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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022

OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-38300
CANNAE HOLDINGS, INC.
______________________________________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware82-1273460
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
   
1701 Village Center Circle,Las Vegas,Nevada89134
(Address of principal executive offices)(Zip Code)
(702) 323-7330
___________________________________________________________________
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol Name of Each Exchange on Which Registered
Cannae Common Stock, $0.0001 par valueCNNE New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes NO
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes NO
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated FilerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES NO
As of October 31, 2022 there were 78,020,290 shares of the Registrant's common stock outstanding.



FORM 10-Q
QUARTERLY REPORT
QUARTER ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
  
 Page
 
 
 
i

Table of Contents

Part I: FINANCIAL INFORMATION

Item 1.    Condensed Consolidated Financial Statements

CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 September 30,
2022
December 31,
2021
ASSETS
Current assets:  
Cash and cash equivalents$371.1 $85.8 
Other current assets27.4 35.8 
Total current assets398.5 121.6 
Investments in unconsolidated affiliates1,996.5 2,261.3 
Equity securities, at fair value335.3 1,045.1 
Lease assets158.8 172.0 
Property and equipment, net88.9 100.6 
Deferred tax asset76.0  
Goodwill53.4 53.4 
Other intangible assets, net24.3 26.9 
Other long term investments and non-current assets49.4 108.7 
Total assets$3,181.1 $3,889.6 
LIABILITIES AND EQUITY
Current liabilities: 
Accounts payable and other accrued liabilities, current$76.7 $105.6 
Income taxes payable39.4 24.7 
Lease liabilities, current23.4 23.8 
Deferred revenue13.6 23.1 
Notes payable, current13.2 2.3 
Total current liabilities166.3 179.5 
Lease liabilities, long term151.5 166.1 
Notes payable, long term95.5 14.1 
Deferred tax liability 143.8 
Accounts payable and other accrued liabilities, long term42.3 45.0 
Total liabilities455.6 548.5 
Commitments and contingencies - see Note F
Equity: 
Cannae common stock, 0.0001 par value; authorized 115,000,000 shares as of September 30, 2022 and December 31, 2021; outstanding of 78,519,591 and 86,886,034 shares as of September 30, 2022 and December 31, 2021, respectively, and issued of 92,519,669 and 92,460,514 shares as of September 30, 2022 and December 31, 2021, respectively
  
Preferred stock, 0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of September 30, 2022 and December 31, 2021
  
Retained earnings1,187.2 1,642.8 
Additional paid-in capital1,924.4 1,888.3 
Less: Treasury stock, 14,000,078 and 5,574,480 shares as of September 30, 2022 and December 31, 2021, respectively, at cost
(363.3)(188.6)
Accumulated other comprehensive loss(20.8)(7.2)
Total Cannae shareholders' equity2,727.5 3,335.3 
Noncontrolling interests(2.0)5.8 
Total equity2,725.5 3,341.1 
Total liabilities and equity$3,181.1 $3,889.6 
See Notes to Condensed Consolidated Financial Statements
1

Table of Contents

CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Revenues:
Restaurant revenue$154.6 $175.1 $483.4 $532.3 
Other operating revenue9.9 10.9 23.0 28.0 
Total operating revenues164.5 186.0 506.4 560.3 
Operating expenses:
Cost of restaurant revenue141.1 154.8 434.4 462.8 
Personnel costs12.4 21.9 49.5 58.3 
Depreciation and amortization5.7 6.3 17.7 20.6 
Other operating expenses26.6 27.8 128.7 115.6 
Total operating expenses185.8 210.8 630.3 657.3 
Operating loss(21.3)(24.8)(123.9)(97.0)
Other income (expense):
Interest, investment and other income 18.7 0.1 20.1 
Interest expense(3.6)(2.3)(8.6)(6.9)
Recognized gains (losses), net175.0 (186.2)(283.8)(224.7)
Total other income (expense)171.4 (169.8)(292.3)(211.5)
Earnings (loss) before income taxes and equity in (losses) earnings of unconsolidated affiliates150.1 (194.6)(416.2)(308.5)
Income tax expense (benefit)17.0 (34.7)(111.4)(47.4)
Earnings (loss) before equity in (losses) earnings of unconsolidated affiliates133.1 (159.9)(304.8)(261.1)
Equity in (losses) earnings of unconsolidated affiliates(77.9)41.4 (154.0)86.5 
Net earnings (loss)55.2 (118.5)(458.8)(174.6)
Less: Net (loss) earnings attributable to noncontrolling interests(0.1)2.5 (3.2)3.1 
Net earnings (loss) attributable to Cannae Holdings, Inc. common shareholders$55.3 $(121.0)$(455.6)$(177.7)
Earnings per share
Basic
Net earnings (loss) per share $0.69 $(1.36)$(5.49)$(1.97)
Diluted
Net earnings (loss) per share$0.69 $(1.36)$(5.49)$(1.97)
Weighted Average Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis79.6 88.8 83.0 90.3 
Weighted average shares outstanding Cannae Holdings common stock, diluted basis79.6 88.9 83.0 90.4 
See Notes to Condensed Consolidated Financial Statements
2

