0001704720-26-000045 | 10-K | XBRL Viewer

Ending balance, Common Stock (in shares) at Dec. 31, 2023

(324.1)

(313.4)

(10.7)

92,800,000

Treasury Stock, ending balance (in shares) at Dec. 31, 2023

22,400,000

Ending balance at Dec. 31, 2023

2,309.2

$ 0.0

1,977.0

901.3

(19.9)

$ (533.9)

(15.3)

Beginning balance, Common Stock (in shares) at Dec. 31, 2023

92,800,000

Treasury Stock, beginning balance (in shares) at Dec. 31, 2023

22,400,000

Beginning balance at Dec. 31, 2023

2,309.2

$ 0.0

1,977.0

901.3

(19.9)

$ (533.9)

(15.3)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax

(2.4)

^[1]

(2.4)

Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss

3.1

^[2]

3.1

Treasury stock repurchases (in shares)

10,000,000.0

Treasury stock repurchases

(231.2)

$ (231.2)

Treasury shares issued for investment in JANA (in shares)

(1,900,000)

Treasury shares issued for investment in JANA

37.2

(6.8)

$ 44.0

Issuance of restricted stock and shares held in trust (in shares)

1,500,000

1,200,000

RSU vesting and payment for shares withheld for taxes and in treasury (in shares)

200,000

RSU vesting and payment for shares withheld for taxes and in treasury

(3.6)

$ (3.6)

Stock-based compensation

19.0

17.3

19.0

17.3

Subsidiary dividends paid to noncontrolling interests

(0.4)

Dividends declared

(22.8)

Ending balance, Common Stock (in shares) at Dec. 31, 2024

$ (310.1)

(304.6)

(5.5)

62,789,542

94,300,000

Treasury Stock, ending balance (in shares) at Dec. 31, 2024

31,538,780

31,500,000

Ending balance at Dec. 31, 2024

$ 1,815.3

$ 0.0

2,013.3

567.1

(19.2)

$ (724.7)

(21.2)

Beginning balance, Common Stock (in shares) at Dec. 31, 2024

62,789,542

94,300,000

Treasury Stock, beginning balance (in shares) at Dec. 31, 2024

31,538,780

31,500,000

Beginning balance at Dec. 31, 2024

$ 1,815.3

$ 0.0

2,013.3

567.1

(19.2)

$ (724.7)

(21.2)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Other comprehensive earnings — unrealized losses of investments in unconsolidated affiliates, net of tax

4.5

^[1]

4.5

Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net loss

21.2

^[2]

21.2

Treasury stock repurchases (in shares)

17,000,000.0

Treasury stock repurchases

(320.2)

$ (320.2)

Issuance of restricted stock and shares held in trust (in shares)

500,000

400,000

Vesting of shares held in trust (in shares)

100,000

800,000

RSU vesting and payment for shares withheld for taxes and in treasury (in shares)

100,000

RSU vesting and payment for shares withheld for taxes and in treasury

(1.6)

$ (1.6)

Stock-based compensation

18.7

$ 8.5

18.7

$ 8.5

Dividends declared

(30.6)

Ending balance, Common Stock (in shares) at Dec. 31, 2025

$ (524.9)

(513.2)

(11.7)

46,703,745

94,900,000

Treasury Stock, ending balance (in shares) at Dec. 31, 2025

48,221,655

48,200,000

Ending balance at Dec. 31, 2025

$ 990.9

$ 0.0

$ 2,040.5

$ 23.3

$ 6.5

$ (1,046.5)

$ (32.9)

[1]	Net of income tax benefit (expense) of $1.2 million, $(0.6) million and $(0.8) million for the years ended December 31, 2025, 2024 and 2023, respectively.
[2]	Net of income tax benefit of $5.6 million, $0.8 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) restaurant tranche	May 12, 2025 USD ($)	Dec. 31, 2024 USD ($)
Other Commitments [Line Items]
Number of restaurants \| restaurant	1
JANA Contingent Consideration	$ 16.0		$ 0.0
JANA
Other Commitments [Line Items]
Equity method investment, contingent consideration liability	$ 26.0	$ 26.0
Number of tranches \| tranche	2
JANA Contingent Consideration	$ 16.0
JANA \| Initial Payment-AUM threshold from September 2026 through December 2028 Achievement
Other Commitments [Line Items]
Equity method investment, contingent consideration liability	16.0
JANA \| Additional Payment-AUM threshold As Of December 2028 Achievement
Other Commitments [Line Items]
Equity method investment, contingent consideration liability	$ 10.0

Fair Value Measurements (Details) - USD ($) $ in Millions	May 12, 2025	Dec. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents		$ 182.0	$ 131.5
Short-term investments			6.2
Equity securities		1.4	56.2
Total assets		183.4	193.9
Liabilities:
Total accounts payable and other accrued liabilities, current		15.0
Total liabilities		15.0
Put Right
Liabilities:
Put Right		15.0
DSA, term	2 years
Paysafe
Assets:
Equity securities			42.1
Other
Assets:
Equity securities		1.4	14.1
Level 1
Assets:
Cash and cash equivalents		182.0	131.5
Short-term investments			6.2
Equity securities		1.4	56.2
Total assets		183.4	193.9
Liabilities:
Total accounts payable and other accrued liabilities, current		0.0
Total liabilities		0.0
Level 1 \| Put Right
Liabilities:
Put Right		0.0
Level 1 \| Paysafe
Assets:
Equity securities			42.1
Level 1 \| Other
Assets:
Equity securities		1.4	14.1
Level 2
Assets:
Cash and cash equivalents		0.0	0.0
Short-term investments			0.0
Equity securities		0.0	0.0
Total assets		0.0	0.0
Liabilities:
Total accounts payable and other accrued liabilities, current		15.0
Total liabilities		15.0
Level 2 \| Put Right
Liabilities:
Put Right		15.0
Level 2 \| Paysafe
Assets:
Equity securities			0.0
Level 2 \| Other
Assets:
Equity securities		0.0	0.0
Level 3
Assets:
Cash and cash equivalents		0.0	0.0
Short-term investments			0.0
Equity securities		0.0	0.0
Total assets		0.0	0.0
Liabilities:
Total accounts payable and other accrued liabilities, current		0.0
Total liabilities		0.0
Level 3 \| Put Right
Liabilities:
Put Right		0.0
Level 3 \| Paysafe
Assets:
Equity securities			0.0
Level 3 \| Other
Assets:
Equity securities		$ 0.0	$ 0.0

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) optionsToRenew	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease weighted average remaining lease term	10 years	10 years
Number of options to renew \| optionsToRenew	1
Lease weighted average discount rate (as a percent)	7.40%	7.40%
Lease asset impairment	$ 8.8	$ 0.3	$ 24.6
Cost of restaurant revenue
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 26.0	$ 25.9	$ 30.5
Minimum
Lessee, Lease, Description [Line Items]
Lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms	15 years
Lease renewal term	20 years

Supplementary Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid during the year:
Interest	$ 6.0	$ 6.3	$ 13.6
Income taxes, net of refunds	(28.4)	0.9	4.6
Operating leases	24.5	25.1	33.1
Non-cash investing and financing activities:
Lease assets recognized in exchange for lease liabilities	3.3	7.0	32.8
Equity in Fulfillment received as consideration in the WD Transaction	6.8	0.0	0.0
Exchange of real estate as repayment for debt	(12.2)	0.0	0.0
Contingent consideration for investment in JANA	16.0	0.0	0.0
Sale of System1 shares in exchange for note receivable	$ (4.8)	$ 0.0	$ 0.0

Notes Payable - Schedule of Notes Payable (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Notes payable, total	$ 70.8	$ 181.0
Less: Notes payable, current	6.3	61.0
Notes payable, long-term	64.5	120.0
2020 Margin Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	0.0	101.0
FNF Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Notes payable, total	47.5	59.7
Other \| Other notes payable
Debt Instrument [Line Items]
Notes payable, total	$ 23.3	$ 20.3

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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Business and Summary of Significant Accounting Policies - Dividends Declared (Details) - $ / shares	3 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Dividends declared (in usd per share)	$ 0.15	$ 0.15	$ 0.12	$ 0.12

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Cannae is a holding company engaged in actively managing and operating a core group of companies which meet the definition of an operating segment. Our operating segments are organized on the basis of the separate businesses in which we hold interests. The Company has evaluated its operating segments and determined that O'Charley's and 99 Restaurants should be aggregated into a single reportable segment referred to as the Restaurant Group. The operating segments of the Restaurant Group exhibit similar long-term economic and qualitative characteristics including the nature of products and services, production processes, type or class of customer, distribution methods, and regulatory environment.

Cannae’s CODM is the Company’s CEO, who oversees all of the Company’s investments and are responsible for the key operating decisions of the Company. The CODM primarily uses net earnings or loss and EBITDA as the performance measure for each operating segment which helps the CODM in deciding how to allocate resources. The CODM uses the performance measure to evaluate profitability and income generated from the businesses in deciding how to allocate the Company's resources and decisions regarding the investee relationship. As net earnings or loss is the measure most consistent with U.S. GAAP, we include such measure in our segment tables that follow.

In the year ended December 31, 2025, we began accounting for our investment in D&B as a discontinued operation and no longer consider D&B a reportable segment. Segment information for the years ended December 31, 2024 and 2023 has been recast in the tables that follow to remove D&B as a reportable segment.

In the year ended December 31, 2025, JANA exceeded certain of the quantitative thresholds prescribed by ASC 280 Segment Reporting, and we began considering JANA as a reportable segment. Segment information for the year ended December 31, 2024 has been recast in the tables that follow to add JANA as a reportable segment.

As of December 31, 2025, Cannae has identified four reportable segments: Restaurant Group, Alight, BKFC and JANA. The tables below provide information about the Company's segments, as well as an aggregation of all other non-reportable operating segments within the Corporate and Other category. For Alight, BKFC and JANA, which are accounted for as unconsolidated affiliates, the amounts presented in the tables below represent our portion of equity in losses and our investment balance that reconcile to our consolidated statements of operations and balance sheets, respectively. Refer to Note B - Investments for certain summarized gross amounts of the results of operations and balance sheets of these unconsolidated affiliates.

As of and for the year ended December 31, 2025:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	390.5							$	390.5	$	—	$	390.5
Other revenues	—								—		33.1		33.1
Total revenues	390.5								390.5		33.1		423.6
Expenses
Cost of revenue	358.0								358.0
Depreciation and amortization	9.7								9.7
Other segment items (1)	50.9								50.9
Interest expense	6.4								6.4
Equity in (losses) earnings of unconsolidated affiliates	—		(236.8)		(11.4)		4.4		(243.8)
Net (loss) earnings from continuing operations	$	(34.5)	$	(236.8)	$	(11.4)	$	4.4	$	(278.3)	$	(148.7)	$	(427.0)
Assets	$	252.5	$	73.8	$	147.3	$	141.1	$	614.7	$	706.0	$	1,320.7
Goodwill	53.4								53.4		—		53.4

As of and for the year ended December 31, 2024:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	419.6							$	419.6	$	—	$	419.6
Other revenues	—								—		32.9		32.9
Total revenues	419.6								419.6		32.9		452.5
Expenses
Cost of revenue	371.2								371.2
Depreciation and amortization	10.5								10.5
Other segment items (1)	28.1								28.1
Interest expense	5.7								5.7
Equity in (losses) earnings of unconsolidated affiliates	—		(15.5)		(49.9)		2.4		(63.0)
Net earnings (loss) from continuing operations	$	4.1	$	(15.5)	$	(49.9)	$	2.4	$	(58.9)	$	(228.9)	$	(287.8)
Assets	$	274.8	$	374.0	$	108.3	$	56.3	$	813.4	$	1,415.5	$	2,228.9
Goodwill	53.4								53.4		—		53.4

As of and for the year ended December 31, 2023:


	Restaurant Group		Alight		BKFC		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	536.0					$	536.0	$	—	$	536.0
Other revenues	—						—		34.0		34.0
Total revenues	536.0						536.0		34.0		570.0
Expenses
Cost of revenue	474.9						474.9
Depreciation and amortization	17.0						17.0
Other segment items (1)	63.8						63.8
Interest expense	6.1						6.1
Equity in losses of unconsolidated affiliates	—		(35.1)		(51.9)		(87.0)
Net loss from continuing operations	$	(25.8)	$	(35.1)	$	(51.9)	$	(112.8)	$	(193.0)	$	(305.8)
Assets	$	290.4	$	507.2	$	112.3	$	909.9	$	1,776.8	2,686.7
Goodwill	53.4						53.4		—		53.4

_____________________________________

(1) Other segment items includes restaurant corporate personnel costs, advertising, professional fees and recognized gains and losses, net.

The activities in our segments include the following:

•Restaurant Group. This segment consists primarily of the operations of O'Charley's and 99 Restaurants in which we have 65.4% and 88.5% ownership interests, respectively. O'Charley's and 99 Restaurants and their affiliates are the owners and operators of the O'Charley's and Ninety Nine Restaurants restaurant concepts, respectively.

•Alight. This segment consists of our 7.7% ownership interest in Alight. Alight is a technology-enabled services company delivering human capital management solutions to many of the world’s largest and most complex organizations. This includes the implementation and administration of employee benefits (e.g., health, wealth and leaves) solutions. Alight’s numerous solutions and services are utilized year-round by employees and their family members in support of their overall health, wealth and wellbeing goals. Participants can access their solutions digitally, including through a mobile application on Alight Worklife®, their intuitive, cloud-based employee engagement platform. Through Alight Worklife, Alight believes it is defining the future of employee benefits by providing an enterprise level, integrated offering designed to drive better outcomes for organizations and individuals. Our chief operating decision maker reviews the financial results of Alight for purposes of assessing performance and allocating resources. Thus, we consider Alight an operating segment. We account for Alight using the equity method of accounting and therefore its results do not consolidate into ours.

•Black Knight Football Club. This segment consists of our 44.7% ownership interest in BKFC. BKFC is a partnership, led by Mr. Foley, which owns and operates AFC Bournemouth ("AFCB"), an English Premier League ("EPL" or the "Premier League") football club and held a significant minority interest in FC Lorient ("FCL"), a French Ligue 1 football club through December 31, 2025. In June 2025, BKFC acquired a controlling interest in Moreirense Futebol Clube ("MFC"), a Portuguese Primeira Liga Football club. Subsequent to December 31, 2025, BKFC acquired the remaining interests in FCL and owns 100% of the equity interests of FCL. BKFC aims to grow into a leading multi-club operator of football assets across the world. Our chief operating decision maker reviews the financial results of Black Knight Football for purposes of assessing performance and allocating resources. Thus, we consider BKFC an operating segment. We account for our ownership of BKFC using the equity method of accounting and therefore its results of operations do not consolidate into ours. We report our equity in earnings or loss of BKFC on a three-month lag. Accordingly, our net earnings (loss) for the years ended December 31, 2025 and 2024 includes our equity in losses of BKFC for the years ended September 30, 2025 and 2024, respectively, and our net earnings (loss) for the year ended December 31, 2023 includes the period from December 13, 2022 (the date we acquired our initial interest in BKFC) through September 30, 2023.

•JANA. This segment consists of our 50.0% ownership interest in JANA. JANA is an investment manager founded in 2001. Our chief operating decision maker reviews the financial results of JANA for purposes of assessing performance and allocating resources. Thus, we consider JANA an operating segment. We account for our ownership of JANA using the equity method of accounting and therefore its results of operations do not consolidate into ours. We report our equity in earnings or loss of JANA on a three-month lag. Accordingly, our net earnings (loss) for the year ended December 31, 2025 includes our equity in earnings of JANA for the year ended September 30, 2025, and our net earnings (loss) for the year ended December 31, 2024 includes the period from February 21, 2024 (the date we acquired our initial interest in JANA) through September 30, 2024.

•Corporate and Other. This aggregation of nonreportable segments consists of our revenue and net earnings or loss for the operations of certain controlled portfolio companies, other equity investments, and the corporate holding company.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Supplemental Cash Flow Elements [Abstract]

Supplementary Cash Flow Information

12 Months Ended

Dec. 31, 2025

Supplementary Cash Flow Information

The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities.


