active involvement in the management and
operations of companies helps maximize the value of those businesses for our shareholders. We are a long-term
owner that seeks to secure control and governance rights, and we have no preset time constraints dictating when we
sell or dispose of our businesses.
Football Team Ownership
Data Insights
Black Knight Football Club (BKFC) and
AFC Bournemouth
Dun & Bradstreet
BKFC purchased AFC Bournemouth (AFCB) in December
2022, and our team quickly started to improve operations
and performance of the club. Thus far, the results have been
impressive as the club increased its league position from
15th in the season of purchase to 9th in the 2024/25 season,
and revenues have increased 29% over the same period. For
the first time, AFCB was named to Sportico   s 2025 list of The
World   s 50 Most Valuable Football Clubs, with a valuation
of $630 million, which represents a signficant increase over
capital invested in AFCB.
Since taking Dun & Bradstreet (D&B) private in 2019, we
replaced management, reduced the company   s expense
structure, and improved their operations, resulting in
approximately 40% revenue growth, 60% EBITDA growth,
and almost 600 basis points of margin expansion while
reducing leverage from 9x to 3.6x. The improved results led
to the sale of D&B to Clearlake Capital Group for $7.7 billion
in August 2025. Cannae received $630 million from the sale
of D&B, and announced its expected usage of $501 million
to repurchase $300 million of Cannae shares, $141 million
to repay its margin loan, and the remainder for payment of
future dividends to shareholders.
Business Efficiency
Gourmet Flavoring Products
Alight, Inc.
The Watkins Company
We continue to work with Alight to transform their business,
which we believe will result in an improved valuation for
the company and value creation for our shareholders. Over
the past year, we advised management on the $1.2 billion
sale of its Payroll and Professional Services division, which
simplified the remaining business while providing capital for
Alight to significantly delever, repurchase shares, and initiate a
dividend. We also worked with the company to transition to a
new CEO and added four new experienced board members.
In October 2024, Cannae acquired a majority interest in
the Watkins Company (Watkins), a 157-year-old flavoring
products company known for its premium brand in the fastgrowing spices, seasonings, and extracts category, a $6 billion
segment in the U.S. food industry. Watkins is the second
largest extracts brand and one of the fastest-growing organic
spice brands, having consistently increased its market share
over the last several years. There remains a significant runway
for growth through expanded distribution and additional
acquisitions, given the highly fragmented industry.

2024 ANNUAL REPORT
2.0X
Long-Term Proven Investment Returns
(in billions of dollars)
Invested Capital
Cumulative Cannae Investment Monetizations1
$0.7B
$4.0B
$6.7B
$3.4B
Investment
Cost
Investment
Gains
Investment
Loss
Cumulative
Proceeds
Disciplined Approach of Returning Capital to Shareholders
(in millions)
Outstanding Shares as of December 31st
91.7
2020
86.9
2021
76.3
70.4
2022
2023
51.6
2024
9/30/25
2024
9/30/25
Total Returned
$1,015
2021
2022
Return of Capital to Shareholders2
$167
$225
$118
$251
$254
Cumulative Shares Repurchased3
5%
17%
24%
35%
48%
$34.62
$20.95
$19.28
$22.82
$19.29
28%
44%
45%
32%
31%
Average Purchase Price
Purchase Discount to NAV4
2023
62.8
Graphic displays only realized monetization events since 2014, including sales, partial sales, dividends, and distributions
Represents share repurchases and dividends
3
Relative to May 2021 share count
4
Percentage discount relative to average NAV
1
2
1
$1.0B
Returned