Table of Contents

CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(In millions)
(Unaudited)
 Three months ended September 30,Nine months ended September 30,
 2022202120222021
Net earnings (loss)$55.2 $(118.5)$(458.8)$(174.6)
Other comprehensive loss, net of tax:    
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1)
   0.5 
Unrealized losses of investments in unconsolidated affiliates (2)
(8.7)(3.0)(16.3)(5.7)
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings (3)
   (10.9)
Reclassification adjustments for unrealized gains and losses of unconsolidated affiliates, net of tax, included in net earnings (4)
2.7  2.7 2.2 
Other comprehensive loss(6.0)(3.0)(13.6)(13.9)
Comprehensive earnings (loss)49.2 (121.5)(472.4)(188.5)
Less: Comprehensive (loss) earnings attributable to noncontrolling interests(0.1)2.5 (3.2)3.1 
Comprehensive earnings (loss) attributable to Cannae Holdings, Inc. common shareholders$49.3 $(124.0)$(469.2)$(191.6)
_________________________________
 
(1)Net of income tax expense of $0.1 million for the nine months ended September 30, 2021.
(2)Net of income tax benefit of $(2.3) million and $(0.8) million for the three months ended September 30, 2022 and 2021, respectively, and $(4.3) million and $(1.5) million for the nine months ended September 30, 2022 and 2021, respectively.
(3)Net of income tax benefit of $(2.9) million for the nine months ended September 30, 2021.
(4)Net of income tax expense of $0.7 million for the three months ended September 30, 2022 and $0.7 million and $0.6 million for the nine months September 30, 2022 and 2021, respectively.
    
See Notes to Condensed Consolidated Financial Statements



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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In millions)
(Unaudited)

 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp (Loss) EarningsTreasury StockNon-controlling
Interests
Total
Equity
 Shares$Shares$
 
Balance, June 30, 202192.4 $ $1,880.8 $1,873.1 $(15.8)3.2 $(110.8)$6.2 $3,633.5 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (3.0)— — — (3.0)
Treasury stock repurchases— — — — — 0.2 (6.8)— (6.8)
Stock-based compensation, consolidated subsidiaries— — 0.6 — — — — — 0.6 
Stock-based compensation, unconsolidated affiliates— — 2.3 — — — — — 2.3 
Subsidiary dividends paid to noncontrolling interests— — — — — — — (0.3)(0.3)
Net (loss) earnings— — — (121.0)— — — 2.5 (118.5)
Balance, September 30, 2021
92.4 $ $1,883.7 $1,752.1 $(18.8)3.4 $(117.6)$8.4 $3,507.8 
Balance, June 30, 202292.5 $ $1,913.5 $1,131.9 $(14.8)12.4 $(327.2)$2.7 $2,706.1 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (8.7)— — — (8.7)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings (loss) — — — — 2.7 — — — 2.7 
Treasury stock repurchases— — — — — 1.6 (36.1)— (36.1)
Stock-based compensation, consolidated subsidiaries— — 0.4 — — — — — 0.4 
Stock-based compensation, unconsolidated affiliates— — 10.5 — — — — — 10.5 
Subsidiary dividends paid to noncontrolling interests— — — — — — — (4.6)(4.6)
Net earnings (loss)— — — 55.3 — — — (0.1)55.2 
Balance, September 30, 2022
92.5 $ $1,924.4 $1,187.2 $(20.8)14.0 $(363.3)$(2.0)$2,725.5 

See Notes to Condensed Consolidated Financial Statements




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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - CONTINUED
(In millions)
(Unaudited)

 Common StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comp (Loss) EarningsTreasury StockNon-controlling
Interests
Total
Equity
 Shares$Shares$
 