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Cash paid during the year:
Interest	$	6.0	$	6.3	$	13.6
Income taxes, net of refunds	(28.4)		0.9		4.6
Operating leases	24.5		25.1		33.1
Non-cash investing and financing activities:
Lease assets recognized in exchange for lease liabilities	3.3		7.0		32.8
Equity in Fulfillment received as consideration in the WD Transaction	6.8		—		—
Exchange of real estate as repayment for debt	(12.2)		—		—
Contingent consideration for investment in JANA	16.0		—		—
Sale of System1 shares in exchange for note receivable	(4.8)		—		—

Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") 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.
Principles of Consolidation	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 are recorded on the 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 Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.
Management Estimates	Management Estimates The preparation of these 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 Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include nonrecurring fair value measurements in accounting for certain equity investments (Note B - Investments) and accounting for income taxes (Note L - Income Taxes). Actual results could differ from estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Highly liquid instruments, including money market instruments and certificates of deposit, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value.
Investments	Investments Short-term investments consist of highly liquid instruments, primarily certificates of deposit and corporate debt securities with high credit quality, purchased as part of cash management that have an original maturity of between three months and four months and are carried at amortized cost, which approximates fair value. Equity securities are carried at fair value and included our investment in Paysafe prior to our complete exit in November 2025. Recognized gains and losses on equity securities are determined on the basis of the fair value of the securities at the balance sheet date or on a trade date basis. Equity securities without a readily determinable fair value represent investments in which we do not control or significantly influence the investee and that do not have publicly available fair values. Such investments are recorded at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions and are included in Other long-term investments on our Consolidated Balance Sheets. Investments in unconsolidated affiliates are recorded using the equity method of accounting. Recognized gains and losses on the sale of investments accounted for under the equity method are determined on the basis of the book value of the specific investments sold and are credited or charged to income on a trade date basis. See Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for equity securities and investments in unconsolidated affiliates.
Other Current Assets	Other Current Assets Prepaid expenses and other current assets consist of trade receivables, inventory, prepaid operating expenses, the current portion of notes receivable, deposits and other miscellaneous current assets.
Trade Receivables	Trade receivables are primarily for the Restaurant Group and consist mainly of business-to-business gift card sales, insurance-related reimbursements, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated Balance Sheets for trade receivables approximate their fair value.
Inventory	Inventory primarily consists of food, beverages, packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of financial instruments presented in the Consolidated Financial Statements are estimates of the fair value at a specific point in time using available market information and appropriate valuation methodologies. Estimates that use unobservable inputs are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C - Fair Value Measurements for further details.
Distributions from Unconsolidated Affiliates	Distributions from Unconsolidated Affiliates We classify distributions received from unconsolidated affiliates in our Consolidated Statements of Cash Flows using the cumulative earnings approach. Under the cumulative earnings approach, distributions are considered returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions from an investee received in prior periods exceed the cumulative equity in earnings of such investee. When cumulative distributions from an investee exceed cumulative equity in earnings of the investee, such excess is considered a return of investment and is classified as a cash inflow from investing activities.
Leases	Leases We recognize a lease in the financial statements when the Company enters into agreements that convey the right to control the use of identified assets for a specified period in exchange for consideration. Upon commencement, the Company records a right-of-use asset and a corresponding lease liability for all leases except for those qualifying as short-term leases, which are expensed as incurred. At inception, lease liabilities are measured at the present value of future lease payments, discounted using the rate implicit in the lease or, if not readily determinable, the Company’s incremental borrowing rate. Right-of-use assets are measured at the amount of the lease liability plus any initial direct costs incurred and adjustments for prepaid or accrued lease payments. The Company reviews right-of-use assets for impairment when events or circumstances indicate that the carrying amount may not be recoverable. Refer to Note G - Leases for further discussion.
Goodwill	Goodwill Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill is reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the years ended December 31, 2025, 2024 and 2023, we did not have any impairment of goodwill.
Other Intangible Assets	Other Intangible Assets We have other intangible assets, not including goodwill, which consist primarily of trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, customer relationships and contracts, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three to ten years. The useful lives of our tradenames for all of our restaurant brands is fifteen years. Capitalized software development costs and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful life. For the years ended December 31, 2025 and 2024, we did not have any impairment of other intangible assets. For the year ended December 31, 2023, we recorded impairments of $4.2 million to tradename asset for our O'Charley's brand in our Restaurant Group segment. Refer to Note I - Other Intangible Assets for further detail of our intangible assets.
Property and Equipment, net	Property and Equipment, net Property and equipment, net is recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty to forty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. The majority of our Property and equipment relate to our Restaurant Group. In our Restaurant Group, all direct external costs associated with obtaining or improving land, building and equipment for each new restaurant, as well as construction period interest, are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized. In our real estate operations, properties to be developed or held and used in operations are carried at cost less impairment losses, where appropriate. All costs of significant development projects are classified as construction in progress until the project is operational, at which time the accumulated costs are transferred to property and equipment. Property and equipment are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable.
Insurance Reserves	Insurance Reserves Our Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries.
Income Taxes	Income Taxes We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense. Refer to Note L - Income Taxes for further discussion.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with the applicable accounting standards when control of goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company evaluates its contracts with customers to determine the performance obligations and the appropriate timing of revenue recognition, whether at a point in time or over time, depending on when control transfers to the customer. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of revenue will not occur in future periods. The Company assesses the collectibility of consideration prior to recognizing revenue. Refer to Note F - Revenue Recognition for further discussion. Restaurant revenue consists of restaurant sales and, to a lesser extent, franchise revenue. Restaurant sales include food and beverage sales, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided. Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized at a point in time upon closing of the sale of real estate or once goods and services have been provided and billed to the customer. All of our revenues are generated in the United States. Refer to Note A - Revenue Recognition for further discussion. Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated Balance Sheets.
Advertising Costs	Advertising Costs The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2025, 2024 and 2023, the Company incurred $12.2 million, $12.3 million, and $17.5 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated Statements of Operations.
Comprehensive Earnings	Comprehensive Earnings We report comprehensive earnings in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Recognized (losses) gains, net on the Consolidated Statements of Operations. Our policy is to release income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment). As of December 31, 2025 and 2024 our entire balance of Accumulated other comprehensive losses relates to unrealized gains and losses of investments in unconsolidated affiliates and all amounts reclassified to net earnings in the years ended December 31, 2025, 2024 and 2023 relate to recognition of gains and losses of investments in unconsolidated affiliates upon disposition.
Stock-Based Compensation Plans	Stock-Based Compensation Plans Stock-based compensation expense includes restricted stock awards and restricted stock units granted in Cannae common stock to directors and certain members of management. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period. During the years ended December 31, 2025, 2024 and 2023, $18.7 million, $19.0 million and $3.5 million, respectively, of stock based compensation expense was recorded in Personnel costs in the Consolidated Statements of Operations. As of December 31, 2025, there were 0.8 million unvested restricted stock awards and units and the amount to be recorded for stock-based compensation expense in future years for unvested restricted stock is approximately $12.8 million which is expected to be recognized over a weighted average period of 1 year.
Earnings Per Share	Earnings Per Share Basic earnings or loss per share, as presented on the Consolidated Statements of Operations, is computed by dividing net earnings or loss available to common shareholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740), which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2024. The guidance is to be applied on a prospective basis, though retrospective application is permitted. In 2025 we adopted this ASU on a prospective basis which resulted in additional disclosures in our Consolidated Financial Statements. Refer to Note L - Income Taxes for further discussion of our income tax disclosures. In January 2025, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires public business entities to disaggregate specific expenses in a tabular presentation. This includes purchases of inventory, employee compensation, depreciation, and other relevant expense captions on the face of the income statement. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance is to be applied on a prospective basis, though retrospective application is permitted. We do not expect the adoption of this authoritative guidance to have a material impact on our consolidated financial statements.

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations

Purchase obligations as of December 31, 2025 are as follows (in millions):


2026	$	54.9
2027	8.4
2028	3.0
2029	0.3
2030	—
Thereafter	—
Total purchase commitments	$	66.6

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Financial Information Concerning Reportable Segments

As of and for the year ended December 31, 2025:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	390.5							$	390.5	$	—	$	390.5
Other revenues	—								—		33.1		33.1
Total revenues	390.5								390.5		33.1		423.6
Expenses
Cost of revenue	358.0								358.0
Depreciation and amortization	9.7								9.7
Other segment items (1)	50.9								50.9
Interest expense	6.4								6.4
Equity in (losses) earnings of unconsolidated affiliates	—		(236.8)		(11.4)		4.4		(243.8)
Net (loss) earnings from continuing operations	$	(34.5)	$	(236.8)	$	(11.4)	$	4.4	$	(278.3)	$	(148.7)	$	(427.0)
Assets	$	252.5	$	73.8	$	147.3	$	141.1	$	614.7	$	706.0	$	1,320.7
Goodwill	53.4								53.4		—		53.4

As of and for the year ended December 31, 2024:


	Restaurant Group		Alight		BKFC		JANA		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	419.6							$	419.6	$	—	$	419.6
Other revenues	—								—		32.9		32.9
Total revenues	419.6								419.6		32.9		452.5
Expenses
Cost of revenue	371.2								371.2
Depreciation and amortization	10.5								10.5
Other segment items (1)	28.1								28.1
Interest expense	5.7								5.7
Equity in (losses) earnings of unconsolidated affiliates	—		(15.5)		(49.9)		2.4		(63.0)
Net earnings (loss) from continuing operations	$	4.1	$	(15.5)	$	(49.9)	$	2.4	$	(58.9)	$	(228.9)	$	(287.8)
Assets	$	274.8	$	374.0	$	108.3	$	56.3	$	813.4	$	1,415.5	$	2,228.9
Goodwill	53.4								53.4		—		53.4

As of and for the year ended December 31, 2023:


	Restaurant Group		Alight		BKFC		Total Reportable Segments		Corporate and Other		Total Consolidated
	(In millions)
Restaurant revenues	$	536.0					$	536.0	$	—	$	536.0
Other revenues	—						—		34.0		34.0
Total revenues	536.0						536.0		34.0		570.0
Expenses
Cost of revenue	474.9						474.9
Depreciation and amortization	17.0						17.0
Other segment items (1)	63.8						63.8
Interest expense	6.1						6.1
Equity in losses of unconsolidated affiliates	—		(35.1)		(51.9)		(87.0)
Net loss from continuing operations	$	(25.8)	$	(35.1)	$	(51.9)	$	(112.8)	$	(193.0)	$	(305.8)
Assets	$	290.4	$	507.2	$	112.3	$	909.9	$	1,776.8	2,686.7
Goodwill	53.4						53.4		—		53.4

_____________________________________

(1) Other segment items includes restaurant corporate personnel costs, advertising, professional fees and recognized gains and losses, net.

Accounts Payable and Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Accrued Liabilities, Current and Long-term

Accounts payable and other accrued liabilities, current, consists of the following:


	December 31,
	2025		2024
	(In millions)
Accrued payroll and employee benefits	$	9.4	$	15.5
Trade accounts payable	16.8		16.6
Manager Fees payable	16.9		3.4
Accrued casualty self-insurance expenses	4.1		5.2
Tax liabilities, excluding income taxes payable	3.2		3.3
Put Right	15.0		—
JANA Contingent Consideration	16.0		—
Other accrued liabilities	10.5		10.8
Accounts payable and other accrued liabilities, current	$	91.9	$	54.8

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Future Payments Under Operating Lease

Future payments under operating lease arrangements accounted for under ASC 842 as of December 31, 2025 are as follows (in millions):


2026	$	24.9
2027	23.4
2028	21.1
2029	17.9
2030	15.8
Thereafter	93.2
Total lease payments, undiscounted	$	196.3
Less: discount	58.1
Total operating lease liability as of December 31, 2025, at present value	$	138.2
Less: operating lease liability as of December 31, 2025, current	15.4
Operating lease liability as of December 31, 2025, long-term	$	122.8

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Our revenue consists of the following:


		Year ended December 31,
		2025		2024		2023
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(In millions)
Restaurant sales	Restaurant Group	$	390.5	$	419.6	$	535.6

Other	Restaurant Group	—		—		0.4
Total restaurant revenue		390.5		419.6		536.0
Other operating revenue:


Real estate and resort	Corporate and Other	33.0		32.4		33.5
Other	Corporate and Other	0.1		0.5		0.5
Total other operating revenue		33.1		32.9		34.0
Total operating revenue		$	423.6	$	452.5	$	570.0

Schedule of Contract Balances, Receivables and Deferred Revenue

The following table provides information about receivables and deferred revenue:


	December 31,
	2025		2024
	(In millions)
Trade receivables, net	$	7.6	$	8.1
Deferred revenue (contract liabilities)	16.1		16.2

Notes Payable - Schedule of Gross Principal Maturities of Notes Payable (Details) $ in Millions	Dec. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2026	$ 6.9
2027	0.7
2028	0.6
2029	1.7
2030	47.9
Thereafter	13.3
Total	$ 71.1

Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Summary of Significant Accounting Policies

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 Consolidated Financial Statements.

Description of 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 December 31, 2025 include our ownership interests in Alight, Inc. ("Alight"); Black Knight Football Club US, LP ("Black Knight Football" or "BKFC"); JANA Partners Capital, LLC, JANA Partners Management, LP and JANA Partners Management GP, LLC (together, "JANA" or "JANA Partners"); Computer Services, Inc. ("CSI"); Watkins Holdings, LLC ("Watkins"); JANA Strategic Investments Benchmark Fund ("JANA Fund"); High Sierra Distillery, LP ("Minden Mill"); AmeriLife Group, LLC ("AmeriLife"); O'Charley's Holdings, LLC ("O'Charley's"); 99 Restaurants Holdings, LLC ("99 Restaurants"); and various other controlled subsidiary companies and minority equity ownership interests.

See Note E - Segment Information 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 Nevada limited liability company. Our board of directors ("Board") oversees the management of the Company, Cannae LLC and its businesses, and, through May 12, 2025 (see "Other Developments" below), the performance of our external manager, Trasimene Capital Management, LLC ("Trasimene" or our "Manager").

Principles of Consolidation and Basis of Presentation

The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") 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.

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 are recorded on the 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 Consolidated Balance Sheets represents the portion of equity owned by noncontrolling shareholders in our consolidated subsidiaries.

Management Estimates

The preparation of these 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 Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates made by management include nonrecurring fair value measurements in accounting for certain equity investments (Note B - Investments) and accounting for income taxes (Note L - Income Taxes). Actual results could differ from estimates.

Recent Developments

Dun & Bradstreet

On March 24, 2025, Dun & Bradstreet ("D&B") entered into a definitive agreement to be acquired by Clearlake Capital Group, L.P. (the "D&B Sale"). Under the terms of the agreement, D&B shareholders received $9.15 in cash for each share of common stock they own upon closing of the D&B Sale.

In conjunction with the D&B Sale, Cannae entered into a Voting and Support Agreement with Dun & Bradstreet pursuant

to which Cannae agreed to vote the 69,048,691 shares of D&B common stock, par value $0.0001 per share, for which the Company was then the beneficial owner (the "Owned Shares") in favor of the D&B Sale. Pursuant to the Voting and Support Agreement, the Company also agreed not to take certain actions, including (i) tendering any Owned Shares into any tender or exchange offer, (ii) transferring any Owned Shares (subject to certain exceptions), (iii) granting any proxies or powers of attorney or (iv) taking any action that would make any representation or warranty by the Company contained in the Voting and Support Agreement untrue or incorrect in any material respect or have the effect of preventing or disabling the Company from performing its obligations under the Voting and Support Agreement in any material respect. Under the Voting and Support Agreement, the Company was permitted to sell up to 10.0 million of the Owned Shares prior to completion of the D&B Sale or termination of the merger agreement entered into by D&B related to the D&B Sale in accordance with its terms.

As a result of the D&B Sale, we present our investment in Dun & Bradstreet as a discontinued operation in our Consolidated Financial Statements as of and for the year ended December 31, 2025 and all prior periods have been recast to reflect our investment in D&B as a discontinued operation and held for sale. See Note Q - Discontinued Operations for further discussion of our accounting for our ownership interest in D&B.

During the second quarter, we sold 10.0 million shares of common stock of D&B, and Cannae received proceeds of $89.5 million. On August 26, 2025, the D&B Sale closed and Cannae completed the disposition of its remaining ownership interests in Dun & Bradstreet, Inc. for aggregate proceeds of $540.3 million in cash in exchange for our remaining 59,048,691 shares of common stock (the "D&B Disposition"). Following the consummation of the D&B Disposition and as of December 31, 2025, Cannae no longer has any ownership interest in D&B.

JANA

On May 12, 2025, Cannae entered into an agreement to acquire an additional 30% ownership interest in JANA Partners (the "JANA Investment") in exchange for an upfront payment of $67.5 million and potential further payments aggregating to $26.0 million if JANA Partners achieves certain assets under management thresholds (the "JANA Contingent Consideration"). The transaction closed on September 2, 2025 and as of December 31, 2025, the Company has a 50.0% total ownership interest in JANA Partners.

See Note M - Commitment and Contingencies for further discussion of the JANA Contingent Consideration.

On September 2, 2025, Cannae invested an additional $30.0 million into the JANA Fund. We previously accounted for our investment in the JANA Fund as an equity security without a readily determinable fair value. Due to our incremental investment in the JANA Fund and JANA Partners, as of September 30, 2025 we began accounting for our ownership interest in the JANA Fund as an unconsolidated affiliate using the equity method of accounting and record our ratable share of the JANA Fund's net income or loss on a three-month lag.

See Note B - Investments for further discussion of our accounting for our ownership interest in JANA Partners, the JANA Fund and other equity method investments.

Black Knight Football

During the year ended December 31, 2025, we invested $50.0 million in BKFC and as of December 31, 2025, we held a 44.7% ownership interest. In January 2026, BKFC purchased the remaining 60% equity interest in FC Lorient ("FCL") for total consideration of $70.3 million including cash of $40.7 million and stock of BKFC of $29.6 million and as a result of this transaction we now hold a 42.7% ownership interest in BKFC.

See Note B - Investments for further discussion of our accounting for our ownership interest in BKFC and other equity method investments.

Paysafe

In November 2025, we sold approximately 2.5 million shares of common stock of Paysafe for $16.5 million which will generate expected tax savings for the Company as the sale resulted in an $87.3 million tax loss which the Company will use to offset capital gains realized in 2025 and to carry back the excess losses to utilize against excess capital gains realized in prior years. As of December 31, 2025, Cannae no longer has any ownership interest in the common stock of Paysafe.

See Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for our ownership interest in Paysafe and other equity securities.

Other Developments

In January 2025, WineDirect, Inc. completed the spin-off of its fulfillment division as WineDirect Fulfillment, LLC ("Fulfillment") and sold its E-commerce division (the "WD Transaction"). As a result of the WD Transaction, we received $20.4 million in proceeds including $13.6 million of cash and a 21.6% ownership interest in Fulfillment valued at $6.8 million. We recorded a new investment in Fulfillment of $6.8 million in Investments in unconsolidated affiliates in our Consolidated

Balance Sheet and a $15.0 million gain which is included in Recognized losses, net on our Consolidated Statement of Operations for the year ended December 31, 2025.

On August 3, 2022, our Board authorized a three-year stock repurchase program (the "2022 Repurchase Program"), under which the Company may repurchase up to 10.0 million shares of its common stock. Such repurchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions through August 3, 2025. The 2022 Repurchase Program does not obligate the Company to acquire any specific number of shares and may be suspended or terminated at any time. During the year ended December 31, 2025, we repurchased a total of 2,295,463 shares of Cannae common stock for approximately $42.1 million in the aggregate, or an average of $18.33 per share under the 2022 Repurchase Program.

On October 29, 2023, our Board authorized a stock repurchase program (the "2023 Repurchase Program"), under which the Company may repurchase up to 10.0 million shares of its common stock. Such repurchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions. The 2023 Repurchase Program does not obligate us to acquire any specific number of shares and may be suspended or terminated at any time. The 2023 Repurchase Program does not supersede or impact the repurchase capacity under the 2022 Repurchase Program. During the year ended December 31, 2025, we repurchased a total of 10,000,000 shares of Cannae common stock for approximately $195.2 million in the aggregate, or an average of $19.52 per share under the 2023 Repurchase Program.

On March 24, 2025, our Board authorized a new stock repurchase program (the "2025 Repurchase Program"), under which the Company may repurchase up to 10.0 million shares of its common stock. Such repurchases may be made from time to time in the open market at prevailing prices or in privately negotiated transactions. The 2025 Repurchase Program does not obligate us to acquire any specific number of shares and may be suspended or terminated at any time. The 2025 Repurchase Program does not supersede or impact the repurchase capacity under the prior authorizations. During the year ended December 31, 2025, we repurchased a total of 4,700,913 shares of Cannae common stock for approximately $80.6 million in the aggregate, or an average of $17.14 per share under the 2025 Repurchase Program. From January 1, 2026 through January 16, 2026, we repurchased an additional 385,000 shares of Cannae common stock for approximately $6.2 million in the aggregate, or an average of $16.15 per share, pursuant to the 2025 Repurchase Program.