CANNAE HOLDINGS, INC.
To Our
Valued
Shareholders,
I am honored to be writing to you for the first time as Cannae   s
1) rebalancing our portfolio away from our historical public
Chief Executive Officer. Before I get started, I would like to thank
company investments and redeploying capital in proprietary
the Board and Bill Foley for their support. I would also personally
opportunities with positive cash flows that can deliver outsized
like to thank Bill for his mentorship and all that he has provided
returns; 2) returning capital to shareholders through share
to Cannae and its portfolio companies. Under Bill   s leadership,
buybacks and dividends; and 3) improving the operational
Cannae created significant value and positioned itself for
performance of Cannae   s portfolio companies to increase their
continued success delivering shareholder returns as a permanent
underlying values. We believe this strategy will enhance the
capital vehicle. Bill   s role as Vice Chairman of the Board will
value of our portfolio companies, close the stock price discount
enable our Management Team to continue to leverage his
to net asset value, and deliver returns to our shareholders.
expertise in driving value at our portfolio companies (particularly
We have made substantial progress across all three
in the sports and entertainment and spirits businesses), and his
strategic initiatives.
network and experience in strategic investments and M&A to
create long-term value for our shareholders.
Cannae   s Portfolio Transformation
Cannae   s strategy remains simple. We try to buy, improve,
Since 2024, we have raised approximately $1.1 billion of capital
and eventually monetize investments to generate returns for
through the sales of public shares of our portfolio companies
our shareholders. We leverage the experiences and know-
Alight, Dayforce, Dun & Bradstreet (D&B), and Paysafe. These
how of our Board and Management Team as well as the
sales have rebalanced our portfolio, resulting in our public
duration and flexible nature of our capital as competitive
company stakes shifting from 70% of our net asset value at
advantages to create long-term shareholder value. The Board
the start of February 2024 to 20% at September 2025. This
and Management Team remain committed to the execution
portfolio transition is important for Cannae as it: 1) generates
of three key priorities initiated in February of 2024 to create
capital that can be used for share buybacks, dividends, and
long-term shareholder value. The pillars of the strategy are:
new investments, and 2) through rebalancing our portfolio, we
See Forward-Looking Statements and Risk Factors on the inside back cover
2

2024 ANNUAL REPORT
now provide our investors access to unique and proprietary
an investment in an established 157-year-old business in an
investment opportunities otherwise unavailable to public
attractive consumer products segment with a strong brand
market investors.
and growth potential. With the additional capital in BKFC,
Cannae continues to grow a leading global football operator
In August 2025, D&B (Cannae   s largest investment) closed its
with ownership of AFC Bournemouth (AFCB) in the English
$7.7 billion sale to Clearlake Capital, delivering $630 million in
Premier League, FC Lorient in France's Ligue 1, Moreirense FC
proceeds to Cannae, of which we intend to use at least $501
in Primera Liga in Portugal, and Hibernian FC in the Scottish
million of these proceeds for share repurchases, dividends,
Premiership. We believe the increasing value of sports media
and debt repayment. In 2024, we sold $470 million of our
rights, team values in top leagues, and our global platform
public portfolio companies Alight, Dayforce, Dun & Bradstreet,
will increase the value of BKFC and deliver returns for our
and Paysafe. These transactions have provided Cannae with
shareholders.
significant capital to execute its strategy.
As part of our portfolio repositioning, we invested in
Returning Capital to Shareholders
several attractive companies that we believe will deliver our
We continue to aggressively return capital to our shareholders
shareholders outsized returns. Since 2024, we invested $423
through share buybacks and our dividend, which now totals
million in JANA Partners and The Watkins Company, and added
$505 million of returned capital since the beginning of 2024.
to our investment in Black Knight Football Club (BKFC). With
Since 2024, Cannae has bought back $459 million, or 31%
the JANA investment, Cannae now owns a 50% equity interest
of Cannae   s outstanding stock. This included $228 million
in a premier investment manager that is well positioned for
of Cannae shares in 2024, and $232 million in 2025 through
future growth in AUM and cash distributions to its owners.
September. We expect to repurchase at least an additional
In addition, we are also able to leverage JANA   s expertise to
$68 million of common stock this year to complete the $300
source proprietary and differentiated investment opportunities
million of stock repurchases announced in conjunction with
for Cannae. Our stake in The Watkins Company represents
the D&B sale. These stock purchases have been conducted at
an average discount to net asset value of over 30%, which we
believe represents an attractive use of capital. In total, since
2021, we have repurchased approximately $970 million, or 48%
of Cannae's total shares outstanding.
      We believe there is significant
shareholder upside as we continue
to execute our strategic plan and
position Cannae as a permanent
capital vehicle with proprietary
and differentiated investments.   
    Ryan R. Caswell, CEO
3



 11/5/2025 Letter Continued (Full PDF)