Balance, December 31, 202092.4 $ $1,875.8 $1,929.8 $(4.9)0.7 $(21.1)$5.6 $3,785.2 
Other comprehensive earnings — unrealized gain on investments and other financial instruments, net of tax— — — — 0.5 — — — 0.5 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (5.7)— — — (5.7)
Reclassification adjustments for unrealized gains and losses on investments and other financial instruments, net of tax, (excluding investments in unconsolidated affiliates) included in net earnings— — — — (10.9)— — — (10.9)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings— — — — 2.2 — 2.2 
Treasury stock repurchases— — — — — 2.7 (96.5)— (96.5)
Stock-based compensation, consolidated subsidiaries— — 2.0 — — — — — 2.0 
Stock-based compensation, unconsolidated affiliates— — 5.9 — — — — — 5.9 
Subsidiary dividends paid to noncontrolling interests— — — — — — — (0.3)(0.3)
Net (loss) earnings— — — (177.7)— — — 3.1 (174.6)
Balance, September 30, 2021
92.4 $ $1,883.7 $1,752.1 $(18.8)3.4 $(117.6)$8.4 $3,507.8 
Balance, December 31, 202192.4 $ $1,888.3 $1,642.8 $(7.2)5.6 $(188.6)$5.8 $3,341.1 
Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax— — — — (16.3)— — — (16.3)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss — — — — 2.7 — — — 2.7 
Treasury stock repurchases— — — — — 8.4 (174.7)— (174.7)
Issuance of restricted stock0.1 — — — — — — — — 
Stock-based compensation, consolidated subsidiaries— — 1.1 — — — — — 1.1 
Stock-based compensation, unconsolidated affiliates— — 35.0 — — — — — 35.0 
Subsidiary dividends paid to noncontrolling interests— — — — — — — (4.6)(4.6)
Net loss— — — (455.6)— — — (3.2)(458.8)
Balance, September 30, 2022
92.5 $ $1,924.4 $1,187.2 $(20.8)14.0 $(363.3)$(2.0)$2,725.5 

See Notes to Condensed Consolidated Financial Statements



















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CANNAE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 Nine months ended September 30,
 
 20222021
 
Cash flows from operating activities:
Net loss$(458.8)$(174.6)
Adjustments to reconcile net loss to net cash used in operating activities:
            Depreciation and amortization17.7 20.6 
            Equity in losses (earnings) of unconsolidated affiliates154.0 (86.5)
            Distributions from investments in unconsolidated affiliates14.7 5.4 
            Recognized losses and asset impairments, net 286.0 225.0 
            Lease asset amortization15.3 15.8 
            Stock-based compensation expense1.0 2.0 
            Non-cash carried interest expense31.8  
Changes in assets and liabilities, net of effects from acquisitions:
Net decrease in trade receivables11.3  
Net (increase) decrease in other assets(3.3)22.6 
Net decrease in lease liabilities(12.4)(18.9)
Net decrease in accounts payable, accrued liabilities, deferred revenue and other liabilities(42.5)(11.6)
Net change in income taxes(201.6)(141.4)
Net cash used in operating activities(186.8)(141.6)
Cash flows from investing activities:  
Proceeds from partial sale of Ceridian shares 285.7 275.0 
Proceeds from partial sale of AmeriLife152.5  
Proceeds from partial sale of D&B shares127.2 186.0 
Proceeds from sale of CorroHealth78.7  
Additions to property and equipment and other intangible assets(10.2)(7.7)
Collections of notes receivable0.9 2.8 
Additions to notes receivable (18.6)
Proceeds from sales of property and equipment1.4 10.3 
Proceeds from sale of investments in unconsolidated affiliates and other long term investments173.4 18.5 
Investment in System1(246.5) 
Investment in Paysafe, net of subscription fees earned (494.4)
Investments in Alight, net of subscription fees earned (446.3)
Investments in Sightline (272.0)
Purchase of AAII Warrants (29.6)
Additional investments in unconsolidated affiliates— (8.5)
Cash proceeds from settlement of fixed maturity securities and equity in Colt 38.7 
Cash proceeds from sales of VIBSQ, Legendary Baking, and RCI 28.2 
Purchases of other long term investments(4.8)(4.0)
Distributions from investments in unconsolidated affiliates4.0 281.3 
Net other investing activities 2.6 
Net cash provided by (used in) investing activities562.3 (437.7)
Cash flows from financing activities:  
Borrowings308.4 206.5 
Debt service payments(214.3)(21.2)
Subsidiary distributions paid to noncontrolling interest shareholders(4.6) 
Treasury stock repurchases(179.7)(96.5)
Net cash (used in) provided by financing activities(90.2)88.8 
Net increase (decrease) in cash and cash equivalents285.3 (490.5)
Cash and cash equivalents at beginning of period85.8 724.7 
Cash and cash equivalents at end of period$371.1 $234.2 
See Notes to Condensed Consolidated Financial Statements
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note A — Basis of Financial Statements
The following describes the significant accounting policies of Cannae Holdings, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” "Cannae," "CNNE," or the "Company”), which have been followed in preparing the accompanying Condensed Consolidated Financial Statements.
Description of the Business
We primarily acquire interests in operating companies and are engaged in actively managing and operating a core group of those companies, which we are committed to supporting for the long-term. From time to time, we also seek to take meaningful equity ownership stakes where we have the ability to control or significantly influence quality companies, and we bring the strength of our operational expertise to each of our subsidiaries. We are a long-term owner that secures control and governance rights of other companies primarily to engage in their lines of business and we have no preset time constraints dictating when we sell or dispose of our businesses. 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. Our primary assets as of September 30, 2022 include our ownership interests in Dun & Bradstreet Holdings, Inc. ("Dun & Bradstreet" or "D&B"), Ceridian HCM Holding, Inc. ("Ceridian"), Alight, Inc. ("Alight"), Paysafe Limited ("Paysafe"), Sightline Payments Holdings, LLC ("Sightline" or "Sightline Payments"), System1, Inc. ("System1") and AmeriLife Group, LLC ("AmeriLife"); majority equity ownership stakes in O'Charley's Holdings, LLC ("O'Charley's") and 99 Restaurants Holdings, LLC ("99 Restaurants"); various other controlled portfolio companies and certain minority equity ownership interests.
See Note G for further discussion of the businesses comprising our reportable segments.
We conduct our business through our wholly-owned subsidiary Cannae Holdings, LLC ("Cannae LLC"), a Delaware limited liability company. Our board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and the performance of our external manager, Trasimene Capital Management, LLC (“Trasimene” or our “Manager”).
Principles of Consolidation and Basis of Presentation
The accompanying Condensed Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X and include the historical accounts as well as wholly-owned and majority-owned subsidiaries of the Company. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All adjustments made were of a normal, recurring nature. This report should be read in conjunction with our Annual Report on Form 10-K (our "Annual Report") for the year ended December 31, 2021.
All intercompany profits, transactions and balances have been eliminated. Our ownership interests in non-majority-owned partnerships and affiliates are accounted for under the equity method of accounting or as equity securities. Earnings attributable to noncontrolling interests recorded on the Condensed Consolidated Statements of Operations represents the portion of our majority-owned subsidiaries' net earnings or loss that is owned by noncontrolling shareholders of such subsidiaries. Noncontrolling interest recorded on the Condensed Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.
Management Estimates
The preparation of these Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include the fair value measurements (Note C). Actual results may differ from estimates.
Recent Developments
Ceridian
In January 2022, we completed the sale of 2.0 million shares of common stock of Ceridian pursuant to Rule 144 promulgated under the Securities Act of 1933, as amended ("Rule 144"). In connection with the sale, we received proceeds of $173.3 million.
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued

In May 2022 and June 2022, we completed the sale of an additional 2.0 million shares of common stock of Ceridian on the open market. In connection with such sales, we received proceeds of $112.4 million.
We owned 6.0 million shares of Ceridian common stock as of September 30, 2022, which represented approximately 3.9% of its outstanding stock as of September 30, 2022.
Refer to Notes C and D for further discussion of our accounting for our ownership interest in Ceridian and other equity securities.
System1
On January 10, 2022, we entered into an amendment to the backstop facility agreement (the "S1 Backstop Agreement") pursuant to which our commitment to fund redemptions of shareholders of Trebia Acquisition Corp. ("Trebia") in conjunction with its merger with System1 (the "Trebia System1 Business Combination") increased from $200.0 million to $250.0 million. Also on January 10, 2022, we entered into an amended and restated sponsor agreement with the sponsors of Trebia pursuant to which the sponsors will forfeit up to an additional Trebia 1,352,941 Class B ordinary shares to Trebia, and Trebia will issue to Cannae an equal number of shares of Trebia Class A common stock in connection with, and based upon the extent of, Cannae’s obligation with respect to the increase in our backstop commitment. Trebia was co-sponsored by entities affiliated with the chairman and a member of our board of directors ("Board"), William P. Foley II and Frank R. Martire, respectively.
On January 27, 2022, the Trebia System1 Business Combination was completed and System1 merged with and into Trebia, with System1 as the surviving corporation. Beginning on January 28, 2022, System1’s common stock began trading on the NYSE under the ticker symbol "SST." Upon the completion of the Trebia System1 Business Combination, Cannae has invested a total of $248.3 million in System1, directly and indirectly owned 28.2 million of System1 common shares and indirectly owned 1.2 million warrants to purchase SST common shares (the "System1 Warrants").
On March 17, 2022, the trading price of System1 Class A common stock exceeded certain thresholds resulting in the conversion of System1's outstanding Class D common stock to Class A common stock. As a result, the 833,750 shares of System1 Class D common stock held by the sponsor of Trebia, Trasimene Trebia LP ("Trebia Sponsor"), in which the Company owned a 26.1% limited partnership interest converted to shares of System1 Class A common stock. Cannae's ratable portion of such shares is 217,500 shares.
On April 18, 2022, Trebia Sponsor exercised its System1 warrants on a cashless basis in exchange for System 1 Class A common stock. As a result, Cannae no longer has an indirect interest in any System1 warrants and has an indirect interest in an additional 0.5 million shares of System1 common stock held by Trebia Sponsor and we now have an indirect interest in a total of 1.7 million shares of System 1 common stock held by Trebia Sponsor.
In April 2022 and May 2022, we sold an aggregate of 1.7 million shares of System1 common stock for aggregate proceeds of $22.7 million.
We account for our direct ownership of the common equity of System1 under the equity method of accounting. See Note D for further discussion of our accounting for our ownership of the common equity of System1.
As of September 30, 2022, we directly and indirectly owned 27.1 million shares of System1 common stock representing an approximate 24.1% ownership interest.
Optimal Blue
On February 15, 2022, we completed the disposition (the "Optimal Blue Disposition") of our ownership interests in Optimal Blue Holdco, LLC ("Optimal Blue") to Black Knight, Inc. ("Black Knight") pursuant to a purchase agreement dated as of February 15, 2022, by and among Black Knight, Cannae, and Optimal Blue, among others. In conjunction with the Optimal Blue Disposition, Cannae received aggregate consideration of (y) $144.5 million in cash and (z) 21.8 million shares of common stock, par value $0.0001 per share, of Dun & Bradstreet. Following the consummation of the Optimal Blue Disposition, Cannae no longer has any ownership interest in Optimal Blue. We recorded a gain of $313.0 million on the sale which is included in Recognized gains (losses), net on the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2022.
Dun & Bradstreet
On February 15, 2022, we received 21.8 million shares of D&B as partial consideration for the Optimal Blue Disposition. Subsequently, we transferred to our Manager 1.6 million of the D&B shares we received as part of our carried interest paid related to the Optimal Blue Disposition. See Note D for further discussion of our accounting for our increased ownership interest in D&B.
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CANNAE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) — continued