On May 12, 2025, Cannae, Cannae LLC and the Manager (Cannae, Cannae LLC and the Manager collectively, the "Parties"), entered into that certain Management Services Agreement Termination Agreement (the "MSA Termination Agreement"). As previously disclosed, on February 26, 2024, the Parties entered into that certain Third Amended and Restated Management Services Agreement among the Parties (the "MSA"), which provided for a termination of the MSA by the Company effective June 30, 2027, unless terminated earlier by the Company. William P. Foley, II ("Mr. Foley") holds a majority interest in the Manager and therefore has an indirect interest in the MSA. The MSA Termination Agreement terminated the MSA in its entirety as of May 12, 2025 without any further obligations or liabilities other than certain obligations relating to the continued indemnification and limitation on liability and the remaining obligations of the Company and/or Cannae LLC, as applicable, to pay the Manager: (i) an amount of $0.6 million in each month from May to December 2025, representing each of the unpaid monthly Management Fees (as defined in the MSA) that would have been due to the Manager through December 31, 2025; (ii) on January 1, 2026, $11.4 million, representing the aggregate remaining unpaid monthly Management Fees that would have been due to the Manager from January 1, 2026 through June 30, 2027; (iii) on July 1, 2025, $6.7 million, representing the second installment of the unpaid Termination Fees (as defined in the MSA) that would have been due to the Manager on such date; and (iv) on July 1, 2026, $6.6 million, representing the final installment of the unpaid Termination Fees (as defined in the MSA) that would have been due to the Manager on July 1, 2026.

On May 12, 2025, Mr. Foley transitioned from his roles as Chief Executive Officer, Chief Investment Officer and Chairman of the Board of the Company and now serves as the Board's non-executive Vice Chairman pursuant to a director services agreement (the "DSA"). Doug Ammerman was appointed as Chairman of the Board and Ryan R. Caswell, the Company’s former President, now serves as the Company’s Chief Executive Officer, also effective as of May 12, 2025. In connection with the change in Mr. Foley's employment and as described in Mr. Foley’s original employment agreement, Mr. Foley received a lump-sum payment of $17.2 million, and all of Mr. Foley’s outstanding but unvested equity awards were accelerated in the second quarter of 2025.

The following dividends were declared by our Board in 2025:

Declaration Date

Record Date

Payment Date

Dividends Per Share

February 24, 2025

March 17, 2025

March 31, 2025

$0.12

May 8, 2025

June 16, 2025

June 30, 2025

$0.12

August 7, 2025

September 16, 2025

September 30, 2025

$0.15

November 4, 2025

December 17, 2025

December 31, 2025

$0.15

Subsequent to December 31, 2025, the Board declared cash dividends of $0.15 per share, payable on March 31, 2026, to Cannae common shareholders of record as of March 17, 2026.

Cash and Cash Equivalents

Highly liquid instruments, including money market instruments and certificates of deposit, purchased as part of cash management with original maturities of three months or less, and certain amounts in transit from credit and debit card processors, are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value.

Investments

Short-term investments consist of highly liquid instruments, primarily certificates of deposit and corporate debt securities with high credit quality, purchased as part of cash management that have an original maturity of between three months and four months and are carried at amortized cost, which approximates fair value.

Equity securities are carried at fair value and included our investment in Paysafe prior to our complete exit in November 2025. Recognized gains and losses on equity securities are determined on the basis of the fair value of the securities at the balance sheet date or on a trade date basis.

Equity securities without a readily determinable fair value represent investments in which we do not control or significantly influence the investee and that do not have publicly available fair values. Such investments are recorded at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions and are included in Other long-term investments on our Consolidated Balance Sheets.

Investments in unconsolidated affiliates are recorded using the equity method of accounting. Recognized gains and losses on the sale of investments accounted for under the equity method are determined on the basis of the book value of the specific investments sold and are credited or charged to income on a trade date basis.

See Note B - Investments and Note C - Fair Value Measurements for further discussion of our accounting for equity securities and investments in unconsolidated affiliates.

Other Current Assets

Prepaid expenses and other current assets consist of trade receivables, inventory, prepaid operating expenses, the current portion of notes receivable, deposits and other miscellaneous current assets.

Trade receivables are primarily for the Restaurant Group and consist mainly of business-to-business gift card sales, insurance-related reimbursements, rebates, tenant improvement allowances, and billings to franchisees for royalties, initial and renewal fees, equipment sales and rent. Trade receivables are recorded net of an allowance for doubtful accounts, which is our best estimate of the amount of probable credit losses related to existing receivables. The carrying values reported in the Consolidated Balance Sheets for trade receivables approximate their fair value.

Inventory primarily consists of food, beverages, packaging and supplies in our Restaurant Group segment and is stated at the lower of cost or net realizable value. Cost is determined using the first in, first out method for restaurant inventory.

Fair Value of Financial Instruments

The fair value of financial instruments presented in the Consolidated Financial Statements are estimates of the fair value at a specific point in time using available market information and appropriate valuation methodologies. Estimates that use unobservable inputs are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. See Note C - Fair Value Measurements for further details.

Distributions from Unconsolidated Affiliates

We classify distributions received from unconsolidated affiliates in our Consolidated Statements of Cash Flows using the cumulative earnings approach. Under the cumulative earnings approach, distributions are considered returns on investment and classified as cash inflows from operating activities unless the Company’s cumulative distributions from an investee received in prior periods exceed the cumulative equity in earnings of such investee. When cumulative distributions from an investee exceed cumulative equity in earnings of the investee, such excess is considered a return of investment and is classified as a cash inflow from investing activities.

Leases

We recognize a lease in the financial statements when the Company enters into agreements that convey the right to control the use of identified assets for a specified period in exchange for consideration. Upon commencement, the Company records a right-of-use asset and a corresponding lease liability for all leases except for those qualifying as short-term leases, which are expensed as incurred. At inception, lease liabilities are measured at the present value of future lease payments, discounted using the rate implicit in the lease or, if not readily determinable, the Company’s incremental borrowing rate. Right-of-use assets are measured at the amount of the lease liability plus any initial direct costs incurred and adjustments for prepaid or accrued lease payments. The Company reviews right-of-use assets for impairment when events or circumstances indicate that the carrying amount may not be recoverable. Refer to Note G - Leases for further discussion.

Goodwill

Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in business combinations. Goodwill is reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. We have the option to first assess goodwill for impairment based on a review of qualitative factors to determine if events and circumstances exist that will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. If, after assessing the totality of events or circumstances, the Company determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the quantitative impairment test is unnecessary. However, if the Company concludes otherwise, then it is required to perform the quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. Goodwill impairment, if any, is measured as the amount by which a reporting unit’s carrying value exceeds its fair value. For the years ended December 31, 2025, 2024 and 2023, we did not have any impairment of goodwill.

Other Intangible Assets

We have other intangible assets, not including goodwill, which consist primarily of trademarks and tradenames that are generally recorded in connection with acquisitions at their fair value, customer relationships and contracts, the fair value of purchased software and capitalized software development costs. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method, which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their respective contractual lives. Useful lives of computer software range from three to ten years. The useful lives of our tradenames for all of our restaurant brands is fifteen years. Capitalized software development costs and purchased software are recorded at cost and amortized using the straight-line method over their estimated useful life. For the years ended December 31, 2025 and 2024, we did not have any impairment of other intangible assets. For the year ended December 31, 2023, we recorded impairments of $4.2 million to tradename asset for our O'Charley's brand in our Restaurant Group segment. Refer to Note I - Other Intangible Assets for further detail of our intangible assets.

Property and Equipment, net

Property and equipment, net is recorded at cost, less accumulated depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: thirty to forty years for buildings and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. The majority of our Property and equipment relate to our Restaurant Group.

In our Restaurant Group, all direct external costs associated with obtaining or improving land, building and equipment for each new restaurant, as well as construction period interest, are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized.

In our real estate operations, properties to be developed or held and used in operations are carried at cost less impairment losses, where appropriate. All costs of significant development projects are classified as construction in progress until the project is operational, at which time the accumulated costs are transferred to property and equipment.

Property and equipment are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable.

In the years ended December 31, 2025, 2024 and 2023 we recorded $4.7 million, $1.0 million and $8.1 million,

respectively, of impairment to Property and equipment. The impairments relate primarily to our Restaurant Group for O'Charley's stores that have closed. All such impairments are included in Other operating expenses in our Consolidated Statements of Operations.

Insurance Reserves

Our Restaurant Group companies are currently self-insured for a portion of its workers' compensation, general liability, and liquor liability losses (collectively, casualty losses) as well as certain other insurable risks. To mitigate the cost of the Restaurant Group's exposures for certain property and casualty losses, we make annual decisions to either retain the risks of loss up to a certain maximum per occurrence, aggregate loss limits negotiated with its insurance carriers, or fully insure those risks. Our Restaurant Group companies are also self-insured for healthcare claims for eligible participating employees subject to certain deductibles and limitations. We have accounted for such retained liabilities for casualty losses and healthcare claims, including reported and incurred but not reported claims, based on information provided by third-party actuaries. As of December 31, 2025, we were committed under letters of credit totaling $6.4 million issued primarily in connection with casualty insurance programs for our Restaurant Group employees.

Income Taxes

We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact of changes in tax rates and laws on deferred taxes, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted.

We recognize the benefits of uncertain tax positions in the financial statements only after determining a more likely than not probability that the uncertain tax positions will withstand challenge, if any, from taxing authorities. When facts and circumstances change, we reassess these probabilities and record any changes in the financial statements as appropriate. Uncertain tax positions are accounted for by determining the minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. This determination requires the use of judgment in assessing the timing and amounts of deductible and taxable items. Tax positions that meet the more likely than not recognition threshold are recognized and measured as the largest amount of tax benefit that is more than 50% likely to be realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes interest and penalties accrued related to unrecognized tax benefits as components of income tax expense. Refer to Note L - Income Taxes for further discussion.

Revenue Recognition

We recognize revenue in accordance with the applicable accounting standards when control of goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company evaluates its contracts with customers to determine the performance obligations and the appropriate timing of revenue recognition, whether at a point in time or over time, depending on when control transfers to the customer. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of revenue will not occur in future periods. The Company assesses the collectibility of consideration prior to recognizing revenue. Refer to Note F - Revenue Recognition for further discussion.

Advertising Costs

The Company expenses advertising and marketing costs as incurred, except for certain advertising production costs that are initially capitalized and subsequently expensed the first time the advertising takes place. During the years ended December 31, 2025, 2024 and 2023, the Company incurred $12.2 million, $12.3 million, and $17.5 million of advertising and marketing costs, respectively, related to advertising in our Restaurant Group and in our real estate operations. These costs are included in Other operating expenses on the Consolidated Statements of Operations.

Comprehensive Earnings

We report comprehensive earnings in accordance with GAAP on the Consolidated Statements of Comprehensive Earnings. Total comprehensive earnings are defined as all changes in shareholders' equity during a period, other than those resulting from investments by and distributions to shareholders. While total comprehensive earnings is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive earnings or loss represents the cumulative balance of other comprehensive earnings, net of tax, as of the balance sheet date. Amounts reclassified to net earnings relate to realized losses and are included in Recognized (losses) gains, net on the Consolidated Statements of Operations. Our policy is to release

income tax effects from accumulated other comprehensive income at such time as the earnings or loss of the related activity are recognized in earnings (e.g., upon sale of an investment). As of December 31, 2025 and 2024 our entire balance of Accumulated other comprehensive losses relates to unrealized gains and losses of investments in unconsolidated affiliates and all amounts reclassified to net earnings in the years ended December 31, 2025, 2024 and 2023 relate to recognition of gains and losses of investments in unconsolidated affiliates upon disposition.

Stock-Based Compensation Plans

Stock-based compensation expense includes restricted stock awards and restricted stock units granted in Cannae common stock to directors and certain members of management. We account for stock-based compensation plans using the fair value method. Under the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using quoted market prices of the underlying stock, and recognized over the service period.

During the years ended December 31, 2025, 2024 and 2023, $18.7 million, $19.0 million and $3.5 million, respectively, of stock based compensation expense was recorded in Personnel costs in the Consolidated Statements of Operations. As of December 31, 2025, there were 0.8 million unvested restricted stock awards and units and the amount to be recorded for stock-based compensation expense in future years for unvested restricted stock is approximately $12.8 million which is expected to be recognized over a weighted average period of 1 year.

Earnings Per Share

Basic earnings or loss per share, as presented on the Consolidated Statements of Operations, is computed by dividing net earnings or loss available to common shareholders by the weighted average number of common shares outstanding during the period.

In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding plus the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be antidilutive. We have granted certain shares of restricted stock, which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported.

Instruments that provide the ability to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. For the years ended December 31, 2025, 2024 and 2023, shares of restricted stock were excluded from the calculation of diluted earnings per share as inclusion of restricted stock would be anti-dilutive due to net losses.

Put Right

On May 12, 2025, we entered into the DSA and pursuant to a provision therein, we agreed to repurchase half of the common stock beneficially owned by the director at the greater of $19.50 per share of common stock or 20% in excess of the trading price of our common stock at the time such shares are sold back to the Company (the "Put Right"). The Put Right can be exercised at the option of the director beginning January 1, 2026. As of December 31, 2025 there are 2,421,174 shares of the Company's common stock that are subject to the Put Right which represent 50% of the shares held by the director. Based on the price of the Company's common stock as of December 31, 2025, the gross amount that would be paid to settle the Put Right and repurchase the underlying common stock was $38.1 million.

The Company accounts for the Put Right as a liability at fair value in accordance with the guidance in ASC 480 and ASC 815. The liability for the Put Right is included in Accounts payable and other accrued liabilities, current on our Consolidated Balance Sheet as of December 31, 2025. The initial measurement and subsequent changes in fair value of the Put Right are recorded in Recognized losses, net in our Consolidated Statements of Operations for the year ended December 31, 2025. See Note C - Fair Value Measurements for further discussion of the fair value of the Put Right.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740), which requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2024. The guidance is to be applied on a prospective basis, though retrospective application is permitted. In 2025 we adopted this ASU on a prospective basis which resulted in additional disclosures in our Consolidated Financial Statements. Refer to Note L - Income Taxes for further discussion of our income tax disclosures.

In January 2025, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires public business entities to disaggregate specific expenses in a

tabular presentation. This includes purchases of inventory, employee compensation, depreciation, and other relevant expense captions on the face of the income statement. For public business entities, the amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The guidance is to be applied on a prospective basis, though retrospective application is permitted. We do not expect the adoption of this authoritative guidance to have a material impact on our consolidated financial statements.

Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Unconsolidated Affiliates and Summarized Financial Information

Investments in unconsolidated affiliates on our Consolidated Balance Sheets as of December 31, 2025 and 2024 consisted of the following:


	Ownership at December 31, 2025	December 31, 2025		December 31, 2024
	(In millions)

BKFC	44.7%	147.3		108.3
JANA Partners	50.0%	141.1		56.3
CSI	6.4%	101.2		88.2
Alight	7.7%	73.8		374.0
Watkins	49.1%	73.2		78.5
JANA Fund	2.9%	50.2		—



Other	various	56.7		59.6
Total		$	643.5	$	764.9

Equity in (losses) earnings of unconsolidated affiliates on our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 consisted of the following:


	Year ended December 31,
	2025		2024		2023
	(In millions)

Alight	(236.8)		(15.5)		(35.1)
BKFC	(11.4)		(49.9)		(51.9)
JANA Partners	4.4		2.4		—
CSI	33.4		41.1		(2.0)
Watkins	(4.3)		—		—
JANA Fund	—		—		—



Other (1)	(8.8)		(11.0)		(87.9)
Total	$	(223.5)	$	(32.9)	$	(176.9)

_____________________________________

(1) The amount for the year ended December 31, 2023 includes the Company's equity in losses of Paysafe which was no longer accounted for under the equity method of accounting beginning December 31, 2024.

Summarized financial information for Alight for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	December 31, 2025		December 31, 2024
	(In millions)
Total current assets	$	1,142.0	$	1,267.0
Goodwill and other intangible assets, net	2,656.0		6,067.0
Other assets	770.0		859.0
Total assets	$	4,568.0	$	8,193.0

Current liabilities	$	874.0	$	892.0
Long-term debt	1,985.0		2,000.0
Other liabilities	663.0		988.0
Total liabilities	3,522.0		3,880.0
Noncontrolling interests	2.0		4.0
Total equity	1,046.0		4,313.0
Total liabilities and equity	$	4,568.0	$	8,193.0


	Year ended December 31,
	2025		2024		2023
	(In millions)
Total revenues	$	2,262.0	$	2,332.0	$	2,386.0
Depreciation and amortization	407.0		395.0		373.0
Goodwill impairment	3,124.0		—		—
Interest expense	92.0		103.0		131.0
Gross profit	765.0		794.0		810.0
Net loss from continuing operations	(3,078.0)		(140.0)		(317.0)
Net loss from discontinued operations	(21.0)		(19.0)		(45.0)
Net loss attributable to noncontrolling interests	(2.0)		(2.0)		(17.0)
Net loss attributable to Alight	(3,097.0)		(157.0)		(345.0)

Summarized financial information for BKFC for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2025		September 30, 2024
	(In millions)
Total current assets	$	292.1	$	91.7
Goodwill and other intangible assets, net	410.2		404.4
Other assets	137.4		97.5
Total assets	$	839.7	$	593.6



Current liabilities	$	413.2	$	392.2
Other liabilities	91.1		5.1


Total liabilities	504.3		397.3
Noncontrolling interests	6.0		—
Total equity	329.4		196.3
Total liabilities and equity	$	839.7	$	593.6


	For the twelve months ended September 30, 2025		For the twelve months ended September 30, 2024		For the period from December 13, 2022 through September 30, 2023
	(In millions)
Total revenues	$	267.1	$	211.1	$	149.0
Depreciation and amortization	117.5		114.0		99.8
Interest expense	23.1		14.6		8.5
Operating loss	(110.4)		(125.4)		(93.8)
Losses of unconsolidated affiliates	(5.6)		(7.1)		(5.3)
Net loss attributable to BKFC	(16.5)		(122.6)		(103.8)

Summarized financial information for JANA for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in earnings (losses) of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2025		September 30, 2024
	(In millions)
Total current assets	$	13.3	$	10.6


Total assets	$	13.3	$	10.6

Current liabilities	$	0.2	$	2.6

Other liabilities	2.7		1.5
Total liabilities	2.9		4.1

Total equity	10.4		6.5
Total liabilities and equity	$	13.3	$	10.6


	For the twelve months ended September 30, 2025		For the period from February 21, 2024 through September 30, 2024
	(In millions)
Total revenues	$	36.4	$	21.5
Operating income	20.5		13.1


	September 30, 2025		September 30, 2024
	(In millions)



Total assets	$	376.8	$	273.3




Total liabilities	0.2		0.1

Total equity	376.6		273.2
Total liabilities and equity	$	376.8	$	273.3


	For the twelve months ended September 30, 2025	For the twelve months ended September 30, 2024	For the period from November 16, 2022 to September 30, 2023
	(In millions)