In July 2022, we completed the sale of 9.2 million shares of common stock of D&B to a broker pursuant to Rule 144. In connection with the sale, we received proceeds of $127.2 million and recorded a gain of $23.2 million.
On July 28, 2022, the board of directors of D&B declared a quarterly cash dividend of $0.05 per share of DNB common stock. In September 2022, we received $4.0 million of cash dividends from D&B which are recorded as a reduction to the basis of our recorded asset for D&B.
As of September 30, 2022, we owned 79.0 million shares of D&B, which represented approximately 18.1% of its outstanding common stock.
Alight
In March 2022, the sponsor of Foley Trasimene Acquisition Corp. ("FTAC") distributed all of its interest in Alight to its limited partners, including Cannae. As a result, Cannae now directly holds all of its interest in common equity of Alight. As of September 30, 2022, Cannae directly holds approximately 9.7% of the outstanding common equity of Alight.
AmeriLife
In June 2022, AmeriLife announced an investment from a leading private equity firm. In conjunction with the new investment, we entered into a redemption agreement pursuant to which we divested of 46.0% of our ownership interest in AmeriLife (the "June AmeriLife Sale"). On August 31, 2022, we closed the June AmeriLife Sale and received gross cash proceeds of $152.5 million ($4.6 million of which was subsequently distributed to noncontrolling interest holders). As a result of the June AmeriLife Sale, we recorded a gain of $102.5 million.
On September 14, 2022, we entered into a contribution, redemption and equity purchase agreement pursuant to which we agreed to sell a portion of the ownership interest in AmeriLife that we retained subsequent to the June AmeriLife Sale (the "September AmeriLife Sale"). We expect to receive gross cash proceeds of approximately $97.5 million (of which we expect to distribute $2.9 million to noncontrolling interest holders) from the September AmeriLife Sale and to retain an equity interest in AmeriLife valued at approximately $86.5 million. The September AmeriLife Sale is expected to close in the fourth quarter of 2022.
As of September 30, 2022, we held a 9.9% equity ownership interest in AmeriLife. Upon closing of the September AmeriLife Sale, we expect that we will own a residual 4.6% ownership interest in AmeriLife.
CorroHealth
On September 30, 2022, we sold all of our equity interest in Coding Solutions Topco, Inc. ("CorroHealth") for cash proceeds of $