Net loss from continuing operations	(0.3)	(1.1)	(3.0)

Net realized and unrealized gain from investment	103.7	127.3	—
Net gain (loss) attributable to CSI LP	103.4	126.2	(3.0)

Summarized financial information for Watkins for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2025
	(In millions)
Total current assets	$	39.7
Goodwill and other intangible assets, net	131.6
Other assets	34.9
Total assets	$	206.2

Current liabilities	$	6.1
Long-term debt	54.2
Other liabilities	(0.1)
Total liabilities	60.2
Total equity	146.0
Total liabilities and equity	$	206.2


	For the period from October 17, 2024 through September 30, 2025
	(In millions)
Total net revenue	$	68.3
Depreciation and amortization	4.9
Interest expense	4.0
Operating income	3.7
Net loss	(8.7)

Schedule of Gains (Losses) on Securities

Gains (losses) on equity securities included in Recognized losses, net on the Consolidated Statements of Operations consisted of the following for the years ended December 31, 2025, 2024 and 2023 (in millions):


	Year ended December 31,
	2025		2024		2023
Net (losses) gains recognized during the period on equity securities	$	(29.6)	$	23.1	$	22.2
Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period	(34.7)		(0.2)		5.9
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	5.1	$	23.3	$	16.3

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes payable consists of the following:


	December 31,
	2025		2024
	(In millions)
2020 Margin Facility	$	—	$	101.0
FNF Revolver	47.5		59.7





Other	23.3		20.3
Notes payable, total	$	70.8	$	181.0
Less: Notes payable, current	6.3		61.0
Notes payable, long-term	$	64.5	$	120.0

Schedule of Gross Principal Maturities of Notes Payable


Gross principal maturities of notes payable at December 31, 2025 are as follows (in millions):
2026	$	6.9
2027	0.7
2028	0.6
2029	1.7
2030	47.9
Thereafter	13.3
	$	71.1

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Business and Summary of Significant Accounting Policies - Recent Developments (Details) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 02, 2025	Aug. 26, 2025	May 12, 2025	Mar. 24, 2025	Jan. 31, 2026	Nov. 30, 2025	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Feb. 21, 2024
Line of Credit Facility [Line Items]
Par value per share (in usd per share)								$ 0.0001	$ 0.0001
Dun & Bradstreet
Line of Credit Facility [Line Items]
Owned investment (in shares)				69,048,691
Par value per share (in usd per share)				$ 0.0001
Sale of stock permitted up to (in shares)				10,000,000.0
Sale of stock (in shares)		59,048,691					10,000,000.0
Proceeds from sale of stock							$ 89.5
Proceeds from sale of of remaining shares		$ 540.3
JANA Partners
Line of Credit Facility [Line Items]
Additional ownership percentage (as a percent)			30.00%
Equity investment			$ 67.5
Equity method investment, contingent consideration liability			$ 26.0					$ 26.0
Ownership (as a percent)	30.01%							50.00%		19.99%
JANA Fund
Line of Credit Facility [Line Items]
Equity investment	$ 30.0
Ownership (as a percent)								2.90%
BKFC
Line of Credit Facility [Line Items]
Equity investment								$ 50.0
Ownership (as a percent)								44.70%
BKFC \| Subsequent Event
Line of Credit Facility [Line Items]
Ownership (as a percent)					42.70%
Paysafe
Line of Credit Facility [Line Items]
Sale of stock (in shares)						2,500,000
Proceeds from sale of stock						$ 16.5
Loss on sale						$ 87.3
Dun & Bradstreet \| Clearlake Capital Group, L.P
Line of Credit Facility [Line Items]
Share price (in usd per share)				$ 9.15
FC Lorient \| BKFC \| Subsequent Event
Line of Credit Facility [Line Items]
Business combination, ownership interest acquired (as percentage)					60.00%
Purchase consideration					$ 70.3
Cash paid for acquisition					40.7
Stock consideration					$ 29.6

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	At Cannae, the board of directors oversees management’s process for identifying and mitigating risks, including cybersecurity risks. Senior leadership, including our Chief Information Security Officer ("CISO"), works diligently to identify, assess and manage material risks through our Enterprise Risk Management ("ERM") program. As part of that program, we conduct risk assessments to identify and assess our material business, operational and environmental risks and works with our management team to develop strategies and plans to mitigate and manage those risks, including cybersecurity risks related to the use of third-party service providers. Our ERM program is overseen by a group of highly qualified individuals and is tailored to the unique structure of our business. As a holding company with a small group of highly qualified employees, we are well positioned to maintain operations in the event of a disaster or a material disruption to our information technology ("IT") infrastructure and networks. Our CISO has extensive information technology, cybersecurity and program management experience as do many of the employees in the information security group for our third-party provider. Our CISO, as well as others in our third-party provider's information security group, hold certifications such as the Certified Information System Security Professional certification. Each of our various businesses separately maintains business continuity functions that adhere to the unique requirements of their business. On an ongoing basis, management assesses the cybersecurity risks of Cannae and aligns its procedures and its audit plan with the identified and addressable risks. The underlying controls of the cyber risk management program are based on the recognized standards as outlined in the National Institute of Standards and Technology ("NIST") Cybersecurity Framework. We utilize a third party to manage our IT network and processes and our ERM personnel work directly with the provider on all aspects of the Company's IT infrastructure and cybersecurity risks. Risks are evaluated over various timeframes; however, the focus of management’s risk assessment is on risks to the long-term solvency and sustainability of the ongoing operations of Cannae. Risks with the potential for an adverse impact to the Company in the near term are prioritized to the extent they present a material risk to the financial viability of the Company. We apply a comprehensive approach to the mitigation of identified security risks, including monitoring our third-party IT service provider and management of our unconsolidated affiliates. As a holding company with relatively low volumes of personnel and third-party data, we have established policies, procedures and controls, including those related to privacy, information security and cybersecurity, and we employ a broad and diversified set of IT risk monitoring and risk mitigation techniques tailored to the unique nature of our business, including threat and vulnerability management, security monitoring, identity and access management, phishing awareness, risk oversight, third-party risk management, disaster recovery and business continuity management. In the event of a cybersecurity incident, we have established protocols for management's response to incidents and we regularly test those protocols with appropriate management personnel. Such protocols include an incident response playbook with the assessment of cybersecurity risks and procedures and hierarchies for escalating and reporting incidents to executive management, the board of directors, investors, government agencies and the general public. The employees at our consolidated companies are the strongest assets in protecting information and mitigating risk. We monitor the security practices of our employees, including training programs that focus on applicable privacy, security, legal, and regulatory requirements that provide ongoing enhancement of their respective security and risk cultures. Our employees participate in an annual Information Security Training.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	At Cannae, the board of directors oversees management’s process for identifying and mitigating risks, including cybersecurity risks. Senior leadership, including our Chief Information Security Officer ("CISO"), works diligently to identify, assess and manage material risks through our Enterprise Risk Management ("ERM") program. As part of that program, we conduct risk assessments to identify and assess our material business, operational and environmental risks and works with our management team to develop strategies and plans to mitigate and manage those risks, including cybersecurity risks related to the use of third-party service providers.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board administers its risk oversight function directly and through committees and our Board has a strong focus on cybersecurity. Our approaches to cybersecurity and privacy are overseen by the audit committee. At each regular meeting of the audit committee of our Board, management provides reports relating to existing and emerging risks at our companies, including, as appropriate, cyber and data security risks, and any security incidents. At least annually (or more frequently in the event of material changes to the Company) the update to the audit committee includes a summary of management’s complete reassessment of the Company’s risk and control environment identified through our ERM program. Our audit committee chairman reports on these discussions to our Board on a quarterly basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	At Cannae, the board of directors oversees management’s process for identifying and mitigating risks, including cybersecurity risks. Senior leadership, including our Chief Information Security Officer ("CISO"), works diligently to identify, assess and manage material risks through our Enterprise Risk Management ("ERM") program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	In the event of a cybersecurity incident, we have established protocols for management's response to incidents and we regularly test those protocols with appropriate management personnel. Such protocols include an incident response playbook with the assessment of cybersecurity risks and procedures and hierarchies for escalating and reporting incidents to executive management, the board of directors, investors, government agencies and the general public.
Cybersecurity Risk Role of Management [Text Block]	Senior leadership, including our Chief Information Security Officer ("CISO"), works diligently to identify, assess and manage material risks through our Enterprise Risk Management ("ERM") program. As part of that program, we conduct risk assessments to identify and assess our material business, operational and environmental risks and works with our management team to develop strategies and plans to mitigate and manage those risks, including cybersecurity risks related to the use of third-party service providers. Our ERM program is overseen by a group of highly qualified individuals and is tailored to the unique structure of our business. As a holding company with a small group of highly qualified employees, we are well positioned to maintain operations in the event of a disaster or a material disruption to our information technology ("IT") infrastructure and networks. Our CISO has extensive information technology, cybersecurity and program management experience as do many of the employees in the information security group for our third-party provider. Our CISO, as well as others in our third-party provider's information security group, hold certifications such as the Certified Information System Security Professional certification. Each of our various businesses separately maintains business continuity functions that adhere to the unique requirements of their business. At each regular meeting of the audit committee of our Board, management provides reports relating to existing and emerging risks at our companies, including, as appropriate, cyber and data security risks, and any security incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our ERM program is overseen by a group of highly qualified individuals and is tailored to the unique structure of our business. As a holding company with a small group of highly qualified employees, we are well positioned to maintain operations in the event of a disaster or a material disruption to our information technology ("IT") infrastructure and networks. Our CISO has extensive information technology, cybersecurity and program management experience as do many of the employees in the information security group for our third-party provider. Our CISO, as well as others in our third-party provider's information security group, hold certifications such as the Certified Information System Security Professional certification. Each of our various businesses separately maintains business continuity functions that adhere to the unique requirements of their business. The Board administers its risk oversight function directly and through committees and our Board has a strong focus on cybersecurity. Our approaches to cybersecurity and privacy are overseen by the audit committee. At each regular meeting of the audit committee of our Board, management provides reports relating to existing and emerging risks at our companies, including, as appropriate, cyber and data security risks, and any security incidents. At least annually (or more frequently in the event of material changes to the Company) the update to the audit committee includes a summary of management’s complete reassessment of the Company’s risk and control environment identified through our ERM program. Our audit committee chairman reports on these discussions to our Board on a quarterly basis.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our ERM program is overseen by a group of highly qualified individuals and is tailored to the unique structure of our business. As a holding company with a small group of highly qualified employees, we are well positioned to maintain operations in the event of a disaster or a material disruption to our information technology ("IT") infrastructure and networks. Our CISO has extensive information technology, cybersecurity and program management experience as do many of the employees in the information security group for our third-party provider. Our CISO, as well as others in our third-party provider's information security group, hold certifications such as the Certified Information System Security Professional certification. Each of our various businesses separately maintains business continuity functions that adhere to the unique requirements of their business.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Board administers its risk oversight function directly and through committees and our Board has a strong focus on cybersecurity. Our approaches to cybersecurity and privacy are overseen by the audit committee. At each regular meeting of the audit committee of our Board, management provides reports relating to existing and emerging risks at our companies, including, as appropriate, cyber and data security risks, and any security incidents. At least annually (or more frequently in the event of material changes to the Company) the update to the audit committee includes a summary of management’s complete reassessment of the Company’s risk and control environment identified through our ERM program. Our audit committee chairman reports on these discussions to our Board on a quarterly basis.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Discontinued Operations - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Aug. 26, 2025	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Dividends received			$ 24.4	$ 3.8	$ 0.2
Dun & Bradstreet
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of of remaining shares	$ 540.3
Sale of stock (in shares)	59,048,691	10,000,000.0
Dun & Bradstreet \| Dun & Bradstreet \| Discontinued Operations, Held-for-Sale or Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment charges			83.0
Dividends received			$ 3.5	$ 14.3	$ 15.8

Investments - Equity Securities Gain (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Net (losses) gains recognized during the period on equity securities	$ (29.6)	$ 23.1	$ 22.2
Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period	(34.7)	(0.2)	5.9
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$ 5.1	$ 23.3	$ 16.3

Segment Information - Narrative (Details) - Segment	12 Months Ended
Segment Information - Narrative (Details) - Segment	Dec. 31, 2025	Jan. 31, 2026	Jan. 28, 2026	Sep. 02, 2025	Feb. 21, 2024
Segment Reporting Information [Line Items]
Number of reportable segments	4
Alight
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)	7.70%
BKFC
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)	44.70%
BKFC \| Subsequent Event
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)		42.70%
BKFC \| FC Lorient \| Subsequent Event
Segment Reporting Information [Line Items]
Equity interests (as a percent)			100.00%
JANA Partners
Segment Reporting Information [Line Items]
Ownership interest, equity method investment (as a percent)	50.00%			30.01%	19.99%
O'Charley's
Segment Reporting Information [Line Items]
Ownership interest, controlling interest (as a percent)	65.40%
99 Restaurants
Segment Reporting Information [Line Items]
Ownership interest, controlling interest (as a percent)	88.50%

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions During the year ended December 31, 2025, we incurred $17.1 million of management fee expenses and $9.9 million of termination fee expenses with our Manager. During the year ended December 31, 2024, we incurred $22.0 million of management fee expenses and $10.1 million termination fee expenses. During the year ended December 31, 2023, we incurred $37.7 million of management fee expenses to our Manager. Such management fees and termination fees are recorded in Other operating expenses on our Consolidated Statements of Operations. BKFC is a partnership led by its general partner William P. Foley, II, the Vice Chairman of our Board. Through Mr. Foley and other Company executives, we are extensively engaged in oversight of and working with BKFC management in helping BKFC implement its strategy. BKFC owns and operates AFCB in the English Premier League, owns a significant minority interest in FC Lorient, a French Ligue 1 football club and owns a controlling interest in MFC, a Portuguese Primeira Liga football club. In the years ended December 31, 2025 and 2024, we invested $50.0 million, $36.8 million, respectively, in BKFC. BKFC used the proceeds from investments from Cannae and others to acquire its interests in football clubs and further invest in its infrastructure and playing squads. Minden Mill, through its wholly owned subsidiaries, owns and operates an estate distillery and related hospitality venues. Entities affiliated with Mr. Foley, Vice Chairman of our Board, are the general partner of Minden Mill and manage all aspects of its operation on behalf of the Company. In the year ended December 31, 2023, we invested $52.1 million in Minden Mill for an 89% ownership interest. In the year ended December 31, 2025 and 2024, we invested an additional $5.1 million and $4.4 million, respectively, through a note receivable which bears interest at a rate of 7.0% per annum. CSI LP is managed by entities affiliated with Frank Martire, a member of our Board, and is part of a consortium of investors who acquired CSI. On December 28, 2023, we received a distribution of $36.8 million from CSI LP, the entity through which we own our interest in CSI. The distribution resulted from CSI LP's sale of a portion of CSI to a third party. On November 25, 2025, Cannae received a distribution of $20.5 million from CSI LP as a result of a ratable dividend paid by CSI to its shareholders. The distribution did not change Cannae’s percentage ownership interest in CSI LP. See Note A - Put Right for discussion of the accounting for the potential repurchase of our common stock pursuant to a provision of the DSA.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Amortizable Intangible Assets

Other intangible assets consist of the following:


	December 31,
	2025		2024
	(In millions)
Trademarks and tradenames	$	19.9	$	19.9
Software	13.0		13.1
Franchise rights	1.6		1.6
Customer relationships and contracts	5.2		5.2

Other intangible assets	39.7		39.8
Accumulated amortization	(26.5)		(24.7)
Other intangible assets, net	$	13.2	$	15.1

Schedule of Non-Amortizable Intangible Assets

Other intangible assets consist of the following:


	December 31,
	2025		2024
	(In millions)
Trademarks and tradenames	$	19.9	$	19.9
Software	13.0		13.1
Franchise rights	1.6		1.6
Customer relationships and contracts	5.2		5.2

Other intangible assets	39.7		39.8
Accumulated amortization	(26.5)		(24.7)
Other intangible assets, net	$	13.2	$	15.1

Variable Interest Entities - Select Information Related to Variable Interests (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	$ 1,320.7	$ 2,228.9	$ 2,686.7
Variable interest entity, not primary beneficiary \| Investments in unconsolidated affiliates
Variable Interest Entity [Line Items]
Assets	341.1	244.4
Maximum Exposure	341.1	244.4
Variable interest entity, not primary beneficiary \| Other long-term investments and non-current assets
Variable Interest Entity [Line Items]
Assets	9.5	4.4
Maximum Exposure	$ 9.5	$ 4.4

Amount of asset recognized for present right to economic benefit.

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Business and Summary of Significant Accounting Policies - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment expense	$ 0.0	$ 0.0	$ 4.2
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other operating expenses, including asset impairments	Other operating expenses, including asset impairments	Other operating expenses, including asset impairments
Computer software \| Minimum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	3 years
Computer software \| Maximum
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	10 years
Tradenames
Finite-Lived Intangible Assets [Line Items]
Intangible assets, useful lives	15 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Property, Plant and Equipment [Abstract]

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property and Equipment


Property and equipment consists of the following:
	December 31,
	2025		2024
	(In millions)
Furniture, fixtures and equipment	$	59.7	$	74.0
Leasehold improvements	85.3		101.5
Land	12.2		12.2
Buildings	6.8		16.6
Other	3.7		3.5
Property and equipment	167.7		207.8
Accumulated depreciation and amortization	(118.7)		(146.0)
Property and equipment, net	$	49.0	$	61.8

Depreciation expense on property and equipment was $9.9 million, $11.2 million, and $16.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Supplementary Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities.


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Cash paid during the year:
Interest	$	6.0	$	6.3	$	13.6
Income taxes, net of refunds	(28.4)		0.9		4.6
Operating leases	24.5		25.1		33.1
Non-cash investing and financing activities:
Lease assets recognized in exchange for lease liabilities	3.3		7.0		32.8
Equity in Fulfillment received as consideration in the WD Transaction	6.8		—		—
Exchange of real estate as repayment for debt	(12.2)		—		—
Contingent consideration for investment in JANA	16.0		—		—
Sale of System1 shares in exchange for note receivable	(4.8)		—		—

Investments - Summarized Financial Information, JANA (Details) - USD ($) $ in Millions	7 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total current assets			$ 268.3	$ 196.9
Assets			1,320.7	2,228.9	$ 2,686.7
Current liabilities			129.7	146.5
Total liabilities			329.8	413.6
Total equity			990.9	1,815.3	2,309.2	$ 2,714.9
Total liabilities and equity			1,320.7	2,228.9
Condensed Combined Statements of Operations
Operating income			$ (119.6)	$ (103.7)	$ (118.9)
JANA
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 10.6	$ 13.3
Assets	10.6	13.3
Current liabilities	2.6	0.2
Other liabilities	1.5	2.7
Total liabilities	4.1	2.9
Total equity	6.5	10.4
Total liabilities and equity	10.6	13.3
Condensed Combined Statements of Operations
Total revenues	21.5	36.4
Operating income	$ 13.1	$ 20.5

Business and Summary of Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 18.7	$ 19.0	$ 3.5
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	18.7	19.0	3.5
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by unvested option		0.8
Stock-based compensation expense in future years for unvested restricted stock		$ 12.8
Weighted average period		1 year
Restricted Stock \| Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 18.7	$ 19.0	$ 3.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Investments - Summarized Financial Information, Alight (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 268,300,000	$ 196,900,000
Total assets	1,320,700,000	2,228,900,000	$ 2,686,700,000
Current liabilities	129,700,000	146,500,000
Long-term debt	70,800,000	181,000,000.0
Total liabilities	329,800,000	413,600,000
Noncontrolling interests	(32,900,000)	(21,200,000)
Total equity	990,900,000	1,815,300,000	2,309,200,000	$ 2,714,900,000
Total liabilities and equity	1,320,700,000	2,228,900,000
Condensed Combined Statements of Operations
Depreciation and amortization	11,900,000	13,300,000	19,000,000.0
Goodwill impairment	0	0	0
Interest expense	11,900,000	11,600,000	17,900,000
Net loss from continuing operations	(427,000,000.0)	(287,800,000)	(305,800,000)
Net loss from discontinued operations	(97,900,000)	(22,300,000)	(18,300,000)
Losses of unconsolidated affiliates	(11,700,000)	(5,500,000)	(10,700,000)
Net loss attributable to Alight	$ (513,200,000)	$ (304,600,000)	$ (313,400,000)
Goodwill Impairment Loss Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Goodwill impairment	Goodwill impairment	Goodwill impairment
Alight
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 1,142,000,000	$ 1,267,000,000
Goodwill and other intangible assets, net	2,656,000,000	6,067,000,000
Other assets	770,000,000.0	859,000,000.0
Total assets	4,568,000,000	8,193,000,000
Current liabilities	874,000,000.0	892,000,000.0
Long-term debt	1,985,000,000	2,000,000,000
Other liabilities	663,000,000.0	988,000,000.0
Total liabilities	3,522,000,000	3,880,000,000
Noncontrolling interests	2,000,000.0	4,000,000.0
Total equity	1,046,000,000	4,313,000,000
Total liabilities and equity	4,568,000,000	8,193,000,000
Condensed Combined Statements of Operations
Total revenues	2,262,000,000	2,332,000,000	$ 2,386,000,000
Depreciation and amortization	407,000,000.0	395,000,000.0	373,000,000.0
Goodwill impairment	3,124,000,000	0	0
Interest expense	92,000,000.0	103,000,000.0	131,000,000.0
Gross profit	765,000,000.0	794,000,000.0	810,000,000.0
Net loss from continuing operations	(3,078,000,000)	(140,000,000.0)	(317,000,000.0)
Net loss from discontinued operations	(21,000,000.0)	(19,000,000.0)	(45,000,000.0)
Losses of unconsolidated affiliates	(2,000,000.0)	(2,000,000.0)	(17,000,000.0)
Net loss attributable to Alight	$ (3,097,000,000)	$ (157,000,000.0)	$ (345,000,000.0)

Business and Summary of Significant Accounting Policies - Insurance Reserves (Details) $ in Millions	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liability for insurance reserves	$ 6.4

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We are party to operating lease arrangements primarily for leased real estate for restaurants and office space. Right-of-use assets and lease liabilities related to operating leases under ASC 842 are recorded at commencement when we are party to a contract that conveys the right for the Company to control an asset for a specified period of time. We are not a party to any material contracts considered finance leases. Right-of-use assets and lease liabilities related to operating leases are recorded as Lease assets and Lease liabilities, respectively, on the Consolidated Balance Sheets as of December 31, 2025 and 2024.

Our material operating leases range in term from one year to fifteen years. As of December 31, 2025 and 2024, the weighted-average remaining lease term of our operating leases was approximately ten years. Leases with an initial term of twelve months or less are not recorded on the balance sheet and we recognize lease expense for these leases on a straight-line basis over the lease term.

Our operating lease agreements do not contain any material buyout options, residual value guarantees or restrictive covenants.

Most of our leases include one or more options to renew, with renewal terms that can extend the lease term by varying amounts. The exercise of lease renewal options is at our sole discretion. We include options to renew, not to exceed a total lease term of twenty years, in our measurement of right-of-use assets and lease liabilities when they are considered reasonably certain of exercise. We consider a lease reasonably certain for renewal when the duration of the lease extensions are in the foreseeable future and related to assets for which continued use is reasonably assured.

Excluding certain immaterial classes of leases in our Restaurant Group, we do not separate lease components from non-lease components for any of our right of use assets.

Our operating lease liabilities are determined by discounting future lease payments using a discount rate that represents our best estimate of the incremental borrowing rate our subsidiaries would have to pay to borrow money to finance the asset over the underlying lease term and for an amount equal to the lease payments. Our discount rate is based on interest rates associated with comparable public company secured debt for companies similar to our operating subsidiaries and of similar duration to the underlying lease. As of December 31, 2025 and 2024, the weighted-average discount rate used to determine our operating lease liabilities was 7.40%.

Our lease costs are directly attributable to restaurant operations, primarily for real estate and to a lesser extent certain restaurant equipment. Operating lease costs of $26.0 million, $25.9 million and $30.5 million are included in Cost of restaurant revenue on the Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.

Lease assets are reviewed for impairment when events or circumstances indicate that the carrying amounts may not be recoverable.

In the year ended December 31, 2025, 2024 and 2023, we recorded $8.8 million, $0.3 million and $24.6 million, respectively, of impairment to Lease assets. The impairments for 2023 relate primarily to our Restaurant Group for O'Charley's stores that have closed in the year ended December 31, 2023. All such impairments are included in Other operating expenses in our Consolidated Statements of Operations.

Future payments under operating lease arrangements accounted for under ASC 842 as of December 31, 2025 are as follows (in millions):


2026	$	24.9
2027	23.4
2028	21.1
2029	17.9
2030	15.8
Thereafter	93.2
Total lease payments, undiscounted	$	196.3
Less: discount	58.1
Total operating lease liability as of December 31, 2025, at present value	$	138.2
Less: operating lease liability as of December 31, 2025, current	15.4
Operating lease liability as of December 31, 2025, long-term	$	122.8

Discontinued Operations - Reconciliation of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Losses of unconsolidated affiliates	$ (223.5)	$ (32.9)	$ (176.9)
Net loss from discontinued operations, net of tax	(97.9)	(22.3)	(18.3)
Dun & Bradstreet \| Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Dun & Bradstreet
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Recognized losses	(86.6)	(12.3)	(6.7)
Losses of unconsolidated affiliates	(11.3)	(13.7)	(17.1)
Loss from discontinued operations before income taxes	(97.9)	(26.0)	(23.8)
Income tax benefit	0.0	3.7	5.5
Net loss from discontinued operations, net of tax	$ (97.9)	$ (22.3)	$ (18.3)

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

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Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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Amount of income (loss) for proportionate share of equity method investee's income (loss).

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-38300
Entity Registrant Name	CANNAE HOLDINGS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	82-1273460
Entity Address, Address Line One	1701 Village Center Circle,
Entity Address, City or Town	Las Vegas,
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89134
City Area Code	702
Local Phone Number	323-7330
Title of 12(b) Security	Cannae Common Stock, $0.0001 par value
Trading Symbol	CNNE
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,061,691,612
Entity Common Stock, Shares Outstanding		46,324,719
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0001704720

Business and Summary of Significant Accounting Policies - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill impairment	$ 0	$ 0	$ 0

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Accounts Payable and Other Accrued Liabilities

Accounts Payable and Other Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts payable and other accrued liabilities, current, consists of the following:


	December 31,
	2025		2024
	(In millions)
Accrued payroll and employee benefits	$	9.4	$	15.5
Trade accounts payable	16.8		16.6
Manager Fees payable	16.9		3.4
Accrued casualty self-insurance expenses	4.1		5.2
Tax liabilities, excluding income taxes payable	3.2		3.3
Put Right	15.0		—
JANA Contingent Consideration	16.0		—
Other accrued liabilities	10.5		10.8
Accounts payable and other accrued liabilities, current	$	91.9	$	54.8

Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Partnerships	$ 15.5	$ 84.9
Net operating loss carryforwards	51.7	29.3
Tax credit carryforwards	8.1	4.3
Stock based compensation	4.6	0.0
Capital loss carryforwards	3.8	0.0
Equity investments	85.4	0.0
Other	9.0	8.2
Total gross deferred tax asset	178.1	126.7
Less: valuation allowance	(161.6)	(52.8)
Total deferred tax asset	16.5	73.9
Deferred tax liabilities:
Partnerships	(0.4)	0.0
Equity investments	(15.5)	0.0
Total deferred tax liability	(15.9)	0.0
Net deferred tax asset	$ 0.6	$ 73.9

Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Impairment to property plant and equipment	$ 4.7	$ 1.0	$ 8.1
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	30 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful lives	25 years

Concentration of Risk	12 Months Ended
Concentration of Risk	Dec. 31, 2025
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents. We place cash equivalents with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Our Restaurant Group companies obtain a majority of their restaurant food products and supplies from two distributors. Although we believe alternative vendors could be found in a timely manner, any disruption of these services could potentially have an adverse impact on operating results.

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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Schedule of Income Tax (Benefit) Expense on Continuing Operations

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income tax benefit consists of the following:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Current (benefit) expense	$	(53.4)	$	(8.3)	$	(18.2)
Deferred expense (benefit)	66.4		11.6		(53.3)
	$	13.0	$	3.3	$	(71.5)

Schedule of Reconciliation of Effective Tax Rate

A reconciliation of the federal statutory rate to our effective tax rate is as follows:


	Year Ended December 31, 2025
	Rate		Tax
Federal statutory rate	21.0	%	$	(40.0)
State income taxes, net of federal benefit	(0.8)		1.5
Tax credits	2.0		(3.8)
Changes in valuation allowance	(56.5)		107.6
Other non-taxable or non-deductible expenses	(2.3)		4.5
Non-deductible executive compensation	(5.1)		9.8




Other	(0.5)		0.9
Effective tax rate excluding equity investments	(42.2)	%	$	80.5
Equity investments	35.4		(67.5)
Effective tax rate	(6.8)	%	$	13.0


	Year Ended December 31,
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	0.1		(0.3)
Tax credits	1.8		2.4
Valuation allowance	(19.2)		(0.5)
Non-deductible expenses	(0.3)		(0.2)
Non-deductible executive compensation	(5.4)		(0.6)
Dividends received deduction	(0.7)		—
Noncontrolling interests	(0.5)		(1.1)
Basis difference in investments	(0.5)		(0.8)
Unconsolidated affiliate stock-based compensation	(0.7)		(2.5)
Interest payable	—		(0.1)
Penalties	—		(0.1)
Other	0.4		(0.1)
Effective tax rate excluding equity investments	(4.0)	%	17.1	%
Equity investments	2.7		18.6
Effective tax rate	(1.3)	%	35.7	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities at December 31, 2025 and 2024 consist of the following:


	December 31,
	2025		2024
	(In millions)
Deferred tax assets:
Partnerships	$	15.5	$	84.9

Net operating loss carryforwards	51.7		29.3
Tax credit carryforwards	8.1		4.3
Stock based compensation	4.6		—
Capital loss carryforwards	3.8		—
Equity investments	85.4		—
Other	9.0		8.2
Total gross deferred tax asset	178.1		126.7
Less: valuation allowance	(161.6)		(52.8)
Total deferred tax asset	$	16.5	$	73.9
Deferred tax liabilities:
Partnerships	$	(0.4)	$	—
Equity investments	$	(15.5)	$	—



Total deferred tax liability	$	(15.9)	$	—
Net deferred tax asset	$	0.6	$	73.9

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Reconciliation of Operations and Financial Position

A reconciliation of the operations of D&B to the Consolidated Statement of Operations is presented below:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Other income (expense):
Recognized losses	$	(86.6)	$	(12.3)	$	(6.7)
Equity in losses of unconsolidated affiliates	(11.3)		(13.7)		(17.1)
Loss from discontinued operations before income taxes	(97.9)		(26.0)		(23.8)
Income tax benefit	—		(3.7)		(5.5)
Net loss from discontinued operations, net of tax	$	(97.9)	$	(22.3)	$	(18.3)

Assets of discontinued operations held for sale on our Consolidated Balance Sheet as of December 31, 2024 represents our investment in Dun & Bradstreet accounted for under the equity method of accounting.

Summarized statement of operations information for D&B for the relevant dates and time periods included in Net losses from discontinued operations, net of tax in our Consolidated Statements of Operations is presented below:


	Six Months Ended June 30,		Year Ended December 31,
	2025		2024		2023
	(In millions)
Total revenues	$	1,165.0	$	2,381.7	$	2,314.0
Operating income	48.1		194.8		140.3
Loss before income taxes	(48.8)		(61.3)		(81.1)
Net loss	(47.4)		(24.5)		(43.7)
Net (loss) income attributable to noncontrolling interest	2.1		4.1		3.3
Net loss attributable to Dun & Bradstreet	(49.5)		(28.6)		(47.0)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Discontinued Operations - Net Losses from Discontinued Operations, Net of Tax in our Statements of Operations (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating income		$ (119.6)	$ (103.7)	$ (118.9)
Net loss		(524.9)	(310.1)	(324.1)
Net (loss) income attributable to noncontrolling interest		(11.7)	(5.5)	(10.7)
Net loss attributable to Dun & Bradstreet		$ (513.2)	(304.6)	(313.4)
Discontinued Operations, Held-for-Sale or Disposed of by Sale \| Dun & Bradstreet
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 1,165.0		2,381.7	2,314.0
Operating income	48.1		194.8	140.3
Loss before income taxes	(48.8)		(61.3)	(81.1)
Net loss	(47.4)		(24.5)	(43.7)
Net (loss) income attributable to noncontrolling interest	2.1		4.1	3.3
Net loss attributable to Dun & Bradstreet	$ (49.5)		$ (28.6)	$ (47.0)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Notes Payable

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Notes Payable

Notes payable consists of the following:


	December 31,
	2025		2024
	(In millions)
2020 Margin Facility	$	—	$	101.0
FNF Revolver	47.5		59.7





Other	23.3		20.3
Notes payable, total	$	70.8	$	181.0
Less: Notes payable, current	6.3		61.0
Notes payable, long-term	$	64.5	$	120.0

At December 31, 2025, the carrying value of our outstanding notes payable approximates fair value and are considered Level 2 financial liabilities.

2020 Margin Facility

On November 30, 2020, Cannae Funding C, LLC ("Borrower 1"), an indirect wholly owned special purpose subsidiary of the Company, and Cannae Funding D, LLC ("Borrower 2"), an indirect wholly owned special purpose subsidiary of the Company, entered into a Margin Loan Agreement (as amended from time to time, the "2020 Margin Facility") with the lenders from time to time party thereto and Royal Bank of Canada. On June 16, 2023, the 2020 Margin Facility was amended to, among other things, lower the immediate capacity from $250 million to $150 million. On August 17, 2023, the 2020 Margin Facility was amended to, among other things, (i) extend the maturity of the agreement to August 17, 2026, (ii) add 40 million shares of common stock of Alight to the pool of collateral, (iii) change the spread from 358 to 375 basis points and (iv) add Cannae Funding A, LLC ("Borrower 3" and together with Borrower 1 and Borrower 2, the "Borrowers"), an indirect wholly-owned special purpose subsidiary of the Company. On March 4, 2024, the 2020 Margin Facility was amended primarily to (i) assign the facility from Royal Bank of Canada to Bank of America, (ii) extend the maturity date to March 4, 2027 and (iii) change the spread from 375 to 310 basis points. On August 27, 2025, the 2020 Margin Facility was amended primarily to (i) remove the Company’s prior holdings of Dun & Bradstreet Holdings, Inc. from the collateral pool, (ii) reduce the capacity of the Margin Loan from $150 million to $50 million, (iii) reduce the spread from 310 to 275 basis points and (iv) extend the maturity date to August 27, 2028.

Under the 2020 Margin Facility, as amended, the Borrowers may borrow up to $50.0 million in revolving loans. The 2020 Margin Facility matures on August 27, 2028. Outstanding amounts under the 2020 Margin Facility, if any, bear interest quarterly at a rate per annum equal to a three-month adjusted SOFR plus an applicable margin. The 2020 Margin Facility requires the Borrowers to maintain a certain loan-to-value ratio (based on the value of Alight shares). In the event the Borrowers fail to maintain such loan-to-value ratio, the Borrowers must post additional cash collateral under the Loan Agreement and/or elect to repay a portion of the revolving loans thereunder, or sell the Alight shares and use the proceeds from such sale to prepay a portion of the revolving loans thereunder.

On July 2, 2025, we borrowed an additional $40.0 million under the 2020 Margin Facility. On August 26, 2025, we paid off the entire balance of the 2020 Margin Facility in conjunction with the closing of the D&B Sale.

As of December 31, 2025, there was no outstanding balance under the 2020 Margin Facility, $50.0 million of unused notional capacity, 40 million shares of Alight were pledged as collateral for borrowings, and approximately $25.4 million of borrowing capacity based on current collateral value.

FNF Revolver

On November 17, 2017, Fidelity National Financial ("FNF") issued to Cannae a revolver note in aggregate principal amount of up to $100.0 million. On May 12, 2022, FNF and Cannae amended and restated the revolver note to, among other things, limit the use of proceeds for borrowings thereunder to the repurchase of our own shares of common stock from FNF (as amended and restated, the "FNF Revolver"). The FNF Revolver accrued interest at one-month adjusted SOFR plus 450 basis points and matures on November 17, 2025. The maturity date is automatically extended for additional five-year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion.

On June 28, 2022, we completed the repurchase of all of our common stock previously held by FNF; accordingly, there is no incremental borrowing capacity available under the FNF Revolver. On January 29, 2024, the FNF Revolver was amended to

(i) reduce the borrowing capacity to $60.0 million and (ii) change the interest rate to a fixed rate of 7.0% per annum. The Company also repaid $25.0 million of outstanding principal under the FNF Revolver.

On March 20, 2025, the FNF Revolver was amended to (i) reduce the borrowing capacity to $47.5 million, (ii) change the interest rate to a fixed rate of 5.0% per annum, and (3) extend the maturity date to November 17, 2030 with the maturity date automatically extended for additional one-year terms unless notice of non-renewal is otherwise provided by either FNF or Cannae, in their sole discretion. In the year ended December 31, 2025, the Company also sold real estate to FNF in exchange for a $12.2 million reduction of outstanding principal under the FNF Revolver.

As of December 31, 2025, there was a $47.5 million outstanding principal balance under the FNF Revolver which incurred interest at 5.0%.


Gross principal maturities of notes payable at December 31, 2025 are as follows (in millions):
2026	$	6.9
2027	0.7
2028	0.6
2029	1.7
2030	47.9
Thereafter	13.3
	$	71.1

At December 31, 2025, the carrying value of our outstanding notes payable approximate fair value and are considered Level 2 financial liabilities.

Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Dividends Declared

The following dividends were declared by our Board in 2025:

Declaration Date

Record Date

Payment Date

Dividends Per Share

February 24, 2025

March 17, 2025

March 31, 2025

$0.12

May 8, 2025

June 16, 2025

June 30, 2025

$0.12

August 7, 2025

September 16, 2025

September 30, 2025

$0.15

November 4, 2025

December 17, 2025

December 31, 2025

$0.15

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value hierarchy established by the accounting standards on fair value measurements includes three levels, which are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access.

Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3. Financial assets and liabilities whose values are based on model inputs that are unobservable.

The Company’s financial instruments also include cash, cash equivalents, receivables and accounts payable. The carrying values of these financial instruments approximate the fair values as maturities are less than three months.

Recurring Fair Value Measurements

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, respectively:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	182.0	$	—	$	—	$	182.0

Equity securities:


Other	1.4		—		—		1.4
Total equity securities	1.4		—		—		1.4
Total assets	$	183.4	$	—	$	—	$	183.4
Liabilities:
Put Right	$	—	$	15.0	$	—	$	15.0
Total accounts payable and other accrued liabilities, current	—		15.0		—		15.0
Total liabilities	$	—	$	15.0	$	—	$	15.0


	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	131.5	$	—	$	—	$	131.5
Short-term investments	6.2		—		—		6.2
Equity securities:

Paysafe	42.1		—		—		42.1
Other	14.1		—		—		14.1
Total equity securities	56.2		—		—		56.2
Total assets	$	193.9	$	—	$	—	$	193.9

We had no material assets or liabilities valued on a recurring basis using Level 3 inputs as of December 31, 2025 and 2024.

Additional information regarding the fair value of our investment portfolio is included in Note B - Investments.

The carrying amounts of trade receivables and notes receivable approximate fair value due to their short-term nature. The fair value of our notes payable is included in Note K - Notes Payable.

The Put Right is accounted for at fair value calculated using a Monte Carlo Simulation with Level 2 fair value hierarchy inputs. The valuation model utilizes the stock price and growth rate of the Company's common stock, the two-year duration of the DSA, the implied volatility of the Company's common stock using comparable public companies and a discount rate based on US treasury securities of similar duration to the Put Right.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Variable Interest Entities - Narrative (Details) - BKFE - Payment Guarantee $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Variable Interest Entity [Line Items]
Guarantor obligations, term	2 years
Minimum
Variable Interest Entity [Line Items]
Guarantor obligations, maximum exposure	$ 43.7
Maximum
Variable Interest Entity [Line Items]
Guarantor obligations, maximum exposure	$ 79.5

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Revenue from Contract with Customer [Abstract]

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Additional valuation allowance	$ 108,800,000
Unrecognized tax benefits	0	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 353,500,000
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards		$ 244,900,000
CNNE
Operating Loss Carryforwards [Line Items]
Ownership (as a percent)	100.00%

Concentration of Risk (Details)	12 Months Ended
Concentration of Risk (Details)	Dec. 31, 2025 distributor
Risks and Uncertainties [Abstract]
Number of distributors	2

Business and Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising costs incurred	$ 12.2	$ 12.3	$ 17.5

Segment Information - Financial Information Concerning Reportable Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 423.6	$ 452.5	$ 570.0
Cost of revenue	358.0	371.2	474.9
Interest expense	11.9	11.6	17.9
Equity in (losses) earnings of unconsolidated affiliates	(223.5)	(32.9)	(176.9)
Net earnings (loss)	(524.9)	(310.1)	(324.1)
Assets	1,320.7	2,228.9	2,686.7
Goodwill	53.4	53.4	53.4
Net loss from continuing operations	(427.0)	(287.8)	(305.8)
Restaurant Group
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	536.0
Alight
Segment Reporting Information [Line Items]
Assets			507.2
Total Reportable Segments
Segment Reporting Information [Line Items]
Assets			909.9
Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	536.0
Cost of revenue	358.0	371.2	474.9
Depreciation and amortization	9.7	10.5	17.0
Other segment items	50.9	28.1	63.8
Interest expense	6.4	5.7	6.1
Equity in (losses) earnings of unconsolidated affiliates	0.0	0.0	0.0
Net earnings (loss)	(34.5)	4.1	(25.8)
Assets	252.5	274.8	290.4
Goodwill	53.4	53.4	53.4
Operating Segments \| Alight
Segment Reporting Information [Line Items]
Equity in (losses) earnings of unconsolidated affiliates	(236.8)	(15.5)	(35.1)
Net earnings (loss)	(236.8)	(15.5)	(35.1)
Assets	73.8	374.0
Operating Segments \| BKFC
Segment Reporting Information [Line Items]
Equity in (losses) earnings of unconsolidated affiliates	(11.4)	(49.9)	(51.9)
Net earnings (loss)	(11.4)	(49.9)	(51.9)
Assets	147.3	108.3	112.3
Operating Segments \| JANA
Segment Reporting Information [Line Items]
Equity in (losses) earnings of unconsolidated affiliates	4.4	2.4
Net earnings (loss)	4.4	2.4
Assets	141.1	56.3
Operating Segments \| Total Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	536.0
Cost of revenue	358.0	371.2	474.9
Depreciation and amortization	9.7	10.5	17.0
Other segment items	50.9	28.1	63.8
Interest expense	6.4	5.7	6.1
Equity in (losses) earnings of unconsolidated affiliates	(243.8)	(63.0)	(87.0)
Net earnings (loss)	(278.3)	(58.9)	(112.8)
Assets	614.7	813.4
Goodwill	53.4	53.4	53.4
Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	33.1	32.9	34.0
Net earnings (loss)	(148.7)	(228.9)	(193.0)
Assets	706.0	1,415.5	1,776.8
Goodwill	0.0	0.0	0.0
Restaurant revenue
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	536.0
Restaurant revenue \| Restaurant Group
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	535.6
Restaurant revenue \| Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	536.0
Restaurant revenue \| Operating Segments \| Total Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	390.5	419.6	536.0
Restaurant revenue \| Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0.0	0.0	0.0
Other revenues
Segment Reporting Information [Line Items]
Total revenues	33.1	32.9	34.0
Other revenues \| Operating Segments \| Restaurant Group
Segment Reporting Information [Line Items]
Total revenues	0.0	0.0	0.0
Other revenues \| Operating Segments \| Total Reportable Segments
Segment Reporting Information [Line Items]
Total revenues	0.0	0.0	0.0
Other revenues \| Operating Segments \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	$ 33.1	$ 32.9	$ 34.0

Business and Summary of Significant Accounting Policies - Put Right (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	May 12, 2025	Dec. 31, 2025
Temporary Equity [Line Items]
Shares subject to possible redemption (in shares)		2,421,174
Put Right
Temporary Equity [Line Items]
Repurchase in excess of trading price (as a percent)		20.00%
Shares held and subject to put right (as a percent)		50.00%
Forward Purchase Agreement \| Put Right
Temporary Equity [Line Items]
Shares repurchase ( greater of) (in usd per share)	$ 19.50
Settlement amount		$ 38.1

Investments - Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 02, 2025	Feb. 21, 2024
Schedule of Equity Method Investments [Line Items]
Equity investment	$ 643.5	$ 764.9
Equity in (losses) earnings of unconsolidated affiliates	$ (223.5)	(32.9)	$ (176.9)
BKFC
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	44.70%
Equity investment	$ 147.3	108.3
Equity in (losses) earnings of unconsolidated affiliates	$ (11.4)	(49.9)	(51.9)
JANA
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	50.00%			30.01%	19.99%
Equity investment	$ 141.1	56.3
Equity in (losses) earnings of unconsolidated affiliates	$ 4.4	2.4	0.0
CSI
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	6.40%
Equity investment	$ 101.2	88.2
Equity in (losses) earnings of unconsolidated affiliates	$ 33.4	41.1	(2.0)
Alight
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	7.70%
Equity investment	$ 73.8	374.0
Equity in (losses) earnings of unconsolidated affiliates	$ (236.8)	(15.5)	(35.1)
Watkins
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	49.10%
Equity investment	$ 73.2	78.5
Equity in (losses) earnings of unconsolidated affiliates	$ (4.3)	0.0	0.0
JANA Fund
Schedule of Equity Method Investments [Line Items]
Ownership (as a percent)	2.90%
Equity investment	$ 50.2	0.0
Equity in (losses) earnings of unconsolidated affiliates	0.0	0.0	0.0
Other
Schedule of Equity Method Investments [Line Items]
Equity investment	56.7	59.6
Equity in (losses) earnings of unconsolidated affiliates	$ (8.8)	$ (11.0)	$ (87.9)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Grant Thornton, LLP	Deloitte & Touche, LLP	Deloitte & Touche, LLP
Auditor Location	Los Angeles, CA	Las Vegas, NV	Las Vegas, NV
Auditor Firm ID	248	34	34
Audit Firm [Line Items]
Auditor Name	Grant Thornton, LLP	Deloitte & Touche, LLP	Deloitte & Touche, LLP
Auditor Location	Los Angeles, CA	Las Vegas, NV	Las Vegas, NV
Auditor Firm ID	248	34	34

Investments - Summarized Financial Information, BKFC (Details) - USD ($) $ in Millions	9 Months Ended		10 Months Ended	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total current assets				$ 268.3	$ 196.9
Total assets				1,320.7	2,228.9	$ 2,686.7
Current liabilities				129.7	146.5
Total liabilities				329.8	413.6
Noncontrolling interests				(32.9)	(21.2)
Total equity				990.9	1,815.3	2,309.2	$ 2,714.9
Total liabilities and equity				1,320.7	2,228.9
Condensed Combined Statements of Operations
Depreciation and amortization				11.9	13.3	19.0
Interest expense				11.9	11.6	17.9
Operating loss				(119.6)	(103.7)	(118.9)
Losses of unconsolidated affiliates				(11.7)	(5.5)	(10.7)
Net loss attributable to BKFC				(524.9)	(310.1)	$ (324.1)
BKFC
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 292.1	$ 91.7
Goodwill and other intangible assets, net	410.2	404.4
Other assets	137.4	97.5
Total assets	839.7	593.6
Current liabilities	413.2	392.2
Other liabilities	91.1	5.1
Total liabilities	504.3	397.3
Noncontrolling interests				$ 6.0	$ 0.0
Total equity	329.4	196.3
Total liabilities and equity	839.7	593.6
Condensed Combined Statements of Operations
Total revenues	267.1	211.1	$ 149.0
Depreciation and amortization	117.5	114.0	99.8
Interest expense	23.1	14.6	8.5
Operating loss	(110.4)	(125.4)	(93.8)
Losses of unconsolidated affiliates	(5.6)	(7.1)	(5.3)
Net loss attributable to BKFC	$ (16.5)	$ (122.6)	$ (103.8)

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Trade receivables, net	$ 7.6	$ 8.1
Deferred revenue (contract liabilities)	16.1	16.2
Revenue recognized	$ 8.7	$ 9.4

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Par value per share (in usd per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares, issued (in shares)	94,925,400	94,328,322
Common stock, shares, outstanding (in shares)	46,703,745	62,789,542
Preferred stock, par or value (in usd per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	48,221,655	31,538,780

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue Recognition

Disaggregation of Revenue

Our revenue consists of the following:


		Year ended December 31,
		2025		2024		2023
Revenue Stream	Segment	Total Revenue
Restaurant revenue:		(In millions)
Restaurant sales	Restaurant Group	$	390.5	$	419.6	$	535.6

Other	Restaurant Group	—		—		0.4
Total restaurant revenue		390.5		419.6		536.0
Other operating revenue:


Real estate and resort	Corporate and Other	33.0		32.4		33.5
Other	Corporate and Other	0.1		0.5		0.5
Total other operating revenue		33.1		32.9		34.0
Total operating revenue		$	423.6	$	452.5	$	570.0

Restaurant revenue consists of restaurant sales and, to a lesser extent, franchise revenue. Restaurant sales include food and beverage sales, are net of applicable state and local sales taxes and discounts, and are recognized at a point in time as services are performed and goods are provided.

Other operating revenue consists of income generated by our resort operations, which includes sales of real estate, lodging rentals, food and beverage sales, and other income from various resort services offered. Revenue is recognized at a point in time upon closing of the sale of real estate or once goods and services have been provided and billed to the customer.

All of our revenues are generated in the United States. Refer to Note A - Revenue Recognition for further discussion.

Contract Balances

The following table provides information about receivables and deferred revenue:


	December 31,
	2025		2024
	(In millions)
Trade receivables, net	$	7.6	$	8.1
Deferred revenue (contract liabilities)	16.1		16.2

Trade receivables, net are included in Other current assets on our Consolidated Balance Sheets.

Deferred revenue is recorded primarily for restaurant gift card sales. The unrecognized portion of such revenue is recorded as Deferred revenue in the Consolidated Balance Sheets. Revenue of $8.7 million and $9.4 million was recognized in the years ended December 31, 2025 and 2024, respectively, which was included in Deferred revenue at the beginning of the period.

There was no impairment related to contract balances.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for amortizable intangible assets	$ 2.0	$ 2.1	$ 2.7
Estimated amortization expense, 2026	1.8
Estimated amortization expense, 2027	1.8
Estimated amortization expense, 2028	1.3
Estimated amortization expense, 2029	1.3
Estimated amortization expense, 2030	$ 1.3

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Income Taxes - Income Tax Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Current (benefit) expense	$ (53.4)	$ (8.3)	$ (18.2)
Deferred expense (benefit)	66.4	11.6	(53.3)
Income tax (benefit)	$ 13.0	$ 3.3	$ (71.5)

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entities

12 Months Ended

Dec. 31, 2025

Variable Interest Entities

The Company, in the normal course of business, engages in certain activities that involve variable interest entities ("VIEs"), which are legal entities in which a group of equity investors individually lack any of the characteristics of a controlling interest. The primary beneficiary of a VIE is generally the enterprise that has both the power to direct the activities most significant to the economic performance of the VIE and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. The Company evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Company is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Company is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under accounting standards as deemed appropriate. As of and for the years ended December 31, 2025, 2024 and 2023, we are not the primary beneficiary of any VIEs.

Unconsolidated VIEs

The table below summarizes select information related to variable interests held by the Company as of December 31, 2025 and 2024, of which we are not the primary beneficiary:


		2025				2024
		Total Assets		Maximum Exposure		Total Assets		Maximum Exposure
	(In millions)
Investments in unconsolidated affiliates		$	341.1	$	341.1	$	244.4	$	244.4
Other long-term investments and non-current assets		9.5		9.5		4.4		4.4

Investments in Unconsolidated Affiliates

As of December 31, 2025 and 2024, we held variable interests in certain unconsolidated affiliates, which are primarily comprised of our ownership interests in BKFC, CSI, JANA Fund and Minden Mill. Cannae does not have the power to direct the activities that most significantly impact the economic performance of these unconsolidated affiliates; therefore, we are not the primary beneficiary.

The principal risk to which these investments and funds are exposed is the credit risk of the underlying investees. Cannae has guaranteed certain payment obligations of BKFC related to investment commitments associated with its acquisition of an incremental interest in FCL. These BKFC obligations total an estimated amount of between approximately $43.7 million and

$79.5 million as of December 31, 2025 based on the agreement then in effect. These obligations were potentially payable at various increments over the next two years and varied based on certain performance criteria. The underlying obligation of BKFC to fund these amounts was contingent on the exercise of certain investment options by BKFC or other parties. Cannae was required to fund such payments solely to the extent BKFC was unable to meet these obligations. Subsequent to December 31, 2025, BKFC purchased the remaining equity of FCL using cash on hand and equity consideration and the prior agreement governing the purchase of the remaining interest in FCL was terminated. Accordingly, Cannae's obligation to guarantee the funding of the investment no longer exists as of the date of this report. See Note A - Recent Developments for further discussion of this transaction.

We do not provide any other implicit or explicit liquidity guarantees or principal value guarantees to our VIEs.

The assets are included in Investments in unconsolidated affiliates on the Consolidated Balance Sheets and accounted for under the equity method of accounting. See Note B - Investments for further discussion of our accounting for investments in unconsolidated affiliates.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal Contingencies

In the ordinary course of business, we are involved in various pending and threatened litigation and regulatory matters related to our operations, some of which include claims for punitive or exemplary damages. Our ordinary course litigation includes purported class action lawsuits, which make allegations related to various aspects of our business. From time to time, we also receive requests for information from various state and federal regulatory authorities, some of which take the form of civil investigative demands or subpoenas. Some of these regulatory inquiries may result in the assessment of fines for violations of regulations or settlements with such authorities requiring a variety of remedies. We believe that no actions, other than those discussed below, if any, depart from customary litigation or regulatory inquiries incidental to our business.

Our Restaurant Group companies are a defendant from time to time in various legal proceedings arising in the ordinary course of business, including claims relating to injury or wrongful death under "dram shop" laws that allow a person to sue us based on any injury caused by an intoxicated person who was wrongfully served alcoholic beverages at one of the restaurants; individual and purported class or collective action claims alleging violation of federal and state employment, franchise and other laws; and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. Our Restaurant Group companies are also subject to compliance with extensive government laws and regulations related to employment practices and policies and the manufacture, preparation, and sale of food and alcohol. We may also become subject to lawsuits and other proceedings, as well as card network fines and penalties, arising out of the actual or alleged theft of our customers' credit or debit card information.

We review lawsuits and other legal and regulatory matters (collectively "legal proceedings") on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings in which it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts that represent our best estimate is recorded. As of December 31, 2025 and 2024, our accrual for settlements of legal proceedings was not considered material. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending legal proceedings is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period in the event of an unfavorable outcome, at present, we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows.

On October 23, 2025, a putative class action lawsuit was filed in the Delaware Court of Chancery under the caption, New England Teamsters Pension Fund and Daniel Clark v. William P. Foley II, Anthony M. Jabbour, Thomas M. Hagerty, Douglas K. Ammerman, and Cannae Holdings, Inc., C.A. No. 2025-1220. The plaintiffs allege that the individual defendants, each of whom served as an officer and/or director of Dun & Bradstreet Holdings, Inc. at the relevant time, breached their fiduciary duties in connection with the August 26, 2025 sale of D&B to a private equity firm. Specifically, the complaint asserts that the

transaction undervalued D&B's stock, resulting in inadequate cash consideration for its stockholders. The plaintiffs further allege that certain of the individual defendants' knowledge should be imputed to the Company, and on that basis, include a claim against the Company for aiding and abetting the alleged breaches of fiduciary duty. The plaintiffs seek declaratory judgment, monetary damages, and other equitable relief. They also seek to certify a class comprising all former D&B stockholders who exchanged their shares for cash in the transaction, excluding the defendants and any individuals who were officers or directors of D&B at the time the transaction closed. On January 12, 2026, the Company filed a motion to dismiss the complaint and briefing is ongoing. The Company intends to vigorously defend against the claims asserted in the litigation.

Unconditional Purchase Obligations

We have certain unconditional purchase obligations, primarily in our Restaurant Group segment. These purchase obligations are with various vendors and primarily related to food and beverage obligations with fixed commitments in regard to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of December 31, 2025 to determine the amount of the obligations.

Purchase obligations as of December 31, 2025 are as follows (in millions):


2026	$	54.9
2027	8.4
2028	3.0
2029	0.3
2030	—
Thereafter	—
Total purchase commitments	$	66.6

Other Contingencies

In conjunction with the JANA Investment, we are potentially liable for the JANA Contingent Consideration. The JANA Contingent Consideration is payable if JANA Partners achieves certain thresholds for assets under management ("AUM") by certain dates. The total $26 million potentially payable for the JANA Contingent Consideration is bifurcated into two tranches as follows: (1) a payment of $16 million if JANA Partners achieves an AUM threshold from September 2026 through December 2028 (the "Initial Payment") and (2) a payment of $10 million if JANA Partners achieves an AUM threshold as of December 31, 2028 (the "Additional Payment"). We consider the Initial Payment probable and have included $16 million in the basis of our investment in JANA Partners and a corresponding liability in Accounts payable and other accrued liabilities, current in our Condensed Consolidated Balance Sheet as of December 31, 2025. We do not consider the Additional Payment to be probable as of December 31, 2025.

Investments - Summarized Financial Information, Watkins (Details) - USD ($) $ in Millions	9 Months Ended		10 Months Ended	11 Months Ended	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total current assets					$ 268.3	$ 196.9
Total assets					1,320.7	2,228.9	$ 2,686.7
Current liabilities					129.7	146.5
Borrowings outstanding					70.8	181.0
Total liabilities					329.8	413.6
Total equity					990.9	1,815.3	2,309.2	$ 2,714.9
Total liabilities and equity					1,320.7	2,228.9
Condensed Combined Statements of Operations
Depreciation and amortization					11.9	13.3	19.0
Interest expense					11.9	11.6	17.9
Operating income					(119.6)	(103.7)	(118.9)
Losses of unconsolidated affiliates					(223.5)	(32.9)	(176.9)
Net loss					$ (524.9)	$ (310.1)	$ (324.1)
BKFC
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 292.1	$ 91.7		$ 292.1
Goodwill and other intangible assets, net	410.2	404.4		410.2
Other assets	137.4	97.5		137.4
Total assets	839.7	593.6		839.7
Current liabilities	413.2	392.2		413.2
Other liabilities	91.1	5.1		91.1
Total liabilities	504.3	397.3		504.3
Total equity	329.4	196.3		329.4
Total liabilities and equity	839.7	593.6		839.7
Condensed Combined Statements of Operations
Total revenues	267.1	211.1	$ 149.0
Depreciation and amortization	117.5	114.0	99.8
Interest expense	23.1	14.6	8.5
Operating income	(110.4)	(125.4)	(93.8)
Net loss	(16.5)	$ (122.6)	$ (103.8)
Watkins
Schedule of Equity Method Investments [Line Items]
Total current assets	39.7			39.7
Goodwill and other intangible assets, net	131.6			131.6
Other assets	34.9			34.9
Total assets	206.2			206.2
Current liabilities	6.1			6.1
Borrowings outstanding	54.2			54.2
Other liabilities	(0.1)			(0.1)
Total liabilities	60.2			60.2
Total equity	146.0			146.0
Total liabilities and equity	$ 206.2			206.2
Condensed Combined Statements of Operations
Total revenues				68.3
Depreciation and amortization				4.9
Interest expense				4.0
Operating income				3.7
Net loss				$ (8.7)

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment


Property and equipment consists of the following:
	December 31,
	2025		2024
	(In millions)
Furniture, fixtures and equipment	$	59.7	$	74.0
Leasehold improvements	85.3		101.5
Land	12.2		12.2
Buildings	6.8		16.6
Other	3.7		3.5
Property and equipment	167.7		207.8
Accumulated depreciation and amortization	(118.7)		(146.0)
Property and equipment, net	$	49.0	$	61.8

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

The table below summarizes select information related to variable interests held by the Company as of December 31, 2025 and 2024, of which we are not the primary beneficiary:


		2025				2024
		Total Assets		Maximum Exposure		Total Assets		Maximum Exposure
	(In millions)
Investments in unconsolidated affiliates		$	341.1	$	341.1	$	244.4	$	244.4
Other long-term investments and non-current assets		9.5		9.5		4.4		4.4

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Investments, Debt and Equity Securities [Abstract]

Accounts Payable and Other Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounts payable and other accrued liabilities, current
Accrued payroll and employee benefits	$ 9.4	$ 15.5
Trade accounts payable	16.8	16.6
Manager Fees payable	16.9	3.4
Accrued casualty self-insurance expenses	4.1	5.2
Tax liabilities, excluding income taxes payable	3.2	3.3
Put Right	15.0	0.0
JANA Contingent Consideration	16.0	0.0
Other accrued liabilities	10.5	10.8
Accounts payable and other accrued liabilities, current	$ 91.9	$ 54.8

Investments - Summarized Financial Information, CSI (Details) - USD ($) $ in Millions	9 Months Ended		11 Months Ended	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets				$ 1,320.7	$ 2,228.9	$ 2,686.7
Total liabilities				329.8	413.6
Total equity				990.9	1,815.3	2,309.2	$ 2,714.9
Total liabilities and equity				1,320.7	2,228.9
Condensed Combined Statements of Operations
Net gain (loss) attributable to CSI LP				$ (513.2)	$ (304.6)	$ (313.4)
CSI
Schedule of Equity Method Investments [Line Items]
Total assets	$ 376.8	$ 273.3
Total liabilities	0.2	0.1
Total equity	376.6	273.2
Total liabilities and equity	376.8	273.3
Condensed Combined Statements of Operations
Net loss from continuing operations	(0.3)	(1.1)	$ (3.0)
Net realized and unrealized gain from investment	103.7	127.3	0.0
Net gain (loss) attributable to CSI LP	$ 103.4	$ 126.2	$ (3.0)

Income Taxes - Reconciliation of Effective Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Rate
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	(0.80%)	0.10%	(0.30%)
Tax credits	2.00%	1.80%	2.40%
Changes in valuation allowance	(56.50%)	(19.20%)	(0.50%)
Other non-taxable or non-deductible expenses	(2.30%)
Non-deductible executive compensation	(5.10%)	(5.40%)	(0.60%)
Other	(0.50%)	0.40%	(0.10%)
Non-deductible expenses		(0.30%)	(0.20%)
Dividends received deduction		(0.70%)	0.00%
Noncontrolling interests		(0.50%)	(1.10%)
Basis difference in investments		(0.50%)	(0.80%)
Unconsolidated affiliate stock-based compensation		(0.70%)	(2.50%)
Interest payable		0.00%	(0.10%)
Penalties		0.00%	(0.10%)
Effective tax rate excluding equity investments	(42.20%)	(4.00%)	17.10%
Equity investments	35.40%	2.70%	18.60%
Effective tax rate	(6.80%)	(1.30%)	35.70%
Tax
Federal statutory rate	$ (40.0)
State income taxes, net of federal benefit	1.5
Tax credits	(3.8)
Changes in valuation allowance	107.6
Other non-taxable or non-deductible expenses	4.5
Non-deductible executive compensation	9.8
Other	0.9
Effective tax rate excluding equity investments	80.5
Equity investments	(67.5)
Income tax (benefit)	$ 13.0	$ 3.3	$ (71.5)

Investments

12 Months Ended

Dec. 31, 2025

Investments

Investments in Unconsolidated Affiliates

Investments in unconsolidated affiliates on our Consolidated Balance Sheets as of December 31, 2025 and 2024 consisted of the following:


	Ownership at December 31, 2025	December 31, 2025		December 31, 2024
	(In millions)

BKFC	44.7%	147.3		108.3
JANA Partners	50.0%	141.1		56.3
CSI	6.4%	101.2		88.2
Alight	7.7%	73.8		374.0
Watkins	49.1%	73.2		78.5
JANA Fund	2.9%	50.2		—



Other	various	56.7		59.6
Total		$	643.5	$	764.9

Equity in (losses) earnings of unconsolidated affiliates on our Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 consisted of the following:


	Year ended December 31,
	2025		2024		2023
	(In millions)

Alight	(236.8)		(15.5)		(35.1)
BKFC	(11.4)		(49.9)		(51.9)
JANA Partners	4.4		2.4		—
CSI	33.4		41.1		(2.0)
Watkins	(4.3)		—		—
JANA Fund	—		—		—



Other (1)	(8.8)		(11.0)		(87.9)
Total	$	(223.5)	$	(32.9)	$	(176.9)

_____________________________________

Alight

Based on quoted market prices, the fair market value of our ownership of Alight common stock was $78.9 million as of December 31, 2025.

As of December 31, 2025, we held less than 20% of the outstanding common equity of Alight but we account for our ownership interest under the equity method of accounting because we exert significant influence: (i) through our 7.7% ownership, (ii) because certain of our directors serve on Alight's board of directors and (iii) because we are party to an agreement with Alight pursuant to which we have the ability to appoint or be consulted on the election of certain of the directors of Alight.


	December 31, 2025		December 31, 2024
	(In millions)
Total current assets	$	1,142.0	$	1,267.0
Goodwill and other intangible assets, net	2,656.0		6,067.0
Other assets	770.0		859.0
Total assets	$	4,568.0	$	8,193.0

Current liabilities	$	874.0	$	892.0
Long-term debt	1,985.0		2,000.0
Other liabilities	663.0		988.0
Total liabilities	3,522.0		3,880.0
Noncontrolling interests	2.0		4.0
Total equity	1,046.0		4,313.0
Total liabilities and equity	$	4,568.0	$	8,193.0


	Year ended December 31,
	2025		2024		2023
	(In millions)
Total revenues	$	2,262.0	$	2,332.0	$	2,386.0
Depreciation and amortization	407.0		395.0		373.0
Goodwill impairment	3,124.0		—		—
Interest expense	92.0		103.0		131.0
Gross profit	765.0		794.0		810.0
Net loss from continuing operations	(3,078.0)		(140.0)		(317.0)
Net loss from discontinued operations	(21.0)		(19.0)		(45.0)
Net loss attributable to noncontrolling interests	(2.0)		(2.0)		(17.0)
Net loss attributable to Alight	(3,097.0)		(157.0)		(345.0)

Black Knight Football

We acquired our initial limited partner interest in BKFC on December 13, 2022. We account for our ownership of BKFC pursuant to the equity method of accounting and report our equity in earnings or loss of BKFC on a three-month lag. Accordingly, our net loss for the year ended December 31, 2025, 2024 and 2023 includes our equity in losses of BKFC for the twelve months ended September 30, 2025 and 2024, and the period from December 13, 2022 through September 30, 2023, respectively.


	September 30, 2025		September 30, 2024
	(In millions)
Total current assets	$	292.1	$	91.7
Goodwill and other intangible assets, net	410.2		404.4
Other assets	137.4		97.5
Total assets	$	839.7	$	593.6



Current liabilities	$	413.2	$	392.2
Other liabilities	91.1		5.1


Total liabilities	504.3		397.3
Noncontrolling interests	6.0		—
Total equity	329.4		196.3
Total liabilities and equity	$	839.7	$	593.6


	For the twelve months ended September 30, 2025		For the twelve months ended September 30, 2024		For the period from December 13, 2022 through September 30, 2023
	(In millions)
Total revenues	$	267.1	$	211.1	$	149.0
Depreciation and amortization	117.5		114.0		99.8
Interest expense	23.1		14.6		8.5
Operating loss	(110.4)		(125.4)		(93.8)
Losses of unconsolidated affiliates	(5.6)		(7.1)		(5.3)
Net loss attributable to BKFC	(16.5)		(122.6)		(103.8)

JANA Partners

On February 21, 2024, we acquired a 19.99% equity interest in JANA. On September 2, 2025 Cannae acquired an additional 30.01% ownership interest in JANA Partners and as of December 31, 2025, the Company held a 50.0% total ownership interest in JANA Partners. We account for our ownership interest in JANA as an unconsolidated affiliate using the equity method of accounting and record our ratable share of JANA's net income or loss on a three-month lag. Accordingly, our net loss for the years ended December 31, 2025 and 2024 includes our equity in losses of JANA Partners for the twelve months ended September 30, 2025, and the period from February 21, 2024 through September 30, 2024, respectively.


	September 30, 2025		September 30, 2024
	(In millions)
Total current assets	$	13.3	$	10.6


Total assets	$	13.3	$	10.6

Current liabilities	$	0.2	$	2.6

Other liabilities	2.7		1.5
Total liabilities	2.9		4.1

Total equity	10.4		6.5
Total liabilities and equity	$	13.3	$	10.6


	For the twelve months ended September 30, 2025		For the period from February 21, 2024 through September 30, 2024
	(In millions)
Total revenues	$	36.4	$	21.5
Operating income	20.5		13.1

CSI

We acquired our initial interest in BGPT Catalyst, L.P. ("CSI LP", or "CSI") on November 16, 2022. We account for our ownership of CSI LP pursuant to the equity method of accounting and report our equity in earnings or loss of CSI LP on a three-month lag. Accordingly, our net loss for the years ended December 31, 2025, 2024 and 2023 includes our equity in losses of CSI LP for the twelve months ended September 30, 2025 and 2024, and the period from November 16, 2022 through September 30, 2023, respectively.

Summarized financial information for CSI LP for the relevant dates and time periods included in Investments in unconsolidated affiliates and Equity in (losses) earnings of unconsolidated affiliates in our Consolidated Balance Sheets and Statements of Operations, respectively, is presented below.


	September 30, 2025		September 30, 2024
	(In millions)



Total assets	$	376.8	$	273.3




Total liabilities	0.2		0.1

Total equity	376.6		273.2
Total liabilities and equity	$	376.8	$	273.3


	For the twelve months ended September 30, 2025	For the twelve months ended September 30, 2024	For the period from November 16, 2022 to September 30, 2023
	(In millions)


Net loss from continuing operations	(0.3)	(1.1)	(3.0)

Net realized and unrealized gain from investment	103.7	127.3	—
Net gain (loss) attributable to CSI LP	103.4	126.2	(3.0)

Watkins

We acquired our initial interest in Watkins on October 17, 2024. We account for our ownership of Watkins pursuant to the equity method of accounting and report our equity in earnings or loss of Watkins on a three-month lag. Accordingly, our net loss for the year ended December 31, 2025 includes our equity in losses of Watkins for the period from October 17, 2024 through September 30, 2025.


	September 30, 2025
	(In millions)
Total current assets	$	39.7
Goodwill and other intangible assets, net	131.6
Other assets	34.9
Total assets	$	206.2

Current liabilities	$	6.1
Long-term debt	54.2
Other liabilities	(0.1)
Total liabilities	60.2
Total equity	146.0
Total liabilities and equity	$	206.2


	For the period from October 17, 2024 through September 30, 2025
	(In millions)
Total net revenue	$	68.3
Depreciation and amortization	4.9
Interest expense	4.0
Operating income	3.7
Net loss	(8.7)

Equity Securities


	Year ended December 31,
	2025		2024		2023
Net (losses) gains recognized during the period on equity securities	$	(29.6)	$	23.1	$	22.2
Less: net (losses) gains recognized during the period on equity securities sold or transferred during the period	(34.7)		(0.2)		5.9
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	5.1	$	23.3	$	16.3

Equity Security Investments Without Readily Determinable Fair Values

We account for our investments in AmeriLife and certain other investments at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly market transactions. As of December 31, 2025 and 2024, we had $147.3 million and $159.9 million, respectively, recorded for such investments, which is included in Other long-term investments on our Consolidated Balance Sheets.

During the years ended December 31, 2025 and 2024, we have recorded a $3.5 million and $14.0 million, respectively, of increases in fair value to certain of our equity ownership interests without readily determinable fair values. The amounts of the increases were determined based on an observable price change in an orderly transaction for the identical investment of the same issuer. During the year ended December 31, 2023, we recorded an impairment of $9.0 million to certain of our equity ownership interests without readily determinable fair values. The amount of the impairments was determined based on the valuation of the investee implied by actual or contemplated sales to a third party.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized (loss) gain relating to investments in unconsolidated affiliates, tax (benefit) expense	$ 1.2	$ (0.6)	$ (0.8)
Reclassification adjustments for unrealized gains and losses on unconsolidated affiliates, net of tax, included in net earnings, tax expense	$ 5.6	$ 0.8	$ 0.3

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Other comprehensive (loss) earnings, net of tax:

$ (524.9)

$ (310.1)

$ (324.1)

Unrealized gain (loss) relating to investments in unconsolidated affiliates

^[1]

4.5

(2.4)

(3.0)

Reclassification of unrealized losses on investments in unconsolidated affiliates, net of tax, included in net earnings

^[2]

21.2

3.1

1.2

Other comprehensive earnings (loss)

25.7

0.7

(1.8)

Comprehensive loss

(499.2)

(309.4)

(325.9)

Less: Comprehensive loss attributable to noncontrolling interests

(11.7)

(5.5)

(10.7)

Comprehensive loss attributable to Cannae

$ (487.5)

$ (303.9)

$ (315.2)

[1]	Net of income tax benefit (expense) of $1.2 million, $(0.6) million and $(0.8) million for the years ended December 31, 2025, 2024 and 2023, respectively.
[2]	Net of income tax benefit of $5.6 million, $0.8 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 10
-Topic 810
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-20

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Discontinued Operations and Disposal Groups [Abstract]

Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 167.7	$ 207.8
Accumulated depreciation and amortization	(118.7)	(146.0)
Property and equipment, net	49.0	61.8
Depreciation expense on property and equipment	9.9	11.2	$ 16.3
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59.7	74.0
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	85.3	101.5
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	12.2	12.2
Buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6.8	16.6
Other
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3.7	$ 3.5

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 182.0	$ 131.5
Short-term investments	0.0	6.2
Other current assets	25.7	23.5
Income taxes receivable	60.6	35.7
Total current assets	268.3	196.9
Investments in unconsolidated affiliates	643.5	764.9
Equity securities, without a readily determinable fair value	147.3	159.9
Equity securities, at fair value	1.4	56.2
Lease assets	116.9	136.0
Property and equipment, net	49.0	61.8
Goodwill	53.4	53.4
Other intangible assets, net	13.2	15.1
Deferred tax assets	0.6	73.9
Other non-current assets	27.1	18.9
Non-current assets of discontinued operations - see Note Q	0.0	691.9
Total assets	1,320.7	2,228.9
Current liabilities:
Accounts payable and other accrued liabilities, current	91.9	54.8
Lease liabilities, current	15.4	14.5
Deferred revenue	16.1	16.2
Notes payable, current	6.3	61.0
Total current liabilities	129.7	146.5
Lease liabilities, long-term	122.8	134.6
Notes payable, long-term	64.5	120.0
Accounts payable and other accrued liabilities, long-term	12.8	12.5
Total liabilities	329.8	413.6
Commitments and contingencies - see Note M
Equity:
Cannae common stock, $0.0001 par value; authorized 115,000,000 shares as of December 31, 2025 and December 31, 2024; issued of 94,925,400 and 94,328,322 shares as of December 31, 2025 and December 31, 2024, respectively; and outstanding of 46,703,745 and 62,789,542 shares as of December 31, 2025 and December 31, 2024, respectively	0.0	0.0
Preferred stock, $0.0001 par value; authorized 10,000,000 shares; issued and outstanding, none as of December 31, 2025 and December 31, 2024	0.0	0.0
Retained earnings	23.3	567.1
Additional paid-in capital	2,040.5	2,013.3
Less: Treasury stock, 48,221,655 and 31,538,780 shares as of December 31, 2025 and December 31, 2024, respectively, at cost	(1,046.5)	(724.7)
Accumulated other comprehensive income (loss)	6.5	(19.2)
Total Cannae shareholders' equity	1,023.8	1,836.5
Noncontrolling interests	(32.9)	(21.2)
Total equity	990.9	1,815.3
Total liabilities and equity	$ 1,320.7	$ 2,228.9

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations

Dun & Bradstreet

On March 24, 2025, Dun & Bradstreet announced the D&B Sale. As a result of the transaction, Dun & Bradstreet is presented as a discontinued operation in our Consolidated Financial Statements for the year ended December 31, 2025. Through the date of the D&B Disposition, we continued to exert significant influence over D&B and therefore we continued to account for this investment under the equity method of accounting. As a result of the reclassification of our investment in Dun & Bradstreet as held for sale and a discontinued operation, we marked our investment in D&B to the fair market value implied by the stock price beginning as of March 31, 2025. In the year ended December 31, 2025, we recorded $83.0 million of recognized loss related to marking our investment to fair value and the ultimate consideration received upon consummation of the D&B Disposition, which is included in Net losses from discontinued operations, net of tax on our Consolidated Statement of Operations.

On August 26, 2025, the D&B Sale closed and Cannae completed the disposition of its ownership interests in Dun & Bradstreet, Inc. for aggregate proceeds of $540.3 million in cash in exchange for our remaining 59,048,691 shares of common stock. Following the consummation of the D&B Disposition, Cannae no longer has any ownership interest in the common stock of D&B.

A reconciliation of the operations of D&B to the Consolidated Statement of Operations is presented below:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Other income (expense):
Recognized losses	$	(86.6)	$	(12.3)	$	(6.7)
Equity in losses of unconsolidated affiliates	(11.3)		(13.7)		(17.1)
Loss from discontinued operations before income taxes	(97.9)		(26.0)		(23.8)
Income tax benefit	—		(3.7)		(5.5)
Net loss from discontinued operations, net of tax	$	(97.9)	$	(22.3)	$	(18.3)


	Six Months Ended June 30,		Year Ended December 31,
	2025		2024		2023
	(In millions)
Total revenues	$	1,165.0	$	2,381.7	$	2,314.0
Operating income	48.1		194.8		140.3
Loss before income taxes	(48.8)		(61.3)		(81.1)
Net loss	(47.4)		(24.5)		(43.7)
Net (loss) income attributable to noncontrolling interest	2.1		4.1		3.3
Net loss attributable to Dun & Bradstreet	(49.5)		(28.6)		(47.0)

For the year ended December 31, 2025, 2024 and 2023 we received total cash dividends from D&B in the amount of $3.5 million, $14.3 million and $15.8 million, respectively, which are included in Distributions from investments in unconsolidated affiliates on the Consolidated Statements of Cash Flows.

Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Other Intangible Assets

Other intangible assets consist of the following:


	December 31,
	2025		2024
	(In millions)
Trademarks and tradenames	$	19.9	$	19.9
Software	13.0		13.1
Franchise rights	1.6		1.6
Customer relationships and contracts	5.2		5.2

Other intangible assets	39.7		39.8
Accumulated amortization	(26.5)		(24.7)
Other intangible assets, net	$	13.2	$	15.1

Amortization expense for amortizable intangible assets was $2.0 million, $2.1 million, and $2.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Estimated amortization expense for the next five years for assets owned at December 31, 2025, is $1.8 million in 2026, $1.8 million in 2027, $1.3 million in 2028, $1.3 million in 2029 and $1.3 million in 2030.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total operating revenues	$ 423.6	$ 452.5	$ 570.0
Operating expenses:
Cost of restaurant revenue	358.0	371.2	474.9
Personnel costs	73.8	78.4	52.1
Depreciation and amortization	11.9	13.3	19.0
Other operating expenses, including asset impairments	99.5	93.3	142.9
Total operating expenses	543.2	556.2	688.9
Operating loss	(119.6)	(103.7)	(118.9)
Other income (expense):
Interest, investment and other income	10.1	4.6	13.6
Interest expense	(11.9)	(11.6)	(17.9)
Recognized losses, net	(69.1)	(140.9)	(77.2)
Total other expense	(70.9)	(147.9)	(81.5)
Loss before income taxes and equity in losses of unconsolidated affiliates	(190.5)	(251.6)	(200.4)
Income tax expense (benefit)	13.0	3.3	(71.5)
Loss before equity in losses of unconsolidated affiliates	(203.5)	(254.9)	(128.9)
Equity in losses of unconsolidated affiliates	(223.5)	(32.9)	(176.9)
Loss from continuing operations	(427.0)	(287.8)	(305.8)
Net loss from discontinued operations, net of tax - see Note Q	(97.9)	(22.3)	(18.3)
Net loss	(524.9)	(310.1)	(324.1)
Less: Net loss attributable to noncontrolling interests	(11.7)	(5.5)	(10.7)
Net loss attributable to Cannae Holdings, Inc. common shareholders	(513.2)	(304.6)	(313.4)
Amounts attributable to Cannae Holdings, Inc. common shareholders
Net loss from continuing operations attributable to Cannae Holdings, Inc. common shareholders	(415.3)	(282.3)	(295.1)
Net loss from discontinued operations attributable to Cannae Holdings, Inc. common shareholders	(97.9)	(22.3)	(18.3)
Net loss attributable to Cannae Holdings, Inc. common shareholders	$ (513.2)	$ (304.6)	$ (313.4)
Basic
Net loss per share from continuing operations (in usd per share)	$ (7.35)	$ (4.38)	$ (4.02)
Net loss per share from discontinued operations (in usd per share)	(1.73)	(0.35)	(0.25)
Net loss per share - basic (in usd per share)	(9.08)	(4.73)	(4.27)
Earnings Per Share, Diluted [Abstract]
Net loss per share from continuing operations (in usd per share)	(7.35)	(4.38)	(4.02)
Net loss per share from discontinued operations (in usd per share)	(1.73)	(0.35)	(0.25)
Net loss per share - diluted (in usd per share)	$ (9.08)	$ (4.73)	$ (4.27)
Weighted Average Number of Shares Outstanding
Weighted average shares outstanding Cannae Holdings common stock, basic basis (in shares)	56.5	64.4	73.4
Weighted average shares outstanding Cannae Holdings common stock, diluted basis (in shares)	56.5	64.4	73.4
Restaurant revenue
Revenues:
Total operating revenues	$ 390.5	$ 419.6	$ 536.0
Other operating revenue
Revenues:
Total operating revenues	$ 33.1	$ 32.9	$ 34.0

Notes Payable - Narrative (Details) - USD ($)						7 Months Ended	12 Months Ended			18 Months Ended	33 Months Ended
Notes Payable - Narrative (Details) - USD ($)	Aug. 27, 2025	Mar. 04, 2024	Jan. 29, 2024	Aug. 17, 2023	Nov. 17, 2017	Mar. 03, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 26, 2025	Aug. 16, 2023	Jul. 02, 2025	Mar. 20, 2025	Jun. 16, 2023	Jun. 15, 2023
Line of Credit Facility [Line Items]
Debt outstanding							$ 71,100,000
Borrowings outstanding							70,800,000	$ 181,000,000.0
Exchange of real estate for reduction of outstanding debt							12,200,000	0	$ 0
2020 Margin Facility \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity	$ 50,000,000									$ 150,000,000				$ 150,000,000	$ 250,000,000
Basis spread on variable rate	2.75%	3.10%		3.75%		3.75%				3.10%	3.58%
Debt outstanding												$ 40,000,000.0
Borrowings outstanding							0	101,000,000.0
Amount available to borrow							$ 50,000,000.0
2020 Margin Facility \| Revolver Note \| Alight
Line of Credit Facility [Line Items]
Shares held as security for credit facility (in shares)				40,000,000
2020 Margin Facility \| Revolver Note \| Alight \| Collateral Pledged
Line of Credit Facility [Line Items]
Shares held as security for credit facility (in shares)							40,000,000
Corporate Revolver Note \| Revolver Note
Line of Credit Facility [Line Items]
Aggregate borrowing capacity			$ 60,000,000.0		$ 100,000,000.0								$ 47,500,000
Basis spread on variable rate					4.50%
Borrowings outstanding							$ 47,500,000	$ 59,700,000
Term of automatic extension					5 years
Repayments of line of credit			$ 25,000,000.0
Interest rate incurred (as a percent)			7.00%				5.00%						5.00%
Exchange of real estate for reduction of outstanding debt							$ 12,200,000

Commitments and Contingencies - Purchase Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 54.9
2027	8.4
2028	3.0
2029	0.3
2030	0.0
Thereafter	0.0
Total purchase commitments	$ 66.6

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024, respectively:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	182.0	$	—	$	—	$	182.0

Equity securities:


Other	1.4		—		—		1.4
Total equity securities	1.4		—		—		1.4
Total assets	$	183.4	$	—	$	—	$	183.4
Liabilities:
Put Right	$	—	$	15.0	$	—	$	15.0
Total accounts payable and other accrued liabilities, current	—		15.0		—		15.0
Total liabilities	$	—	$	15.0	$	—	$	15.0


	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents	$	131.5	$	—	$	—	$	131.5
Short-term investments	6.2		—		—		6.2
Equity securities:

Paysafe	42.1		—		—		42.1
Other	14.1		—		—		14.1
Total equity securities	56.2		—		—		56.2
Total assets	$	193.9	$	—	$	—	$	193.9

Leases - Future Payments Under Operating Lease Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 24.9
2027	23.4
2028	21.1
2029	17.9
2030	15.8
Thereafter	93.2
Total lease payments, undiscounted	196.3
Less: discount	58.1
Total operating lease liability as of December 31, 2025, at present value	138.2
Less: operating lease liability as of December 31, 2025, current	15.4	$ 14.5
Operating lease liability as of December 31, 2025, long-term	$ 122.8	$ 134.6

Investments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Sep. 02, 2025	Feb. 21, 2024
Debt Securities, Available-for-sale [Line Items]
Equity securities, without a readily determinable fair value	$ 147.3	$ 159.9
Equity securities without readily determinable fair value, upward price adjustment, annual amount	3.5	$ 14.0
Investments without readily determinable fair value, impairment loss			$ 9.0
Alight
Debt Securities, Available-for-sale [Line Items]
Based on quoted market prices, aggregate fair value of ownership	$ 78.9
Ownership interest, equity method investment (as a percent)	7.70%
Ownership (as a percent)	7.70%
JANA
Debt Securities, Available-for-sale [Line Items]
Ownership interest, equity method investment (as a percent)	50.00%			30.01%	19.99%
Ownership (as a percent)	50.00%			30.01%	19.99%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 423.6	$ 452.5	$ 570.0
Restaurant revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	390.5	419.6	536.0
Restaurant Group
Disaggregation of Revenue [Line Items]
Total operating revenues	390.5	419.6	536.0
Restaurant Group \| Restaurant revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	390.5	419.6	535.6
Restaurant Group \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.0	0.0	0.4
Corporate and Other \| Real estate and resort
Disaggregation of Revenue [Line Items]
Total operating revenues	33.0	32.4	33.5
Corporate and Other \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	0.1	0.5	0.5
Other operating revenue
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 33.1	$ 32.9	$ 34.0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Related Party Transactions (Details) - USD ($) $ in Millions			12 Months Ended
	Nov. 25, 2025	Dec. 28, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other operating expense, management fees and interest payable			$ 99.5	$ 93.3	$ 142.9
Distributions from investments in unconsolidated affiliates			11.6	18.8	52.7
BKFC
Related Party Transaction [Line Items]
Equity investment			$ 50.0
Ownership (as a percent)			44.70%
Related Party \| BKFC
Related Party Transaction [Line Items]
Equity investment			$ 50.0	36.8
Related Party \| High Sierra Distillery, LP, Minden Mill
Related Party Transaction [Line Items]
Equity investment					$ 52.1
Ownership (as a percent)					89.00%
Investment, notes receivable			$ 5.1	4.4
Related Party \| High Sierra Distillery, LP, Minden Mill \| Notes Receivable
Related Party Transaction [Line Items]
Notes receivable, interest rate			7.00%
Related Party \| CSI LP
Related Party Transaction [Line Items]
Distributions from investments in unconsolidated affiliates	$ 20.5	$ 36.8
Related Party \| Management Fee Expense Payable
Related Party Transaction [Line Items]
Other operating expense, management fees and interest payable			$ 17.1	22.0	$ 37.7
Related Party \| Termination Fee Expenses
Related Party Transaction [Line Items]
Other operating expense, management fees and interest payable			$ 9.9	$ 10.1

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income tax benefit consists of the following:


	Year Ended December 31,
	2025		2024		2023
	(In millions)
Current (benefit) expense	$	(53.4)	$	(8.3)	$	(18.2)
Deferred expense (benefit)	66.4		11.6		(53.3)
	$	13.0	$	3.3	$	(71.5)

A reconciliation of the federal statutory rate to our effective tax rate is as follows:


	Year Ended December 31, 2025
	Rate		Tax
Federal statutory rate	21.0	%	$	(40.0)
State income taxes, net of federal benefit	(0.8)		1.5
Tax credits	2.0		(3.8)
Changes in valuation allowance	(56.5)		107.6
Other non-taxable or non-deductible expenses	(2.3)		4.5
Non-deductible executive compensation	(5.1)		9.8




Other	(0.5)		0.9
Effective tax rate excluding equity investments	(42.2)	%	$	80.5
Equity investments	35.4		(67.5)
Effective tax rate	(6.8)	%	$	13.0


	Year Ended December 31,
	2024		2023
Federal statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	0.1		(0.3)
Tax credits	1.8		2.4
Valuation allowance	(19.2)		(0.5)
Non-deductible expenses	(0.3)		(0.2)
Non-deductible executive compensation	(5.4)		(0.6)
Dividends received deduction	(0.7)		—
Noncontrolling interests	(0.5)		(1.1)
Basis difference in investments	(0.5)		(0.8)
Unconsolidated affiliate stock-based compensation	(0.7)		(2.5)
Interest payable	—		(0.1)
Penalties	—		(0.1)
Other	0.4		(0.1)
Effective tax rate excluding equity investments	(4.0)	%	17.1	%
Equity investments	2.7		18.6
Effective tax rate	(1.3)	%	35.7	%

The significant components of deferred tax assets and liabilities at December 31, 2025 and 2024 consist of the following:


	December 31,
	2025		2024
	(In millions)
Deferred tax assets:
Partnerships	$	15.5	$	84.9

Net operating loss carryforwards	51.7		29.3
Tax credit carryforwards	8.1		4.3
Stock based compensation	4.6		—
Capital loss carryforwards	3.8		—
Equity investments	85.4		—
Other	9.0		8.2
Total gross deferred tax asset	178.1		126.7
Less: valuation allowance	(161.6)		(52.8)
Total deferred tax asset	$	16.5	$	73.9
Deferred tax liabilities:
Partnerships	$	(0.4)	$	—
Equity investments	$	(15.5)	$	—



Total deferred tax liability	$	(15.9)	$	—
Net deferred tax asset	$	0.6	$	73.9

The Company’s deferred taxes are primarily reflected as the book to tax difference in the Company's ownership of Cannae LLC. The Company, through its direct and indirect interests, holds a 100% ownership percentage of Cannae LLC.

The decrease in our net deferred tax asset as of December 31, 2025 from 2024 is primarily attributable to the tax losses realized on sales of Sightline, System1 and Paysafe shares and the recording of an additional valuation allowance on our remaining federal deferred tax assets.

The Company’s gross federal and state NOL carryforwards were $353.5 million and $244.9 million at December 31, 2025 and 2024, respectively. The federal NOLs carryforward indefinitely and state NOLs expire in various tax years through 2043.

ASC 740 requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all of the available evidence using a "more likely than not" standard. A valuation allowance is established for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets may not be realized. Management evaluated the Company’s deferred tax assets for recoverability using a consistent approach that considers the relative impact of negative and positive evidence, in particular, the Company’s historical profitability and any projections of future taxable income or potential future tax planning strategies. In the year ended December 31, 2025, we recorded an additional valuation allowance of $108.8 million on all of the Company's federal deferred tax assets. As of December 31, 2025 and 2024, the Company had a valuation allowance of $161.6 million and $52.8 million, respectively, related to federal and state NOLs for the tax year ended December 31, 2025 and state NOLs for the tax year ended December 31, 2024, as it is more likely than not that the tax benefit of certain state NOLs will not be realized before the NOLs expire.

Unrecognized tax benefits are recorded for differences between tax positions the Company takes, or expects to take, on its income tax return compared to the benefit recognized for financial statement purposes. The Company does not have any unrecognized tax benefits as of December 31, 2025, 2024 or 2023.

The Company's federal and state income tax returns for the tax years ended December 31, 2025, 2024, 2023 and 2022 remain subject to examination.

See Note P - Supplementary Cash Flow Information for information on cash paid for income taxes. U.S. federal income tax is the only material jurisdiction in which the Company pays, or receives refunds for, income taxes and the only jurisdiction that represents greater than 5% of taxes paid or refunded.

The entire disclosure for income tax.

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